Abstract
This paper analyzes the phenomenon of financial technology starts tochange conventional financial institution for helping economic development, which the financial technology more likely start-up company is the innovative solution of funding on this country. Financial technology on online-based business offers new opportunities, new investment trends and new funding resources such as lending and capital rising, wealth management and insurance, payment and financial research. I apply generalized method of moment approach on startup company data on financial technology that shows business models and the result shows that financial technology can synergy with financial institution will increase the sharing economy in East Java. Under a competitive industry, financial technology should improve their accountability, accessibility, and reliability to persuade other start-up businesses to growth up together. This paper explains what existing financial technology business model to help start-up business in Indonesia today and how financial technologies to realize good sharing economy in this East Java.
Highlights
Today, Financial Technology (FinTech) is becoming more popular in Indonesia, and Financial Institutions are increasingly seeking and building their technology as their leading prior
Some FinTech in Indonesia has grown and developed in conjunction with the growth of other start- up businesses. These synergies are expected to continue for increasing the value of transaction and the sharing economy in Indonesia
Assuming a 20% incremental change in financial inclusion in East Java in the 5 years, FinTech alone could accelerate GDP growth rate in the province by 5% leading to 270.000 new jobs
Summary
Financial Technology (FinTech) is becoming more popular in Indonesia, and Financial Institutions are increasingly seeking and building their technology as their leading prior. Osterwalder’s business model is consist of Value proposition (the reason why customers turn into one company over others), Customer segments (define the different groups of people or organizations enterprise aims to reach and serve in order to satisfy customer), Channel (communication, distribution and sales comprise a company interface that play important rules for the customer experience), Revenue stream (represent the cash a company generates from each customer segments), Key resources (the most important assets required to make a business model work), Key activities (the most important actions must take to operate successfully) and Key partnership Those two approaches will be used for analyzing the existing financial technology that enough to answer and describe the first purpose of this paper. This paper used descriptive data that obtained in several medias
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