Indonesia’s fintech sector is gaining global attention, spurred by the growing appetite for digital payments and a fast-expanding digital-native population. With Asia’s fintech transaction volumes projected to reach US$19 trillion by the end of 2025, Indonesia stands as one of the region’s most dynamic markets in terms of usage and innovation.
According to a recent report by UnaFinancial, the total volume of fintech transactions in Asia climbed to US$16.8 trillion in 2024, up US$2.1 trillion from the previous year. Of this, digital payments and transfers contributed the most to the increase, accounting for 40.1 per cent, or US$834 billion. Digital commerce and banking followed closely, while other fintech services made up a smaller share.
The report identified Indonesia, along with five other Southeast Asian nations, as pivotal to this surge. Collectively, these countries hosted approximately 400 million unique fintech users at the end of 2024. Among them, Generation Z and Millennials formed a growing majority—together accounting for 65 per cent of users, a figure projected to rise to 79 per cent by 2030.
This demographic shift is driving fintech firms to refine their offerings, placing greater emphasis on intuitive design, personal finance tools, and mobile-first services. Indonesia, with its large and youthful population, has become a crucial testing ground for this evolution.
One of the country’s frontrunners in the digital payment space is DANA Indonesia, a platform that has steadily built its reputation since entering the market. Initially facing stiff competition, the company has grown into a key player thanks to increasing user awareness and an ecosystem that extends beyond payments.
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“When we first launched, we were one of the later entrants,” said Vince Iswara, CEO and Co-Founder of DANA Indonesia, during an interview with e27 in November 2024. “It required a lot of marketing effort to convince someone to try DANA.”
That landscape has shifted dramatically. “People have become more educated about the usefulness and value of digital payments. They are willing to try even without incentives,” Iswara added.
He credits this to the market’s broader maturity and the collaborative push by industries and regulators to promote digitalisation.
DANA’s own evolution reflects the changing expectations of Indonesian users. While it began primarily as a payment tool, the platform now offers features such as gold and mutual fund investments, allowing users to begin investing with less than US$1. This accessibility is tailored for a generation of digital natives keen to take control of their finances.
The platform has also expanded its cross-border functionality. DANA users can already pay in countries such as Singapore, Thailand, and Malaysia, and plans are underway to include markets such as Japan, China, South Korea, and India.
“You can now use [DANA] to transact abroad at a more reasonable rate,” Iswara noted, calling this development one of the company’s key milestones. “That, and our path towards profitability, are signals that we’re moving in the right direction.”
Industry analysts agree that such developments are not just about convenience—they signify a deeper integration of digital financial services into everyday life in Indonesia. Mobile-first platforms such as DANA are helping bridge the country’s financial inclusion gap, particularly among the younger population and those outside major urban centres.
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Despite progress, challenges remain. Digital literacy, infrastructure gaps, and regulatory alignment continue to shape the fintech terrain. However, ongoing efforts from both private companies and government institutions appear to be paying off.
Indonesia’s central bank has introduced a range of initiatives, including the National Strategy for Financial Inclusion and the Quick Response Code Indonesian Standard (QRIS), aimed at standardising and encouraging digital payment use.
As Southeast Asia’s fintech landscape grows ever more competitive, Indonesia’s trajectory stands out. With a tech-savvy youth population, increasing cross-border interoperability, and platforms like DANA at the forefront, the country is poised to play a central role in shaping the future of digital finance in Asia.
This is why we want you to join us on Tuesday, June 10, from 10:35 AM to 11:05 AM SGT at the Future Stage for a compelling fireside chat titled “Rise of Fintech Titans: Innovate, Adapt, Lead.”
In this session, e27 Editor Anisa Menur Maulani will sit down with Norman Sasono, CTO of DANA Indonesia, to explore how leading fintech players are evolving in response to the shifting market demands and digital transformation. Discover the strategies behind DANA’s growth and what it takes to lead in Southeast Asia’s highly competitive fintech landscape.
Admission is free! Don’t miss this opportunity to gain insider insights from one of the region’s top tech leaders.
Get your passes here.
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