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Things you should know before you create Fintech


Hi, it's been a while...
So many things happen in my life. Start from I joined a Fintech Center Project of Indonesian Regulator as an expert because of my finance and banking background that leads me to my new role and then I have a lot of things to do to support Indonesian Fintech ecosystem.
So here I'm writing to give you some insight before you create your own Fintech.
Honestly, I've been met more than 100 young entrepreneurs in this 4 months. Some of them are really good, smart and charismatic. Although some of them really not sure what going on, they don't know what do, and I can tell that they are "lost".

I'm not a co-founder of any fintech yet, maybe next time hihihi. Furthermore, I know and understand the fintech regulations in Indonesia. I'll give you some advice before you meet Indonesian Regulators.
Before I start, you may know Indonesia has big potentials of digital finance market. Firstly, now Indonesia is the 16th world biggest economy and then will become the 7th world biggest economy in 2030. Secondly, Indonesia is the 4th largest country, Indonesia will enjoy the peak of demography bonuses by 2030. Then, together with China and India become the top innovators in the development of information technology. 

For your basic information, may some of you really not aware about fintech. Fintech is Financial Technology Technology that seeks to improve and automate the delivery and use of financial services. At its core, fintech is utilized to help companies, business owners and consumers better manage their financial operations, processes, lives and improve the value by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones (Source: Investopedia). To get a deeper understanding, you can google it hahaa. And for your information that fintech is not only P2P, but there are also several innovation business models include digital E-KYC, credit scoring, aggregator, crowdfunding, social crowdfunding, e-zakat, financial planner, wealth manager, etc.
Let's get started to discuss three essentials matters before you create your own Fintech:

1. Be Firm with Your Business Model

Ensure your business model is a new innovation that solves the problems, close the Indonesian Financing GAP that related to Financial Inclusion, Digital Financial Literacy, and MSME Financing.  Just be firm of what you are doing. Based on my experiences, I met several cofounders who are really rich and got money but the funny thing they don't really know how their business works and the one who really understand the business is their subordinate. Maybe she/he is too busy yaa.... (try to be positive thinking hihihi)

2. Understand the Regulation

You should know and understand the regulations related to the fintech. There are several regulations related to fintech in Indonesia, which are:

a. Central Bank of Indonesia
  • PBI 19/2017 about Fintech Implementation
  • PADG 19/2017 about Regulatory Sandbox
b. Ministry of Communication and Information
  • UU 11/2008 about Electronic Information and Transaction
  • PP 74/2017 about National Roadmap E-Commerce
  • PP 82/2012 about Electronic System and Transaction Implementation
c. Financial Services Authority
  • POJK 77/2016 about Peer-to-Peer Lending
  • POJK 13/2018 about Digital Financial Innovation in Financial Services Sector
  • POJK 12/2018 about Digital Banking
Please be aware of these regulations related to the fintech before you create your own fintech. I met some young entrepreneurs or innovators who already running the business but not aware of what he's doing is illegal. when your business model doesn't fit with the regulation, believe me, your business will not sustain.

3. Social Impact Please
Fintech business is related to money, please be aware of the loan-shark, illegal P2P! even-though technology helps us to be more transparent in the business process. Some business only thinks about money money money but lack of positive social impact. So please if you are now on the process of building a fintech company, you should consider the positive social impact such as enhance financial inclusion or help MSME to get productive financing rather than consumption financing. 

All in all, hope my writing can give you some insight. Keep fighting for chasing your dream.
Enjoy your weekend, see you.




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