A NSW Government website

Fintech to Indonesia

The Going Global Export Program provides export support for NSW early-stage exporters or new to-market exporters. Eligible businesses can apply for free support to export Fintech to Indonesia. Applications open on Monday 19 August and close on Sunday 22 September 2024.

Program dates

September to November 2024  

Key event

Indonesia Fintech Summit 2024, 12- 13 November in Jakarta. Please note in-person attendance at the event is required.

 

Why this market

Indonesia's Fintech sector has experienced remarkable growth, driven by rapid digital adoption and a burgeoning middle class in the world's fourth-most populous nation.

As of 2024, the Fintech industry in Indonesia has surpassed US$7 billion in annual transaction volume, with a compound annual growth rate of approximately 20% over the past five years. Digital payments alone are expected to grow from AUD$485.2 billion in 2023 to AUD$646.4 billion in 2025, reflecting a significant shift towards digital financial services an an increasing demand for financial institutions like banks, to make transactions more secure, and to provide more efficient services through technology.

There is opportunity for Fintech startups to address a vast, underserved market with innovative solutions such as payments, lending, and financial management tools.

Participation requirements and success factors

Eligibility for the overall Program

  • Have headquarters in NSW
  • Have a valid Australian Business Number (ABN) registered for NSW 
  • Be export-capable and export-ready 
  • Have an employee number between 3 and 199 full-time equivalent (FTE) employees 
  • The product or service must be produced primarily in NSW
  • The product or service is achieving sales already
  • Have a website featuring the product or service
  • Be prepared to adapt the product or service for the new market
  • Be flexible regarding market-entry method
  • Have resources to support marketing and development for a new market
  • Be willing to travel to the selected market and/or to Sydney for events, and must cover own travel expenses

Note this program is designed for NSW businesses who produce and own their own brand. This program is not for aggregators, traders, or businesses who sell services to exporters.

Additional eligibility requirements for this stream

Participants should:

  • Be a scaleup or established Small to Medium Enterprise
  • Have a ready-product or solution which has been launched in Australian and/or other markets
  • Already generating revenue or already have funding to support Indonesia/SouthEast Asia expansion
  • Have a clear pathway to profitability or already a profitable business
  • Be interested and/or already looking at Indonesian market

The ideal participant has a:

  • Unique and innovative fintech products/services focused more on B2B
  • Compelling proposition for the Indonesian market and established a Indonesian product-market fit
  • Commitment to scale to Indonesia within the next 12 months
  • Already identified potential partners customers/partners in Indonesia
  • Ideal product categories include:
    • Payments
    • Insurtech
    • Lending
    • Wealth tech
    • Capital markets
    • Back and middle offices
    • Blockchain financial applications
    • Data analytics for financial services
    • AI in financial sector
    • Blockchain

Businesses not eligible for this stream

  • Aggregators, traders, or businesses who sell services to exporters

Curriculum

Introductory session

  • Welcome session – week commencing 16 September
  • Introduction to fintech and financial ecosystem and doing business in Indonesia
  • Access to factsheets and Intellectual Property briefings developed exclusively for Going Global participants

Market intelligence briefings and cultural training

  • Market briefing and sector-specific opportunities
  • Market specific business culture
  • Regulatory requirements.

Preparation to meet potential partners/customers 

  • Meet the industry players session before in-market events

Potential partner search and introductions

  • In-person participation at Indonesia Fintech Summit– with in-market assistance and logistical support from Investment NSW
  • Identification of potential partners

Targeted 1:1 business matching meetings, reverse pitches and/or interactions with companies in the ecosystem

Ongoing advice and follow up

  • Ongoing support provided by a dedicated NSW Government Export Adviser.

We estimate that you will invest 8 hours on our educational/training programs prior to travelling in-market.  This does not include optional activities or work your businesses may need to do outside of sessions. 

*Note: the curriculum is subject to change

How to apply

Applications have now closed.

The program of activity will commence in late September 2024.