Indonesia’s fintech industry is one of the most competitive and dynamic in ASEAN, as evidenced by the emergence of four unicorns and one decacorn. Despite its infancy, the country is home to 20% of all Southeast Asian fintech companies, which are expected to generate US$8.6 billion in revenue over the next five years. In Indonesia, fintech is classified as either conventional or sharia fintech. Islamic fintech growth in Indonesia is continuing, albeit at a slower pace than conventional fintech.
A banking and financial services platform has launched a research series to understand what people think about the key trends driving the development of financial services. In the third edition of the platform, the firm conducted a global survey of 2,000 members of the younger Muslim community, primarily Gen Z and millennials, to better understand what Islamic finance means to them and their expectations of this sector.