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Risks and Benefits of Fintech

By
PAUL SUTARYONO
· 7 minutes read
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Currently, we are witnessing the expansion of financial technology (fintech) services as a form of disruptive innovation that may disturb conventional industries, such as banking. What are the risks and benefits of fintech? Will the fintech industry fight potential risks and secure its future?

In the span of only two years, the fintech industry has bloomed significantly. The industry has gone from managing US$12.05 billion (Rp 161 trillion) in 2015 to $18.64 billion (Rp 249 trillion) this year. The industry provides many services, including payment, funding and peer-to-peer loans. Projections are saying that the Indonesian fintech industry will account for $22.7 billion (Rp 303 trillion) in 2018, $27.24 billion (Rp 364 trillion) in 2019, $21.98 billion (Rp 427 trillion) in 2020 and US$36.61 billion (Rp 489 trillion) in 2021 (Kompas).

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