Payments, Inclusion, Fintech

Fintechs have enable the provision of financial services in India by greatly revolutionizing the country’seconomy after the global financial crisis of 2008. The new companies have come up to replace the traditional bankingways through which financial services are delivered to the relevant customers. This paper discusses how the emergenceof fintech impacts the state of financial inclusion with specific reference to India, the Unified Payment Interface (UPI),and government programs including the Pradhan Mantri Jan Dhan Yojana (PMJDY) and the Pradhan Mantri MudraYojana (PMMY). The research findings show that fintech has led to increased financial inclusion because oftechnological advancement that ensure clients reach a large number of demographics

La historia del desarrollo tecnológico y su progreso es a través de oleadas
sucesivas que se superponen. Como la era digital y móvil está penetrando
todos los ámbitos de la vida se analiza la relación dinámica entre la
innovación tecnológica y el mercado financiero; así como, la nueva arquitectura de los servicios financieros, que está surgiendo con un énfasis en lo que se denomina la era FinTech 3.0.
Este contexto deberá guiar el siglo XXI en la materia exigiendo de los
miembros del ecosistema un actuar ágil, creativo, dinámico, de intercambio, experimental, flexible e innovador adaptado a las realidades locales que vaya más allá del control reglamentario, informes y cumplimiento existente el cual configura el mundo RegTech en el presente.

PurposeThis study aims to examine distinct influences of two dimension job stress on job satisfaction and the moderating effects of guanxi-oriented attitude on the relationship between job stress and job satisfaction under cognitive appraisal theory and transactional theory.Design/methodology/approachIn this study, surveys are conducted among state-owned younger bank employees. The author uses the scale of job challenge stress and hindrance stress developed among Chinese younger bank employees to measure the two dimension job stress. After demonstrating guanxi-relative concepts, the moderating effects of guanxi-oriented attitude are examined in this study.FindingsThe results demonstrate that guanxi-oriented attitude does not significantly moderate the influence of challenge stress on job satisfaction, while it significantly moderates the noxious influence of hindrance stress on job satisfaction. Theoretical contributions are also discussed.Originality/valueFirst, this study suggests...

Purpose: The purpose of this study is to analyze the impact of the incubators on entrepreneurial processes in Turkey.

Methodology: We divided incubators in the sample universe into four different categories that are business based, university-private based, university-based and municipality incubators. We deciphered semi-structured and the face-to-face interviews, which were conducted in the incubation determined by the expert opinion, and interpreted the findings in the light of the purpose of the study.

Findings: We can conclude that there is a significant increase in the number of incubation centers and startups in Turkey where incubators help develop startups by providing advisory and administrative support services.

Conclusion: In general, the financial reasons and the need for convenient access make this criterion a vital one. However, it is also significant in terms of its proximity to the business center and the transportation network of the city, and its high accessibility for mentors.

This research aims to analyze the role of financial technology (Fintech) on sharia banking in Indonesia. The technology-based financial services company in Indonesia grows faster, resulting in the disruption of financial services companies, including Sharia banks. Several studies have discussed the opportunity of cooperation between Sharia banks and Fintech companies to increase the market share of Sharia banks and to write economic inclusion.In the study used methods of descriptive analysis with secondary data and literature studies. The findings in this study are that sharia banks in the economic disruption era have a greater challenge in achieving target market share. The cooperation opportunities with Fintech companies also have challenges in terms of legal certainty and sharia aspect direction. However, Fintech is expected to help sharia banks reach its market share target. This research provides the right cooperation solution that sharia banks can do with Fintech companies.

This study aims to determine the strategy of the Financial Services Authority (OJK) to prevent people from being trapped in fintech lending fraud. This qualitative research used case study method by employing semi-structured in-depth interview as the technique to collect data from five respondents. The research data were processed with the help of Computer Assisted Qualitative Data Analysis Software (CAQDAS), namely the NVivo 11 software application. The results show that there are three main strategies used by OJK Special Region of Yogyakarta, Indonesia to prevent the public from being scammed by fintech lending: First, massive implementation of financial literacy education in a comprehensive manner to improve public financial literacy; second, use of the Consumer Protection Portal Application (APPK) as a digital complaint service for the public and consumers to report the Financial Services Business Actors (PUJK) who are suspected of committing fintech lending fraud; third, maximi...

The poverty rate in Indonesia is quite high compared to other Asean countries. Indonesia has a poverty rate of 9.8% higher than Thailand and Malaysia. The financial sector through financial inclusion is an alternative policy implemented by the government as an effort to relieve poverty in Indonesia. The fact in Indonesia there is still quite a lot of people who have not been able to access financial services, especially banking sector. This study aims to determine the model of poverty alleviation through the role of financial inclusion in Indonesia. The data analysis technique used PLS-SEM. The results showed that two of three financial inclusion variables, namely access and usage had a significant negative effect on poverty, which means when the role of financial inclusion in Indonesia increases can reduce the poverty in Indonesia. Access variable has a negative effect on poverty which means that increasing public access to debit card ownership, bank accounts, and e-money cards can...

This paper aims to map the root of terrorism in Indonesia from the Islamic movement perspective. The authors want to know how the root of terrorism has strengthened in Indonesia. A qualitative method approach was taken through a literature study regarding the delivery of research map information while the data was exported in the RIS Export file format. Then, the authors exported the data and processed it using VOSviewer to find out a bibliometric map of research development based on significant themes of Indonesian terrorism cases. Nvivo 12 plus provided exploration and description of terrorism in Indonesia to get an efficient explanation of the data. The findings are, the first to map the issue of terrorism in Indonesia. First, there was a correlation between terrorism, radicalism, and Islam. Different views of religious teachings eventually led to the terrorism movement. Several radical Islamic organizations in Indonesia have portrayed Islam as a terrorist religion. Second, the f...

Currently, financial technology is growing rapidly in Indonesia. One of financial technology major type is online peer to peer lending platform. Islamic online peer to peer lending is also emerging. However, credit risk still a major concern for this platform. In order to address this issue, social media assessment is developed. Therefore, in this paper, authors aimed to identify social media variables that could be used as default probability predictors and to determine predictability level by added social media data to the model. Six independent variables consist of social media data and seven control variables from historical payment and demographic data are used to construct credit scorecard and logistic. The result identifies five variables that could be considered and used as default probability predictor which are Posting Frequency in Midnight, Followers, Following, Employment, and Tenor. Interestingly, number of religion accounts followed in Instagram is not a significant va...

El informe realizado por la Dirección Nacional de Defensa del Consumidor y Arbitraje del Consumo de la Argentina en octubre de 2023, actualiza la información anual hasta septiembre, de todas las denuncias a financieras (proveedores no bancarios de crédito). Su objetivo es conocer con precisión las causas que llevan a los consumidores a reclamar en este sector, y poder tomar medidas para combatir el sobreendeudamiento.

The purpose of the study is to use VECM to examine credit risk, basic loan interest rate, the number of lending entities, and the total amount of outstanding loans for fintech companies. Fintech is expanding quickly in Indonesia even during the Covid 19 pandemic. Since March 2019 until the present, Indonesia has formally entered the Covid 19 epidemic, causing Indonesia's GDP growth in 2020 to be -2.07. However, the amount of outstanding fintech loans in Indonesia is still sharply rising. Numerous financial services are offered by fintech businesses, and they can connect with the unbanked. Because a fintech firm tries to offer ease, particularly for customers who have trouble accessing traditional banks, credit through a fintech company is an easy loan to approve. Profit and credit risk are increased for fintech enterprises. As a result, interest rates have a short-term influence on outstanding loans because fintech lending companies derive revenue from activities and services ba...

Background - With the recent evolution of Financial Technology (FinTech), 11 peers to peer (P2P) lending platforms have been regulated by the Securities Commission in Malaysia since 2016. P2P lending platforms offer new investment opportunities to individual investors to earn higher rates on return than what traditional lenders usually provide. However, individual investors may face higher potential risks of default from their borrowers. Therefore, individual investors need to understand the potential exposure to such P2P lending platforms to make an effective investment decision. This study aims to explore the potential risk exposures that individual investors may experience at Malaysia's licensed P2P lending platforms.   Methods - Based on data collected manually from nine P2P lending platforms over five months, relationships between interest rates and various risk classifying factors such as credit rating, industry, business stage, loan purpose, and loan duration are examined...

Purpose-As a new generation financial concept "Blockchain and Cryptocurrencies", which have rapidly entered into the world recent years, have intense effects on our social norms, financial system and business models in the industry. In this research, it is aimed to examine the effects and contributions of innovative financial technologies that have developed with the intense digital transformation, which started with the concept of Logistic 4.0, through the sector. Actually innovative solutions to be developed by the fintech companies are expected to emerge in the logistics sector in the coming years. As we are experiencing the financial opportunities offered by fintech companies in the world, the logistics industry can also take new financial steps forward in our country with the help of great technological opportunities. However, logistics service providers traditionally focus on the delivery of goods and can quickly adapt to the realization of the opportunities so that Fintech's can present new techniques to their business processes. Both fintech and logistics companies can provide significant added values to the industry by bringing their forces together. Methodology-In this study, I searched the current financing practices in the industry through a comprehensive literature review of the blockchain as an alternative way in financing options in the logistics sector. Findings-When a logistics company agrees to work with blockchain technology, it enrolls in an intensive collaborative effort. This is because much of it involves facilitating reliable cooperation between multiple entities, including state institutions of all types, industrial organizations, regulators, partners, and even competitors public and private organizations. Collaboration platforms have been created to enable competitors to work together to research the implementation of blockchain technology, taking the very competitive financial services industry example. Although competing cooperation does not seem intuitive, economies of scale affect the value of the blockchain. When more parties agree to use a single blockchain solution, more value is generated for each participating organization. That's why several blockchain consortia appear in the logistics sector. Conclusion-Fintech's provide logistics service providers with an opportunity to expand their service portfolio. In particular, they can increase their role in the supply chain and add value to their business. By reducing risks and costs, customers logistics service providers have real-time insight, reliable supply-chain data can provide them with commercial opportunities for new enhancements. These services can gradually change the role in the supply chain. Logistics service providers that want to make the industry strategic are trying to fully understand these markets in their decision to enter new markets. At this stage, it is important to enhance the infrastructure investments and to encourage governments to invest in transportation. According to the OECD, changes in infrastructure construction and investment decisions, including maintenance, will require investments in the industry globally from 2010 to 2030 of $220 billion per year. For roads, infrastructure needs, maintenance needs have emerged. According to the model employed, maintenance needs and infrastructure expenditure varies between 3.3 percent of GDP. Low-income countries require an additional investment of 2.5 percent of their GDP for middle-income countries and 0.76 percent for high-income countries.

This study considers how financial institutions' local topology impacts how much systemic risk they contribute. Financial institutions are essential players in the financial ecosystem because they provide specialized and tailored services to individuals, small businesses, and communities. These organizations, including community banks, credit unions, and microfinance organizations, function on a smaller scale than their bigger counterparts. The dynamics of financial institution contributions to systemic risk, together with financial results and ideal customer service standards, are then examined. Finally, we find that financial institutions perform better with high-quality customer services and contribute more to systemic risk.

Studi ini bertujuan untuk menentukan realitas tentang pinjaman online (peer to peer lending), kebijakan dan regulasi tentang Finansial Tekhnologi khususnya untuk perlindungan konsumen terkait pinjaman online di Indonesia. Metode penelitian yang digunakan dalam pembahasan makalah ini, penulis menggunakan pendekatan empiris yuridis, sumber menulis data yang diperoleh dari dokumen dan perundang-undangan dengan jenis data dalam bentuk data primer dan sekunder. Berdasarkan hasil penelitian: pertama: berdasarkan data yang dikumpulkan oleh penulis, beberapa pelanggaran terhadap aturan yang ditemukan oleh penyedia layanan pinjaman online, seperti penyebaran data dan penyalahgunaan, perjanjian antara pihak yang dirugikan peminjam, serta metode penagihan yang tidak sesuai dengan aturan. Kedua: penyebab korban masih merajalela pinjaman online selain karena kurangnya informasi kepada publik tentang keuntungan dan kerugian dari pinjaman online, juga karena regulasi hukum yang rendah. 

The purpose of this essay is to identify and evaluate the critical components that influence how satisfied customers are with bancassurance. The report also makes an effort to outline a future research agenda for this area. The study's foundation is secondary data, the majority of which was collected through reviewing earlier publications. The primary factors of customer experience within the bancassurance channel have been shown to include a warm and welcoming branch environment, a choice of service delivery methods, brand, and costs. This finding will assist the policymaker in allocating funds for the creation of strategies that will improve the customer experience by taking into account aspects such as a pleasant and welcoming branch environment, different service delivery channels, brand, prices, the calibre of the assistance, and the friendliness of bank staff. These factors must result in a unique and unforgettable experience for the customer. The literature review approach is being used for the first time in the studies of the client experience and bancassurance, respectively, in this study. This study will be useful in helping researchers, academics, and those working in the field of bancassurance understand the many factors that influence the consumer experience in bancassurance. They can use this information to evaluate how to keep consumers for bancassurance.

In the present age of FinTech, many nations are investigating the possibility of their own digital currencies because of its enormous potential in terms of efficiency, security, and accessibility. India recently introduced its official digital currency, e-RUPI, a pioneering initiative to bridge the gap between service providers and beneficiaries by leveraging cuttingedge technology. Success of this new technological innovation in services will depend heavily on the public's willingness to adopt digital currencies. With this background, the aim of the present research is to find perspective of Indians towards recently launched digital e-RUPI by RBI. This study will shed light on the awareness of people towards e-RUPI, official digital currency of India and determine the factors that will lead to its successful adoption. An exploratory factor analysis is conducted to identify the factors and a conceptual framework is constructed for the same. The findings of the study can be used by government agencies or FinTech firms to enhance consumers' perceptions and create efficient tactics for raising their desire to use digital currency.

An open banking movement has emerged from the FinTech community’s ambition to secure a sizeable percentage of the payment economy. There is a belief significant profits that can be secured from payments. The challenge is that payments are citizen facing and citizens behave in their own best interests.

The free market era provided uninterrupted traffic in goods and services throughout the world, and was initially formed to offer benefits. Although there were still protests in technical problems and rising disputes that led a sue to legal institutions, countries agreed to maintain the free market. As a counterpart, the free market cannot ignore consumer’s protection as a standard of service. The liability development between consumer and producer relationship arranged from caveat emptor, to caveat vendor and finally to strict liability in the consumer protection system, implies disclosure of information on products and services. This research faces the legal theory of a free market regime with the theory of consumer’s protection law. This research proceeds to discuss two main issues. The first issue is an essential of Financial Technology or Fin-tech of services. The second issues is the influence of Fin-tech on the free market and consumer protection. Research uses a normative leg...

The presence of digital technology brings significant changes in many aspects of human life, including the economy and financial services. The rapid development of financial technology (fintech) is being responded quickly by many countries including Indonesia and Malaysia. Not only conventional fintech, but Sharia fintech is also developing significantly in both countries. This phenomenon is caused by the efficiency and ease of fintech. However, fintech in Indonesia is not followed by a comprehensive protection of personal data. The absence of special regulation on the protection of personal data in Indonesia causes the data often be misused by certain parties such as being stolen, sold, transferred and eliminated irresponsibly causing harm to fintech users. Meanwhile, Malaysia has built a legal system of personal data protection since 2010 and becomes the first country in the ASEAN region to have a comprehensive personal data protection law system. Therefore, the article aims to ov...

Studi ini bertujuan untuk menentukan realitas tentang pinjaman online (peer to peer lending), kebijakan dan regulasi tentang Finansial Tekhnologi khususnya untuk perlindungan konsumen terkait pinjaman online di Indonesia. Metode penelitian yang digunakan dalam pembahasan makalah ini, penulis menggunakan pendekatan empiris yuridis, sumber menulis data yang diperoleh dari dokumen dan perundang-undangan dengan jenis data dalam bentuk data primer dan sekunder. Berdasarkan hasil penelitian: pertama: berdasarkan data yang dikumpulkan oleh penulis, beberapa pelanggaran terhadap aturan yang ditemukan oleh penyedia layanan pinjaman online, seperti penyebaran data dan penyalahgunaan, perjanjian antara pihak yang dirugikan peminjam, serta metode penagihan yang tidak sesuai dengan aturan. Kedua: penyebab korban masih merajalela pinjaman online selain karena kurangnya informasi kepada publik tentang keuntungan dan kerugian dari pinjaman online, juga karena regulasi hukum yang rendah. 

Looking at the development of technology that is so fast and also used in all fields to provide convenience. This also includes electronic transactions in online loan applications (pinjol), given the current economic conditions that are not in a good condition due to Covid-19, many people choose loan applications to meet their needs without seeing the overall consequences of their actions. The case of a pinjol application that attacks the personal data of its users is of course a prohibited act, because it is related to someone's personal data. This study aims to find out how the legal protection for illegal lending service users in Indonesia is and what are the obstacles to law enforcement in dealing with loan lending cases in Indonesia. This research uses the method. normative legal research. And it is known that in Indonesia with regard to criminal law policies that can be used to punish borrowing actors for their actions, they can use UUPK because of the position of borrowin...

The goal of this study is to investigate and provide information to the Fintech Industry on the main factors responsible for customer loyalty via the mediating effect of customer satisfaction. Secondly, providing traditional banking reasons for customer shifts from banking to Fintech, therefore these factors could be more focused. The consumer choices presented in this study can thus serve as a foundation for further research into post-adoption behaviors associated with Fintech for cross-border payments. This study examines consumer evaluations of how key attributes of fintech using mobile payment services affect their choice by using a conjoint analysis approach, which allows for the approximation of user preferences for specific features. In our study we have used SPSS 26 to test the reliability and mediation effect on the sample size of 348 people who regularly used Fintech for cross border payments. All the questionnaires were prepared if the customers were given fintech as an option instead of traditional banks to send their remittances abroad. The result shows that(Service Quality, Customer's trust and product quality) effecting customer satisfaction significantly would be very helpful for the current fintechs working for home remittances to improve these factors and would serve as a benchmark for the upcoming fintech startups and traditional banks to focus on these factors and catch up the fintech Industry. Finally, it is argued that, in order to be successful, focusing on service quality, customer trust, and product quality triggered customer loyalty for the Fintech in comparison to other traditional options for cross-border payments via the mediation effect of customer satisfaction.

Innovations in the use of information technology in various sectors and fast-paced changes of people’s lifestyles toward the life demands become one of the triggers for the presence of financial technology. Financial technology has moved fast towards high-growth markets. The development in Indonesia based on data as of 30 June to 30 September 2019 shows: 1) provinces with the highest borrower accounts accumulation are West Java, the the Capital City of Jakarta, East Java, Banten, and Central Java; 2) provinces with the lowest borrower accounts accumulation are North Maluku, West Sulawesi, West Papua, Maluku, and North Kalimantan; 3) provinces with the highest lender accounts accumulation are the Capital City of Jakarta, West Java, East Java, Central Java, and Banten; 4) provinces with the lowest lender accounts accumulation are West Sulawesi, West Papua, North Kalimantan, North Maluku, and Maluku. On the one hand, financial technology acceleration provides benefits for society, businesses, and the national economy. On the other hand, however, it has the potential to disrupt the existence of the financial services industry. Therefore, conventional financial services companies need to adapt soon, move fast following the development of the dynamics of financial digitalization, and collaborate with financial technology companies in accordance with the applicable rules, regulations, and business ethics.

Current research aims to investigate the role of financial technology (Fintech) during pandemics on Islamic financial institutions and banks’ performance. The study identified measures of lockdown executed by numerous countries across the world that have also indicated the significance of leveraging technology and establishing a livelier Islamic finance industry. The results and data analysis identified adoption of greater digitalization and incorporation of fintech strengthens the spirit of the industry in a more unstable ecosystem and challenges like pandemic and open another new opportunity for growth. However, recent financial years have shown that there is room for expansion and growth, especially for Sukuk issuance, by guidelines and regulations, and ease and velocity of implementation. The results also suggested various indications on the effect of financial technology reform on the Islamic banks’ growth significantly with the adoption of the Fintech revolution. Since the per...

This study conducted a test to see the influence of data quality analytics, business ethics, and cyber risk management on operational performance and its implication on corporate sustainability of Fintech P2P Lending companies registered and licensed in Indonesian Financial Services Authority (OJK). This study used descriptive analysis and statistical method Structural Equation Modeling (SEM)-Lisrel. The data was collected by using questionnaires given to 104 managers from 91 Fintech P2P Lending companies registered and licensed at OJK until the end of December 2021. The results show that data quality analytics and cyber risk management had a positive and significant influence on operational performance. The results also show that analytical data quality, business ethics and cyber risk management had a positive and significant influence on operational performance. The findings of this study added to the limitations of the research literature on the elaboration of variables that dete...

The growth of digital technologies has changed the way of doing financial transactions. Even though the transaction value for financial technology in 2018 grew by 24%, the financial inclusion rate in Indonesia is still low, with 64% unbanked. The aim of the study was to analyze the factors of the growing digital technology that influence customer decisions in choosing financial technology services using customer knowledge as the intervening variable. The growing digital technology is measured using social networking, regulatory services, and financial service facilities variables. The sample of this research focused on the microsegment customers located in Java Island. Statistical data are analyzed using Algorithm PLS. Results show that customer decision in choosing financial technology services was strongly influenced by customer knowledge. Customer knowledge was formed from information gathered from the social network, the formal assurance by the government, the financial service ...

This work is pivotal on the operations and downsides of the Point of Sale (POS) operators cum operations in Nigeria, a fusion of the prevalent advantages and the disadvantages of the business. It is an article reviewing the merits of their operations, the issues faced by merchants and their numerous customers, more importantly, are the shortfalls confronting the operators in relation to imminent issues attendant in their operations on occasions when there is bank network problem. However, this work takes cue from existing online articles most of which are recent to buttress and justify the positions and submissions on which the article is pivoted. The article sits on the narrative and fact that POS, as e-payment channel engenders financial inclusion and takes banking to the underserviced areas as the increasing importance of financial inclusion, a catalyst for economic growth and development is gaining momentum and has been embraced, hence POS as a digital payment platform and a financial inclusion product is significantly contributing to Nigerian economic and financial growth.

The competition faced by the Rural Bank (BPR) industry is getting more intensed. A few years ago, the Commercial Bank through the Micro Credit Program (Kredit Usaha Rakyat/KUR) became main competitor in distributing working capital loans or tconsumptive loans. However, new competitor is currently emerging in the financial sector, that is institution based on financial technology (fintech). Fintech can provide financial products and services that are easy, effective, efficient, and fast. The focus of this research is on fintech peerto-peer lending (p2p lending). The purpose of this study is to describe the impact of financial technology peer-to-peer lending on BPR credit growth. This study used qualitative descriptive approach with literature review method. Data analyzed used reducing data, presenting data, and making conclusions. The result showed that peer-to-peer lending impacting BPR credit growth due to regulations and relevant institutions that supporting fintech's developm...

Abstrak-Teknologi informasi mempermudah kegiatan meminjam uang melalui aplikasi. Saat ini, telah muncul cara baru meminjam uang yang disebut Layanan Pinjam Meminjam Berbasis Teknologi Informasi atau fintech peer to peer lending. Masyarakat sering menyebutnya pinjaman online, salah satu jenis jasa keuangan yang diawasi oleh Otoritas Jasa Keuangan. Aplikasi pinjaman online tersedia di toko aplikasi google. Penyelenggara aplikasi pinjaman online pada dasarnya hanya mempertemukan pemilik dana dan peminjam. Untuk menggunakan layanan pinjaman online, kedua belah pihak wajib memenuhi beberapa persyaratan diantaranya menyerahkan sejumlah data pribadi termasuk kartu identitas (KTP-el) ke aplikasi penyedia layanan pinjaman online. Praktik penggunaan data pribadi untuk layanan pinjam meminjam ini dapat mengancam keamanan pribadi pengguna karena saat ini tidak tersedia kebijakan tentang pelindungan data pribadi secara menyeluruh. Dari perspektif human security, kebijakan pelindungan data pribadi masih menimbulkan ancaman nyata bagi penggunanya. Peneliti menggunakan pendekatan kualitatif deskriptif. Pengumpulan data melalui wawancara dan studi pustaka. Dari hasil penelitian dapat disimpulkan bahwa meskipun memudahkan pengguna, aplikasi pinjaman online dapat ancaman human security. Hal ini terjadi karena hingga saat ini tidak tersedia undang-undang khusus pelindunga data pribadi. Ancaman terhadap human security makin kuat karena besarnya peran mekanisme pasar dibandingkan peran negara dalam bisnis pinjaman online, minimnya peran minimal Otoritas Jasa Keuangan, dan rendahnya kesadaran masyarakat akan pentingnya melindungi data pribadi. Kata Kunci: kebijakan publik, pinjaman online, Otoritas Jasa Keuangan, data pribadi, human security.

Financial technologies (FinTechs) have grown in number since the 2008 global financial crisis (GFC), and lawmakers are rushing to catch up with the speed with which innovation outstrips regulation. Striving for an optimal balance of regulatory priorities in financial technologies have lacked a holistic model in the past, but drawing on prominent critics reveals that any future regulation of financial technologies requires innovation, financial stability, transparency, and consumer protection. Learning from pharmaceutical industries, an optimal regulatory ecosystem for financial technologies may be found in regulatory sandboxing, with the UK's Financial Conduct Authority being a frontrunner in this idea, preserving the competitiveness and information-sharing capabilities of financial incumbents (such as highstreet banks),  regulators, and FinTechs.

In the financial sector, trust is essential. The economic crisis of 1998 was one of the financial scandals affecting Indonesia. This phenomenon prompted the regulator to ensure that Indonesians received adequate consumer protection, directly impacting the Indonesian financial sector, especially the life insurance sector, where penetration has remained low over the past decade. Due to its long-term nature and significant economic contribution (OJK [Otoritas Jasa Keuangan], 2017), life insurance is at the forefront of the right to adequate consumer protection, which includes the disclosure of accurate and reliable information when purchasing or selling insurance. This study examined the current state of consumer protection experiences in Indonesia’s life insurance industry based on empirical research. This study investigated how these requirements are viewed regarding the benefits and difficulties associated with their implementation. A qualitative study employing the case study resea...

Rapid technological development encourages disruptive innovation that transforms the concept of the value chain into a digital ecosystem. Companies can leverage the resources of other companies as part of their value chain, without having to own them. It can generate greater risk due to external factors that cannot be controlled directly. Digital Bank Z is a digital bank with a large business ecosystem transforming from Book Bank I. They need to address these potential risks through good risk management while digital banking expansion in Indonesia is increasing rapidly. This case study aims to obtain an evaluation of how the digital transformation and risk management held by Digital Bank Z as well as to produce the conceptual framework for digital ecosystem risks. This qualitative research conducted semi-structured interviews as triangulation with informants from Digital Bank Z and Financial Services Authority or Otoritas Jasa Keuangan (OJK). Digital transformation produces competitive advantages for Digital Bank Z through higher interest rates, but the regulator cited, ―digital bank is not a disruptor or competitor‖. Recently, risk management is more focusing on operational risk due to no specific regulation of digital banks yet. As recommendations, the conceptual framework provides three stages to identify the risk of collaboration and the digital ecosystem.

Financial Technology (FinTech) Lending in Indonesia is an innovative solution for financial services in Indonesia because it has convenience and benefits for Indonesians who need loans, fund management, and other financial transaction activities. FinTech Lending is growing fast because it offers reasonable interest rates and access to conventional financial institutions. The growth of FinTech Lending is expected to support financial inclusion planned by the Indonesian government. In 2020, 126 FinTech Lending Companies were operating illegally by exploiting communities experiencing economic difficulties. This study aims to determine the factors that influence the adoption of FinTech services in Indonesia, considering obstacles and occasions. Factors related to obstacles are Trust and Security in Online Lending platforms, while factors related to occasions are Personal Innovativeness, Interest Rate, and Familiarity. This study used a sampling technique, namely purposive sampling, and ...