Model Ekosistem dan Daya Saing Wealth Tech Indonesia

Abstract

Meskipun Indonesia berada pada peringkat ke-130 dunia berdasarkan GDP per kapita, Indonesia menjadi satu-satunya negara yang secara eksplisit mendefinisikan dan mengembangkan WealthTech sebagai kategori platform tersendiri, berbeda dengan negara lain yang memiliki platform dengan fungsi serupa namun tidak mengklasifikasikannya sebagai WealthTech. WealthTech di Indonesia berperan sebagai platform agregator yang mengintegrasikan berbagai layanan keuangan dan pendukungnya, sehingga keberlanjutan daya saing menjadi prasyarat utama agar mampu bersaing dengan platform lain yang memiliki cakupan layanan lebih luas dan menjadikan WealthTech sebagai salah satu kanal distribusi. Penelitian ini bertujuan untuk: (1) memetakan ekosistem WealthTech Indonesia sebagai bagian dari ekosistem agregator, (2) menganalisis faktor-faktor penentu daya saing WealthTech Indonesia, serta (3) merancang model dan peta jalan (roadmap) strategi pengembangan ekosistem WealthTech Indonesia. Tujuan tersebut dicapai melalui pendekatan bertahap yang meliputi studi literatur dan benchmarking internasional untuk pemetaan ekosistem dan analisis kesenjangan, pengumpulan data primer melalui observasi, kuesioner, dan wawancara pakar untuk analisis faktor daya saing, serta perumusan model ekosistem dan roadmap strategi lima tahun melalui wawancara pakar dan klasifikasi matriks. Penelitian ini menggunakan pendekatan metode campuran (mixed methods) dengan integrasi analisis benchmarking, teori ekosistem bisnis, Diamond Porter, SEM-PLS, VRIO, serta ISM–MICMAC, dengan data primer dan sekunder dari Indonesia serta studi pembanding di Amerika Serikat, Korea Selatan, dan Republik Rakyat Tiongkok pada periode 2021–2025. Hasil penelitian menegaskan bahwa WealthTech Indonesia lebih tepat dipahami sebagai platform-based ecosystem orchestrator yang mengelola akses, aliran data, dan koordinasi lintas aktor. Oleh karena itu, daya saing berkelanjutan tidak hanya ditentukan oleh sumber daya internal, tetapi juga oleh kapabilitas orkestrasi, kapabilitas adaptif, serta relasi ko-evolutif dengan regulator melalui strategi non-pasar. Temuan menunjukkan bahwa ekosistem WealthTech Indonesia masih berada pada fase emerging ecosystem yang cenderung terfragmentasi, sehingga penciptaan nilai bersama, interoperabilitas layanan, dan efek jaringan belum optimal. Dalam konteks ini, faktor kelembagaan khususnya regulasi, tata kelola data, dan keamanan siber menjadi prasyarat utama dalam membangun kepercayaan dan mendorong adopsi layanan. Secara teoretis, penelitian ini menegaskan bahwa Diamond Porter tetap relevan, namun memerlukan perluasan indikator agar mampu menjelaskan dinamika ekosistem digital yang dinamis dan highly regulated. Oleh karena itu, penelitian ini mengembangkan Diamond Porter Extended yang mengakomodasi integrasi layanan, orkestrasi aktor, transformasi digital, serta peran regulasi sebagai determinan strategis. Integrasi metode SEM-PLS, VRIO, dan ISM–MICMAC membentuk kerangka multidimensi yang konsisten dengan literatur ekosistem digital dan menunjukkan bahwa penguatan WealthTech perlu dilakukan secara bertahap dan terintegrasi melalui penguatan tata kelola, inovasi, dan kolaborasi lintas sektor. Secara empiris, penelitian ini mengidentifikasi 19 faktor utama pembentuk ekosistem dan daya saing WealthTech Indonesia. Namun demikian, faktor-faktor tersebut masih bersifat parsial dan belum terorkestrasi secara optimal, terutama dalam aspek integrasi layanan, pemanfaatan data, dan kesinambungan pengalaman pengguna lintas produk. Hasil SEM-PLS dan VRIO menunjukkan bahwa meskipun terdapat hubungan kausal yang signifikan antar faktor daya saing, sebagian besar kapabilitas WealthTech Indonesia belum memenuhi kriteria keunggulan kompetitif berkelanjutan karena masih mudah ditiru dan belum terintegrasi secara sistemik. Dengan demikian, keunggulan kompetitif WealthTech Indonesia saat ini masih bersifat sementara dan sangat bergantung pada kemampuan adaptasi terhadap dinamika regulasi dan teknologi. Berdasarkan integrasi SEM-PLS, VRIO, dan ISM–MICMAC, penelitian ini merumuskan model ekosistem dan daya saing WealthTech Indonesia melalui perluasan Diamond Porter klasik menjadi Diamond Porter Extended, yang menempatkan regulasi, infrastruktur, inovasi, dan faktor lingkungan makro sebagai driving factors utama dalam struktur hierarkis ekosistem. Kebaruan penelitian ini terletak pada pengembangan kerangka daya saing WealthTech berbasis ekosistem melalui pendekatan multi-metodologi terintegrasi serta reframing Diamond Porter agar relevan dengan karakteristik industri digital yang sangat teregulasi. Implikasi manajerial menekankan pergeseran strategi dari fokus perusahaan individual menuju orkestrasi ekosistem yang kolaboratif dan berkelanjutan, dengan regulator berperan sebagai ecosystem orchestrator, pelaku industri sebagai penyedia solusi keuangan terintegrasi berbasis nilai tambah, dan akademisi sebagai penguat landasan teoretis serta evaluasi kebijakan berbasis bukti. Keterbatasan penelitian ini membuka peluang riset lanjutan, khususnya pada validasi implementatif model, perluasan aktor ekosistem, serta pengujian adaptabilitas Diamond Porter Extended pada sektor digital teregulasi lain seperti kesehatan, logistik, dan energi.

Although Indonesia ranks approximately 130th globally in terms of GDP per capita, it is the only country that explicitly defines and develops WealthTech as a distinct platform category. This differentiates Indonesia from other countries that operate platforms with similar functionalities but do not formally classify them as WealthTech. In Indonesia, WealthTech functions as an aggregator platform that integrates a wide range of financial services and their supporting components. Consequently, the sustainability of competitive advantage becomes a critical prerequisite for WealthTech platforms to compete with other platforms that offer broader service coverage and position WealthTech merely as one of several distribution channels. This study aims to: (1) map the Indonesian WealthTech ecosystem as part of a broader aggregator ecosystem, (2) analyze the key determinants of competitiveness in Indonesia’s WealthTech sector, and (3) design an ecosystem model and a strategic development roadmap for the Indonesian WealthTech ecosystem. These objectives are achieved through a staged research approach that includes a literature review and international benchmarking to map the ecosystem and identify gaps, the collection of primary data through observation, questionnaires, and expert interviews to analyze competitiveness factors, and the formulation of an ecosystem model and a five-year strategic roadmap through expert interviews and matrix-based classification. The study adopts a mixed-methods approach, integrating benchmarking analysis, business ecosystem theory, Porter’s Diamond, SEM-PLS, VRIO, and ISM–MICMAC, utilizing both primary and secondary data from Indonesia as well as comparative case studies from the United States, South Korea, and the People’s Republic of China over the period 2021–2025. The findings confirm that Indonesia’s WealthTech sector is more appropriately understood as a platform-based ecosystem orchestrator that manages access, data flows, and cross-actor coordination. Accordingly, sustainable competitiveness is determined not only by internal resources but also by orchestration capabilities, adaptive capabilities, and co-evolutionary relationships with regulators through non-market strategies. The results indicate that the Indonesian WealthTech ecosystem remains in an emerging ecosystem phase and is characterized by fragmentation, resulting in suboptimal value co-creation, service interoperability, and network effects. In this context, institutional factors particularly regulation, data governance, and cybersecurity constitute critical prerequisites for building trust and accelerating service adoption. From a theoretical perspective, this study demonstrates that Porter’s Diamond remains relevant but requires an extension of its indicators to adequately capture the dynamics of a digital, highly regulated ecosystem. Accordingly, this research develops an Extended Porter’s Diamond framework that incorporates service integration, actor orchestration, digital transformation, and the strategic role of regulation. The integration of SEM-PLS, VRIO, and ISM–MICMAC produces a multidimensional analytical framework consistent with the digital ecosystem literature and indicates that strengthening WealthTech competitiveness must be pursued incrementally and integratively through enhanced governance, innovation, and cross-sector collaboration. Empirically, the study identifies 19 key factors shaping the ecosystem and competitiveness of Indonesia’s WealthTech sector. However, these factors remain partial and have not yet been optimally orchestrated, particularly with respect to service integration, data utilization, and the continuity of user experience across products. The SEM-PLS and VRIO results reveal that although significant causal relationships exist among competitiveness factors, most WealthTech capabilities in Indonesia do not yet meet the criteria for sustainable competitive advantage, as they remain relatively easy to imitate and are not systemically integrated. Consequently, the current competitive advantages of Indonesia’s WealthTech sector are largely temporary and highly dependent on adaptive responses to regulatory and technological dynamics. Based on the integration of SEM-PLS, VRIO, and ISM–MICMAC, this study formulates an ecosystem and competitiveness model for Indonesia’s WealthTech sector by extending the classical Porter’s Diamond into an Extended Porter’s Diamond framework. This model positions regulation, infrastructure, innovation, and macro-environmental factors as the primary driving forces within the hierarchical structure of the ecosystem, shaping competitiveness in a layered manner from external pressures to strategic outcomes. The novelty of this research lies in the development of an ecosystem-based WealthTech competitiveness framework through an integrated multi-methodological approach, as well as in the reframing of Porter’s Diamond to ensure its relevance to highly regulated digital industries. The managerial implications emphasize a strategic shift from firm-centric competition toward collaborative and sustainable ecosystem orchestration, with regulators acting as ecosystem orchestrators, industry players as providers of integrated value-added financial solutions, and academics as contributors to theoretical development and evidence-based policy evaluation. The limitations of this study open avenues for future research, particularly in the areas of implementation validation of the model, expansion of ecosystem actors, and testing the adaptability of the Extended Porter’s Diamond in other regulated digital sectors such as healthcare, logistics, and energy.