In 2022, the estimated market value for verification (e-KYC) from banks was over 1.3 million U.S. dollars. The same survey found that approximately 34.61 millions new bank accounts were created in Indonesia in that year.
Estimated market value for verification (e-KYC) in Indonesia in 2022, by industry
(in 1,000 U.S. dollars)
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Estimated market value for verification (e-KYC) in Indonesia in 2022, by industry
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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). Estimated market value for verification (e-KYC) in Indonesia in 2022, by industry (in 1,000 U.S. dollars) [Graph]. In Statista. Retrieved April 02, 2025, from https://www.statista.com/statistics/1370953/indonesia-verification-e-kyc-market-value-estimates-by-industry/
Katadata. "Estimated market value for verification (e-KYC) in Indonesia in 2022, by industry (in 1,000 U.S. dollars)." Chart. November 23, 2022. Statista. Accessed April 02, 2025. https://www.statista.com/statistics/1370953/indonesia-verification-e-kyc-market-value-estimates-by-industry/
Katadata. (2022). Estimated market value for verification (e-KYC) in Indonesia in 2022, by industry (in 1,000 U.S. dollars). Statista. Statista Inc.. Accessed: April 02, 2025. https://www.statista.com/statistics/1370953/indonesia-verification-e-kyc-market-value-estimates-by-industry/
Katadata. "Estimated Market Value for Verification (E-kyc) in Indonesia in 2022, by Industry (in 1,000 U.S. Dollars)." Statista, Statista Inc., 23 Nov 2022, https://www.statista.com/statistics/1370953/indonesia-verification-e-kyc-market-value-estimates-by-industry/
Katadata, Estimated market value for verification (e-KYC) in Indonesia in 2022, by industry (in 1,000 U.S. dollars) Statista, https://www.statista.com/statistics/1370953/indonesia-verification-e-kyc-market-value-estimates-by-industry/ (last visited April 02, 2025)
Estimated market value for verification (e-KYC) in Indonesia in 2022, by industry (in 1,000 U.S. dollars) [Graph], Katadata, November 23, 2022. [Online]. Available: https://www.statista.com/statistics/1370953/indonesia-verification-e-kyc-market-value-estimates-by-industry/
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