Financial Services Authority Research Articles

Business Model of Indonesian Fintech Crowdfunding

Fintech crowdfunding has emerged as one of the most widely used for entrepreneurs which starts their businesses. However, fintech crowdfunding isn't growing in the same way as other fintech, thus the business model and strength are yet unidentified. This study's purpose is to identify and analyze the fintech crowdfunding business model alongside its strengths. This study method takes a qualitative approach. The data was processed using NVIVO 14. This study focuses on fintech crowdfunding licensed by the Financial Services Authority. The study results show that the fintech crowdfunding business model concept is network-centric and emphasizes the value exchange between all of the model elements. The value proposition and key activity are the aspects that make fintech equity crowdfunding effective.

ANALISIS FATWA DSN MUI NO: 123/DSN-MUI/XI/2018 TERHADAP PENGGUNAAN DANA TBDSP DI BTPN SYARIAH PERIODE TAHUN 2020-2023

Bank Tabungan Pensiunan Negara (BTPN) also develops BTPN with Sharia principles. Islamic banking management also has funds that cannot be recognized as income (TBDSP), the TBDSP funds are used for community social activities. In receiving and distributing TBDSP funds to Sharia Banks, the National Sharia Board (DSN) of the Indonesian Ulema Council (MUI) issued Fatwa Number 123/DSN-MUI/XI/2018. The purpose of this article is to analyze the implementation of Fatwa DSN MUI No. 123/DSN-MUI/XI/2018 against the use of TBDSP funds. This research uses qualitative methods with a literature study approach. The data used was obtained from BTPN Syariah's annual performance report for the 2020-2023 period, the website of the Indonesian Ulema Council (MUI), the website of the Financial Services Authority (OJK) and the Central Statistics Agency (BPS). As a result of this research, BTPN Syariah has implemented fatwa DSN MUI Number 123/DSN-MUI/XI/2018 in managing TBDSP funds for the 2020-2023 period by using these funds for social activities. In distributing TBDSP funds, BTPN Syariah helps communities affected by Covid 19 and assists the government in the recovery and empowerment of MSMEs after Covid 19. This implementation is that the use of TBDSP funds by BTPN Syariah does not contradict sharia principles, as stipulated in Fatwa DSN MUI Number 123/DSN-MUI/XI/2018.

Obstacles in the Implementation of Online Loans in Indonesia (Based on Protection Law Consumer)

Online loans are platforms that allow individuals or businesses to apply for and obtain loans over the internet. Online loans offer convenience and accessibility. However, there are also illegal online loans that are harmful to their users. This is the background for the emergence of two problem formulations, namely how legal regulations governing the practice of online loans and how consumer legal protection in online loans. The research method used is normative juridical. The results found that Financial Services Authority (Otoritas Jasa Keuangan/OJK) as the responsible authority has issued Financial Services Authority Regulations (Peraturan Otoritas Jasa Keuangan/POJK) No. 77/POJK.01/2016 on Information Technology-Based Money Lending and Borrowing Services. However, the implementation and effectiveness of this regulation is still a big challenge. Many online lending platforms operate without a license and ignore the applicable regulations, thus posing a high risk to consumers. Recipients of online loans can be said to be consumers because they are users of a service. In this case, online loan services, consumer protection has been regulated in Law No. 8 of 1999 of Consumer Protection, and regarding consumer protection in online loans has also been regulated in POJK No. 77/POJK.01/2016 and Bank Indonesia Regulation No. 3 of 2023 on Bank Indonesia Consumer Protection, although there are already regulations governing online loan consumers, online loan consumer protection is still a problem because many illegal online loans are always looking for loopholes and circumvent existing regulations.

Analisis Peran Otoritas Jasa Keuagan (OJK) Sumatera Barat dalam Mengawasi Kepatuhan Bank Syariah

In order to ensure sharia bank operations comply with sharia law and related banking regulations, this research was inspired by the role of the Financial Services Authority (OJK) in West Sumatra in supervising sharia banks' compliance with sharia regulations and the principles of effective supervision. The purpose of this research is to determine the extent of the role of the West Sumatra OJK in carrying out supervision in ensuring that Islamic banks comply with regulations relevant to their operations. This research uses written research with a qualitative approach. Written research is research conducted indirectly or interviews conducted virtually. Research conducted by utilizing technology and online resources conducted directly or face-to-face such as interviews, data collection, or access to information sources conducted online or via online platforms. In this research, the researcher gave questions to the staff of the OJK Bank Supervision office which were sent via OJK email which would later be answered indirectly (online). The object of this research was carried out at the West Sumatra OJK Office which is located at Jl. Khatib Sulaiman No. 68 Ulak Karang Selatan, North Padang District, Padang City, West Sumatra 25137. The following are the results of inspections carried out at the West Sumatra Financial Services Authority (OJK): 1) The West Sumatra Province Financial Services Authority (OJK) has the ability to assess and guarantee Sharia Banks in carrying out their operations. Its operations are in accordance with sharia principles. This is achieved through off-site monitoring and analysis of reports. Either through field supervision or direct OJK audit findings, or through submission of audit results by the bank. The aim is to protect the stability of the financial system, prevent risks that are detrimental to the economy, and ensure the security of customers’ trust in banking. Through OJK supervision, it will have an impact on the effectiveness of implementing sharia principles in operations, which will ultimately have an impact on improving the performance of sharia banks. 2) In order to ensure Sharia Banks comply with regulations, the West Sumatra Financial Services Authority (OJK) follows the values contained in supervision, including ideas for improving supervision now and in the future. Integrity, accountability, fair treatment, availability of information and reporting, effectiveness, adaptation, and cooperation between institutions and society are qualities that are included in the context of supervisory value.

Analisis Multidisipliner terhadap Fenomena Pemberian Pinjaman Online pada Anak Muda: Dampak, Penyebab, dan Solusi

The presence of online loans provides new hope for economic development in Indonesia. Online loans is a way for business owners to obtain capital. Online loans offer various simplicity for MSMEs who want to apply for loans, they can get loans quickly using easy conditions, disbursement of funds quickly, and a flexible repayment process. One of the conditions that are not provide in the banking industry is easy terms and loans without collateral. This is a good news for MSME owner who need capital and do not have valuable assets to use as collateral. It is not only the general public who use online loan services but also young people, apart from not requiring administrative requirements and guarantees like banks in general, the process is also fast. However, you need to be careful in using this online loan, because it has two sides. Do not let what is expected is a profit in the form of fund assistance, even a loss due to payment or even pressure from collectors when it is due. According to data from the Financial Services Authority (OJK) there are around 219,824 youth under 19 who are active loan borrowers. The circulation of loan money is also quite large with a total loan of IDR 206.9 billion. Young online borrowers, who are considered to still not have many urgent needs already had the power to borrow from this loan, this is considered very harm. The phenomenon of the rise of this loan is increasingly troubling the community. This system is considered to be damaging the financial digitalization ecosystem which previously benefited the community, instead it has lost tens or even hundreds of millions of rupiah.

ANALISIS PENGARUH PEER-TO-PEER LENDING TERHADAP KINERJA KELOMPOK BANK DENGAN MODAL INDIKATOR KESEHATAN EMPAT (KBMI 4)

Over the years, the world of technology and innovation has evolved. One of them is the financial sector, namely financial technology (fintech). This study aims to determine how the presence of peer-to-peer lending in Indonesia can have an impact on banking performance in Indonesia, proxied by return on assets (ROA) because it is indicated that fintech cuts the market segmentation of banks. The variables used are the number of companies, the number of lenders, the number of borrowers, and the number of loans whose data is taken from the Financial Services Authority. This type of research is quantitative research using the Error Correction Model (ECM) method approach. The result of this research is that the presence of peer-to-peer lending will synergize with KBMI 4 Bank and produce a mutually beneficial relationship.

THE EFFECT OF RISK BASED CAPITAL ON THE PROFITABILITY OF INSURANCE COMPANIES REGISTERED WITH THE FINANCIAL SERVICES AUTHORITY

This research aims to determine the development of Risk Based Capital, profitability, and the effect of Solvency Rate Limit (RBC) on profitability in Syariah Unit Insurance registered with the Financial Services Authority. This research is a quantitative research, and the source of data obtained is secondary data. The population is 25 Syariah Unit General Insurance companies registered with Financial Services Authority (OJK). This research sample uses a purposive sampling technique by 9 Syariah Unit General Insurance companies registered with OJK using annual financial statements in accordance with the variables used during the period (2018-2023). The data analysis uses multiple linear regression analysis with a constant of 41.513 which means, if the Risk Based Capital variable is fixed, then the Return On Asset will increase by 41.513 and the regression coefficient value for the Investment variable in the regression equation shows a positive value of 0.023 X, this means that if the Risk Based Capital variable is fixed, then the Return On Asset variable will increase by 0.023. The Coefficient of Determination (R) for Risk Based Capital on Return On Asset is 0.609, then for the Risk Based Capital variable on Return On is 0.515. And the Analysis of the Hypothesis Test is known that Risk Based Capital (X) shows at an alpha coefficient of 5% (t-stat = 3.119 > 1.674) and prob. 0.006 < 0.05. So the hypothesis is accepted, namely Risk Based Capital has a significant effect on Return On Equity in the Alpha 5% Syariah unit insurance company.

STRENGTHENING THE REGULATORY CONCEPT OF NOTARY SUPERVISION BY THE FINANCIAL SERVICES AUTHORITY IN INDONESIA'S CAPITAL MARKET ACTIVITIES

This study examines the supervision of notaries by the Financial Services Authority in Indonesia's capital market, its implementation, and proposes alternative solutions to strengthen the concept. It provides a comprehensive examination of current supervisory practices, highlighting the effectiveness and challenges of regulatory supervision. The research also proposes alternatives to strengthening the supervisory framework, potentially influencing policy improvements and enhancing governance and integrity of notarial practices.

Exploration of Knowledge Management in Mediating Organizational Culture and Authentic Leadership on Employee Performance at PT Bareksa Investment Portal

PT Bareksa is a pioneer of integrated financial and investment marketplace services in Indonesia. Since obtaining an official license from the Financial Services Authority (OJK) in 2016, Bareksa has become a Mutual Fund Selling Agent offering mutual fund products from various trusted investment managers. With a significant market share, Bareksa is trusted by many investors in Indonesia. The purpose of this research is to identify and analyze the influence of organizational culture and authentic leadership on employee performance through knowledge management. This research uses a quantitative approach with a descriptive causality type of research. The number of respondents is 200 people. The data analysis technique used is descriptive analysis and path analysis. The results of the research show that both partially and simultaneously, organizational culture and authentic leadership through knowledge management have a significant impact on improving employee performance. Organizational culture, authentic leadership, and knowledge management are able to explain the level of influence by 67.4%, while the remaining 32.6% is influenced by other factors. Descriptively, all variables are in a very good position. The implication of this research is the need to strengthen organizational culture supported by authentic leadership and applied through knowledge management to encourage performance improvement.

Ethnomethodology Study on The Implementation of Social Responsibility Activities at PT Pertamina Lubricants

Financial Services Authority Regulation No. 51/POJK.03/2017, social and environmental responsibility or abbreviated as TJSL is a commitment to participate in sustainable economic development in order to improve the quality of life and the environment that is beneficial, both for the company itself, the local community, and the community in general TJSL or what we commonly know as Corporate Social Responsibility (CSR) is part of sustainable development that must be carried out by all development actors, namely the government, the community, and also the business community. This study uses a qualitative method with ethnomethodology studies to reveal the practice of CSR implementation at PT Pertamina Lubricants from 2019 to 2023. The purpose of this study is to reveal CSR practices in an effort to maintain sustainability activities at PT Pertamina Lubricants. The triple bottom line and good corporate governance approach are used in this study. Data collection was carried out through interviews, field observations, and literature studies. The results show that PT Pertamina Lubricants has transformed its CSR practices by emphasizing Creating Shared Value (CSV). CSR practices during the Covid-19 pandemic are still ongoing by implementing applicable protocols. The triple bottom line bottom line approach, namely profit, people, and planet, and good corporate governance , has also been implemented.

The Effect of Capital Adequacy, Financing Risk, and Islamic Corporate Governance on Financial Performance with Islamic Social Reporting as an Intervening Variable

The purpose of this research is to examine and analyze the effect of capital adequacy, financing risk, and Islamic Corporate Governance on financial performance through disclosure of Islamic Social Reporting. The population of this research consists of fifteen Sharia Commercial Banks (IB) in Indonesia which are registered with the Financial Services Authority. The sample consists of ten IBs. This research used quantitative approach with panel data regression method and Sobel test on Eviews-13. The results show that capital adequacy has a positive effect on financial performance. Financing risk, Islamic Corporate Governance, and Islamic Social Reporting have no effect on financial performance. Islamic Social Reporting cannot mediate the capital adequacy, financing risk, and Islamic Corporate Governance on financial performance.

Determinant factors that impact Islamic social reporting: a study on Islamic Banking

This research aims to find out how sharia reporting is disclosed by sharia commercial banking using variable indicators such as liquidity, leverage, size of the sharia supervisory board, awards, and company size. This research was conducted on sharia banks registered with the Financial Services Authority (OJK) Indonesia from 2017 to 2022. The method used in data collection was a purposive sampling method and a sample of 14 sharia banks registered with the Financial Services Authority (OJK) was obtained. The results show that the variables liquidity, rewards and company size have a positive and significant impact on the disclosure of Islamic Social Reporting, while the variables leverage and size of the sharia supervisory board have no effect on Islamic Social Reporting disclosure. The research concludes that to increase the impact of Islamic Social Reporting, companies need to increase current assets to maintain liquidity, obtain awards, and increase total assets as a company size. Therefore, disclosing Islamic Social Reporting at each institution is very important to attract public attention regarding the company's excellence and performance, and this disclosure can be beneficial for the company's future.

DISCLOSURE OF SUSTAINABILITY REPORTS

The bank does not focus on profits but pays attention to the environment and social issues that lead to sustainable development. The Financial Services Authority (OJK) issued regulations regarding Technical Guidelines for Preparing Sustainability Reports. This research aims to determine the level of disclosure of sustainability reports in 2022 at state-owned banks and state-owned companies on the Indonesian Stock Exchange. The research method uses descriptive analysis, which describes the research object based on facts and then analyzes and interprets it. The research results on the level of disclosure of sustainability reports are very good, and show management's commitment to fulfilling disclosure obligations regarding environmental sustainability in economic, environmental, and social aspects. Companies need to improve and optimize programs such as environmentally friendly products, involvement of local parties with sustainable financial business processes, conservation, and biodiversity conversion efforts.

Proposed Model of Sharia Bank Share Ownership through Waqf Funds

This paper presents a feasibility model for Sharia Bank share ownership through Waqf funds as an alternative source of capital. It begins by addressing the problem of insufficient capital stock for Islamic banks in Indonesia. The exploration includes banking regulations by the Indonesian Financial Services Authority, Sharia Waqf laws and regulations by the Indonesian Waqf Board, and literature in the field of Waqf, as well as secondary sources such as books, journal articles, and online resources, particularly those related to Waqf regulation. Conclusions are drawn by analyzing several themes, which are further validated through in-depth interviews and Focus Group Discussions with experts. This paper introduces Cash Waqf as a potential source of paid-in capital for Islamic banks, particularly in Indonesia.

Customer Loyalty Improvement of PT Federal International Finance Danastra Bogor Area

Online loans (pinjol) are increasingly being used by the public, especially during the Covid-19 pandemic where many households are experiencing extraordinary economic pressure. The Financial Services Authority (OJK) provides information regarding the amount of loan disbursements through loan organizing institutions or commonly known as online loan providers (pinjol) in Indonesia touched Rp 20.53 trillion in August 2023. PT Federal International Finance Danastra is an application engaged in multipurpose financing such as working capital, wedding capital, education financing and many other needs to support life. The purpose of the study was to determine how much influence service quality, brand image and customer trust have on customer satisfaction and its impact on customer loyalty at PT. Federal International Finance Danastra, this research uses quantitative analysis methods using SPSS 26 software and the sampling method uses simple random sampling with a sample size of 270 respondents using the Slovin model. Through this research analysis, it is known that the factors of service quality, brand image, consumer trust and consumer satisfaction have a strong and significant influence on consumer loyalty PT. Federal International Finance Danastra.

The Influence of Directors’ Characteristics on the Social Performance of Sharia Banking in Indonesia

The primary objective of this study is to furnish empirical proof relating to the influence of characteristics of board directors on social performance (SP). The sample utilized in this study comprises Sharia banking companies in Indonesia that were listed by the Financial Services Authority (OJK) between 2008 and 2019, yielding a total of 134 observations. The sample selection utilized the purposive sampling technique combined with panel data analysis. The findings of this study demonstrate that the characteristics of board directors, as indicated by the number of board members and their educational backgrounds, exert a good influence on the social performance of Sharia banking in Indonesia. Conversely, the characteristics of board directors, specifically the presence of female directors, the educational level of board members, and their age do not exert any influence on the social performance of Sharia banking in Indonesia.

Changes in Organizational Culture in the Financial Services Authority Unable to Improve Employee Performance

The aim of this research is to determine the effect of changes in organizational culture, competence and job satisfaction on employee performance at the Financial Services Authority (FSA) Head Office. The population of this study was 3,780 organic employees of the FSA central office using the Stratified Random Sampling technique, a sample of 100 people was determined to represent each field in the FSA work unit. The data collection method uses field data and primary data obtained through surveys by distributing questionnaires to respondents, while the data analysis method uses partial regression analysis and is processed with SmartPLS 4.0 software. The results of this research showed that there was a positive but not significant effect of changes in organizational culture on the performance of FSA employees, competency had a positive and significant effect on performance and job satisfaction had a positive and significant effect on employee performance.

The Effect of Mudharobah Financing, Musyarokah Financing, and Murabahah Financing on BPRS Profitability in Indonesia

This study aims to determine the effect of mudharobah financing, musyarokah financing and murabahah financing on Sharia People's Credit Banks registered with the Indonesian Financial Services Authority (OJK) in the 2017-2021 period. Data is obtained from Sharia Banking Statistics which is a collection of Sharia Commercial Banks and Sharia Units throughout Indonesia, so that what is done is sampling a number of populations. This type of research is descriptive quantitative, which is processed using multiple linear regression with the help of NCSS 2021. The results showed that mudharobah and murabahah financing had no effect on profitability, while musyarokah financing had an effect on profitability.

Pengaruh kompetensi dan integritas pada kualitas audit dengan key audit matters sebagai moderasi

This research aims to determine the influence of competency and integrity on audit quality with key audit matters as moderation at public accounting firms in DKI Jakarta that are active and registered with the Financial Services Authority (OJK). This research uses primary data with a survey method, namely distributing questionnaires with sample determination using a random sampling method, which 127 respondents used to spread across several Public Accounting Firms in DKI Jakarta. The data analysis method used in this research is the multiple regression method. This research shows that competence and integrity positively affect audit quality, and related moderating variables show that key audit matters (KAMs) cannot strengthen the relationship between competence and integrity on audit quality. Public interest statements Ensuring auditors' competency and integrity and effectively utilizing key matters (KAM) makes the audit process more transparent. This fosters greater public confidence in audited financial reports and ensures the reliability of company-provided information. Regulating the influence of competence and integrity on audit quality through KAM is expected to enhance transparency in financial information management, allowing for more informed public investment and financial decisions.

Transformasi Regulasi Pengembangan dan Penguatan Sektor Keuangan Otoritas Jasa Keuangan: Sebuah Evaluasi dan Rekomendasi

This research aims to exploratively evaluate the implementation of the Financial Sector Development and Strengthening Law (P2SK Law) of the Financial Services Authority (OJK), which has been little researched. The research method used a qualitative approach with interviews to explore in depth. Informants consisted of OJK representatives, banking representatives, and customers. Data were analyzed thematically for key findings and their correlation with theory. The results show OJK has socialized the law, but there are challenges adapting to the complex rules, requiring additional investment in technology and human resources. Recommendations include increased socialization, cooperation with financial institutions, digital education, close supervision, technological innovation, and consultation forums.