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P-ISSN : 2715-2448 | E-ISSN : 2715-7199   

Vol.1 No.2, 10 July 2020 

Buana Information Tchnology and Computer Sciences (BIT and CS) 

 

23 | Vol.1 No.2, 10 July 2020 
Buana Information Tchnology and Computer Sciences (BIT and CS) 

The Role of Financial Technology in The Creative Industries in Indonesia 

 

 

Nono Heryana 1  
Program Studi Sistem Informasi 

Fakultas Ilmu Komputer  
Universitas Singaperbangsa Karawang 

Email: nono@unsika.ac.id 

Rini Mayasari 2 
Program Studi Sistem Informasi 

Fakultas Ilmu Komputer  
Universitas Singaperbangsa Karawang 
Email: rini.mayasari@staff.unsika.ac.id 

 

 ‹β› 
 

Rudi Aprianto 3 
Program Studi Sistem Informasi 

STMIK Pringsewu 
Email: rudiaprianto@gmail.com

Abstract— In the modern era, the use of technology is 

growing rapidly to obtain information and various other 

electronic services, many people who already use technology, 

especially the internet to facilitate their work. Seeing the rapid 

development of the internet has given rise to various 

innovations, especially financial technology to meet the various 

needs of the community including access to financial services 

and transaction processing. Fintech (Financial Technology) is 

an innovation in the financial sector that refers to modern 

technology used to transact, check deposit rates, transfer 

funds, and perform various other financial services. The 

creative industries are an industry that utilizes the creativity 

and skills of individuals use as goods of value. The purpose of 

this study is to determine the role of financial technology and 

its constraints in the creative industry in Indonesia. The 

existence of innovation and creativity that arises in the 

community, making the creative industry is an essential role in 

the development of a regional economy. The research method 

used in writing this article is descriptive qualitative. Thus, 

qualitative research only describes responses to situations or 

events so that it does not explain causality or do hypothesis 
testing.  

Keywords—Financial Technology, Creative Industry, Internet, 

Indonesia 

 

Abstrak—Di era modern, penggunaan teknologi berkembang 

pesat untuk memperoleh informasi dan berbagai layanan 

elektronik lainnya, banyak orang yang sudah menggunakan 

teknologi, terutama internet untuk memudahkan pekerjaan 

mereka. Melihat pesatnya perkembangan internet telah 

memunculkan berbagai inovasi, terutama teknologi keuangan 

untuk memenuhi berbagai kebutuhan masyarakat termasuk 

akses ke layanan keuangan dan pemrosesan transaksi. Fintech 

(Teknologi Finansial) adalah inovasi di sektor keuangan yang 

mengacu pada teknologi modern yang digunakan untuk 

bertransaksi, memeriksa suku bunga simpanan, mentransfer 

dana, dan melakukan berbagai layanan keuangan lainnya. 

Industri kreatif adalah industri yang memanfaatkan kreativitas 

dan keterampilan yang digunakan individu sebagai barang yang 

bernilai. Tujuan dari penelitian ini adalah untuk mengetahui 

peran teknologi keuangan dan hambatannya dalam industri 

kreatif di Indonesia. Adanya inovasi dan kreativitas yang muncul 

di masyarakat, menjadikan industri kreatif merupakan peran 

penting dalam pengembangan ekonomi regional. Metode 

penelitian yang digunakan dalam menulis artikel ini adalah 

deskriptif kualitatif. Dengan demikian, penelitian kualitatif 

hanya menggambarkan respons terhadap situasi atau peristiwa 

sehingga tidak menjelaskan hubungan sebab akibat atau 
melakukan pengujian hipotesis. 

Kata Kunci— Teknologi Keuangan, Industri Kreatif, Internet, 

Indonesia. 

I. INTRODUCTION  

The internet is one of the technologies widely used by 

humans in modern times like today. Ranging from children, 

teens to adults use it for various purposes such as browsing, 

chatting, and much more. From this internet emerged 
various applications and websites that help people in their 

work [13]. Based on the results of the APJI and Polling 

Indonesia survey in 2018, the number of Internet users is 

171.18 million. It will be a lucrative market opportunity for 

applications, systems and technology to reap the domestic 

market. 

Technology is increasingly developing over time. To make 

it easier for people to make transactions, check balances and 

so on, a technology called fintech (Financial Technology). 

Fintech is a financial service that utilizes technology and 

software as a forum for the distribution and delivery of 

information [1]. The background to the emergence of 
Fintech is when there is a problem in society that cannot be 

served by the financial industry with various obstacles. 

Among them are regulations that are too strict as in the bank 

and the limitations of the banking industry in serving the 

community in certain areas [2]. 

Financial technology in Bank Indonesia Regulation Number 

19/12 / PBI / 2017 is the use of financial system technology 

that produces new products, services, technology or 

business models and can have an impact on monetary 

stability, financial system stability, efficiency, smoothness, 

security and payment system reliability. Financial 
technology providers which include payment systems, 

market support, investment management and risk 

management, loans, financing and capital providers, and 

other financial services. Financial technology or fintech in 

Indonesia is a very potential market opportunity [3]. The 

fintech companies are mostly micro, small or medium-sized 

companies that do not have much equity but have a clear 

idea of how to introduce new services or how to improve 

existing services in financial service markets [4]. 

Fintech develops in various sectors, ranging from payment 

startups, lending, financial planning (personal finance), 
retail investment, financing (crowdfunding), remittances, 

financial research, and others [2]. Like banks, the fintech 

company's business model also focuses on payment and 



 

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Buana Information Tchnology and Computer Sciences (BIT and CS) 

loan services [5]. From the data recorded by the FSA until 

January 2018 there are 260 thousand people borrowing in 

the Fintech company in Indonesia. The presence of financial 

technology is beneficial for people in accessing financial 

products and makes it easier to conduct financial 

transactions with a touch of technology in hand. Wherever 
and whenever people can make transactions without having 

to come directly to financial companies or waiting in line 

with various procedures such as banking in general. This 

can increase financial literacy in Indonesia [6]. Fintech 

refers to the integration of finance and technology and is 

different from electronic finance, where electronic finance 

continues to technically support the existing financial 

system [7]. 

Several studies have been conducted previously that discuss 

the analysis and role of financial technology. One of them is 

a research conducted by Muzdalifa, Rahma, & Novalia 

(2018), which discusses the role of fintech in increasing 
financial inclusion at MSMEs in Indonesia. The results of 

the study concluded that the presence of a number of fintech 

companies also contributed to the development of MSMEs. 

Not only limited to helping finance venture capital, Fintech's 

role has also expanded to various aspects such as digital 

payment services and financial arrangements [1]. Other 

research has been conducted by Chrismastianto (2017) 

SWOT analysis discussion related to the installation of 

financial technology on the quality of banking services in 

Indonesia. research has analyzed the strengths, weaknesses, 

opportunities and threats (SWOT) of financial technology 
installation so that financial technology produces an 

accurate level of effectiveness in improving the quality of 

banking services in Indonesia so that banking management 

can apply it to reach all elements of Indonesian society [8]. 

In this study, the author will raise the theme of the role of 

financial technology in the field of creative industries in 

Indonesia as the subject of the discussion. Creative 

industries are creativity, expertise and talents that have the 

potential to improve welfare through offering intellectual 

creation [9]. The government through the trade department 

has identified the scope of the creative industry covering 14 

sectors including advertising, architecture, the art market, 
crafts, design, fashion, video, interactive games, music, 

performing arts, publishing and printing, software, 

television and radio, research and development [10]. The 

entry of fintech is a new breakthrough in aspects of business 

in Indonesia to become more efficient and comfortable [11], 

this is what can support the development of fintech in the 

field of creative industries. Creative industries make a 

significant economic contribution. Also, the creative 

industry creates a favorable business climate and builds the 

nation's image and identity. On the other hand, the creative 

industry is based on renewable resources, creates innovation 
and creativity, which is a competitive advantage of a nation 

and has a positive social impact [9]. Because of the 

increasingly visible role of financial technology in various 

fields in modern times like now, the authors will conduct 

research aimed at analyzing the role of fintech and its 

constraints in the creative industries in Indonesia. 

II. METHOD 

The research method used in writing this article is 

descriptive qualitative [14]. Qualitative research methods 

are research methods based on postpositivism philosophy, or 

interpretative and constructive paradigms, which view social 

reality as something holistic or intact, complex, dynamic, 

full of meaning and symptom relations are interactive and 

are used to examine natural conditions of objects, not an 

experiment, where the researcher as a critical instrument, 
data collection techniques carried out by triangulation 

(combined), data analysis is inductive or qualitative and the 

results of the study emphasize the meaning rather than 

generalization. This study uses a qualitative method to 

determine the role and constraints of fintech in the creative 

industries [15]. 

Qualitative descriptive research is aimed at gathering actual 

and detailed information, identifying problems, making 

comparisons or evaluations, and determining what other 

people are doing in dealing with similar problems and 

learning from their experiences to establish plans and 

decisions in the future [4]. Thus, qualitative research only 
describes responses to situations or events, so it does not 

explain causality or do hypothesis testing. 

III. RESULTS AND DISCUSSION 

In the current era of globalization, the role of financial 
technology is developing so rapidly for the world economy, 
one of which is in the field of creative industries. The 
purpose of this study is to find out the role of fintech and its 
constraints in the creative industry in Indonesia. There are 
several sub-sectors of the industry or creative economy that 
have contributed to the country's GDP, as shown in figure 1 
below. 

 

Figure 1. Contribution of Gross Domestic Product in 
Creative Economy According to Subsector (2016)[12] 

From the picture above it can be seen that the creative 
economy or industry is a sector that has the potential to be 
processed more deeply to advance the country's economy. 
With the entry of fintech is expected to be a breath of fresh 
air for changes in the creative industry sector. The role of 
fintech in the creative industry is as follows. 

1. Capital Loan 

From the data obtained from BEKRAF (Creative Economy 
Agency) in 2016 the company's capital results or creative 
industry businesses are divided into three parts with the 
following percentage, 92.37% of companies use their capital, 



 

25 | Vol.1 No.2, 10 July 2020 
Buana Information Tchnology and Computer Sciences (BIT and CS) 

24.44% of companies make bank loans, and 0.66% of 
companies use venture capital. For more details, see in the 
following figure 2 below. 

 

Figure 2. Access to Capital for the Creative Economy 
Industry 2016[12] 

From this data Fintech can be a solution by providing online 
capital loans with a simpler and more simple submission 
process by completing the requirements. Several online loan 
services such as Danamas, Modalku, and Koinworks. 

 

2. Digital payment services 

The fintech company can also provide digital payments that 
are easier to fund for entrepreneurs or companies, so that 
entrepreneurs or companies can make payments safely. 
Fintech in this field is OVO, Gopay, and Jenius. 

3. Financial Management Services 

Financial management services are services that provide 
solutions in the areas of recording expenses, monitoring 
investment performance and financial consulting at no 
charge. Fintech in this field is a healthy wallet and 
ngaturduit.com 

There are several constraints of companies or businesses in 
the creative economy. According to data obtained from 
BEKRAF (Creative Economy Agency), there are several 
obstacles such as domestic marketing, research and 
development, physical infrastructure, and others, as shown in 
the following figure 3 below. 

 

Figure 3. Constraints faced by Creative Economy 
Enterprises or Companies [12] 

In the field of creative industries in Indonesia, the 
existence of financial technology also has several obstacles, 
including the following. 

1. IT infrastructure 

IT infrastructure in Indonesia can be said to be uneven, and 
internet networks can only be felt in big cities like Jakarta, 
Bandung, Surabaya, and others, while in small cities or 
remote areas it is still not sure and this is one of Fintech's 
problems in the creative industry. 

2. Human Resources (HR) 

Lack of human resources (HR) in the regions is one of the 
obstacles to the spread of fintech making it difficult for 
fintech to develop. Human resources (HR) should be 
educated in the regions to spread fintech evenly. 

3. Lack of Financial Literacy 

Many people in rural areas are not familiar with the term 
fintech about how to use it, its benefits, etc. Not knowing this 
financial literacy makes financial planning and management 
in the community not suitable. 

IV. CONCLUSION 

Financial technology (fintech) is an innovation in financial 

services using technology so that people can easily access 

financial products and services. Fintech can be used to 

facilitate human being to work, especially in finance such as 

transactions, checking deposit interest, transferring funds 

and many other jobs. The presence of several fintech 

companies contributed to the development of the creative 
industry in Indonesia. In the current era of globalization, the 

role of fintech is very diverse and expected to help the 

creative industry players or companies in developing their 

businesses. 

There are several roles of fintech that can help businesses or 

companies in developing their businesses, such as capital 

loans, digital payment services and financial management 

services. In helping business people or creative industry 

companies, fintech also experiences several obstacles such 

as uneven IT infrastructure in Indonesia, lack of human 

resources, and the lack of public financial literacy regarding 

fintech. 

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