BI Prepares Measures to Develop Fintech Sector

Andhika Prasetyo    •    26 September 2016 15:20 WIB
finance and money
BI Prepares Measures to Develop Fintech Sector
Illustration (Photo: MI/Usman Iskandar), Jakarta: Bank Indonesia (BI) has prepared measures to develop financial technology (fintech) sector in the country. BI will launch a fintech office next month. It is intended to educate local fintech companies.

"So, they will understand business climate in Indonesia," BI's Transformation Office head Onny Wdjanarko said in Semarang on Saturday (9/24).

The central bank will also launch a regulatory sandbox in the near future. It is a laboratory in which local fintech companies can test their products.

"We will also issue several regulations this year," Onny concluded.

There are around 120 local fintech companies in Indonesia. the value of the industry is expected to reach USD130 million in 2020.