Fintech Adoption Strategy for SMEs Development in Indonesia: a Systematic Literature Review
Rudy SUNARDI (a*) , Hamidah HAMIDAH (a), Agung Dharmawan BUCHDADI (a)

(a) State University of Jakarta
Jl. Rawamangun Muka, Jakarta Timur 13220, Indonesia

* rudysunardi_9917920022[at]mhs.unj.ac.id

Abstract

Small and Medium Enterprises (SMEs) play a vital role in an economy- therefore, it is important to study the avenues that contribute towards their viability. The concept of financial technology (fintech) adoption has been around for decades on SMEs. In Indonesia, fintech is growing rapidly and has the potential to be adopted by SMEs in various business models. Unfortunately, the rate of fintech adoption in the market is still scant due to various risks and the market perception towards its products. This study provides a systematic literature review of the fintech adoption strategy for SMEs development. One of the phases of SLR is Synthesis, which is done using a SWOT (strengths, weaknesses, opportunities, and threats) analysis. The results of this study are summarized in the form of recommendations to improve mobile services, grow SME operations, and integrate business process systems. Cooperation with banks is also necessary for legal payments. In addition, promoting fintech adoption on SMEs is also important for increasing its sustainability.

Keywords: Strategy, Fintech Adoption, SME, SWOT, Systematic Literature Review

Topic: Management