Indonesian Fintech Association chairman, Niki Luhur, said the majority of segments, players and start-ups had yet to be explored, even with the successes of fintech in Indonesia to date.

Remittances are a vital fintech opportunity that needs tapping into to help Indonesia workers send money to their families, according to the Indonesian Fintech Association (IFA).

Speaking this week, IFA chairman Niki Luhur called for clear know-your-customer (KYC) standards to be implemented across the ASEAN region to remove red tape barriers in national regulation and ease the remittance sending process.

“Fintech is growing here, and there are so many problems to tackle and opportunities to explore in the short time it has grown,” he said.

“We hope that because of the ASEAN Economic Community, a harmonization of standards can take place in ASEAN, so that the region can be more effectively integrated. Our migrant workers will be able to work with ease.”

While a few fintech firms operated in the remittance segment, Luhur said the number was still much lower than those in peer-to-peer (P2P) lending or the e-wallet and payments space.