Analysis of the Role of Increasing Financial Inclusion Through Digital Transformation on the Stability of the Financial System in Indonesia
##plugins.themes.EpsilonTheme.article.main##
Eva Nur Kumalasari*
Putu Aditya Pratama
The increase in financial inclusion in a country can affect the stability of financial system because it can maintain the stability of banking operations and reduce inequality in financial access in society. The increase in financial access caused by the emergence of digital financial products, such as transaction systems using e-money and QRIS financial transactions, has succeeded in reducing inequality in access to financial services in society. The advantages provided by digital transactions have disadvantages, namely regarding the guarantee and security of digital financial transactions which do not yet have regulations from the government. Hence, it is imperative to conduct a more thorough examination of how the expansion of financial products via digital transactions impacts the stability of Indonesia's financial system. The approach utilised in this research is the Autoregressive Distributed Lag (ARDL) methodology utilising data from the years 2021 to 2023. The factors assessed in this study encompass e-money and QRIS, alongside supplementary variables such as online loans, credit cards, and debit cards. Furthermore, a key variable under consideration is the Non Performing Loan (NPL) which serves as a gauge for financial system stability. The study results revealed that debit cards do not greatly impact the stability of the financial system, whether in the short or long run. Conversely, credit cards have a notable positive influence on financial system stability in the short term but do not have a lasting impact. On the contrary, e-money is found to have a considerable detrimental impact on financial system stability, both in the short term and long term. Similarly, QRIS is shown to have a significant positive effect on financial system stability in the short term but lacks significance in the long run. Online loans, on the other hand, have a substantial negative impact on financial system stability in the short term but are not significant in the long run.
Aleemi, A. R., Javaid, F., & Hafeez, S. S. (2023). Finclusion: The nexus of Fintech and financial inclusion against banks’ market power. Heliyon, 9(12).
Amadasun, D. O. E., & Mutezo, A. T. (2022). Influence of access to finance on the competitive growth of SMEs in Lesotho. Journal of Innovation and Entrepreneurship, 11(1), 56.
Anindyntha, F. A., & Sulistyono, S. W. (2022). Pengaruh inklusi keuangan dengan integrasi fintech pada stabilitas keuangan di Indonesia. Inovası: Jurnal Ekonomi, Keuangan Dan Manajemen, 18(3), 561–568.
Antwi, F., & Kong, Y. (2023). Investigating the impacts of digital finance technology on financial stability of the banking sector: New insights from developing market economies. Cogent Business & Management, 10(3), 2284738.
Aziz, N. N. A., & Samad, S. (2016). Innovation and competitive advantage: Moderating effects of firm age in foods manufacturing SMEs in Malaysia. Procedia Economics and Finance, 35, 256–266.
Baroto, Y. (2024). Peran Teknologi Finansial dalam Meningkatkan Inklusi Keuangan di Indonesia. Zenodo, July.
Boachie, C., & Adu-Darko, E. (2024). The effect of financial inclusion on economic growth: The role of human capital development. Cogent Social Sciences, 10(1), 2346118.
Fauzie, S. (2014). Analisis dampak pembayaran non tunai terhadap jumlah uang beredar di Indonesia. Jurnal Ekonomi Dan Keuangan, 2(10), 14817.
Fisher, D. (1992). Money-demand variability: a demand-systems approach. Journal of Business & Economic Statistics, 10(2), 143–151.
Goodhart, C. A. E. (2005). Financial regulation, credit risk and financial stability. National Institute Economic Review, 192, 118–127.
Hanivan, H., & Nasrudin, N. (2019). A financial inclusion index for Indonesia. Bulletin of Monetary Economics and Banking, 22(3), 351–366.
Hidayat, T., & Anabel, S. (2025). The Effect of Digital Transformation on Bank Financial Performance with Fee Based Income as an Intervening Variable in Commercial Banks Listed on the IDX in the 2020-2023 Period. Jurnal Ekonomi, Manajemen Dan Perbankan (Journal of Economics, Management and Banking), 11(1), 1–22.
Iskandar, Y. (2022). Pengaruh Modal Sosial, Kapabilitas Financial, Orientasi Kewirausahaan Terhadap Daya Saing Bisnis Berkelanjutan Serta Implikasinya Pada Kinerja UMKM Industri Kuliner Di Kota Sukabumi (Sebuah Proposal). Prosiding Seminar Nasional Manajemen Dan Bisnis, 2.
Kamal, A., Ali, M. S., & Khan, M. M. S. (2022). Impact of Fintech on the Financial Stability of.
Kasri, R. A., Indrastomo, B. S., Hendranastiti, N. D., & Prasetyo, M. B. (2022). Digital payment and banking stability in emerging economy with dual banking system. Heliyon, 8(11).
Koffi, A. L., Hongbo, L., & Zaineldeen, S. (2021). Examining the impact of innovation types on Ivorian small and medium-sized enterprises (SMEs) performance and competitiveness. International Journal of Academic Research in Accounting Finance and Management Sciences, 11(1), 30.
Laksmana, K. A. R. I. (2019). Dampak pertumbuhan inklusi keuangan terhadap stabilitas sistem keuangan di Indonesia. Warmadewa National Conference of Economic.
Lintangsari, N. N., Hidayati, N., Purnamasari, Y., Carolina, H., & Ramadhan, W. F. (2018). Analisis pengaruh instrumen pembayaran non-tunai terhadap stabilitas sistem keuangan di Indonesia. Jurnal Dinamika Ekonomi Pembangunan, 1(1), 47–62.
Nizar, M. A., & Hanifah, A. (2021). Program Penjaminan Uang Elektronik (E-Money). Kementerian Keuangan Republik Indonesia.
Paramitha, D. A., & Kusumaningtyas, D. (2020). Qris. Fakultas Ekonomi, Universitas Nusantara PGRI Kediri.
Pramono, B., Yanuarti, T., Purusitawati, P. D., & Emmy, Y. T. (2006). Dampak pembayaran non tunai terhadap perekonomian dan kebijakan moneter. Bank Indonesia, 11(01), 1–55.
Rahmi, C., Yanti, P., Kumala, A. D., Isfalana, D., & Lastthio, R. (2024). Pengaruh Transaksi Digital QRIS dengan Cash Terhadap Peredaran Uang di Indonesia. Jurnal Ilmiah Ekonomi Dan Manajemen, 2(6), 108–116.
Rusdianasari, F. (2018). Peran inklusi keuangan melalui integrasi fintech dalam stabilitas sistem keuangan Indonesia. Jurnal Ekonomi Kuantitatif Terapan, 11(2), 244–253.
Sriekaningsih, A. (2020). QRIS dan Era Baru Transaksi Pembayaran 4.0. Penerbit Andi.
Suryaningrum, D. A., Zulfikri, A., & Elisabeth, C. R. (2023). Peran Inklusi Keuangan dalam Pembangunan Ekonomi: Bukti dari Negara-Negara Berkembang. Jurnal Ekonomi Dan Kewirausahaan West Science, 1(03), 246–259.
