MEASURING BUSINESS VALUE FINANCIAL TECHNOLOGY ORGANIZATION
IN ORDER INDONESIA SANDBOX REGULATION
By Abiantono 21751019
MASTER’S DEGREE in
Master Information Technology
Faculty Engineering and Information Technology
SWISS GERMAN UNIVERSITY The Prominence Tower
Jalan Jalur Sutera Barat No. 15, Alam Sutera Tangerang, Banten 15143 - Indonesia
June, 2021
Revision after Thesis Defence on 15 July 2021
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STATEMENT BY THE AUTHOR
I hereby declare that this submission is my own work and to the best of my knowledge, it contains no material previously published or written by another person, nor material which to a substantial extent has been accepted for the award of any other degree or diploma at any educational institution, except where due acknowledgement is made in the thesis.
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_____________________________________________
Student
14 February 2021 Date
Approved by:
Dr. Ir. Mohammad Achmad Amin Soetomo, M.Sc.
_____________________________________________
Thesis Advisor
Date
Dr. Mulya R. Mashudi, S.T., M.E.M.
_____________________________________________
Thesis Co-Advisor
Date
Dr. Maulahikmah Galinium, S.Kom., M.Sc
_____________________________________________
Dean Date
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ABSTRACT
MEASURING BUSINESS VALUE FINANCIAL TECHNOLOGY ORGANIZATION
IN ORDER INDONESIA SANDBOX REGULATION
By Abiantono. ST.
Dr. Ir. Mohammad Achmad Amin Soetomo, M.Sc., Advisor Dr. Mulya R. Mashudi, S.T., M.E.M, Co-Advisor
SWISS GERMAN UNIVERSITY
With the increasing number of internet users in Indonesia (APJII, 2020) and a more open market, Indonesia's financial technology business is getting better and livelier in 2020 (Google, Temasek, 2020). In 2021, the adaptation and transformation of financial technology are extraordinary with innovative digital strategies, and the world today is taking on the challenge and carrying out its plans (Digitalinformationworld.com, 2020).
Financial technology companies must comply with information technology governance and regulation issued by, Bank Indonesia (Bank Indonesia, 2017), and the Indonesian Financial Services Authority (Financial, 2017).
This study tries to see how effective and useful sandbox restrictions are for the investment and operation of technology-based financial companies. The study findings show that Indonesia's sandbox regulation is very good and profitable for financial technology companies (Davis, Maddock, and Foo, 2017) enabling them to invest with added value from sustainable investment inclusion, as well as providing positive financial literacy. to business actors and Indonesian society in general.
Keywords: financial technology; regulatory sandbox; governance; investment;
portfolio; financial innovation.
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© Copyright 2021 by Abiantono All rights reserved
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DEDICATION
I dedicate these works for the future of the country I loved:
Negara Kesatuan Republik Indonesia and My Family.
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ACKNOWLEDGEMENTS
I would like to thank my lecturers for his support, patience, and humor. Their gentle yet firm direction was greatly appreciated. Dr. Ir. Mohammad Achmad Amin Soetomo, M.Sc. Thesis Advisor, for his direction, time, and advice. Mulya R. Mashudi, S.T., M.E.M. The thesis Co-Advisor, interest in very high competence is a very urgent proposal. Appreciation to Dr. Charles Lim B.Sc. M.Sc. provides very detailed instructions. Finally, I would like to thank you Dr. Eka Budiarto, S.T., M.Sc. From the start, he believed in my ability to complete the degree and finished it very well. The best and healthy prayers are always for the respected lecturers
I have carried out my course of study, throughout the course of the curriculum and the instructions given to me have become wiser, and have given me the knowledge and confidence to explore past and present ideas and problems. Thank you very much Swiss German University.
Cordially.
Abiantono
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TABLE OF CONTENTS
STATEMENT BY THE AUTHOR 3
ABSTRACT 4
DEDICATION 6
ACKNOWLEDGEMENTS 7
CHAPTER 1 – INTRODUCTION 12
1.1 BACKGROUND. 12
1.2 OBJECTIVES. 16
1.3. RESEARCH PROBLEMS. 17
1.4 RESEARCH OBJECTIVES. 17
1.5 RESEARCH QUESTIONS. 17
1.6. HYPOTHESIS. 18
1.7. RESEARCH SCOPE AND LIMITATION. 18
1.8. SIGNIFICANT OF STUDIES 18
1.9. THESIS STRUCTURE. 19
CHAPTER 2 - LITERATURE REVIEW 20
2.1 THE FINANCIAL TECHNOLOGY. 20
2.2 SANDBOX REGULATIONS. 23
2.3 LICENSING DOCUMENT REQUIREMENTS BANK INDONESIA. 24
2.4 PROBLEM SOLVING PROCESS. 26
2.4.1 VAL INFORMATION TECHNOLOGY. 27
2.4.2 PLAN DO CHECK ACT. 29
2.5 THE INFORMATION TECHNOLOGY AUDIT 31
2.6 FINANCIAL TECHNOLOGY PRODUCT 39
2.7 PREVIOUS STUDIES. 40
2.8 APPROACH AND STUDY 46
CHAPTER 3 – RESEARCH METHODS 48
3.1. RESEARCH METHODOLOGY. 48
3.2. RESEARCH FRAMEWORK. 48
3.3. DATA COLLECTION AND ANALYSIS 51
3.4. VALIDATION. 52
CHAPTER 4 – RESULTS AND DISCUSSIONS 53
4.1 INITIAL EVALUATION. 53
4.1.1 FORUM GROUP DISCUSSION RESULT FINANCIAL MOBILITY. 56 4.1.2 FORUM GROUP DISCUSSION RESULT FINANCIAL EDUCATION. 58 4.1.3 QUESTION AND DISCUSSION RESULT FINANCIAL TRANSACTION 61 4.1.4 FORUM GROUP DISCUSSION RESULTS. 63
4.2 VALIDATION AND DATA ANALYSIS. 66
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4.2.2 INTERNAL IDENTIFICATION OF PORTFOLIO MANAGEMENT 66 4.2.3 INTERNAL IDENTIFICATION OF INVESTMENT MANAGEMENT 67 4.2.4 RESULTS OF VAL ITINTERNAL IDENTIFICATION 68
4.3 RESULT QUESTIONS. 69
CHAPTER 5 – CONCLUSIONS AND RECCOMENDATIONS 73
5.1 CONCLUSIONS. 73
5.2 RECOMMENDATIONS. 74
5.3 FUTURE WORK 74
GLOSSARY 75
APPENDIX A – FORUM GROUP DISCUSSION (QUESTION) 75
REFERENCES 81
CURRICULUM VITAE 84
PERSONAL STATEMENT 84
EMPLOYMENT HISTORY 84
EDUCATION 85
TRAINING AND CERTIFICATION 85
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LIST OF FIGURES
Figure 1.1 SEA internet economy market size (Google and TEMASEK, 2018). ... 14
Figure 1.2 SEA internet economy market size (Google and TEMASEK, 2018). ... 14
Figure 1.3 The Area of Fintech Security & Privacy Issues ... 22
Figure 1.4 The Prinpical Process VAL IT ... 27
Figure 1.5 PDCA Cycle ... 30
Figure 1.6 Continuous Quality Improvement with PDCA... 30
Figure 1.7 Proposed Integrated Information Technology Framework ... 46
Figure 1.8 Cobit 5 Framework ... 48
Figure 1.9 IT Audit Methodology ... 49
Figure 1.10 Research Methodology ... 50
Figure 1.11 Process in Research Methodology ... 51
Figure 1.12 Chart Answer Statistic ... 63
Figure 1.13 Chart The Result Financial Education Question ... 64
Figure 1.14 Chart The Result Financial Transaction Question ... 64
Figure 1.15 Chart The Summary of Group Question ... 65
Figure 1.16 Mapping of IT Investment ... 68
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LIST OF TABLES
Table 1 List of Document Requirement From Bank Indonesia 24
Table 2 Value Governance Process 28
Table 3 Portfolio Management Process 28
Table 4 Investment Management Process 29
Table 5 List of PBC Document Audit Requirement 33
Table 6 Previous Study 41
Table 7 Related Works 42
Table 8 Regulation Financial Technology and Val IT 53
Table 9 Discussion Result FGD Financial Mobility 56
Table 10 Discussion Result FGD Financial Education 58
Table 11 Discussion Result FGD Financial Transaction 61
Table 12 Internal Identification Value Governance 66
Table 13 Internal Identification Portfolio Management 67
Table 14 Internal Identification Investment Management 67
