Supporting a developing Islamic fintech ecosystem

Ronald Wijaya is the Chairman of Asosiasi Fintech Syariah Indonesia (AFSI).

Indonesia is considered the fastest-growing fintech ecosystem in South East Asia since 2016 when the first fintech Peer- to-Peer (P2P) regulation was published by the Indonesia Financial Services Authority (OJK). To date, there are more than 300 fully licensed fintech players in the country, the number could easily beat least double had the regulator not implemented a moratorium on new licenses in early 2020. Indonesia’s supportive ecosystem has four fintech associations which are fully recognized and appointed as Self-Regulatory Organizations (SRO) by the regulator, classified by the types of services or business models such as P2P Association (AFPI), Securities Crowdfunding Association (ALUDI), and Digital Financial Innovation Associations (AFTECH & AFSI).

Although AFSI is recognized as a Digital Financial Innovation Association by the OJK, AFSI acts as the home for all Sharia-compliant fintech players and is the Sharia-compliant digital ecosystem in Indonesia.