Fintech
East Ventures, collaborates with Katadata and PwC Indonesia, released East Ventures – Digital Competitiveness Index 2022 Report
East Ventures, a pioneering sector-agnostic venture capital firm of investment in technology startups and the most active in Indonesia, together with Katadata Insight Center and PwC Indonesia launched the East Ventures – Digital Competitiveness Index 2022 (EV-DCI 2022). The EV-DCI 2022 research report presents the measurement of Indonesia’s digital competitiveness with the theme “Towards Indonesia Digital Golden Era”.
“We are elated to again present EV-DCI 2022. This year, Indonesia is experiencing a growing digital economy and increasing digital competitiveness. We hope that through the EV-DCI annual report, East Ventures has provided in-depth information for all stakeholders in strengthening the digital sector so that digital competitiveness can be more evenly distributed in Indonesia,” said Willson Cuaca, Co-Founder and Managing Partner of East Ventures.
EV-DCI 2022 presents data on digital competitiveness in 34 provinces and 25 cities/districts in Indonesia. Digital competitiveness in regions in Indonesia continues to show a positive trend. This can be seen by the EV-DCI 2022 score of 35.2 which has increased compared to the previous year, which was 32.1 (2021) and the previous 2 years, which was 27.9 (2020).
A panel of experts from the Katadata Insight Center, Mulya Amri, said that increasing digital competitiveness was also experienced in many provinces outside Java. “Although the top 10 rankings with the highest EV-DCI scores are still occupied by the provinces in Java and Bali, other provinces continue to show a fairly good increase in digital competitiveness,” said Mulya Amri.
The decrease in the digital competitiveness gap is also seen from the smaller spread value. The spread value or the difference between the highest province scores (DKI Jakarta 73.2) and the lowest (Papua 24.9) for EV-DCI 2022 is 48.3, while in 2021 and 2020 they were 55.6 and 61.9, respectively. “The smaller spread value indicates an increase in the digital competitiveness of the provinces in the middle and lower ranks,” said Mulya.
The EV-DCI 2022 report is also complemented with the results of a survey towards 71 digital companies, analysis of 8 sectors, as well as perspectives from 18 figures. This perspective includes policy makers in the government including the Coordinating Minister for Economic Affairs, Coordinating Minister for Maritime Affairs and Investment, Minister for State-Owned Enterprises (BUMN), Minister of Health, and others. In addition, the perspective also includes startup founders such as the CEO of GoTo, CEO of Xendit, President of Traveloka, and so on.
In the special interview, a number of perspectives strengthen Indonesia’s potential towards a digital golden era. These figures emphasized the steps and strategies they were taking in relation to the improvement of the digital economy.
The Coordinating Minister for Economic Affairs, Airlangga Hartarto, said that digitalization could provide its own added value in various fields. “Acceleration of economic digitization, creates equitable and diverse opportunities, and encourages opportunities and productivity to generate added value,” said Airlangga.
Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan said that efficiency can be achieved by digitizing the government system. “The government is aiming for a more efficient system and one of the ways to achieve this is by implementing digitalization. With digitalization, everything will be connected, corruption will be reduced, efficiency will be better, and we will be more competitive,” said Luhut.
Minister of Health, Budi Gunadi Sadikin said that data standardization carried out by digitalization could encourage the creation of a digital economy in the health sector. “By standardizing health data, it can be integrated into the platform, be it in medicine, vaccination, hospitals, laboratories. Our hope is that startups can develop and use the platform,” said Budi.
TOWARDS INDONESIA’S DIGITAL GOLDEN ERA
The growth of the digital economy cannot be separated from the role of stakeholders in the sectors. Digital transformation is developing and contributing to essential sectors related to daily activities, such as logistics, fintech, edtech, and healthtech. Digital transformation has also occurred earlier, such as in the tourism and e-commerce sectors.
The government’s commitment to supporting the growth and equity of the digital economy was also explained through several interviews conducted in the preparation of this report. Luhut, said that digitalization has begun to be widely applied in the government, one example being the procurement of government goods and services with the e-catalog system.
In addition, Budi also explained that the handling and monitoring of COVID-19 in Indonesia has also adopted digitalization. PeduliLindungi application and various health services from the Ministry of Health that can be accessed via telemedicine and online based.
The right strategy to achieve the digital golden era in Indonesia can be described by the shape of a house. The infrastructure of Technology, Information, and Communication (ICT) is a fundamental foundation that is needed across sectors and institutions. Strengthening ICT infrastructure enables digitalization in various aspects, thereby accelerating the creation of digital government, digital society, and digital business. These aspects also need to be strengthened by the application of sustainable principles or Environmental, Social, and Governance (ESG) to maintain long-term digital economic growth.
“Towards Indonesia’s Digital Golden Era, there are five aspects that need to be considered. Accelerating the development of ICT infrastructure can facilitate more equitable digital economic growth, creating digital governance that focuses on efficiency and transparency, developing digital talent capabilities through improving the education system and skills, focusing on increasing digital technology adoption in various sectors, and applying sustainability principles to achieve the golden era of the digital economy,” said Radju Munusamy, PwC Indonesia Partner.
“East Ventures believes that accelerating the adoption of digitalization is crucial in building a more robust digital ecosystem. However, this can only be achieved when all stakeholders work together to achieve it. East Ventures is committed to continue in supporting the development of the digital economy and paving the way for a digital golden era in Indonesia,” added Willson Cuaca.
INCREASING INFRASTRUCTURE PILLAR SCORES AS THE DIGITAL COMPETITIVENESS GAP DROPPING
EV-DCI is a mapping of regional digital competitiveness formed from three sub-indices, nine pillars, and 50 indicators. Its constituent sub-indices are input, output, and support, with the pillars of human resources, use of ICT, ICT expenditure, economy, entrepreneurship and productivity, employment, infrastructure, finance, and local government regulations and capacities.
The province with the highest EV-DCI 2022 score is still held by DKI Jakarta, with a score of 73.2. Meanwhile, the second and third positions were occupied by West Java and DI Yogyakarta with scores of 58.5 and 49.2. In addition, East Kalimantan is one of the provinces outside Java that made it into the top 10 at 7th place with an increase in score of 4.5, with an EV-DCI 2022 score of 44.0.
Apart from East Kalimantan, several provinces outside Java experienced a fairly good increase in digital competitiveness. For example, Bengkulu experienced the highest increase in the 2022 EV-DCI score compared to the previous year, which was 7.8 points, to 39.1. The increase of the score made Bengkulu’s ranking also rose 7 places to the 12th. West Papua and Lampung also experienced a significant increase of digital competitiveness, which rose 11 places to 19th and six places to 20th, respectively.
The infrastructure pillar, which was the highest pillar in the previous year, also experienced an increase in the score for EV-DCI 2022. In EV-DCI 2022, this pillar increased by 10.5 points to 64.8. The spread on the infrastructure pillar also narrowed by 8.3 points or reached 79.0 this year, compared to the previous year’s spread of 87.3 points.
The decrease in the digital competitiveness gap in these areas is also shown by the increase in scores on the entrepreneurship and productivity pillars. This pillar increased by 10.1 points to a score of 23.6 in the EV-DCI 2022. In addition, the regulation and local government capacity pillar also increased by 19.1 points to 54.6 this year.
The fintech landscape continues to redefine itself, driven by innovation, partnerships, and groundbreaking strategies. Today’s roundup focuses on the latest digital wallet offerings, evolving payment trends, strategic collaborations, and notable funding achievements. This editorial explores the broader implications of these developments, casting light on how they shape the future of fintech and beyond.
Beacon’s Digital Wallet for Immigrants: A Gateway to Financial Inclusion
Beacon Financial, a leading player in financial technology, recently launched a digital wallet tailored to meet the unique needs of immigrants moving to Canada. This offering bridges a critical gap, enabling seamless financial integration for newcomers navigating a foreign system.
By combining intuitive technology with user-centric features, Beacon aims to empower immigrants with tools for payments, savings, and remittances. This aligns with the growing demand for tailored financial products that resonate with specific demographics.
Op-Ed Insight:
Financial inclusion is more than just a buzzword; it’s a moral imperative in the fintech space. Products like Beacon’s digital wallet highlight the industry’s potential to create tangible change. As global migration trends increase, such offerings could inspire similar initiatives worldwide.
Source: Fintech Futures.
Juniper Research Highlights 2025’s Payment Trends
Juniper Research’s latest report unveils pivotal payment trends poised to dominate in 2025. Central themes include the adoption of instant payment networks, a surge in embedded finance solutions, and the rise of crypto-backed financial products.
The research underscores the rapid adoption of real-time payment systems, fueled by increasing consumer demand for speed and efficiency. Meanwhile, embedded finance promises to blur the lines between traditional banking and non-financial services, delivering personalized and context-specific solutions.
Op-Ed Insight:
As the lines between financial services and technology continue to blur, these trends emphasize the industry’s shift toward convenience and personalization. The growing role of crypto-based solutions reflects an evolving consumer mindset, where decentralization and digital-first experiences gain precedence.
Source: Juniper Research.
MeaWallet and Integrated Finance Partner to Revolutionize Digital Wallets
MeaWallet, a prominent fintech solutions provider, has partnered with Integrated Finance to advance digital wallet capabilities and secure card data access for fintech companies. This collaboration focuses on empowering fintechs to deliver better, safer digital payment experiences.
MeaWallet’s role as a technology enabler aligns seamlessly with Integrated Finance’s goal of simplifying complex financial infrastructures. Together, they aim to create scalable, robust platforms for secure payment solutions.
Op-Ed Insight:
Partnerships like this underscore the importance of collaboration in driving innovation. As security concerns grow in tandem with digital payment adoption, solutions addressing these challenges are essential for maintaining consumer trust. The fintech ecosystem thrives when synergy and innovation coalesce.
Source: MeaWallet News.
Nucleus Security Among Deloitte’s Fastest-Growing Companies
Nucleus Security has achieved a remarkable milestone, ranking 85th on Deloitte’s 2024 Technology Fast 500 list. This achievement is attributed to its robust cybersecurity solutions, which cater to the increasingly digital fintech environment.
With cyberattacks becoming more sophisticated, fintech companies are under immense pressure to safeguard their platforms. Nucleus Security’s growth reflects the rising demand for comprehensive, scalable security solutions that protect sensitive financial data.
Op-Ed Insight:
In a digital-first world, robust cybersecurity isn’t optional—it’s fundamental. The recognition of companies like Nucleus Security signals the growing importance of protecting fintech infrastructure as the industry scales globally.
Source: PR Newswire.
OpenYield Secures Funding to Transform the Bond Market
OpenYield has announced a successful funding round, aiming to revolutionize the bond market through innovative technology. The platform promises greater transparency, efficiency, and accessibility in fixed-income investments.
This funding underscores the growing appetite for digitizing traditionally opaque financial markets. By leveraging cutting-edge technology, OpenYield seeks to democratize bond investments, making them accessible to a broader audience.
Op-Ed Insight:
The bond market, long viewed as complex and inaccessible, is ripe for disruption. OpenYield’s efforts to modernize this space highlight fintech’s transformative potential to democratize finance and empower individual investors.
Source: PR Newswire.
Key Takeaways: Shaping the Future of Fintech
Today’s developments underscore several critical themes in the fintech landscape:
- Personalization and Inclusion: Products like Beacon’s wallet highlight the importance of understanding and addressing specific user needs.
- Collaborative Ecosystems: Partnerships, like that of MeaWallet and Integrated Finance, emphasize the power of collaboration in solving industry challenges.
- Emerging Technologies: Juniper Research’s predictions affirm the continued influence of blockchain, embedded finance, and instant payment networks.
- Security at the Core: The recognition of Nucleus Security underscores the essential role of cybersecurity in fintech.
- Market Transformation: OpenYield’s funding signifies the ongoing disruption of traditional financial markets, paving the way for broader accessibility.
The post Fintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations appeared first on News, Events, Advertising Options.
As fintech continues to reshape the global financial landscape, today’s briefing highlights pivotal developments, strategic expansions, and innovative launches across the industry. This op-ed explores the latest advancements with commentary on their potential impacts and challenges.
Finastra Data Breach: A Wake-Up Call for Fintech Security
Source: KrebsOnSecurity
The cybersecurity landscape is buzzing after Finastra, one of the largest financial technology providers globally, confirmed an investigation into a potential data breach. Reports suggest unauthorized access to its systems, raising concerns about data security across its client base, which includes thousands of banks and financial institutions worldwide.
Implications and Challenges
While the details of the breach remain sparse, this incident underscores a glaring vulnerability in the fintech sector—cybersecurity. As financial services increasingly rely on interconnected ecosystems, breaches like these threaten not only individual institutions but also the trust customers place in fintech platforms.
The key takeaway for the fintech industry is clear: proactive cybersecurity strategies must go beyond compliance. Real-time threat detection, robust encryption standards, and regular audits are no longer optional but essential for maintaining operational integrity.
Future Considerations
This breach could trigger a domino effect, prompting regulators to tighten security standards and requiring fintech companies to double down on investments in data protection. Startups and mid-tier players, often lacking extensive cybersecurity budgets, may face significant pressure to keep pace.
PayPal Resurrects Money Pooling Feature
Source: TechCrunch
In a bid to stay ahead of the competition, PayPal is reintroducing its Money Pooling feature, a popular tool that was discontinued in 2021. The feature allows users to pool funds collectively, catering to families, small businesses, and social groups.
Strategic Revival
This move reflects PayPal’s commitment to customer-centric innovation. By reinstating a feature beloved by its user base, the company seeks to reclaim market share lost to emerging competitors offering similar functionalities.
Broader Industry Impacts
Money pooling represents a broader trend in fintech—customized solutions that cater to niche needs. This reintroduction may inspire competitors like Venmo and CashApp to refine their collaborative payment offerings.
While this move strengthens PayPal’s ecosystem, its success will depend on seamless integration with existing services and robust fraud prevention mechanisms to avoid abuse of the feature.
Santander Expands Fintech Reach in Mexico
Source: Yahoo Finance
Santander is making waves in the Latin American fintech space with the launch of a dedicated fintech unit in Mexico. The initiative aims to capitalize on Mexico’s growing fintech adoption and digital payments market, valued at billions of dollars annually.
Strategic Significance
Santander’s expansion into Mexico highlights the region’s untapped potential. Latin America is a burgeoning market for fintech, driven by increasing smartphone penetration, a youthful demographic, and demand for accessible financial services.
Challenges on the Horizon
While Mexico offers immense opportunities, regulatory complexities and market competition from local players like Clip and Konfío pose significant challenges. Santander will need to blend its global expertise with local adaptability to succeed in this dynamic market.
2024 Global Fintech Awards: Spotlighting Excellence
Source: PRNewswire
Benzinga has announced the winners of the 2024 Global Fintech Awards, honoring companies and individuals driving innovation in financial technology. This year’s winners spanned categories like blockchain, artificial intelligence, and payment solutions.
Recognizing Industry Leaders
Awards like these highlight the collaborative spirit and entrepreneurial drive fueling fintech growth. Recognizing trailblazers not only motivates incumbents but also inspires startups to push the boundaries of innovation.
What It Means for the Ecosystem
The awards also bring attention to emerging technologies. Categories such as blockchain and AI signal the industry’s continued focus on leveraging cutting-edge tech for efficiency and scalability.
Commonwealth Central Credit Union Partners with Jack Henry
Source: FinTech Futures
Commonwealth Central Credit Union (CCCU) has announced a partnership with Jack Henry, a leading financial technology provider, for a comprehensive tech upgrade. The collaboration focuses on enhancing member experience through improved digital services.
Modernizing Member Experiences
Credit unions have often lagged behind major banks in adopting advanced digital solutions. By partnering with Jack Henry, CCCU aims to bridge this gap, offering members streamlined services such as mobile banking, automated lending, and personalized financial tools.
A Growing Trend
This partnership reflects a broader trend in the financial industry—credit unions and smaller banks embracing fintech to remain competitive. As customer expectations evolve, partnerships like this may become the norm rather than the exception.
Key Takeaways for the Fintech Industry
- Cybersecurity is Critical: The Finastra breach underscores the need for robust security measures.
- Innovation Drives Loyalty: PayPal’s revival of its Money Pooling feature highlights the importance of listening to customers.
- Regional Opportunities: Santander’s expansion into Mexico showcases the untapped potential of emerging markets.
- Recognition Matters: Awards like Benzinga’s provide valuable visibility for companies and individuals shaping the industry.
- Partnerships Foster Growth: Collaborations between credit unions and fintech companies signify a trend towards modernized financial solutions.
The post Fintech Pulse: Industry Updates, Innovations, and Strategic Moves appeared first on News, Events, Advertising Options.
The fintech sector continues its relentless drive toward innovation and market dominance. Today’s highlights include a record-breaking customer milestone for Revolut, groundbreaking fintech solutions for women in the EU, open entries for the PayTech Awards 2025, implications of political shifts on funding, and notable recognition at the US FinTech Awards.
Revolut Hits 50 Million Customers: A Global Fintech Giant’s Milestone
Source: Revolut
Revolut, the UK-based financial super app, has achieved a monumental feat: surpassing 50 million customers worldwide. This milestone underscores its position as a leader in the global fintech landscape, furthering its ambition to create the world’s first truly global bank.
Key to this success has been Revolut’s strategy of expanding its offerings, from banking to travel and crypto services, all within a seamless user experience. The company’s recent ventures into emerging markets such as Latin America and Asia demonstrate its intent to bridge financial services gaps while retaining competitive differentiation through technology.
This milestone is not just a triumph for Revolut but a signal of fintech’s capacity to redefine traditional banking. It reinforces the narrative that digital-first strategies, customer-centric innovation, and international scalability can challenge long-standing financial institutions.
PayTech Awards 2025: Celebrating Excellence in Innovation
Source: FinTech Futures
The PayTech Awards 2025 are officially open for entries, promising to spotlight the brightest minds and most innovative projects in the payment technology sector. These awards are a testament to the industry’s commitment to advancing secure, seamless, and scalable payment systems.
This year, the focus is on emerging technologies that redefine how businesses and consumers interact financially. Categories will recognize achievements across multiple domains, including sustainability in payments, AI-driven solutions, and partnerships that push boundaries.
As fintech companies prepare their entries, the awards provide a timely reminder of the sector’s ongoing evolution and the collaborative efforts required to achieve meaningful breakthroughs.
U.S. Politics and the Fintech Sector: A New Era of Funding?
Source: American Banker
The U.S. fintech sector might witness an infusion of optimism as speculation about a second Trump presidency gains momentum. The Trump-era policies of deregulation and venture capital encouragement are remembered as catalysts for unprecedented fintech growth during his first term.
While it remains uncertain how regulatory landscapes will shift, the possibility of a more relaxed approach toward fintech compliance could rejuvenate funding inflows. Investors and startups alike are watching closely, weighing the potential benefits against long-term risks tied to reduced oversight.
A politically charged backdrop often spells volatility, but for fintech, it may also spell opportunity. Preparing to adapt quickly will be crucial for startups and established players in the face of any regulatory pivot.
Klara AI and Unlimit: Addressing the €1.3 Trillion Female Economy
Source: FF News
Klara AI has teamed up with Unlimit to launch a fintech solution aimed at empowering women across the EU. This collaboration targets the €1.3 trillion female economy by addressing the unique financial needs of women entrepreneurs and consumers.
The solution promises to integrate AI-powered tools with streamlined financial management services, enabling users to access credit, manage investments, and scale businesses effectively. By tailoring services to the underserved female demographic, the partnership hopes to drive financial inclusion and support economic growth.
This initiative stands as a blueprint for fintechs exploring niche markets, proving that innovation tailored to specific segments can yield transformative results.
Autire: Accounting Tech of the Year at US FinTech Awards
Source: Business Wire
Autire, a rising star in financial technology, has been crowned ‘Accounting Tech of the Year’ at the US FinTech Awards 2024. The award recognizes Autire’s ability to blend cutting-edge AI with intuitive user interfaces, delivering unparalleled accounting solutions for businesses of all sizes.
Autire’s platform has gained traction for automating complex accounting tasks, ensuring compliance, and delivering actionable insights through real-time analytics. Its emphasis on reducing administrative burdens for SMEs has been particularly impactful, enabling entrepreneurs to focus on growth rather than bookkeeping.
The recognition not only cements Autire’s reputation but also highlights the role of AI-driven accounting solutions in reshaping business operations globally.
Final Thoughts: A Fintech Revolution in Full Swing
From customer milestones to policy-driven opportunities, the fintech ecosystem is in constant evolution. Revolut’s ascent to 50 million users signals growing consumer trust in digital platforms. The PayTech Awards continue to inspire innovation, while political shifts could redefine the regulatory landscape. Initiatives like Klara AI and Unlimit emphasize the power of targeted solutions, and companies like Autire show how niche technologies can achieve broad impact.
The next phase of fintech growth will likely hinge on inclusivity, adaptability, and innovation—pillars that today’s news stories exemplify.
The post Fintech Pulse: Milestones, Partnerships, and Transformations in Fintech appeared first on .
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