Market Aggregator
The Financial Technology (Fintech) industry in Indonesia is an industry that continues to experience rapid development since the beginning of 2019. Fintech was actually created with the aim of facilitating users' access to various financial services. The number of Fintech companies in Indonesia has reached more than 200 companies and is still growing. Fintech market opportunities in Indonesia are still very good so that many new players continue to emerge.
Financial Technology in Indonesia is also divided into several different fields, but Bank Indonesia (BI) generally divides Financial Technology into 4 fields namely Peer to Peer Lending & Crowdfunding, Market Aggregator, Risk Management & Investment and Payment, Clearing & Settlement. There are actually more detailed divisions for each category but the officially recognized categories are these 4 categories according to Bank Indonesia (BI). Fintech Market Aggregator is a fintech category that is not as popular as the Peer to Peer Lending & Crowdfunding and Payment, Clearing & Settlement categories. Fintech Market Aggregator is a very useful fintech but many people still do not know this type of fintech.
Market aggregators are fintech platforms that collect and compare financial products (loans, insurance, credit cards, etc.) from multiple providers. They help users make informed decisions by presenting options in one place.
Fintech Market Aggregator services can generally be accessed directly through a browser or web to use their services but there are some Market Aggregators whose services can be accessed through mobile applications. The following discusses some Market Aggregators in Indonesia:
Cekaja.com
Cekaja.com is a neutral and trusted information and comparison service portal to help Indonesians make smart financial decisions. With world-class comparison technology and cutting-edge applications, Cekaja.com provides a quick, easy, and concise choice of financial and insurance products. Cekaja.com's services are supported by professionals with experience in technology, finance, and insurance. Cekaja.com is also supported by some of the best bank partners and trusted insurance institutions in Indonesia. Therefore, Cekaja.com's products and services are constantly updated and expanded to cover all types of credit, insurance, savings, investment, and other consumer products.
Cermati.com
Cermati.com provides a wide range of information to help Indonesians find the best financial products. Cermati also provides free access to data on thousands of financial products to help Indonesians make informed financial decisions. Launched in April 2015, Cermati is a startup company specializing in financial technology. The company was founded by veteran technologists who have worked at leading global technology companies such as Google, LinkedIn, Microsoft and Oracle. Cermati has a total experience of more than 16 years in building software and websites that have been used by more than hundreds of millions of users around the world. Users on this platform can compare financial services such as credit cards, loans (unsecured, mortgages, etc) and insurance.
Duitpintar.com
Catapult Ventures Pte Ltd. Limited Liability Company in Singapore is a software development company established in February 2012. Loangarage Indonesia is a branch of Moneysmart Singapore. MoneySmart.sg (hereinafter will be called DuitPintar.com) is an online marketing site and product directory / marketplace.Can be accessed via mobile phones and smartphones. DuitPintar.com is a medium between borrowers and lending institutions DuitPintar.com is a medium of promotion, information and education. DuitPintar.com fully only provides a platform. Not a lender or agent of a financial institution. Duitpintar users can compare various types of loans, insurance and credit cards. Duitpintar is only limited to information for financial services.
Cekpremi.com
Cekpremi.com is an online portal that provides information and comparison of various insurance products such as: car insurance, health insurance, personal accident insurance, property insurance, life insurance, and travel insurance. All information search, comparison, and purchase of insurance products can be done through Cekpremi.com. Cekpremi.com is a Fintech that can be categorized as Risk Management Fintech and Market Aggregator. Here Cekpremi.com collects data on various insurance products while making it easier for users to obtain an insurance product.
Advantages Market Aggregator
1. For Consumers
Saves Time & Effort – Compare multiple financial products (loans, insurance, credit cards) in one place instead of visiting individual banks/insurers.
Better Decision-Making – Transparent comparisons of interest rates, fees, and terms help users choose the best option.
Access to More Options – Aggregators list products from various providers, including smaller lenders or insurers that users might not know about.
Financial Inclusion – Helps unbanked or underbanked Indonesians discover loans/insurance they qualify for. Free to Use – Most aggregators earn commissions from providers, so users don’t pay extra.
2. For Financial Institutions (Banks, Insurers, Lenders)
Lower Customer Acquisition Cost – Aggregators bring in pre-qualified leads, reducing marketing expenses.
Wider Reach – Smaller banks/insurers can compete with big brands by being listed on aggregators.
Data Insights – Providers get analytics on customer preferences (e.g., most-searched loan terms).
3. For the Economy
Boosts Digital Finance Adoption – Encourages more Indonesians to use formal financial services.
Increases Competition – Forces banks/insurers to offer better rates and products.
Disadvantages (Risks & Challenges)
1. For Consumers
🔸 Misleading Information – Some aggregators may prioritize products with higher commissions, not the best deals.
🔸 Privacy Risks – Users must share personal data (income, ID, etc.), which could be misused if security is weak.
🔸 Limited Customization – Not all loan/insurance options may be listed, especially niche products.
🔸 Spam & Aggressive Marketing – Some users report getting too many calls/emails from lenders after applying.
2. For Financial Institutions
🔸 High Competition – Banks/insurers must offer low rates to rank higher on aggregators, reducing profits.
🔸 Dependence on Aggregators – Some lenders lose direct customer relationships, relying too much on third-party platforms.
3. For the Market
🔸 Regulatory Risks – If OJK tightens rules (e.g., data privacy), aggregators may face compliance challenges.
🔸 Fraud & Scams – Some fake aggregators or illegal lenders misuse these platforms to trick borrowers.
Market Aggregator was created to help make it easier for consumers to find financial products that suit their needs. Consumers can search for information in more detail than before so that they can make the right decisions to meet their financial needs.