Tokopedia’s Support for Better Financial Inclusion in Indonesia
A collective effort to overcoming barriers in providing wealth for all
From a global population of over 7.7 billion people, a 2018 World Bank report announced that a quarter of the world’s population (around 1.7 billion people) is unbanked or without access to formal financial services. In Indonesia, from the national population of 270 million people, the Indonesian Financial Services (OJK) reported that 64% or around 170 million Indonesians are unbanked. Despite financial and technological resources being devoted to accelerating financial inclusion across the globe, is Indonesia lagging behind?
Being the world’s largest archipelago with over 18,000 islands, thousands of urban villages, and tens of thousands of rural areas, a geographical divide between financial opportunities in Indonesia remains. For people living in rural areas, the combination of low rates of financial literacy, the difference in the maturity of internet infrastructures, as well as lack of access to financial institutions are among the reasons for the disproportion.
For a developing country like Indonesia, it is imperative that we address the barriers to financial inclusion through national strategies involving all relevant stakeholders. For Tokopedia as a technology company with the mission to democratize commerce through technology, we play an important role in ensuring economic equity and financial inclusion.
Through its Fintech and Payments business, or more widely known as Tokopedia Keuangan, Tokopedia has been creating safe and secure digital financial services and products to empower our more than 100 million consumers and support over 10 million merchants to grow their business. Through its 42 digital products, consumers are able to access financial lending services, a variety of payment options, as well as investment, insurance, and banking products to improve their quality of life.
Also, Tokopedia Keuangan’s diverse payment options on its e-commerce platform cater to the various consumer segments including the bankable, underbanked, and unbanked segments. In collaboration with banking and non-banking institutions, Tokopedia provides numerous channels on its platform for consumers of all segments to be able to access legitimate financial services and reap the benefits.
Leveraging on technology, Tokopedia’s Fintech and Payments business has developed at a rapid pace. Since its founding in 2016, its products and services have continued to bring the benefits of financial technology services, including people’s ability to grasp better economic opportunity and improve their quality of life, to Indonesians across the country. Among the trends monitored within the past two years, Tokopedia’s main tool for investment, Tokopedia Reksa Dana saw a transaction growth increase of almost 27 times and a user growth of 57 times. Meanwhile, the number of Tokopedia Emas users has increased by 20 times and transactions have increased almost 30 times. Therefore, Tokopedia’s Fintech and Payments innovations continue to bring meaningful impact to people’s lives and accelerate financial inclusion in Indonesia.
Furthermore, Bank Indonesia’s Payment Systems Blueprint 2025 recent initiative, where policies will be created to further support the integration of Indonesia’s digital economy, finance, and fintech and banking sectors, shows the country’s acknowledgment that the road to financial inclusion requires stronger collaboration between all relevant stakeholders. With its vision to become a Super Ecosystem where anyone can start and discover anything, Tokopedia is committed to supporting the establishment of a more inclusive financial services ecosystem.
While stakeholders work in unity, providers of digital financial services, including Tokopedia must continue to leverage technology to innovate, improve and advance the quality of products and services to contribute to the financial well-being of the population and to inclusive growth.
If you are interested in being part of our mission to democratize commerce through technology, namely by creating and providing safe and secure financial products and services for Indonesians, take a look at our career page www.tokopedia.com/careers!