In 2022, approximately 34.61 millions new bank accounts were created in Indonesia. Banks accounted for the biggest market size based on verification (e-KYC) in the country. The same survey found that the estimated market size value from banks in that year was over 1.3 million U.S. dollars.
Number of account verifications (e-KYC) in Indonesia in 2022, by industry
(in millions)
Characteristic
Number of newly created accounts per year in millions
According to the source, this section describes how the Open Finance market size estimation is calculated. To do this, some assumptions are made:
1) having a specific time period for data retention and companies having to renew their data connection within that period
2) how often data access is renewed per year is measured by the velocity - for example, if data access has to be renewed once every month, then the velocity is 12
3) the fees are the assumption fees for the Open Finance services, which the assumed exchange rate used is 1 USD = IDR 15,000.
The data used to make these calculations comes from various sources, including OJK, BI, BPS, LPS, CEIC, Databoks, media interviews, and data from industry leaders.
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Katadata. (November 23, 2022). Number of account verifications (e-KYC) in Indonesia in 2022, by industry (in millions) [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1370938/indonesia-account-verifications-e-kyc-number-by-industry/
Katadata. "Number of account verifications (e-KYC) in Indonesia in 2022, by industry (in millions)." Chart. November 23, 2022. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1370938/indonesia-account-verifications-e-kyc-number-by-industry/
Katadata. (2022). Number of account verifications (e-KYC) in Indonesia in 2022, by industry (in millions). Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1370938/indonesia-account-verifications-e-kyc-number-by-industry/
Katadata. "Number of Account Verifications (E-kyc) in Indonesia in 2022, by Industry (in Millions)." Statista, Statista Inc., 23 Nov 2022, https://www.statista.com/statistics/1370938/indonesia-account-verifications-e-kyc-number-by-industry/
Katadata, Number of account verifications (e-KYC) in Indonesia in 2022, by industry (in millions) Statista, https://www.statista.com/statistics/1370938/indonesia-account-verifications-e-kyc-number-by-industry/ (last visited November 21, 2024)
Number of account verifications (e-KYC) in Indonesia in 2022, by industry (in millions) [Graph], Katadata, November 23, 2022. [Online]. Available: https://www.statista.com/statistics/1370938/indonesia-account-verifications-e-kyc-number-by-industry/
