Vice President of Indonesia Urges Speeding up the Development of Islamic Fintech Industry

Ma'ruf Amin, Vice President of Indonesia, has urged all economic and Islamic finance players to speed up the development of the Islamic financial technology (fintech) industry in Indonesia.

Why it Matters?

Amin elaborated that the expansion of Shariah fintech must be aided by the strengthening of the economic and Shariah finance ecosystems. According to Indonesia’s Financial Services Authority (OJK), only seven Shariah fintech service providers existed in the country by October 2021, with assets totalling IDR 74 billion (USD 5.2 million). This is a long way off from traditional fintech, which leads with 97 units and IDR 4.2 trillion (USD 293 million) in assets.

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