Indonesian Journal of Fintech, Banking, and Financial Services
The journal serves as a peer-reviewed academic platform dedicated to advancing scholarly knowledge and evidence-based discourse in the fields of financial technology, banking, and financial services. It aims to disseminate high-quality theoretical, empirical, and applied research that contributes to the development, governance, and sustainability of modern financial systems at national, regional, and global levels. The journal welcomes interdisciplinary research from economics, finance, information systems, public policy, management, and related fields that examine innovation, institutional transformation, regulatory evolution, and inclusive financial development. The scope of the journal includes, but is not limited to, the following areas: Financial Technology Innovation Research on emerging digital technologies, platforms, and business models that transform financial intermediation and service delivery, including digital payments, blockchain, artificial intelligence, platform finance, and other technology-driven financial solutions. Banking and Financial Services Transformation Analytical and empirical studies on structural changes, operational efficiency, risk management, competitiveness, and strategic development in conventional and digital banking, as well as broader financial service ecosystems. Financial Inclusion and Sustainable Access Investigations into policies, institutional mechanisms, and technological solutions that expand equitable access to financial services, promote financial literacy, and support inclusive and sustainable economic development. Regulatory and Institutional Frameworks Critical analysis of regulatory policies, supervisory mechanisms, governance structures, and legal environments that shape innovation, stability, consumer protection, and market integrity within the financial sector. The journal prioritizes rigorous methodologies, policy relevance, and practical implications for academics, regulators, industry practitioners, and development stakeholders. It encourages comparative, cross-country, and policy-oriented research that contributes to the advancement of resilient and inclusive financial systems.
Articles
5 Documents
<![CDATA[Do Digital Payments Drive Economic Growth? Evidence from Developing Countries ]]>
<![CDATA[Dian Putri Lestari]]>;
<![CDATA[Lukytawati Anggraeni]]>;
<![CDATA[Salsa Dilla]]>
<![CDATA[ Indonesian Journal of Fintech, Banking and Financial Services Vol. 1 No. 1 (2026): IJF, Vol. 1 No. 1, April 2026 ]]>
Publisher : <![CDATA[School of Business, IPB University (SB-IPB) ]]>
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DOI: 10.17358/ijf.1.1.1
<![CDATA[Background: Digital payments have expanded rapidly in recent decades, driving a global shift from cash to cashless transactions and supporting economic efficiency, financial inclusion, and economic recovery. However, their growth remains uneven, with developed countries experiencing stable adoption due to advanced infrastructure, while developing countries face more volatile expansion driven by structural limitations and varying levels of digital readiness.Purpose: This paper aims to examine the impact of digital payment instruments specifically credit cards, debit cards, and e-money on economic growth in developing countries. Additionally, the study aims to assess the role of key macroeconomic factors, including inflation, population growth, and internet penetration, in influencing economic growth. Design/methodology/approach: This study uses panel data from five developing countries Argentina, Brazil, India, Indonesia, and Turkey over the period 2013–2022. Static panel is used and the result indicates that the Fixed Effects Model (FEM) is the most appropriate specification.Finding/Result: Results show that the growth of digital payments enhance economic growth in the developing countries. In detail, credit cards and e-money positively affect economic growth. Additionaly, an increase in population growth and internet penetration reduces economic growth.Conclusion: Empirical results show that credit cards and e-money positively contribute to economic growth. In detail, e-money transactions grow faster than the other digital payment instrument across developing countries, although adoption varies due to differences in digital infrastructure, financial inclusion, and macroeconomic stability.Originality/value (state of the art): This study will contribute to the literature by expanding the determinants of economic growth by considering the rise of digital payments. ]]>
<![CDATA[Determinants of Digital Banking Adoption Among Generation Z: The Role of Social Media and Influencers in Jakarta ]]>
<![CDATA[Ameera Danish Arista]]>;
<![CDATA[Zenal Asikin]]>;
<![CDATA[Anggi Mayang Sari]]>
<![CDATA[ Indonesian Journal of Fintech, Banking and Financial Services Vol. 1 No. 1 (2026): IJF, Vol. 1 No. 1, April 2026 ]]>
Publisher : <![CDATA[School of Business, IPB University (SB-IPB) ]]>
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DOI: 10.17358/ijf.1.1.11
<![CDATA[Background: The rapid growth of digital banking in Indonesia is driven by increasing internet penetration and the widespread adoption of digital platforms, particularly among Generation Z. As digital natives, Generation Z relies heavily on social media and digital information sources, which play a crucial role in shaping their financial decision-making and adoption of digital banking services.Purpose: This study aims to analyze the role of social media and influencers in influencing Generation Z’s intention to use digital banking services, specifically SeaBank, in DKI Jakarta.Design/methodology/approach: A quantitative approach is employed using survey data collected from 100 Generation Z respondents. The data are analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) to examine the relationships between social media, influencers, and intention to use digital banking.Findings/Result: The results indicate that social media has a positive and significant effect on intention to use digital banking, while influencers show a positive but statistically insignificant effect. These findings suggest that platform-based information exposure plays a more dominant role than individual endorsements in shaping behavioral intention.Conclusion: Digital banking adoption among Generation Z is primarily driven by the relevance, accessibility, and usefulness of information delivered through social media platforms rather than by influencer credibility alone. This reflects a shift toward platform-driven engagement in financial decision-making.Originality/value (State of the art): This study contributes to the literature by integrating social media and influencer variables within the Information Adoption Model (IAM) in the context of digital banking. It highlights the evolving role of digital information sources in financial behavior, particularly among Generation Z, and provides new insights into the relative effectiveness of platform-based versus influencer-based communication. Keywords:behavioral finance, digital banking adoption, Generation Z, intention to use, information adoption model]]>
<![CDATA[The Impact of Regional Development Bank Performance on MSME Credit in Indonesia (2014 – 2023) ]]>
<![CDATA[Amanda Pratiwi Rizal]]>;
<![CDATA[Heni Hasanah]]>;
<![CDATA[Mutiara Probokawuryan]]>
<![CDATA[ Indonesian Journal of Fintech, Banking and Financial Services Vol. 1 No. 1 (2026): IJF, Vol. 1 No. 1, April 2026 ]]>
Publisher : <![CDATA[School of Business, IPB University (SB-IPB) ]]>
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DOI: 10.17358/ijf.1.1.22
<![CDATA[Background: Micro, Small, and Medium Enterprises (MSMEs) are a major pillar of Indonesia’s economy, yet their access to formal financing remains limited. Regional Development Banks (BPDs) are expected to strengthen MSME financing because of their regional mandate and proximity to local economic actors, but their contribution to national MSME credit is still relatively small.Purpose: This study aims to analyze the effect of BPD on MSME credit in Indonesia and to examine whether the number of micro and small industries moderates this relationship.Design/methodology/approach: This study applies descriptive analysis and panel data regression to 15 conventional BPDs operating in single provinces during 2014–2023. MSME credit distribution at the provincial level is analyzed using bank performance indicators, regional macroeconomic variables, a COVID-19 dummy, and the interaction between net interest margin and the number of micro and small industries.Findings/Results: Capital adequacy, net interest margin, and loan-to-deposit ratio positively affect MSME credit, while return on assets has a negative effect. Gross regional domestic product (GRDP) and the number of micro and small industries increase MSME credit, but the micro prime lending rate reduces it, and the moderating effect of micro and small industries weakens the role of net interest margin.Conclusion: MSME credit distribution is shaped not only by internal bank performance but also by regional economic conditions and the affordability of credit. Strengthening MSME financing requires sound bank performance, efficient intermediation, and more accessible lending costs.Originality/value (State of the art): This study specifically focuses on Regional Development Banks (BPDs), covers the 2014–2023 period, combines internal bank and external regional variables, and introduces the number of micro and small industries as a moderating variable in explaining MSME credit distribution. Keywords:regional development banks, msme credit, BPD, panel data, Indonesia ]]>
<![CDATA[Macroeconomic and Structural Determinants of Non-Performing Loans in ASEAN+4 ]]>
<![CDATA[Raisa Chairunnisa]]>;
<![CDATA[Lukytawati Anggraeni]]>;
<![CDATA[Syarifah Amaliah]]>
<![CDATA[ Indonesian Journal of Fintech, Banking and Financial Services Vol. 1 No. 1 (2026): IJF, Vol. 1 No. 1, April 2026 ]]>
Publisher : <![CDATA[School of Business, IPB University (SB-IPB) ]]>
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DOI: 10.17358/ijf.1.1.35
<![CDATA[Background: Non-performing loans (NPLs) are a critical indicator of banking sector fragility, reflecting deteriorating credit quality and posing systemic risks to financial stability. Despite extensive research in European and advanced economy contexts, empirical evidence on NPL determinants across the ASEAN+4 region remains limited, notwithstanding the region's deep economic interdependencies and recurring exposure to major global shocks.Purpose: This study identifies and empirically analyses the macroeconomic and structural-institutional factors influencing NPL dynamics across ASEAN+4 economies over the period 2013 to 2023.Design/Methodology/Approach: Static panel data analysis is employed across 10 economies, namely Indonesia, Malaysia, Thailand, Vietnam, the Philippines, Cambodia, China, Japan, South Korea, and India. Seven explanatory variables are examined: GDP growth, inflation, lending interest rate, unemployment rate, exchange rate, the Civil Justice Index from the World Justice Project, and a COVID-19 dummy variable. Model selection among Pooled Least Squares, Fixed Effect Model, and Random Effect Model was conducted via the Chow, Hausman, and Lagrange Multiplier tests, with the Random Effect Model selected as optimal. Data were sourced from CEIC Data, the World Bank World Development Indicators, and the World Justice Project, and processed using EViews 9.Findings/Result: Unemployment rate and lending interest rate exert positive and statistically significant effects on NPL ratios at the 1% significance level, with coefficients of 0.524 and 0.288 respectively, confirming that deteriorating labour market conditions and higher borrowing costs erode borrowers' debt-servicing capacity. Inflation exhibits a negative and significant effect at the 5% level (coefficient: 0.159), consistent with the debt-deflation channel whereby moderate inflation reduces the real burden of outstanding obligations. GDP growth, exchange rate, the Civil Justice Index, and the COVID-19 dummy do not demonstrate statistically significant effects within this specification. The model is statistically significant overall (F-statistic p-value: 0.0005; R-squared: 0.220).Conclusion: Labour market conditions and lending interest rates are the primary macroeconomic drivers of NPL accumulation across ASEAN+4 economies. Policymakers should prioritise employment-supportive measures and prudent interest rate management as pre-emptive credit risk containment tools. The non-significance of civil justice and pandemic variables suggests their effects may be mediated by country-level heterogeneity or require longer horizons to materialise.Originality/Value: This study contributes to the literature in three ways: it provides rare panel econometric evidence on NPL determinants for the underrepresented ASEAN+4 region; it jointly models macroeconomic and structural-institutional variables within a unified framework; and it explicitly incorporates the COVID-19 shock, advancing understanding of pandemic-era credit risk dynamics in emerging economies. Keywords:non-performing loans, macroeconomic determinants, civil justice, panel data, ASEAN+4]]>
<![CDATA[Do Conventional and Islamic Rural Banks Differ in Financial Performance: Empirical Evidence from Bogor ]]>
<![CDATA[Fiona Andriyan Zaharani]]>;
<![CDATA[Muhammad Nur Faaiz F Achsani]]>;
<![CDATA[Asep Nurhalim]]>
<![CDATA[ Indonesian Journal of Fintech, Banking and Financial Services Vol. 1 No. 1 (2026): IJF, Vol. 1 No. 1, April 2026 ]]>
Publisher : <![CDATA[School of Business, IPB University (SB-IPB) ]]>
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DOI: 10.17358/ijf.1.1.47
<![CDATA[Background: Rural banks play an important role in supporting micro and small businesses in Indonesia. Despite operating under different banking principles, both conventional rural banks and Islamic rural banks face similar challenges in maintaining their financial performance. In Bogor, where both types of institutions are highly concentrated, comparing their financial performance becomes important to assess whether differences in banking type led to different financial outcomes.Purpose: This study aims to examine whether banking type affects the financial performance of conventional rural banks and Islamic rural banks in Bogor, as measured by return on assets (ROA) and non-performing loans/financing (NPL/NPF).Design/methodology/approach: This study employs a quantitative explanatory approach using panel data from five rural banks and five Islamic rural banks in Bogor over the period 2020–2024. The analysis uses panel data regression, with the random effect model selected as the most appropriate specification, to estimate the effect of banking type and internal as well as macroeconomic variables on financial performance.Findings/Results: The results show that banking type does not have a statistically significant effect on either ROA or NPL/NPF. ROA is mainly influenced by internal factors, where the capital adequacy ratio has a positive and significant effect, while bank size and financing ratio have significant negative effects. Meanwhile, no independent variable is found to significantly affect NPL/NPF. Conclusion: That profitability is more closely associated with internal financial conditions, while financing risk is more likely shaped by management quality and other factors beyond the model.Originality/value (State of the art): This study contributes to the literature by providing direct local-level evidence on the comparative financial performance of rural banks and Islamic rural banks in Bogor using both profitability and risk indicators in a one-panel regression framework. It highlights that the distinction between conventional and Islamic banking types is less decisive than internal bank conditions in explaining performance differences. Keywords:conventional rural banks, financial performance, Islamic rural bank, banking type, panel data]]>
