22 March 2023

Open Finance in Indonesia

Open Finance is a growing trend in Indonesia’s financial technology regime. This term refers to the concept of allowing customers to share their financial data across various institutions and platforms, enabling them to access better financial services and products.

In Indonesia, the government has been taking a proactive stance towards Open Finance by introducing several regulatory frameworks, including the Open Banking Regulation. This regulation aims to foster competition and innovation in the financial sector, while ensuring that customer data is kept secure.

Through Open Finance, customers can share their financial data with other service providers, such as fintechs, to access customized financial solutions. This means that customers can enjoy a seamless and efficient experience when using financial services, as they no longer have to switch between different platforms and accounts.

Moreover, Open Finance has the potential to improve financial inclusion in Indonesia. This is because it enables more people to access affordable financial products and services, including those who have previously been excluded from traditional banking channels.

Overall, Open Finance is a promising trend in Indonesia’s financial technology industry. By enabling customers to access better financial services and products, it has the potential to drive growth and innovation in the sector, while also promoting financial inclusion for all.