MEDICI’s new ‘Indonesia FinTech Report 2021’ analyzes the country’s FinTech sector and trends in the last three years—a deep-dive by segments & subsegments, funding patterns, M&As, ecosystem partnerships, industry drivers, and perspectives drawn out of regulatory, geopolitical, economic, and market dynamics.
This analysis provides an overview of the top trends in the retail banking sector driven by the competition, digital transformation, and innovation led by retail banks exploring novel ways to create and retain value in evolving landscape.
COVID-19 caught banks off guard and shook legacy mindsets to the core. With 20/20 (2020) hindsight, firms are more aware, digitally resilient, and financially stable as they head into 2022. The trials of the past 18 months forced firms to shore up existing business and consider new models and revenue streams.
Customer-centricity remains at the top of most FS agendas and is a 2022 focal point. Banks will focus on achieving operational excellence as diligently as delivering superior CX. In 2022 and beyond, it will be paramount for FIs to explore and invest in new technologies to remain relevant and resilient.
Banking 4.X will arrive in full force in 2022 with platform-supported firms monetizing diverse ecosystem capabilities and aggressively harvesting data to create experiential customer journeys through intelligent and personalized engagements. The new era will compel future-focused banks to finally abandon legacy infrastructure and collaborate with third-party specialists to solidify their best-fit, long-term roles. Increasingly, open platforms will make banks invisible as banking becomes embedded into customer lifestyles. At the same time, banks will shed asset-heavy models and shift to the cloud for greater agility, speed to market, and faster innovation. The shift will act as a precursor to adopting new technologies on the horizon – 5G and Decentralized Finance.
The recent past was filled will extraordinary lessons for financial institutions. Now is the time to act on those learnings and move forward profitably.
How Banking as a Service Will Keep Banks Digitally Relevant and GrowingCognizant
To contend with insurgent competitors, regulatory mandates and demanding consumer requirements, banks must embrace open APIs that enable them to plug-and-play in the digital business ecosystem and reinforce their value proposition amid escalating share-of-wallet challenges.
Digital Banking Strategy Roadmap - 3.24.15Calvin Turner
The Digital delivery of banking products and services is already a reality.
Like it or not, your customers will compare their digital banking experience to shopping on Amazon, iTunes, eBay, Southwest Air, etc., and to their digital experiences with large banks that already have robust digital banking offerings.
Traditional banks can’t just push out mobile apps and capabilities to customers and call it a digital banking strategy. Customers expect a seamless integration of the entire online banking experience from initiation to fulfillment. If they are forced to drop off somewhere along the digital experience to print documents, call a representative, and/or visit a branch, you have lost the customer.
Top trends in Payments: 2020 highlighted the payments industry’s flux driven by new trends in technology adoption, innovative solutions, and changing consumer behavior. The pandemic has tested the digital mastery of players, who are already grappling with transition. Non-cash transactions are on a robust growth path, accelerated by increased adoption during COVID-19. Regulators are working to instill trust and address non-cash payments risk amid unparalleled growth as players collaborate to quell uncertainty. Regional initiatives, such as the P27 (Nordics real-time payments system) and the EPI (European Payments Initiative), are gaining traction in response to country-level fragmentation and competition.
Investment in emerging technologies is looked upon as an elixir to mitigate fraud, data-driven offerings are being considered for providing value-added propositions, and distributed ledger technology is in focus for digital currency solutions, efficiency enhancement, and cost gains. New players, such as retailers/merchants, are integrating payments into their value chains while technology giants are upscaling their financial services game by weaving offerings around payments as a center stage. Constrained by budgets, firms consider business models such as Platform-as-a-Service (PaaS) to provide cost-effective and superior customer experience.
Financial services is under profound pressure to transform: legislative catalysts, heightened customer expectations and new fintech entrants are forcing banks and credit unions to re-consider their role in the banking value chain. Leading organizations are responding by moving from traditional paradigms of branch banking, to Banking-as-a-Service, where the bank becomes a platform of capabilities that can be accessed and monetized via APIs, to both internal and external consumers alike. Attend this session to learn how Coast Capital, Canada's largest credit union, is making this vision a reality.
This analysis provides an overview of the top trends in the retail banking sector driven by the competition, digital transformation, and innovation led by retail banks exploring novel ways to create and retain value in evolving landscape.
COVID-19 caught banks off guard and shook legacy mindsets to the core. With 20/20 (2020) hindsight, firms are more aware, digitally resilient, and financially stable as they head into 2022. The trials of the past 18 months forced firms to shore up existing business and consider new models and revenue streams.
Customer-centricity remains at the top of most FS agendas and is a 2022 focal point. Banks will focus on achieving operational excellence as diligently as delivering superior CX. In 2022 and beyond, it will be paramount for FIs to explore and invest in new technologies to remain relevant and resilient.
Banking 4.X will arrive in full force in 2022 with platform-supported firms monetizing diverse ecosystem capabilities and aggressively harvesting data to create experiential customer journeys through intelligent and personalized engagements. The new era will compel future-focused banks to finally abandon legacy infrastructure and collaborate with third-party specialists to solidify their best-fit, long-term roles. Increasingly, open platforms will make banks invisible as banking becomes embedded into customer lifestyles. At the same time, banks will shed asset-heavy models and shift to the cloud for greater agility, speed to market, and faster innovation. The shift will act as a precursor to adopting new technologies on the horizon – 5G and Decentralized Finance.
The recent past was filled will extraordinary lessons for financial institutions. Now is the time to act on those learnings and move forward profitably.
How Banking as a Service Will Keep Banks Digitally Relevant and GrowingCognizant
To contend with insurgent competitors, regulatory mandates and demanding consumer requirements, banks must embrace open APIs that enable them to plug-and-play in the digital business ecosystem and reinforce their value proposition amid escalating share-of-wallet challenges.
Digital Banking Strategy Roadmap - 3.24.15Calvin Turner
The Digital delivery of banking products and services is already a reality.
Like it or not, your customers will compare their digital banking experience to shopping on Amazon, iTunes, eBay, Southwest Air, etc., and to their digital experiences with large banks that already have robust digital banking offerings.
Traditional banks can’t just push out mobile apps and capabilities to customers and call it a digital banking strategy. Customers expect a seamless integration of the entire online banking experience from initiation to fulfillment. If they are forced to drop off somewhere along the digital experience to print documents, call a representative, and/or visit a branch, you have lost the customer.
Top trends in Payments: 2020 highlighted the payments industry’s flux driven by new trends in technology adoption, innovative solutions, and changing consumer behavior. The pandemic has tested the digital mastery of players, who are already grappling with transition. Non-cash transactions are on a robust growth path, accelerated by increased adoption during COVID-19. Regulators are working to instill trust and address non-cash payments risk amid unparalleled growth as players collaborate to quell uncertainty. Regional initiatives, such as the P27 (Nordics real-time payments system) and the EPI (European Payments Initiative), are gaining traction in response to country-level fragmentation and competition.
Investment in emerging technologies is looked upon as an elixir to mitigate fraud, data-driven offerings are being considered for providing value-added propositions, and distributed ledger technology is in focus for digital currency solutions, efficiency enhancement, and cost gains. New players, such as retailers/merchants, are integrating payments into their value chains while technology giants are upscaling their financial services game by weaving offerings around payments as a center stage. Constrained by budgets, firms consider business models such as Platform-as-a-Service (PaaS) to provide cost-effective and superior customer experience.
Financial services is under profound pressure to transform: legislative catalysts, heightened customer expectations and new fintech entrants are forcing banks and credit unions to re-consider their role in the banking value chain. Leading organizations are responding by moving from traditional paradigms of branch banking, to Banking-as-a-Service, where the bank becomes a platform of capabilities that can be accessed and monetized via APIs, to both internal and external consumers alike. Attend this session to learn how Coast Capital, Canada's largest credit union, is making this vision a reality.
Holvi, Seed, CivilisedBank, Tide, Qonto, Azlo, Penta, Arival bank
Neobanks or fintechs for retail clients, which have launched business accounts recently: TransferWise, Revolut, StarlingBank, N26
(c) Life.SREDA VC
For a while, I've had a vision of banking as a web service based upon widgets of functionality. This is becoming vital if banks are to fit into the semantic web. All of this is explained in my blog entry: http://thefinanser.co.uk/fsclub/2009/02/baas-banking-as-a-service-presentation.html.
Throughout the presentation there are links to the relevant entries here that explains it all too. Feel free to send me any comments or thoughts.
And, for lots more on this, have a look at my directory of social finance http://thefinanser.co.uk/fsclub/2009/04/a-directory-of-social-finance.html.
The presentation involves about Fintech industry, the technologies involved, various UPI's, regulators of Fintech Industry in India and Payment Sytstem in India
apidays London 2022 - The State of Banking APIs 2022, Mark Boyd, Platformableapidays
apidays London 2022 - The Path from Open Banking to Embedded Finance
October 26 & 27, 2022
The State of Banking APIs 2022
Mark Boyd, Director at Platformable
------
Check out our conferences at https://www.apidays.global/
Do you want to sponsor or talk at one of our conferences?
https://apidays.typeform.com/to/ILJeAaV8
Learn more on APIscene, the global media made by the community for the community:
https://www.apiscene.io
Explore the API ecosystem with the API Landscape:
https://apilandscape.apiscene.io/
Deep dive into the API industry with our reports:
https://www.apidays.global/industry-reports/
Subscribe to our global newsletter:
https://apidays.typeform.com/to/i1MPEW
Embedded Finance - the $7 Trillion market opportunitySimon Torrance
Embedded Finance is a new way for companies across all sectors to create and capture more value. It allows any brand to create and sell attractive financial services (payments, credit, insurance, investments, savings) either as invisible native components of, or add-ons to, their customer experiences. This helps them to increase loyalty and/or generate new high margin revenue in new ways. For the (software) companies who enable Embedded Finance, this offers a very exciting new market.
Building the 10x better bank, by @joukpleiter & @jelmerdejong
Slides of the November 11, 2015 webinar 'Omni-channel banking & the digital transformation roadmap'.
In this webinar, Jouk Pleiter and Jelmer de Jong of Backbase will talk about building the 10-times-better bank.
The financial services market is going through many changes. New challengers have appeared and are looking for a slice of the market. In addition, customers are more demanding and more informed, expecting convenience and simplicity when it comes to financial services, particularly online and via mobile devices. People love digital services such as Netflix, Amazon, and Uber because they’re easy to use and deliver great customer experiences. They deliver 10 times more convenience and better customer experiences than the status quo, and are therefore winning the market. It’s only a matter of time before the 10-times-better bank is founded, a thought that's on the radar of every banker.
In this webinar, we outline the journey of creating the 10-times-better bank, providing a detailed analysis of how banks can begin their digital journey, with a strong focus on five main points:
1) new competitors in banking: the disrupters
2) customer experience: the key ingredients
3) omni-channel and the changing channel mix
4) mobile's impact on online sales and share of wallet
5) regaining control in the era of digitization
The Covid-19 pandemic necessitated the payments industry undergo a facelift, sparked by novel approaches from new-age players, fostered by industry consolidation, and customers’ demand for end-to-end experience. Crossing the threshold, the industry is entering a new era – Payments 4.X, where payments are embedded and invisible, and an enabling function to provide frictionless customer experience. As customers make a permanent shift to next-gen payment methods, Digital IDs are critical for a seamless payment experience. The B2B payments segment is witnessing rapid digitization. BigTechs, PayTechs, and industry newcomers are ready to jump in with newfangled solutions to help underserved small to medium-sized businesses (SMBs).
As incumbents struggle with profits, new-age firms are forging ahead to take the lead in the Payments 4.X era by riding the success of non-card products and services. The new era demands collaboration, platformification, and firms can unleash full market potential only by embracing API-based business models and open ecosystems. Data prowess and enhanced payment processing capabilities are inevitable to thrive ahead. The clock is ticking for banks and traditional payments firms because the competitive advantage is not guaranteed forever. As industry players seek economies of scale, consolidations loom, and non-banks explore new territories to threaten incumbents’ market share. While all these 2022 trends are at play, central bank digital currency (CBDC) is emerging globally and might open a new chapter in the current payments landscape.
apidays LIVE Singapore - Open Banking: A foundation for the new world by Bhar...apidays
apidays LIVE Singapore - Connected Commerce
Open Banking: A foundation for the new world
Bharat Bhushan, CTO - Banking and Financial Markets, EMEA, Technical Leadership Team, IBM Academy of Technology
Digital Banking - Industry Trends for Customer ServiceGianluca Ferranti
Consumers’ attitude and benefits of digital banking
Importance of real-time customer interaction in digital banking
Video Banking goes Prime Time
The opportunity for video-enabled interaction to transform retail banking
Embedded Finance - a new $7 trillion market opportunitySimon Torrance
Embedded Finance builds on bank as a service and open banking business models to enable any organisation to generate new revenues from adding financial services to their propositions: payments, lending, insurance, investments. The market opportunity for those who enable Embedded Finance is very significant.
The Future of Fintech in Southeast AsiaFinch Capital
Finch Capital worked together with MDI Ventures and Dealroom to map the local FinTech ecosystem in Southeast Asia. We are sharing local funding and M&A data as well as our thoughts on the developments that shape local growth of Fintech companies
Holvi, Seed, CivilisedBank, Tide, Qonto, Azlo, Penta, Arival bank
Neobanks or fintechs for retail clients, which have launched business accounts recently: TransferWise, Revolut, StarlingBank, N26
(c) Life.SREDA VC
For a while, I've had a vision of banking as a web service based upon widgets of functionality. This is becoming vital if banks are to fit into the semantic web. All of this is explained in my blog entry: http://thefinanser.co.uk/fsclub/2009/02/baas-banking-as-a-service-presentation.html.
Throughout the presentation there are links to the relevant entries here that explains it all too. Feel free to send me any comments or thoughts.
And, for lots more on this, have a look at my directory of social finance http://thefinanser.co.uk/fsclub/2009/04/a-directory-of-social-finance.html.
The presentation involves about Fintech industry, the technologies involved, various UPI's, regulators of Fintech Industry in India and Payment Sytstem in India
apidays London 2022 - The State of Banking APIs 2022, Mark Boyd, Platformableapidays
apidays London 2022 - The Path from Open Banking to Embedded Finance
October 26 & 27, 2022
The State of Banking APIs 2022
Mark Boyd, Director at Platformable
------
Check out our conferences at https://www.apidays.global/
Do you want to sponsor or talk at one of our conferences?
https://apidays.typeform.com/to/ILJeAaV8
Learn more on APIscene, the global media made by the community for the community:
https://www.apiscene.io
Explore the API ecosystem with the API Landscape:
https://apilandscape.apiscene.io/
Deep dive into the API industry with our reports:
https://www.apidays.global/industry-reports/
Subscribe to our global newsletter:
https://apidays.typeform.com/to/i1MPEW
Embedded Finance - the $7 Trillion market opportunitySimon Torrance
Embedded Finance is a new way for companies across all sectors to create and capture more value. It allows any brand to create and sell attractive financial services (payments, credit, insurance, investments, savings) either as invisible native components of, or add-ons to, their customer experiences. This helps them to increase loyalty and/or generate new high margin revenue in new ways. For the (software) companies who enable Embedded Finance, this offers a very exciting new market.
Building the 10x better bank, by @joukpleiter & @jelmerdejong
Slides of the November 11, 2015 webinar 'Omni-channel banking & the digital transformation roadmap'.
In this webinar, Jouk Pleiter and Jelmer de Jong of Backbase will talk about building the 10-times-better bank.
The financial services market is going through many changes. New challengers have appeared and are looking for a slice of the market. In addition, customers are more demanding and more informed, expecting convenience and simplicity when it comes to financial services, particularly online and via mobile devices. People love digital services such as Netflix, Amazon, and Uber because they’re easy to use and deliver great customer experiences. They deliver 10 times more convenience and better customer experiences than the status quo, and are therefore winning the market. It’s only a matter of time before the 10-times-better bank is founded, a thought that's on the radar of every banker.
In this webinar, we outline the journey of creating the 10-times-better bank, providing a detailed analysis of how banks can begin their digital journey, with a strong focus on five main points:
1) new competitors in banking: the disrupters
2) customer experience: the key ingredients
3) omni-channel and the changing channel mix
4) mobile's impact on online sales and share of wallet
5) regaining control in the era of digitization
The Covid-19 pandemic necessitated the payments industry undergo a facelift, sparked by novel approaches from new-age players, fostered by industry consolidation, and customers’ demand for end-to-end experience. Crossing the threshold, the industry is entering a new era – Payments 4.X, where payments are embedded and invisible, and an enabling function to provide frictionless customer experience. As customers make a permanent shift to next-gen payment methods, Digital IDs are critical for a seamless payment experience. The B2B payments segment is witnessing rapid digitization. BigTechs, PayTechs, and industry newcomers are ready to jump in with newfangled solutions to help underserved small to medium-sized businesses (SMBs).
As incumbents struggle with profits, new-age firms are forging ahead to take the lead in the Payments 4.X era by riding the success of non-card products and services. The new era demands collaboration, platformification, and firms can unleash full market potential only by embracing API-based business models and open ecosystems. Data prowess and enhanced payment processing capabilities are inevitable to thrive ahead. The clock is ticking for banks and traditional payments firms because the competitive advantage is not guaranteed forever. As industry players seek economies of scale, consolidations loom, and non-banks explore new territories to threaten incumbents’ market share. While all these 2022 trends are at play, central bank digital currency (CBDC) is emerging globally and might open a new chapter in the current payments landscape.
apidays LIVE Singapore - Open Banking: A foundation for the new world by Bhar...apidays
apidays LIVE Singapore - Connected Commerce
Open Banking: A foundation for the new world
Bharat Bhushan, CTO - Banking and Financial Markets, EMEA, Technical Leadership Team, IBM Academy of Technology
Digital Banking - Industry Trends for Customer ServiceGianluca Ferranti
Consumers’ attitude and benefits of digital banking
Importance of real-time customer interaction in digital banking
Video Banking goes Prime Time
The opportunity for video-enabled interaction to transform retail banking
Embedded Finance - a new $7 trillion market opportunitySimon Torrance
Embedded Finance builds on bank as a service and open banking business models to enable any organisation to generate new revenues from adding financial services to their propositions: payments, lending, insurance, investments. The market opportunity for those who enable Embedded Finance is very significant.
The Future of Fintech in Southeast AsiaFinch Capital
Finch Capital worked together with MDI Ventures and Dealroom to map the local FinTech ecosystem in Southeast Asia. We are sharing local funding and M&A data as well as our thoughts on the developments that shape local growth of Fintech companies
India FinTech report 2019 - Executive summaryMEDICI
India FinTech Report 2019 offers an in-depth look at what makes the Indian FinTech ecosystem vibrant by taking a deeper dive into Government, Regulatory, and Private sector initiatives.
Download the Executive Summary here: https://bit.ly/2ugRke5
Download the main report here: https://bit.ly/2EjGclm
The Future of Fintech in Southeast AsiaFinch Capital
Finch Capital worked together with MDI Ventures and Dealroom to map the local FinTech ecosystem in Southeast Asia. We are sharing local funding and M&A data as well as our thoughts on the developments that shape local growth of Fintech companies
Fintech is gaining popularity recently, a great number of Fintech startups are emerging nowadays. Fintech has huge potential in Indonesia as it provides solutions which are not offered by conventional banking institutions. New model of payment and investment option become more familiar through online financial service. Fintech in Indonesia does not spared from government regulation, to make sure financial products that startup's offered are not harmful toward society, OJK as the policy holder will soon pass a law to regulate the growing fintech startup in Indonesia. All information about fintech startup, available sectors, and forecast growth will be available in this report.
Fintech in India – Opportunities and ChallengesDr. C.VIJAI
Fintech is financial technology; Fintech provides alternative solutions for banking services and non-banking finance services. Fintech is an emerging concept in the financial industry.The main purpose of this paper accesses the opportunity and challenges in the fintech industry. It explains the evolution of the fintech industry and present financial technology (fintech) in the Indian finance sector. The fintech provide digitalization transaction and more secure for the user. The benefits of fintech services reducing operation costs and friendly user. The fintech services India fastest growing in the world. the finch services are going to change the habits and behavior of the Indian finance sector.
LightCastle Partners - Digital Commerce in Bangladesh : Policies & PossibilitiesLightCastle Partners
Despite the pandemic, Bangladesh, till Sep 2020, has clocked a GDP growth rate of 5.2% (ADB, 2020) - one of the highest in Asia.
Digital transactions are growing faster than ever. The first three quarters of 2020 saw a total od USD 65 billion+ digital transactions, where 72% of the transactions were dominated by MFS banking. With 96 million registered MFS users and USD 202 million daily MFS transactions, digital transactions can unlock new potentials of the digital commerce industry.
The eCommerce market (including f-commerce) has grown at a steady pace to USD 2.1 billion in 2020. The market holds the potential to become USD 3 billion by 2023 and can create around five lakh jobs in digital commerce industry.
Can the Digital Commerce Industry become a critical driving force of the future economy of Bangladesh?
LightCastle Partners presents "Digital Commerce in Bangladesh: Policies & Possibilities"
Indonesia Digital Economic Outlook 2018Bari Arijono
Digital Economic growth projection in Indonesia in 2018, political year, regional elections are taking place in some provinces and next year 2019 biggest democracy party is presidential and vice presidential election.
It is estimated that digital campaign spending will rise significantly, political spending through the highest social media and advertising services on the internet will be met by candidates for future leaders.
Please contact me if you would like more information to win a digital match at email: idigitalnation@gmail.com
The Philippines’ fintech ecosystem is brimming with innovation with a vibrant mix of entrepreneurs attempting to fill in the gap within the financial system. Despite the strides that the country has made in this space, the Philippines’ narrative has often been overlooked by international media when examining financial innovations within South East Asia.
I was commissioned by Fintechnews Network to create this report, from research to layout.
For more service like this, reach me at LinkedIn@jocelyn18 or jocelyncy@gmail.com. Thanks!
Is the Finance Technology (FinTech) sector ready for breakout? Read Deloitte India’s detailed report that thoroughly examines the continuously evolving market and the key factors that are leading FinTech companies to success. However, the journey will not be easy for most companies due to the challenges mentioned in the report.
Is the Fintech ecosystem ready for breakout? Fintech is changing the way we do banking and finance, making it more intuitive and personalised. In this report, Deloitte India explains the growth of the Indian economy and the convergence of financial services and technology.
The ‘A Deep Dive into the BNPL Ecosystem’ report analyzes the rapidly evolving BNPL sector across the world and the factors fueling BNPL payments. Read this report to learn about the drivers, partnerships, business models, regulatory landscape, and future trends impacting the BNPL ecosystem.
Quantum Computing in Financial Services - Executive SummaryMEDICI Inner Circle
MEDICI’s 'Quantum Computing in Financial Services' report, a deep dive into the impact of Quantum Computing on the financial services sector, highlights key players in the ecosystem across hardware, software, and services, discusses the adoption of Quantum Computing by the financial services industry, and analyzes collaborative efforts exploring its early use cases in financial services.
Quantum Computing in Financial Services Executive SummaryMEDICI Inner Circle
The ‘Quantum Computing in Financial Services’ report is an in-depth analysis of Quantum Computing and its applicability and impact on financial services. The report highlights key players in the ecosystem across hardware, software, and services, discusses the adoption of Quantum Computing by the financial services industry, and analyzes collaborative efforts exploring its early use cases in financial services.
The Australia FinTech Report 2021 report is an in-depth analysis of the rapidly evolving FinTech sector in Australia. The report takes a close look at the dynamic FinTech startups in the continent to understand the factors driving innovation. Read Australia FinTech Report 2021 to discover what makes Australia’s FinTech landscape unique—CDR and Open Banking, M&A, the FinTech segments powered by a flourishing ecosystem, growth in the FinTech ecosystem, and much more!
MEDICI’s new ‘Open Banking’ report is a detailed analysis of the Open Banking landscape. Read about the evolution of Open Banking, the regulatory landscape, critical factors affecting the implementation of Open Banking, partnerships, market dynamics, and more!
ESG Meets FinTech – A Strategic Analysis Executive SummaryMEDICI Inner Circle
MEDICI’s new ‘ESG Meets FinTech – A Strategic Analysis’ covers the impact of financial technology on Environmental, Social, and Governance (ESG) criteria. It analyzes the various dimensions of ESG and sustainability in the context of FinTech.
MEDICI’s new ‘Africa FinTech Report 2020’ is a deep-dive into the sector; it analyzes segments, funding patterns, M&As, partnerships, and countries, and offers perspectives that have been drawn out of regulatory, economic, and market dynamics.
The Banking-as-a-Service 2.0 report is an in-depth analysis of the fast-evolving BaaS segment. In this report, we analyze the global landscape of specialized FinTech companies and banks that have BaaS as core to their business, funding and investment patterns since 2018, regulatory & market drivers, and a host of industry expert opinions.
Top 21 Decentralized Finance (DeFi) Projects - Executive SummaryMEDICI Inner Circle
In this research report, MEDICI analyzes the DeFi landscape and brings to you 21 of the best projects. The report highlights the rapid growth of DeFi globally, how COVID-19 has catalyzed its growth, and some of the most prominent projects working to disintermediate different facets of finance, viz. lending, decentralized exchange, payments and wallets, derivatives, and insurance.
MEDICI's new India InsurTech Report 2020 explores the InsurTech sector in India. The report delves into what drives transformation in the sector, regulatory initiatives, funding & investment activity, prominent players, and business models.
MEDICI's new India InsurTech Report 2020 explores the InsurTech sector in India. The report delves into what drives transformation in the sector, regulatory initiatives, funding & investment activity, prominent players, and business models.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
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what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
2. 2
INDONESIA FINTECH REPORT 2021 – EXECUTIVE SUMMARY
Overview [1/2]
Indonesia is a FinTech powerhouse in
Southeast Asia. It is now poised to become a
major player in the global FinTech landscape.
The GDP of the country has increased at a
steady rate of 5% over the past few years.
With a young population (the median age is
30.2 years), it is poised to use its demographic
dividend to play an important role in financial
services. The country is already home to five
Unicorns: Gojek, Tokopedia, Bukalapak,
Traveloka, and OVO. A lot of FinTech activity
happens around these five companies. Ride-
hailing platform Gojek offers its digital wallet
GoPay. Consumers can use this wallet to pay
for rides, food delivery, and a multitude of other
services available on the platform. Similarly,
Tokopedia and OVO announced a partnership
in October 2018, which saw OVO's e-wallet
service replacing TokoCash on Tokopedia's
platform.
FinTech funding has consistently increased
over the last three years (2018–2020). From
2018 to 2019, there was a 36% increase in
FinTech funding (Super app Gojek raised
$4.25 billion in various rounds during the
three-year (2018-2020) period. However, we
have not considered these rounds under
FinTech funding as the amount was utilized for
the overall development of the Gojek
ecosystem, which includes their digital wallet
GoPay). Even though 2020 was deeply
impacted by the COVID-19 pandemic, the year
registered a YoY increase in funding,
recording $329 million, the highest so far.
The funding momentum seems to have spilled
over to 2021, with disclosed deals worth $65
million already being recorded in January.
One of the key drivers for the explosive of
digital offerings in Indonesia is the growing
density and penetration of smartphones and
mobile internet. The number of smartphone
users in Indonesia was estimated to be 81.87
million in 2020. Currently, Indonesia is the
fourth-largest smartphone market in the world
after China, India, and the US. Thriving sales
are also increasing internet consumption in the
country.
Capital
Jakarta
Population
270.20 Mn
Median Age
30.2 years
GDP Growth (Annual, 2019)
5.03%
203.0
317.0 329.0
0
100
200
300
400
2018 2019 2020
Values in $, Mn
What is driving FinTech in the most promising market in SEA
3. 3
INDONESIA FINTECH REPORT 2021 – EXECUTIVE SUMMARY
Overview [2/2]
As per the e-Conomy SEA 2019 report, there are 152
million internet users in Indonesia. They are connected to
mobile internet for approximately four hours a day, making
Indonesia one of the world's top ten countries by mobile
internet usage. The global average is 3 hours and 13
minutes. These numbers in internet consumption have
created some of the largest internet economies in the
region.
Estimated at $40 billion in 2019, Indonesia’s internet economy has more than quadrupled in size
since 2015 at an average growth rate of 49% a year. As the largest and fastest-growing internet
economy in the region, Indonesia is well on track to cross the $130 billion mark by 2025. Users are
easily accessing E-Commerce, Ride-Hailing, and Food Delivery apps more and more often. For
example, the number of sessions for E-Commerce apps in Indonesia has jumped from 8 billion in
the first half of 2016 to almost 30 billion in the same period three years later.
Sectors that are gaining
traction:
1. Digital Wallet is the most funded subsegment across the FinTech sectors and includes GoPay
(Gojek), OVO, which has attained Unicorn status, LinkAja, and DANA.
2. P2P Lending is gaining in popularity. In 2020, total funding from P2P platforms reached IDR
113.46 trillion ($7.7 billion) with close to 26 million borrowers, from over 160 FinTech
companies listed with the regulator, according to data from Bank Indonesia.
3. B2B FinTech has been attracting investor interest with firms involved in digitizing warungs such
as Bukuwarung, BukuKas, and CrediBook raising funds last year.
The FinTech sector in Indonesia has been attracting investors from across the globe, and the money
being generated will go a long way in building world-class FinTech products and services from the
country.
As stated earlier, E-Commerce, Ride-
Hailing, and Travel are the three most
frequented internet businesses in
Indonesia.
Source: e-Conomy SEA 2019
Internet Users in Indonesia
92
Mn
152
Mn
2015 2019
Indonesia Internet Economy
(GMV, $, Bn)
Number of
FinTech startups
by segment
76
Payments
73
Lending
32
WealthTech
20
B2B FinTech
12
InsurTech
96
Others
Note: ‘Other Segments’ include Crowdfunding, Remittance, Artificial Intelligence, RegTech,
BankingTech, Blockchain and Cryptocurrency
21
10
3.5 6
32
3 4.4 5
83
15
10
16
E-commerce Online
Travel
Online
Media
Transport
& Food
2019 2020 2025 CAGR
21%
54% 36%
-68%
18%
24%
28%
-18%
What is driving FinTech in the most promising market in SEA
4. 4
INDONESIA FINTECH REPORT 2021 – EXECUTIVE SUMMARY
Regulatory Canvas
Businesses in the FinTech sector in Indonesia fall under one of the three market regulators:
Bank Indonesia (BI), OJK, and Bappebti (a supervisory authority for commodities futures
trading). Payments activities are regulated by BI, while regulations related to crypto, virtual
currency, and digital assets fall within the ambit of Bappebti. All other segments, including
lending and insurance, are scrutinized by OJK. Financial transactions and payments using
virtual currencies or crypto are prohibited in Indonesia. Trading is permitted only under
approval from Bappebti, upon satisfying multiple conditions. OJK and BI run sandboxes for
promising FinTechs to launch their pilots under relaxed regulatory conditions for a limited
duration before granting full operational license.
Here are some of the main FinTech areas that are regulated:
P2P Lending (OJK)
Scrutinizes
• Licensing
• Foreign shareholding
• Balance sheet lending
Crowdfunding (OJK)
Scrutinizes
• Capital requirements
• Platform licensing
• Restrictions on
business activities
E-money (BI)
Scrutinizes
• Capital requirements
• Foreign shareholding
• Licensing (Front-end, Back-end
operator licenses)
Payments Processing (BI)
Scrutinizes
• Licensing
• Foreign shareholding
Crypto Trading
(Bappebti)
Scrutinizes
• Capital requirements
• Conditions for trading
OJK Sandbox
• Policy and governance support
• Support and relaxation with
compliance
• Consumer protection
• Eventual license
BI Sandbox (Payments)
• Policy support
• Testing
• Management of risk and liability
• Eventual license
Regulatory Sandboxes
5. 5
INDONESIA FINTECH REPORT 2021 – EXECUTIVE SUMMARY
Indonesia FinTech Funding - 2020
TOTAL VC/PE FUNDING = $329.11 Mn*
NO. OF VC/PE DEALS = 22
Total VC/PE Funding (Mn) Total No. of Deals
Note: The total amount doesn’t include undisclosed deals, i.e., 10 deals. Doesn’t include debt funding, convertible bonds,
grants, ICOs, and IPOs.
*Excludes $1.73 Bn raised by Gojek for the overall development of the Gojek ecosystem, which includes their digital wallet GoPay.
TOP 10 FUNDED DEALS
(Series B, Nov. 2020 – $100 Mn)
(Series B, Sep. 2020 – $54 Mn)
(Series B, Jul. 2020 – $53 Mn)
(Series C, Apr. 2020 – $40 Mn)
(Series C, Apr. 2020 – $24 Mn)
(Series: Venture, Apr. 2020 – $20 Mn)
(Series A, Apr. 2020 – $13.5 Mn)
(Series A, May. 2020 – $10 Mn)
(Series: Seed, Aug. 2020 – $9 Mn)
(Series B, Aug. 2020 – $5 Mn)
MOST ACTIVE INVESTORS
158.0
94.5
67.5
9.1
5
7
2
6
1 1
0
2
4
6
8
0
40
80
120
160
200
Payments Lending InsurTech B2B
FinTech
Crypto-
Currency
WealthTech
Undisclosed Undisclosed
6. 6
INDONESIA FINTECH REPORT 2021 – EXECUTIVE SUMMARY
Payments Market Landscape
Payment Gateways This is not an exhaustive list
Mobile/Digital Wallets
Bill Payments
Software/Whitelabel/APIs
B2B FinTech Market Landscape
This is not an exhaustive list
Accounting/Tax
E-invoicing/Expense Management
PoS/Mobile PoS
7. 7
INDONESIA FINTECH REPORT 2021 – EXECUTIVE SUMMARY
Lending Market Landscape
P2P Lending
SME Financing Others
This is not an exhaustive list
Online Loans
WealthTech Market Landscape
This is not an exhaustive list
Personal Finance Management
Investments Platform Others
InsurTech Market Landscape
This is not an exhaustive list
Aggregators/Policy Management
8. 8
INDONESIA FINTECH REPORT 2021 – EXECUTIVE SUMMARY
Industry Point of View [1/2]
Despite contributing about 60% to the GDP and employing 97% of the workforce, micro, small, and
medium-sized enterprises (MSMEs) in Indonesia still face extreme challenges in accessing financial
services. The digital transformation of warungs can, perhaps, progressively resolve this problem.
MEDICI’s research team spoke to BukuWarung to understand the factors driving this transformation.
Here is what BukuWarung shared with us:
What are the market and regulatory dynamics driving the significance of FinTech in
Indonesia?
In emerging markets like Southeast Asia, micro, small and medium-sized enterprises (MSMEs) are
fundamental for job creation and overall economic growth. Yet, many businesses in the region
find it challenging to integrate even the most basic elements of digitalisation – spelling trouble
for their survivability during an age when technology is redefining industries and societies at
breakneck speed. Not only are they the lifeblood of the economy, but they are also important for local
communities, especially in more rural areas. BukuWarung works closely with more than 3.5 million of
these businesses across more than 750 locations nationwide – many of them act both as places
where people shop for everyday essentials and where they interact with their neighbours. The
traditional socio-economic roles of Indonesia’s MSMEs therefore cannot be understated
Globally, Indonesia has one of the most burgeoning economies. FinTech in Indonesia was valued at
$40 billion in 2019. The industry is growing at an annual rate of 49%. In such a growing financial
economy, the absence of a standardized and interoperable solution, such as India’s UPI, leaves an
opportunity to launch a digital payments solution for merchants who find it challenging to integrate
even the most basic elements of digitalization.
BukuWarung works closely with more than 3.5 million of these businesses across more than 750
locations nationwide.
Could you explain the significance of small merchants and micro-enterprises in the
economic context? What are the gaps there?
MSMEs account for 99.9% of all enterprises in Indonesia, employ 97% of the workforce, and add
61% to GDP. They are the lifeblood of the Indonesian economy and are even more important for local
communities, especially in rural areas. With Indonesia now digitizing at a rapid pace during the
COVID-19 pandemic, the economic potential cannot be fully realized if the country’s small
enterprises do not digitally transform.
In Indonesia, MSMEs find it challenging to digitalize, as most solutions are not developed for their
specific needs. None of the marketplaces are tailored for MSMEs; they are built for larger enterprises
or businesses—leaving micro-merchants underserved. To illustrate, most MSME owners do not have
powerful smartphones that can run digital solutions existing in the market. This is evident in
operational matters such as accounting, as owners continue to rely on pen and paper ledgers,
resulting in inaccurate and inefficient bookkeeping that takes almost 8–10 hours per week.
CHINMAY CHAUHAN
Co-Founder — BukuWarung
9. 9
INDONESIA FINTECH REPORT 2021 – EXECUTIVE SUMMARY
Industry Point of View [2/2]
How can technology alleviate some of these pains?
MSMEs have been left behind in the digital transformation of the nation’s business ecosystem. A key
operational challenge for the micro-businesses is their reliance on manual processes to do their
accounting and repayments with customers. As per our estimates, less than 10% of micro-
businesses use any kind of digital tools to manage their business or accounting.
Technology companies can thus play a central role in supporting Indonesia’s digitalisation efforts,
namely by introducing digital enterprise tools that cater directly to what MSMEs need. The solutions
must speak less about innovation and disruption, but more on how everyday operational matters
such as bookkeeping, stock fulfilment and receiving payments can be made easier and more
efficient. Focusing on the most basic of enterprise hurdles these businesses face helps to create a
foundation for their long-term digitalisation.
Those providing the solutions must also consider the MSMEs general technological limitations.
Hence, they must be made as lightweight as possible; the better it performs on the cheapest entry-
level device, the higher the chance of the technology’s take-up by more business owners.
BukuWarung is addressing the financial services and digitization gap among Indonesia’s 60 million
MSMEs that contribute around 60% towards Indonesia’s $1.1 trillion GDP by enabling
merchants to manage inventory, generate invoices, send payment reminders, collect payments via
invoices, and make supplier payments.
We recently launched Tokoko, a “Shopify” equivalent, to enable merchants to create online
storefronts to sell their products. Tokoko is built as a lightweight (5 MB only) app tailored towards the
mom-and-pop economy looking to get additional business and reach online customers in this
COVID-hit economy. After spending just 15 seconds setting up their shop, our Tokoko sellers have
gotten millions of impressions on their stores in just two months of launch.
How is BukuWarung placed in this segment?
BukuWarung is recording over $15 billion worth of transactions across its platform and
processing over $500 million in payments, leading the market in terms of volumes. This year, we plan
to go deep in building more products & features for several use cases of its top merchant segments
to further deepen engagement among its merchant base. We currently have a 95% market share in
digital payments among all bookkeeping apps and are empowering more than 3.5 million
businesses across more than 750 locations, and we’re just getting started.
CHINMAY CHAUHAN
Co-Founder — BukuWarung
10. 10
INDONESIA FINTECH REPORT 2021 – EXECUTIVE SUMMARY
Impact of COVID-19
Like every other country globally, the COVID-19 pandemic put a hard stop on the Indonesian
economy’s growth story. Southeast Asia's biggest economy saw growth fall by 3.49% in the
third quarter of 2020, compared to the same period in 2019, pushing it to its first recession in
22 years. However, the slump slowed down to 2.19% in October-December compared with
the same period a year earlier, showing signs of a possible recovery. The government has also
boosted fiscal support for the economy, with IDR 692.5 trillion ($49.39 billion) allocated for
pandemic relief programs last year and a similar amount being promised this year. The
government has also adopted a unique approach to vaccination by prioritizing working-age
adults over the elderly, thereby aiming to revive the economy sooner.
Social distancing norms and nationwide
lockdowns have led to greater adoption of
technology in financial services. Areas like
P2P lending have already seen a revival, with
total funding from P2P platforms reaching
IDR 113.46 trillion ($7.7 billion) with close
to 26 million borrowers.
Popular P2P platform KoinWorks has
disbursed IDR 2.5 trillion ($175.5 million) in
loans to small and medium enterprises
(SMEs) as of November 2020, a 38.8%
increase year-to-date (YTD) from IDR 1.8
trillion by 2019 year-end. Another P2P
platform, Modalku, has accumulated
outstanding loans of IDR 20 trillion to date,
disbursed in Indonesia, Malaysia, and
Singapore, which is double the figure at the
end of December 2019.
Digital payments also showed improved
performance during the pandemic. OVO
reported an increase in the volume of e-
commerce and cash top-up transactions.
DANA reported a 15% increase in
transaction volume. Since its launch at the
beginning of last year, QRIS, the
interoperable QR code system, has been
able to onboard more than 5.1 million
merchants.
These numbers are testimony to the fact
that FinTechs, with their digital distribution
models and analytics-driven consumer
assessment, play a crucial role in delivering
financial services when the rest of the
physical delivery infrastructure fails during
critical periods.
P2P Lending Digital Payments
11. 11
INDONESIA FINTECH REPORT 2021 – EXECUTIVE SUMMARY
Bank–FinTech Collaboration
Collaboration between banks and FinTech runs deep in Indonesia with various levels of
integration between the two. From opening APIs to investing in startups, banks have looked to
play an active role in fostering financial technology growth in the country. We look at two different
modes of interaction, i.e., banks investing in startups and tech companies buying shares in banks:
Banks investing in Indonesian startups
Quite a few Indonesian banks have set up venture capital funds and incubators to invest in
FinTech startups. Few examples include:
Bank Mandiri has invested in technology-based startups through Mandiri
Capital. It has invested in notable startups such as Gojek, LinkAja, KoinWorks,
Amartha, and Moka.
Bank Rakyat Indonesia holds a 97.61% stake in BRI Ventura Investama, and it
uses the vehicle to finance FinTech startups.
Bank CIMB Niaga has chosen to partner with a Singapore-based venture
capital firm Genesis Alternatives Ventures, to provide funding to startups in
Indonesia.
Private lender Bank Bukopin has teamed up with startup ecosystem builder
KIBAR to open the FinTech incubator BNV Labs.
BCA, the country’s largest private bank, has launched its venture fund, Central
Capital Ventura (CCV).
Technology companies buying stakes in Indonesia Banks
Gojek buys 22% stake in Jago Bank: In December last year, Gojek
announced that it had bought 22% in Jago bank through its payments and
financial services arm, for IDR 2.25 trillion ($159 million). The partnership
between a tech-based bank like Bank Jago and a super app like Gojek shows
Gojek’s growing interest in Indonesia's financial services market. This move will
allow Gojek's Indonesia users to open a bank account with the bank and
manage their finances through its app.
Sea acquires Indonesia’s PT Bank Kesejahteraan Ekonomi (Bank BKE):
This year, Singapore-based tech company Sea acquired Indonesia’s PT Bank
Kesejahteraan Ekonomi (Bank BKE) for an undisclosed amount. Sea has been
increasing its role in financial services across the Southeast Asia region. The
company was granted a digital bank license in Singapore, and their e-wallet
ShopeePay sees great traction in Indonesia. Since Indonesia’s regulators do not
issue any separate digital bank licenses, this approach of buying out a bank
seems to be a preferred mode that technology players are adopting to get a
foothold in the financial services market.
12. 12
INDONESIA FINTECH REPORT 2021 – EXECUTIVE SUMMARY
Open Banking and Financial
Infrastructure APIs [1/2]
Bank Indonesia has proposed the implementation of standardized Open APIs for easier
integration and interoperability between payment service providers and banks. The process,
which is currently in consultation, outlines the standards for data, technical interactions,
security, and governance. Once implemented, this standardization initiative will promote
innovation and improve interoperability between all participants in the payments system.
Although payments-led in the initial phases, in the long term, the current set of standards will
be progressively enhanced into a full-fledged open banking framework that will cut across all
aspects of finance, including KYC and credit scoring.
Barring delays caused by the ongoing pandemic, implementation is expected to begin in the
second half of 2021.
Although top banks in Indonesia started publishing APIs in select domains (mostly for
payments) a few years ago, Banking-as-a Service (BaaS) at full scale is yet to set off in the
country. In 2015, Bank Mandiri brought out its first set of payments APIs, leading to a few
successful use cases in payments, e.g., Cashlez. In 2017, Bank of East Asia published 19 APIs
on its developer portal. Among foreign banks, Standard Chartered, Citi, and DBS provide useful
consumer and commercial banking APIs tailored for the Indonesian market.
Popular Domestic Bank API Stores
Popular Foreign Bank API Stores
This is not an exhaustive list
This is not an exhaustive list
13. 13
INDONESIA FINTECH REPORT 2021 – EXECUTIVE SUMMARY
Open Banking and Financial
Infrastructure APIs [2/2]
In early 2020, Standard Chartered launched nexus, its BaaS platform, in Indonesia.
Incubated at SC ventures, nexus enables co-creation of savings, loans, and card products along
with FinTech and non-FinTech market players. Since its launch, Standard Chartered has
established partnerships with a number of third parties, including large e-commerce players, in
Indonesia.
Considering the fragmented banking landscape and the explosive growth of its internet
economy, the market and the opportunity for BaaS is vast. BaaS as a commercial proposition is
just starting to bud in the market, with a few FinTechs taking the early plunge. Brick and
Brankas provide commercially packaged APIs to improve accessibility and convenience for
their users. Nium, a Singapore-based BaaS company, has been operating in Indonesia since
2019.
Banking-as-a-Service Platforms in Indonesia
This is Illustrative, not an exhaustive list
14. 14
INDONESIA FINTECH REPORT 2021 – EXECUTIVE SUMMARY
Table of Contents
OVERVIEW
Market Dynamics and Drivers
Regulatory Canvas
The Role of FinTech in Financial Inclusion
INVESTMENT ACTIVITY
Segment-Wise Funding
Stage-Wise Funding
M&A Activity
SEGMENT ANALYSIS
Payments
Lending
InsurTech
B2B FinTech
WealthTech
ECOSYSTEM PARTNERSHIPS AND COLLABORATION
Bank-FinTech Collaboration
Open Banking and Financial Infrastructure APIs
CONCLUSION
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