Strategies to Increase Financial Inclusion through Financial Technology

Basrowi Basrowi

doi:10.20885/jielariba.vol5.iss1.art5

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July 13, 2019

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September 23, 2020

Published

July 30, 2019

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Abstract

The purpose of this study is to describe the strategy of increasing public financial inclusion through the use of fin-tech finance. The method used is descriptive qualitative. Data is obtained from secondary data sourced from the official website of Indonesian banks, financial service authorities, and the finance ministry from 2015-2018. Data were analyzed using theme analysis of an overview of the development of fin-tech in Indonesia over the past four years, and the benefits of fin-tech in improving financial inclusion in Indonesia. The results of data analysis show that, first, the development of fin-tech in Indonesia has exceeded the needs of fin-tech itself. Secondly, the development of fin-tech has been able to increase the financial inclusion of the community even though it is only very small at 0.8%.

Keywords

Financial Technology Financial Inclusion Financial Literacy

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How to Cite

Basrowi, B. (2019). Strategies to Increase Financial Inclusion through Financial Technology. Journal of Islamic Economics Lariba, 5(1), 81–96. https://doi.org/10.20885/jielariba.vol5.iss1.art5

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References

Abyan, M. A. (2018). Konsep Penggunaan Financial Technology dalam Membantu Masyarakat Sub Urban di Indonesia dalam Melakukan Transaksi Finansial, (April), 1–6. https://doi.org/10.13140/RG.2.2.36402.30404
Anggota-Dewan-Gubernur-BI. (2018). Disruptive Technology : The Phenomenon of FinTech towards Conventional Banking in Indonesia. https://doi.org/10.1088/1757-899X/407/1/012104
Bapenas, 2018. Jumlah penduduk di Indonesia. Online: https://www.bappenas.go.id/files/5413/9148/4109/Proyeksi_Penduduk_Indonesia_2010-2035.pdfaccessed April 6, 2019
Bank-Indonesia. (2019). Daftar Penyelenggara Uang Elektronik yang Telah Memperoleh Izin dari Bank Indonesia Per 21 Januari 2019, (11), 21. Retrieved from Gelombang Perkembangan Fintech
Bank Indonesia. 2014. Booklet Keuangan Inklusif. Jakarta (ID): Bank Indonesia.
Basrowi, et.al. 2019. Fintech development in indonesia: Distrupsion technology and risk analysis phenomenon. Penang Invention, Innovation And Research Design 2019 (PIID 2019)
Chrismastianto, I. A. W. (2017). Analisis SWOT Implementasi Tekonologi Finansial terhadap Kualitas Layanan Perbankan di Indonesia. Jurnal Ekonomi Dan Bisnis, 20(1), 137. https://doi.org/10.24914/jeb.v20i1.641
Clusters, C. (2016). FINANCIAL. Retrieved from https://www.austrade.gov.au/.../US-Fintech-Clusters.pdf.aspx
Diretorat-Pengaturan-perizinan-dan-Pengawasan-OJK. (2018). Perusahaan Fintech Lending Berizin dan Terdaftar di OJK.
Finansialku-com. (2018). Pengertian Fintech, 1–18. Retrieved from https://www.finansialku.com/definisi-fintech-adalah/
Galvin, J., Han, F., Hynes, S., Qu, J., Rajgopal, K., & Shek, A. (2018). Synergy and disruption: Ten trends shaping fintech, (December). Retrieved from https://www.mckinsey.com/~/media/McKinsey/Industries/Financial Services/Our Insights/Synergy and disruption Ten trends shaping fintech/Synergy-and-disruption-Ten-trends-shaping-fintech.ashx
Ghazali, Imam. 2017. Struktur Equation Modeling. Semarang: Program Doktor Ilmu Ekonomi Universitas Diponegoro
He, D., Leckow, R., Haksar, V., Mancini-Griffoli, T., Jenkinson, N., Kashima, M., Karunaratne, S. (2017). Fintech and Financial Services: Initial Considerations Monetary and Capital Markets, Legal, and Strategy and Policy Review Departments Fintech and Financial Services: Initial Considerations Authorized for distribution by. Retrieved from https://www.imf.org/~/media/Files/.../SDN/.../sdn1705.ashx%0A
Kolesova, & Girzheva, &. (2018). Impact of Financial Technologies on the Banking Sector. KnE Social Sciences, 3(2), 215. https://doi.org/10.18502/kss.v3i2.1545
Lembaga penjamin simpanan. 2019. Distribusi Simpanan Bank Umum. Online: https://www.lps.go.id/documents/10157/197446/Distribusi+Simpanan+Bank+Umum+periode+Februari+2019.pdf/0dfc935e-5697-41bc-bc9c-3e346c09add3 accessed April 6, 2019
Leong, C., Tan, B., Xiao, X., Tan, F. T. C., & Sun, Y. (2017). Nurturing a FinTech ecosystem: The case of a youth microloan startup in China. International Journal of Information Management, 37(2), 92–97. https://doi.org/10.1016/j.ijinfomgt.2016.11.006
Micu, A. (2016). FINTECH AND ITS IMPLEMENTATION ON THE ROMANIAN NON-BANKING, IV(2), 379–384. Retrieved from seaopenresearch.eu/Journals/articles/SPAS_11_30.pdf
Muchlis, R. (2018). Analisis SWOT Financial Technology (Fintech) Pembiayaan Perbankan Syariah Di Indonesia (Studi Kasus 4 Bank Syariah Di Kota Medan). AT-TAWASSUTH: Jurnal Ekonomi Syariah, 1(1), 335–357.
Muzdalifa, I., Rahma, I. A., & Novalia, B. G. (2018). FinTech’s Role in Enhancing Inclusive Finance in UMKM in Indonesia (Sharia Financial Approach). Masharif Al-Syariah: Jurnal Ekonomi Dan Perbankan Syariah, 3(1). Retrieved from https://www.researchgate.net/publication/324386435
Odelius, A., Traynor, M., Mehigan, S., Wasike, M., & Caldwell, C. (2017). Implementing and assessing the value of nursing preceptorship. Nursing Management, 23(9), 35–37. https://doi.org/10.7748/nm.2017.e1547
OJK. (2016). Tren fintech dan perbankan, (November). Retrieved from http://nofieiman.com/wp-content/images/tren-fintech-dan-perbankan.pdf
OJK. (2018). IKHTISAR DATA KEUANGAN FINTECH (Peer To Peer Lending) PERIODE OKTOBER 2018, 2018. Retrieved from https://www.ojk.go.id/id/kanal/iknb/data-dan-statistik/fintech/Pages/Ikhtisar-Data-Keuangan-Fintech-(Peer-To-Peer-Lending)-Periode-Oktober-2018.aspx
Otoritas Jasa Keuangan. 2016. Survei Nasional Literasi dan Keuangan Inklusi Keuangan 2016. Jakarta (ID) : OJK. ntang Penyelenggaraan Pemrosesan Transaksi Pembayaran. Jakarta (ID): Bank Indonesia.
Ozili. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/j.bir.2017.12.003
Sekaran, U. & R. B. (2016). Research Methods for Business: a skill-building approach (Seventh ed). Chichester, West Sussex, United Kingdom: Wiley Online Library/John Wiley & Sons. Retrieved from www://wileypluslearningspace.com
Xu L, Bilal Z. 2012. Financial literacy around the world – an overview of the evidence with practical suggestions for the way forward. The World Bank: Finance and Private Sector Development. Policy Research Working Paper. 6107: 1-58.

References

Abyan, M. A. (2018). Konsep Penggunaan Financial Technology dalam Membantu Masyarakat Sub Urban di Indonesia dalam Melakukan Transaksi Finansial, (April), 1–6. https://doi.org/10.13140/RG.2.2.36402.30404

Anggota-Dewan-Gubernur-BI. (2018). Disruptive Technology : The Phenomenon of FinTech towards Conventional Banking in Indonesia. https://doi.org/10.1088/1757-899X/407/1/012104

Bapenas, 2018. Jumlah penduduk di Indonesia. Online: https://www.bappenas.go.id/files/5413/9148/4109/Proyeksi_Penduduk_Indonesia_2010-2035.pdfaccessed April 6, 2019

Bank-Indonesia. (2019). Daftar Penyelenggara Uang Elektronik yang Telah Memperoleh Izin dari Bank Indonesia Per 21 Januari 2019, (11), 21. Retrieved from Gelombang Perkembangan Fintech

Bank Indonesia. 2014. Booklet Keuangan Inklusif. Jakarta (ID): Bank Indonesia.

Basrowi, et.al. 2019. Fintech development in indonesia: Distrupsion technology and risk analysis phenomenon. Penang Invention, Innovation And Research Design 2019 (PIID 2019)

Chrismastianto, I. A. W. (2017). Analisis SWOT Implementasi Tekonologi Finansial terhadap Kualitas Layanan Perbankan di Indonesia. Jurnal Ekonomi Dan Bisnis, 20(1), 137. https://doi.org/10.24914/jeb.v20i1.641

Clusters, C. (2016). FINANCIAL. Retrieved from https://www.austrade.gov.au/.../US-Fintech-Clusters.pdf.aspx

Diretorat-Pengaturan-perizinan-dan-Pengawasan-OJK. (2018). Perusahaan Fintech Lending Berizin dan Terdaftar di OJK.

Finansialku-com. (2018). Pengertian Fintech, 1–18. Retrieved from https://www.finansialku.com/definisi-fintech-adalah/

Galvin, J., Han, F., Hynes, S., Qu, J., Rajgopal, K., & Shek, A. (2018). Synergy and disruption: Ten trends shaping fintech, (December). Retrieved from https://www.mckinsey.com/~/media/McKinsey/Industries/Financial Services/Our Insights/Synergy and disruption Ten trends shaping fintech/Synergy-and-disruption-Ten-trends-shaping-fintech.ashx

Ghazali, Imam. 2017. Struktur Equation Modeling. Semarang: Program Doktor Ilmu Ekonomi Universitas Diponegoro

He, D., Leckow, R., Haksar, V., Mancini-Griffoli, T., Jenkinson, N., Kashima, M., Karunaratne, S. (2017). Fintech and Financial Services: Initial Considerations Monetary and Capital Markets, Legal, and Strategy and Policy Review Departments Fintech and Financial Services: Initial Considerations Authorized for distribution by. Retrieved from https://www.imf.org/~/media/Files/.../SDN/.../sdn1705.ashx%0A

Kolesova, & Girzheva, &. (2018). Impact of Financial Technologies on the Banking Sector. KnE Social Sciences, 3(2), 215. https://doi.org/10.18502/kss.v3i2.1545

Lembaga penjamin simpanan. 2019. Distribusi Simpanan Bank Umum. Online: https://www.lps.go.id/documents/10157/197446/Distribusi+Simpanan+Bank+Umum+periode+Februari+2019.pdf/0dfc935e-5697-41bc-bc9c-3e346c09add3 accessed April 6, 2019

Leong, C., Tan, B., Xiao, X., Tan, F. T. C., & Sun, Y. (2017). Nurturing a FinTech ecosystem: The case of a youth microloan startup in China. International Journal of Information Management, 37(2), 92–97. https://doi.org/10.1016/j.ijinfomgt.2016.11.006

Micu, A. (2016). FINTECH AND ITS IMPLEMENTATION ON THE ROMANIAN NON-BANKING, IV(2), 379–384. Retrieved from seaopenresearch.eu/Journals/articles/SPAS_11_30.pdf

Muchlis, R. (2018). Analisis SWOT Financial Technology (Fintech) Pembiayaan Perbankan Syariah Di Indonesia (Studi Kasus 4 Bank Syariah Di Kota Medan). AT-TAWASSUTH: Jurnal Ekonomi Syariah, 1(1), 335–357.

Muzdalifa, I., Rahma, I. A., & Novalia, B. G. (2018). FinTech’s Role in Enhancing Inclusive Finance in UMKM in Indonesia (Sharia Financial Approach). Masharif Al-Syariah: Jurnal Ekonomi Dan Perbankan Syariah, 3(1). Retrieved from https://www.researchgate.net/publication/324386435

Odelius, A., Traynor, M., Mehigan, S., Wasike, M., & Caldwell, C. (2017). Implementing and assessing the value of nursing preceptorship. Nursing Management, 23(9), 35–37. https://doi.org/10.7748/nm.2017.e1547

OJK. (2016). Tren fintech dan perbankan, (November). Retrieved from http://nofieiman.com/wp-content/images/tren-fintech-dan-perbankan.pdf

OJK. (2018). IKHTISAR DATA KEUANGAN FINTECH (Peer To Peer Lending) PERIODE OKTOBER 2018, 2018. Retrieved from https://www.ojk.go.id/id/kanal/iknb/data-dan-statistik/fintech/Pages/Ikhtisar-Data-Keuangan-Fintech-(Peer-To-Peer-Lending)-Periode-Oktober-2018.aspx

Otoritas Jasa Keuangan. 2016. Survei Nasional Literasi dan Keuangan Inklusi Keuangan 2016. Jakarta (ID) : OJK. ntang Penyelenggaraan Pemrosesan Transaksi Pembayaran. Jakarta (ID): Bank Indonesia.

Ozili. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/j.bir.2017.12.003

Sekaran, U. & R. B. (2016). Research Methods for Business: a skill-building approach (Seventh ed). Chichester, West Sussex, United Kingdom: Wiley Online Library/John Wiley & Sons. Retrieved from www://wileypluslearningspace.com

Xu L, Bilal Z. 2012. Financial literacy around the world – an overview of the evidence with practical suggestions for the way forward. The World Bank: Finance and Private Sector Development. Policy Research Working Paper. 6107: 1-58.

Strategies to Increase Financial Inclusion through Financial Technology

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