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Tech In Asia hosted it’s annual Conference, located in Jakarta. Running over Wednesday and Thursday (01/11-02/11) at the Jakarta Convention Centre, thousands of visitors had the opportunity to meet and interact with the majority of the tech players from South East Asia. Visitors ranged from investors, startups, and general admirers of the thriving industry.
Over the two days, many different startups filled the ‘Bootstrap Alley’ to present their ideas and products to guests and investors. Also throughout the event there was many presentations and panel discussions facilitated by hundreds of C-level speakers. This gave valuable learning and knowledge to the thousands of visitors.
Notes from the interesting talk about ‘Indonesia’s World Leader in Next-Gen Payments’
- What is the most valuable things in fintech? Perspective is important. In Indonesia, the supply chain of financial industry is extensive. There are asset management, insurance, and lot of others things that can be subject to disruption. Currently, the cost of on-boarding the client -or so called Know Your Customer (KYC)- is the biggest. No company has solved the KYC problem yet.
- How does the regulation support fintech industry? OJK, BI, and the minister of technology has supported the environment very nicely. They are open to advice and very cooperative. One remain concern of the central government is what if the fintech is utilized for money laundering and other criminalization. Therefore, they also take position to be more protective for the interest of larger society. This is an issue that startup should also consider to help the government create a secured financial environment for the country.
- Can the cryptocurrency trend be a hit in Indonesia? For now, bitcoin is seen as an investment commodity like gold rather than a transactional purpose. The business may not be scalable but it is profitable for today. However, nobody knows what is the future of bitcoin. It has started to work in other countries because the dysfunctional within their current financial environment, say Venezuella with its cash crunch. People then started to see cryptocurrency can actually work. But again, it is still very early, no big players yet. In short, the sky is the limit.
- Advice for fintech founder? Don’t think about another e-wallet or payment gateway. Look at the entire value chain. There are still a lot of system that can be disrupted. Do your research deeply and find your position in the market.
Over both days there was many speakers from different professions on several stages to help explain and share knowledge about the Tech Industry across the world and what is currently happening, and what could potentially happen in the future.
All speakers and startups had a great opportunity to connect to the Technology community from across the world and hopefully actions can be made post-event.
Overall, over the two days there was a huge amount of networking, knowledge sharing, and fun had. It was a great effort by the Tech In Asia team and all stakeholders involved.