Open Banking Service Development Strategy to Enhance Digital Ecosystem Collaboration (JRAK)

Summary

• As of June 2024, transaction values processed under SNAP reached IDR 3,069 trillion across 6,217 million transactions.p.2
• Adoption of SNAP reached 71 Payment Service Providers and about 6,667 users as of June 2024.p.2
• Global Open Banking transaction values are projected to grow from USD 57 billion in 2023 to USD 330 billion by 2027.p.2
• Indonesia's national digital payment transaction value is projected to grow from USD 100 billion in 2018 to USD 704.46 billion by 2030.p.2
• The research analyzed transcripts totaling approximately 180,000 words across 12 interview and 2 FGD sessions, generating 187 initial codes.p.4
• Qualitative analysis achieved an 84% code agreement rate during independent peer debriefing.p.5
• The study formulated 7 grounded reconfiguration strategies for managing Indonesia's Open Banking ecosystem governance.p.9

Key insights

1. Indonesia's Open Banking ecosystem operates under a multi-layered governance model featuring Bank Indonesia as macro-orchestrator, ASPI as meso-actor SRO, banks as micro-orchestrators, and fintechs as ecosystem enablers.p.1
2. Trust serves as the fundamental relational precondition required before any of the other four value flows can occur effectively.p.7
3. Mandatory SNAP standardization creates technical interoperability while cybersecurity risk and audit costs pose resource challenges for smaller PSPs.p.9
4. Indonesian Open Banking governance features unique nested compliance layers, including Sharia Supervisory Board approval and internal corporate ecosystem rules.p.6
5. The paper proposes establishing a centralized BI Data Hub to enable real-time policy analytics and transaction flow visibility for macro governance.p.9
6. Cross-border payment integration across ASEAN via a single API represents an active operational value proposition among regional payment gateways.p.8