Trust and Consumer Protection Key to Digital Finance Growth

Indonesia’s digital finance industry is entering a more mature phase, where aspects of trust, consumer protection, and financial inclusion are the primary factors in maintaining the industry’s sustainable growth. Data from the Financial Services Authority (OJK) shows that the number of users on digital financial asset platforms has reached 17.17 million, with a total of 77.32 million transactions throughout the current year. Amid this growth, industry players and regulators, including the Indonesian Fintech Association (AFTECH) and OJK, assess that innovations in the digital finance sector must go hand in hand with consumer protection. For INDODAX, a crypto exchange company registered and supervised by OJK, the current industry developments indicate a shift in focus from mere growth to strengthening public trust and compliance with regulations. “In the digital asset industry, trust is not just a supporting factor, but the main foundation,” said INDODAX Chief Marketing Officer Aloysia Dian in a press release. “The growth of the crypto industry and Indonesian crypto exchanges today must be balanced with consumer protection, transparency, and strong governance so that the ecosystem can develop in a healthy, sustainable manner and provide broader real benefits to society,” Aloysia stated. According to her, industry players are no longer solely focused on competing for market share, but are beginning to place governance, compliance, and public trust as the main foundation for industry growth. Pandu also highlighted the importance of building secure by design and responsible by design innovations so that financial technology developments can have a real impact on the real sector and the wider community. He assessed that Indonesia’s digital industry currently has a positive growth story and shows a healthier business foundation compared to several years ago. According to Friderica, industry growth must not only be oriented towards business expansion, but must also ensure the security and long-term sustainability of the ecosystem. Friderica also said that technologies such as artificial intelligence, big data analytics, cloud computing, and blockchain will increasingly play a role as enablers in expanding inclusion and efficiency of digital financial services. These technologies are assessed to be able to reach communities and business actors who were previously not optimally served.