Inside Indonesia’s most financially literate provinces and what to learn from them
Across Indonesia’s vivid archipelago, a financial revolution is taking place. The nation’s financial landscape is transforming remarkably through the rise of the financial technology (fintech) industry. The latest edition of the East Ventures – Digital Competitiveness Index (EV-DCI) 2023 shows that the fintech development, leveraging on the enormous number of the productive-age population that earned an income, has been astounding. A fusion of financial innovation and education is reshaping the economic landscape and empowering communities like never before.
The future of fintech in Indonesia: Empowering financial inclusion and literacy
Financial technology (fintech) has experienced a notable surge in the new normal due to the COVID-19 pandemic. The potential of higher user penetration and a significant rise in digital transactions in the future has set the pace for the advancement of fintech.
Pocket, a family financial management platform startup, raised pre-seed funding led by East Ventures
Pocket, an Indonesia-based fintech startup providing a holistic financial health platform for families, announced the completion of an undisclosed amount of pre-seed funding led by East Ventures. Pocket will allocate the fresh funds mainly for product penetration in increasing adoption and users. Pocket will also invest in developing its product and offering to complete the platform ecosystem.
Pushing financial literacy after inclusion
Financial inclusion is crucial for any nation to accelerate economic growth by improving equal financial access and support for doing business, such as transactions, payments, savings, credit and insurance. Financial inclusion will foster entrepreneurship and scalability, which will lead to reducing poverty and economic inequality in the long term.
The role of fintech in closing the financial gap in Indonesia
In recent years, Indonesia's digital financial services have experienced a boom as COVID-19 became the unexpected catalyst that accelerates digital transformation and technology adoption. The immense adoption of digital financial services is driven by several key factors, including growth in mobile internet penetration, the rise of digital merchants, and accelerating consumers' adoption.