43% of Indonesian Fintechs Have Turned a Profit, IDX Ready to Support IPOs

The Indonesian fintech industry is entering a more mature growth phase. This is reflected in the results of the Annual Member Survey (AMS) 2025–2026 by the Indonesian Fintech Association (AFTECH), which shows that 43 percent of members have successfully recorded profits.

The survey involved 141 member companies of AFTECH. This profitability achievement signals that some fintech players are beginning to move away from aggressive expansion and capital burning towards a more sustainable business model.

This situation also opens up opportunities for fintech companies to access funding through the capital market, including through initial public offerings (IPOs).

According to the AMS 2025–2026 results, 43 percent of the 141 AFTECH member companies have reported profits.

This figure serves as an important indicator of the development of the national fintech industry. After many fintech companies previously focused on user growth and service expansion, profitability is now becoming a primary concern.

This change may also pave the way for fintech companies with strong fundamentals to evolve into publicly traded companies.

By becoming listed companies on the Indonesia Stock Exchange (IDX), fintech firms have alternative funding sources besides capital from private investors or venture capital firms.

This opportunity has received a positive response from the IDX. IDX President Director Jeffrey Hendrik stated that they are open to collaborating with AFTECH to prepare fintech companies that are ready to enter the capital market.

Jeffrey mentioned that the IDX can provide guidance to AFTECH members who are potential IPO candidates in the next one to two years.

According to him, the collaboration between the IDX and AFTECH can be one way to introduce the go-public process to fintech companies while also preparing the necessary aspects before the stock listing.

Guidance is crucial because the decision to conduct an IPO is not only related to funding needs but also to governance readiness, transparency, corporate structure, and the ability to meet obligations as a public company.

In addition to profitability, the development of the fintech industry is also evident from the increasing utilization of artificial intelligence (AI) technology.

AFTECH's survey results show that 86 percent of members have adopted AI in their business operations.

AI can be utilized for various needs, ranging from data analysis, customer service automation, risk management, to supporting decision-making processes.

The high adoption rate indicates that digital transformation is no longer just an additional strategy for fintech companies but has become part of their business operations.

The increasing number of fintech companies reporting profits can change perceptions of the industry.

In recent years, fintech has often been associated with rapid growth strategies that require significant investment. However, the rising number of companies starting to generate profits indicates a shift towards a more sustainable business model.

If this trend continues, fintech companies could become a new source of issuers for the Indonesian capital market.

For the IDX, the presence of more financial technology companies on the exchange can also expand investment options for investors while enhancing the representation of the digital economy sector in the national capital market.

However, not all companies that have recorded profits are automatically ready to conduct an IPO. Companies still need to meet various requirements and have readiness in terms of governance, financial reporting, management, and long-term business strategy.

The IDX's efforts to encourage companies to enter the capital market have also been carried out through various mentoring programs.

One of them is collaboration with the Ministry of Creative Economy through the Go Public Workshop roadshow program and coaching clinics for creative economy business actors through the KreatIPO program.

This program aims to enhance business actors' understanding of the capital market while opening access to funding through the exchange.

A similar approach could be applied to the fintech industry through collaboration between the IDX and AFTECH. With guidance from the start, companies can understand the various preparations needed before becoming public companies.

With 43 percent of AFTECH members having recorded profits and 86 percent having adopted AI, the Indonesian fintech industry shows increasingly mature development.

If companies with strong fundamentals begin to utilize the capital market, IPOs could become the next stage in the expansion of fintech businesses in Indonesia.

The collaboration between AFTECH and the IDX in the next one to two years also has the potential to be an important momentum for bringing more financial technology companies as issuers on the Indonesia Stock Exchange.

Ultimately, the more fintech companies that can record profits and meet public company standards will strengthen the industry's position as an important part of Indonesia's financial ecosystem.

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