FINTECH, ISLAMIC FINANCE, AND ITS CHALLENGES Menggali Potensi Keuangan Syariah Melalui Pemanfaatan Teknologi dalam Mendorong Pertumbuhan Ekonomi INDONESIA SHARIA ECONOMIC FESTIVAL Grand City Surabaya, 10 November 2017 NOFIE IMAN Department of Management, FEB UGM
Definisi Fintech Computer programs and other technology used to support or enable banking and financial services. (The Oxford Dictionary) 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. (FinTech Weekly) Innovation in financial services. (National Digital Research Centre in Dublin) (Wikipedia)
Definisi Fintech Implementasi dan pemanfaatan teknologi untuk peningkatan layanan jasa perbankan dan keuangan Umumnya dilakukan oleh perusahaan rintisan (startup), tetapi tidak sama Memanfaatkanteknologi software, internet, komunikasi, dan komputasi terkini Bersifat mencerabut (disruptive) pasar/industri yang sudah mapan (wellestablished)
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 Fintech Proses Bisnis Pembayaran (digital wallets, P2P payments) Investasi (equity crowdfunding, P2P lending) Pembiayaan (crowdfunding, micro-loans, credit facilities) Asuransi (risk management) Lintas-proses (big data analysis, predictive modeling) Infrastruktur (security) Bentuk Interaksi C2C B2C B2B
Jenis dan Ragam 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
(McKinsey Panorama Fintech Database, 2017)
Pembayaran (payment) (32%) Investasi (17%) 99% Pembayaran digital US$ 15,010 miliar Pendanaan (lending) (15%) Point-of sales (11%) Crowdfunding (9%) Nilai transaksi Fintech di Indonesia US$ 15,022 miliar (2017) 0.3% Pembiayaan US$ 5 juta Accounting (6%) 0.8% Comparison, Cryptocurrency, etc. Pengelolaan keuangan US$ 8 juta (Riset Statista, 2017)
Lower agency costs Finding the Emerging sweet spot? Lower transaction costs economies Disruptive innovations The rise of the millenials technology and regulatory realms Positive network externalities Shift in the industry and regulatory context Islamic fashion (syar i) Ageing populations and retirement Women at work (re: diversity and equality) Declining poverty but rapidly increasing inequality Demographic development and societal change The rise of Islamic movement Islamic business and investment opportunities Halal travel & lifestyle Sadaqah movement Riba avoidance
PERAN DAN KONTRIBUSI Memberi solusi struktural bagi pertumbuhan industri berbasis elektronik (e-commerce) Mendorong pertumbuhan usaha kecil dan menengah serta lahirnya wirausahawan (entrepreneur) baru Mendorong usaha kreatif (seperti artis, musisi, pengembang aplikasi, dsb.) untuk meraih distribusi pasar yang luas (critical mass) Memungkinkan pengembangan pasar, terutama yang masih belum terlayani jasa keuangan dan perbankan konvensional (unbanked population) Regulasi belum matang, aturan tumpang-tindih, berpotensi menimbulkan penyelewengan (contoh: shadow banking, MLM, money game, dll.) FinTech membawa inovasi yang bersifat merusak (disruptive), berpotensi membuat air menjadi keruh Percepatan problem klasik teknologi: polarisasi pekerjaan akibat disintermediasi (job polarisation), melebarkan digital divide, dan pengkultusan sebagai jalan potong (shortcut) pertumbuhan ekonomi Klaim mampu zero-default, tapi pengalaman mitigasi risiko pada perusahaan lending FinTech masih terbatas TANTANGAN DAN HAMBATAN
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 New market expansion To compete or to cooperate Finding qualified digital talents Garuda Indonesia/Citilink vs. Lion Group (Wings, Batik, Malindo) iphone (reguler) vs. iphone C-series Fuji (film) against Kodak Blue ocean (niche) strategy Under-developed investment opportunities to be explored and exploited further Calculative speculation Conventional banks are also investing and put their money in P2P lending Digital savvy professional across function with specific knowledge still hard to find Talent war: common practice among startups
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