JAKARTA - Indonesian Fintech Association (AFTECH) Chairman Niki Luhur said that the added value of financial technology (fintech) companies lies in their more diverse distribution mechanism compared to conventional financial services.
“Fintech companies utilise the newest channels through websites, mobile apps, and other tools,” said Mr Luhur at the 2019 Indonesia Fintech & Summit Expo (IFSE), Monday (23/9).
“This enables fintech players to reach people in rural areas, even remote areas with no access to conventional banks.”
At the event, Mr Luhur also stressed the importance of collaboration between industries to protect consumers from illegal activities such as fraud and cyber crimes. Consumer data protection, he said, is one of the focuses of fintech companies and related authorities due to the companies’ reliance on consumer data to carry out transactions.
The 2019 IFSE, held on September 23-24, 2019, involves around 100 fintech companies from numerous categories such as peer-to-peer (P2P) lending, digital payment, and equity crowdfunding. The event also presents 100 speakers to discuss key issues in the fintech industry. (MS)