Fintech in the time of COVID-19: Conceptual Overview

https://doi.org/10.35912/jakman.v3i3.1115
Published: Jul 1, 2022

Abstract:

Purpose: This study aims to analyze the relationship between financial technology (Fintech) and COVID-19. The importance of adopting 'digital' in all transaction could boost the Fintech growth during the pandemic. Fintech will help reduce the spread of COVID-19 by digital payment.

Research methodology: This study uses a literature review study from 2020 to 2022—research data from international journals. Based on the research results, and opinions of previous researchers that expected to bring additional insights, references, and ideas.

Results: COVID-19 influences the use of Fintech, which the positive impact resulting from this transformation in addition to providing convenience for users also brings economic development. Practical policies in Fintech encourage organizations to compete in offering financial services.

Limitations: Researchers can conduct research on the development of Fintech in government infrastructure development and the communication networks between agencies in facilitating the community.

Contribution: This study states that Fintech will help the economy to improvement and transformation so that it has a positive impact on all users. Thus, the presence of Fintech can positively influence developing countries such as Indonesia.

Keywords:
1. COVID-19
2. Financial technology
3. Financial System
4. Digital Payment
Authors:
1 . Candy Candy
2 . Robin Robin
3 . Estina Sativa
4 . Sephia Septiana
5 . Hansen Can
6 . Alice Alice
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How to Cite
Candy, C. ., Robin, R., Sativa, E., Septiana, S., Can, H. ., & Alice, A. (2022). Fintech in the time of COVID-19: Conceptual Overview. Jurnal Akuntansi, Keuangan, Dan Manajemen, 3(3), 253–262. https://doi.org/10.35912/jakman.v3i3.1115
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Issue & Section
Vol. 3 No. 3 (2022): Juni
Articles
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References

    Al-Nawayseh, & K, M. (2020). Fintech in COVID-19 andd beyond?: what factors are affecting customers’ choice of Fintech applications?? Econstor, 0–15.

    Alber, N., & Dabour, M. (2020). The Dynamic Relationship Between Fintech and Social Distancing Under COVID-19 Pandemic?: Digital Payments Evidence. International Journal of Economics and Finance, 12(11). https://doi.org/10.5539/ijef.v12n11p109

    Ardelia, N., & Leon, F. M. (2021). Faktor-faktor yang mempengaruhi konsumen dalam menggunakan dan berhutang dengan kartu kredit di Jabodetabek (Factors affecting the consumer to use and own the credit card in Jabodetabek). Jurnal Akuntansi, Keuangan, Dan Manajemen (Jakman), 2(2), 83–101. https://penerbitgoodwood.com/index.php/Jakman/article/download/136/60

    Ashoer, M., Purnama, H. R., Nasir, M., Bahari, A. F., & Pramukti, A. (2022). Edukasi Pemanfaatan Aplikasi Teknologi Finansial (Fintech) kepada Masyarakat Desa Kapita, Kabupaten Jeneponto, Sulawesi Selatan. Yumary: Jurnal Pengabdian Kepada Masyarakat, 2(3), 159–166

    Bacq, S., Geoghegan, W., Josefy, M., Stevenson, R., & Williams, T. A. (2020). The COVID-19 Virtual Idea Blitz?: Marshaling social entrepreneurship to rapidly respond to urgent grand challenges. Business Horizons, 63(6), 705–723. https://doi.org/10.1016/j.bushor.2020.05.002

    Corbet, S., Goodell, J. W., & Günay, S. (2020). Co-movements and spillovers of oil and renewable fi rms under extreme conditions?: New evidence from negative WTI prices during COVID- 19. Energy Economics, 92. https://doi.org/10.1016/j.eneco.2020.104978

    Corbet, S., Larkin, C., & Lucey, B. (2020). The contagion effects of the COVID-19 pandemic?: Evidence from gold and cryptocurrencies. Finance Research Letters, 35(March), 101554. https://doi.org/10.1016/j.frl.2020.101554

    Daqar, M. A., Constantinovits, M., Arqawi, S., & Daragmeh, A. (2021). The role of Fintech in predicting the spread of COVID-19. Banks and Bank Systems, 0–16. https://doi.org/10.21511/bbs.16(1).2021.01

    Daragmeh, A., Lentner, C., & Sági, J. (2021). Fintech payments in the era of COVID-19?: Factors influencing behavioral intentions of ‘“ Generation X ”’ in Hungary to use mobile payment. Journal of Behavioral and Experimental Finance, 32, 100574. https://doi.org/10.1016/j.jbef.2021.100574

    Dubey, V., Sonar, R., & Mohanty, A. (2020). Fintech , RegTech and Contactless Payments Through the Lens of COVID 19 Fintech , RegTech and Contactless Payments Through the Lens of COVID 19 Times. International Journal of Advanced Science and Technology, April.

    Ebuka, A. A., Nzewi, H. N., Gerald, E., & Ezinne, K. M. (2020). Digital literacy in a post Coronavirus era: a management perspective for small businesses in Africa. Annals of Management and Organization Research, 1(3), 203–212. https://doi.org/10.35912/amor.v1i3.410

    Faeni, D. P., Faeni, R. P., Hidayat, R. S., Oktaviani, R. F., & Meidiyustiani, R. (2021). Analisis Pengaruh Social Distancing, Work from Home dan Aplikasi Video Call terhadap Produktivitas Organisasi: Studi Kasus pada Permukiman di DKI Jakarta. Studi Ilmu Manajemen Dan Organisasi, 2(1), 11–18. https://doi.org/10.35912/simo.v2i1.92

    Giese, J., & Haldane, A. (2020). COVID-19 and the financial system?: a tale of two crises. Oxford Review of Economic Policy, June, 1–15. https://doi.org/10.1093/oxrep/graa035

    Goodell, J. W. (2020). COVID-19 and finance?: Agendas for future research. Finance Research Letters, 35(March). https://doi.org/10.1016/j.frl.2020.101512

    Gupta, S., & Agrawal, A. (2021). Analytical Study of Fintech in India?: Pre & Post Pandemic COVID-19. Indian Journal of Economics and Business, 20(3), 33–71.

    Hassan, M. K., Rabbani, M. R., & Ali, M. A. M. (2020). Challenges for the Islamic Finance and banking in post COVID era and the role of Fintech. Journal of Economic Cooperation and Development, 3, 93–116.

    Krasnyuk, M., Tkalenko, A., & Krasniuk, S. (2021). Development of The Fintech Industry and Fintech Technologies Under COVID-19. International Scientific Journal, 4, 68–70. https://doi.org/10.36074/grail-of-science.07.05.2021.009

    Le, M. T. H. (2021). Examining factors that boost intention and loyalty to use Fintech post-COVID-19 lockdown as a new normal behavior. Heliyon, 7(October 2020), e07821. https://doi.org/10.1016/j.heliyon.2021.e07821

    Lohitha, M., & Harish, V. (2021). Effect of Covid-19 on Fintech. Account and Financial Management Journal, 6(09), 2445–2450. https://doi.org/10.47191/afmj/v6i9.01

    Misrina, A. P., & Nuskiya, M. H. F. (2021). Impact of Fintech on Work From Home & Mobile Banking Operations?: Evidence From Islamic Banking Sector During Covid-19 in Sri Lanka. International Journal of Business, Technology, and Organization Behavior, 1(6), 433–446.

    Mustafa, M., Shawer, M. A., & Hamouche, S. (2021). The Technology of Mobile Banking and Its Impact on the Financial Growth during the Covid-19 Pandemic in the Gulf Region. Turkish Journal of Computer and Mathematics Education, 12(9), 389–398.

    Nair, D., Veeragandham, M., Pamnani, P., Prasad, S., & Guruprasad, M. (2021). Impact of COVID-19 On Fintech Industry. International Journal of Research in Engineering, Sscience and Management, 4(2), 27–34.

    Nathan, R. J., Setiawan, B., & Quynh, M. N. (2022). Fintech and Financial Health in Vietnam during the COVID-19 Pandemic?: In-Depth Descriptive Analysis. Journal of Risk and Financial Management.

    P.Pinshi, C. (2021). Exploring the usefulness of Fintech in the dark era of COVID-19. Munich Personal RePEc Archieve, 107863, 0–15.

    Purba, J. T., Samuel, S., & Budiono, S. (2021). Collaboration of digital payment usage decision in COVID-19 pandemic situation?: Evidence from Indonesia. International Journal of Data and Network Science, 5, 557–568. https://doi.org/10.5267/j.ijdns.2021.8.012

    Rabbani, M. R., Abdulla, Y., Basahr, A., Khan, S., & Ali, M. A. M. (2022). Embracing of Fintech in Islamic Finance in the post COVID era. International Conference on Decision Aid Sciences and Application (DASA), 1230–1234.

    Ratten, V. (2020). Coronavirus ( covid-19 ) and entrepreneurship?: changing life and work landscape life and work landscape. Journal of Small Business & Entrepreneurship, 32(5), 503–516. https://doi.org/10.1080/08276331.2020.1790167

    Schmutzler, J., Smeets, K., & Zeisberger, S. (2021). How Fintech Can Help Latin America to Deal with Economic Challenges and the COVID-19 Crisis *. 1–27.

    Shareef, M. A., Dwivedi, Y. K., Wright, A., Kumar, V., Sharma, S. K., & Rana, N. P. (2021). Technological Forecasting & Social Change Lockdown and sustainability?: An effective model of information and communication technology. Technology Forecasting & Social Change, 165(January).

    Tut, D. (2021). Fintech and the Covid-19 Pandemic?: Evidence from Electronic Payment Systems. March.

    Vasenska, I., Dimitrov, P., Koyundzhiyska Davidkova, B., Krastev, V., Durana, P., & Poulaki, L. (2021). Financial Transactions Using FINTECH during the Covid-19 in Bulgaria. MDPI Journal, Nowlin 2017.

    Victoria, A. O., & Fardaniah, R. (2021). Sri Mulyani ingatkan konsekuensi dan risiko negatif Fintech. Antara News. https://www.antaranews.com/berita/2579477/sri-mulyani-ingatkan-konsekuensi-dan-risiko-negatif-Fintech

    Widiatmo, G. (2021). Technology Acceptance Model Analysis of Adoption Intention to Use Indonesian Islamic Fintech Apps Amid The COVID-19 Pandemic. International Journal of Islamic Economics, Business and Entrepreneurship, 80–107.

    Yan, C., Siddik, A. B., Akter, N., & Dong, Q. (2021). Factors influencing the adoption intention of using mobile financial service during the COVID ? 19 pandemic?: the role of Fintech. Environmental Science and Pollution Research, 0123456789. https://doi.org/10.1007/s11356-021-17437-y

    Yarovaya, L., Matkovskyy, R., & Jalan, A. (2021). Journal of International Financial Markets , Institutions & Money The effects of a ‘‘ black swan ” event ( COVID-19 ) on herding behavior in cryptocurrency markets. Journal of International Financial Markets, Institutions & Money, 75, 101321. https://doi.org/10.1016/j.intfin.2021.101321

  1. Al-Nawayseh, & K, M. (2020). Fintech in COVID-19 andd beyond?: what factors are affecting customers’ choice of Fintech applications?? Econstor, 0–15.
  2. Alber, N., & Dabour, M. (2020). The Dynamic Relationship Between Fintech and Social Distancing Under COVID-19 Pandemic?: Digital Payments Evidence. International Journal of Economics and Finance, 12(11). https://doi.org/10.5539/ijef.v12n11p109
  3. Ardelia, N., & Leon, F. M. (2021). Faktor-faktor yang mempengaruhi konsumen dalam menggunakan dan berhutang dengan kartu kredit di Jabodetabek (Factors affecting the consumer to use and own the credit card in Jabodetabek). Jurnal Akuntansi, Keuangan, Dan Manajemen (Jakman), 2(2), 83–101. https://penerbitgoodwood.com/index.php/Jakman/article/download/136/60
  4. Ashoer, M., Purnama, H. R., Nasir, M., Bahari, A. F., & Pramukti, A. (2022). Edukasi Pemanfaatan Aplikasi Teknologi Finansial (Fintech) kepada Masyarakat Desa Kapita, Kabupaten Jeneponto, Sulawesi Selatan. Yumary: Jurnal Pengabdian Kepada Masyarakat, 2(3), 159–166
  5. Bacq, S., Geoghegan, W., Josefy, M., Stevenson, R., & Williams, T. A. (2020). The COVID-19 Virtual Idea Blitz?: Marshaling social entrepreneurship to rapidly respond to urgent grand challenges. Business Horizons, 63(6), 705–723. https://doi.org/10.1016/j.bushor.2020.05.002
  6. Corbet, S., Goodell, J. W., & Günay, S. (2020). Co-movements and spillovers of oil and renewable fi rms under extreme conditions?: New evidence from negative WTI prices during COVID- 19. Energy Economics, 92. https://doi.org/10.1016/j.eneco.2020.104978
  7. Corbet, S., Larkin, C., & Lucey, B. (2020). The contagion effects of the COVID-19 pandemic?: Evidence from gold and cryptocurrencies. Finance Research Letters, 35(March), 101554. https://doi.org/10.1016/j.frl.2020.101554
  8. Daqar, M. A., Constantinovits, M., Arqawi, S., & Daragmeh, A. (2021). The role of Fintech in predicting the spread of COVID-19. Banks and Bank Systems, 0–16. https://doi.org/10.21511/bbs.16(1).2021.01
  9. Daragmeh, A., Lentner, C., & Sági, J. (2021). Fintech payments in the era of COVID-19?: Factors influencing behavioral intentions of ‘“ Generation X ”’ in Hungary to use mobile payment. Journal of Behavioral and Experimental Finance, 32, 100574. https://doi.org/10.1016/j.jbef.2021.100574
  10. Dubey, V., Sonar, R., & Mohanty, A. (2020). Fintech , RegTech and Contactless Payments Through the Lens of COVID 19 Fintech , RegTech and Contactless Payments Through the Lens of COVID 19 Times. International Journal of Advanced Science and Technology, April.
  11. Ebuka, A. A., Nzewi, H. N., Gerald, E., & Ezinne, K. M. (2020). Digital literacy in a post Coronavirus era: a management perspective for small businesses in Africa. Annals of Management and Organization Research, 1(3), 203–212. https://doi.org/10.35912/amor.v1i3.410
  12. Faeni, D. P., Faeni, R. P., Hidayat, R. S., Oktaviani, R. F., & Meidiyustiani, R. (2021). Analisis Pengaruh Social Distancing, Work from Home dan Aplikasi Video Call terhadap Produktivitas Organisasi: Studi Kasus pada Permukiman di DKI Jakarta. Studi Ilmu Manajemen Dan Organisasi, 2(1), 11–18. https://doi.org/10.35912/simo.v2i1.92
  13. Giese, J., & Haldane, A. (2020). COVID-19 and the financial system?: a tale of two crises. Oxford Review of Economic Policy, June, 1–15. https://doi.org/10.1093/oxrep/graa035
  14. Goodell, J. W. (2020). COVID-19 and finance?: Agendas for future research. Finance Research Letters, 35(March). https://doi.org/10.1016/j.frl.2020.101512
  15. Gupta, S., & Agrawal, A. (2021). Analytical Study of Fintech in India?: Pre & Post Pandemic COVID-19. Indian Journal of Economics and Business, 20(3), 33–71.
  16. Hassan, M. K., Rabbani, M. R., & Ali, M. A. M. (2020). Challenges for the Islamic Finance and banking in post COVID era and the role of Fintech. Journal of Economic Cooperation and Development, 3, 93–116.
  17. Krasnyuk, M., Tkalenko, A., & Krasniuk, S. (2021). Development of The Fintech Industry and Fintech Technologies Under COVID-19. International Scientific Journal, 4, 68–70. https://doi.org/10.36074/grail-of-science.07.05.2021.009
  18. Le, M. T. H. (2021). Examining factors that boost intention and loyalty to use Fintech post-COVID-19 lockdown as a new normal behavior. Heliyon, 7(October 2020), e07821. https://doi.org/10.1016/j.heliyon.2021.e07821
  19. Lohitha, M., & Harish, V. (2021). Effect of Covid-19 on Fintech. Account and Financial Management Journal, 6(09), 2445–2450. https://doi.org/10.47191/afmj/v6i9.01
  20. Misrina, A. P., & Nuskiya, M. H. F. (2021). Impact of Fintech on Work From Home & Mobile Banking Operations?: Evidence From Islamic Banking Sector During Covid-19 in Sri Lanka. International Journal of Business, Technology, and Organization Behavior, 1(6), 433–446.
  21. Mustafa, M., Shawer, M. A., & Hamouche, S. (2021). The Technology of Mobile Banking and Its Impact on the Financial Growth during the Covid-19 Pandemic in the Gulf Region. Turkish Journal of Computer and Mathematics Education, 12(9), 389–398.
  22. Nair, D., Veeragandham, M., Pamnani, P., Prasad, S., & Guruprasad, M. (2021). Impact of COVID-19 On Fintech Industry. International Journal of Research in Engineering, Sscience and Management, 4(2), 27–34.
  23. Nathan, R. J., Setiawan, B., & Quynh, M. N. (2022). Fintech and Financial Health in Vietnam during the COVID-19 Pandemic?: In-Depth Descriptive Analysis. Journal of Risk and Financial Management.
  24. P.Pinshi, C. (2021). Exploring the usefulness of Fintech in the dark era of COVID-19. Munich Personal RePEc Archieve, 107863, 0–15.
  25. Purba, J. T., Samuel, S., & Budiono, S. (2021). Collaboration of digital payment usage decision in COVID-19 pandemic situation?: Evidence from Indonesia. International Journal of Data and Network Science, 5, 557–568. https://doi.org/10.5267/j.ijdns.2021.8.012
  26. Rabbani, M. R., Abdulla, Y., Basahr, A., Khan, S., & Ali, M. A. M. (2022). Embracing of Fintech in Islamic Finance in the post COVID era. International Conference on Decision Aid Sciences and Application (DASA), 1230–1234.
  27. Ratten, V. (2020). Coronavirus ( covid-19 ) and entrepreneurship?: changing life and work landscape life and work landscape. Journal of Small Business & Entrepreneurship, 32(5), 503–516. https://doi.org/10.1080/08276331.2020.1790167
  28. Schmutzler, J., Smeets, K., & Zeisberger, S. (2021). How Fintech Can Help Latin America to Deal with Economic Challenges and the COVID-19 Crisis *. 1–27.
  29. Shareef, M. A., Dwivedi, Y. K., Wright, A., Kumar, V., Sharma, S. K., & Rana, N. P. (2021). Technological Forecasting & Social Change Lockdown and sustainability?: An effective model of information and communication technology. Technology Forecasting & Social Change, 165(January).
  30. Tut, D. (2021). Fintech and the Covid-19 Pandemic?: Evidence from Electronic Payment Systems. March.
  31. Vasenska, I., Dimitrov, P., Koyundzhiyska Davidkova, B., Krastev, V., Durana, P., & Poulaki, L. (2021). Financial Transactions Using FINTECH during the Covid-19 in Bulgaria. MDPI Journal, Nowlin 2017.
  32. Victoria, A. O., & Fardaniah, R. (2021). Sri Mulyani ingatkan konsekuensi dan risiko negatif Fintech. Antara News. https://www.antaranews.com/berita/2579477/sri-mulyani-ingatkan-konsekuensi-dan-risiko-negatif-Fintech
  33. Widiatmo, G. (2021). Technology Acceptance Model Analysis of Adoption Intention to Use Indonesian Islamic Fintech Apps Amid The COVID-19 Pandemic. International Journal of Islamic Economics, Business and Entrepreneurship, 80–107.
  34. Yan, C., Siddik, A. B., Akter, N., & Dong, Q. (2021). Factors influencing the adoption intention of using mobile financial service during the COVID ? 19 pandemic?: the role of Fintech. Environmental Science and Pollution Research, 0123456789. https://doi.org/10.1007/s11356-021-17437-y
  35. Yarovaya, L., Matkovskyy, R., & Jalan, A. (2021). Journal of International Financial Markets , Institutions & Money The effects of a ‘‘ black swan ” event ( COVID-19 ) on herding behavior in cryptocurrency markets. Journal of International Financial Markets, Institutions & Money, 75, 101321. https://doi.org/10.1016/j.intfin.2021.101321