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All Journal Ihtifaz: Journal of Islamic Economics, Finance, and Banking Journal of Central Banking Law and Institutions
Aulia, Mahdiah
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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Financial Technology Regulation in Malaysia and Indonesia: A Comparative Study Diniyya, Aulia Arifatu; Aulia, Mahdiah; Wahyudi, Rofiul
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol 3, No 2 (2020)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v3i2.2703

Abstract

Introduction to The Problem: The era of innovation in information technology has emerged to ease daily commercial transactions. The innovation in financial technology has created numerous new business model to cater the customers’ need. This development needs a regulation and supervision to avoid chaos in the financial system. Particularly in Indonesia and Malaysia, which both countries were recorded by CCAF to be among the top countries in the ASEAN region by the number of fintech firms.Purpose/Objective Study: This study is aimed to analyze the financial technology regulation and supervision in Indonesia and Malaysia.Design/Methodology/Approach: The comparative study is conducted to compare the regulatory environment related to Digital payment, Equity Crowdfunding, P2P lending, Crypto Asset, Consumer protection, cybersecurity law and Islamic fintech in both countriesFindings: The study found that compared to Malaysia, Indonesia has lack of jurisdiction that protecting the customer from the cyber-attack which highly threatening the fintech industry. Both countries also treat ICO differently. Malaysia treats it under RMO guidelines, while Indonesia banned it as the method of payment but still allows the trading of ICO as a commodity under Commodity Futures Regulatory Agency.
THE PRESENCE OF COMMERCIAL BANKS IN METAVERSE’S FINANCIAL ECOSYSTEM: OPPORTUNITIES AND RISKS Raffi Hasta Anggara, Muhammad; Davie, M. Reihan; Margani, Mahanani; Aristyana D, Made Ayu; Aulia, Mahdiah
Journal of Central Banking Law and Institutions Vol. 1 No. 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v1i3.28

Abstract

The metaverse has been widely discussed as it is believed will affect almost every sector, one of those is the financial sector. The financial sector developed in the metaverse will likely be based on decentralized finance and blockchain technology, the latter of which is the primary source of the development of cryptocurrency and stable coins. Other than cryptocurrency and stable coins, CBDC is also predicted to emerge as one of the payment instrument options used in the metaverse. The presence of these technologies has formed the unique financial ecosystem in metaverse, differentiating it from the existing ecosystem which is characterized as centralized and traditionalfinance. The recently developed Meta Fi has created the question of whether commercial banks, as one of the most important financial institutions in the current financial ecosystem, will be able to penetrate and keep its relevance in the Meta Fi. This research will attempt to answer this question by explaining Meta Fi, its characteristics, and how commercial banks could co-exist alongside blockchain-based service in Metaverse.
Co-Authors Aristyana D, Made Ayu Davie, M. Reihan Diniyya, Aulia Arifatu Margani, Mahanani Raffi Hasta Anggara, Muhammad Wahyudi, Rofiul