scholarly journals THE ANALYSIS OF STANDARD AGREEMENT IN CREDIT TRANSACTIONS THROUGH FINANCIAL TECHNOLOGY VIEWED FROM LAW NO. 8 OF 1999 CONCERNING CONSUMER PROTECTION

2019 ◽  
Vol 6 (1) ◽  
pp. 61
Author(s):  
Dwi Edi Wibowo Handriyanto Wijaya Liana Endah Susanti, Ratna Anggraini
Keyword(s):  
Risk Management ◽  
Human Resources ◽  
Consumer Protection ◽  
Rapid Development ◽  
Financial Sector ◽  
Financial Inclusion ◽  
The Other ◽  
Conceptual Approach ◽  
Mixed Approach ◽  
Financial Technology

The rapid development of technology including its use in financial sector has made the process of financial inclusion and literacy easier, especially for a country where its community does not have a high financial understanding. Unfortunately, the practice of Financial Technology (Fintech) which should have put forward Law No. 8 of 1999 concerning Consumer Protection is considered unfavorable for the community. Hence, this study intends to investigate several issues regarding financial technology (fintech) which include the implementation of standard agreement in credit transactions through fintech, the barriers that often occur in credit transactions through fintech, and the settlement of consumer protection disputes related to credit transactions through fintech. This study applied a normative juridical method with a mixed approach, namely statute approach and conceptual approach. The results revealed that standard agreements made unilaterally by creditors often contain standard clauses leading to customers� losses. In one hand, a weak regulation causes fintech users to get less legal umbrella. On the other hand, the creditors are legally innocent because they get the customers� agreement in the standard agreement. Therefore, it can be concluded that there is a need to strengthen regulations relating to consumer service and protection against fintech transactions which include technology, operational security, human resources, and risk management.�Tujuan dari penelitian ini yaitu menjawab beberapa persoalan mengenai bagaimanakah pelaksanaan perjanjian baku dalam transaksi kredit melaui fintech, hambatan apa yang kerap terjadi dalam transaksi kredit melalu fintech dan bagaimanakah penyelesaian sengketa perlindungan konsumen terkait transaksi kredit melalui fintech. Metode penelitian yang digunakan adalah� yuridis normatif dan pendekatan campuran antara� statute approach dan conceptual approach dianggap selaras dengan tujuan dari kajian ini yaitu menjawab beberapa persoalan mengenai bagaimanakah pelaksanaan perjanjian baku dalam transaksi kredit melaui fintech, hambatan apa yang kerap terjadi dalam transaksi kredit melalu fintech dan bagaimanakah penyelesaian sengketa perlindungan konsumen terkait transaksi kredit melalui fintech. Hasil dari penelitian ini Teknologi �semakin berkembang dari tahun ke tahun, termasuk� pemanfaatanya di bidang finansial. Hal ini membuat proses inklusi dan literasi finansial menjadi lebih mudah, terutama untuk suatu negara yang belum tinggi pemahaman masyarakatnya terhadap finansial. Sayangnya Financial Technology (fintech) yang semestinya mengedepankan Undang-Undang No.8 Tahun 1999 tentang Perlindungan Konsumen belakangan ini justru dianggap sebaliknya. Perjanjian baku yang dibuat secara sepihak oleh kreditur kerap mengandung klausula-klausula baku yang mengarah pada kerugian yang menanti nasabah, terlebih dengan iming-iming instan yang disajikan penyedia jasa kredit melalui fintech dengan� mengedepankan slogan cepat dan mudah. Regulasi yang belum matang menyebabkan pengguna fintech kurang mendapat payung hukum, disisi lain pihak kreditur secara hukum tidak bersalah karena mendapat persetujuan nasabah dari perjanjian baku. Simpulan penelitian perlu adanya penguatan regulasi yang berkaitan dengan pelayanan dan perlindungan konsumen terhadap transaksi fintech mencakup pada teknologi, keamanan operasional, sumber daya manusia, serta pengelolaan dan� manajemen resiko.

scholarly journals CONSUMER PROTECTION AND FINTECH COMPANIES IN INDONESIA: INNOVATIONS AND CHALLENGES OF THE FINANCIAL SERVICES AUTHORITY

2020 ◽  
Vol 9 (1) ◽  
pp. 132
Author(s):  
Ika Atikah
Keyword(s):  
Risk Management ◽  
Consumer Protection ◽  
Data Protection ◽  
Financial Services ◽  
Research Method ◽  
Financial Inclusion ◽  
Main Issue ◽  
Conceptual Approach ◽  
Consumer Data ◽  
Financial Technology

The article has questions from the background of the research as follows: how to protect consumers fintech transactions from financial technology companies? What are the innovations and challenges of the financial services authority in overseeing and issuing regulations related to fintech? The research method used is normative with the statute approach and conceptual approach. The technique of collection primary legal is carried out by collecting OJK regulations regarding fintech companies, and consumer protection. Meanwhile, the technique of collection secondary legal is the concept or theories related to the main issue complete with bibliography. The Results that found are the fintech companies must be registered in the financial services authority by obeying and implementing OJK regulations. Innovation that OJK did enact Supervisory Technology (Suptech) to develop the financial technology (fintech) corporate ecosystem that is included in the realm of Digital Financial Innovation (IKD) on the OJK portal with the name Gerbang Elektronik Sistem Informasi Keuangan Digital. OJK also established the Innovation Center or Fintech Center in 2018. Challenges OJK must face: fintech lending is to create a balance between increasing financial inclusion and risk management, improving people’s understanding of fintech services, infrastructure, cybersecurity and data protection for consumers and fintech must collect more consumer data so that the lending and borrowing process becomes more efficient and effective.

scholarly journals THE ROLE OF FINANCIAL SERVICES AUTHORITY IN THE CONSUMER PROTECTION AMID THE GROWTH OF FINTECH INDUSTRY IN INDONESIA

2019 ◽  
Vol 31 (2) ◽  
pp. 297 ◽  
Author(s):  
Johanes Widijantoro
Keyword(s):  
Consumer Protection ◽  
Financial Literacy ◽  
Financial Services ◽  
The Body ◽  
Financial Inclusion ◽  
The Other ◽  
Other Hand ◽  
Financial Technology

The growth of the financial technology (fintech) industry is a necessity as an effort to make financial services more practical and efficient. On the other hand, consumers of financial services are still low in financial literacy levels, especially in considering various risks that can occur in dealing with the fintech industry. Indonesian Financial Services Authority (OJK) is the body responsible for carrying out the protection of consumers of financial services. This article describes how legal matters in the fintech business, which are actually useful and can encourage financial inclusion, but on the other hand have the potential to harm consumers if they are not properly regulated. Existing related OJK Regulations would be examined and what things should be regulated by the OJK so that consumers of financial services are protected amid the development of fintech, will also be elaborated in this article. This article respectively describes the rationality of consumer protection in the financial services, the dynamics of fintech growth and its problems, and an analysis of the role of OJK in the era of fintech industry.

scholarly journals PERLINDUNGAN KERAHASIAAN DATA INVESTOR UNTUK PENCEGAHAN KEBOCORAN DATA INVESTOR PADA PERUSAHAAN INOVASI KEUANGAN DIGITAL GOOLIVE

JURISDICTIE ◽  
2019 ◽  
Vol 10 (1) ◽  
pp. 1
Author(s):  
Muhammad Hatta Satria
Keyword(s):  
Human Resources ◽  
Social Interactions ◽  
Dispute Resolution ◽  
Cyber Security ◽  
Financial Services ◽  
Financial Innovation ◽  
Personal Relationships ◽  
Conceptual Approach ◽  
Equity Crowdfunding ◽  
Financial Technology

<p><em>The change in the digitalization era changed the way social interactions and personal relationships interact. Technological advancements facilitate the activities of millennial generations, especially in investing. The investment that is currently trading topic is financial technology. One of the financial technology companies that is the object of this research is Goolive. One of the financial technology companies that is engaged in agriculture uses the equity crowdfunding system. The use of crowdfunding systems, of course, Goolive companies have quite a lot of investors in running their businesses. So the purpose of this study is to find out the security system of the Goolive company in protecting investor data in an effort to avoid data leakage. This research is normative research using two approaches, namely legislation (statue approach) and conceptual approach (conceptual approach). The results of this study indicate that the first Goolive digital financial innovation company in its space is based on the Financial Services Authority Regulation Number / POJK.04 / 2018 concerning Fund Disbursement Services through Equity Crowdfunding and in anticipation of investor data leakage by limiting accessing data, using secret passwords, and changing passwords and verification. Second, the obstacles faced by startup companies are also felt by other startup companies, namely the lack of human resources who are experts in the field of cyber security. Third, financial technology dispute resolution can be carried out with litigation lines (court) or non-litigation channels. Completion of non-litigation can be taken using the APS by means of Negotiation, Binding Opinion, Mediation, Conciliation, Adjudication and Arbitration.</em></p><p><em>Adanya perubahan era digitalisasi mengubah cara berinteraksi sosial dan hubungan personal manusia. Kemajuan teknologi mempermudah aktivitas generasi milenial khususnya dalam berinvestasi. Investasi yang menjadi trading topic saat ini yaitu finansial teknologi. Salah satu perusahaan teknologi finansial yang menjadi objek penelitian ini adalah Goolive. Salah satu perusahaan finansial teknologi yang bergerak dalam bidang pertanian ini menggunakan sistem equity crowdfunding (penggalangan dana). Adanya penggunaan sistem crowdfunding, pastinya perusahaan Goolive memiliki investor cukup banyak dalam menjalankan bisnisnya. Sehingga tujuan penelitian ini untuk mengetahui sistem keamanan perusahaan Goolive dalam melindungi data investor sebagai upaya menghindari kebocoran data. Penelitian ini adalah penelitian normatif dengan menggunakan dua pendekatan, yaitu perundang-undangan (statue approach) dan pendekatan konsep (conceptual approach). Hasil penelitian ini menunjukkan bahwa bahwa pertama perusahaan inovasi keuangan digital Goolive dalam ruang geraknya berdasarkan Peraturan Otoritas Jasa Keuangan Nomor / POJK.04/ 2018 Tentang Layanan Urun Dana Melalui Penawaran Saham Berbasis Teknologi Informasi (Equity Crowdfunding) dan dalam mengantisipasi adanya kebocoran data investor dengan membatasi pengaksesan data, penggunaan sandi rahasia, dan mengganti sandi serta verifikasi. Kedua, hambatan yang dialami perusahaan startup ini juga dirasakan oleh perusahaan-perusahaan startup yang lain yaitu minimnya sumber daya manusia yang ahli dalam bidang cyber security. Ketiga, penyelesaian sengketa teknologi finansial dapat dilakukan dengan jalur litigasi (pengadilan) ataupun jalur non-litigasi. Penyelesaian non-litigasi dapat ditempuh menggunakan APS dengan cara Negosiasi, Pendapat Mengikat, Mediasi, Konsiliasi, Adjudikasi dan Arbitrase.</em></p>

scholarly journals KONTRIBUSI FINTECH DALAM MENINGKATKAN KEUANGAN INKLUSIF PADA PERTANIAN (Studi Analisis Melalui Pendekatan Keuangan Syariah Dengan Situs Peer To Peer Lending Pada Pertanian Di Indonesia)

2018 ◽  
Vol 1 (1) ◽  
pp. 1 ◽  
Author(s):  
Hanik Fitriani
Keyword(s):  
Financial Institutions ◽  
Agricultural Sector ◽  
Financial Sector ◽  
Financial Inclusion ◽  
Network Access ◽  
Financial Industry ◽  
The Public ◽  
Digital Era ◽  
The Government ◽  
Financial Technology

Abstract: Currently the development of technology is growing very rapidly and has entered into all sectors, including the financial sector. With the technology to the financial sector, it is slowly transforming the financial industry into the digital era. The combination of Financial Technique (Fintech) with financial institutions, especially sharia financial institutions, is considered to increase financial inclusiveness in agriculture. Inclusion is a situation where the public is not aware of access to digital finance.The emergence of problems in the first agricultural sector due to lack of land, secondly due to lack of farmer capital and thirdly due to lack of land processors made modernization of technology create agricultural financial technology as an alternative to increase financial inclusion in agriculture.The use of fintech agro in Indonesia is felt to be lacking because of constraints such as lack of literacy to the community, poorly trained human resources, lack of legislation and lack of network access to remote villages. Financial inclusion can increase with the support of the government to improve supporting facilities and infrastructure for the use of fintech agro in Indonesia. الملخص: في الوقت الحالي ينمو تطوير التكنولوجيا بسرعة كبيرة وقد دخل في جميع القطاعات، بما في ذلك القطاع المالي. ومع دخول التكنولوجيا إلى القطاع المالي، فإنها تحول الصناعة المالية إلى العصر الرقمي. ويشعر مزيج من التقنية المالية  مع المؤسسات المالية، وخاصة المؤسسات المالية الشرعية، تزيد التمويل في مجال الزراعة. ظهور مشاكل في القطاع الزراعي الأول بسبب عدم وجود الأراضي، وثانياً بسبب نقص رأس المال الفلاحي، وثالثاً بسبب عدم وجود معالجي الأراضي، أدى تحديث التكنولوجيا إلى خلق التكنولوجيا الزراعية المالية كبديل لزيادة الشمول المالي في الزراعة. ومن المعتقد أن استخدام التكنولوجيا الزراعية في إندونيسيا يفتقر إلى القيود بسبب الافتقار إلى معرفة القراءة والكتابة لدى المجتمع، والموارد البشرية المدربة تدريجيًا، وعدم وجود تشريعات، وعدم الوصول إلى الشبكة إلى القرى النائية. يمكن أن يزيد الإدماج المالي بدعم من الحكومة لتحسين المرافق الداعمة والبنية التحتية لاستخدام التكنولوجيا الزراعية في إندونيسيا.                                         Abstrak: Saat  ini  perkembangan teknologi berkembang sangat pesat  dan telah masuk ke semua sector, diantaranya adalah sektor keuangan. Dengan masuknya teknologi ke sector keungan, maka secara perlahan  mengubah industry keuangan ke era digital. Perpaduan antara Financial Technlogi (Fintech) dengan lembaga keuangan  khususnya lembaga keuangan syariah dirasa dapat meningkatkan inklusif keuangan pada bidang pertanian. Inklusi adalah sebuah keadaan di mana masyarakat kurang paham terhadap akses keuangan digital.Munculnya permasalahan pada bidang pertanian pertama karena kurangnya lahan, kedua karena kurangya modal petani dan ketiga karena kurangnya pengolah lahan membuat modernisasi teknologi menciptakan teknologi financial  agro pertanian sebagai alternative meningkatkan inklusi keuangan pada bidang pertanian.Penggunan fintech agro di Indonesia dirasa masih kurang karena adanya kendala seperti kurangnya literasi kepada masyarakat, Sumber daya manusia yang kurang dibina, peraturan perundang-undangan yang kurang dan kurangnya akses jaringan ke dalam pelosok desa. Inklusi keuangan bisa  meningkat dengan adanya dukungan dari pemerintah guna peningkatan sarana dan prasarana penunjang untuk penggunaan fintech agro di Indonesia.

scholarly journals Penerapan UTAUT untuk Memahami Akseptansi Mahasiswa terhadap Inovasi Cicilan Buku Berakad Murabahah

Al-Muzara ah ◽  
2020 ◽  
Vol 8 (2) ◽  
pp. 141-151
Author(s):  
Izza Syafira Amalia ◽  
M. Ruslianor Maika
Keyword(s):  
Rapid Development ◽  
Innovation System ◽  
Financial Sector ◽  
Phenomenological Approach ◽  
Muslim Community ◽  
Goods And Services ◽  
Payment Methods ◽  
Made In ◽  
Financial Technology

The increasing interest of the Muslim community in Indonesia in the consumption of goods and services labeled halal has certainly made all things with a halal perspective appear. Fintech (financial technology) as a form of digitization of the rapid development of technology is also used in the financial sector. The focus discussed in this study is the obligation of students to have books and how the website innovation system works using the murabaha contract. This study uses a phenomenological approach by conducting interviews with 40 students of the Muhammadiyah University of Sidoarjo who have used and made transactions on the IjabQabul.id website. The data obtained from the interviews were reprocessed using the Atlas.ti software. The results showed that from the IjabQabul.id website, students were quite helped by the facilities provided, such as payment methods that could be made online or collectively as well as payment methods that could be made in installments. Additions and feature enhancements are also expected by users to be added to the website.

scholarly journals Rewolucja technologiczna a konkurencja w sektorze finansowym

Studia BAS ◽  
2020 ◽  
Vol 3 (63) ◽  
pp. 43-59
Author(s):  
Janina Harasim
Keyword(s):  
Mobile Technology ◽  
Rapid Development ◽  
Market Value ◽  
Financial Sector ◽  
Modern Technology ◽  
Financial Inclusion ◽  
Barriers To Entry ◽  
Long Term Impact ◽  
The Impact

The rapid development of modern technology and the increasing number of FinTechs can bring new competition challenges to incumbents. First, the author identifies the most important technologies implemented in the financial sector, such as artificial intelligence, machine learning, APIs, cloud computing, mobile technology and DLT. Next, she analyses BigTechs’ customer-centric platform-based business model and its impact on competition in the financial sector. The expansion of BigTechs into finance should lower the barriers to entry by reducing information and transaction costs, and thereby enhance financial inclusion. However, the long-term impact could be negative as BigTechs can exploit their market power to increase user switching costs and/or to exclude potential competitors. The impact of smaller FinTechs on competition seems to be more beneficial as they rather collaborate than compete with incumbents (especially with banks) while bank – FinTech alliances aim at improving the prospects and the market value of both FinTechs and banks.

Human Dignity, Human Rights, and Simply Trying to Do the Right Thing

2013 ◽  
Author(s):  
Roger Brownsword
Keyword(s):  
Risk Management ◽  
Human Rights ◽  
Human Dignity ◽  
Emerging Technologies ◽  
Rapid Development ◽  
The Other ◽  
Regulatory Environment ◽  
Moral Communities ◽  
The Right ◽  
Do The Right Thing

In a context of rapidly emerging technologies, this chapter considers the bearing of human dignity on the regulatory environment. It opens by suggesting that one of the reasons why moral communities are now debating human dignity with such intensity is because of concerns arising from the rapid development of novel biotechnologies. Next, it considers how far it is possible to satisfy ideals of regulatory coherence when the regulation of emerging technologies hinges on our divided understanding of human dignity. Thirdly, it identifies two threats to human dignity that are immanent in modern regulatory thinking. One threat is a risk-management mentality that marginalizes (and possibly excludes) moral considerations; and the other is an over-reliance on technological instruments such that the complexion of the regulatory environment denies humans the opportunity to express their dignity.

The FinTech Wave in the Financial Sector for European Union Countries

2021 ◽  
pp. 44-60
Author(s):  
Alina-Nicoleta Radu ◽  
Anca Mihaela Copaciu (Paraschiv)
Keyword(s):  
Risk Factors ◽  
Financial Sector ◽  
Business Environment ◽  
Financial Inclusion ◽  
The Other ◽  
Investment Climate ◽  
Z Score ◽  
European Union Countries ◽  
New Business ◽  
Available Technology

In this chapter, the authors provide some answers to the following questions: (1) To what extent can FinTech enter the market? (2) Are the markets accommodative enough for new innovative financial projects? (3) What are the main drivers of FinTech phenomenon? (4) Will FinTech shape the financial landscape going forward? By constructing four indices that can influence and drive FinTech market entry, such as (1) demand factors, (2) supply factors, (3) business environment, and (4) investment climate and by applying a z-score methodology, the results point out which economy is better prepared for a challenging wave of innovative changes in the financial sector relatively to the other economies included in the study. The authors focus on the EU countries over a period of 12 years (2007–2018). The FinTech market indices are computed by taking into account a wide variety of variables such as the level of financial inclusion, the available technology and infrastructure, the ease of starting new business, and the risk factors related to investment climate for all EU economies.

scholarly journals Opportunities and Challenges in Developing Islamic Pension Funds in Indonesia

ETIKONOMI ◽  
2020 ◽  
Vol 19 (2) ◽  
Author(s):  
Rahmatina Awaliyah Kasri ◽  
Banu Muhammad Haidlir ◽  
Muhammad Budi Prasetyo ◽  
Tika Arundina Aswin ◽  
Fenny Rosmanita
Keyword(s):  
Qualitative Research ◽  
Human Resources ◽  
Research Method ◽  
Pension Fund ◽  
Rapid Development ◽  
Pension Funds ◽  
The Other ◽  
Focus Group Discussions ◽  
Group Discussions ◽  
Pension Schemes

Despite the rapid development of the Islamic financial sector in Indonesia, the development of Islamic pension funds is way behind those of the other Islamic financial sectors. This study aims to explore the opportunities and challenges faced by Indonesian Islamic pension funds. Utilizing a qualitative research method, the study conducted Focus Group Discussions with 23 large pension funds spread across five big cities in Indonesia. It was revealed that opportunities and prospects for developing Islamic pension funds in Indonesia are relatively good. However, various internal and external challenges were found, such as a lack of knowledge; the weak commitment of founders; lack of quality human resources; relatively unfavorable tax treatment; limited investment instruments; competition with government pension schemes; and public literacy problems.  Therefore, two broad strategies are recommended to develop the Islamic funds, namely the provision of direct/indirect incentives to market players, and literacy programmes to targeted/priority groups. These strategies are expected to encourage and accelerate the growth of Indonesia's Islamic pension fund industry in the future.JEL Classification: H55, H75, J32How to Cite:Kasri, R. A., Haidlir, B. H., Prasetyo, M. B., Aswin, T. A., Rosmanita, F. (2020). Probability of Paying Zakat from Micro Financing Project Return. Etikonomi: Jurnal Ekonomi, 19(2), xx – xx. https://doi.org/10.15408/etk.v19i2.16284.

scholarly journals FINANCIAL INCLUSION AND INCLUSIVE GROWTH: A CROSS-PROVINCE ANALYSIS IN INDONESIA

2016 ◽  
Vol 18 (3) ◽  
pp. 281-306 ◽  
Author(s):  
I Made Sanjaya ◽  
Nursechafia Nursechafia
Keyword(s):  
Financial Services ◽  
Financial Sector ◽  
Financial Inclusion ◽  
The Other ◽  
Average Level ◽  
Inclusive Growth ◽  
Positive Correlation ◽  
The Poor ◽  
Other Hand ◽  
Equity Index

This paper computes and analyzes the degree of financial inclusion and the inclusive growth in Indonesia. Using provincial data, we calculate the Index of Financial Inclusion (IFI) based on the accessibility, the availability, and the usage of the financial services. On the other hand, the Index of Inclusive Growth (IIG) is developed through the method of social opportunity function by increasing the average level and equity index of opportunities. The result shows that the financial inclusion in Indonesia is largely determined by the accessibility, while the availability and the usage play only small portion. This leads to a conclusion that the group of the poor is limited on using the financial services. Furthermore, we use social opportunity function to measure the inclusive growth, and find a positive correlation with the financial inclusion. These findings call the attention from regulators to push the financial sector to extend their services further beyond their existing market target

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