After more than a decade of serving as one of the key drivers of Indonesia’s digital economic transformation, the fintech industry is entering a new phase of development. While the primary focus in previous years was on expanding access to financial services and accelerating user growth, the industry is now shifting toward strengthening its foundations to ensure long-term resilience and sustainable value creation.
This evolution is reflected in the AFTECH Annual Members Survey (AMS) 2025–2026, conducted by the Indonesian Fintech Association (AFTECH). Based on responses from 141 member companies representing various fintech subsectors, the report identifies five structural transitions that are expected to define the industry’s competitiveness in the years ahead.
According to Pandu Sjahrir, Chairman of AFTECH, Indonesia’s fintech industry has entered a new stage of maturity. Success is no longer measured solely by the speed of growth, but increasingly by the strength of business fundamentals, the consistency of regulatory implementation, the ability to foster digital trust, and the industry’s tangible contribution to society and the national economy.
This shift reflects the growing recognition of fintech not merely as a driver of innovation, but as an integral component of Indonesia’s financial architecture.
Following years of rapid expansion, the industry is entering a phase of consolidation, where profitability, operational efficiency, and sustainable business models have become the primary indicators of success.
The survey reveals that 77% of AFTECH members identify strategic partnerships as their primary growth strategy, while 97% have maintained their existing business models over the past year. These findings indicate a clear shift in focus—from aggressive expansion toward strengthening long-term business fundamentals.
Indonesia’s fintech regulatory framework has evolved significantly in recent years. As the ecosystem matures, however, the industry’s priorities are shifting from the introduction of new regulations toward ensuring their consistent implementation and regulatory certainty.
According to the survey, 84% of respondents consider regulatory stability and implementation certainty to be the most critical form of government support. This highlights the importance of a predictable regulatory environment in fostering investment, innovation, and sustainable industry growth.
In today’s digital financial landscape, infrastructure is no longer valued solely for enabling faster connectivity and transactions. It has become the foundation upon which public trust is built.
Strengthening digital identity systems, enhancing cybersecurity, and improving consumer protection have therefore emerged as strategic priorities. Reflecting this trend, 53% of respondents identified digital identity development as the most important infrastructure priority for supporting future industry growth.
The adoption of emerging technologies such as Artificial Intelligence (AI) continues to accelerate across the financial services industry. Yet technology alone is not enough. Sustainable digital transformation ultimately depends on the readiness of people, organizations, and institutional capabilities.
The survey found that 48% of respondents identified talent in data, AI, and analytics as the most difficult category of professionals to recruit. At the same time, 83% of fintech companies have already adopted or are actively piloting AI across various functions, including data analytics, customer service, process automation, fraud detection, credit assessment, and risk management.
These findings suggest that investment in human capital and organizational capabilities will become a defining competitive advantage for Indonesia’s fintech industry in the years ahead.
For many years, financial inclusion has been measured primarily by the number of people gaining access to financial services. Today, however, the conversation has evolved toward a more meaningful question: Are those services genuinely improving people’s financial wellbeing?
According to the survey, 71% of respondents believe that limited financial literacy remains the greatest obstacle to expanding quality financial inclusion. Furthermore, 50% of companies have designed products specifically for unbanked and underserved communities, 81% operate financial literacy initiatives, and 56% have established or are currently developing ESG programs.
These findings demonstrate that the industry is increasingly focused not merely on expanding access, but on generating long-term economic and social impact.
Beyond identifying future industry trends, the AMS 2025–2026 also highlights the strengthening fundamentals of Indonesia’s fintech ecosystem.
The survey shows that 43% of member companies have achieved profitability, 81% have established active partnerships across the financial ecosystem, 86% believe the current regulatory framework supports innovation, and 81% believe existing regulations support industry growth.
Together, these indicators demonstrate that Indonesia’s fintech industry is not only becoming larger, but also more mature, better governed, and increasingly prepared for its next stage of development.
The five structural transitions identified by the AMS clearly demonstrate that the future of fintech cannot be built by a single institution or sector alone.
Sustainable transformation requires stronger collaboration among regulators, government agencies, financial institutions, technology providers, educational institutions, and industry stakeholders to ensure that Indonesia’s digital financial ecosystem continues to evolve in a healthy, resilient, and sustainable manner.
With stronger business fundamentals, more advanced technological capabilities, and an increasing commitment to sound governance, Indonesia’s fintech industry is well positioned to become a key driver of the nation’s digital economy.
The objective is no longer simply to expand financial access, but to build a digital financial ecosystem that is innovative, secure, inclusive, trusted, and capable of delivering meaningful and lasting value for society and Indonesia’s economic development.
