Indonesia's fintech industry adopts collaborate-to-grow mantra in tough times

L to R: Dmitry Levit, founder and general partner, Cento Ventures; Iwan Kurniawan, co-founder and COO of Modalku; Dyota Marsudi, president director of Bank Aladin Syariah; Tessa Wijaya, co-founder and COO of Xendit; and Dimitra Taslim, Vice-President of GGV Capital; at the Indonesia PE-VC Summit 2023 in Jakarta.

Gita Rossiana

17 January, 2023

Financial institutions in Indonesia will bet on strategic collaborations as the market gets bigger and new licences become harder to get.

Speaking in a panel discussion at DealStreetAsia’s Indonesia PE-VC Summit 2023, Iwan Kurniawan, co-founder and Chief Operating Officer (COO) of Modalku [Funding Societies], said Indonesia’s financial services authority (OJK) is reluctant to grant new licences, while it is also reviewing existing ones.