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Start-up and Financial Technology
Published by Generate Digital Publishing
ISSN : -     EISSN : 3090661X     DOI : 10.70764/gdpu-sft
Core Subject : Economy, Science, Social, Engineering,
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Engineering Social Sciences
SFT: Start-ups and Financial Technology provide a venue for high-quality manuscripts dealing with economics, finance, management, entrepreneurship and start-up models, and financial technology in the broadest sense. The editorial board encourages manuscripts that are international in scope, and articles that are perceptive, evidence-based, and have policy impact. However, readers can also find papers that investigate issues with global relevance. SFT is published by the Publishing Company "Generate Digital Publishing". SFT is an open-access journal which means that all content is freely available at no cost to the user or the institution. The scope includes empirical and theoretical articles related to all aspects of financial technology, innovation, and entrepreneurship in a spatial context over time, considering the dynamics of entrepreneurship in a global context, and evaluating the effects and implications of innovation and entrepreneurship in a transdisciplinary context considering historical evolution.
Arjuna Subject : Umum - Umum
Articles 10 Documents
 1 
Social Impact of Digital Payment Technology Adoption in Developing Countries: A Financial Literacy Based Qualitative Study Lina Nur Hidayati
Start-up and Financial Technology Vol. 1 No. 1 (2025)
Publisher : Start-up and Financial Technology

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70764/gdpu-sft.2025.1(1)-01

Abstract

Objective: This research aims to assess the social impact of adopting digital payment technologies in developing countries with a focus on financial literacy, especially among vulnerable groups with low financial literacy. Research Design & Methods: This research uses a qualitative approach with a literature study, analyzing relevant previous studies. Data was drawn from recent literature on adopting digital payments in developing countries and its impact on financial inclusion, literacy, and consumer behavior. Findings: This research shows that digital payment technologies can accelerate financial inclusion, but inequality in financial literacy is a significant barrier for low-income groups to experience the benefits fully. People with low financial literacy face higher security risks and difficulties accessing digital payment services. Implications & Recommendations: The importance of more intensive and inclusive financial literacy education so that vulnerable groups can optimally utilize technology. Digital education programs should be specifically designed to improve financial understanding and skills at the grassroots. Contribution & Value Added: This research offers insights for policy makers and financial service providers on the importance of strengthening financial literacy in an effort to expand equitable adoption of digital payment technologies.  
Exploring Green Research Opportunities Within the Fintech Landscape for Sustainable Growth Lak lak Nazhat El Hasanah
Start-up and Financial Technology Vol. 1 No. 1 (2025)
Publisher : Start-up and Financial Technology

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70764/gdpu-sft.2025.1(1)-04

Abstract

Objective: This research aims to identify green research opportunities in fintech and develop a conceptual framework to support sustainable growth in the financial sector. Research Design & Methods: This research uses a Systematic Literature Review (SLR) approach to collect, analyze, and evaluate relevant literature related to fintech, green finance, and sustainability from various reputable sources within the span of 2015-2024, with strict selection criteria to identify research gaps and develop an in-depth conceptual framework. Findings: The study highlights the important role of FinTech in improving transparency, efficiency, and accountability in green finance, such as through green bonds and sustainable investment platforms. Fintech also expands financial inclusion, empowering diverse stakeholders to participate in the green economy. However, challenges such as data privacy, cybersecurity, regulatory gaps, and limited accessibility for smaller companies hinder its full potential. Overcoming these barriers requires multi-stakeholder collaboration, standardized data practices, and the development of green competencies. Implications & Recommendations: These findings underscore the need for strong policy and industry collaboration to optimize the role of FinTech in sustainable finance. Investments in green competencies and innovative regulatory frameworks are recommended to enable the seamless integration of FinTech into green initiatives. Future research should explore the interactions between green job creation and FinTech advancements to advance sustainable development goals. Contribution & Value Added: This research contributes to the understanding of the transformative potential of FinTech in achieving sustainable economic growth.
Partnership Between Fintech Start-ups and Digital Payments for SMES in ASEAN Ananda Priscilla Putri; Nenda Tegar Mainisa
Start-up and Financial Technology Vol. 1 No. 1 (2025)
Publisher : Start-up and Financial Technology

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70764/gdpu-sft.2025.1(1)-02

Abstract

Objective: This research aims to reveal the dynamics of collaboration between fintech start-ups and MSMEs in ASEAN, identifying the benefits and challenges faced in implementing fintech solutions in the MSME sector. Research Design & Methods: This research uses a qualitative method with a systematic literature review approach to analyze the collaboration between fintech start-ups and MSMEs in ASEAN. More than fifty articles, reports, and case studies from 2020 to 2024 were reviewed to explore the role of fintech in improving financial inclusion and MSME growth, particularly in six major ASEAN countries. Findings are categorized based on digital payment innovation, financial inclusion impact, and fintech's contribution to MSME development. Findings: The research found that collaboration between fintech start-ups and MSMEs in ASEAN improves financial inclusion, accelerates digitalization, and supports MSME business growth. Innovations such as digital payment systems and P2P financing facilitate MSMEs' access to financial services and working capital and strengthen competitiveness in six major ASEAN countries. Implications & Recommendations: This research shows the importance of collaboration between fintech start-ups and MSMEs to improve financial inclusion in ASEAN. It is recommended that governments and financial institutions support these partnerships through supportive policies, as well as improving financial literacy for MSMEs. Fintech start-ups are also expected to continue innovating to meet the local needs of MSMEs. Contribution & Value Added: This research provides new insights into the role of fintech in supporting MSME growth in ASEAN. Its contributions include a deeper understanding of fintech's impact on financial inclusion and opening up further research opportunities regarding its influence on competitiveness and job creation in the region.
The Role of Business Development Strategies and Capital Access Challenges in Driving Green Investment in Supply Chains and Islamic Financial Markets Alifiani Nurul Aisyah; Tika Sari Erawati
Start-up and Financial Technology Vol. 1 No. 1 (2025)
Publisher : Start-up and Financial Technology

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70764/gdpu-sft.2025.1(1)-05

Abstract

Objective: This study aims to analyze the role of business development strategies and access to capital in driving green investment in Islamic supply chains and financial markets and identify policy challenges to create an ecosystem conducive to economic and environmental sustainability. Research Design & Methods: This research employed a qualitative approach with thematic analysis of the literature and case studies, to identify patterns of equity in green investment and sustainable finance. Findings: The research found that green investments support corporate sustainability and performance through innovation strategies such as blockchain technology and green supply chain collaboration, although challenges related to capital access and business awareness remain key barriers. Implications & Recommendations: Collaboration between governments and the private sector is essential to drive the adoption of green investments, with governments providing supportive policies and companies investing in green technologies, and the potential of technologies such as blockchain to improve transparency across sectors is worth exploring further. Contribution & Value Added: This research is expected to provide deeper insights into how green investments can serve as a tool to achieve broader sustainability goals without neglecting the needs and rights of local communities.
Fintech for Social Impact: Evaluating the Role of Digital Finance in Poverty Alleviation Ashari
Start-up and Financial Technology Vol. 1 No. 1 (2025)
Publisher : Start-up and Financial Technology

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70764/gdpu-sft.2025.1(1)-03

Abstract

Objective: This study aims to evaluate the contribution of fintech in reducing poverty through economic empowerment of low-income communities by utilizing digital technology. Research Design & Methods: This research uses a qualitative method with a systematic literature review approach to analyze fintech's contribution to reducing poverty through economic empowerment of low-income communities, utilizing data from previous literature studies. Findings: Fintech services such as micro-lending, micro-insurance, and mobile savings can empower disadvantaged individuals, but challenges such as digital infrastructure, low financial literacy, and social risks such as debt cycles need to be addressed to achieve optimal social impact. Implications & Recommendations: The importance of investing in digital infrastructure and financial literacy programs to improve the poor's understanding of fintech services and the need for collaboration between the government, fintech providers, and civil society organizations to formulate policies that support financial inclusion and protect consumers. Contribution & Value Added: This research contributes to illustrating how fintech can be an effective tool in reducing poverty, improving welfare, and supporting the achievement of the Sustainable Development Goals (SDGs).
A Hybrid NAKA-FA-PSO Algorithm with Nakagami Distribution for Multi-Objective Portfolio Optimization Aref Yelği; Shirmohammad Tavangari
Start-up and Financial Technology Vol. 1 No. 2 (2025)
Publisher : Start-up and Financial Technology

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70764/gdpu-sft.2025.1(2)-07

Abstract

Objective: This study aims to optimize portfolio allocation under cardinality constraints by maximizing expected return and minimizing risk, while addressing the NP-complete nature of the problem. Research Design & Methods: A hybrid multi-objective optimization approach is proposed by combining Particle Swarm Optimization and Firefly Algorithm (PSO-FA) with Nakagami distribution to preserve solution diversity and achieve optimal results. The algorithms were applied to the OR-library dataset and executed 30 times for analysis and evaluation. Findings: The experimental results demonstrate that the proposed algorithm outperforms existing methods in terms of accuracy, diversity, and stability. On the P5 test sample, the reported metrics were 2.76E-07 IGD, 7.43E-08 GD, and 2.94E-03 HV, with consistent improvements also observed in other test samples. Implications & Recommendations: The findings suggest that the PSO-FA with Nakagami distribution can serve as an effective alternative for solving cardinality-constrained portfolio optimization problems, particularly in tackling NP-complete challenges in finance. Future research may extend its application to larger datasets and dynamic market conditions. Contribution & Value Added: This study contributes by introducing a novel hybrid optimization framework (PSO-FA and Nakagami distribution) that enhances solution quality in portfolio optimization. The value added lies in its ability to balance return, risk, and solution diversity, offering new insights beyond existing approaches in the literature.
Implementing Adaptive Credit Scoring Through Xgboost and Deep Learning in Open Finance for Microcredit Reza Ade Putra; Silviana Pebruary
Start-up and Financial Technology Vol. 1 No. 2 (2025)
Publisher : Start-up and Financial Technology

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70764/gdpu-sft.2025.1(2)-06

Abstract

Objective: This study aims to develop and test the effectiveness of an AI-based adaptive credit scoring system that integrates Open Finance principles and the use of alternative data in assessing microcredit eligibility in emerging markets.Research Design & Methods: This study uses a mixed-methods approach with AI model experiments to test machine learning and deep learning-based adaptive credit scoring systems and thematic analysis to understand implementation challenges and regulatory preparedness.Findings: Hypothetical results show that AI models (XGBoost, Deep Learning) significantly outperform traditional models (logistic regression) in microcredit eligibility assessment, with an AUC improvement of 15-20% (e.g., AUC 0.88 for XGBoost vs. 0.72 for logistic regression). Similar improvements are also seen in Precision, Recall, and F1-score metrics. Adaptivity testing shows a 2-5% increase in model accuracy after each retraining cycle, with the model's ability to dynamically adjust credit scores in real-time to changes in user behaviour. Interpretation of the results through XAI identified consistent utility bill payment patterns, digital wallet transaction frequency, and mobile phone number usage duration as the most influential predictive factors.Implications & Recommendations: Integration of AI and Open Finance with alternative data improves the efficiency and inclusiveness of credit scoring, so it is recommended that industry players and regulators develop data infrastructure, apply Responsible AI principles, and formulate comprehensive and collaborative Open Finance regulations.Contribution & Value Added: This research contributes to the FinTech and AI literature by providing technical and policy guidance to promote financial inclusion by developing adaptive assessment machine and responsible AI oversight in emerging markets.
Fintech Start-up Innovation: Thematic and Bibliometric Analysis of Embedded Finance and AI Trends Using VosViewer Anjun Nikmah Wakhidatul Muarifah; Nur Novianti
Start-up and Financial Technology Vol. 1 No. 2 (2025)
Publisher : Start-up and Financial Technology

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70764/gdpu-sft.2025.1(2)-08

Abstract

Objective: This study aims to identify and map the main trends in FinTech literature from 2015 to 2025, particularly those related to embedded finance and artificial intelligence (AI).Research Design & Methods: Adopting an exploratory qualitative approach, this study focuses on literature and bibliometric analysis. Data was collected from the Scopus database, with additional literature from Google Scholar as a supplementary source, covering publications from 2015 to 2025 using the keywords fintech, AI, embedded finance, and trust.Findings: VOSviewer analysis places fintech as a central node with major clusters covering AI & risk management, embedded finance, user trust, regulation, financial inclusion, and blockchain. Since 2019, publications on “Fintech AI” have surged significantly, while “Embedded Finance AI” shows a declining trend due to its integration into general FinTech. AI drives efficiency and risk mitigation, embedded finance simplifies financial services, and trust and adaptive regulation issues remain key focuses.Implications & Recommendations: These findings highlight the importance of redefining digital trust, responsible AI governance, and collaboration between startups and banks. Regulators need to adopt a principle-based adaptive approach.Contribution & Value Added: This research offers data-driven strategic references for academics, startups, and regulators, and serves as a foundation for further empirical studies using innovative combined methodological approaches.
Regulatory Sandboxes as Catalysts for Fintech Innovation: Evaluating the Impact on Start-Up Success and Policy Evolution Dewi Puspita Sari; Alfina Dwi Yanti
Start-up and Financial Technology Vol. 1 No. 2 (2025)
Publisher : Start-up and Financial Technology

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70764/gdpu-sft.2025.1(2)-09

Abstract

Objective: Regulatory sandboxes have become a global instrument for managing the complexity of FinTech innovation while maintaining regulatory stability. This study aims to comprehensively evaluate regulatory sandboxes as a crucial policy innovation instrument in the FinTech landscape. Research Design & Methods: This study adopts a qualitative methodology, combining an extensive literature review and comparative case studies. Data was collected from various sources, including legal documents, regulations from the OJK and Bank Indonesia in Indonesia, reports from global authorities such as the UK's FCA, and academic journal articles. Findings: The study's results show that sandboxes are significantly positively correlated with the success of FinTech startups. Participation in sandboxes is associated with a 15% increase in capital raised and a 50% higher probability of fundraising. These benefits arise through reduced information asymmetry and regulatory costs, which particularly help smaller and younger companies. Additionally, sandboxes facilitate critical two-way dialogue between innovators and regulators, accelerate time to market, encourage competition, and contribute to banking stability.Implications & Recommendations: Research confirms that sandboxes are valuable but not a silver bullet. The effectiveness of sandboxes depends on strategic design, resource support, and regulatory integration. Therefore, regulators need to encourage the adoption of adaptive regulatory approaches, adequate funding, and cross-jurisdictional cooperation. Contribution & Value Added: This study presents a holistic evaluation that affirms the benefits while critiquing the limitations of sandboxes. It combines a global perspective and analysis of Indonesian regulations to provide evidence-based insights and practical recommendations for optimizing sandboxes as responsible and sustainable innovation drivers.
Tokenization 0f MSME Assets in Defi: Opportunities, Risks, and Hybrid Governance Architecture Kiruthika Dhanapal; Peter Waher
Start-up and Financial Technology Vol. 1 No. 2 (2025)
Publisher : Start-up and Financial Technology

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70764/gdpu-sft.2025.1(2)-10

Abstract

Objective: This study aims to comprehensively analyze the transformative potential of asset tokenization for Micro, Small, and Medium Enterprises (MSMEs) within the Decentralized Finance (DeFi) ecosystem, with a focus on opportunities, risks, and the hybrid governance architecture required.Research Design & Methods: This study uses a qualitative approach, combining a systematic literature review and case studies with thematic content analysis of secondary data from credible sources to identify patterns and key themes.Findings: Findings show that tokenization of MSME assets offers significant opportunities, such as broader and faster access to funding through fractionalization of ownership, increased asset liquidity, operational efficiency, and enhanced transparency and security. However, this implementation is accompanied by various risks, including smart contract vulnerabilities, cyber attacks, blockchain scalability challenges, regulatory uncertainty, market volatility, and operational risks related to reliance on off-chain third parties. A hybrid governance architecture that integrates on-chain and off-chain elements is essential to mitigate these risks. Implications & Recommendations: This study indicates that tokenization can be an essential bridge for MSMEs to enter the global digital economy, but it requires improved digital literacy and technological readiness. For investors, it offers new diversification opportunities with inherent risks. Policy recommendations include adaptive regulation, simplified compliance, digital education, infrastructure strengthening, utilization of regulatory sandboxes, and cross-sector collaboration and standardization.Contribution & Value Added: This study presents a comprehensive framework for tokenizing MSME assets, offering practical guidance for various stakeholders to promote financial inclusion and equitable economic growth.

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