In recent years, fintech has become one of the most thriving sectors in the technology landscape. According to PWC's Global FinTech Survey, in 2019, more than 47% of financial services companies included Fintech in their future strategy. More consumers also rely on digital services to access their financial information and make transactions.
This phenomenon has led to the rapid growth of fintech services. Conventional financial institutions are also adopting this trend to expand their range of services through the adoption of Open Finance by implementing embedded finance, digital products and API integration. However, entering 2022, the global economy began to experience a decline followed by the threat of a recession. As a result, technology companies began experiencing slower growth as consumers delayed their spending and led to team downsizing.
Jakob Rost, CEO and Founder of Ayoconnect in a press release in Jakarta yesterday said, when the world was starting to recover from the economic situation during the Covid-19 pandemic, the declining global economy again forced everyone to adapt. "This is a momentum to establish and strengthen collaboration with various sectors and industries," he said.
According to Jakob, Indonesia has an advantage during the tech winter period when 179 million people have smartphones, the number of which is expected to increase to 239 million in 2026. This figure is predicted to be a potential synergy between governments, associations and fintech industry players to drive digitalization progress. especially for Micro, Small, and Medium Enterprises (MSMEs). Optimal collaboration is not only able to accelerate financial inclusion, but in the long run can also promise a process of national economic recovery that is stable and sustainable," concluded Jakob.
Product Tech Connect by Ayoconnect is a series of National Fintech Month events organized by the Indonesian Fintech Association (AFTECH) which have been successfully held since November 11, 2022 in Bali. In one of the open discussion sessions, AVP of Synergy Ayoconnect Achmad Syarifuddin added, synergistic cooperation is one of the strategies to overcome the tech winter in 2023.
The Product Tech Connect event is Ayoconnect's commitment to echo the spirit of collaboration through discussions between fintech, banking, regulators and all players in the digital financial ecosystem. "Going forward, Ayoconnect will continue to support collaboration between sectors - especially from the Open Finance side. There are many opportunities that can be optimized through the development of Open Banking and Open Finance, which can help our digital financial ecosystem survive the coming tech winter.
