Sharia Fintech Development in Indonesia

Yahya, Adibah (2021) Sharia Fintech Development in Indonesia. In: InCEESS 2020, 17-18 July 2020, Bekasi, Indonesia.

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Fintech is a form of financial service innovation other than banks. The more advanced information technology makes fintech as an alternative for the community in financial services. Fintech in Indonesia is divided into conventional and sharia fintech. The development of Islamic fintech in Indonesia continues to increase even though it is still less than conventional fintech. this fundamental difference from Sharia fintech through initial "akad" or agreements between investors and borrowers. Based on data from the Financial Services Authority (OJK) there are 13 licensed and registered Sharia fintech. The types of services performed are payment channel/system, digital banking, online/digital insurance, Peer-to-Peer (P2P) Lending, and crowdfunding. the chance of developing fintech sharia is quite high if it is associated with the number of Muslim population residing in Indonesia which is the largest Muslim population in the world. However, some challenges must be faced including the low level of financial literacy, regulations and sharia fintech policies, as well as service product innovation.

Item Type: Conference or Workshop Item (Paper)
Uncontrolled Keywords: fintech sharia fintech fintech services
Subjects: H Social Sciences > H Social Sciences (General)
Depositing User: EAI Editor IV
Date Deposited: 15 Mar 2021 08:38
Last Modified: 15 Mar 2021 08:38

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