Financial technology: digital legal challenges and Indonesia's economic prospects after Covid-19 outbreak
DOI:
https://doi.org/10.22219/ljih.v30i2.22784Abstract
Online loans are one of the financing business models organized using applications on the internet, the online loan business is currently developing so fast because it offers loans that can reach a sufficiently large amount with easy terms, procedures, and transaction processes, all intended to improve people's economic conditions. However, its implementation still sparks many legal problems and presents challenges for digital law in Indonesia. This study aims to study the challenges faced by Indonesian digital law due to the growth of the online loan business and to explore how the prospects of the online loan (fintech) business in improving the economic conditions of the Indonesian people. This research used empirical juridical methods, a case, and a statutory approach. The results showed that the challenges faced by Indonesian law in anticipating the growth of online businesses tainted by various legal cases require a more comprehensive rule of law in the form of legislation, thereby supporting the growth of prospects of the online loan business in an effort to improve the economy of the people of the state.
Downloads
References
Abad-Segura, E., González-Zamar, M.-D., López-Meneses, E., & Vázquez-Cano, E. (2020). Financial Technology: Review of Trends, Approaches and Management. Mathematics, 8(6), 951. https://doi.org/10.3390/math8060951
Adams-Prassl, A., Boneva, T., Golin, M., & Rauh, C. (2020). Inequality in the impact of the coronavirus shock: new survey evidence for the UK. https://doi.org/10.17863/CAM.52477
Al-Fatih, S., Ahsany, F., & Alamsyah, A. F. (2020). Legal Protection of Labor Rights During the Coronavirus Disease 2019 (Covid-19) Pandemic. Jurnal Pembaharuan Hukum, 7(2), 100–115. https://doi.org/10.26532/jph.v7i2.10975
Canbridge Centre for Alternative Financial. (2019). The ASEAN FinTech Ecosystem Benchmarking Study.
Fad, M. F. (2021). Perlindungan Data Pribadi Dalam Perspektif Sadd Dzari’ah. MUAMALATUNA, 13(1), 33. https://doi.org/10.37035/mua.v13i1.4674
Fisabilillah, L. W. P., & Hanifa, N. (2021). Analisis Pengaruh Fintech Lending Terhadap Perekonomian Indonesia. Indonesia Journal of Economic, Entrepreneur and Innovation, 1(3).
Fratiwi, A. (2021). Tinjauan Yuridis Transaksi Financial Technology di Indonesia. Media of Law and Sharia, 2(4), 367–382. https://doi.org/10.18196/mls.v2i4.12828
Kang, J. (2018). Mobile payment in Fintech environment: trends, security challenges, and services. Human-Centric Computing and Information Sciences, 8(1), 32. https://doi.org/10.1186/s13673-018-0155-4
Leong, K. (2018). FinTech (Financial Technology): What is It and How to Use Technologies to Create Business Value in Fintech Way? International Journal of Innovation, Management and Technology, 74–78. https://doi.org/10.18178/ijimt.2018.9.2.791
Lord, P. (2020). Incentivising employment during the COVID-19 pandemic. The Theory and Practice of Legislation, 8(3), 355–372. https://doi.org/10.1080/20508840.2020.1792635
Mangku, D. G. S., Yuliartini, N. P. R., Suastika, I. N., & Wirawan, I. G. M. A. S. (2021). The Personal Data Protection of Internet Users in Indonesia. Journal of Southwest Jiaotong University, 56(1). https://doi.org/10.35741/issn.0258-2724.56.1.23
Markov, M. (2011). Economic Theory of Law. Economic Alternatives, 2(2).
Narulita, S., & Zainal, V. Y. (2022). Peran Financial Technology System Di Perbankan Indonesia Di Era Pandemi Covid 19. SOCIAL PEDAGOGY: Journal of Social Science Education, 3(1), 149. https://doi.org/10.32332/social-pedagogy.v3i1.4622
Nugroho, A. A., Winanti, A., & Surahmad, S. (2020). Personal Data Protection in Indonesia: Legal Perspective. International Journal of Multicultural and Multireligious Understanding, 7(7), 183. https://doi.org/10.18415/ijmmu.v7i7.1773
Obi, S. E., Yunusa, T., Еzеoguеri-Oyеwolе, A. N., Sekpe, S. S., Egwemi, E., & Isiaka, A. S. (2020). The Socio-Economic Impact of Covid-19 on The Economic Activities of Selected States in Nigeria. Indonesian Journal of Social and Environmental Issues (IJSEI), 1(2), 39–47. https://doi.org/10.47540/ijsei.v1i2.10
Pakpahan, E. F., Chandra, K., & Tanjaya, A. (2020). Urgensi Pengaturan Financial Technology Di Indonesia. Jurnal Darma Agung, 28(3), 444. https://doi.org/10.46930/ojsuda.v28i3.807
Pardosi, R. O. A. G., & Primawardani, Y. (2020). Perlindungan Hak Pengguna Layanan Pinjaman Online dalam Perspektif Hak Asasi Manusia. Jurnal HAM, 11(3), 353. https://doi.org/10.30641/ham.2020.11.353-368
Posner, R. A. (1975). The Economic Approach to Law. University of Chicago Law School, 53(757).
Purtova, N. (2018). The law of everything. Broad concept of personal data and future of EU data protection law. Law, Innovation and Technology, 10(1), 40–81. https://doi.org/10.1080/17579961.2018.1452176
Rennie, E., & Steele, S. (2021). Privacy and Emergency Payments in a Pandemic: How to Think about Privacy and a Central Bank Digital Currency. Law, Technology and Humans, 3(1), 6–17. https://doi.org/10.5204/lthj.1745
Rupeika-Apoga, R., & Eleftherios. (2020). Ideas for a Regulatory Definition of FinTech. International Journal of Economics and Business Administration, VIII(Issue 2), 136–154. https://doi.org/10.35808/ijeba/448
Saksonova, S., & Merlino, I. K. (2017). Fintech as Financial Innovation-The Possibilities and Problems of Implementation. European Research Studies Journal, 20(3A).
Schellhase, J., & Garcia, A. (2019). FinTech in the Philipines: Assesing the State of Play. In Milken Institute.
Suryono, R. R., Budi, I., & Purwandari, B. (2020). Challenges and Trends of Financial Technology (Fintech): A Systematic Literature Review. Information, 11(12), 590. https://doi.org/10.3390/info11120590
Suryono, R. R., Budi, I., & Purwandari, B. (2021). Detection of fintech P2P lending issues in Indonesia. Heliyon, 7(4), e06782. https://doi.org/10.1016/j.heliyon.2021.e06782
Tan, J. D., Purba, J. T., & Widjaya, A. E. (2019). Financial Technology as an Innovation Strategy for Digital Payment Services in the Millenial Generation. Proceedings of the 1st Aceh Global Conference (AGC 2018). https://doi.org/10.2991/agc-18.2019.58
Torbert, P. M. (n.d.). Because It Is Wrong, An Essay on The Immorality and Illegality of The Online Service Contracts of Google and Facebook. Journal Of Law, Technology and The Internet, 12(1).
Ulya, W. (2022). Perlindungan Konsumen Dalam Perkembangan Financial Technology Di Indonesia. Perwira Journal of Economics & Business, 2(1), 31–45. https://doi.org/10.54199/pjeb.v2i1.80
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2022 Muhammad Muslih, Supeno Supeno
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
