Journal of Business and Political Economy : Biannual Review of The Indonesian Economy

Fintech Innovations for Financial Inclusivity

William Ben Gunawan — 2026-05-21

Abstract

The rapid advancement of technology, particularly in financial services, has led to the rise of financial technology, or "fintech," revolutionizing how financial products and services are delivered. This paper investigates how fintech innovations contribute to financial inclusivity by making financial services more cost-effective, accessible, and personalized. This study employs a mixed-method approach, combining a qualitative critical narrative review with quantitative bibliometric mapping to examine the role of fintech innovations in enhancing financial inclusivity. A PRISMA 2020-informed screening process was applied to Scopus-indexed literature, while VOSviewer-based bibliometric analysis was used to identify research trends, thematic relationships, and emerging topics in fintech and financial inclusion. Fintech's potential to promote financial inclusion, especially for underserved and unbanked populations, is explored through key innovations like peer-to-peer lending, mobile payments, and digital wallets. However, challenges such as data security concerns and uneven accessibility between developed and developing countries highlight significant barriers to its adoption. While fintech innovations can lower costs and broaden access to financial services, issues like hidden fees, data privacy risks, and infrastructural disparities can limit their effectiveness, particularly in low-income regions. Furthermore, the paper discusses the personalization aspect of fintech, emphasizing how data-driven algorithms can tailor financial services to individual needs, especially for marginalized populations. A critical analysis is conducted to assess both the positive and negative impacts of fintech innovations on financial inclusivity, offering insights into how these technologies can be optimized for broader societal benefits. The study concludes by proposing strategies to address the challenges fintech faces in promoting financial inclusion, especially in developing nations.

Keywords: Financial Technology, Financial Inclusion, Fintech Innovation, Financial Services

JEL: G2, O16, O33, G53

The Competitiveness of Indonesian Coconut Oil and Its Determinants

Mochammad Yusuf — 2026-04-10

Coconut oil represents one of Indonesia's most significant agricultural export commodities, yet its export performance has exhibited considerable fluctuations over time, reflecting the influence of various domestic and international factors. This study identifies the key determinants of Indonesia's coconut oil export competitiveness, as measured by the Revealed Symmetric Comparative Advantage (RSCA) index, employing the Autoregressive Distributed Lag (ARDL) model over the period 1970 to 2023. The ARDL framework was selected given that all variables are stationary at first difference I(1) under both the Augmented Dickey-Fuller and Phillips-Perron tests, satisfying the preconditions for bounds testing. The results indicate that rural population growth, agricultural trade openness, and coconut oil yield exert a positive and significant influence on export competitiveness, whereas rising coconut oil prices and exchange rate volatility are found to have a detrimental impact on export performance. The findings of this study suggest that targeted policy interventions are warranted, particularly exchange rate stabilization mechanisms administered by Bank Indonesia to mitigate the adverse effects of currency volatility on export competitiveness, fiscal incentives directed at coconut oil processing industries to reduce dependence on primary commodity exports, and strategic investments in agricultural extension programs aimed at enhancing yield productivity among smallholder farmers.

Keyword: Autoregressive Distributive Lag (ARDL); Coconut Oil; Competitiveness, International Trade

JEL Classification: F14, Q17, C32

Consumer Demand for Contemporary Beverages in Semi-Urban Markets

Adimas Rizqi Satriatama — 2026-05-20

This study analyzes consumer demand for contemporary beverages produced by micro, small, and medium enterprises (MSMEs) in a semi-urban area of Bangkalan, East Java. Specifically, the study aims to identify consumer characteristics that shape purchasing decisions and to measure the utility and relative importance of product attributes influencing consumer demand. Data were collected from 45 respondents using accidental sampling of active consumers during May–June 2025 in areas surrounding university campuses and commercial centers in Bangkalan. Conjoint analysis was employed to estimate the utility values and relative importance of five product attributes: price, flavor variety, ice level, cup size, and sweetness level. The results show that ice level has the highest importance value (27.219), followed by price (24.060) and flavor variety (22.211), while cup size and sweetness level contribute relatively smaller effects. At the attribute level, the most preferred combination consists of a price of Rp 4,000, fruit-series flavor, half ice, large cup size, and medium sweetness level, with a total utility value of 0.246. These findings indicate that consumer demand in semi-urban markets is shaped by a combination of affordability, perceived freshness, and product variety, reflecting how consumers balance product attributes under budget constraints. This study contributes to business and economic literature by providing empirical evidence on how product attributes shape consumer demand structures in semi-urban markets. The findings offer practical insights for MSMEs in designing product strategies aligned with student-dominated markets and may support local economic development through improved MSME competitiveness.

Keywords: Consumer Demand; Conjoint Analysis; Semi-Urban Markets; Contemporary Beverages

JEL : D12, M31, L66, R11