Fintech Comparation between Indonesia and Singapore
University of North Sumatra or called USU was held an event named International Conference on Computing and Applied Informatics in September 18thuntil 20th2018. Ulani Yunus as representative of RIG BINUS was honored to present the event. Topic of the conference, mostly about information technology. Because miss Ulani focus on cross cultural, so she was there to compare the habit of Indonesia and Singapore society using financial technology.
Financial technology or popularly called fintech is a new industry that uses technology to improve activities in finance. There are a lot of fintech that developing in Indonesia. The purpose about doing research about fintech is to educate Indonesian society to manage their wealth and also to branding fintech itself. Image of fintech in Indonesia mostly negative, there are a lot of victim because using fintech, but the problem is because Indonesian people do not educated about how to choose right platform to invest their money.
The communication expert picture the difference. In Singapore, people learn how to manage their money. They have the priority scale. They rare to borrow money for daily needs, but only for urgent matters. It has different habit of Indonesia, they tend to borrow money to satisfy their consumptive habit. From the platform perspective, there is no significant difference. From the policy perspective, Singapore more transparent to consumer than Indonesia. All the fintech in Singapore all below MAS (the institution that arrange the money policy in Singapore), but not all fintech in Indonesia are below OJK (The institution that arrange the money policy in Indonesia). The advantages of growing fintech field in Indonesia is the amount of the population. There is good prospect about the growing population, also there is chance to educate the society about financial technology.
