Event Report: Fintech for Microfinance in Indonesia – A Leap Towards Financial Inclusion
In a landmark event that convened fintech leaders, microfinance institutions, investors, and policymakers, the transformative potential of financial technology in enhancing microfinance services was explored with keen insight and forward-thinking. Held under the theme of expanding financial inclusion for underserved communities, the thought leadership session was a melting pot of innovative ideas and collaborative potential aimed at streamlining microfinance operations and fostering sustainable development across Indonesia.
Sunar Basuki, Operations, Digital & IT Director PT Permodalan Nasional Madani
Firlie Ganinduto, Vice Secretary General II, AFTECH
Manoj Awasthi, CTO JULO
Deepti, VP & Head Business Solutions, International Business, M2P
Kannan, VP & Head Presales, Lending Solutions, M2P
Moderated by Prashant Krishnan, Advisor, PwC Strategy&
Sunar Basuki, Operations, Digital & IT Director at PT Permodalan Nasional Madani (PNM), highlighted PNM’s strategic initiatives in leveraging digital technology to empower micro, small, and medium enterprises (MSMEs). With a particular focus on enhancing financial literacy among its 15 million women account holders, Basuki underscored the importance of equipping women entrepreneurs with the knowledge and tools to achieve economic independence and sustainable business growth. Basuki’s vision for PNM revolves around not only providing financial services but also fostering a supportive ecosystem that encourages informed financial decision-making and risk management among women entrepreneurs.
Firlie Ganinduto, Vice Secretary General II of AFTECH, shared insights into how the Indonesian Fintech Association with 360 members, is bridging the gap between innovation and regulatory compliance. He emphasized AFTECH’s role in advocating for a regulatory environment that nurtures fintech growth while ensuring consumer protection. By facilitating research and collaboration, AFTECH aims to direct fintech’s trajectory towards enhancing microfinance accessibility, thus playing a crucial role in Indonesia’s financial inclusion journey.
JULO’s CTO, Manoj Awasthi, shed light on the impact of technological advancements in microfinance. Awasthi discussed how JULO utilizes data analytics and AI to offer tailored financial products, thus addressing the unique needs of the underserved. By focusing on innovative lending models such as P2P, JULO aims to overcome traditional barriers to credit access, making financial services and online borrowing, more accessible and affordable for micro-entrepreneurs.
Deepti, VP & Head of Business Solutions, alongside Kannan, VP & Head of Presales, Lending Solutions at M2P, discussed the transformative role of mobile-based financial solutions in democratizing access to finance. They highlighted how M2P’s platforms facilitate seamless transactions, from payments to micro-loans, addressing key challenges related to accessibility and cost. The duo also touched upon the potential of technology in solving market-specific issues, paving the way for a more inclusive financial ecosystem in Indonesia.
Moderated by Prashant Krishnan, Advisor at PwC Strategy&, the event underscored the importance of collaborative efforts in realizing the potential of fintech for microfinance. The discussions highlighted the need for knowledge exchange, cross-border partnerships, and a balanced regulatory framework to foster innovation while ensuring consumer protection.
The event not only offered a platform for sharing insights but also set the stage for future collaborations aimed at enhancing financial inclusion in Indonesia. It was evident that the integration of fintech with microfinance could play a pivotal role in overcoming geographical and socio-economic barriers, making the dream of accessible, affordable, and equitable financial services a reality for all Indonesians.
As we look towards the future, the event’s discussions illuminated the path forward: embracing emerging technologies, fostering financial literacy, and creating a supportive ecosystem for MSMEs. By leveraging the collective expertise and resources of the fintech and microfinance communities, Indonesia is well-positioned to achieve its financial inclusion goals, marking a new era of economic empowerment and sustainable development.