INDUSTRY.co.id - Jakarta - Only 19 percent of Indonesians use banks. There are still 81 percent who have not come into contact with the bank.
The presence of fintech became an alternative funding solution in obtaining business capital. The bridges that bring together online funders and borrowers, the cost is lower with faster processing.
The Internet has contributed so much to the progress of society, industry and government.
Especially with the presence of a smartphone that allows everyone to access the internet in mobile. No age limit, education, social status and more.
Along with the passage of time, the internet more easily accessible to all circles. Not only enjoyed by the urban, but even remote villagers, have started getting used to reading the news via mobile phones, put status in social media face book and twitter through twitter, instagram.
Internet technology has become the culture and needs of today's modern society. Become increasingly crowded with the presence of other activities that are more productive. Promote and sell products online or otherwise known as e-commerce.
Easy, cheap and fast is a major consideration. This is an era where consumers increasingly practically treated to various offers when opening the door of cyberspace.
The business model of e-commerce has grown significantly. Not only in the retail sector or the market for products, but also transportation services, such as Go-Jek, Uber, Grab, as well as financial services such as my capital, Money friends, loans, TCASH, Crowde, and various other players.
This financial service is now known as Fintech (Financial Technology) and is booming.
One factor of the growing use of e-money services, is, the hectic of operators or providers of this facility. Moreover, the use of a simple method to make the operator service users can directly use it.
The presence of various start-up fintech in the Indonesian market has a different focus. Like Landing platforms, payment gateways, Peer to Peer Landing, banking and insurance service comparison platforms are some of the most trendy fintech start-up services in Indonesia.
For start-up fintech which has been established and runs its business in Indonesia, among others UangTeman, Crowde, Modalku, TCASH, Crowdo, Pinjam, and so forth.
The concept of an application that brings together borrowers and borrowers online through a lending system is, to say, more effective and efficient than the traditional banking system with peer-to-peer (P2P) lending and crowdfunding concepts.
Especially in Indonesia, called just 19 percent of the population who use the bank. That is, there are still 81 percent of the Indonesian population who have not used the bank, and this can be a potential market for fintech businesses.
Indepth researcher Bhima Yudistria said the Fintech Indonesia transaction in 2017 was estimated at US $ 18.6 billion or equivalent to Rp 247.65 trillion. That figure increased 24 percent from the previous year's forecast of US $ 15 billion.
According to statistics, Fintech Indonesia transactions will reach US $ 37.15 billion or equivalent to Rp 494 trillion in 2021. Total financing needs in Indonesia amounts to Rp 1.65 trillion.
While that can be disbursed by banks only Rp 660 trillion. So there is still a financing shortfall of Rp 990 trillion can be provided by fintech.
Currently there are 11 million small and medium micro enterprises (MSMEs) that are bankable (get bank financing). Meanwhile, 49 million MSMEs are still unbankable (can not get financing from banks).
The large number of UMKMs that have not been touched by the banking and geography of the archipelago make the potential of Indonesia's fintech will still grow.
Survey of Bank Indonesia revealed, most of the business capital or MSME loan comes from personal capital or relatives due to the constraints to access banking funds.
Of course very unfortunate if the perpetrators of young MSMEs can not realize his dreams, just because of the constraints accessing funds for capital or business development.
Recognizing that, the presence of fintech as an alternative funding solution to obtain business capital at a lower cost and certainly a simpler process by bringing together online funders and borrowers.
From the security side, between service providers, funders, borrowers help each other. Both do not need to worry because all borrowers are analyzed, especially measuring the risk level before finally graduating as a borrower.
There are still a number of questions, about fintech business cooperation with the insurance industry, so that it can minimize any risk that will occur, if one day there is a default.
Indeed major and big players are always a consumer choice. Moreover, if large fintech actors offer more value to the funders and borrowers by providing a system of loan assessments, payment systems and technologies that reduce the costs and inefficiencies of traditional banking.
Everything is done online, clear and transparent.
However, there is still a stinging stone for the perpetrators of fintech in Indonesia, until now does not have a regulation that specifically regulates peer-to-peer loans.
Recorded 22 new fintech have been officially registered and get permission from the Financial Services Authority (OJK), but only eight fintech have reported the transaction to OJK with the value reached Rp1 trillion.
So far for the number of customers who received their own loans have penetrated the number 200,000 people with the largest concentration on the island of Java.
