State of open banking Indonesia 2025

Key observations

• SNAP (Standard Nasional Open API Pembayaran) remains the regulatory foundation, focusing on standardized payment APIs, consent, and secure access protocols.

• Dual oversight by Bank Indonesia (BI) and OJK is shaping parallel progress in payments, lending, and financial data-sharing—but creates some governance complexity.

• Phased rollout structure continues:

  • Phase 1: Core payment APIs adopted

  • Phase 2: Lending, eKYC, and categorization APIs via sandbox pilots

  • Phase 3: Anticipated shift to open finance by 2026

Indonesia’s Open Banking Landscape in 2025: Toward a More Connected Financial Future

In 2025, Indonesia’s open banking ecosystem is advancing steadily, driven by clear regulatory frameworks, deepening industry participation, and a vision for inclusive, digital-first financial services. Unlike more mature markets where open banking is well-established, Indonesia’s model continues to evolve—but with strong commitment from Bank Indonesia (BI), OJK, and private sector innovators.

This article explores the state of open banking in Indonesia as of 2025, highlighting regulatory progress, use cases, infrastructure development, and the road ahead.

A Regulatory Foundation: BI SNAP & OJK’s Role

Indonesia’s open banking strategy is anchored in the Standard Nasional Open API Pembayaran (SNAP), launched by Bank Indonesia (BI) in 2021. SNAP sets the technical and governance standards for open APIs in payments, with the goal of improving interoperability, competition, and financial innovation.

By 2025, SNAP has become a foundational requirement for banks, e-money issuers, and fintechs participating in Indonesia’s digital payment ecosystem. It mandates:

• Standardized API endpoints for payment initiation, fund transfers, and balance inquiry

• API security protocols (e.g. OAuth 2.0, HTTPS, JWT)

• Consent management and audit logging

• A central API directory managed by BI

While SNAP currently focuses on payments, there are growing calls to extend its scope to financial data sharing, lending, and identity services—mirroring broader open finance frameworks.

In parallel, OJK (Financial Services Authority) oversees open API initiatives in non-payment domains, including lending, wealth, and insurance. The dual regulatory structure creates coordination complexity, but also reflects Indonesia’s layered financial services model.

A Gradual, Phased Rollout

Indonesia’s open banking rollout is phased, with emphasis on standardization, market readiness, and sandbox testing:

• Phase 1 (2021–2023): Adoption of SNAP for basic payment APIs by banks, fintechs, and QRIS-integrated apps

• Phase 2 (2024–2025): Expanded use of APIs in lending, digital identity, and transaction categorization through regulated sandboxes

• Phase 3 (2026+): Formal roadmap for open finance—combining banking, pensions, insurance, and investments under a single interoperable data model

BI’s National Payment Gateway (BI-FAST) complements SNAP by enabling real-time payments, fraud detection, and transaction traceability, all via open APIs. These capabilities form the backbone of real-time Pay by Bank experiences.

Regulatory Sandbox and Innovation

The BI Regulatory Sandbox, restructured in 2022, continues to host fintechs experimenting with open API models. Participants include:

• API aggregators (e.g., Brankas, Ayoconnect)

• Digital banks (e.g., Bank Jago, Blu by BCA Digital)

• Embedded finance platforms (e.g., fintechs offering lending via ecommerce apps)

These sandboxes allow players to test:

• Secure third-party access to bank data

• Consent flows and data portability

• Real-time payment and disbursement APIs

• Data-driven credit scoring tools

OJK has separately explored sandbox pilots in digital insurance APIs, robo-advisory, and cross-institution KYC.

Key Use Cases in 2025

Several open banking use cases are actively being tested or deployed in Indonesia:

1. Lending & Credit Access

Fintechs are using bank transaction data to offer affordable, data-backed credit to underbanked and MSME segments. This complements traditional credit bureau checks and expands reach.

2. Embedded Payments

Ride-hailing, delivery, and ecommerce apps are integrating bank APIs to enable direct debit, top-up, and disbursement services without relying on cards.

3. Account Aggregation & PFM

Apps are offering unified dashboards showing balances, transactions, and spending categories across banks—providing users with financial insights and budgeting tools.

4. Salary Advance & Gig Disbursement

APIs power on-demand pay for gig workers, and salary-linked credit products, especially among new digital banks.

5. Recurring Bill Payments & Subscriptions

API-enabled mandates allow users to authorize recurring deductions (e.g., for utilities, insurance, content platforms) securely.

Industry Players Driving Progress

Several institutions are actively shaping Indonesia’s open banking landscape:

• Brankas and Ayoconnect provide open finance infrastructure, including API aggregation, categorization, and consent management tools.

• Digital banks like Bank Jago, Blu, and SeaBank are building API-first platforms to connect with fintech ecosystems.

• Ecosystem enablers like Xendit and Midtrans are embedding open API layers into merchant tools.

• Traditional banks such as Mandiri, BCA, and BNI are upgrading middleware to expose APIs to third-party partners.

The momentum is real—but so are the challenges.

Challenges Ahead

Despite progress, open banking in Indonesia faces several obstacles:

• Dual regulation by BI and OJK can create confusion and delays in multi-domain API projects.

• Fragmented data infrastructure across banks hinders standardization and consistent API performance.

• Consumer awareness and data privacy education remain low, especially in rural regions.

• Monetization models are still immature—banks remain cautious about exposing APIs without clear ROI.

• Legacy systems in mid-tier banks make real-time API integration difficult.

The path forward depends on clearer governance models, stronger enforcement of API standards, and improved cross-regulator alignment.

Toward Open Finance: What’s Next?

Looking ahead, Indonesia is expected to publish an Open Finance Roadmap by 2026. This would expand open banking beyond payments and lending to include:

• Pensions (DPLK)

• Mutual funds and wealth data

• Digital identity and eKYC

• Cross-border payment APIs (in coordination with ASEAN QR and BIS initiatives)

Indonesia’s participation in Project Nexus—a Bank for International Settlements initiative—could make its open banking stack interoperable with Thailand, Malaysia, Singapore, and the Philippines.

Open banking is also seen as a key enabler of financial inclusion. With over 100 million underbanked citizens and a booming gig economy, the opportunity to offer affordable, embedded financial services via APIs is massive.

Final Take: Building at the Right Pace

In 2025, Indonesia isn’t trying to leapfrog into open banking maturity overnight. Instead, it’s building steadily—layering standards, sandboxes, and infrastructure in parallel.

The core components are in place: a national API standard (SNAP), real-time rails (BI-FAST), collaborative sandboxes, and strong ecosystem players. The focus now is extending the framework to cover data, deepening cross-industry integration, and aligning incentives across the value chain.

Open banking in Indonesia is not just about tech—it’s about reshaping access, affordability, and the future of financial experiences in Southeast Asia’s largest economy.

The groundwork has been laid. The next chapter—open finance at scale—is coming soon.