In 2024, Indonesia’s fintech scene reached new heights, with one of the top highlights being. This milestone marked a pivotal moment for the country’s financial inclusion efforts.

From regulatory shifts to technological breakthroughs, here’s our pick of the top Indonesia fintech stories 2024 that shaped Indonesia’s fintech landscape.

Investree CEO Adrian A Gunadi Resigned Amid Misconduct Allegations and Company Challenges

Investree’s co-founder and CEO, Adrian A Gunadi resigned on 31 January 2024 amid allegations of misconduct and ongoing company challenges. In his resignation letter, Gunadi stated his decision was final and that he had no further claims against the company.

Documents reviewed by DealStreetAsia suggested that Gunadi admitted to diverting company funds to his personal account and using Investree as a guarantor for his private ventures.

Growing dissatisfaction among shareholders also led to an extraordinary general meeting where Salman Baharuddin, Chief of Sales, was proposed as Gunadi’s replacement.

Investree faced tight liquidity issues at the same time despite securing a US$231 million Series D funding round in October 2022, led by Qatar’s JTA International Holdings. Delayed fund disbursement and struggles to cover operational costs caused investor concerns about the firm’s financial stability.

Southeast Asian Stock Exchanges, Including IDX, Collaborate on New ESG Initiative

The Indonesia Stock Exchange (IDX) partnered with Bursa Malaysia, the Stock Exchange of Thailand (SET), and Singapore Exchange (SGX Group) to launch the ASEAN Interconnected Sustainability Ecosystem (ASEAN-ISE). This initiative aims to advance sustainable development across ASEAN by aligning environmental, social, and governance (ESG) metrics.

During the meeting in February 2024, the exchanges formalised their collaboration by establishing a governance structure and operational plan. Bursa Malaysia will serve as the ASEAN-ISE Secretariat, ensuring the smooth implementation of the initiative and driving its objectives forward.

The ASEAN-ISE strives to build an integrated ESG ecosystem that promotes sustainability, reduces costs, and enables faster market access for member exchanges. ESG-compliant companies are set to benefit from greater business value through enhanced disclosures and streamlined processes.

As of November, the ASEAN-ISE, now joined by the Philippine Stock Exchange, has collectively decided to issue a Request for Information (RFI) to identify tailored solutions that will drive the initiative toward its goals over the next three years.

The RFI outlines a proposed framework for the ASEAN-ISE’s unified data infrastructure, focusing on building an interconnected ecosystem for seamless ESG data exchange. This framework aims to establish a sustainable operating model that enhances market accessibility while prioritising ESG principles.

OJK Strengthens Crypto Oversight with New Regulatory Sandbox Mandate

The Indonesian Financial Services Authority (OJK) has mandated that all financial institutions launching new products, including those related to crypto assets, must participate in a regulatory sandbox.

This framework aims to foster innovation while ensuring robust risk management and responsible technological progress in the financial sector.

Hasan Fawzi, OJK’s Chief Executive for Financial Sector Technology Innovation and Crypto Assets, emphasised the sandbox’s importance in preventing fraudulent schemes and enhancing consumer protection.

Products or business models failing to pass sandbox approval will be deemed illegal.

This regulatory shift aligns with the Financial Sector Development and Strengthening Law (UU P2SK), which transferred crypto asset oversight from the Commodity Futures Trading Supervisory Agency (Bappebti) to OJK.

Superbank Secures Additional US$73M Investment from Grab, Singtel, and KakaoBank

In our next top Indonesia fintech stories for 2024, we cover how Indonesian digital bank Superbank secured additional funding of IDR 1.2 trillion (US$73.3 million) from shareholders Grab, Singtel, and KakaoBank. This new investment aims to enhance Superbank’s services and develop innovative financial products to meet the diverse needs of its customers.

Superbank became the first Indonesian bank to allow millions of Grab users and partners to open accounts, save, and make payments directly through the Grab app. This integration eliminates the need for additional apps, showcasing the bank’s commitment to accessible digital banking solutions.

Superbank’s major shareholders include Emtek Group, which owns 34.58% of the company. Grab is next at 21.29%, Singtel at 18.93%, and KakaoBank at 10%.

The collaboration provides Superbank with not just financial backing but also access to advanced technology, industry expertise, and extensive networks. Superbank plans to use this funding to expand inclusive financial services, focusing on Indonesia’s underbanked communities and MSMEs, said Tigor M Siahaan, the President Director of Superbank.

OJK Unveils 2024-2028 Digital Finance and Crypto Roadmap

In our final pick for the top Indonesia fintech stories for 2024, we highlight Indonesia’s Financial Services Authority (OJK) launch of its 2024-2028 roadmap. The roadmap aims to advance the development and strengthening of digital finance assets, financial sector innovation, and crypto assets.

The roadmap, titled “Welcoming the Future of Digital Finance: Laying the Foundation for Effective and Balanced Supervision,” was presented at the OJK Digital Financial Innovation Day in August 2024.

Led by OJK Chairman Mahendra Siregar with key officials Hasan Fawzi and Agusman, the roadmap focuses on four pillars: Regulation and Development, Supervision and Law Enforcement, Licensing, and Information and Innovation.

These pillars aim to create a robust, inclusive, and sustainable digital financial ecosystem in Indonesia.

Implementation will follow nine strategic programmes, including regulatory frameworks, digital innovation centres, pilot projects, and financial literacy initiatives. Collaboration with government agencies, industry players, and the public is critical to achieving the roadmap’s goals.

Regular evaluations will ensure progress and necessary adjustments. The roadmap also marks the first anniversary of the IAKD Supervisory Sector, which drives innovation and digital transformation in Indonesia’s financial landscape.

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