scholarly journals Internet finance: Digital currencies and alternative finance liberating the capital markets

2015 ◽  
Vol 4 (4) ◽  
pp. 190-201 ◽  
Author(s):  
Kim Wales
Keyword(s):  
Capital Markets ◽  
Financial Services ◽  
Global Economy ◽  
Industrial Revolution ◽  
Peer To Peer ◽  
Agricultural Revolution ◽  
Internet Finance ◽  
P2p Lending ◽  
Conducting Wire ◽  
Alternative Finance

This article discusses how the sudden shift in policy reform and innovation has the potential to liberate the financial markets. The economic potential of internet finance is beginning to take hold across the capital markets as industries like Peer – to – Peer Lending, Equity and Debt based Crowdfunding and virtual currencies and cryptocurrencies which are types of digital currency are quickly transforming the way businesses are being financed. From borrowing and lending, buying and selling securities, to conducting wire transfers internationally, these innovations are creating a new class and generation of investors will source investments opportunities. Helping institutions and governments assess risks and manage performance in order to determine where to deploy capital; and showing signs of lessening the inequality gap. Following the neolithic agricultural revolution and the industrial revolution, this new revolution will enable more people to access financial services in less traditional ways, especially the unbanked world with its huge potential. These new financial opportunities, such as peer – to - peer (P2P) lending, will be discussed and examined, and we will stress how they can allow people to bypass current barriers in the global economy. We conclude by arguing that all these developments, energized by the efforts of innovators and entrepreneurs, have the potential to radically transform the world in which we live, while promoting the core values of industrialized societies including democracy, capital formation, sustainability, and equality without solely relying on tax increases.

2. The pre-Industrial Revolution, 1500–1700

2017 ◽  
Author(s):  
Robert C. Allen
Keyword(s):  
Global Economy ◽  
Industrial Revolution ◽  
High Wage ◽  
Real Wages ◽  
Organization Of Work ◽  
Agricultural Revolution ◽  
Economic Basis ◽  
Market Town ◽  
The Many ◽  
The Town

‘The pre-Industrial Revolution, 1500–1700’ uses the cloth industry in Witney, a small Oxfordshire market town, as an example of the many themes of both the pre- and main Industrial Revolution. During the Industrial Revolution, the technology changed and so did the organization of work, but these changes did not benefit the workforce. Despite the decline in employment and real wages, the woven blanket industry remained the economic basis of the town for two more centuries. England’s success in the global economy had important effects beyond the growth of cities and rural manufacturing. These include the agricultural revolution, the coal revolution, the high wage economy, and the expansion of literacy.

scholarly journals Fintech Lending: Challenge and Opportunities of the Indonesia’s Loan Unbanked to Develop the Inclusive Financial Industry

2019 ◽  
Vol 3 (2) ◽  
pp. 105
Author(s):  
Pranoto Pranoto ◽  
Munawar Kholil ◽  
Kukuh Tejomurti
Keyword(s):  
Financial Services ◽  
Secondary Data ◽  
Peer To Peer ◽  
Financial Service ◽  
Financial Industry ◽  
Legal Research ◽  
Indonesian Government ◽  
Start Up ◽  
Business Area ◽  
P2p Lending

<p>The aim of this study is to explore and analyze the development of fintech peer to peer lending (fintech) regulation in Indonesia and Indonesia's readiness in facing the fintech industry, especially fintech loans. This study is important since the Indonesian government has begun to ratify fintech as one of the legal financial services in Indonesia. This is a normative legal research, by collecting secondary data including primary, secondary, and tertiary legal materials. The results show that after the Indonesian government approved Fintech as a legitimate financial service in Indonesia, many Fintech Start up companies begin registering their companies, the Indonesian government separate the granting of fintech licenses to the financial services authorities and Indonesian banks according to the types of the fintech, specifically for fintech peer to peer licensing is granted by the financial services authority. Although Fintech P2P Lending can be a prospective business area, there is not infrequently the risk of default by borrowers. The Fintech Provider does not guarantee ongoing loans if they fail to pay. Because the organizer is not a party to a loan agreement made by the lender and the recipient of the loan. there is not infrequently the risk of default by borrowers. The Fintech Provider does not guarantee ongoing loans if they fail to pay. Because the organizer is not a party to a loan agreement made by the lender and the recipient of the loan</p>

scholarly journals The Fintech Phenomenon: Protection of Consumer Privacy Data in Online Lending

2021 ◽  
Vol 21 (2) ◽  
pp. 185-194
Author(s):  
Ika Dewi Sartika Saimima ◽  
Valentino Gola Patria
Keyword(s):  
Financial Services ◽  
Legal Theory ◽  
Personal Data ◽  
Peer To Peer ◽  
Legal Norms ◽  
Consumer Privacy ◽  
P2p Lending ◽  
Peer Lending ◽  
The One ◽  
Online Lending

Abstract   Financial technology innovation that occurs nowadays leads to accelerated changes in the financial sector. However, these developments are like double-edged swords, on the one hand they provide convenience for consumers, on the other hand pose risks for consumers related to the confidentiality of their personal data. Money lending business through Peer to Peer lending (P2P lending) system often results in consumers receiving threats when they are late making payments. This paper presents several cases that result in consumers experiencing personal data theft, receiving threats directed at relatives or acquaintances. Even committing fraud by taking money from borrowers or customers without following the regulations made by the Financial Services Authority (OJK). The research data is carried out in a qualitative normative way where the data is translated based on legal norms and uses legal theory that can explain and answer existing legal problems.   Keywords: Consumer Protection, Peer to Peer lending (P2P lending), Private Data Protection   Abstrak   Inovasi teknologi keuangan yang terjadi saat ini mengarah pada akselerasi perubahan di sektor keuangan. Namun perkembangan tersebut ibarat pedang bermata dua, di satu sisi memberikan kemudahan bagi konsumen, di sisi lain menimbulkan risiko bagi konsumen terkait kerahasiaan data pribadinya. Bisnis money lending melalui sistem Peer to Peer lending (P2P lending) seringkali mengakibatkan konsumen mendapat ancaman ketika mereka terlambat melakukan pembayaran. Makalah ini menyajikan beberapa kasus yang mengakibatkan konsumen mengalami pencurian data pribadi, menerima ancaman yang ditujukan kepada kerabat atau kenalan. Bahkan melakukan penipuan dengan mengambil uang dari debitur atau nasabah tanpa mengikuti ketentuan Otoritas Jasa Keuangan (OJK). Data penelitian dilakukan secara normatif kualitatif dimana datanya diterjemahkan berdasarkan norma hukum dan menggunakan teori hukum yang dapat menjelaskan dan menjawab permasalahan hukum yang ada. Kata kunci: Peer to Peer lending (P2P lending), Perlindungan Konsumen, Perlindungan Data Pribadi   Kata Kunci: Perlindungan Konsumen, Peer to Peer lending (P2P lending), Perlindungan Data Pribadi

scholarly journals Legal Protection for Problem Debtor Related to the Use of the Artificial Intelligence System in Peer to Peer Lending

Yuridika ◽  
2020 ◽  
Vol 35 (3) ◽  
pp. 657
Author(s):  
Yusuf Arif Utomo
Keyword(s):  
Artificial Intelligence ◽  
Financial Services ◽  
Service Providers ◽  
Personal Data ◽  
Legal Protection ◽  
Electronic System ◽  
Peer To Peer ◽  
Conceptual Approach ◽  
Legal Provisions ◽  
P2p Lending

In the era of digital economic development, the community continues to innovate in terms of providing lending and borrowing services. One form of development of Financial Technology (fintech) is the distribution of funds through the Peer to Peer (P2P) Lending system. Where this system has more or less the same role as banks, namely as an organizer; from parties who have funds (investors) to those who need funds (debtors) whose methods are carried out online. The distribution of funds through the P2P Lending system has developed rapidly in Indonesia. In carrying out its business, the loan and loan service provider uses an electronic system that is a series of electronic devices and procedures that function to disseminate information in the field of financial services. The electronic system can also be referred to as Artificial Intelligence (AI). By using AI, loan and loan service providers can find out all the debtor's personal data, where in the end the debtor becomes disadvantaged because his personal rights are violated. On the other hand there are no legal provisions in Indonesia that can protect debtors in this regard. So that in this study later will discuss about the extent of legal arrangements related to the protection of debtors in the P2P Lending system using AI. This research uses the statute approach method; namely the approach through legislation and conceptual approach, namely the legal approach through the concepts and opinions of legal experts.

scholarly journals Fungsi Jaminan Sebagai Penentu Credit Scoring Dalam Layanan Pinjam Meminjam Uang Berbasis Teknologi Informasi

2021 ◽  
Vol 4 (5) ◽  
pp. 1871
Author(s):  
Nalendra Pradipto
Keyword(s):  
Information Technology ◽  
Industrial Revolution ◽  
Credit Scoring ◽  
Peer To Peer ◽  
The Public ◽  
P2p Lending ◽  
Risk Grade ◽  
Peer Lending ◽  
Financial Technology

AbstractThe growth of information technology or commonly referred to as Industrial Revolution 4.0 has given birth to a new idea namely Money Lending and Borrowing Services based on Information Technology. Peer to Peer Lending (P2P) Lending is a service that is much in demand by the public. The majority of P2P Lending financial technology providers do not require collateral. With this condition, OJK has issued a special regulation, namely POJK No. 77 / POJK.01 / 2016 concerning Money Lending and Borrowing Services based on Information Technology. Article 21 POJK No.77 / POJK.01/2016 states that the Operator is required to manage credit risk and operational risk. One risk management undertaken by the Provider is to use Credit Scoring to classify Debtors into certain risk grades. However, because the majority of P2P Lending does not require a material guarantee, the Credit Scoring factor other than collateral becomes very important. In practice, the Operator is often less selective about the classification of Debtors in Credit Scoring, resulting in many defaults.Keywords: Peer to Peer Lending; Financial Technology; Credit Scoring; Risk Grade.AbstrakPerkembangan teknologi informasi informasi atau yang biasa disebut dengan Revolusi Industri 4.0 telah melahirkan gagasan baru yaitu Layanan Meminjam Uang Berbasis Teknologi Informasi. Peer to Peer Lending (P2P) Lending menjadi layanan yang banyak diminati oleh masyarakat. Dari beragam Penyelenggara teknologi finansial P2P Lending mayoritas tidak mensyaratkan adanya jaminan kebendaan. Dengan adanya kondisi tersebut OJK telah mengeluarkan aturan khusus yaitu POJK No. 77/POJK.01/2016 tentang Layanan Pinjam Meminjam Uang Berbasis Teknologi Informasi. Pasal 21 POJK No.77/POJK.01/2016 menyatakan Penyelenggara wajib melakukan manajemen risiko kredit dan risiko operasional. Salah satu manajemen risiko yang dilakukan Penyelenggara adalah menggunakan Credit Scoring untuk mengklasifikasi Debitor ke dalam risk grade tertentu. Meskipun demikian karena mayoritas P2P Lending tidak mensyaratkan adanya jaminan kebendaan, maka faktor Credit Scoring selain jaminan menjadi sangat penting. Pada prakteknya Penyelenggara seringkali kurang selektif terhadap klasifikasi Debitor dalam Credit Scoring sehingga banyak terjadi wanprestasi. Kata Kunci: Peer to Peer Lending; Teknologi Finansial; Credit Scoring; Risk Grade.

scholarly journals INDONESIAN FINTECH: BUSINESS ECOSYSTEM AND REGULATION

2020 ◽  
Vol 5 (2) ◽  
pp. 277-295
Author(s):  
Sugeng Sugeng ◽  
Clara Ignatia Tobing ◽  
Rona Fajarwati
Keyword(s):  
Financial Services ◽  
Secondary Data ◽  
Peer To Peer ◽  
Social Phenomena ◽  
Business Ecosystem ◽  
Criminal Offenses ◽  
Electronic Transactions ◽  
P2p Lending ◽  
Short Time ◽  
Financial Technology

This article will examine the development of the business ecosystem and regulation of Financial Technology (Fintech) in Indonesia, especially lending through electronic transactions, or peer to peer lending (P2P Lending). Although the Financial Services Authority (OJK) has closed the company's activities, but in a short time other illegal companies have emerged, even in larger numbers. This research uses the doctrinal method with the statutory approach. Secondary data is used to explain of legal and social phenomena related to the research topic.The Fintech industry requires specific provisions governing criminal offenses related to Illegal companies. 

scholarly journals Characteristics of Financial Technology as Financing Alternative Capitalization of Medium Small-Medium Enterprises (MSME)

FIAT JUSTISIA ◽  
2021 ◽  
Vol 15 (2) ◽  
pp. 133-158
Author(s):  
Dwi Tatak Subagiyo
Keyword(s):  
Information Technology ◽  
Financial Services ◽  
Financial Institution ◽  
Small And Medium Enterprises ◽  
Peer To Peer ◽  
P2p Lending ◽  
Peer Lending ◽  
Small Medium Enterprises ◽  
Medium Enterprises ◽  
Financial Technology

Characteristics of Financial Technology as a Financial Institution that uses information technology to provide financial solutions by prioritizing compliance with the principles of prudence and risk management. The characteristics of Financial Technology institutions are getting a loan quickly; Makes Payment Easier; Make Loan Payments without Additional Fees. Peer to Peer Lending (P2P lending) system in providing financial services is done through information technology based. The financial services institution Peer to Peer Lending (P2P Lending) is a financial technology financial institution (Fintech). Financial Technology (Fintech) as a Literacy Source for Financing Micro, Small and Medium Enterprises; Financial Technology (Fintech) As a Facilitator in MSME Development; Financial Tecnology (Fintech) as a driver for Micro, Small and Medium Enterprises to Increase National Financial Inclusion. The Role of the Financial Services Authority (OJK) and the Indonesian Joint Funding Fintech Association (AFPI) As Regulations and Oversight of Financial Technology Institutions (Fintech) in Indonesia.

scholarly journals Penerapan Konsep Utilitarianisme Untuk Mewujudkan Perlindungan Konsumen Yang Berkeadilan Kajian Peraturan Otoritas Jasa Keuangan Nomor: 1/POJK.07/2013 Tentang Perlindungan Konsumen Sektor Jasa Keuangan

2019 ◽  
Vol 19 (1) ◽  
pp. 15
Author(s):  
Dwi Edi Wibowo
Keyword(s):  
Consumer Protection ◽  
Financial Services ◽  
Peer To Peer ◽  
Financial Industry ◽  
Fast Process ◽  
Bank Institution ◽  
P2p Lending ◽  
Peer Lending ◽  
Financial Technology

Abstrak Peranan internet dalam teknologi informasi telah digunakan untuk mengembangkan industri keuangan  (financial industry)  melalui modifikasi dan efisiensi layanan jasa keuangan yaitu dikenal dengan istilah Financial Technology atau Fintech. Fintech jenis pinjam-miminjam uang berbasis teknologi atau peer to peer lending (P2P-lending) merupakan jenis Fintech yang tumbuh pesat di Indonesia, kelebihan pinjam meminjam uang melalui layanan P2P-lending lainnya adalah syarat yang sangat mudah dan proses yang cepat dibandingkan meminjam uang melalui Lembaga Bank. Namun kemudahan transaksi yang ditawarkan oleh layanan P2P- lending justru memperlemah posisi dari konsumen. Permasalahan Bagaimanakah Penerapan Konsep Utilitarianisme Untuk Mewujudkan Perlindungan Konsumen Fintech. (Financial Technology) Yang Berkeadilan, Tujuan  untuk mengetahui bagaimanakah penerapan konsep utilitarianisme untuk mewujudkan perlindungan kosnumen fintech ( finansial technology yang berkeadilan . Kata kunci : utilitarianisme, perlindungan konsumen, berkeadilan Abstrak The role of the internet in information technology has been used to develop the financial industry through the modification and efficiency of financial services, known as Financial Technology or Fintech. Fintech borrows money based on technology or peer to peer lending (P2P-lending) is a fast-growing type of Fintech in Indonesia, the advantages of lending and borrowing via other P2P-lending services are very easy conditions and a fast process compared to borrowing money through Bank Institution. But the ease of transactions offered by P2P-lending services actually weakens the position of consumers. Problems How to Implement the Utilitarianism Concept to Realize Fintech Consumer Protection. (Financial Technology) that is just, the aim is to find out how the application of the concept of utilitarianism is to realize the protection of fintech consumers (equitable technology finance. Keywords: utilitarianism, consumer protection, justice 

scholarly journals LAYANAN PEMBIAYAAN BERBASIS TEKNOLOGI INFORMASI BERDASARKAN PRINSIP SYARIAH: TINJAUAN FATWA DSN NOMOR 117/DSN-MUI/II/2018

2021 ◽  
Vol 2 (1) ◽  
pp. 62-74
Author(s):  
Suyuti Dahlan Rifa'i ◽  
Hijriatu Sakinah
Keyword(s):  
Information Technology ◽  
Financial Services ◽  
Descriptive Analysis ◽  
Peer To Peer ◽  
Business World ◽  
Standard Contract ◽  
Library Research ◽  
Technological Developments ◽  
P2p Lending ◽  
Development Step

The development of information technology not only covers social, political and cultural but also affects the economy. One that is being widely discussed is Fintech. This article aims to analyze fintech on PT. iGrow Resources Indonesia towards fatwa DSN number 117 / DSN-MUI / II / 2018 about information technology-based financing services based on sharia principles. This research is a library research using a descriptive analysis approach. PT. iGrow is not directly participate in the lending and borrowing process but provides a digital technology-based platform to facilitate the lending-borrowing process. The development of technology and information, especially Peer to Peer (P2P) Lending, has made innovation in fintech-based financial services more practical and modern. The concept of adapting to technological developments combined with the financial sector by iGrow which was development step that is very aware of the needs of fintech for the business world. Regarding the extent to which the Islamic principles applied in PT. iGrow, can be seen in the discussion of the agreement. It is concluded that the standard contract is not in accordance with sharia principles based on the DSN fatwa number 117 / DSN-MUI / II / 2018 concerning information technology-based financing services based on sharia principles.Keywords: Contract, Fintech, iGrow, Sharia,  AbstrakPerkembangan teknologi informasi tidak hanya mencakup kehidupan sosial, politik, dan budaya tetapi juga berpengaruh terhadap perekonomian. Salah satu yang sedang ramai diperbincangkan adalah Fintech. Artikel ini bertujuan untuk menganalisa fintech di PT. iGrow Resources Indonesia berdasarkan fatwa DSN nomor 117/DSN-MUI/II/2018 tentang layanan pembiyaan berbasis teknologi informasi berdasarkan prinsip syariah. Penelitian ini merupakan penelitian kepustakaan (library research) dengan menggunakan pendekatan deskriptif analisis. PT. iGrow tidak turun langsung dalam proses pinjam meminjam tetapi  menyediakan platform berbasis teknologi digital dalam memfasilitasi proses pinjam-meminjam. Perkembangan teknologi dan informasi khususnya Peer to Peer (P2P) Lending telah menciptakan inovasi  layanan keuangan berbasis fintech menjadi semakin praktis dan modern. Konsep adaptasi perkembangan teknologi yang dipadukan dengan bidang financial oleh iGrow merupakan langkah pengembangan bisnis yang sangat menyadari kebutuhan fintech bagi dunia bisnis. Terkait sejauh mana prinsip syariah yang diterapkan dalam PT. iGrow, dapat dilihat pada pembahasan akad dalam kontrak. Disimpulkan bahwa kontrak baku belum sesuai dengan prinsip syariah berdasarkan fatwa DSN nomor 117/DSN-MUI/II/2018 tentang layanan pembiyaan berbasis teknologi informasi berdasarkan prinsip syariah. Kata Kunci: Fintech, iGrow, Kontrak, Syariah

scholarly journals Perlindungan Konsumen dari Penyebarluasan Data Pribadi oleh Pihak Ketiga: Kasus Fintech Peer”To Peer Lending”

2020 ◽  
Vol 9 (1) ◽  
pp. 92
Author(s):  
Veronica Novinna
Keyword(s):  
Financial Services ◽  
Personal Information ◽  
Personal Data ◽  
Legal Protection ◽  
Peer To Peer ◽  
Third Party ◽  
Loan Default ◽  
P2p Lending ◽  
Peer Lending ◽  
Legal Consequences

Online loans are an instant method to get loans with technology basis and under control of the Financial Services Authority. Startups organizer have failed to protect consumers personal information thus creates problem in collecting debts."This study aims to explain and analyze" the”Legal Position of the Debt Collector in the administration of fintech and the legal consequences of the act of suppressing payments to consumers who fail to pay unlawfully.”This type of research used is normative juridical conducted with the approach of existing laws and regulations in Indonesia. Based on the research results obtained, there is a relationship or position of a third party with an online loan provider as a debt collector in a loan default, and this is explicitly explained in the P2P Lending fintech service delivery guidelines. "The legal consequences of the act of suppressing payments in the form of distribution" consumer personal data from the debt collector of the party organizing P2P Lending where "the consumer has the right to get legal protection through the filing of a claim of loss" arising as well as the organizer may be subject to administrative sanctions for his negligence. Pinjaman online ialah pinjaman cepat berbasis teknologi yang diawasi oleh OJK, beberapa penyelenggara telah lalai dalam menjaga data pribadi konsumen sehingga menimbulkan permasalahan dalam penagihan hutang kepada konsumen. Penelitian ini bertujuan untuk menjelaskan dan menganalisis Kedudukan Hukum Debt collector dalam penyelenggaraan fintech dan akibat hukum terhadap tindakan menekan pembayaran kepada konsumen gagal bayar dengan cara melawan hukum”. Jenis Penelitian yang dipergunakan ialah yuridis normatif yang dilakukan dengan pendekatan peraturan perundang-undangan yang ada di Indonesia. Berdasarkan hasil penelitian yang didapat yakni adapun hubungan atau kedudukan pihak ketiga dengan penyelenggara pinjaman online adalah sebagai penagih hutang dalam pinjaman gagal bayar dan hal tersebut dijelaskan secara eksplisit dalam pedoman perilaku pemberian layanan fintech Peer to Peer Lending (P2P Lending).”Adapun akibat hukum terhadap tindakan menekan pembayaran berupa penyebaran data pribadi konsumen dari debt collector pihak penyelenggara P2P Lending dimana konsumen berhak mendapat perlindungan hukum melalui pengajuan tuntutan kerugian yang timbul serta pihak penyelenggara dapat dikenakan sanksi administratif atas tindakan kelalaiannya.

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