Fintech, Millennials and Generation Z Considered Catalysts for Indonesia’s Shariah Financial Services Ecosystem: AFSI 

Owing to the presence of technology, financing distribution in Indonesia grew at a rapid pace by up to 50% in 2020 compared to 2019, assisted by the COVID-19 pandemic, according to the Indonesian Sharia Fintech Association (AFSI). The presence of technology is regarded as a catalyst for Indonesia’s Shariah financial services ecosystem, in collaboration with millennials and Generation Z segments of the population, thus realising the country’s aims of becoming a global leader in the Halal economy.

Why it Matters?

Chairman of the AFSI, Ronald Yusuf Wijaya, stated that financial technology (fintech) is already present in a variety of financial products, including financing, personal finance, payments, insurance, capital markets, wealth manage...