The success of signing important infrastructure deals between China and Indonesia in past few years, as part of the One Belt One Road South-South Cooperation initiative, ensures the smooth entry of Chinese financial service technology (fintech) companies in Indonesia. After a nationwide crackdown by the Chinese government on small-loan and online credit fraud in China early this year, the tightened regulations give a further push for fintech companies to pour into Indonesia.
In China’s financial services and investment circles, Indonesia is a perfect lan hai (blue ocean) business, meaning that it is a big potential market with a large smartphone user base and abundant opportunities. Many almost bankrupted or less competitive financial services companies in China have found the new hope of making “super apps” in this emerging market.
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Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.
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