Early this year, i was working on personal consultancy project to explore opportunity, landscape and way to play in Personal Finance space in Indonesia. Its one of the niche market in Indonesian fintech which havent been dominated by unicorns or established financial institutions. I believe in this hard economic times, more people will be conscious about their expense hence opportunity for personal finances startup to tap into this needs. Heres the report outcome from that exercise. Feel free to comment or reach me out if you have feedbacks on this.

1. Personal Finance Apps
In Indonesia
Market Research and Product Strategy
Kiki Ahmadi
http://kikiahmadi.com

2. Author - Kiki Ahmadi
Other Reports Written :
● Insurance Market in
Indonesia
● Slipicon Valley Cluster
Analysis on fintech and
startup landscape
● Investing Fintech in
Indonesia
● How to Develop Loan
Product
● Warung : Next
Frontier in Indonesian
Startups
Public Presentations :
● From Ideas to Rollout
● Navigating POJK77
11-years experience in
telco and digital
industry in Indonesia.
Msc in Innovation
Management -
University of
Manchester.
LPDP Awardee - PK 63
Currently AVP Business
Development in
Amartha.
Email : hello@kikiahmadi.com - Blog : https://kikiahmadi.com - Linkedin : https://www.linkedin.com/in/kikiahmadi/

3. Research objective
1. Industry overview on personal finance apps in Indonesia
2. Problem to solve of financial tracker apps
3. Key players in this space
4. Highlights on value proposition and business models
5. Regulatory landscape related to personal finance apps
6. Strategy and Go-to-market for personal finance
7. Key Partners and Enablers
8. Conclusion

4. Industry Overview - Personal Finance
Indonesia is a country with low penetration of
financial services.
Most people are only aware of definition and merits of
basic financial services like savings
Based on the same survey, financial planning to
prepare for future needs is not something people do
in Indonesia.
Personal finance startups are niche. Jojonomics started
as one but later pivoted to B2B. There is also Finansialku
who expand into media
48
% have bank account
34
% Active account % use account for savings
22
1. Data from Worldbank Findex
2. Survey Nasional Literasi Keuangan OJK 2016
Financial Services Penetration in Indonesia %
Financial Literacy in Indonesia
(% people who understand the product)
90
Understanding of
Savings
60
Understanding of
Insurance
15
Understanding of
Capital market
22
Understanding of
Retirement Fund
42
% do financial planning
12
% of planning for kids
education
% of planning for
retirement
6
Financial Planning Behaviour
(% that plan for future financial goals)
Jojonomics
● Started as personal
finance tracker
● Got seed funding in
2015
● Pivoted to B2B
corporate expense
tracker
Finansialku
● Started as
conventional financial
planner in 2013.
Pivoted to startup in
2016
● Latest funding stage is
still Angel
● Prominent for financial
article, podcast and
offline events

5. Advisory Clients
Private advisory starts at
750k / hour
Come to Offline Class
Jouska class starts from 500k
BigAlpha class starts from 200k
Buy Online Services
Jouska online class starts at 150k
BigAlpha Stock Ebook is 250k
Non-paying followers
Jouska has 620k instagram followers
BigAlpha has 102k twitter followers
Recently financial account such as Jouska and BigAlpha
make financial literacy a cool thing
Jouska is a financial advisory firm with huge
following on Instagram. They provide workshop
and advisory on personal finance planning
Similar with Jouska, BigAlpha has huge following
on twitter. Apart from advisory, BigAlpha also
publish quarterly stock recommendation
Both Jouska and BigAlpha drive interest in financial
planning and investment. Their huge following signified
big demand.
Jouska + BigAlpha
Funnel
However most of their bandwagon might not afford their
services This could be an opportunity for personal finance
app.

6. As awareness rises, the challenge is how to make people get benefits of
financial planning without dealing with complexities and high price
Expense tracking is
cumbersome. Most people just
don't bother to do it
Financial products like investment
and insurance is hard to
understand for majority of
Indonesians
Access to personal financial
consultancy and advisory is
expensive

7. Players in Personal Finance Space
Startups in personal finance space is still quite niche. However, as per July 2019,
there are 6 startups which registered in OJK Industri Keuangan Digital in financial
planner category. OY! On the other hand is registered in Bank Indonesia as part of
payment ecosystem
Finansialku
>100k
downloads
Fundtastic
>10k
downloads
Ponsel Duit
(Pede)
>1 mio
downloads
PayOk
>100
downloads
Arkana
>500
downloads
OY!
>500k
downloads
Halofina
>10k
downloads

8. Halofina
Founder : Adjie Wicaksana, Eko Pratomo
Latest Funding : Seed Round, Mandiri Capital , undisclosed, 2019
Halofina is a personal financial
startup founded in 2016. Halofina
help user to asses, plan and invest
their financial goal through robo
advisory platforms. Halofina is
based in Bandung.
As fintech startup, Halofina is
registered in OJK sandbox under
financial planner.
In November 2019, Halofina raised
undisclosed pre-series A round
led by Mandiri Capital.
Services provided :
Halofina has several key
features
● Lifeplan - goal-based
financial planning
● Smart Savings -
savings with 7%
interest
● Vinapedia - financial
education features
● Lifeplan Tracking
Halofina app is free to
use.
Platform Integrations :
● Indogold for Gold
Instruments
● Various reksadana
provider
Key Numbers
● 13,000 users
● 54,000 lifeplan
created

9. Halofina - LifePlan Features
Halofina offer goal-based investing features called Lifeplan. Each lifeplan will
recommend what suitable investment instruments to achieve that goal

10. Finansialku
Founder : Melvin Mumpuni, Alvin Augusto, Harris Darmawan
Latest Funding : -
Founded in 2013 as conventional
financial planning firm.
Transforming into digital startup
in 2016.
Finansialku app offer personal
finance tracking, investment
product and 24 hour consultation
with financial planner.
Finansialku also churn out
financial content regularly via
articles and podcast
Services provided :
Finansialku has
three-offering
● Financial apps
● Offline events
● Media (articles and
podcast)
Premium version of the
app cost 350k per year.
Private advisory starts
from 500k per hour.
Platform Integrations :
● Bareksa for
reksadana
Key Numbers
● 11 thousands active
users
● 6 thousands
premium users

11. Finansialku - Book Financial Advisor
Finansialku offers financial consultant features however they are not real time, more like
in-app email consultation

12. Fundtastic
Founder : Harry Hartono
Latest Funding : -
Very little information on
Fundtastic. Last active Linkedin
post is back in November 2019.
Services provided :
Fundtastic offer all-in-one
personal financial services
:
● Spare-change investing
● Investment in Gold and
Mutual Funds
● Consult with Financial
Planner
Platform Integrations :
● Invisee for
reksadana
● Indogold
● Danain for P2P
lending

13. Fundtastic - Spare Change Investing
Spare change investing rounds up every transaction made and transfer it to user investment
of choice. It connect to user’s BCA bank account

14. PeDe (Ponsel Duit)
Pede (PT IndoAlliz Perkasa) is part of Salim group and joint-venture with Allianz
Pede or ponsel duit is a personal
financial apps developed by
IndoAlliz Perkasa.
Similar like fundtastic, there is
limited information on the
company and app. However, Pede
is clocking more than 1 mio
download on Google Play. This is
more than all 6 of IKD-registered
personal finance apps combined.
Services provided :
Pede provide multiple
financial services
● Financial health check
through chatbot
● Spare-change investing
starting from 1000
rupiah
● Gold-invest
● Insurance
● Personal Lending
● Bill Payment
● Money Transfer
Platform Integrations :
● Julo & Tunaiku for
P2P Lending

15. PeDe (Ponsel Duit) - Sasha Chatbot
Sasha “Chatbot” apparently is just a simple form replacement to do bare-minimum
financial check. Product recommendation is also very generic.

16. PayOk
Founded in 2018, PayOk is lifestyle
finance app that help manage
their finance securely from
multiple finance institutions.
However, similar to Fundtastic,
last activities from their Linkedin
Pages was back in December.
Website is not active as well.
Seems like the company is
shutting down.
Services provided :
PayOk main service is
personal financial tracker.
They provide integration
with Bank Account and
even e-wallet to populate
transaction history data.
Platform Integrations :
● n/a

17. OY!
Founder : Hilfi Alkaff, Jan Kristanto, Jesayas Ferdinandus
Latest Funding : Seed Round, 2018, undisclosed
OY started in 2017 as a chatting
app with money transfer features.
However in 2018, they pivoted and
offer low-cost interbank transfer
as their main VP.
Starting from 2019, they expand
into B2B business offering
payment and cash disbursement
solutions.
On their B2C business, OY also
start to move into personal
finance by offering bank account
integration.
Services provided :
OY main services is
low-cost interbank
transfer. User can transfer
from OY account into any
bank account. OY
charged IDR 1500 per trx,
cheaper than standard
interbank fees of 6500.
Platform Integrations :
● Doku for payment
processing

18. OY! - Bank Account Integration (1)
OY has feature to connect into internet banking but its buried inside another
feature. User need to set account for receiving funds first. Then connect their
internet banking account

19. OY! - Bank Account Integration (2)
The app asked for internet banking username and password
then read current balance and transaction record.
Each transaction record could also
be tagged and categorized.
OY also has dashboard to see
high-level overview of users
income and expense. It can also
aggregate multiple records from
multiple bank accounts.

20. Regulatory Landscape on Personal Finance
Startups
According to POJK 13 / 2018, Financial
Planner app falls under cluster of IKD
(Industri Keuangan Digital).
Fintech who operates in this line of
business needs to go through
regulatory sandbox in order to be
officially registered.
Sandbox license is valid for 1 year and
can be extended every 6 months.
During sandbox period, fintech must
open all relevant data for OJK.

21. Summary of POJK 13 / 2018 - Digital Financial Industries
Sandbox
Pasal Tentang Ketentuan
4 Bentuk Perusahaan Harus berupa PT atau koperasi
7-13 Regulatory Sandbox Berlaku 1 tahun dengan opsi perpanjangan 6 bulan
Setelah berakhir masa sandbox, ada 3 jenis rekomendasi : direkomendasikan, perbaikan dan tidak
direkomendasikan
Wajib mengungkapkan informasi penting dan relevan selama masa sandbox
17 - 22 Pemantauan Penyelenggara wajib melakukan pemantauan mandiri dan inventarisasi resiko
Wajib bergabung di asosiasi penyelenggara
28 Tata kelola Wajib memiliki rencana strategis dan kebijakan prosedur
29 Pusat Data Wajib memiliki pusat data dan pemulihan bencana di Indonesia
30 Perlindungan dan
kerahasiaan data
Data pengguna dapat dimanfaatkan dengan memenuhi syarat sebagai berikut : ada persetujuan, menyampaikan
batasan pemanfaatan data, menyampaikan perubahan pemanfaatan data dan menggunakan metode
penyampaian data yang terjamin keamanan dan keutuhannya.

22. 3 Ways to Play for Personal Finance App
Most people don't track their
expense and only aware of their
account balance (Saldo)
Financial products are not easy to
understand
Access to personal financial
advisory is still expensive
Seamless financial checkup Tools
using bank account integration
Offer simple financial product with
tailored recommendation
Deliver low-cost financial advisory
at scale
Personal Finance AppDrive New Users Generate More
Profit

23. Building Seamless Financial Check-up Feature
Connection with
Bank Aggregator
Three modules of financial check-up features. Each module ideally has little dependency with
each other hence can be developed individually
Direct
Connection with
Banks
Manual Input
from Users
Data Visualization of Users
Financial Records
Data Feed to Financial /
Non-financial Partners
Data Feed to Financial
Advisory Partners
Get Mutasi Rekening
Module
Visualization Module Data Feeding Module

24. Highlights on Plaid & Teller
Plaid is US-based startups offering API
Connections to variety of US Banks.
Plaid powered hundreds of global
fintech apps to access user’s current or
savings account in their banks. Plaid
use screen-scraping to deliver their
services
In January 2020, Plaid was acquired by
Visa with USD 5.3 billion valuation
Alternative to Plaid is Teller which
originated from the UK. Plaid is
currently still in Series A with latest
funding of 4 USD Million.
Currently there are no equivalent for
these available in Indonesia

25. Leveraging Open APIs to get Mutasi Rekening
BRI has the simplest
process for API
registration. Everyone
can register and get
access to sandbox.
BCA has open APis but
signing up and getting
developer key takes
approval process.
BNI API strangely does
not provide functions to
get transaction history.
Registration is as simple
as BRI.
Mandiri API is still
limited registration.
Mutasi Rekening
functions is available
To build seamless financial check-up features, startups need to get account
history information in API format. Currently 4 big banks offer API connectivity but
only 3 offer mutasi rekening endpoints.

26. Sleek UI / UX to Simplify Complex Financial Information
Level Money app shows very simple single
number of how much should you spend
each day, week and month. Level Money
acquired by CapitalOne in 2017.
Robinhood simplify stock trading views by utilizing
lots of white space. Their app also striped away lots
of information from the conventional stock-trading
app which usually cluttered with ticker-names and
numbers

27. https://www.cbinsights.com/research/report/millennials-and-the-future-of-wealth-management/

28. Personal finance app value for financial advisor : Data
gathering, payment and user acquisition tools
User
Activities
Benefits for
Financial Advisor Partners
Sync bank account
Consult financial
advisor
Read financial articles
Get investment
recommendation
Personal Finance
App (e.g Halofina)
Tools to get client’s financial
information before consultation
Online project delivery
Promotion and user acquisition
Handle payment
Buy financial
products
Personal finance app can position itself as tools to streamline financial advisor workflows.
Making their work faster in exchange for preferred pricing users

29. Example financial advisor pricing in Betterment

30. Example financial advisor pricing in QM Financial & Jouska
QM financial charge
200-250k for online
class.
Private consultation
starts at 549k per hour.
Jouska charge 125k for
all their online class.
Private consultation is
1 mio for 2 hours.

31. Potential Financial Advisor Partners
ZAP Finance Jouska BigAlpha QM Financial
Strong
Points
Huge following in instagram
103k followers
Due to personality Prita Ghozie,
perceived as “syariah” financial
planner
Massive following on social
media
Financial advisor for millenial
Premium pricing
Huge following on twitter
Popular amongst millennial
More like investment advisor
rather than financial advisor
Financial Advisor for more
mature and higher net-worth
segment
Strategic
Value for
Can be lead customer to develop
financial advisory features
Can provide huge boost on
marketing and branding for
Provide premium options in app
Partner to sharpen investment
business
Opening ways to tap-in older
and more premium segment of
users
Approach
Work together with them to
sharpen financial advisory
features
Negotiate lower consultancy
price in exchange for efficiency
and potential high-volume of
projects
Explore possibility of
co-branding or joint-campaign
Negotiate to embed financial
checkup feature in Jouska app
Negotiate to have BigAlpha
quarterly stock pick e-book to be
sold in app
Develop exclusive investment
content in app
Less priority right now. Approach
when product and proposition is
already proven with other
financial advisor

32. Expected Challenges
Regulatory Product Market
Possible
Risk
Factor
Bank account integration features
could be seen as financial data
breach both from customer or from
the banks.
Risk is higher if integration features
is developed using 3rd party
aggregator.
New features (personal financial
checkup and financial advisor) did not
received well by the user
COVID-19 pandemic bring economic
uncertainties at the unprecedented
level.
Economic downturn can be bad for
investment business
Mitigation
Partner with at least one bank who
have API to launch this feature
together
Do MoU or Press Release with them,
invite OJK as well
For the speed of development still
use integrator while building
pipeline with the banks
Develop the product together with
financial advisory partners as lead
customer
In recession, financial advisor often
seen increase in business
This could be an opportunity as many
people be anxious about their
financial well-beings hence low-cost
financial advisory might fit for them.
Financial check-up tools could also
help people lower their expense and
help them save

33. Conclusion
● Personal finance startups are niche. Most Indonesians don't do financial planning
hence the business value of providing financial tools is not clear yet.
● There is a recent surge of young millenials who are interested in personal finance
and investment driven by social media popularity of Jouska and BigAlpha.
However, due to their premium pricings, most of their followers. might not afford
their services. This is an opportunity
● Personal finance and financial planner are regulated by POJK 13 / 2018. There are 6
other startups which falls under this categories.
● Three strategic pillars proposed to jump into personal finance space : develop
seamless financial checkup tools, build financial product recommendation
features and create financial advisory features for the masses.
● There are also three big challenges to develop personal finance app: Regulatory
risk regarding getting user’s bank account data, getting product product
experience right and business uncertainty during these COVID-19 times

34. References
1. https://www.cbinsights.com/research/personal-finance-apps-strategies/
2. https://www.pwc.com/gx/en/financial-services/pdf/fin-tech-asset-and-wealth-management.pdf
3. https://www.forbes.com/sites/margueritacheng/2019/02/19/the-future-of-wealthtech/#70223e0235e6
4. https://stratechery.com/2020/visa-plaid-networks-and-jobs/
5. https://www.forbes.com/sites/kristinstoller/2019/02/04/top-personal-finance-fintech-companies/#6d5888a65eab
6. https://cdn.idntimes.com/content-documents/Indonesia-millennial-report-2020-by-IDN-Research-Institute.pdf
7. Financial Penetration Indonesia - https://globalfindex.worldbank.org/sites/globalfindex/files/countrybook/Indonesia.pdf
8. OJK Survey Nasional Literasi Keuangan-
https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Documents/Pages/Strategi-Nasional-Literasi-Keuangan-Indonesia-(Revi
sit-2017)-/SNLKI%20(Revisit%202017)-new.pdf
9. BigAlpha Class - https://www.loket.com/d/all-locations/all-categories/any-date/big%20alpha
10. Jouska Talks - https://www.loket.com/e/jouskatalks
11. OJK IKD 2019 -
https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Pages/Penyelenggara-IKD-dengan-Status-Tercatat-di-OJK-per-Juli-2019.
aspx
12. BCA developer - https://developer.bca.co.id/api-catalog/apitester/tests/FIRe-Transactions/api
13. BRI API - https://apidocs.bri.co.id/#account-transaction-history-endpoint
14. BNI -
15. Finansialku Numbers -
https://katadata.co.id/berita/2019/01/27/aplikasi-finansialku-catatan-keuangan-hingga-investasi-pengguna
16. Jumlah pengguna internet banking Mandiri -
https://databoks.katadata.co.id/datapublish/2017/05/08/berapa-pengguna-mobile-banking-bank-mandiri
17. Fintech App Monetization Strategy - https://www.dashdevs.com/blog/four-best-app-monetization-strategies-for-fintech-firms/
18. Business that thrive in recession - https://www.investopedia.com/financial-edge/0811/9-businesses-that-thrive-in-recession.aspx