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The rise of financial technology (fintech) has significantly reshaped global investment over the last decade. Fintech innovations are increasingly applied in areas such as digital investment platforms, robo-advisors, blockchain-based assets, and cryptocurrency trading. The adoption of fintech in investment continues to grow due to the rising demand for accessibility, transparency, and efficiency in financial markets. Fintech has the potential to democratize investment by lowering entry barriers, expanding financial inclusion, and offering diverse investment instruments for retail investors. Therefore, research on fintech and investment has become an essential topic in recent years. This study uses a qualitative approach with data obtained from the Scopus database, which includes a total of 4,794 articles on fintech and investment published in the last decade (2020–2025). In addition, several software tools such as R Studio, VOSViewer, and Publish or Perish were used for data processing and bibliometric visualization. This study aims to analyze the development of research trends in fintech-driven investment, explore how technology is changing investor behavior, and provide insights for policymakers and practitioners in strengthening a sustainable and inclusive investment ecosystem.

This study aims to analyze and understand the development of the financial sector in Indonesia through a literature review covering four main aspects: banking, financial digitalization, fiscal reforms, and financial literacy, as well as their impact on economic growth and public welfare. This literature review summarizes various findings and theories regarding the dynamics of the financial sector in efforts to maintain economic stability in Indonesia. The research findings indicate that the development of the banking sector plays a significant role in driving economic growth, particularly in expanding access to financing and improving the ease of fund distribution. In addition, digitalization strengthens the growth of financial technology by expanding access to financial services. Ongoing development of technology policies aims to address challenges in financial digitalization to make it more effective and secure. Furthermore, well-targeted fiscal reforms aim to improve productivity and economic stability. Meanwhile, the public also needs to cultivate wiser financial behavior to maximize the utilization of financial services as part of enhancing financial literacy. In conclusion, the positive impact of the advancement of the financial sector benefits economic growth and public welfare in Indonesia. This study emphasizes the importance of fostering collaboration between government policies, digital innovation, strengthening financial institutions, and helping the public enhance their capabilities to create a more inclusive and sustainable financial ecosystem.

Research on digital payment systems has grown rapidly over the past decades; however, comprehensive and in‑depth studies that synthesize existing empirical findings remain limited. This study aims to conduct a systematic literature review and bibliometric analysis on digital payment research based on empirical publications indexed in Scopus. Using the keyword “Digital Payment” in the article title, abstract, and keywords, a total of 485 documents published between 1989 and 2025 were identified. The evaluation was conducted on November 30, 2025, and the collected data were analyzed using bibliometric techniques with VOSviewer software. The findings reveal a significant surge in digital payment research beginning in 2016, with its peak occurring during 2023–2025, in line with the accelerating digital economic transformation worldwide. Knowledge production has shifted toward emerging economies—particularly India, Indonesia, and Malaysia—supported by dense inter‑institutional and inter‑author collaboration networks. Research themes have expanded beyond technical payment system aspects to interdisciplinary issues involving technology, finance, financial inclusion, human behavior, public policy, and the application of machine learning for security and system optimization. Journal sources, affiliations, authors, and keyword analyses confirm that digital payments have become essential infrastructure for the modern economy and a rich empirical domain for advanced studies on financial stability, consumer protection, regulation, and digital financial innovation.

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 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.  

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.

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 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.

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.

The convenience of digital payments and the advancement of financial technology may influence on students' purchasing decisions, making sound financial management and financial literacy crucial. The objective of this study is to examine how students in the Economics Education Study Program's personal financial management abilities are impacted by financial literacy, priority scale setting, and digital payment usage. A quantitative associative research strategy is used, with 64 students serving as a sample from a population of 173 pupils chosen by purposive sampling. Questionnaires were used to gather data, and SPSS version 23 was used for analysis. The findings indicate that priority scales and financial literacy have a beneficial impact on personal financial management, while digital payment have no effect. However, concurrently, these three independent variables exert influence on students’ personal financial management.

The rapid advancement of digital technology has significantly influenced consumer financial behavior, particularly with the widespread adoption of digital wallets. This study aims to analyze the influence of physical wallet money and digital wallet balances on consumptive behavior among young adults. Using a quantitative research approach, data were obtained from 77 respondents through an online survey distributed via social media platforms. The research instrument employed a Likert scale ranging from 1 to 5 to measure three main variables: physical wallet money, digital wallet balance, and consumptive behavior. Data analysis included validity and reliability testing, followed by multiple linear regression using SPSS version 26. The results indicate that both independent variables—physical wallet money and digital wallet balances—have a positive and significant influence on consumptive behavior. However, the influence of digital wallet balances is more dominant than that of physical wallet money. The regression model produced an R-squared value of 0.615, indicating that 61.5% of the variation in consumptive behavior can be explained by the two variables. These findings highlight the psychological impact of the convenience of digital transactions on impulsive buying tendencies. Therefore, enhancing financial literacy is essential in today’s digital economy. Further research is recommended to involve a broader population and consider additional financial technology variables to gain a more comprehensive understanding of digital consumption behavior.

This study aims to examine the influence of financial literacy, financial technology, and financial behavior on investment decisions among students at the Universitas Persatuan Guru Republik Indonesia Semarang. The data used in this study is primary data, obtained through the distribution of questionnaires via Google Forms to students at the Universitas Persatuan Guru Republik Indonesia Semarang. The population of this study consists of students from the university, and the sampling technique used is probability sampling with purposive sampling. The sample was determined using the Slovin formula with a margin of error of 10%. The analysis tool used in this study is SPSS 26 to process and analyze the data. This study tests three hypotheses: H1, which states that financial literacy does not significantly affect investment decisions, H2, which states that financial technology does not significantly affect investment decisions, and H3, which states that financial behavior significantly affects investment decisions. The results of the study indicate that H1 is accepted, meaning that financial literacy does not significantly influence investment decisions. On H2, the results also show that financial technology does not significantly affect investment decisions. However, for H3, the results show that financial behavior significantly influences investment decisions. Therefore, it can be concluded that while financial literacy and financial technology do not have a significant impact on students' investment decisions, financial behavior plays a more dominant role in influencing their investment decisions. This study provides valuable insights for universities and other educational institutions to focus more on improving students' financial behavior as a strategic step in enhancing the quality of investment decisions

This study aims to examine the effect of financial technology, fee-based income, and BOPO on the profitability of Islamic banking companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The research is motivated by the rapid development of digital financial services and the importance of operational efficiency in enhancing the financial performance of Islamic banks. This research employs a quantitative approach with purposive sampling. The data were obtained from the official website of the Indonesia Stock Exchange (www.idx.co.id) and the annual financial reports of Islamic banking institutions. The analysis technique used is multiple linear regression with the assistance of SPSS software. The results show that, partially, financial technology and fee-based income do not have a significant effect on profitability, while BOPO has a negative and significant effect. However, simultaneously, all three variables have a significant effect on profitability. Future studies are expected to include additional relevant variables and extend the observation period

This study aims to analyze the influence of Good Corporate Governance (GCG), intellectual capital, and leverage on firm value in technology sector companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2024 period. GCG is measured through three indicators: managerial ownership, institutional ownership, and the presence of an audit committee. Intellectual capital is measured using the Value Added Intellectual Coefficient (VAIC™) method, while leverage is measured using the Debt to Equity Ratio (DER). Firm value as the dependent variable is measured using the Tobin's Q ratio. This study uses a quantitative approach with secondary data obtained from annual reports and financial statements of companies accessed through the official IDX website and each company's website. A purposive sampling technique was used to determine the sample, and eight companies were obtained with a total of 32 observation data over a four-year period. The results show that leverage has a significant effect on firm value, indicating that appropriate and proportional debt structure management is a key factor in increasing the value of companies in the technology sector. Meanwhile, managerial ownership, institutional ownership, the presence of an audit committee, and intellectual capital did not show a significant effect on firm value. This suggests that, in the technology sector, external financing strategies play a greater role than internal company factors such as ownership structure and intangible assets. These findings are expected to serve as a reference for company management and investors in formulating financing policies and managing knowledge-based resources.  

This study employs a normative juridical approach to examine the legal aspects of implementing financial technology (fintech) in healthcare financing in Indonesia. The rapid development of fintech offers potential solutions for addressing financial barriers in healthcare access. However, it also presents legal and regulatory challenges, particularly concerning consumer protection, data privacy, and institutional coordination. The analysis focuses on several key legal instruments, including Law No. 8 of 1999 on Consumer Protection, Law No. 11 of 2008 on Electronic Information and Transactions (ITE), Law No. 17 of 2023 on Health and its implementing regulation, Government Regulation No. 28 of 2024, and Law No. 27 of 2022 on Personal Data Protection. Additionally, regulations issued by the Financial Services Authority (OJK), which govern the operations of fintech companies in Indonesia, are also considered. The findings indicate that while there is a growing regulatory framework supporting fintech integration into the health sector, several gaps remain, particularly in terms of coordination between regulatory bodies and stakeholders in health and finance. The study identifies the need for comprehensive policy harmonization to ensure that fintech-based healthcare financing systems are secure, transparent, and inclusive. Furthermore, it emphasizes the importance of strengthening data protection mechanisms and enhancing regulatory oversight, especially for fintech services operating in partnership with healthcare providers. As fintech continues to reshape the landscape of healthcare financing, robust legal safeguards must be developed to mitigate potential risks and ensure equitable access to health services. The study concludes by recommending an integrated legal and institutional approach to support the safe and ethical implementation of fintech in Indonesia's healthcare sector.

Micro, Small, and Medium Enterprises (MSMEs) in Denpasar City have a strategic role in the regional economy, particularly through job creation and contributions to local income. Despite their potential, many MSMEs still encounter challenges in financial management, which can hinder their development and sustainability. The emergence of information technology offers solutions, including cloud-based accounting systems that provide convenience, efficiency, flexibility, and accessibility—features that are especially beneficial for small business actors. This study aims to explore the factors that influence MSMEs’ interest in adopting cloud accounting systems in Denpasar City. The research uses a quantitative method with a survey approach involving MSME actors who currently use or have the potential to use cloud accounting. The independent variables in this study include personal ability, perceived ease of use, perceived usefulness, and perceived data security risk, while the dependent variable is the interest in using cloud accounting systems. The data were analyzed using multiple linear regression to determine the effect of each factor on the dependent variable. The results show that personal ability, perceived ease of use, and perceived usefulness have a positive and significant influence on MSMEs’ interest in adopting cloud accounting systems. In contrast, perceived security risk has a negative and significant effect, indicating that concerns about data privacy and cyber threats may hinder the adoption of this technology. The findings of this study contribute to the understanding of technology acceptance among MSMEs and highlight the importance of strengthening digital competencies, improving user-friendly system design, and enhancing cybersecurity measures. These insights are expected to support government and developers in formulating appropriate strategies to accelerate digital transformation within the MSME sector, especially in the context of financial technology. The implementation of such strategies can improve business performance and competitiveness among MSMEs in Denpasar and beyond.

Advances in information technology-based financial services are beginning to follow suit, in the form of peer-to-peer lending, which provides easy access to loans without the need for conventional financial institutions. However, this convenience brings new challenges, particularly regarding the protection of users' personal data. Many platform providers access excessive amounts of sensitive information, such as contacts, photos, and other personal data, which can be misused to the detriment of borrowers. Therefore, this study aims to identify and analyze regulations related to personal data protection, particularly in the field of peer-to-peer lending services in Indonesia. It also analyzes the role of financial institutions, namely the Financial Services Authority (OJK), in addressing potential violations committed by platform providers. Using a normative legal approach, the study shows that despite the existence of these regulations, implementation in the field is suboptimal, particularly in terms of monitoring illegal platforms. Furthermore, challenges to oversight include limited resources and a lack of digital literacy among the public, which results in many users not fully understanding the risks of sharing their personal data. This study also highlights the importance of collaboration between the OJK, the Ministry of Communication and Information Technology, and law enforcement agencies to strengthen oversight mechanisms and take action against violations. In addition, extensive public education regarding personal data security is needed to encourage greater vigilance in using digital services. Personal data protection must be a top priority in the development of financial technology to prevent privacy violations. Strict regulations and effective sanctions are expected to provide a deterrent effect and create a healthy and equitable fintech ecosystem in Indonesia. This study also recommends that the government accelerate harmonization between the Personal Data Protection Law (PDP Law) and financial services sector regulations, particularly regarding service providers' transparency obligations in managing consumer data.  

The rapid development of information technology has an impact on the development of financial services with the presence of Peer-to-Peer (P2P) Lending Financial Technology. The presence of P2P Lending has created its own legal complexities in relation to the legal relationship between lender and borrower and risk mitigation efforts, especially the risk of default without specific collateral. This research aims to analysis the legal relationship between Lender and Borrower and the legal protection for Lender in the event of default risks in the implementation of P2P Lending in Indonesia using a normative legal approach. The results of the research indicate that the legal relationship between lender and borrower is a general loan agreement involving a P2P lending platform as an intermediary between lender and borrower. POJK No. 10/POJK.05/2022 plays an important role as a regulation that ensures risk mitigation in the implementation of P2P lending, including the obligation of operators to transfer funding risks to third parties, which has been implemented by PT Amartha Mikro Fintek in collaboration with PT Jaminan Kredit Indonesia (Persero) to provide guarantee facilities for P2P Lending services to ensure legal protection for Lenders.

Inclusive and sustainable economic growth is a major challenge in today's digital age. Financial technology (FinTech) plays an important role in bridging the financial access gap while supporting environmental responsibility through the application of green finance. This study aims to analyse the role of FinTech in promoting inclusive economic growth and environmental sustainability, particularly through the application of blockchain technology in urban renewable energy systems. The research method uses a qualitative approach with secondary data analysis, supported by mathematical models to measure green financial inclusion and FinTech investment efficiency. The results show that the implementation of green FinTech significantly increases financial inclusion, expands economic access for the MSME sector, and reduces carbon emissions through investments in environmentally friendly energy projects. Global case studies in India and Sweden show that multisectoral collaboration and adaptive regulatory policies are key to creating a sustainable FinTech ecosystem. Therefore, the integration of technology, policy, and digital literacy among the public is necessary to realise digital finance that is fair, efficient, and oriented towards a green future