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Fintech and Financial Inclusion: Evidence from Emerging Markets Ramadhan, Aryasatia; Vidianto, Muhammad Afiq; Muharam, Harjum; Mawardi, Wisnu
Research Horizon Vol. 5 No. 3 (2025): Research Horizon - June 2025
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/rh.5.3.2025.598

Abstract

This study examines the developing relationship between financial technology (fintech) and financial inclusion in emerging economies. The financial sector has undergone rapid transformation due to fintech, which offers cutting-edge digital solutions that extend financial services to previously unbanked or underserved communities. By systematically reviewing relevant literature, this study underscores the positive impact of fintech in reducing barriers to financial access, reducing transaction costs, and improving the availability of credit, payments, and savings tools in emerging economies. Fintech also plays a significant role in empowering marginalized groups, supporting micro-entrepreneurs, and fostering digital financial ecosystems. Although progress has been made, inclusive growth is still hindered by several obstacles, including fragmented regulatory frameworks, limited digital infrastructure, cybersecurity threats, and a general lack of financial literacy. The findings offer significant insights for policymakers, financial institutions, and technological developers aiming to utilize fintech to enhance long-term financial inclusion. This research adds to the expanding literature by situating fintech’s role in inclusive finance within the distinct economic and institutional frameworks of emerging markets, while also highlighting key areas for further study and policy action.
Determinants of the Stock Price Volatility In the Indonesian Manufacturing Sector Handayani, Heny; Muharam, Harjum; Mawardi, Wisnu; Robiyanto, Robiyanto
International Research Journal of Business Studies Vol. 11 No. 3 (2018): December 2018 - March 2019
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.11.3.179-193

Abstract

This study aimed to analyze the influence of return on equity, debt to equity ratio, sales growth, firm size, cash ratio, and dividend payout ratio to stock price volatility companies listed on the Indonesia Stock Exchange in the period 2011-2015. The populations of this study are all manufacturing companies listed in Indonesia Stock Exchange (IDX) in the period 2011 to 2015. It obtained eight companies samples with technique purposive sampling method. The data analysis technique used is the regression model panel then be adjusted again by using GARCH (Generalized Autoregressive Conditional Heteroscedasticity). The results showed that the volatility of the stock price only affect without any effect ARCH-GARCH therein. Determining the best models of each prediction is based on estimated volatility GARCH (p, q). The determination of whether there is influence of the factors believed to be the determinants of stock price volatility was done by using panel data regression analysis. The results of panel data regression analysis showed that the company’s stock price volatility in the research samples can be explained by 4.84% by ROE, CR, DER, DPR, company size and sales growth while the remaining 95.16% explained by other variables outside the research. Only sales growth has significant positive effect on stock price volatility.
Green Finance and Competitiveness in Fintech Adoption: Digital Transformation and Sustainability in Indonesian Banks Rachmawati, Windasari; Sugeng Wahyudi; Wisnu Mawardi
Riset Akuntansi dan Keuangan Indonesia Vol. 10 No. 1 (2025): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v10i1.8571

Abstract

The increasing global focus on sustainability is prompting organizations to integrate financial technology (Fintech) solutions to increase their sustainability outcomes. This research seeks to explore the intermediary role of green finance and competitiveness, along by the moderating influence of digital transformation (DT), on the link among Fintech and sustainability performance. The study constructs a conceptual framework based on responses from bank employees in Central Java, Indonesia. Data were gathered from 170 bank employees and analyzed utilizing Smart-Partial Least Square (PLS). The findings reveal that Fintech adoption does not significantly negatively impact sustainability performance. Additionally, while Fintech adoption shows a positive but insignificant effect on green finance and competitiveness, it has an insignificant negative impact on competitiveness and sustainable performance. Digital transformation, as a moderator of the connection among Fintech adoption and green finance, competitiveness, and sustainability performance, also shows an insignificant positive effect.
Optimizing Financial Inclusion through Mobile Banking and Digital Wallet during COVID-19 Pandemic Makusara, Kumaralalita; Widiastuti, Cahyaning Ajeng; Pangestuti, Irene Rini Demi; Mawardi, Wisnu
Economic and Business Horizon Vol. 4 No. 2 (2025): May
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.4.2.2025.686

Abstract

The COVID-19 pandemic has greatly affected multiple sectors in Indonesia, particularly the financial sector. Amidst economic uncertainty, financial inclusion is crucial to support economic recovery and community welfare. Mobile banking and digital wallets have emerged as effective solutions in improving financial inclusion, facilitating wider access to financial services for people, especially in remote areas. This research uses the journal review method, by analyzing various research sources related to the role of mobile banking and digital wallets in improving financial inclusion in Indonesia during the pandemic. The findings show that digital financial technology has accelerated the process of financial inclusion, with positive impacts on economic sustainability. By enabling easier and safer access to finance, mobile banking and digital wallets support the achievement of sustainability goals through reducing social and economic inequality. This research contributes to a better understanding of the potential of digital technology in supporting sustainable financial inclusion, and its implications for public policy in Indonesia.
Measuring Fintech and Digital Banking Scalability to Enhance Financial Inclusion in Indonesia Pradhipta, Rama Dwika; Wafdayanti, Haasya; Mawardi, Wisnu; Pangestuti, Irene Rini Demi
Economic and Business Horizon Vol. 4 No. 3 (2025): September
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.4.3.2025.688

Abstract

This study explores the scalability of fintech and digital banking in Indonesia as a catalyst for financial inclusion, the context centers on Indonesia’s unique challenges, including its archipelagic geography, fragmented regulatory frameworks, and a significant unbanked population (26% of adults), which hinder traditional financial services. The role of this study is to provide evidence-based insights for policymakers, financial institutions, and fintech developers to optimize scalable solutions. By conducting a systematic literature review of peer-reviewed articles, industry reports, and case studies (2015–2025), this research identifies critical drivers and barriers to scalability. Thematic analysis and comparative frameworks were employed to evaluate Indonesia’s progress against global benchmarks. Results reveal that technological infrastructure, regulatory adaptability, and strategic partnerships are pivotal to scalability. However, challenges persist, including low digital literacy and regulatory fragmentation. Data also highlight successful models, such as mobile banking platforms leveraging agent networks to reach remote areas. The article discusses these findings through the lens of collaborative governance, emphasizing the need for multi-stakeholder cooperation. Case studies of Indonesia’s leading fintech firms illustrate how localized innovations such as microloan algorithms and offline transaction modes address inclusion barriers. Key findings suggest that scalable fintech and digital banking can significantly enhance financial inclusion if supported by inclusive policies, infrastructure investment, and public private partnerships. Recommendations include harmonizing regulations, expanding digital education, and incentivizing tech innovation for rural markets. This study contributes actionable strategies to align Indonesia’s digital finance growth with sustainable development goal.
Web Design and Consumer Repurchase Intention: The Roles of E-Satisfaction Pangestika, Devi Wahyu; Rayhan, Raditya Valeri Aurelia; Mawardi, Wisnu
Scientific Journal of Informatics Vol. 11 No. 4: November 2024
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/sji.v11i4.15367

Abstract

Objective: Repurchase Intention (RI) becomes one of the frame aspects of customer retention. This study aims to investigate the impact of Web Design (WD) on customers Repurchase Intention (RI) and to evaluate whether E-Satisfaction (ES) serves as a mediator in this relationship. Methods: The research employed a quantitative approach, utilizing purposive sampling to gather data sourced from 124 students from several colleges in Semarang. It conducted a Structural Equation Modeling (SEM) analysis using SmartPLS. Result: The findings of this research show that Web Design (WD) has a significant and positive effect on Repurchase Intention (RI). Additionally, E-Satisfaction (ES) positively influences Repurchase Intention (RI) and serves as a mediator for the beneficial impact of Web Design (WD) on Repurchase Intention (RI). Novelty: The findings of this study provide recommendations for Bukalapak to enhance its Web Design (WD) and ensure high levels of user E-Satisfaction (ES). These strategies can help boost user interest in making repeat purchases on the Bukalapak platform. The novelty in this study lies in the use of diverse range of objects and research methods that are different from previous studies.
The Influence Of Employer Pension Funding Size, Operational Costs, Active Management and Age On Financial Performance Mansur, Mansur; Mawardi, Wisnu
Equivalent: Jurnal Ilmiah Sosial Teknik Vol. 5 No. 2 (2023): Equivalent: Jurnal Ilmiah Sosial Teknik
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jequi.v5i2.143

Abstract

This study aims to analyze the effect of size, operating costs, active management, and the age of Employer Pension Funds on the financial performance of Employer Pension Funds in Indonesia. The population used is the Pension Fund of Employers in Indonesia for the 2017-2021 period by taking samples through purposive sampling. The research method used is a quantitative approach by testing using multiple linear regression analysis in the SPSS program. The source of the data was obtained internally from the OJK and the published results of the JCI daily closing price. The type of data used is secondary data based on the financial reports of Employer Pension Funds and the JCI daily closing price. The results of the study show that the size, operational costs and active management have a negative effect on the financial performance of Employer Pension Funds in Indonesia. Meanwhile, the age of Employer Pension Funds has no effect on the financial performance of Employer Pension Funds in Indonesia
The Influence Of NPF, Bopo, Current Ratio and Gearing Ratio On Financing Company Performance (Comparation Study Of Financing Companies In Indonesia Before and During The Covid-19 Period) Harris, Rizky Muhammad; Mawardi, Wisnu
Equivalent: Jurnal Ilmiah Sosial Teknik Vol. 5 No. 2 (2023): Equivalent: Jurnal Ilmiah Sosial Teknik
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/jequi.v5i2.144

Abstract

This research aims to compare the effect of Non Performing Financing (NPF), Operating Expense to Operating Income (BOPO), Current Ratio, and Gearing Ratio of financing companies in Indonesia on profitability performance as represented by the variable Return on Assets (ROA) in pre-COVID-19 and during COVID-19 times. This type of research is quantitative research using time series data with the period before the spread of COVID-19 was for the period September 2018 to February 2020 and the period during the spread of COVID-19 was March 2020 to August 2021. The data source used is based on monthly reports submitted by financing company in Indonesia to the Financial Services Authority. The analysis used in this research is multiple linear regression and the Chow test. The classical assumption test on the data used has been carried out including the normality test, multicollinearity test, autocorrelation test, and heteroscedasticity test before carrying out the multiple linear regression test. The research results obtained were that before the COVID-19 pandemic NPF had no effect on ROA, BOPO had a negative and significant effect on ROA, Current Ratio had no effect on ROA, and Gearing Ratio had no effect on ROA. While during the COVID-19 pandemic it was known that NPF had no effect on ROA, BOPO had no effect on ROA, Current Ratio had no effect on ROA, and Gearing Ratio had a positive and significant effect on ROA. The results of the Chow test showed that there were differences in the effect of NPF, BOPO, Current Ratio, and Gearing Ratio on the ROA of financing companies in Indonesia before COVID-19 and during the COVID-19 period.
Time Value Analysis of Money in Investment Decision Making: Discounted Cash Flow (DCF) Vs Monte Carlo Method Tarigan, Edi Suranta; Mawardi, Wisnu
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 7 No 1 (2024): Sharia Economics
Publisher : Sharia Economics Department Universitas KH. Abdul Chalim, Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v7i1.4242

Abstract

Investment feasibility analysis is very important in investing so that the investment can be known as feasible or not to run. In investing there is always a risk, where the risk can affect the feasibility of the investment to be run, therefore in this study the risk will be calculated and the effect on investment feasibility will be seen. This type of research uses a combination research method (mixed methods research), which is research based on a combination. The mixed method can also be called the mixed research method, is a planned, systematic, structured, and measurable effort to utilize together two research methods, namely quantitative and qualitative. The results of the investment feasibility analysis can be carried out by all fields. The results of investment analysis using the discounted cash flow method, Monte Carlo simulation, provide positive value in making investment decisions. The risk obtained from the results of the analysis is that the existing risk can reduce the NPV and IRR value of the investment.
ANALYSIS OF FINANCIAL DISTRESS DETERMINANTS IN SECURITIES COMPANIES AS MEMBERS OF THE EXCHANGE IN INDONESIA Catur Karyanto Pilih; Wisnu Mawardi
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 5 No. 3 (2025): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v5i3.2987

Abstract

Financial distress in securities companies can be an early indicator of potential financial failure that has a systemic impact on capital market stability. In the context of global and domestic economic dynamics, including the COVID-19 pandemic, securities companies face complex pressures from both internal and external sides. Therefore, early identification of factors that influence financial distress is very important in maintaining business continuity and protecting investors. This study aims to examine the effect of profitability, liquidity, solvency, capital structure, company size, corporate governance, and macroeconomic factors on the probability of financial distress in securities companies that are members of the stock exchange in Indonesia. This study is motivated by the importance of early detection of the financial condition of securities companies that have the potential to experience financial distress, especially in the context of market dynamics and external challenges such as the COVID-19 pandemic. The research method used is logistic regression analysis of secondary data from securities companies, namely93 securities companies are members of the stock exchange in Indonesia during the period 2018 to 2023.The variables analyzed include financial ratios (ROA, ROE, NIATTA, CR, TAANC, DER, TLOE, ECCABC, WACC, TA), corporate governance indicators (GCG), and macroeconomic indicators (GDP, INF, IHSG, BI7DRR). The results of the study indicate that profitability and liquidity do not have a significant effect on the probability of financial distress. On the contrary, the variables of solvency, capital structure, and company size are proven to have a significant effect in reducing the possibility of financial distress. In particular, the variables of Debt to Equity Ratio (DER) and ECCABC have the strongest influence in predicting this risk. The corporate governance variable does not show a significant effect, which indicates that the governance dimension is not always in line with the indicators of financial distress. Meanwhile, macroeconomic variables such as GDP, inflation, and the composite stock price index (IHSG) are proven to be significant in reducing the probability of financial distress, while the BI benchmark interest rate (BI7DRR) does not have a significant effect.
Co-Authors Adistya, Renna Alamaint, Saezar Anisqe Adita Ardiansyah, Rizki Arief Rachman Arindra Karunia Rahmadhani, Arindra Karunia Asriyani, Rahma Asti Mardiana Putri, Asti Mardiana Astuti, Fitria Yuni Asyazilal, Abieta Cahyana, Muhammad Aziz Catur Karyanto Pilih Chotrianda, Nadhia Fortuna Dea Adielyani Diah Meani R.M.D Dinda Ayu Septiana Doni Setiawan Dul Muid Eliezer Yudha Nattan Fahmi Hasan, Fahmi Farhanditya, Ferdiansyah Djody Farich Novrina Sandy Fitri Andriani, Lia Foza Hadyu Hasanatina, Foza Hadyu Fuad Mas’ud Glady Precillia Arindi, Glady Precillia Hadi, Naufal Handayani, Heny Harjum Muharam Harris, Rizky Muhammad Hashifah Nabilah Hashifah Nabilah, Hashifah Hendra Fitrianto Hendratno, Roberto Heny Handayani Iffada, Berliana Iga Bagus Jaya Wardhana, Iga Bagus Jaya Indra Kurnia Irene Rini Demi Pangestuti Kurniawan, Noval Kusuma, Difa Putra Makusara, Kumaralalita Mansur Mansur Miyasto Miyasto Mochammad Ardani Muhajir, Atok Muhammad Aziz Cahyana Muhammad Azmi Fauzan, Muhammad Azmi Nugroho, Leonardus Jayadi Pangestika, Devi Wahyu Pradhipta, Rama Dwika Prasetyo, Ivan Pratama, Anaszaki Purbayu Budi Santosa Putra, Ardhilo Putranto, Andre Novia Rachmawati, Windasari Rahmitha, Sasya Ramadhan, Aryasatia Rayhan, Raditya Valeri Aurelia Retno Hidayati Reza Surya Akdiwidjaya Riza, Mukaffi Rizky Utami, Anindya Rizqi Amalia Yasinta Putri Robiyanto Robiyanto Robiyanto, Robiyanto Robiyanto, Robiyanto Ryan Havidhian Putra Sari, Dwi Kamilah Sasya Rahmitha Setiyawati, Lia SUGENG WAHYUDI Sugeng Wahyudi, Sugeng Syafa’ati, Fiskia Tarigan, Edi Suranta Thoriq, Ezar Aufa Tiari Aprisilya, Tiari Vidianto, Muhammad Afiq Wafdayanti, Haasya Widiastuti, Cahyaning Ajeng Yurivin, Nerissa Zakiah Zakiah