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Back to topIndonesia's fintech industry has grown rapidly over the past year, leading Indonesia’s financial regulators – Bank Indonesia (Indonesia’s central bank) and OJK (Indonesia’s FSA) – to implement new rules to enhance fintech governance, improve industry performance, and shape the direction of growth and innovation.
We summarise here the key trends and developments in digital payment, digital financing, alternative credit scoring, and digital financial assets over the past 12 months or so.
DIGITAL PAYMENT
In 2024, e-Conomy SEA reported a 19% increase in Gross Transaction Value for digital payments, driven by regional cross-border payment connectivity, including Quick Response (QR) codes. Bank Indonesia has expanded international interconnectivity through Quick Response Code Indonesian Standard (QRIS) partnerships and issued new regulations to strengthen the payment system framework, including anti-money laundering and cybersecurity measures. The central bank has been experimenting with the use of digital rupiah to support money market transactions and is looking to roll out a multilateral interconnection roadmap together with Singapore, Malaysia, Thailand, the Philippines, and India.
DIGITAL FINANCING
The fintech sector in Indonesia has experienced significant growth in Peer-to-Peer (P2P) lending and Buy Now Pay Later (BNPL) services. This expansion has been accompanied by new regulations on P2P lending and multi-finance, aimed at improving overall stability and protecting customers. Additionally, maximum daily economic benefit limits derived by P2P lending platforms have been introduced to further regulate the industry.
ALTERNATIVE CREDIT SCORING
After assessing the alternative credit scoring business model under the sandbox regime, at the end of 2024 OJK issued a new regulation on the licensing of alternative credit scoring providers. The new rules cover minimum paid-up capital, maximum foreign ownership, licensing procedures and fit-and-proper tests, data centre requirements, and credit score criteria.
DIGITAL FINANCIAL ASSETS: CRYPTO ASSETS
Indonesia’s Financial Services Omnibus Law mandated that OJK should take over the supervision of digital financial assets (including crypto assets) from Bappebti, Indonesia’s Commodity Futures Trading Regulatory Agency, by January 2025. This has now been done through a new OJK regulation which sets out minimum paid-up capital and equity requirements and includes detailed guidelines for onboarding customers.
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This article is a summary of our Indonesian Fintech Trends and Developments chapter first published in Chambers Fintech Global Practice Guide 2025. You can download a PDF of our chapter by clicking on the button below. You can also view it on the Chambers website here: https://practiceguides.chambers.com/practice-guides/fintech-2025/indones...
