TEMPO.CO, Jakarta - Financial technology (fintech) collaborations between countries will increase in 2019, both for partnership between fintechs or with banks.
South Korea is one of the countries interested in building inter-fintech collaboration next year. On Monday, November 26, the Korea Internet and Security Agency (KISA) brought together seven fintech providers with Indonesian companies to explore possibilities of exploring investment and partnerships.
South Korean fintech firm BI Cube offers an e-wallet product called PAYCOQ to transact in offline shops. BI Cube CEO Steve Kim hopes his company can partner with an Indonesian fintech firm or a bank.
Kuseryansyah, chairman of the Indonesian Fintech Association, welcomes foreign counterparts' desire to invest and collaborate with local industry actors. He hopes the partnerships will extend beyond funding, but also result in "transfer of knowledge that can improve the quality and capacity of local talents, allowing for inclusive growth".
Meanwhile, BNI is finalizing deals with Alipay and WeChat Pay. Once pushed through, BNI will act as their e-transactions' acquiring bank and settlement.
Foreign investment in fintech companies is regulated by OJK Rule No.77/2016, which stipulates that the maximum foreign ownership is 85 percent.
GHOIDA RAHMAH