IMG_4341 (1)

The FINSPIRE 2016 finalists posed before the final round

FINSPIRE 2016 ended today in Jakarta with the announcement of Privy and Yonk as the winners.

Privy provides legally-binding electronic signatures and identity management for all sort of online transactions. It provides different types of online signatures for different fields, from human resource management, sales, to procurement.

As for Yonk, it is a mobile app that helps small and medium enterprises (SMEs) in Indonesia manage their banking and taxation. The startup was also one of the seven startups competing in the Top 100 Startup Search: Indonesia qualifiers.

Also Read: How UOB is leading the charge for FinTech innovation in the region

The winners will each get a total of IDR200 million (US$15,100) in cash prize, a ticket to Echelon Asia Summit 2017, and participation in MCI incubator programme for fintech startups.

The event, which was hosted by Mandiri Capital Indonesia (MCI) and e27, also brought together several keynote speeches and panel discussions, inlcuding one featuring Brata Rafly (DIMO Pay), JP Ellis (C88 Financial Technologies), Aidil Zulkifli (UangTeman), and Erik Koenen (Deloitte Digital Consulting) as moderator.

The discussion also involved topics such factors that hinder Indonesian fintech startups from reaching unicorn status.

Also Read: Meet the 8 startups for the 2.0 batch of the SuperCharger FinTech Accelerator

Rafly believed that it all needs to start with fintech industry players being able to convince the government that the sector is able to bring transparency and efficiency that the public is demanding from the financial sector generally.

“The government has been doing a tremendous job in the past few months with the fintech event, increasing the e-money limit. There’s a movement from the government itself, but at the end of the day, it needs education from us for the customers, and for the merchants to get the benefits of fintech,” he said.

However, Zulkifli stated if one builds a startup with the goal to achieve the unicorn status, then it is the wrong reason to build a startup.

“The main thing is what can you do to solve the customers’ pain point,” he stressed.