The Implications of Digitizing Financial Services for Financial System Stability (SSK) in Indonesia to Strengthen Inclusive Financial Programs

M. Gunawan Setyadi

Abstract

The financial system has become an important factor in the economic system and increasingly continues to experience development and innovation in line with the development of the demands of the digital diera community that wants everything to be practical and simple. The presence of technology has made a major contribution in creating a financial technology development ecosystem (fintech) based on an inclusive financial program so that the bottom of the pyramid community can be served by the financial system, but also contains risks that can lead to financial system instability if not managed properly. It is therefore necessary to ascertain whether the presence of fintech in Indonesia during the observation period (January 2018 to June 2019) has an impact on financial system stability. On the basis of these questions the research objectives were formulated, namely: 1) describing financial system stability and fintech developments from non-current loan ratio aspects; 2) the effect of digitizing financial services on financial system stability; 3) determine the odds odds ratio of financial system stability events in an alert condition. By categorizing financial service digitizing variables as low and high and financial system stability variables being safe and vigilant, they are then analyzed using contingency coefficients, chi square analysis, and odd ratios to answer or prove the three objectives of the study. The conclusions of this study are: 1) digitalization of financial services has a low risk of non-current loans with the stability of the financial system in a safe condition tends to be vigilant; there is a moderate influence between the digitalization of financial services and the stability of the financial system; 3) the ratio of non-current loans (RPTL) to fintech will cause the stability of the vigilant financial system to be 0.143 times the occurrence of low category RPTL with the stability of a secure financial system.

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