Regulation and consumer protection of fintech in Indonesia

Noor, Afif; Ahamat, Haniff; Marzuki, Ismail; Wulandari, Dwi; Junaidi, Akhmad Arif; Lisdiyono, Edy; Trisnawati, Bakti

doi:10.21744/lingcure.v6ns3.1938

Cited by 13 publications

(9 citation statements)

References 17 publications

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“…The discussing business ethics apply Islamic principles which are very relevant in Indonesia because it has a constitutional platform based on Pancasila as the nation's ideology, socio-cultural, and Islamic legal awareness of its citizens. 27 It also aims to realize sustainable law-based business ethics in the fintech industry, significantly mitigating the losses experienced by consumers when they want to seek financial access. According to Jagtiani & John, the fintech regulation has a role in protecting consumers and maintaining financial stability while creating a safe fintech innovation environment.…”

Section: Aditya Prastian Supriyadimentioning

confidence: 99%

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AN ISLAMIC SPIRIT FOR BUSINESS ETHICS AND LEGAL FRAMEWORK OF FINTECH PEER TO PEER LENDING: Why Does Indonesia Need It?

Supriyadi

2023

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The growth of Fintech Peer-to-Peer (P2P) lending in Indonesia is one of the supports for national economic development. The positive growth of this financial sector is not supported by proportional rules, resulting in the practices of business ethics violation which is detrimental to society. To overcome these problems, the spirit of Islam can be the basis for determining ethical and business measures into a better legal framework for Fintech P2P Lending. This article applies a normative legal research method using a conceptual approach and legislation relevant to the theme of the study. The research results indicate that Fintech P2P Lending in Indonesia needs to be regulated in a qualified legal framework because the existing rules have not been able to solve unethical actions of businessmen. The business concept in Islam also accommodates ethical issues that must be applied in business activities as a harmless commerce spirit. This Islamic spirit can be used as a source of material law in determining a clear legal framework to uphold Fintech P2P Lending business ethics so as not to harm the Indonesian people.Pertumbuhan fintech peer-to-peer (P2P) lending di Indonesia merupakan salah satu penunjang pembangunan ekonomi nasional. Pertumbuhan positif sektor keuangan ini tidak diikuti dengan aturan yang proporsional sehingga menimbulkan praktik-praktik yang melanggar etika bisnis dan sangat merugikan masyarakat. Untuk mengatasi permasalahan tersebut, semangat Islam dapat menjadi landasan untuk menentukan langkah-langkah etis dan bisnis ke dalam kerangka hukum fintech P2P lending yang lebih baik. Artikel ini menggunakan metode penelitian hukum normatif dengan menggunakan pendekatan konseptual dan peraturan perundang-undangan yang relevan dengan tema penelitian. Hasil penelitian dalam artikel ini menunjukkan bahwa fintech P2P Lending di Indonesia perlu diatur dalam kerangka hukum yang mumpuni karena aturan yang ada belum mampu mengatasi tindakan tidak etis dari para pelaku bisnis. Konsep bisnis dalam Islam juga mengakomodir persoalan etika yang harus diterapkan dalam kegiatan bisnis sebagai spirit perdagangan yang tidak merugikan. Semangat keislaman ini dapat dijadikan sebagai sumber hukum materil dalam menentukan kerangka hukum yang jelas untuk menegakkan etika bisnis fintech P2P lending agar tidak merugikan masyarakat Indonesia.

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Section: Aditya Prastian Supriyadimentioning

confidence: 99%

“…As in QS. An-Nur (27) prohibits Muslims from entering other people's homes without permission or greeting. Then the Hadith History of Bukhari states, "if someone peeps at you without your permission, then you stab him with a stick so that his eyes are blind, then there is no "diyat" on you" 106 .…”

Section: Aditya Prastian Supriyadimentioning

confidence: 99%

AN ISLAMIC SPIRIT FOR BUSINESS ETHICS AND LEGAL FRAMEWORK OF FINTECH PEER TO PEER LENDING: Why Does Indonesia Need It?

Supriyadi

2023

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“…The use of information technology in financial services will have a positive impact on financial service provider companies, including minimizing costs, product development (service improvement, creation of new services, and product differentiation), marketing tools, assisting in decision-making, and expert systems based on intelligent computer programs or artificial intelligence (Noor et al 2021;Anderton 1995). The positive impact of information technology in financial services will create various kinds of innovations in financial services through the development of information technology itself.…”

Section: The Existence Of Information Technology In Financial Technologymentioning

confidence: 99%

Revolutionizing Indonesia's financial landscape: The impact of information technology on the growth of financial technology start-ups

Noor,

Arifin,

Astuti

et al. 2023

Multidiscip. Rev.

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The revolutionary development of information technology has affected all aspects of human life, including finance, and has played a pivotal role in transforming financial transactions and creating new opportunities. This study aims to identify the revolutionary impact of information technology on the financial sector, especially in encouraging the birth of financial technology start-ups. The study was conducted qualitatively by collecting data from various relevant sources. The results of the study show that information technology has changed the way financial transactions are conducted, enabled the adoption of new financial innovations, and created new opportunities for financial technology start-ups in Indonesia. The increased accessibility, efficiency, and security provided by information technology have accelerated the growth of financial technology start-ups in Indonesia. The implication of this study is the need for support from the government and other stakeholders in creating a conducive environment for the growth of the financial technology sector in Indonesia.

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“…This is another reason why men and women think differently. In order to reduce the impact of utilization on long-term planning, banks will therefore keep an eye out for any indications of changes in inappropriateness or use (Noor et al, 2022).…”

Section: Second-academic Degree (Ad) Relationship Between Bi and Ift Usementioning

confidence: 99%

Facilitating Condition of Acceptance and Use of Islamic Financial Technology (Islamic Fintech): Technological Forecasting in Saudi Banks

Khan,

Rizvi,

Khan

et al. 2023

Pak. J. Humanit. Soc. Sci

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This paper aims to facilitating condition on behavioral intention using Islamic financial technology (Islamic Fintech). This paper reviews the most recent literature differences between UTAUT (Unified Theory of Acceptance, and Use of Technology) and UTAUT 2 (Unified Theory of Acceptance, and Use of Technology). Academic degree was one of the contributes to management in this study to bridging the knowledge gap by integrating eight theories of technology acceptance models (TAMs). These theories hold that there are seven models accepted on behavioral intention. Acceptance model's explanatory strength can be demonstrated by the analysis of N = 950 responses from respondents about Islamic Fintech use on the Saudi Stock Exchange (Tadawul) website, which shows that these theories play a moderating role. These theories provide many tests to demonstrate the model's explanatory strength. The results indicated a very high significance for the target variables at a 95% confidence level. There was a significant reduction in the relationship between Effort Expectancy and Behavioral Intention when the average age was considered, which resulted in a 54% and 29.9% increase in the explanatory power of the survey. It was unexpected to find that Language moderates the relationship between Hedonic Motivation and Behavioral Intention by factors of 29.9% and 31.5%, respectively. According to Behavioral Intention and Usage Behaviour must be differentiated, and to achieve technological forecasting goal in Saudi Banks, Islamic Fintech will need to increase R-squared by 57.1%. Meanwhile, Academic Degree provide a facilitating condition between BI and Use Behavior to distinguish between acceptance and use of Islamic Fintech, where the interdependence of social, environmental, and technological factors, all of which was analyzed using partial least squares structural equation modeling.

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Regulation and consumer protection of fintech in Indonesia

Cited by 13 publications

References 17 publications

AN ISLAMIC SPIRIT FOR BUSINESS ETHICS AND LEGAL FRAMEWORK OF FINTECH PEER TO PEER LENDING: Why Does Indonesia Need It?

AN ISLAMIC SPIRIT FOR BUSINESS ETHICS AND LEGAL FRAMEWORK OF FINTECH PEER TO PEER LENDING: Why Does Indonesia Need It?

Revolutionizing Indonesia's financial landscape: The impact of information technology on the growth of financial technology start-ups

Facilitating Condition of Acceptance and Use of Islamic Financial Technology (Islamic Fintech): Technological Forecasting in Saudi Banks

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