<article>The huge opportunities within the financial technology sector in Indonesia have prompted some of the unicorns in the country to aggressively extend financial services to seize the mouthwatering market.</article>

The huge opportunities within the financial technology sector in Indonesia have prompted some of the unicorns in the country to aggressively extend financial services to seize the mouthwatering market.
On Thursday, ride-hailing firm Go-Jek, the first of the country’s unicorns to delve into the financial technology space through its e-wallet and payment service Go-Pay, launched a new payment feature called PayLater that enables customers wanting to purchase laptops, smartphones and other goods to pay in interest-free instalments for up to a certain limit.
The feature is a lending product developed by Mapan, one of the three fintech startups that Go-Jek acquired last year.
For now, the lending feature will only be available selectively to Go-Food customers who meet certain criteria, the company said in a release.
By launching the PayLater feature, Go-Jek is following a move carried out earlier by travel startup and fellow unicorn Traveloka, which in June rolled out an identical feature – also called PayLater &#8211; which was developed in partnership with local fintech firm Danamas.
The launch of Go-Jek’s Paylater coincided with another significant fintech move by another of the country’s unicorn, Bukalapak.
The online commerce company announced the launch of its e-wallet feature, which it says is part of its vision to empower small and medium enterprises in Indonesia.
The BukaDana e-wallet, which is a result of Bukalapak’s collaboration with Emtek and Ant Financial-backed digital wallet firm DANA, is the latest product in the Indonesian firm&#8217;s expansion into financial services.
The company, which started off as a pure e-commerce company in 2010, has in the last few years launched a number of different online financial services including financial products like loans, credit and insurance, as well as mutual fund and gold investments.
Bukalapak had previously launched its very own e-wallet called BukaDompet, but it was partly on hold for the past year as the Indonesian firm struggled to obtain an e-money license from Bank Indonesia. BukaDana, Bukalapak told reporters, will offer part of the function of BukaDompet, but may not necessarily replace it altogether.
Bukalapak is not the only startup having to face a lengthy wait for their e-money feature to be given the green light by the country’s central bank. Fellow e-commerce unicorn Tokopedia also has yet to obtain a license for its TokoCash feature, despite it being under Bank Indonesia’s assessment for over a year.
The company has said that it will partner with numerous fintech firms to provide payment options for customers as it continues to wait for the license to be issued.
The suspension of some of the payment platforms offered by non-fintech companies in the county was carried out by Bank Indonesia in September 2017 due to regulatory issues and has even affected Singapore-headquartered giants Grab and Shopee.
However, the tide might finally start to be turning for these companies after Shopee, a subsidiary of regional unicorn Sea Group, very recently had its e-money feature approved by the Central Bank.
Last week, Sea Group announced that it has obtained a Bank Indonesia e-money license granted to its subsidiary AirPay, which will later be applied to Shopee Pay.
Also Read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/go-jek-kevin-aluwi-107470/">Financial services, overseas expansion and IPO: How Go-Jek is just getting warmed up</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/indonesia-unicorn-bukalapak-kiosks-107002/">Indonesia’s newest unicorn Bukalapak taps local kiosks in top spot chase</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/indonesia-emtek-group-confirms-espay-doku-acquisition-72671/">Indonesia: Emtek Group confirms acquisitions of e-money services Espay, DOKU</a>

Go-Jek has launched a new payment feature called PayLater that enables customers wanting to purchase laptops, smartphones and other goods to pay in interest-free instalments for up to a certain limit.

Indonesia's unicorns eye a bigger splash in fast-growing fintech market

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