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Implementation of the Financial Technology Industry on MSMEs in Malang, Indonesia: A Phenomenological Analysis Using Critical Thinking Model

In: Board Diversity and Corporate Governance

Author

Listed:
  • Vidya Purnamasari

    (Universitas Negeri Malang)

  • Linda Seprillina

    (University Kebangsaan Malaysia)

  • Imam Mukhlis

    (Universitas Negeri Malang)

  • Ermita Yusida

    (Universitas Negeri Malang)

  • Nila Cahayati

    (Universitas Brawijaya)

Abstract

The financial technology industry is one of the most consequential sectors influencing various countries’ economies. In economic development, Fintech can bring great opportunities and potential in developing MSMEs, especially in Indonesia. At the beginning of 2020, the COVID-19 pandemic affected the opportunities and potential. The impact caused by the COVID-19 pandemic has affected the Fintech industry, which has started to be cultivated by the MSME sector, especially in Malang. This study used the Critical Thinking Review Model to determine the impact before and after the COVID-19 pandemic on the development of the financial technology industry in MSMEs in Malang City. This research uses primary data from 151 MSMEs in Malang City. The results of this study are that 73% of MSMEs in Malang City did not use Fintech accounts before the COVID-19 pandemic, and 27% already had one. However, since the pandemic, 98% of MSMEs in Malang City have used the Fintech platform in their product payment activities. Therefore, there are positive implications due to this pandemic condition in which business people (MSMEs). In addition, the public has started using various Fintech services, which leads to increasing financial literacy and indicates the growth of financial inclusion.

Suggested Citation

  • Vidya Purnamasari & Linda Seprillina & Imam Mukhlis & Ermita Yusida & Nila Cahayati, 2024. "Implementation of the Financial Technology Industry on MSMEs in Malang, Indonesia: A Phenomenological Analysis Using Critical Thinking Model," CSR, Sustainability, Ethics & Governance, in: Reem Khamis & Amina Buallay (ed.), Board Diversity and Corporate Governance, pages 525-536, Springer.
    • Handle: RePEc:spr:csrchp:978-3-031-53877-3_41
    DOI: 10.1007/978-3-031-53877-3_41
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