Proceedings of the 3rd International Conference on Law, Social Science, Economics, and Education, ICLSSEE 2023, 6 May 2023, Salatiga, Central Java, Indonesia

Research Article

Opportunities for Islamic Microfinance Institutions based on FinTech Startup in Indonesia after the Covid-19 Pandemic

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  • @INPROCEEDINGS{10.4108/eai.6-5-2023.2333580,
        author={Wanti  Ernawati and Wahyu  Murti and Joko  Riyanto},
        title={Opportunities for Islamic Microfinance Institutions based on FinTech Startup in Indonesia after the Covid-19 Pandemic},
        proceedings={Proceedings of the 3rd International Conference on Law, Social Science, Economics, and Education, ICLSSEE 2023, 6 May 2023, Salatiga, Central Java, Indonesia},
        publisher={EAI},
        proceedings_a={ICLSSEE},
        year={2023},
        month={7},
        keywords={sharia cooperative bmt fintech startup government customers},
        doi={10.4108/eai.6-5-2023.2333580}
    }
    
  • Wanti Ernawati
    Wahyu Murti
    Joko Riyanto
    Year: 2023
    Opportunities for Islamic Microfinance Institutions based on FinTech Startup in Indonesia after the Covid-19 Pandemic
    ICLSSEE
    EAI
    DOI: 10.4108/eai.6-5-2023.2333580
Wanti Ernawati1,*, Wahyu Murti1, Joko Riyanto1
  • 1: Universitas Borobudur, Jakarta, Indonesia
*Contact email: wantiernawati5@gmail.com

Abstract

The use of FinTech Startup has been widely used by large and small companies, both those engaged in the financial industry and non-financial industry. For the non-banking Islamic finance industry, such as Cooperatives and BMTs, it certainly provides a double advantage, namely being able to improve both social and commercial microfinance performance at the same time. Internet users in Indonesia will reach 210.03 million in 2022, and only 15% will utilize Islamic microfinance institution product services, of course, this is a potential opportunity to take advantage of such a large market share, especially in the digital era after the Covid-19 pandemic. It's just that in order to seize this opportunity, Islamic microfinance institutions need to take advantage of the solidity of their FinTech Startup ecosystems, such as users, governments, technology companies, mastery of technology use, and traditional financial institutions.