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All Journal Marine Research in Indonesia JIEB : Jurnal Ilmiah Ekonomi Bisnis Jurnal Syntax Imperatif : Jurnal Ilmu Sosial dan Pendidikan Jurnal Al Azhar Indonesia Seri Ilmu Sosial Journal of Islamic Economics and Philanthropy International Journal Law and Legal Ethics (IJLLE) Journal of Hospitality Accommodation Management Journal Hotspot (jh) Jurnal Pengabdian Masyarakat STIE Surakarta (DIMASETA) Journal of Society Bridge Journal of Commerce Management and Tourism Studies Journal of Information Technology and society (JITS) Social Sciences Insights Journal Research of Islamic Economics (RIE) Jurnal Ilmu Politik dan Studi Sosial Terapan Indonesian Journal of Applied Accounting and Finance Journal of Sharia Economics, Banking and Accounting Indonesian Tourism Journal LinguaEducare: Journal of English and Linguistic Studies Inflasi : Jurnal Ekonomi, Manajemen dan Perbankan Expert Net: Exploration Journal of Technological Education Trends Alkasb: Journal of Islamic Economics Jurnal Ilmu-Ilmu Pertanian Jurnal Sosial & Humaniora (Silatene) Journal of Economics, Management and Accounting (JEMA) Journal of Economic and Business Jurnal Penelitian Ilmu Pariwisata JEIZA: Jurnal Ekonomi Islam Az-Zain
Koswara, Asep
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Religion Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Engineering Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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Journal : Inflasi : Jurnal Ekonomi, Manajemen dan Perbankan

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The Growth of Digital Financial Services (DFS) in Indonesia Amid Tight Regulations: Drivers and Barriers Analysis Koswara, Asep
Inflasi : Jurnal Ekonomi, Manajemen dan Perbankan Vol. 1 No. 2 (2024): Inflasi - November
Publisher : PT. Faaslib Serambi Media

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Abstract

This study explores the dynamics of digital financial services (DFS) growth in Indonesia amidst increasing regulatory challenges. Using a qualitative observational approach, the research investigates the key drivers and barriers to DFS expansion in the country. The findings reveal that the gross transaction value (GTV) of online payments in Indonesia reached $286 billion in 2022, with projections to grow by 19% annually to $404 billion by 2024. Similarly, the online lending sector saw an increase in loan balances, from $5 billion in 2022 to an expected $9 billion by 2024. The research identifies key drivers such as technological advancements, the increasing smartphone penetration, and a more supportive regulatory environment as factors contributing to the sector’s growth. However, challenges /barrier remain, particularly in terms of regulatory constraints, digital literacy gaps, and infrastructure limitations in rural areas. This paper also explores the potential implications of stricter regulations on fintech innovation and its effects on market competition. It concludes by offering recommendations for enhancing digital financial inclusion, including the need for targeted policy reforms, investment in digital literacy, and improved internet infrastructure.
Co-Authors Aditya, Vishnu Arief Rachman Hikmah Thoha Lina Herlina Neni Kurniawati Nurul Fitriya Siti Marpuah, Siti Tumpak Sidabutar