Not a Disruptor, Fintech Startups Become an "Enabler" of the Development of the Financial Industry

Digital is the king of today's business landscape. We can see 6 out of 10 the fastest growing companies this year are engaged in the technology and digital sectors.

This condition certainly caused quite a big shock for players in all industries. We can take as an example one of the biggest disruptions born in the digital era is Uber. This startup banged the grip on the transportation business, causing a big disruption for taxi companies around the world.

Co-Founder and COO Vospay Lina Gejali has a different perspective on disruption. Present as a fintech service, Lina said that disruption does not only have to shake the industry. On the other hand, innovations can be made to strengthen an existing industry by positioning itself as a enablers in the financial industry.

Here are tips from Lina Gejali in #TuesdayStartup regarding enablers industry to the digital ecosystem.

1. Product innovation. Of course innovation is the most important foundation of a technology company like Vospay. Lina said that her party now has various innovations that bridge financing companies with e-commerce or other digital services. According to Lina, their technology helps the company finance in opening access to consumers buying goods or services in online installments.

"So we serves two sides and now it's in my opinion strength We're there because we're not being disrupted anywhere, so we're just collaborators," said Lina.

1. Come as a friend. The challenges of startups such as Vospay who position themselves as enablers is to win the trust of the target industry. As great as the new innovations they bring, Lina said the financing industry has its own system that has succeeded in making them big.

However, as digital trends continue to strengthen on all fronts, there are opportunities as well as threats to the industry. Vospay chose to be present in this financial industry with this awareness and positioning itself as a enablers existing financial institutions.

"I realized that if someone new with a new ideachallenges, whether employees or executives. So what we bring is personal approach. At that time, Vospay had an office opposite our first partner's office, finally they saw us as an extension to go digital," he said.

1. Maintain industry confidence. Emerged as a company enablers digital in the midst of the financing industry is not an easy matter. Financial industries such as finance highly value data. It is natural for these companies to worry if their data is leaked to competitors.

However, Lina assesses that these concerns will fade when their technology proves to be effective as an enabler of the financing industry. He also believes that the more Vospay cooperates with business partners, the easier it will be to accept other players.

"Certainly concern their first and that's one we have to convince them and if I see this multi-finance industry an industry that has been formed, when you can get the trust of one company, the other automatically joins as well," added Lina.

Currently, Vospay has partnered with 11 multi-finance companies and dozens of merchants. They include Adira Finance, BCA Finance, BFI Finance, Blibli, iLotte, Fabelio, and Sociolla.

1. Lots of discussions with regulators. Playing in the financial industry means having to be ready to comply with a myriad of regulations from the government. Lina admitted that her party had discussed with the Financial Services Authority (OJK) long ago so that the products they launched did not violate any rules.

Limited resources are also a reason for Lina to actively discuss fintech startups with regulators. "I think OJK is very open, especially with the number of startup players in the OJK field who are willing to learn," Lina concluded.