The development of Artificial Intelligent (AI) in the business world in Indonesia continues to increase every year. Indonesia, as a country whose implementation of the AI ​​system is still under development, has a long way to go to the real AI system.

At this time, AI has been adopted by various sectors, one of which is the financial services sector, in the operation of the Financial Technology system, or commonly called Fintech. Based on data from the Financial Services Authority (OJK), in the last 5 years, there has been an increase in the number of registered Fintech companies in OJK operating in Indonesia.

Based on the Financial Services sector yearly growth, VISI predicted that in 2020, the financial services sector predict to increase around 7.082 percent from the previous year. There was an increase of 0.89 from 2018 which only posted a growth of 6.19 percent. The predictions are in line with the development of Fintech in Indonesia in recent years.

Based on data from the OJK in October 2019, 144 fintech companies have been registered and supervised by the OJK. Out of the 144 companies, 119 companies are of conventional business type and 12 companies of which are of Syariah type.

Specifically, the growth of the fintech industry has become more positive after the Financial Services Authority (OJK) has issued several regulations related to fintech, namely OJK Regulation No. 77 of 2016 concerning Information Technology-Based Lending and Borrowing Services and OJK Regulation No. 13 of 2018 concerning Digital Financial Innovation.

The high potential of the Fintech business in Indonesia attracts various groups to invest and open the business, especially foreign investors. However, it is not only legal Fintech companies that operate according to state procedures and regulations that continue to increase but also many illegal Fintech companies to try to reap huge profits from their customers by setting loan rates that are not in accordance with the provisions decided by the government. This is quite unsettling and decreases the trust of users of Fintech services which will have an impact on the business prospects of Fintech itself.

Based on information from OJK, there are around 1,475 illegal fintech companies operating in Indonesia in the period 2018 to October 2019. In October 2019, Satgas Waspada that tasked with handling the illegal fintech cracked down on 133 illegal peer-to-peer lending fintech entities. Total illegal peer-to-peer lending entities handled by Satgas Waspada as of November 2019 were 1,494 entities with total illegal peer-to-peer lending fintech entities that had been acted on by Satgas Waspada from 2018 to November 2019 as many as 1,898 entities.

In July 2019, there were 11,415,849 creditors with 39,804,357 registered accounts. The three regions with the most users are West Java (28.74 percent), DKI Jakarta (24.45 percent), and East Java (11.89 percent). It is recorded that 3,280,324 creditors are from the province of West Java; 2,790,553 creditors are from the province of DKI Jakarta and 1,357,338 creditors are from the province of East Java. This is understandable considering the region has a high level of population density, living costs, and lifestyle. With the existence of fintech services, it caters people ease in obtaining bailout funds for an unexpected business.

If we were to look at the amount of funds disbursed, it is noted that by now, the funds that have been channeled has now reached IDR 49,794,010 billion, which are mostly channeled to creditors in the West Java and DKI Jakarta areas at IDR 16,162.69 billion. The distribution of loan funds is still predicted to continually increase along with the increasingly familiar fintech services in the social, and even some fintech companies are targeting to increase at least 30 percent until 2019. This indicates that they believe that their business is still very lucrative with great business potential.