FINTECH, ISLAMIC FINANCE, AND ITS CHALLENGESMenggali Potensi Keuangan Syariah Melalui Pemanfaatan Teknologidalam Mendorong Pertumbuhan EkonomiINDONESIA SHARIA ECONOMIC FESTIVALGrand City Surabaya, 10 November 2017
NOFIE IMANDepartment of Management, FEB UGM
““““
Definisi Fintech“Computer programs and other technology used to support or enable banking and financial services.”
“Financial technology, also known as FinTech, is a line of business based on using software to provide financial services. Financial technology companies are generally startups founded with the purpose of disrupting incumbent financial systems and corporations that rely less on software.”
“A business that aims at providing financial services by making use of software and modern technology.”
“Innovation in financial services.”
(Wikipedia)
(The Oxford Dictionary)
(National Digital Research Centre in Dublin)
(FinTech Weekly)
Definisi Fintech• Implementasi dan pemanfaatan teknologi untuk peningkatan layanan jasa
perbankan dan keuangan
• Umumnya dilakukan oleh perusahaan rintisan (startup), tetapi tidak sama
• Memanfaatkan teknologi software, internet, komunikasi, dan komputasi terkini
• Bersifat “mencerabut” (disruptive) pasar/industri yang sudah mapan (well-established)
Fenomena Fintech• Faktor penting pendorong (enabler) ekonomi digital• Keterbatasan akses perbankan (unbanked population) in Indonesia• Baru 36% orang dewasa di Indonesia memiliki akun bank (Global Findex, 2014)
• Pemain dalam industri fintech bertumbuh sangat cepat• Rata-rata bertumbuh 78% pada dua tahun terakhir (Asosiasi Fintech Indonesia, 2016)• Berfokus pada sektor pembayaran (payment), diikuti peminjaman (lending)
• Mendorong inklusi keuangan (financial inclusion)• Carrier billing, payment agents, branchless banking
• Dukungan pemerintah terhadap fintech• Regulatory sandbox • Bank Indonesia FinTech Office (BI FTO)• POJK Nomor 77/POJK.01/2016 Tentang Layanan Pinjam Meminjam Uang Berbasis
Teknologi Informasi
Proses Bisnis FintechProses Bisnis Bentuk Interaksi Pembayaran (digital wallets, P2P payments)
C2C Investasi (equity crowdfunding, P2P lending) Pembiayaan (crowdfunding, micro-loans, credit facilities)
B2C Asuransi (risk management) Lintas-proses (big data analysis, predictive modeling)
B2B Infrastruktur (security)
• Wallets and money transfer• Processing and payment infrastructure• Capital markets and trading• Crowdfunding• Real estate investing• Blockchain• Wealth management• Personal finance and mobile banking• Financial services and infrastructure• Regulatory and compliance• General lending and marketplaces• Personal and consumer lending• Business lending• Mortgage lending• Credit score and analytics• Merchant services• Insurance
Jenis dan Ragam
(McKinsey Panorama Fintech Database, 2017)
Nilai transaksiFintech di Indonesia
US$ 15,022 miliar (2017)
Pembayarandigital
US$ 15,010 miliar
PembiayaanUS$ 5 juta
PengelolaankeuanganUS$ 8 juta
99%
0.3%
0.8%
Pembayaran (payment) (32%)
Investasi (17%)
Pendanaan (lending) (15%)
Point-of sales (11%)
Crowdfunding (9%)
Accounting (6%)
Comparison, Cryptocurrency, etc.
(Riset Statista, 2017)
“ Emerging technology and
regulatory realms
The rise of Islamic
movement
Demographic development and societal
change
Lower agency costs
Lower transaction costs economies
Positive network externalities
Disruptive innovations
Islamic fashion (syar’i)
Sadaqah movement
Riba avoidance
Halal travel & lifestyle
Islamic business and investment opportunities
Shift in the industry and regulatory context
Ageing populations and retirement
Women at work (re: diversity and equality)
Declining poverty but rapidly increasing inequality
The rise of the millenials
Finding the sweet spot?
Memberi solusi struktural bagipertumbuhan industri berbasiselektronik (e-commerce)Mendorong pertumbuhan usahakecil dan menengah sertalahirnya wirausahawan(entrepreneur) baruMendorong usaha kreatif (sepertiartis, musisi, pengembangaplikasi, dsb.) untuk meraihdistribusi pasar yang luas (critical mass)Memungkinkan pengembanganpasar, terutama yang masihbelum terlayani jasa keuangandan perbankan konvensional(unbanked population)
Regulasi belum matang, aturantumpang-tindih, berpotensimenimbulkan penyelewengan(contoh: shadow banking, MLM, money game, dll.) FinTech membawa inovasi yang bersifat “merusak” (disruptive), berpotensi membuat air menjadi keruh Percepatan problem klasikteknologi: polarisasi pekerjaanakibat disintermediasi (job polarisation), melebarkan digital divide, dan “pengkultusan” sebagaijalan potong (shortcut) pertumbuhan ekonomiKlaim mampu zero-default, tapipengalaman mitigasi risiko padaperusahaan lending FinTech masihterbatas
PERA
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TRIB
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TANTAN
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AMBATAN
Pilihan Strategik
Adaptive regulation through lobbying• Regulation always
behind of technology, but do not let regulation kills innovation
• The government should have different “layers” in responding to digital innovation
Business unit separation• Garuda
Indonesia/Citilink vs. Lion Group (Wings, Batik, Malindo)
• iPhone (reguler) vs. iPhone C-series
New market expansion• Fuji (film) against
Kodak• Blue ocean (niche)
strategy• Under-developed
investment opportunities to be explored and exploited further
To compete or to cooperate• Calculative
speculation• Conventional banks
are also investing and put their money in P2P lending
Finding qualified digital talents• Digital savvy
professional across function with specific knowledge still hard to find
• Talent war: common practice among startups
THANK YOU
