ekonomi, keuangandanakuntansi syariahmenyongsongera fintech · hotel & motel brick-n-mortar...
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Department of AccountingFaculty of Economics and Business
Universitas Padjadjaran
Ekonomi, Keuangan dan AkuntansiSyariah menyongsong Era Fintech
Unpad Training CenterJl. Ir. H. Djuanda No.4
Pendidikan Profesional Berkelanjutan – IAI Jawa Barat
24-May-18
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Hamzah [email protected]
BSc – Universitas PadjadjaranMBIT – UniversityofMelbourneDr – HumboldtUniversität zu Berlin
Activities:LecturerandResearcher@Universitas Padjadaran
PartnerinResearch@VedaPraxis
linkedin.com/in/hamzahritchi/
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Current Evolvement
4-May-18
TakeawaysFinTech Landscape Opportunity & Challenge
“You could not step twice into the same rivers, for other waters flow on”
― Heraclitus”
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Ecosystem is reshaping
Preservingproprietary
Etablished structure
Dictatingconsumersandusers
Fromeconomyofscarcity
Encouragingtransparency
Agilityandflexibility.
Moreexercisingtheirpower.
Economyofabundance.
84-May-18
Process by which a product or service takes root initially in simple
applications at the bottom of a market and then relentlessly moves up market,
eventually displacing established competitors.
~ Clayton Christensen
Understanding Disruptive Technology
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Industries Disrupted by Technologies
PUBLIC TRANSPORTPOST OFFICE HUMAN TRAVEL AGENT
FINANCIAL SERVICES
NEWSPAPERS & MAGAZINE
HOTEL & MOTEL BRICK-N-MORTAR SELLERS
TV & MUSIC DISTRIBUTION
Courtesy:VedaPraxis
114-May-18
- Improves Budgeting Accuracy
- Improves Planning / Forecasting
- Secured Process- Immediate Evaluate Risks
- Uninterrupted Auditing- Gain Access to Real-Time
Transactional Data- Immediate Respond to
Issues
- Save time- Reduce Cost- Increase Productivity- Overcome Human Limits- Better Accuracy
- Automated Data Entry- Data Categorization- Organized Administration- Cloud Based System
What Disruptive Technology Would Mean
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Blockchain
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Give the ledger to everybody:1. Peer-to-peer transaction2. Distributed stored
database/information3. Ensure all records sync-up4. Concensus, rules and code were
defined from the outset and open-source
5. And DISRUPT various industries... Physical
Jury
Trust
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TakeawaysOpportunity & Challenge
Current Evolvement
FinTechLandscape
“Technology has always been destroying jobs, and it has
always been creating ― Erik Brynjolfsson”
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Fintech Classification - X2X
BusinessProcess Coordinating
Payment,Clearing,Settlement(payment,remittance,electronicwallet,P2PPaymentgateway) B2C,C2C
Deposit,lending&capitalraising(crowdfunding,P2PLending,creditfacitilities) B2C,C2C
Marketprovisioning(e-aggregator,productcomparison,marketanalysis) B2B,B2C
InvestmentandRiskManagement(insurance,planning,e-trading) B2C
Infrstructure andCrossProcess(security,blockchain-based) B2B,B2G
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CATEGORIES
1. PaymentSystem2. MarketSupport3. Investment
Management&RiskManagement
4. Lending,Financing,andProvisionofCapital
5. OtherFinancialService
BI Regulations on FinTech
Source:BankIndonesiaRegulationNumber19/12/PBI/2017
REQUIREMENTS
1. Innovative2. Caninfluence
products,services,technologyand/orexistingfinancialbusinessmodels
3. Canbenefitthepublic4. Canbewidelyused5. OthercriteriasetbyBI
CRITERIAS
1. Innovative2. Caninfluence
products,services,technologyand/orexistingfinancialbusinessmodels
3. Canbenefitthepublic4. Canbewidelyused5. Othercriteriasetby
BI
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BI Regulations on FinTech
Implementtheprincipleofconsumerprotection1
Maintainconfidentialityofconsumerdataand/orinformationincludingtransactiondataand/orinformation
2
Implementriskmanagementandprudentialprinciples
UseRupiahineverytransactionconductedinIndonesia,inaccordancewithprevailinglawsandregulationsoncurrency
Implementanti-moneylaunderingandpreventionofterrorismfundingprinciplesinaccordancewithprevailinglawsandregulations
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4
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AdheretootherprevailinglawsandregulationsinIndonesia6
Source:BankIndonesiaRegulationNumber19/12/PBI/2017
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Mechanics of Investment Account Platform
Source:“FinTech inIslamicFinanceasMalaysialaunchesInvestmentAccountPlatform(IAP)
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The first sharia lending fintech in Indonesia
Principle:- Musyarakah- Mudharabah
PT Ammana Fintek Syariah
Registered at OJK(S-1320/NB.223/2017)
314-May-18
Opportunity & Challenge
TakeawaysFinTech LandscapeCurrent Evolvement
“I could either watch it happen or be a part of it.”
― Elon Musk”
324-May-18
Islamic FinTech Challenges
Absenceofaregulatoryframework:1
Absenceofacentralizedshariagovernance2
WeakIslamicfinancecultureamongthepopulation
AbsenceofinnovationandR&DeffortsrelatedtoIslamicFinance
Networkbusinessofentry
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4
5
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Fintech Cyber RiskAccordingtoPwC’sGlobalFinTechSurvey2016,almost56%oftherespondentsidentifiedinformationsecurityandprivacyasthreatstotheriseoffintech
344-May-18
Meanwhile, in the start-up euphoria
#2 Run out of cash
#1 No Market need
#3 Not the right team
#4 Get outcompeted
#5 Cost/Pricing Issues
Source:CBInsights
354-May-18
willrobotstakemyjob.com
• Recording transaction is no longer on a manual basis and rely on manpower (POS, Reconciliation, Journal)
• Not every UMKM requires the whole package of accounting transaction
• Lack of automated financial practice on the industry
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Membantu tujuan financial inclusion masyarakat Indonesia. Mendorong pertumbuhan sektor UMKM dan
perusahaan perintis berbasis digital.Memaksimalkan ekosistem yang tercipta antara
start-up digital dengan UMKM yang potensial.Menghadirkan solusi yang sistemik bagi
pertumbuhan industri dan bisnis digital
Peluang yang diciptakan Fintech
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– Baru 36% penduduk Indonesia yang memiliki rekening bank (World Bank, 2014)
– Masyarakat tidak dapat dilayani industri keuangan tradisional:§ Perbankan terikat aturan yang ketat§ Keterbatasan industri perbankan dalam melayani
masyarakat di daerah tertentu.– Kebutuhan dukungan untuk mencapai Sektor Jasa
Keuangan Indonesia 2015 – 2019 yang kontributif, stabil, dan inklusif.
#1: Finansial yang Inklusif
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#3:Maksimalisasi EkosistemInovasi Bisnis berbasis teknologi memberikan peluang dalam:
Pencocokan produk keuangan dengan struktur biaya dari UMKM yang perlu bertumbuh (fitur aplikasi, proses bisnis, dll).Mengidentifikasi peluang pasar yang belum tersentuh atau belum dikembangkan dengan optimal.Membuka peluang terhadap penguatan ekonomi regional dimana ekosistem tersebut ada.
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#4:Solusi SistemikTumbuhnya UMKM mendorong penggunaan digitalisasi transaksi ekonomi
Fasilitas pembayaran menumbuhkan marketplacepenyedia jasa pembayaran.Penyedia P2P lending mendorong pembiasaan Pendanaan usaha bagai unbankable society.
Kedepannya literasi keuangan yang meningkat diharapkan menguatkan kemandirian dunia usaha dari keterbatasan akses modal.
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Real world /Phenomena
Modelling and Simulation
Big Data Analysis
Business Prototype
Courtesy:ManahanSialagan
474-May-18
Takeaways
FinTech Landscape Opportunity & Challenge
Current Evolvement
“a wealth of information creates a poverty of attention”
― Herbert Simon”
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• TwoSidedMarket• PlatformOrganization• NetworkEffect• Search&TransactionCost• Demandeconomiesofscale–Feedbacks,claps,comments,stars,complaints
• EconomicsofAttention• SwitchingCostandLock-in• MetcalfeandMooreLaw
Technology disrupts, Wisdom stays
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• Integrated platform digital sharia fintech• Maintain agility and adaptability • Able to analyze current development with evolving
econtech-wisdom• Team up to test new approaches and seek opportunity • Establish clear vision for transformation and to match
opportunities and value proposition. • Collaboration banking – fintech toreachcustomersand
to accesslowcostfunding.
Takeaways
4-May-18
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• Regulatory risk-based supervision approach to fintechinnovation:– Regulation must take into account the innovation – Balancing the innovation environment with the mandate of
supervisors in consumer protection– Strenghtening insurance capital solvency due to increasing risk
and dynamic environment
• Better coordination with other authorities association and industry to create safe environment (e.g data protection, cyber security, better infrastructure
• Get involve and contribute in a completely new educational system that promotes agility and data driven awareness.
Takeaways
4-May-18