
This work is licensed under a Creative Commons Attribution 4.0 International License.
The Evolution of Financial Technology in Indonesia
Corresponding Author(s) : Albert Manawar
Startupreneur Business Digital (SABDA Journal),
Vol. 2 No. 2 (2023): Startupreneur Business Digital (SABDA)
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.
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- 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
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