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This study aims to examine the role of Sharia Financial Institutions (SFIs) in strengthening sharia financial literacy as a preventive measure against illegal online lending practices in Indonesia. The study uses a descriptive qualitative method through literature review and normative legal analysis of fintech regulations (POJK 77/2016, PBI 19/12/PBI/2017, PDP Law 27/2022, and DSN-MUI Fatwa 117/2018) as well as various studies related to Islamic financial literacy, the role of LKS, and the phenomenon of illegal online lending. The results of the analysis show that Islamic financial literacy still lags behind conventional financial literacy, while the educational and social roles of LKS have not been fully utilized. On the other hand, the legal framework for fintech is adequate, but weak in terms of implementation and public literacy. This study recommends strengthening LKS literacy strategies based on community and digital platforms and developing Islamic microfinance as a safer alternative to illegal online loans.

This study discusses the application of the law to the alleged facilitation of online gambling transactions by PT Espay Debit Indonesia Koe (DANA), which allegedly distributed funds of IDR 5.37 trillion in illegal activities. This case is in the spotlight because it shows the weakness of the digital financial supervision system in Indonesia and raises questions about the limits and forms of legal accountability of fintech operators in preventing misuse of services. The research method used is normative juridical with a descriptive qualitative approach, using primary, secondary, and tertiary legal materials to analyze applicable regulations and supervisory practices. The results of the study show that although DANA does not directly commit a criminal act of gambling, negligence in implementing transaction supervision mechanisms, including monitoring suspicious transaction patterns, can give rise to certain forms of legal liability. These findings underscore the importance of prudence and compliance with anti-money laundering regulations in fintech operations. This study recommends strengthening fintech regulations, implementing stricter Know Your Customer (KYC), increasing synergy between OJK, PPATK, and the Police, and establishing a more integrated and responsive digital transaction supervision system to prevent similar crimes in the future.

Digitalization has become a key factor driving global economic transformation, including the development of the Islamic economy in Indonesia. The purpose of this study is to evaluate the opportunities, challenges, and strategies for advancing the Islamic economy in the digital era through a literature-based research method. Information was gathered by reviewing documents, articles, and relevant literature related to the digitalization of the Islamic economy, including analyses of Sharia-compliant fintech, halal e-commerce, and digital Islamic banking.The findings indicate that digitalization offers numerous opportunities to enhance service efficiency, expand access to Islamic financial services, strengthen the capacity of MSMEs, and accelerate the growth of the halal industry. However, the digital transformation process also presents several challenges, such as low levels of digital and Islamic financial literacy, potential data breaches, the spread of misinformation, regulatory inefficiencies, and legal uncertainties associated with emerging technologies such as Sharia-compliant blockchain. In addition, digital inequality and ethical issues must be addressed to ensure alignment with the principles of maqāṣid al-sharī‘ah.This study highlights the importance of implementing a comprehensive Sharia-based development strategy through regulatory strengthening, education on digital ethics, enhanced supervisory functions, and collaboration between the government, academia, industry players, and society. With the right approach, digitalization can become a significant tool in building an Islamic economic ecosystem that is just, inclusive, and sustainable.

This study aims to analyze the digital marketing strategies implemented by Islamic fintech platforms to enhance their competitiveness in the Islamic financial sector. The research is motivated by the rapid development of financial technology, which has significantly influenced consumer behavior and reshaped financial institutions’ business models, including those operating under Islamic principles. Despite this growth, Islamic fintech faces challenges in strengthening its brand image, user trust, and customer loyalty amidst the dominance of conventional fintech players. The study adopts a qualitative descriptive approach using case studies of selected Islamic fintech platforms such as Ammana, Ethis, and Investree Syariah. Data were collected through documentation, online interviews, and analysis of financial reports and official websites. The data were analyzed using the SWOT framework to identify the strengths, weaknesses, opportunities, and threats of current digital marketing strategies. The findings indicate that the use of social media, collaboration with Muslim influencers, and educational content about halal finance serve as key strategies for expanding market reach and building user trust. Consistent and Sharia-compliant digital marketing efforts have proven effective in enhancing brand awareness, customer loyalty, and Islamic financial inclusion. The implications of this research suggest that digital marketing is not merely a promotional tool but a strategic instrument to strengthen competitiveness and expand the global presence of Islamic fintech. With supportive regulations and improved digital literacy, Islamic fintech has the potential to become a driving force in transforming the Islamic financial ecosystem in the digital era.

The digital era has significantly impacted various sectors of life, including the development of the Islamic economy. Young people, as the majority of digital technology users, hold a strategic role in accelerating the growth and advancement of Islamic economics. This study aims to analyze the role of youth in driving the transformation of Islamic economics in the digital era, particularly through technological financial innovations (Islamic fintech), Islamic economic literacy, and the utilization of social media as a medium for education and halal product promotion. This research employs a qualitative method with a literature review approach, examining relevant references from journals, books, and recent digital sources. The findings reveal that youth are not only consumers but also innovators, entrepreneurs, and change agents in advancing the Islamic economy. Their involvement in Sharia-based start-ups, halal e-commerce, and the digitalization of zakat, infaq, sadaqah, and waqf (ZISWAF) provides concrete evidence of their contribution. In conclusion, youth serve as the key driver in the acceleration of digital-based Islamic economics, provided that their roles are supported by improved literacy, adequate regulations, and an inclusive digital ecosystem.

The development of the digital economy in Indonesia has driven various innovations in the financial services sector, including online lending services (PINJOL) and digital financial platforms. This phenomenon presents both opportunities and challenges for the national financial supervisory system. The Financial Services Authority (OJK), as the institution authorized to regulate and supervise financial services, is required to adapt its role to these dynamics. This study aims to examine the institutional challenges faced by the OJK in carrying out its supervisory function over online lending services and digital financial services in Indonesia. The methods used in this research are normative juridical, with a statute approach, legal theory and institutional theory (Conceptual approach), case approach, and a comparison of fintech supervisory models with those of other countries (Comparative approach). The results of this study are expected to provide an understanding of the OJK's institutional challenges and serve as evaluation material for formulating future digital financial supervisory policies. 

The rapid growth of online paylater services has raised concerns about their impact on students’ financial behavior, particularly given the increasing prevalence of consumptive lifestyles and limited financial literacy. This study investigates the influence of Lifestyle (X1) and Financial Literacy (X2) on the use of online paylater systems (Z) and their implications for Spending Behavior (Y) among students of the Faculty of Economics and Business at Dian Nuswantoro University. The study population consisted of 2,100 students from the 2021 and 2022 cohorts, with a sample of 117 respondents determined using the Slovin formula. The sample was selected purposively based on the criteria of being 18–24 years old and active users of paylater services. Primary data were collected through an online questionnaire employing a 5-point Likert scale and analyzed using SmartPLS 3.2 with the Partial Least Squares Structural Equation Modeling (PLS-SEM) technique. The results reveal that Lifestyle has a significant positive effect on both Spending Behavior and Paylater use, while Paylater use itself also positively influences Spending Behavior. In contrast, Financial Literacy shows no significant effect and does not mediate the relationships. The novelty of this study lies in integrating Lifestyle, Financial Literacy, Paylater adoption, and Spending Behavior into a single explanatory model, thereby offering new insights into the financial decision-making patterns of Generation Z students in the context of digital financial services.

The rapid development of financial technology has transformed transactional behavior, particularly among Generation Z. Easy access through mobile banking, particularly BCA Mobile, has made financial activities more practical but also poses risks of consumptive behavior due to low financial literacy and self-control. This study aims to analyze the influence of Financial Literacy, Lifestyle, and Locus of control on Financial Behavior, with Financial technology as a moderating variable. The research population consists of Generation Z users of BCA Mobile in Surabaya. A total of 147 respondents were selected using purposive sampling based on specific criteria. Data were collected through questionnaires and analyzed using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) approach. The findings show that Financial Literacy and Locus of control have a significant positive effect on Financial Behavior, while Lifestyle has a significant negative effect. Furthermore, Financial technology is proven to moderate the influence of Financial Literacy and Locus of control on Financial Behavior, but not the relationship between Lifestyle and Financial Behavior.  

This research explores the impact of stock returns, financial literacy, and risk perception on investment decisions among Generation Z investors who use the Ajaib application in Indonesia. The study is driven by the increasing involvement of young digital investors and the growing importance of financial knowledge, risk awareness, and return expectations in shaping their behavior. A total of 250 respondents were surveyed, and the data were processed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that stock returns (β = 0.436, p < 0.001), financial literacy (β = 0.429, p < 0.001), and risk perception (β = 0.209, p = 0.002) each exert a positive and significant influence on investment decisions. The model explains 68% of the variance in investment decisions (R² = 0.626), confirming the robustness of the proposed framework. These results suggest that Gen Z investors with higher financial literacy, stronger risk awareness, and favorable return expectations are more likely to make confident and deliberate investment choices. The study contributes theoretically to behavioral finance literature and provides practical insights for improving financial literacy programs, enhancing investor education, and designing fintech features that foster trust. The findings can also inform policymakers in creating targeted initiatives to encourage responsible investment behavior among younger generations in Indonesia.

The development of financial technology (fintech) in the digital era has made it easier for young people, particularly students, to access investment services through applications such as Bibit, Ajaib, Pluang, and Bareksa. The increasing number of young investors has not been fully aligned with the quality of investment decision-making, which is still influenced by low financial literacy, social media promotion, and the availability of financial education features on digital platforms. This study aims to analyze the influence of financial education features and social media promotion on student investment behavior, with financial literacy as a moderating variable. The primary theory used is the Theory of Planned Behavior (Ajzen, 1991), supported by Financial Literacy Theory, Uses and Gratification Theory, and the Technology Acceptance Model. The research method uses a quantitative approach with a population of student users of the Bibit application in Bali. The independent variables in this study include financial education features and social media promotion, while the dependent variable is investment behavior, while financial literacy is positioned as a moderating variable. The results of this study are expected to provide theoretical contributions to the development of management studies, digital marketing, and behavioral finance, as well as practical benefits for investment application developers, educational institutions, and students in fostering rational, intelligent, and sustainable investment behavior in the digital era.

Research aims to explore the influence of robo-advisor usage, trust in artificial intelligence (AI), financial literacy, and risk tolerance on investment behavior and its impact on the portfolio performance of retail investors in Indonesia. This study applies a quantitative approach, collecting data from 100 respondents who use investment applications such as Bibit, Ajaib, and Bareksa through the distribution of structured questionnaires with a 5-point Likert scale. Data analysis was carried out using the Structural Equation Modeling (SEM) technique. The results indicate that the four independent variables robo-advisor usage, trust in AI, financial literacy, and risk tolerance significantly affect investment behavior, which in turn has a positive effect on portfolio performance. High trust in AI combined with strong financial literacy fosters more disciplined and rational investment behavior. These findings highlight the importance of effective AI technology integration, improving financial literacy, and managing risk preferences to enhance investment decision-making quality and financial well-being. The study contributes to behavioral finance literature and offers practical implications for fintech developers and policymakers in emerging markets.

This research aims to analyze the alignment of Bank Jago’s digital banking innovations with the Sustainable Development Goals (SDGs) during the 2022–2024 period. The method used is a qualitative descriptive analysis with a document study approach, which includes the Annual Report, Integrated Report, and Sustainability Report of Bank Jago over the past three years. The results of the study indicate that Bank Jago’s digital innovations are aligned with the five main dimensions of the SDGs: economic, social, governance, environmental, and partnership. From the economic perspective, digitalization has enhanced efficiency and financial performance through the growth of third-party funds and the expansion of access to digital services. In the social dimension, financial literacy programs, MSME financing, and digital zakat initiatives have strengthened financial inclusion among communities. The governance and environmental aspects demonstrate a commitment to transparency, energy efficiency, and green banking practices. Meanwhile, collaborations with fintech ecosystems and social institutions have reinforced sustainable partnerships. Overall, Bank Jago has implemented a digital transformation strategy aligned with the principles of Strategic Fit and Value Co-Creation, making digital innovation not only an instrument of economic growth but also a means to achieve sustainable development in Indonesia’s banking sector.

This study aims to analyze the digitalization strategies implemented by Islamic banks to increase public interest in Sharia savings products. The research focuses on the use of digital technologies such as mobile banking, Islamic fintech, big data, and social media as key instruments to enhance service accessibility and strengthen customer trust. A qualitative descriptive method with a literature-based approach was employed by collecting and examining relevant academic sources. The data were analyzed using thematic analysis to identify patterns and relationships between digitalization and customer interest in Sharia savings. The findings indicate that digitalization enhances service accessibility, operational efficiency, and personalized user experiences. Mobile banking plays a dominant role in improving transaction convenience, while social media contributes significantly to customer education and product promotion. Furthermore, collaboration with Islamic fintech supports financial inclusion and encourages innovation aligned with Sharia principles. The results confirm that digitalization is a strategic driver for Islamic banks to remain competitive and relevant within the evolving financial industry landscape.

This study maps the regulatory landscape of financial technology (fintech), focusing on cryptocurrency regulation at both global and Indonesian levels. Cryptocurrency, one of the fastest-growing fintech instruments, functions as a virtual currency secured by cryptography. Despite lacking physical form, it is widely used for investment, transactions, and speculation, with trust supported by blockchain’s transparency and immutability. However, regulatory frameworks remain fragmented across countries. The research applies a bibliometric approach, using Bibliometrix (R Studio) for descriptive analysis and VosViewer for keyword network visualization. Data were retrieved from Scopus with the keywords “cryptocurrency regulation” and “fintech regulation,” covering 2016–2025. Findings reveal 1,178 documents from 484 sources, contributed by 4,693 authors, with an average of 7.43 authors per document and an international collaboration rate of 24.79%. The annual growth rate reaches 44.31%, with an average of 14.01 citations per document. Keyword analysis identifies four main clusters: financial regulation, green finance and sustainability, decentralized finance (DeFi), and blockchain cybersecurity. This study provides a knowledge map of regulatory evolution from conventional finance to blockchain-based fintech, offering insights for academics, regulators, and industry to balance innovation, consumer protection, and financial stability.

The rapid growth of financial technology (fintech) Peer-to-Peer Lending (P2PL) in Indonesia has created both opportunities and challenges, particularly regarding debt collection practices by third parties (debt collectors). Such practices often result in violations of consumer rights, including intimidation, harassment, and breaches of privacy. To address these issues, the Financial Services Authority of Indonesia (OJK) issued Regulation No. 22 of 2023 on Consumer and Public Protection in the Financial Services Sector, which establishes legal standards for protecting fintech P2PL consumers. This study aims to analyze the regulation of debt collection by third parties under OJK Regulation No. 22/2023, assess the forms of legal protection for consumers, and identify the obligations of fintech P2PL providers in managing collection practices. The research applies a normative juridical method with statutory and conceptual approaches. The findings indicate that OJK Regulation No. 22/2023 provides consumer protection through preventive mechanisms (mandatory transparency, prohibition of intimidation, and regulation of third-party involvement) and repressive mechanisms (complaint handling and administrative sanctions). However, challenges remain in implementation, such as low consumer literacy, outsourced collection practices, and weak on-site supervision. Therefore, stronger regulation, tighter controls by providers, and collaboration among regulators, law enforcement, and fintech associations are required to ensure optimal consumer protection.

This study investigates the role of fintech and digital finance as intermediary variables in the influence of sharia financial literacy on increasing sharia financial inclusion in Aceh Province. This study examined 308 respondents spread across various regions of Aceh Province and analyzed using SEM AMOS and a purposive sampling technique. After conducting various tests, this study demonstrated that sharia financial literacy, fintech, digital finance, and sharia financial inclusion have been well-functioning. Sharia financial literacy has been proven to enhance fintech, digital finance, and sharia financial inclusion in Aceh. Correspondingly, fintech and digital finance also have a positive and significant impact on sharia financial inclusion. Furthermore, fintech and digital finance have also been shown to partially mediate the relationship between sharia financial literacy and sharia financial inclusion

This study discusses the qardh contract from a classical perspective and discusses the transformation of the practice of Sharia digital lending that is developing in the fintech era. Qardh is one type of approach to pious to Allah and is a type of mu'amalah that is characterized by assistance (ta'awun) to another party to meet their needs. In classical fiqh, Qardh is a loan contract with the condition that the borrowed and repaid are exactly the same and are returned at a time mutually agreed upon at the time of the contract without any excess when returning it. However, the development of financial technology has presented a capital for digital lending services in accordance with the concept of Sharia. This study aims to analyze the differences between the qardh contract in classical and contemporary fiqh, including its implementation in a contract in accordance with Sharia principles. The results of the study indicate that Sharia digital lending can use the qardh contract as a legal basis, but must still implement it with the principle of qardh hasan, namely avoiding elements of usury and gharar, and adapting to modern regulations. The form of the qardh contract in digital sharia lending products illustrates contemporary fiqh efforts in responding to the lives of modern society.

This study aims to analyse the influence of digital products, brand awareness, and service quality on perceived branch performance in a financial institution in Indonesia. The research is motivated by the accelerating digital transformation in the country’s banking industry, which requires conventional financial institutions to innovate to remain competitive amid the growth of fintech and digital banks. The main problem addressed is how these three variables simultaneously and partially affect perceived branch performance. A quantitative approach was employed using survey techniques and questionnaires distributed to customers. Multiple linear regression analysis was used to process the data. The results reveal that digital products, brand awareness, and service quality significantly influence perceived branch performance, both individually and collectively. The coefficient of determination (R²) is 0.652, indicating that the three variables can explain 65.2% of the variance in perceived branch performance. These findings highlight the importance of integrating digital innovation, strong brand presence, and excellent service in improving competitiveness and branch performance in the digital era. The study contributes practical implications for financial institutions in formulating strategic improvements to maintain relevance and competitiveness amid digital disruption.

Digital transformation in the banking sector has introduced numerous conveniences in financial transactions, yet simultaneously opened opportunities for increasingly sophisticated and damaging new forms of crime. This article comprehensively analyzes criminal policy in combating digital banking crime in Indonesia, exploring the legal, technological, and institutional challenges faced, and formulating effective prevention strategies. Through systematic literature review and critical policy analysis, this research demonstrates that digital banking crime in Indonesia has experienced significant increases both in quantity and complexity of modus operandi, encompassing phishing, skimming, hacking, social engineering, banking trojan malware, and various technology-based fraud schemes. Financial losses amount to trillions of rupiah annually, excluding the psychological impact on victims and erosion of public trust in digital banking systems. Research findings identify fundamental challenges in combating digital banking crime, including limitations in legal frameworks that have not fully accommodated technological developments, gaps in law enforcement capacity for cyber investigation, complexity of evidence in digital cases, complicated cross-border jurisdiction, rapid evolution of crime modi outpacing regulatory adaptation, and low digital security literacy among banking service users. Policy analysis shows that penal approaches through criminalization and law enforcement, while important, are insufficient without comprehensive non-penal strategies.

Sharia based financial technology (fintech) that integrates educational features and securities crowdfunding is considered a strategic approach to address the low levels of Islamic financial literacy and inclusion in Indonesia. This article aims to examine how the integration of Islamic financial education and the use of sharia-compliant securities crowdfunding platforms can serve as an effective model to enhance public participation especially among MSMEs and younger demographics in the Islamic financial ecosystem. The study employs a literature review and case analysis based on recent scholarly works and industry reports. Findings indicate that fintech platforms equipped with interactive financial education modules and sharia investment simulations can significantly improve public understanding of Islamic financial principles and products. Moreover, sharia-based securities crowdfunding offers participatory investment opportunities while promoting ethical and halal economic activities. Nonetheless, challenges remain in regulatory alignment, sharia compliance verification, and public trust. Therefore, collaboration among regulators, industry players, and educational institutions is essential to foster an inclusive, transparent, and sustainable Islamic fintech ecosystem. This model is expected to be an innovative solution to expand access to Islamic financial services while strengthening public literacy and confidence in Islamic finance.