bali fintech landscape

An Overview of Fintech Sector and Its Challenges in Bali

  • InCorp Editorial Team
  • 7 April 2020
  • 4 minute reading time

The rapid growth of the economic aspect, as well as its fast-growing environment in business, has undoubtedly caused Indonesia to be one of the most prospective places to start a business in the Financial Technology (Fintech) sector.

This was proven by the usage of virtual money wallets as well as peer to peer lending that steadily increased among Indonesian industries. Indonesian youngsters also contribute to this rapid growth of economics by the culture of being cashless due to its efficiency.

Although the Indonesian Financial Technology Association was just established in recent years, this has proven that the Indonesian market is tremendously profitable.

Moreover, Indonesia has been the second country to receive the biggest venture capital investments in Southeast Asia, just behind Singapore.

Back in 2014, the investments of venture capital in Indonesia were only US$ 2.3 million, and then the amount got spiked in 2017 to US$136 million.

Aside from Jakarta as the capital city in Indonesia, Bali can be one of the best places to establish your Fintech business.

Fintech Landscape in Bali

Well, who doesn’t know Bali? Aside from its beautiful landscape, Bali also provides comfortable hospitality to millions of tourists from all over the world.

Bali is also one of the best options available to create a promising Fintech business landscape in such a relaxing place that doesn’t offer a hectic office-environment like Jakarta. These things may be the main reason it’s one of the best options available that could provide you a good environment for Fintech-related business.

Furthermore, a number of prosperous Fintech startups have been established on this Island, from, Startup Bank Challenge Bali, Hubud, The Onion Collective, and many more.

No wonder, the International Monetary Fund by The World Bank Group has established The Bali Fintech Agenda, an annual meeting in Bali to discuss high-level issues relating to international fund cooperation within the expertise and mandate.

How to Start a Fintech Business in Bali

The new regulation set by the Financial Services Authority or Otoritas Jasa Keuangan (OJK) was released in 2018 called Digital Financial Innovation Regulation, a set of regulations to monitor as well as supervising both the growth and development of the fintech industry in Indonesia.

This is the main regulation you need to know before starting a fintech business in Bali right after you decide the type of business it will be.

Regarding company formation, it will be best to set up your business as a Limited Liability Company (PT) to be able to separate your company assets from personal assets. This step will protect your personal assets, in case of company’s loss.

In accordance with the Digital Financial Innovation Regulation, the following steps must be taken:

  • Register your company to the OJK.
  • Your company will go through a Regulatory Sandbox for 12 months, the instrument to test, observe, and determine how your Fintech company will work.
  • Then you can apply for a fintech permit at OJK.


These steps will require more documents and archives to fulfill the data needed by the OJK during
the examination of your company.

Establish your Fintech Business in Bali with Cekindo

Either you want to start a fintech business in Bali focusing on peer to peer lending, virtual installment, or virtual wallets integrated into other businesses or startups, Cekindo can help you to establish it.

Cekindo will assist the most basic step to determine the future of your Bali fintech business by initiating proper research in the Indonesian market.

Cekindo also helps your business regarding the law requirement process by Otoritas Jasa Keuangan (OJK), Indonesian Central Bank BI as well as Indonesia’s Financial Technology Association.

Professional consultants and experienced staff with a deep understanding of the Bali fintech market are ready to help you to build your Fintech business successfully.

Fill in the form below to discuss more.

David Susandi

Branch Manager – Bali Office at InCorp Indonesia

Holding 11 years of experience in various roles, including project manager, operational manager, and corporate strategist, David Susandi is a prominent figure for many entrepreneurial organizations expanding in Indonesia.

Are you ready to make your
mark in Indonesia?

Get in touch with us.

Lead Form

Disclaimer: The information is provided by PT. Cekindo Business International (“InCorp Indonesia/ we”) for general purpose only and we make no representations or warranties of any kind.

We do not act as an authorized government or non-government provider for official documents and services, which is issued by the Government of the Republic of Indonesia or its appointed officials.

We do not promote any official government document or services of the Government of the Republic of Indonesia, including but not limited to, business identifiers, health and welfare assistance programs and benefits, unclaimed tax rebate, electronic travel visa and authorization, passports in this website.