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Jakarta Post

Anticipating fraud in Islamic fintech

  • Safri Haliding and Yunice Karina Tumewang

Jakarta   /   Mon, August 20 2018   /  01:10 am

The rapid development of sophisticated information and communication technology has a huge impact on the development of financial products and services from both banks and non-bank financial institutions. The advances in technology have forced banks, including sharia-compliant ones, to change and follow innovation in business strategies that use technology as an important component in the development of financial products and services.

Fintech constitutes a large investment opportunity in Indonesia, where Rp 486 billion (US$347.35 million) has been allocated for that, according to Telematika Sharing Vision in 2016.

This number is forecast to grow to Rp 496 trillion in 2021. Meanwhile, based on data from the Fintech Association of Indonesia (AFI), there were at least 165 institutions in 2016 with a diverse range of products and services, including payment, lending, aggregato...