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Vol. 2 No. 2 (2023): Startupreneur Business Digital (SABDA)

Issue Published : September 4, 2023
Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

The Evolution of Financial Technology in Indonesia

https://doi.org/10.33050/sabda.v2i2.367
Albert Manawar
University Utara Malaysia
Chandra Lukita
University of Catur Insan Cendekia
Lista Meria
Universitas Esa Unggul

Corresponding Author(s) : Albert Manawar

albert02mw@gmail.com

Startupreneur Business Digital (SABDA Journal), Vol. 2 No. 2 (2023): Startupreneur Business Digital (SABDA)
Article Published : August 25, 2023

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Abstract

Financial technology has its origins in industrialized nations with well-established infrastructure, cutting-edge technology, and a more digitally-oriented populace. Fintech has had trouble entering poor countries and enhancing their financial inclusion, even if this is not the case for emerging nations. This study attempts to identify global fintech best practices and examine how they could enhance the economic well-being of those living in poor nations. We categorized the issues into three categories: a lack of infrastructure, a society that is less digital, and an unorganized and informal culture. Then we looked at Microfinancing, Crowdfunding, Digital payment system as the three fintech’s that best embody the three categories. The development of financial technology began in industrialized countries with advanced infrastructure, cutting-edge technology, and a population that was more accustomed to using digital devices. Even while this is not the case for rising countries, fintech has difficulty reaching poor countries and improving their financial inclusion. This study looks for global fintech best practices and considers how they could improve the economic security of people in developing countries. We divided the problems into three groups: a dearth of infrastructure, a society that uses less technology, and an unstructured and disorganized culture. The three fintech’s that most closely represent the three categories were then examined: Micro Financing, Crowdfunding, Digital payment system.

Keywords

Financial inclusion Financial technology

Full Article

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Manawar, A. ., Lukita, C. ., & Meria, L. (2023). The Evolution of Financial Technology in Indonesia. Startupreneur Business Digital (SABDA Journal), 2(2), 192–206. https://doi.org/10.33050/sabda.v2i2.367
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References
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Read More

References


L. Hornuf, M. F. Klus, T. S. Lohwasser, and A. Schwienbacher, “How do banks

interact with fintech startups?,” Small Business Economics, vol. 57, no. 3, pp. 1505–

, 2021.

T. J. Chemmanur, M. B. Imerman, H. Rajaiya, and Q. Yu, “Recent developments in

the fintech industry,” Journal of Financial Management, Markets and Institutions,

vol. 8, no. 01, p. 2040002, 2020.

I. Lee and Y. J. Shin, “Fintech: Ecosystem, business models, investment decisions,

and challenges,” Bus Horiz, vol. 61, no. 1, pp. 35–46, 2018.

S. Moradi, N. Naderi, and S. Delangizan, “Analyzing Fintech Startups Development

Process in Iran,” Journal of Entrepreneurship Development, vol. 13, no. 1, pp. 121–

, 2020.

Y. Li, R. Spigt, and L. Swinkels, “The impact of FinTech start-ups on incumbent

retail banks’ share prices,” Financial Innovation, vol. 3, no. 1, pp. 1–16, 2017.

D. Mohan, “How banks and FinTech startups are partnering for faster innovation,”

Journal of digital banking, vol. 1, no. 1, pp. 13–21, 2016.

P. Kijkasiwat, “Opportunities and Challenges for Fintech Startups: The Case Study

of Thailand,” ABAC Journal, vol. 41, no. 2, pp. 41–60, 2021.

H. Gimpel, D. Rau, and M. Röglinger, “Understanding FinTech start-ups–a taxonomy

of consumer-oriented service offerings,” Electronic Markets, vol. 28, no. 3, pp. 245–

, 2018.

A.-L. Mention, “The future of fintech,” Research-Technology Management, vol. 62,

no. 4. Taylor & Francis, pp. 59–63, 2019.

H. Zarrouk, T. el Ghak, and A. Bakhouche, “Exploring economic and technological

determinants of fintech startups’ success and growth in the United Arab Emirates,”

Journal of Open Innovation: Technology, Market, and Complexity, vol. 7, no. 1, p. 50,

C. Haddad and L. Hornuf, “The Impact of Fintech Startups on Financial Institutions’

Performance and Default Risk,” 2021.

U. Rahardja, “Social Media Analysis as a Marketing Strategy in Online Marketing

Business,” Startupreneur Bisnis Digital (SABDA Journal), vol. 1, no. 2, pp. 176–182,

U. Rahardja, T. Nurhaeni, A. Khoirunisa, and R. D. I’zzaty, “Ltai Berbasis Teknologi

Blockchain Untuk Meningkatkan Alexa Rank,” in SENSITIf: Seminar Nasional Sistem

Informasi dan Teknologi Informasi, 2019, pp. 373–380.

U. Rahardja, Q. Aini, N. Lutfiani, E. P. Harahap, and E. A. Nabila, “Business

intelligence and Sinta analytics to improve Indonesian national research in

education 4.0 Era,” in Proc. Int. Conf. Ind. Eng. Oper. Manag., 2021, pp. 4744–4756.

P. Muthukannan and D. Gozman, “Meeting the challenge of Fintech startups: The

development of dynamic capabilities at incumbent banks,” 2019.

Q. Aini, U. Rahardja, I. Handayani, M. Hardini, and A. Ali, “Utilization of google

spreadsheets as activity information media at the official site alphabet incubator,”

in Proc. Int. Conf. Ind. Eng. Oper. Manag, 2019, pp. 1330–1341.

T. Puschmann, “Fintech,” Business & Information Systems Engineering, vol. 59, no.

, pp. 69–76, 2017.

U. Rahardja, N. Lutfiani, and H. L. Juniar, “Scientific Publication Management

Transformation In Disruption Era,” Aptisi Transactions on Management (ATM), vol.

, no. 2, pp. 109–118, 2019.

D. I. Desrianti, U. Rahardja, and R. Mulyani, “Audio Visual As One Of The Teaching

Resources On Ilearning,” Journal CCIT, vol. 5, no. 2, pp. 135–136, 2012.

D. Maklassa and S. Nurbaya, “Intermediasi Modal Manusia Atas Karakteristik

Kepemimpinan, Komitmen dan Kepercayaan Terhadap Kepuasan Kerja,”

Technomedia Journal, vol. 8, no. 2SP, 2023.

N. Lutfiani, E. P. Harahap, Q. Aini, A. Ahmad, and U. Rahardja, “Inovasi Manajemen

Proyek I-Learning Menggunakan Metode Agile Scrumban,” InfoTekJar: Jurnal

Nasional Informatika Dan Teknologi Jaringan, vol. 5, no. 1, pp. 96–101, 2020.

R. D. Sulistiyo and M. R. Shihab, “Transformasi Digital dalam Pelayanan Surat Izin

Mengemudi (SIM): Studi Kasus Korlantas Polri,” Technomedia Journal, vol. 8, no.

SP, pp. 189–204, 2023.

I. M. A. Prayoga, G. Indrawan, and D. G. H. Divayana, “Pengelompokan Laras Suara

Berdasarkan Pepatutan Atau Pathet Gamelan Bali Menggunakan Klasifikasi KNearest Neighbor Dan Support Vector Machine,” Technomedia Journal, vol. 8, no.

SP, 2023.

K. Hulliyah, A. H. Setianingrum, and W. Santoso, “Sinyal Elektroensefalografi Untuk

Deteksi Emosi Saat Mendengar Stimulus Pembacaan Al-Quran Menggunakan

Wavelet Transform,” Technomedia Journal, vol. 8, no. 2SP, pp. 175–188, 2023.

S. Samidi and R. Hidayat, “Desain Model Database Mutasi Siswa Dengan

Menerapkan Metode Database Life Cycle,” Technomedia Journal, vol. 8, no. 2SP, pp.

–235, 2023.

M. R. Anwar, M. Yusup, S. Millah, and S. Purnama, “Startupreneur Bisnis Digital

(SABDA)”.

K. B. Rii, P. Edastama, and N. F. Nabilah, “Startupreneur Business Digital (SABDA),”

L. K. Choi, A. S. Panjaitan, and D. Apriliasari, “Startupreneur Business Digital

(SABDA),” 2022.

M. Annas and V. Meilinda, “A Review of Indonesian Business Start-Up Incubator

Models,” Startupreneur Bisnis Digital (SABDA Journal), vol. 2, no. 1, pp. 86–97, 2023.

A. Asmolov and A. Ledentsov, “Impact on Educational Effectiveness Using Digital

Gamification,” Startupreneur Bisnis Digital (SABDA Journal), vol. 2, no. 1, pp. 98–

, 2023

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