Fintech Startups and Their Tasks to Bring Change

game changer is a term in English that refers to a situation or idea that breaks and changes the way people think about an order. Those who fall into the category game changer usually not only get eureka moment only, but also aware that his innovations will bring change to many people and can also ground them. Given the many inventor figures in it, the world of technology seems to be familiar with the term game changer, especially when reviewing stretching startup who excel in the industry.

In foreign markets, technology companies game changer present in various domains, including the one that is significant enough to be highlighted is the scope financial technology (fintech). Why? Because finance is the pulse of an organizational system, whether it's on a family, community, corporate, or government scale.

PayPal, Alipay and Paytm are three of the many businesses fintech international organizations that hit the walls of society's culture regarding how to transact and manage finances, with their respective business models. Ryu Kawano, CEO of Midtrans, told how these three companies were so inspiring.

“PayPal was founded in 1998, started as a payment system default on eBay, now a payment method which changes the way people think about making payments,” said Ryu.

Alipay also has its own way of doing business in China. Platform payment online which was founded in 2004 sees the existence of trust issues between seller and buyer. “And so, Alipay made escrow service, and make the NPL ratio (non-performing low) China declined sharply, which was initially at more than 25%,” said Ryu.

It's different with Paytm which Ryu also admires. Beginning of creation e-wallet The origin of this Barata country is from the realization that, in India, ATM machines cannot be used to buy credit. Yet on the other hand, RIDER Uber started popping up. Finally, Paytm provides the solution, especially for RIDER Uber India that doesn't have a credit card.

"What each company has in common is the solutions they offer in each of their places," said Ryu. Yes, three companies fintech earlier has brought solutions and breakthroughs in the area. How about Indonesia?

According to Ryu, what needs to be focused on is the problems that occur in Indonesia, not too fixated on the features of PayPal, Paytm, or Alipay. Adhering to that principle, Ryu started a business payment gatewaywith a company called Veritrans which helped Indonesians make online payments in 2011. “We process transactions worth billions of rupiah every day,” admits Ryu.

Along with the growth in transaction volume, it turns out that Ryu and his team are not only facing problems with payment methods online just; they also find patterns fraud which is getting more and more complicated by the day and can cost you thousands of dollars in just a matter of minutes.

Ryu then turns Veritrans into Midtrans. For Ryu, this is of course not just a name change, but Midtrans is here to transform into a solution to reach fast market changes through its innovations that are more than payment gateway, one of which is Aegis.

[embed]https://www.youtube.com/embed/jwQDqiWxqjg[/embed]

“Aegis was originally developed to fill the need for Fraud Detection System soaring,” Ryu said. First of all, Midtrans developed Rule Engine-based Fraud Detection System, which turned out to be fraud in the realm E-commerce grows more and more complex over time. “For example, consumers who want to abuse promotional discounts often show the same gestures as consumers who are really clearly identified," added Ryu.

Midtrans then added abilities from Aegis like scoring, augmented intelligence, and visualization to detect sophisticated patterns of para fraudsters.

Through Aegis, Midtrans seeks to answer the concerns of electronic buying and selling industry players. The success stories of PayPal, Alipay, and Paytm have proven to encourage Midtrans to continue to bring solutions to the community, until they realize it or not, they have become game changer in the ecosystem fintech Indonesia. "What's interesting about their innovation is not about changing the payment system, but improving it," said Ryu referring to the success of the three companies.

-

Disclosure: This article is an advertorial endorsed by Midtrans.