Population
278M
Online population
212.9M
Currency
IDR
Population - 278M
At the start of 2023, 58.2% of Indonesia’s population lived in urban centers, while 41.8% lived in rural areas.
Internet penetration - 77%
There were 212.9M internet users in Indonesia in January 2023.
Housing 20% of all FinTech companies in ASEAN, the world’s largest archipelago is expected to generate $8.6B FinTech revenue by 2025. It’s only too obvious that the 90M unbanked Indonesians are the sure catalysts behind the industry’s growth.
Indonesia has witnessed a six-fold increase in the number of FinTech companies over the last decade, rising from just 51 companies in 2011 to 334 in 2022, the report says.
One of the primary drivers of FinTech’s success in Indonesia is the rapid adoption of digital payment platforms. These platforms have simplified transactions such as digital wallets, internet banking, and Quick Response Code Indonesian Standard (QRIS), facilitating the shift from traditional offline to online financial activities. Before the onset of the pandemic, digital wallet usage stood at only around 10%.
As of 2023, Indonesia [has](https://www.statista.com/topics/9658/banking-industry-in-indonesia/#:~:text=As of 2023%2C Indonesia has,largest banks based on assets.) 106 commercial banks and over 27.92 thousand bank offices.
<aside> 💡 As ranked by assets, the following are the four largest state-owned banks: **Bank Mandiri, Bank Rakyat Indonesia, Bank Negara Indonesia, and BTPN**.
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