The government targets a minimum of five unicorn startups by 2019. Currently, Indonesia has four unicorn startups, namely Go-Jek, Traveloka, Tokopedia and Bukalapak.
What is a unicorn startup? Unicorn is a “title” given to startups that have a valuation of more than $1 billion. Minister of Communication and Information Rudiantara said a financial technology company (fintech) would become a unicorn startup.
“The sixth unicorn candidate is from a peer-to-peer (P2P) lending fintech company. His name? I am not telling you. Confidential. Just look for it yourself,” said Rudiantara, Wednesday (7/3).
So, what is the name of the startup company that will become the fifth unicorn? Rudiantara remained silent. What is clear, he continued, is that the prospective unicorn is outside the fintech business.
According to Rudiantara, it is time for a fintech company to emerge as a unicorn. This is because financial inclusion in Indonesia is still low.
However, more and more people are connecting to the internet via smartphones. This could be a huge market potential for fintech in Indonesia.
Rudiantara added, “I have spoken with Pak Wimboh (chairman of the Board of Commissioners of the Financial Services Authority) so that the government can create the right ecosystem for fintech. So, the regulation must be able to open up as much innovation space as possible for fintech. But, in practice, there must also be protection for consumers.” (rry)