Harmonization of Law and Technology: Supporting Human Sustainability Through Financial Technology (Fintech)
DOI:
https://doi.org/10.53797/icccmjssh.v3i3.2.2024Keywords:
Fintech, MSMEs, legal processAbstract
The development of Financial Technology (Fintech) has brought significant changes in financial transaction patterns, bringing great potential in supporting financial inclusion and sustainability. Fintech, as a form of financial service innovation, was born from the development of information technology, and has been proven to have a positive impact, especially in terms of financial inclusion and literacy, especially in the context of Islamic finance. Research shows that Fintech is able to increase levels of financial literacy and inclusion, making a positive contribution to the sustainability of Micro, Small and Medium Enterprises (MSMEs). The application of Financial Technology also brings improvements in financial understanding among the public, with a focus on supporting business innovation and technology in everyday life. As the need for easy and efficient financial transactions increases, there is a big push to create technology-based innovations that can meet people's needs in a safe, convenient and fast manner. Furthermore, Fintech analysis through the SWOT (Strengths, Weaknesses, Opportunities and Threats) approach has identified Fintech as a specific target for assessing service quality in the banking sector. With a comprehensive review of the strengths, weaknesses, opportunities and threats faced by Fintech, banking companies can improve their services effectively. Finally, the importance of legal protection for consumers in Fintech business transactions is the focus of the study. Efforts and legal processes for resolving consumer disputes in Fintech business transactions are a vital aspect in ensuring security and justice for stakeholders. Thus, an in-depth understanding of the impact of Fintech on financial inclusion, literacy, innovation, as well as legal protection for consumers, is crucial in developing an appropriate and sustainable regulatory framework to support the positive development of Fintech and ensure maximum benefits for society.
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