Asosiasi Fintech Syariah Indonesia

What Asosiasi Fintech Syariah Indonesia does

Asosiasi Fintech Syariah Indonesia (AFSI) is a non-profit industry association that functions as the official Partner Association appointed by Indonesia's Financial Services Authority (OJK) for the sharia-compliant fintech ecosystem (ITSK Syariah). The organization coordinates a member base spanning large institutions such as Bank Syariah Indonesia alongside growth-stage and early-stage sharia fintech operators including efunding, Artaku, IZIDATA, SalingJaga, Wakalahmu, Qazwa, Kitabisa, fasset, and GORO. Its core constituency is Indonesian sharia fintech operators, but it also serves regulators (OJK, KNEKS, Bank Indonesia, DSN-MUI), academic institutions through the AFSI Academic Partner program (55+ universities), and the broader public via financial literacy initiatives.

AFSI does not develop proprietary technology. Its platform is programmatic rather than technical, anchored by a portfolio of recurring programs: the AFSI Academic Partner university program, the Nusantara Islamic Fintech Olympiad (NIFO), Indonesia Sharia Economic and Finance (ISEF) participation (444,958 reported visitors), Bulan Fintech Nasional (BFN), the Dialog Infinity knowledge series, and emerging initiatives such as the Halal Startup Demo Day and a UNDP-linked sustainability financing study. The association has built technology infrastructure partnerships with Alibaba Cloud and CBN Cloud to deliver cloud and AI literacy content, and international counterpart relationships with the Fintech Association of Malaysia (FAOM), the Fintech Association of Uzbekistan, and LHoFT Luxembourg.

AFSI's business model is membership-based, generating revenue from member dues and event sponsorship drawn from anchor sponsors (BSI, KNEKS, BEI) and a long tail of fintech members. The organization monetizes its convening role through annual events, literacy programs, industry certifications, and sponsored programs, and it is operationally small (single-digit employee count by firmographic indication). Its strategic position is structurally privileged by the 2020 OJK designation, which is the central determinant of its relevance in the Indonesian Islamic fintech market.

Name

Asosiasi Fintech Syariah Indonesia

Legal name

Asosiasi Fintech Syariah Indonesia

Website

https://fintechsyariah.id

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

Asosiasi Fintech Syariah Indonesia (AFSI) is the OJK-appointed industry association for Indonesia's sharia fintech sector, coordinating members across digital payments, lending, and crowdfunding while running academic, literacy, and international partnership programs.

Ownership category

akta.pro rank

Product category

Industry Association (Sharia Fintech)

NAICS

Business Associations (813910)

SIC

Services-Membership Organizations (8600)

akta.pro primary industry

Finance, Accounting & Risk (CFA/CPA/FRM) Certifications (EDAAANAD)

Keywords

• Sharia fintech association
• Islamic finance ecosystem
• Industry association services
• Regulatory partnership programs
• Financial literacy programs

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Others

Revenue model

1. Membership Fees: AFSI generates revenue through membership fees from its member companies, which include fintech operators across categories such as P2P lending, payment, aggregation, insurance, and more.
2. Sponsorships and Event Revenue: AFSI organizes large-scale events such as ISEF and BFN with corporate and institutional sponsors (e.g., Bank Syariah Indonesia, KNEKS, BEI). These events generate sponsorship income and public engagement.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

AFSI is a non-profit industry association that provides membership affiliation, policy advocacy, academic partnership programs, and industry events for sharia-compliant fintech operators in Indonesia. It does not sell proprietary products; its core deliverables are member services (regulatory representation, networking, ecosystem coordination), the AFSI Academic Partner program linking 55+ universities with industry, and flagship events such as ISEF, NIFO, and Dialog Infinity that drive literacy and ecosystem development.

Product overview

Asosiasi Fintech Syariah Indonesia (AFSI) is a collaborative association for Indonesia's Islamic digital financial ecosystem, appointed by OJK as a partner association for Islamic Technology-Based Financial Sector Innovation (ITSK) organizers since 2020. AFSI does not offer proprietary products or services; instead, it facilitates ecosystem collaboration through programs including AFSI Academic Partner (AAP) for education and training, National Islamic Fintech Olympiad (NIFO) competitions, various workshops, and member coordination. AFSI showcases member fintech platforms such as efunding, Artaku, IZIDATA, SalingJaga, BPS, and Wakalahmu as part of its ecosystem activities.

Differentiator

Problem solved

Functional benefit

Products and services

• AFSI Membership Paid annual membership for Indonesian sharia-compliant fintech operators (P2P lending, payment aggregation, insurtech, securities crowdfunding, crypto) granting access to AFSI's regulatory representation, ecosystem networking, policy advocacy, and event participation. Members include companies such as efunding, Artaku, IZIDATA, SalingJaga, Wakalahmu, Qazwa, Kitabisa, and fasset.

Quantifiable outcome

• 55+ higher education institutions affiliated; 249 collaboration programs executed; 1,721+ participants in workshops; 295 students certified; 133 interns placed in industry.
• +3 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

15 partnerships are on record, tiered core and flagship.

• Fintech Association of Malaysia (FAOM)coreStrategic or Co-development Partner · 12 June 2025AFSI and FAOM signed a Memorandum of Understanding at the FIKRATech Roundtable 2025 in Jakarta. The MoU outlines shared commitment to promote, develop, and enhance sharia fintech ecosystems through mutual knowledge exchange, capacity building, cross-border networking, and collaborative research in sharia finance and digital innovation. This is a flagship cross-border partnership between Southeast Asia's two largest Muslim-majority nations in the sharia fintech space.
• The Luxembourg House of Financial Technology (LHoFT)coreGTM or Marketing Partner · 1 June 2025LHoFT, in collaboration with ADB, operates the CATAPULT SE Asia accelerator program. AFSI members Wakalahmu and Qazwa were selected as participants in this prestigious global accelerator. AFSI facilitates member access to international acceleration programs and supports capacity building for global expansion.
• Fintech Association UzbekistancoreStrategic or Co-development Partner · 3 October 2024AFSI and the Fintech Association Uzbekistan signed an MoU at the FinTech & Banking Forum 2024 in Tashkent. Key areas include sharing best practices in fintech innovation, joint educational programs to boost literacy and talent, organizing mutual events and workshops, and developing joint recommendations for improving ICT legislation to enable fintech regulation.
• Istiqlal Global Fund (IGF)coreStrategic or Co-development Partner · 27 September 2024AFSI and IGF signed a strategic cooperation agreement at Masjid Istiqlal to enhance digital sharia finance literacy and inclusion. The collaboration aims to expand digital sharia financial education, strengthen the sharia finance ecosystem in Indonesia, and support inclusive and sustainable digital economic transformation.
• UNDP IndonesiacoreStrategic or Co-development Partner · 1 January 2024UNDP Indonesia collaborated with AFSI on a Feasibility Study on Sustainability-Linked Financing, published in August 2024. The study explores integrating sustainability-linked financing with Islamic fintech in Indonesia and includes business models and an implementation roadmap, confirming SLF feasibility in the Indonesian Islamic fintech sector.
• Otoritas Jasa Keuangan (OJK)coreStrategic or Co-development Partner · 1 January 2020OJK officially appointed AFSI as its designated Partner Association for Islamic Fintech Innovation Technology (ITSK) in Indonesia in 2020. This formal mandate makes AFSI the primary bridge between the regulator and sharia fintech operators. AFSI collaborates with OJK on regulatory sandboxes, IAKD policy development, consumer protection, and financial literacy campaigns including Bulan Fintech Nasional.
• KNEKS (National Committee for Islamic Economy and Finance)coreStrategic or Co-development PartnerKNEKS collaborates with AFSI on halal ecosystem development, including the Halal Startup Demo Day at ISEF 2025, infrastructure ecosystem synergy initiatives, and cross-sector policy development. AFSI participates in KNEKS-led forums and contributes to national sharia economy roadmaps.
• Bank Indonesia (Department of Sharia Economy and Finance - DEKS)coreStrategic or Co-development PartnerBank Indonesia's DEKS partners with AFSI on halal startup development and sharia economy ecosystem strengthening. DEKS BI supported the Halal Startup Demo Day 2025 at ISEF 2025, and DEKS researchers participate in AFSI's research mentorship programs for university students.
• Bank Syariah Indonesia (BSI)flagshipGTM or Marketing PartnerBSI is the primary sponsor for AFSI flagship programs including National Islamic Fintech Olympiad (NIFO) and LKTI competitions. BSI provides main sponsorship and collaborates on digital banking innovation sessions at AFSI events. BSI's digital super app 'Byond' is featured at ISEF exhibitions.
• Perbanas InstituteflagshipGTM or Marketing PartnerPerbanas Institute co-sponsored NIFO 2025, supporting the national competition for university students and collaborating with AFSI on talent development for sharia fintech.
• Bursa Efek Indonesia (BEI / Indonesia Stock Exchange)flagshipGTM or Marketing PartnerAFSI partnered with BEI, KSEI, and IDClear to organize the Go Public Workshop 2025 titled 'Navigating Indonesia's Market Needs & IPO Opportunities for Shariah Fintech'. BEI provided the venue and regulatory insights to prepare AFSI member companies for IPO readiness.
• Higher Education Institutions (55+ universities)flagshipStrategic or Co-development PartnerAFSI Academic Partner program has affiliated 55+ universities across Indonesia including UPN Veteran Jakarta, UIN Syarif Hidayatullah Jakarta, IPB University, UI, UGM, and others. Programs include training of trainers, curriculum development, student certification, research grants, and internship pipelines.
• DSN-MUI (National Sharia Council)coreStrategic or Co-development PartnerDSN-MUI collaborates with AFSI on sharia compliance standards for fintech products, including cryptocurrency halal classification, P2P lending profit-sharing regulations, and blockchain-based ziswaf. DSN-MUI is open to conducting further studies based on academic research submitted by AFSI and industry associations.
• CBN CloudcoreTechnology or IntegrationCBN Cloud partnered with AFSI to host the 'Cloud Forward: Powering Fintech Ecosystem with AI Innovation and Cyber Resilience' forum, bringing together cloud providers, AI experts, and sharia fintech professionals. Focus areas include cloud governance, AI integration, and cybersecurity resilience for the sharia fintech ecosystem.
• Alibaba Cloud IndonesiacoreTechnology or IntegrationAFSI and Alibaba Cloud Indonesia co-hosted 'Alibaba Nexus Day: Cloud Governance & Innovations for Financial Transformation' as part of Bulan Fintech Nasional. The event brought together CTOs and IT leaders from AFSI member companies to explore cloud technology, governance, sharia compliance, and secure data management.

Scale indicators15 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions): The leading international standards-setting body for Islamic finance. AFSI engages AAOIFI's domain (sharia compliance for fintech products) and collaborates with peer bodies like DSN-MUI, making it a relevant broader-incumbent comparable for standards-influencing activity.
• DIFC Fintech Hive: Dubai International Financial Centre's fintech accelerator and ecosystem platform. Comparable as a regulator-anchored hub driving Islamic fintech adoption and serving as a regional coordination point similar to AFSI's role in Indonesia.
• Singapore Fintech Association (SFA): The dominant fintech industry association in SE Asia, representing a broader and more mature ecosystem than AFSI. SFA is a useful comparable for governance structure, member-services catalog, and international convening capability that AFSI aspires to regionally.

Direct peers

• Fintech Association of Malaysia (FAOM): Malaysia's national fintech industry association and AFSI's counterpart in the largest Muslim-majority SE Asia economy. FAOM and AFSI signed a cross-border MoU in June 2025, formally positioning them as direct peer associations for Islamic fintech in the region.
• Fintech Association of Uzbekistan: Uzbekistan's national fintech industry association and a recently-signed AFSI partner (MoU October 2024). Comparable as a national fintech trade body seeking cross-border collaboration and engaging regulators on enabling legislation for fintech.
• Asosiasi Fintech Indonesia (AFTECH): The umbrella industry association for all fintech operators in Indonesia, including non-sharia segments. AFTECH is the closest direct peer to AFSI given shared national scope, similar regulator-facing role, and overlapping member base, with AFSI positioned as the sharia-specialised counterpart.

Emerging players

• Bahrain Fintech Bay (BFB): A Bahrain-based fintech ecosystem hub and accelerator with strong Islamic finance focus. Comparable to AFSI as a niche sharia/Islamic-finance-aligned ecosystem builder connecting regulators, startups, and capital across MENA.
• Asosiasi Blockchain Indonesia (ABI): Indonesia's blockchain and crypto industry association. ABI is an adjacent comparable given AFSI's crypto/blockchain-flavoured members (fasset, GORO) and shared interest in Indonesian digital-asset regulation.

Regional players

• Asosiasi Perbankan Syariah Indonesia (Asbisindo): Indonesia's national association for sharia commercial banks. Asbisindo is comparable as a peer sharia-focused industry association in the same Indonesian market, with overlapping regulatory engagement through OJK and shared membership (BSI) with AFSI.
• Hong Kong Fintech Association (HKFTA): Hong Kong's fintech industry association. HKFTA is a useful comparable as an Asia-based fintech association focused on cross-border ecosystem development, with comparable convening and regulatory-engagement functions to AFSI.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Asosiasi Fintech Syariah Indonesia