Public Finance Policy on Online Loans in Indonesia
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Dec 31, 2023
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Abstract
This study aims to analyze public policy on online loan issues in Indonesia over the last five years’ edition. There were 22,986 complaints from the public regarding online loans until August 2021, so this research chose online loans in Indonesia. To find out, the researchers reviewed 65 news from Indonesian online media related to online loans from the 2016 to 2021 editions. This research used a Qualitative Data Analysis Software approach (QDAS) to study news reviews in Indonesian online media. This research data analysis projection used the Nvivo 12 plus tool with the NCapture feature. The data analysis showed that fintech could only be given material criminal sanctions. Material losses based on complaints must be losses from cases reported by the community—material criminal sanctions for terror and intimidation closely related to public complaints. The research findings showed that the law on fintech was fundamental, and the contents of one of its articles must contain illegal fintech, which can be subject to criminal sanctions without complaint or formal. The government must reform regulations and create new businesses so that a law on the digital financial services sector is formed immediately, also the ratification of the draft personal data protection law to protect citizens. Data protection is significant because it protects victim data often exploited by illegal fintech.
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Wiyono, W., & Nurmandi, A. (2023). Public Finance Policy on Online Loans in Indonesia. Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara Dan Kebijakan Publik, 8(4), 291-306. https://doi.org/https://doi.org/10.33105/itrev.v8i4.649
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References
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Chapman, J. E. (2021). Fintech: Is the water fine? Journal of International and Comparative Law, 8(2), 435–458.
Chen, B., & Zhao, C. (2021). Poverty reduction in rural China: Does the digital finance matter? PLoS ONE, 16(12 December 2021). https://doi.org/10.1371/journal.pone.0261214
Chen, L. (2016). From Fintech to Finlife: the case of Fintech Development in China. China Economic Journal, 9(3), 225–239. https://doi.org/10.1080/17538963.2016.1215057
Chen, Y., & Volz, U. (2022). Scaling up sustainable investment through blockchain-based project bonds. Development Policy Review, 40(3). https://doi.org/10.1111/dpr.12582
Chiu, I. H. Y. (2017). A new era in fintech payment innovations? A perspective from the institutions and regulation of payment systems. Law, Innovation and Technology, 9(2), 190–234. https://doi.org/10.1080/17579961.2017.1377912
Choi, H., & Lee, K. (2020). Micro-operating mechanism approach for regulatory sandbox policy focused on fintech. Sustainability (Switzerland), 12(19). https://doi.org/10.3390/su12198126
Coffie, C. P. K., Hongjiang, Z., Mensah, I. A., Kiconco, R., & Simon, A. E. O. (2021). Determinants of FinTech payment services diffusion by SMEs in Sub-Saharan Africa: evidence from Ghana. Information Technology for Development, 27(3), 539–560. https://doi.org/10.1080/02681102.2020.1840324
Despard, M., Miller, S., Kristensen, K., & Utevsky, A. (2022). Timely and well-targeted financial help during COVID-19: an employer-community partnership for hotel workers in New Orleans. Community, Work and Family. https://doi.org/10.1080/13668803.2022.2081066
Duma, F., & Gligor, R. (2018). Study regarding Romanian students’ perception and behaviour concerning the fintech area with a focus on cryptocurrencies and online payments. Online Journal Modelling the New Europe, 27, 86–106. https://doi.org/10.24193/OJMNE.2018.27.04
Ehrentraud, J., Garzoni, L., Piccolo, M., & Garcia Ocampo, D. (2020). Policy responses to fintech: a cross-country overview. In FSI Insights on policy implementation (Issue 23). https://www.bis.org/fsi/publ/insights23.pdf
Emara, N., & Zhang, Y. (2021). The non-linear impact of digitization on remittances inflow: Evidence from the BRICS. Telecommunications Policy, 45(4), [1] N. Emara dan Y. Zhang, “The non-linear impact. https://doi.org/10.1016/j.telpol.2021.102112
Ernama Santi, Budiharto, H. S. (2017). PENGAWASAN OTORITAS JASA KEUANGAN TERHADAP FINANCIAL TECHNOLOGY ( PERATURAN OTORITAS JASA KEUANGAN NOMOR 77/POJK.01/2016) Ernama. Diponegoro Law Journal, 6(November 2015), 1–20.
Fink, C. (2021). Why millennials gravitate to new brands in online investing. Journal of Brand Strategy, 9(4), 401–407.
Gabor, D., & Brooks, S. (2017). The digital revolution in financial inclusion: international development in the fintech era. New Political Economy, 22(4), 423–436. https://doi.org/10.1080/13563467.2017.1259298
Gábossy, Á. (2016). New Directions in Crowdfunding. Public Finance Quarterly, 61(4), 533–544. https://www.asz.hu/storage/files/files/public-finance-quarterly-articles/2016/gabossy_2016_4_a.pdf
Geranio, M. (2017). Fintech in the exchange industry: Potential for disruption? Masaryk University Journal of Law and Technology, 11(2), 245–266. https://doi.org/10.5817/MUJLT2017-2-3
Ghandour, A. (2021). Opportunities and Challenges of Artificial Intelligence in Banking: Systematic Literature Review. TEM Journal, 10(4), 1581–1587. https://doi.org/10.18421/TEM104-12
Guermond, V. (2022). Whose money? Digital remittances, mobile money and fintech in Ghana. Journal of Cultural Economy. https://doi.org/10.1080/17530350.2021.2018347
Guo, Q., He, Q. C., Chen, Y. J., & Huang, W. (2021). Poverty mitigation via solar panel adoption: Smart contracts and targeted subsidy design. Omega (United Kingdom), 102. https://doi.org/10.1016/j.omega.2020.102367
Guo, Z., & Ma, D. (2019). Optimal design and ownership structures of innovative retail payment systems. 40th International Conference on Information Systems, ICIS 2019.
Gupta, R., Kukreja, G., Gupta, A., & Tyagi, L. (2021). Artificial Intelligence Fostering Fintech: Emerging Trends and Use Cases. In A. R., S. G., C. K., B. V.E., & G. M.S. (Eds.), Communications in Computer and Information Science: Vol. 1436 CCIS (pp. 61–73). Springer Science and Business Media Deutschland GmbH. https://doi.org/10.1007/978-3-030-84842-2_5
Hassan, M. K., Rabbani, M. R., & Mahmood, M. A. (2020). Challenges for the islamic finance and banking in post COVID era and the role of Fintech. Journal of Economic Cooperation and Development, 41(3), 93–116.
Haupert, T. (2022). New Technology, Old Patterns: Fintech Lending, Metropolitan Segregation, and Subprime Credit. Race and Social Problems. https://doi.org/10.1007/s12552-021-09353-0
Hendershott, T., Zhang, X., Leon Zhao, J., & Zheng, Z. (2021). Fintech as a game changer: Overview of research frontiers. Information Systems Research, 32(1), 1–17. https://doi.org/10.1287/isre.2021.0997
Hu, Y., Li, B., Zha, Y., & Zhang, D. (2021). How monetary policies and ownership structure affect bank supply chain efficiency: a DEA-based case study. Industrial Management and Data Systems, 121(4), 750–769. https://doi.org/10.1108/IMDS-05-2020-0299
Jackson, K., & Eisenhart, M. (2014). Qualitative methods, transparency, and qualitative data analysis software: Toward an understanding of transparency in motion. Dissertation, 3621346, 217.
Jaya, I. M. L. M. (2019). The Impact of Financial Inclusion on Public Financial Services Education through Financial Technology in Sleman Regency, Indonesia. Esensi: Jurnal Bisnis Dan Manajemen, 9(2), 155–174. https://doi.org/10.15408/ess.v9i2.13576
Ji, F., & Tia, A. (2021). The effect of blockchain on business intelligence efficiency of banks. Kybernetes. https://doi.org/10.1108/K-10-2020-0668
Joia, L. A., & Cordeiro, J. P. V. (2021). Unlocking the potential of fintechs for financial inclusion: A delphi‐based approach. Sustainability (Switzerland), 13(21). https://doi.org/10.3390/su132111675
Kapsis, I. (2020). A Truly Future-Oriented Legal Framework for Fintech in the EU. European Business Law Review, 31(3), 475–514. https://doi.org/10.54648/eulr2020020
Krisnadi, I. W. B. (2016). analisa regulasi fintech dalam membangun perekonomian di Indonesia. Jurnal Magister Teknik Elektro Universitas Mercu Buana, 1–9.
Kyari, A. K. (2020). Managing fintech’s destruction through innovative banking: An empirical investigation. International Journal of Innovation, Creativity and Change, 13(1), 253–274.
Langley, P., & Leyshon, A. (2022). Neo-colonial credit: FinTech platforms in Africa. Journal of Cultural Economy, 1–15. https://doi.org/10.1080/17530350.2022.2028652
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