Quarterly Report: Digital Banks Competition Heating Up

  • The Financial Services Authority (OJK) stated that 95 million Indonesian adults do not hold bank accounts or accounts for financial services institutions. It ranks fourth in the world. The penetration of financial services is low despite more than 100 commercial banks and thousands of rural banks are in operation.
  • Low penetration of financial services coupled with the increasing public need for all-online services opens up opportunities for the development of digital banks in the country. At least nine potential digital banks are competing fiercely, backed by large financiers and a vast digital ecosystem or business network.
  • The competition of digital banks to dominate the market began with the issuance of various related regulations. Superapp-affiliated digital banks and existing major banks have the potential to dominate the market and force other digital banks to "burn cash" to compete.

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