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The rapid development of digital technology has significantly transformed financial transactions in Indonesia, particularly through the growing use of e-wallets as practical and efficient payment tools. In a country with a Muslim-majority population, ensuring that e-wallet services comply with Islamic principles—free from riba, gharar, and maysir—is essential. This study aims to analyze Indonesia’s legal politics in regulating the use of e-wallets within the Islamic financial system and to assess their alignment with sharia principles. This research employs a normative juridical method with a qualitative descriptive approach by examining laws, regulations, and fatwas related to sharia-based fintech. The findings indicate that the Indonesian regulatory framework—through the OJK, Bank Indonesia, and DSN-MUI—has attempted to harmonize policies to support sharia-compliant digital financial services. However, several challenges remain, including limited e-wallet platforms with sharia certification, low digital sharia literacy among users, and the absence of detailed technical regulations specific to sharia e-wallet operations. This study recommends strengthening regulatory guidelines, increasing public literacy, and enhancing collaboration between regulators and the fintech industry to promote the development of sharia-compliant e-wallets that are secure, innovative, and aligned with Islamic financial principles.

The rapid development of digital technology, especially after the COVID-19 pandemic, has brought changes to people's behavior and lifestyle with the trend of digital payments. One of the advances in digital financial services technology is PayLater, a Fintech innovation that offers easy transactions in the form of loans and installments without a credit card. This study aims to analyze the influence of transaction convenience and risk perception on purchasing decisions using the PayLater feature on e-commerce platforms among Generation Z in Samarinda City. This study uses a quantitative approach with associative methods and multiple linear regression analysis using SPSS 27. The method used is purposive sampling to obtain a sample of 100 respondents from Generation Z in Samarinda City, aged 18-28 years, who have used PayLater on e-commerce platforms. The findings show that transaction convenience (X1) has a positive and significant effect on purchasing decisions, but risk perception (X2) does not have a significant effect on purchasing decisions. At the same time, both variables have a significant effect on purchasing decisions. The findings of this study are expected to provide valuable insights for the PayLater feature to design more effective strategies to improve customer satisfaction and transaction experience.

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.

Digital payment systems have become one of the main innovations in financial transformation. Over the past few years, these systems have gained significant traction and are now at the forefront of reshaping financial landscapes globally. Currently, digital payment systems have changed global transactions by slowly replacing the transaction patterns of societies that were previously dominated by conventional transactions, offering more efficiency, security, and accessibility. This transformation is closely related to the development of fintech, which has given rise to instruments in the form of electronic money and blockchain technology. These advancements have not only changed the way payments are made but also enabled the inclusion of previously underserved populations in the financial ecosystem. This study uses a bibliometric approach to analyze scientific publications, with the main sources coming from Scopus using the keywords “digital payment systems,” “electronic money,” and “fintech.” By utilizing Biblioshiny in the VOSviewer application, this study aims to examine publication trends, contributions from various countries, institutions involved, and thematic connections between topics. In conclusion, this study contributes to expanding the understanding of the development of digital payment systems, while also presenting a global research map that can be used as a reference for academics, researchers, and policymakers involved in financial innovation.

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.

Digital entrepreneurship has become a transformative phenomenon in the modern economy, changing the way businesses are developed and run through digital technology. Although the literature on digital entrepreneurship is growing rapidly, comprehensive mapping of the evolution of knowledge and research patterns is still limited. This study analysis the development of digital entrepreneurship in academic literature through bibliometric analysis of the Scopus database to identify research trends, knowledge structures, and future directions. The analysis was conducted on 1,815 publications from 681 sources (1988-2025) written by 8,023 researchers, using R Studio (bibliometrix) and VOSviewer. The results show exponential growth with an annual growth rate of 17.22%, as well as five main theme clusters: digital business models, digital innovation, social entrepreneurship, e-commerce, and fintech. Thematic evolution shifted from traditional entrepreneurship (1988–2010) to digital transformation (2011-2018) to new technology integration (2019-2025). The level of international collaboration reached 26.39%, with the United States, China, and the United Kingdom as the main contributors. These findings provide a research roadmap for identifying research gaps, collaboration opportunities, and trending topics in digital entrepreneurship.

The digital era has transformed the financial sector through the integration of FinTech, making it more susceptible to increasingly complex cyber threats. As these risks rise, there has been a significant increase in academic research to better understand the cybersecurity challenges within the financial sector. This study aims to explore the development of cybersecurity research globally within this field. By utilizing bibliometrics, the research analyzes literature data collected from the Scopus database over the last five years. The analysis was conducted using VOSviewer and RStudio to identify dominant clusters, with cybersecurity and network security as the central themes linking various sub-fields, including artificial intelligence, cyberattacks, and phishing. The findings reveal areas of extensive research and highlight gaps that require further exploration. This study provides valuable insights for researchers and professionals in the cybersecurity field, offering a roadmap for future investigations and the identification of underexplored areas that need attention. Ultimately, this research contributes to advancing knowledge in the financial sector’s cybersecurity landscape and assists in shaping future research directions.

The integration of big data in the financial sector has increasingly attracted scholarly attention, particularly in areas such as risk management, fraud detection, algorithmic trading, and investment optimization. Given the rapid development of this field, it is essential to map research trends and identify emerging directions that shape the future of financial innovation. This study applies a bibliometric approach using 3,829 articles retrieved from the Scopus database from 1981 to 2025, with data processed through R Studio and the Bibliometrix-Biblioshiny application. The objective is to explore the intellectual landscape of big data finance and reveal research frontiers as well as thematic evolution. The results show a sharp increase in publications after 2015, alongside the growth of fintech and artificial intelligence applications, with dominant themes including blockchain integration, risk analytics, and predictive modelling. Cross-disciplinary and cross-regional collaborations continue to expand. These findings provide a comprehensive overview of how big data has shaped financial studies and offer insights for potential future research directions.

This article develops a conceptual model that explains how social capital and digital literacy interact in shaping Islamic financial literacy in the digital era. Through a comprehensive literature review, this study synthesizes theories, empirical findings, and thematic patterns derived from reputable academic journals, scholarly books, and institutional publications. The analysis shows that social capital functions as a value foundation encompassing trust, collective norms, and behavioral orientations that influence individuals’ initial acceptance of sharia-based financial practices. Information obtained through family, religious communities, and social networks becomes a crucial entry point that shapes early perceptions and preferences toward Islamic financial products. Meanwhile, digital literacy strengthens individuals’ ability to access, evaluate, and verify Islamic financial information independently through various digital content such as online articles, infographics, educational videos, and Islamic fintech platforms. The interaction between these two dimensions creates a layered learning process in which social capital provides contextual value and trust, while digital literacy deepens technical understanding in a more objective manner. This article contributes theoretically by proposing the Social Capital–Digital Literacy Integrative Model and offers practical implications for Islamic financial institutions, regulators, and fintech providers in designing more effective strategies to enhance Islamic financial literacy in society.

The integration of cloud computing and data security systems is vital for the operational success and competitiveness of fintech startups. Cloud computing enables these startups to scale quickly, manage resources efficiently, and reduce infrastructure costs, making it an indispensable tool for businesses in the rapidly evolving fintech sector. However, with the benefits come significant challenges, particularly in data protection and cybersecurity. As fintech services handle sensitive financial data, ensuring robust security measures such as encryption, access controls, and continuous monitoring is crucial to maintaining user trust. Furthermore, regulatory compliance, both local and global, adds complexity to the data protection strategies of fintech companies. This research explores the key factors that drive cloud adoption in fintech, the security challenges associated with cloud environments, and the strategies implemented by startups to address these challenges. Interviews with IT managers from Indonesian fintech startups reveal that while cloud computing offers scalability and cost-effectiveness, issues like compliance with local regulations and the protection of sensitive data remain major concerns. The research suggests that fintech startups should invest in both cloud infrastructure and advanced cybersecurity measures to protect their operations and customer data. Additionally, creating a comprehensive roadmap for regulatory compliance and fostering partnerships with cybersecurity firms will help mitigate risks and ensure long-term success. The findings highlight the importance of integrating cloud computing with effective security strategies to navigate the complex regulatory and security landscape of the fintech industry.

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.

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. 

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 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.