Jakarta, IO – The development of the digital industry has grown rapidly across the world, including in Indonesia. With more than 2,400 startups, Indonesia has earned a reputation as the sixth-largest startup ecosystem in the world, according to Coordinating Economic Ministry’s deputy for digital economy and MSME Rudy Salahuddin at the 2023 Indonesian Digital Financial Economy Festival on Wednesday (10/5).
He further stated that in 2022 the value of Indonesia’s digital economy will reach US$77 billion. He predicted the value will double to US$130 billion in 2025 and will consistently increase to US$360 billion in the next decade.
The massive development of these startups has been impressive as some of them have managed to become unicorns and even decacorn. The acceleration of digital economy and financial development is mostly visible in dominant in financial technology. This increase is evidenced by the growth in electronic money transactions by 11.39 percent, reaching Rp34.1 trillion as of March.
“We can make Indonesia a major player in the digital economy in the region and control more than 40 percent of Asean market share,” he enthused.
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Nevertheless, Rudy revealed that Indonesia needs to strengthen the fundamental aspects in implementing programs related to national digital finance because it has considerable potential population-wise. The country has the 4th largest population in the world.
Meanwhile, according to the Startup Ranking report as of May 10, the US is the country with the most startups in the world (77,561), followed by India (17,211). (bp)