INDONESIA'S OPPORTUNITY FOR DIGITAL FINANCIAL SERVICES With a population of 272 million, Indonesia was often seen as a key market for retail banking in Southeast Asia. The most promising segment for financial services was the middle class, which was expected to reach 23.9 million households by 2030.! With its relatively young population, the middle class would primarily be driven by lower-income segments, often made up of millennials. As of 2014, only 36 per cent of Indonesia's population had bank accounts, leaving most of the less well-off consumers unbanked.? In addition, many of the aspiring middle-class consumers were unbanked of underbanked. Existing banks focused on the most affluent customers, leaving this rapidly growing aspiring middle class with fewer financial services options