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Rapid developments related to technology are spreading rapidly in human life. The rapid development of this technology definitely brings positive and negative currents in its application. The higher the development, the greater the opportunity for negative impacts for irresponsible people. The utilization of technological developments in the financial sector is considered to greatly facilitate a person in carrying out economic activities. Armed with just one application, someone can make banking transfers, investments and their utilization in other economic activities. However, along with the ease and effectiveness of digital finance, there are also digital crimes that can harm many people in the banking world such as physing, malware, ransomware and so on. This type of research is a normative juridical research that focuses on laws and regulations to provide legal reformulation related to digital financial security finance to strengthen the defense of financial system protection in the digital sector which is very much needed in this increasingly sophisticated modern era.

This study uses a bibliometric analysis based on Scopus data to map the literature on capital structure development for the period 2018–2023. Using articles from Q1 and Q2 indexed journals selected using the PRISMA 2020 guidelines, this study examines publication trends, dominant keywords, and theme evolution using VOSviewer. The results show a shift in focus from classical theories (such as trade-off and pecking order) to contemporary issues such as ESG, green finance, and digitalization. In addition, the majority of studies are still dominated by developed countries, while contributions from developing countries are still limited. These findings highlight the need for a contextual approach and updating of theoretical models in capital structure research, as well as providing an initial foundation for empirical studies in the technology sector of developing countries.

MSMEs in Ciawi village generally conduct transactions in their business only relying on simple work and through direct buying and selling transactions and there is no recording system that complies with bookkeeping regulations in accounting or only debit credit, so it is very difficult to know the details of cash in and cash out. The service method used is the ABCD Method (Asset-Based-Community-Driven) by accompanying participants to delve deeper into digital marketing and training MSMEs in cash flow-based bookkeeping, including: cash flow, income statement, capital change report, cost of goods sold, and break event point (BEP) digitally. The results of this digital marketing mentoring and cash flow-based bookkeeping preparation are able to prove that MSMEs in Ciawi village can know the details about digital marketing and digital finance regarding the calculation of financial reports, especially knowing the actual profit and loss report, and cash flow of cash expenditures and cash income.

Financial inclusion has become a key driver in promoting sustainable development, especially in the era of Industry 4.0, which is characterized by rapid digitalization, technological innovation, and the transformation of financial services. Although academic interest in this topic continues to grow, research in this field has not been systematically mapped, resulting in limited understanding of global trends and thematic evolution. This study uses bibliometric analysis (BA) to explore developments, intellectual structures, and key research focuses in financial inclusion research. Data were collected from the Scopus database for the period 2015–2025, using keywords related to financial inclusion, thus ensuring a comprehensive dataset for analysis. Bibliometric methods were applied using analytical tools such as VOSviewer and R Studio to support the assessment. The results of the analysis show a consistent increase in the number of publications over the last decade, reflecting growing academic attention. The main contributions came from India, China, and the United States, with increasing participation from universities in Africa and Southeast Asia through international collaboration. The main research focus has shifted from microfinance and poverty alleviation to more digital-oriented themes, including fintech, digital finance, blockchain, and green finance. This study contributes by mapping the structure and trends of financial inclusion research and providing insights for policymakers and academics in developing inclusive financial systems that support national strategies such as the SNKI, MSME digitalization, and financial literacy programs in Indonesia to achieve sustainable development goals.

This study examines the relationship between market efficiency and digital financial innovation in the context of global financial transformation over the past decade, when fintech, cryptocurrency, and Decentralized Finance (DeFi) have significantly altered price formation and information dissemination mechanisms. The main issue raised is whether the Efficient Market Hypothesis (EMH) theory remains relevant in the face of digital market dynamics characterized by high volatility, speculative behavior, and regulatory uncertainty. The objective of this study is to assess the impact of digital innovation on information efficiency, price transparency, and the stability of modern financial markets. The study used the Systematic Literature Review (SLR) method, examining 15 scientific articles published between 2015 and 2025 from various academic databases. The findings indicate that digital technology increases access and speed of information distribution, but does not always result in consistently efficient markets. Crypto and DeFi markets have been shown to exhibit fluctuating efficiency due to price anomalies, information asymmetry, and weak regulation. Overall, the literature synthesis confirms that market efficiency in the digital era is dynamic and influenced by the interaction between technology, investor behavior, and governance quality. This study concludes that the EMH remains relevant as a basic framework, but needs reinterpretation to suit the complex and rapidly changing characteristics of digital markets.

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. 

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 literature review investigates the influence of fair value accounting (FVA) on enhancing financial transparency, particularly within the evolving context of digital assets. By analyzing 103 peer-reviewed articles, the study evaluates how FVA facilitates automated, real-time, and market-based disclosures. It identifies FVA as a tool for increasing investor trust and improving the clarity of financial statements by aligning valuations with current market conditions. The review also highlights the specific challenges of applying FVA to decentralized and volatile digital assets such as cryptocurrencies and non-fungible tokens (NFTs). Although FVA contributes to more transparent and relevant reporting, the implementation of FVA for digital assets is hindered by several critical issues. These include inconsistent valuation methodologies, lack of standardized regulatory guidance, susceptibility to market manipulation, and technological limitations in tracking asset value across decentralized platforms. Furthermore, the rapid pace of innovation in digital finance outstrips the adaptability of existing accounting standards and legal frameworks, creating a gap that weakens the consistency of fair value assessments. The review proposes the integration of FVA within a broader theory of decision-making under uncertainty, emphasizing the need for adaptive and digitization-responsive accounting practices. It suggests practical frameworks that align valuation procedures with the unique characteristics of digital assets while ensuring compliance with emerging regulations. This research encourages ongoing examination and policy innovation to ensure that FVA continues to support transparency and informed decision-making in a dynamic financial landscape.

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

QRIS (Quick Response Code Indonesian Standard) is a national digital payment innovation launched by Bank Indonesia to strengthen Indonesia’s digital and economic sovereignty. By integrating various payment platforms into a single QR code standard, QRIS simplifies domestic transactions—especially for Micro, Small, and Medium Enterprises (MSMEs)—while reinforcing state control over financial infrastructure and data flows. This policy reduces reliance on international payment networks such as Visa and Mastercard, which previously dominated digital transactions and stored data abroad. On a global scale, QRIS functions as a tool of digital economic diplomacy through cross-border payment initiatives like ASEAN Pay, enabling Indonesia to expand its influence in the global digital payment ecosystem. However, the United States has criticized QRIS, arguing that it restricts access for foreign companies and poses a barrier to trade. In response, the Indonesian government asserts that QRIS is designed to protect national interests while promoting fair international collaboration. This study employs a normative juridical and descriptive qualitative approach to analyze QRIS-related regulations, its impact on digital sovereignty, and its implications for international trade relations. Secondary data is sourced from literature studies and official documents. The findings reveal that QRIS plays a vital role in accelerating MSME digital transformation, enhancing financial inclusion, and strengthening Indonesia’s bargaining position in global digital finance. Ultimately, QRIS stands not only as a transaction tool but also as a strategic symbol of Indonesia’s digital independence and competitiveness in the international financial landscape.

Cryptocurrency has become a new trend in the world of digital finance, but its adoption is still limited among the public. This study aims to analyze the effect of perceived benefits and trust on cryptocurrency purchase intention among students of Bina Sarana Informatika Margonda University. A quantitative approach was used by distributing questionnaires to student respondents. Data processing uses the SPSS 25 application and data analysis is carried out by testing validity, reliability, classical assumptions, multiple linear regression, hypothesis testing and the coefficient of determination. The results showed that partially perceived benefits had no effect, while trust was proven to have an influence. Simultaneously, perceived benefits and trust affect cryptocurrency purchase intention. The findings imply the importance of increasing understanding of the benefits and building public trust, especially students, in cryptocurrency to encourage the adoption of this technology. This research also highlights the need for further education on the potential and risks of cryptocurrencies, as well as the development of supportive regulations to increase trust and adoption among students and the general public

The integration of blockchain technology and cryptocurrency within the framework of Islamic finance has raised significant ethical, legal, and regulatory concerns. Blockchain technology, known for its transparency, decentralization, and immutability, offers a promising solution for enhancing financial inclusion, transparency, and security in financial transactions. However, the use of cryptocurrencies, such as Bitcoin and Ethereum, introduces complexities due to their speculative nature, which may violate Sharia principles like gharar (excessive uncertainty) and riba (usury). This study explores the compatibility of blockchain and cryptocurrency with Sharia law, focusing on the challenges and opportunities that arise in the context of Islamic finance. The study analyzes existing fatwas (Islamic legal opinions), regulatory frameworks, and the application of Sharia principles to emerging financial technologies. It discusses the ethical dimensions of blockchain and cryptocurrency, such as their potential to promote fairness and transparency, while addressing concerns about privacy violations and the risks associated with unregulated trading. Furthermore, the research highlights the lack of standardized global regulations for cryptocurrency and blockchain, which complicates their adoption in Muslim-majority countries. The study also emphasizes the importance of establishing Sharia-compliant governance frameworks and regulatory standards to ensure the ethical use of these technologies. Finally, the study provides recommendations for further research in the intersection of Islamic law, digital finance, and global governance frameworks, focusing on the development of policies that ensure Sharia-compliant digital assets and technologies.

This study explores the influence of Islamic environmental ethics on Corporate Social Responsibility (CSR) and business decision-making, emphasizing how faith-based ethical frameworks guide sustainable practices in contemporary corporate environments. Grounded in the principles of stewardship (khalifah), justice (adl), and collective welfare (maslahah), Islamic ethics provide a holistic model for aligning profitability with moral and environmental responsibility. Using a mixed-method approach that combines survey research and content analysis, data were collected from 50 Shariah-compliant and ethically oriented companies across multiple industries. The survey measured the integration of ethical values into CSR initiatives, while content analysis of corporate reports evaluated transparency, environmental commitment, and ethical disclosures. The findings reveal that organizations adhering to Islamic ethical principles exhibit stronger environmental accountability, higher ethical compliance, and more sustainable long-term strategies compared to secular firms. These companies perceive environmental responsibility as a moral obligation rather than a regulatory requirement, integrating ethical governance into daily operations and strategic planning. The results also highlight that employee engagement and stakeholder trust improve significantly when CSR activities are guided by Islamic values. Furthermore, case studies of Islamic banks and small-to-medium enterprises (SMEs) in Muslim-majority regions demonstrate practical applications of these principles, including the use of zakat and waqf funds for environmental initiatives and community development programs. The study concludes that embedding Islamic ethics into business operations fosters a balance between economic growth, social welfare, and environmental stewardship. It also provides a pathway for strengthening corporate integrity and long-term competitiveness. Future research is recommended to examine the applicability of Islamic ethical principles across different industries and explore their intersection with emerging areas such as green innovation, artificial intelligence governance, and digital finance. Overall, this research underscores the potential of Islamic ethics as a foundation for sustainable business models that harmonize spiritual and economic objectives.

The behavior of digital wallet users in Indonesia depends on individual preferences, user habits, and other factors. Consumers' decisions in using digital finance applications are influenced by various factors, including digital marketing, the quality of electronic services and the brand image of the digital finance applications they use. This research aims to determine the influence of digital marketing, electronic service quality and brand image on consumer decisions to use the OVO application in the Jabodetabek area. The method used in this research is a quantitative method that is associative. Data was collected using a questionnaire distributed via Google Form to 155 respondents who used the OVO application. The sampling technique uses purposive sampling. Data processing in this research used the IBM Statistical Package for the Social Sciences (SPSS) ver.25. Based on the results of hypothesis testing, it shows that: (1) digital marketing variables have a positive and significant effect on consumer decisions to use the OVO application (2) electronic service quality variables have a positive and significant effect on consumer decisions to use the OVO application (3) brand image variables have a positive and significant effect on consumer decisions to use the OVO application and (4) digital marketing variables, electronic service quality and brand image together have a significant influence on consumer decisions to use the OVO application.    

The behavior of digital wallet users in Indonesia depends on individual preferences, user habits, and other factors. Consumers' decisions in using digital finance applications are influenced by various factors, including digital marketing, the quality of electronic services and the brand image of the digital finance applications they use. This research aims to determine the influence of digital marketing, electronic service quality and brand image on consumer decisions to use the OVO application in the Jabodetabek area. The method used in this research is a quantitative method that is associative. Data was collected using a questionnaire distributed via Google Form to 155 respondents who used the OVO application. The sampling technique uses purposive sampling. Data processing in this research used the IBM Statistical Package for the Social Sciences (SPSS) ver.25. Based on the results of hypothesis testing, it shows that: (1) digital marketing variables have a positive and significant effect on consumer decisions to use the OVO application (2) electronic service quality variables have a positive and significant effect on consumer decisions to use the OVO application (3) brand image variables have a positive and significant effect on consumer decisions to use the OVO application and (4) digital marketing variables, electronic service quality and brand image together have a significant influence on consumer decisions to use the OVO application.    

The behavior of digital wallet users in Indonesia depends on individual preferences, user habits, and other factors. Consumers' decisions in using digital finance applications are influenced by various factors, including digital marketing, the quality of electronic services and the brand image of the digital finance applications they use. This research aims to determine the influence of digital marketing, electronic service quality and brand image on consumer decisions to use the OVO application in the Jabodetabek area. The method used in this research is a quantitative method that is associative. Data was collected using a questionnaire distributed via Google Form to 155 respondents who used the OVO application. The sampling technique uses purposive sampling. Data processing in this research used the IBM Statistical Package for the Social Sciences (SPSS) ver.25. Based on the results of hypothesis testing, it shows that: (1) digital marketing variables have a positive and significant effect on consumer decisions to use the OVO application (2) electronic service quality variables have a positive and significant effect on consumer decisions to use the OVO application (3) brand image variables have a positive and significant effect on consumer decisions to use the OVO application and (4) digital marketing variables, electronic service quality and brand image together have a significant influence on consumer decisions to use the OVO application.      

The development of the world, the more developed the financial world is to help humans manage and conduct financial transactions. The advancement of financial technology today is due to weakness factors in the previous financial world where modern or digital finance is more profitable and follows the times to make it easier for humans to transact. Currently the world is facing digitalization of almost all sectors used by humans and the financial world is inevitable, especially digital currencies that offer advantages such as faster transactions between countries with cheap fees, Decentralised so that it is not driven by any central bank is different from fiat where the strength of the currency depends on the country's policy, and digital currencies that are more transparent so that transactions can be tracked by anyone and are minimal from fraud

The COVID-19 pandemic has presented unique challenges for startups, particularly in the areas of financial management. This research focuses on the financial obstacles faced by startups in the post-pandemic period, including cash flow management, access to funding, and risk mitigation. Through interviews with entrepreneurs and financial experts, the paper highlights effective strategies that startups have adopted to navigate these challenges, such as digital finance tools, crowdfunding, and lean financial management practices. The study concludes by offering a framework for startups to enhance their financial resilience and sustainability in a volatile economic environment.

The financial sector is undergoing rapid digital transformation, driven by innovations in digital banking, fintech, and AI-driven solutions. This transformation has significant implications for consumer trust and data security. This paper explores the impact of these technological advancements on customer confidence in financial institutions, especially in light of recent data breaches and cybersecurity threats. By analyzing regulatory responses and cybersecurity frameworks, the study emphasizes the critical need for robust protections to build and maintain consumer trust in digital finance. Findings indicate that enhanced security measures and regulatory oversight are essential in safeguarding data and supporting the sustainable growth of digital finance.