The Effectiveness of Bank Indonesia's SME Development Strategies, Policies, and Support in Financial Technology
DOI:
https://doi.org/10.21609/jsi.v21i1.1440Keywords:
bank indonesia, digital payment, financial technology, SMEs, technology adoption, thematic analysis, frequency analysisAbstract
This study aims to assess the effectiveness of strategies, policies, and support offered by Bank Indonesia for the growth of Small and Medium Enterprises (SMEs) in the Financial Technology (FinTech) sector. Using qualitative methods, thematic analysis, and frequency analysis, this study highlights the existing gaps in research on institutional support for SMEs during the digital era, especially within the Indonesian framework. A significant contribution of this research is the detailed exploration of SMEs' perspectives on the support they receive, focusing on areas such as infrastructure, digital literacy, and regulatory frameworks. Findings show that SMEs are generally positive about Bank Indonesia's initiatives, despite challenges in technical, administrative, and networking aspects. In addition, this research proposes actionable recommendations for Bank Indonesia and other relevant bodies to improve FinTech infrastructure, increase awareness and education, and revise regulations to better facilitate SME development. In addition, this research lays the groundwork for future longitudinal and comparative analyses to measure the long-term impact of Bank Indonesia's policies and to create predictive models that can pinpoint important elements that influence the use and success of digital payment solutions among SMEs. In addition to offering policy insights for Indonesia, this research also contributes to the broader global context by understanding the role of institutional support in advancing SMEs in the FinTech industry.
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References
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Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77 – 101. https://doi.org/10.1191/1478088706qp063oa
Dai, J., Miedema, J., Hernandez, S., Sutton-Lalani, A., & Moffatt, K. (2023). Cognitive Accessibility of Digital Payments: A Literature Review. ACM International Conference Proceeding Series, 116 – 121. https://doi.org/10.1145/3587281.3587294
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Gunawan, T. D. A. I. (2021). Perspektif Adopsi Media Sosial Sebagai Implementasi Teknologi Manajemen Hubungan Pelanggan (CRM) Pada UMKM. Bhakti Persada Jurnal Aplikasi IPTEKS, 7(2), 78–87. https://doi.org/http://dx.doi.org/10.31940/bp.v7i2.78-87
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Lutfi, A., Al-Okaily, M., Alshirah, M. H., Alshira’h, A. F., Abutaber, T. A., & Almarashdah, M. A. (2021). Digital financial inclusion sustainability in Jordanian context. Sustainability (Switzerland), 13(11). https://doi.org/10.3390/su13116312
Malinka, K., Hujňák, O., Hanáček, P., & Hellebrandt, Luk. (2022). E-Banking Security Study—10 Years Later. IEEE Access, 10, 16681–16699. https://doi.org/10.1109/ACCESS.2022.3149475
Mansour, H. (2022). How successful countries are in promoting digital transactions during COVID-19. Journal of Economic Studies, 49(3), 435 – 452. https://doi.org/10.1108/JES-10-2020-0489
Mbaidin, H. O., Alsmairat, M. A. K., & Al-Adaileh, R. (2023). Blockchain adoption for sustainable development in developing countries: Challenges and opportunities in the banking sector. International Journal of Information Management Data Insights, 3(2). https://doi.org/10.1016/j.jjimei.2023.100199
Miglionico, A. (2023). Digital payments system and market disruption. Law and Financial Markets Review, 0(0), 1–16. https://doi.org/10.1080/17521440.2023.2215481
Rafferty, N. E., & Fajar, A. N. (2022). Integrated QR Payment System (QRIS): Cashless Payment Solution in Developing Country from Merchant Perspective. Asia Pacific Journal of Information Systems, 32(3), 630 – 655. https://doi.org/10.14329/APJIS.2022.32.3.630
Rizkinaswara, L. (2020). Pandu Digital sebagai Agen Perubahan untuk UMKM Go Digital. Kominfo. https://aptika.kominfo.go.id/2020/10/pandu-digital-sebagai-agen-perubahan-untuk-umkm-go-digital/
Rosmayanti. (2021). Tren Pembayaran Digital di Indonesia 2021: E-Wallet Tumbuh Pesat Hingga 400% Akibat Pandemi. Warta Ekonomi. https://wartaekonomi.co.id/read381496/tren-pembayaran-digital-di-indonesia-2021-e-wallet-tumbuh-pesat-hingga-400-akibat-pandemi
Septiani, L. (2023). Dompet Digital Masih Kalahkan Bank di Indonesia. Katadata.Co.Id. https://katadata.co.id/desysetyowati/digital/642d7a8128923/dompet-digital-masih-kalahkan-bank-di-indonesia
Simatele, M., & Mbedzi, E. (2021). Consumer payment choices, costs, and risks: Evidence from Zimbabwe. Cogent Economics \& Finance, 9(1), 1875564. https://doi.org/10.1080/23322039.2021.1875564
Sofwatunnisa, A. A., Kartawinata, B. R., Akbar, A., & Pradana, M. (2023). Quick Response Code As A Game-Changer of Indonesian Digital Transactions. WSEAS Transactions on Computer Research, 11, 479 – 485. https://doi.org/10.37394/232018.2023.11.43
Stefanelli, V., & Manta, F. (2023). Digital Financial Services and Open Banking Innovation: Are Banks Becoming “invisible”? Global Business Review. https://doi.org/10.1177/09721509231151491
Tenggino, D., & Mauritsius, T. (2022). EVALUATION OF FACTORS AFFECTING INTENTION TO USE QRIS PAYMENT TRANSACTION. ICIC Express Letters, 16(4), 343 – 349. https://doi.org/10.24507/icicel.16.04.343
Wicaksono, S. R. (2022). Teori Dasar Technology Acceptance Model (1st ed.). CV. Seribu Bintang. https://doi.org/10.5281/zenodo.7754254
Wiradinata, T. (2018). Mobile Payment Services Adoption: The Role of Perceived Technology Risk. In G. A.B. & K. E.R. (Eds.), 2018 International Conference on Orange Technologies, ICOT 2018. Institute of Electrical and Electronics Engineers Inc. https://doi.org/10.1109/ICOT.2018.8705859
Yamaoka, H. (2023). The Future of Central Banking. Accounting, Economics and Law: A Convivium, 13(2), 103 – 132. https://doi.org/10.1515/ael-2019-0003
Yi Hu Wu, L. B., & Chen, X. (2023). How does the development of fintech affect financial efficiency? Evidence from China. Economic Research-Ekonomska Istraživanja, 36(2), 2106278. https://doi.org/10.1080/1331677X.2022.2106278
Yunping Hao, B. Z., & Yin, H. (2023). Can digital finance drive urban–rural integration? Economic Research-Ekonomska Istraživanja, 36(2), 2169736. https://doi.org/10.1080/1331677X.2023.2169736
Antareza, C., Saefuloh, D., & Gunawan, A. I. (2021). Persepsi Pelaku Usaha Kecil terhadap Penggunaan E-Wallet Sebagai Sistem Pembayaran. Prosiding The 12th Industrial Research Workshop and National Seminar Bandung, 4-5 Agustus 2021, 1048–1053. https://jurnal.polban.ac.id/ojs-3.1.2/proceeding/article/view/2879/2230
Au, Y. A., & Kauffman, R. J. (2008). The economics of mobile payments: Understanding stakeholder issues for an emerging financial technology application. Electronic Commerce Research and Applications, 7(2), 141–164. https://doi.org/10.1016/j.elerap.2006.12.004
Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77 – 101. https://doi.org/10.1191/1478088706qp063oa
Dai, J., Miedema, J., Hernandez, S., Sutton-Lalani, A., & Moffatt, K. (2023). Cognitive Accessibility of Digital Payments: A Literature Review. ACM International Conference Proceeding Series, 116 – 121. https://doi.org/10.1145/3587281.3587294
Departemen Komunikasi. (2018). Mengenal Financial Teknologi. Bank Indonesia. https://www.bi.go.id/id/edukasi/Pages/mengenal-Financial-Teknologi.aspx
Departemen Komunikasi. (2022). GO Digital Strategi Memperkuat UMKM. Bank Indonesia. https://www.bi.go.id/id/publikasi/ruang-media/cerita-bi/Pages/Go-Digital-Strategi-Memperkuat-UMKM.aspx
Fereday, J., & Muir-Cochrane, E. (2006). Demonstrating Rigor Using Thematic Analysis: A Hybrid Approach of Inductive and Deductive Coding and Theme Development. International Journal of Qualitative Methods, 5(1), 80–92. https://doi.org/10.1177/160940690600500107
Forman, J., Creswell, J. W., Damschroder, L., Kowalski, C. P., & Krein, S. L. (2008). Qualitative research methods: Key features and insights gained from use in infection prevention research. American Journal of Infection Control, 36(10), 764–771. https://doi.org/https://doi.org/10.1016/j.ajic.2008.03.010
Gunawan, T. D. A. I. (2021). Perspektif Adopsi Media Sosial Sebagai Implementasi Teknologi Manajemen Hubungan Pelanggan (CRM) Pada UMKM. Bhakti Persada Jurnal Aplikasi IPTEKS, 7(2), 78–87. https://doi.org/http://dx.doi.org/10.31940/bp.v7i2.78-87
Heriyanto. (2018). Thematic Analysis sebagai Metode Menganalisa Data untuk Penelitian Kualitatif. Anuva, 2(3), 317–324. https://doi.org/10.14710/anuva.2.3.317-324
Holloway, I., & Todres, L. (2003). The Status of Method: Flexibility, Consistency and Coherence. Qualitative Research, 3(3), 345–357. https://doi.org/10.1177/1468794103033004
Indonesia, B. (n.d.). Departemen Pengembangan UMKM dan Perlindungan Konsumen. Bank Indonesia. https://www.bi.go.id/id/tentang-bi/profil/organisasi/Pages/Departemen-Pengembangan-UMKM-dan-Perlindungan-Konsumen.aspx
Indonesia, B. (2022). QRIS. Bank Indonesia. https://www.bi.go.id/QRIS/default.aspx#QRIS
Jannah, F. Z. (2023). Kejahatan Keuangan Dalam Pembayaran Digital. Bank Indonesia. https://www.bi.go.id/id/bi-institute/BI-Epsilon/Pages/Kejahatan-Keuangan-Dalam-Pembayaran-Digital.aspx
Kemenkoukm. (2021). RI Kejar 30 Juta UKM GO DIGITAL Hingga 2024. UKM GO. https://www.ukmgo.id/web/ri-kejar-30-juta-ukm-go-digital-hingga-2024/
Klepek, M., & Bauerová, R. (2020). Why do Retail Customers Hesitate for Shopping Grocery Online? Technological and Economic Development of Economy, 26(6), 1444–1462. https://doi.org/https://doi.org/10.3846/tede.2020.13970
Liébana-Cabanillas, F., de Luna, I., & Montoro-Ríos, F. J. (2015). User behaviour in QR mobile payment system: the QR Payment Acceptance Model. Technology Analysis and Strategic Management, 27(9), 1031 – 1049. https://doi.org/10.1080/09537325.2015.1047757
Lutfi, A., Al-Okaily, M., Alshirah, M. H., Alshira’h, A. F., Abutaber, T. A., & Almarashdah, M. A. (2021). Digital financial inclusion sustainability in Jordanian context. Sustainability (Switzerland), 13(11). https://doi.org/10.3390/su13116312
Malinka, K., Hujňák, O., Hanáček, P., & Hellebrandt, Luk. (2022). E-Banking Security Study—10 Years Later. IEEE Access, 10, 16681–16699. https://doi.org/10.1109/ACCESS.2022.3149475
Mansour, H. (2022). How successful countries are in promoting digital transactions during COVID-19. Journal of Economic Studies, 49(3), 435 – 452. https://doi.org/10.1108/JES-10-2020-0489
Mbaidin, H. O., Alsmairat, M. A. K., & Al-Adaileh, R. (2023). Blockchain adoption for sustainable development in developing countries: Challenges and opportunities in the banking sector. International Journal of Information Management Data Insights, 3(2). https://doi.org/10.1016/j.jjimei.2023.100199
Miglionico, A. (2023). Digital payments system and market disruption. Law and Financial Markets Review, 0(0), 1–16. https://doi.org/10.1080/17521440.2023.2215481
Rafferty, N. E., & Fajar, A. N. (2022). Integrated QR Payment System (QRIS): Cashless Payment Solution in Developing Country from Merchant Perspective. Asia Pacific Journal of Information Systems, 32(3), 630 – 655. https://doi.org/10.14329/APJIS.2022.32.3.630
Rizkinaswara, L. (2020). Pandu Digital sebagai Agen Perubahan untuk UMKM Go Digital. Kominfo. https://aptika.kominfo.go.id/2020/10/pandu-digital-sebagai-agen-perubahan-untuk-umkm-go-digital/
Rosmayanti. (2021). Tren Pembayaran Digital di Indonesia 2021: E-Wallet Tumbuh Pesat Hingga 400% Akibat Pandemi. Warta Ekonomi. https://wartaekonomi.co.id/read381496/tren-pembayaran-digital-di-indonesia-2021-e-wallet-tumbuh-pesat-hingga-400-akibat-pandemi
Septiani, L. (2023). Dompet Digital Masih Kalahkan Bank di Indonesia. Katadata.Co.Id. https://katadata.co.id/desysetyowati/digital/642d7a8128923/dompet-digital-masih-kalahkan-bank-di-indonesia
Simatele, M., & Mbedzi, E. (2021). Consumer payment choices, costs, and risks: Evidence from Zimbabwe. Cogent Economics \& Finance, 9(1), 1875564. https://doi.org/10.1080/23322039.2021.1875564
Sofwatunnisa, A. A., Kartawinata, B. R., Akbar, A., & Pradana, M. (2023). Quick Response Code As A Game-Changer of Indonesian Digital Transactions. WSEAS Transactions on Computer Research, 11, 479 – 485. https://doi.org/10.37394/232018.2023.11.43
Stefanelli, V., & Manta, F. (2023). Digital Financial Services and Open Banking Innovation: Are Banks Becoming “invisible”? Global Business Review. https://doi.org/10.1177/09721509231151491
Tenggino, D., & Mauritsius, T. (2022). EVALUATION OF FACTORS AFFECTING INTENTION TO USE QRIS PAYMENT TRANSACTION. ICIC Express Letters, 16(4), 343 – 349. https://doi.org/10.24507/icicel.16.04.343
Wicaksono, S. R. (2022). Teori Dasar Technology Acceptance Model (1st ed.). CV. Seribu Bintang. https://doi.org/10.5281/zenodo.7754254
Wiradinata, T. (2018). Mobile Payment Services Adoption: The Role of Perceived Technology Risk. In G. A.B. & K. E.R. (Eds.), 2018 International Conference on Orange Technologies, ICOT 2018. Institute of Electrical and Electronics Engineers Inc. https://doi.org/10.1109/ICOT.2018.8705859
Yamaoka, H. (2023). The Future of Central Banking. Accounting, Economics and Law: A Convivium, 13(2), 103 – 132. https://doi.org/10.1515/ael-2019-0003
Yi Hu Wu, L. B., & Chen, X. (2023). How does the development of fintech affect financial efficiency? Evidence from China. Economic Research-Ekonomska Istraživanja, 36(2), 2106278. https://doi.org/10.1080/1331677X.2022.2106278
Yunping Hao, B. Z., & Yin, H. (2023). Can digital finance drive urban–rural integration? Economic Research-Ekonomska Istraživanja, 36(2), 2169736. https://doi.org/10.1080/1331677X.2023.2169736
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Published
2025-03-26
How to Cite
Wirabuana, C., Purwandari, B., Eitiveni, I., & Purwaningsih, E. H. (2025). The Effectiveness of Bank Indonesia’s SME Development Strategies, Policies, and Support in Financial Technology. Jurnal Sistem Informasi, 21(1), 35–58. https://doi.org/10.21609/jsi.v21i1.1440
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