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Impact of COVID-19 on FinTechs: Indonesia report
Indonesia has been the hotbed for FinTech innovations across the ASEAN region. However, like all other businesses, FinTechs in the country too have been struggling to cope with the Pandemic. In this study, we highlight the impact of the pandemic on FinTechs in Indonesia.
1 min
Aug 3, 2020 by Raunak Kapoor and Sheila Carina
FinTechs have been key to Indonesia’s booming digital economy, which is estimated to be worth USD 133 billion by the end of 2025. However, the COVID-19 pandemic has turned out to be a mixed bag for the FinTech community in Indonesia. While the pandemic has been a blessing in disguise for few FinTechs, most early-stage FinTech start-ups have been pushed to the brink as they scramble to extend their runways.
This report takes a closer look at the impact of the pandemic on the operations, revenues, and coping strategy of FinTechs in Indonesia. The report also explores the sentiments of investors and the impact of government policies on the development of the FinTech sector in the country. We also provide recommendations for the concerned stakeholders to help the FinTech community recover from the current crisis.
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