Recovering From The Pandemic: The Role Of Fintech In Mitigating Post Covid-19 Effects On MSMEs
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May 31, 2023
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Abstract
This paper explores the role of financial technology (Fintech) in mitigating micro, small, and medium enterprises businesses' coping with the effects of COVID-19 (MSMEs). Business shutdowns, job losses, and revenue declines result from the pandemic's significant impact on MSMEs. By giving MSMEs access to affordable and adaptable financial services, Fintech has emerged as a critical instrument in aiding their recovery from the pandemic. The studies examine the impact of COVID-19 on MSMEs, how the MSME actors survive pandemic situations and the role of Fintech in their business. The method used in this research is descriptive qualitative. The data were collected through interviews with ten MSME actors around the Jababeka area, Cikarang. And the data was processed using NVIVO14. The research concludes that there is still a lack of knowledge about Fintech among small and medium business actors. However, digitization is urgently needed so that Fintech can support MSMEs' recovery from the pandemic.
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References
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Gunadi, A. D., Lesmana, H., Fachrizah, H., Revindo, M. D., & Daniswara, R. V. (2021). COVID-19 pandemic and MSMEs in Indonesia: Impact and policy responses. Jurnal
Ekonomi Indonesia, 10 (2), 143-171. doi: https://doi.org/10.52813/jei.v10i2.151
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Nizar, Muhammad. (2017). Teknologi Keuangan (Fintech) : Konsep dan
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Tackling Coronavirus (COVID-19): Contributing to a global effort. Organization for Economic Cooperation and Development. https://www.oecd.org/coronavirus/policy-responses/one-year-of-sme-and-entrepreneurship-polic y-responses-to-covid-19-lessonslearned-to-build-back-better-9a230220/.
Peraturan Bank Indonesia No. 19/12/PBI/2017 Retrieved February 27, 2023, from https://www.bi.go.id/id/publikasi/peraturan/Documents/PBI_191217.pdf
Pinochet, L.H.C., Diogo, G.T., Lopes, E.L., Herrero, E., & Bueno, R.L.P. (2019). Propensity of contracting loan services from FinTechs in Brazil. International Journal of Bank Marketing.
Rahardjo, B., Ikhwan, K., & Siharis, A. K. (2019). Pengaruh financial technology (fintech) terhadap perkembangan UMKM di Kota Magelang. Prosiding Seminar Nasional Fakultas Ekonomi Untidar, 347–356.
Richards, L. (1999). Using NVivo in qualitative research. Bundoora, Victoria, Australia: Qualitative Solutions and Research.
Sasmiyarsi, W., & Meliana, V. (2019). The Influence of T-Cash Tap Process Innovation on Customer Satisfaction and Its Impact on Telkomsel Customer Loyalty. Kalbisocio Journal of Business and Communication, 6 (1), 54-61.
Saturwa, H., Suharno, S., & Ahmad, A. (2021). The impact of the Covid-19 pandemic on MSMEs. Jurnal Ekonomi Dan Bisnis, 24(1), 65-82. https://doi.org/10.24914/jeb.v24i1.3905
S. B. Moore and S. L. Manring, "Strategy development in small and medium-sized enterprises for sustainability and increased value creation," Journal of Cleaner Production, vol. 17, no. 2, pp. 276–282, 200
Setiawan, K. (2020, April 1). 4 Sektor Yang paling Tertekan Akibat corona menurut sri mulyani. Tempo. Retrieved February 26, 2023, from https://bisnis.tempo.co/read/1326504/4- sektor-yang-paling-tertekan-akibat-corona-menurut-sri-m ulyani
Siaran Pers ABDSI Terkait Antisipasi dan Penanganan Dampak Pandemi Corona Terhadap
Soetjipto, N. (2020). Ketahanan UMKM Jawa Timur melintasi pandemi covid-19 (1th ed.). K-Media
Stewart, H., & Jürjens, J. (2018). Data security and consumer trust in FinTech innovation in Germany. Information & Computer Security, 26(1), 109–128.
Sugiarti, E. N., Diana, N., & Mawardi, M. C. (2019). Peran fintech dalam meningkatkan literasi keuangan pada Usaha Mikro Kecil Menengah di Malang. Jurnal Ilmiah Riset Akuntansi, 8(04), 90–104.
University of Indonesia's Institute for Economic and Social Research. (2020). (publication). Impact of COVID-19 Pandemic on MSMEs in Indonesia. UNDP Indonesia.RetrievedFebruary 27, 2023, from https://www.undp.org/indonesia/publications/impact-covid-19-pandemic-MSMEss-indonesia
UMKM. (2020, March 20). ABDSI. Retrieved May 1, 2023, from https://www.abdsi.id/siaran-pers-abdsi-terkait-antisipasi-dan-penanganan-dampak-pandemi-coro na/.
Barata, A. (2019). Strengthening National Economic Growth and Equitable Income Through Sharia Digital Economy in Indonesia. Journal of Islamic Monetary Economics and Finance (JIMF), 5(1), 145-168.
BI. (2019). Edukasi Financial Technology. Https://Www.Bi.Go.Id/.
Bodlaj, M., Kadic-Maglajlic, S., & Vida, I. (2020). Disentangling the impact of different innovation types, financial constraints, and geographic diversification on MSMEs' export growth. Journal of Business Research, 108, 466-475.
CCAF, A. (2019). ASEAN FinTech Ecosystem Benchmarking Study. Cambridge, UK
De Nardo, A., M.,& Levers, L. L. (2002). Using Nvivo to analyze qualitative data.
Retrieved from http://www.education.duq.edu/institutes/PDF/papers2002/DeNardo&Lever s.pdf
Giglio, F. (2021). Fintech: A literature review. European Research Studies Journal, 24(2B), 600- 627.
Gunadi, A. D., Lesmana, H., Fachrizah, H., Revindo, M. D., & Daniswara, R. V. (2021). COVID-19 pandemic and MSMEs in Indonesia: Impact and policy responses. Jurnal
Ekonomi Indonesia, 10 (2), 143-171. doi: https://doi.org/10.52813/jei.v10i2.151
Hilal, A, A., & Alabri, S, S. (2013). Using Nvivo in Qualitative Data Analysis. International interdisciplinary journal of education, 2(2). 181-186.
Indonesia, B. (2022, December 12). Bulan Fintech Nasional, 1,5 juta masyarakat berpartisipasi dapatkan edukasi fintech dari pemerintah, asosiasi, dan pelaku industri. Bulan Fintech Nasional, 1,5 Juta Masyarakat Berpartisipasi dan Dapatkan Edukasi Fintech dari Pemerintah, Asosiasi, dan Pelaku Industri. Retrieved March 24, 2023, from https://www.bi.go.id/id/publikasi/ruang-media/news-release/Pages/sp_2433922.aspx
Investasi, B. P. (2020, November 9). Begini Peran fintech Dalam Pemulihan ekonomi Nasional.
Bareksa.com. Retrieved March 24, 2023, from https://www.bareksa.com/berita/berita-ekonomi-terkini/2020-11-09/begini-peran-fintech-dalam- p emulihan-ekonomi-nasional
Jakarta Post. 2020. Fintech Firms Assist Govt, Banks with COVID-19 Public Services. 23 September. https://www.thejakartapost.com /news/2020/09/23/fintech-firms-assist-govt-banks-with-covid-19 -public-services.html
J. Sun, "On the defects of administrative monopoly in China's "anti-monopoly law" and its improvement," Canadian Social Science, vol. 6, no. 2, pp. 1–19, 2010.
Kementrian Koordinator Bidang Perekonomian Republik Indonesia. (2021, April 28). [Berita] - Dukungan Pemerintah Bagi UMKM Agar Pulih di Masa Pandemi. - Retrieved February 27, 2023, from https://www.ekon.go.id/publikasi/detail/2939/dukungan-pemerintah-bagi-umkm-agar-pulih-di-ma sa-pandemi
Kumkm Dalam Angka. Kementerian Koperasi dan Usaha Kecil dan Menengah. (n.d.). Retrieved February 27, 2023, from https://kemenkopukm.go.id/kumkm-dalam angka/?type=indikator-umkm&sub=0
Lestari, D.A., Purnamasari, E.D., & Setiawan, B. (2020). Effect of Payment Gateway on MSMEs Financial Performance. JASMARK: Journal of Human Resource Management, Marketing, and Finance, 1 (1), 9-18.
Lisna, Y. (2022, August 22). Tantangan-UMKM-indonesia-di-masa-pandemi-covid-19 . Tantangan UMKM Indonesia di Masa Pandemi Covid-19. Retrieved March 23, 2023, from https://www.bi.go.id/id/bi-institute/BI-Epsilon/Pages/Tantangan-UMKM-Indonesia-di-Masa-Pan demi-Covid-19.aspx
Macdonald, S., & Headlam, N. (2008). Research Methods Handbook: Introductory Guide to Research Methods for Social Research. Manchester, London: CLES.
Marginingsih, R. (2021). Financial Technology (Fintech) Dalam Inklusi Keuangan Nasional di Masa Pandemi Covid-19. Moneter-Jurnal Akuntansi Dan Keuangan, 8(1), 56-64.
Maulida, R. (2019). Fintech: Pengertian, Jenis, Hingga Regulasinya di Indonesia.
Retrieved February 27 2023, from https://www.online-pajak.com/tentangpajak-pribadi/fintech
Muzdalifa, I., Rahma, I. A., & Novalia, B. G. (2018). Peran fintech dalam meningkatkan keuangan inklusif pada UMKM di Indonesia (pendekatan keuangan syariah). Jurnal Masharif Al- Syariah: Jurnal Ekonomi Dan Perbankan Syariah, 3(1).
Nizar, Muhammad. (2017). Teknologi Keuangan (Fintech) : Konsep dan
Implementasinya di Indonesia. 5.
OECD. (2021). One year of SME and entrepreneurship policy responses to COVID-19: Lessons learned to "build back better": OECD policy responses to coronavirus (COVID-19).
Tackling Coronavirus (COVID-19): Contributing to a global effort. Organization for Economic Cooperation and Development. https://www.oecd.org/coronavirus/policy-responses/one-year-of-sme-and-entrepreneurship-polic y-responses-to-covid-19-lessonslearned-to-build-back-better-9a230220/.
Peraturan Bank Indonesia No. 19/12/PBI/2017 Retrieved February 27, 2023, from https://www.bi.go.id/id/publikasi/peraturan/Documents/PBI_191217.pdf
Pinochet, L.H.C., Diogo, G.T., Lopes, E.L., Herrero, E., & Bueno, R.L.P. (2019). Propensity of contracting loan services from FinTechs in Brazil. International Journal of Bank Marketing.
Rahardjo, B., Ikhwan, K., & Siharis, A. K. (2019). Pengaruh financial technology (fintech) terhadap perkembangan UMKM di Kota Magelang. Prosiding Seminar Nasional Fakultas Ekonomi Untidar, 347–356.
Richards, L. (1999). Using NVivo in qualitative research. Bundoora, Victoria, Australia: Qualitative Solutions and Research.
Sasmiyarsi, W., & Meliana, V. (2019). The Influence of T-Cash Tap Process Innovation on Customer Satisfaction and Its Impact on Telkomsel Customer Loyalty. Kalbisocio Journal of Business and Communication, 6 (1), 54-61.
Saturwa, H., Suharno, S., & Ahmad, A. (2021). The impact of the Covid-19 pandemic on MSMEs. Jurnal Ekonomi Dan Bisnis, 24(1), 65-82. https://doi.org/10.24914/jeb.v24i1.3905
S. B. Moore and S. L. Manring, "Strategy development in small and medium-sized enterprises for sustainability and increased value creation," Journal of Cleaner Production, vol. 17, no. 2, pp. 276–282, 200
Setiawan, K. (2020, April 1). 4 Sektor Yang paling Tertekan Akibat corona menurut sri mulyani. Tempo. Retrieved February 26, 2023, from https://bisnis.tempo.co/read/1326504/4- sektor-yang-paling-tertekan-akibat-corona-menurut-sri-m ulyani
Siaran Pers ABDSI Terkait Antisipasi dan Penanganan Dampak Pandemi Corona Terhadap
Soetjipto, N. (2020). Ketahanan UMKM Jawa Timur melintasi pandemi covid-19 (1th ed.). K-Media
Stewart, H., & Jürjens, J. (2018). Data security and consumer trust in FinTech innovation in Germany. Information & Computer Security, 26(1), 109–128.
Sugiarti, E. N., Diana, N., & Mawardi, M. C. (2019). Peran fintech dalam meningkatkan literasi keuangan pada Usaha Mikro Kecil Menengah di Malang. Jurnal Ilmiah Riset Akuntansi, 8(04), 90–104.
University of Indonesia's Institute for Economic and Social Research. (2020). (publication). Impact of COVID-19 Pandemic on MSMEs in Indonesia. UNDP Indonesia.RetrievedFebruary 27, 2023, from https://www.undp.org/indonesia/publications/impact-covid-19-pandemic-MSMEss-indonesia
UMKM. (2020, March 20). ABDSI. Retrieved May 1, 2023, from https://www.abdsi.id/siaran-pers-abdsi-terkait-antisipasi-dan-penanganan-dampak-pandemi-coro na/.