FinTech-Enabled Financial Resilience and Corporate Risk Management in Emerging Markets
DOI:
https://doi.org/10.55927/ijems.v4i5.97Keywords:
Fintech, Financial Resilience, Corporate Risk Management, Financial Management, IndonesiaAbstract
Economic uncertainty and accelerating financial technology adoption increase the need for companies in Indonesia to strengthen financial resilience and risk management. This study aims to analyze how the use of FinTech supports financial resilience as well as the process of identifying, mitigating, and responding to corporate risks. The study uses a qualitative approach with a multiple-case study design through semi-structured interviews with 24 financial, treasury, and risk management managers from 12 companies in Indonesia. Data were analyzed using thematic analysis. The results show that FinTech improves cash flow visibility, decision-making speed, access to financing, and early detection of risks, but also increases exposure to cyber risk, data quality, and compliance. The findings confirm the importance of integrating FinTech with risk governance and organizational readiness
References
Arena, M., Arnaboldi, M., & Azzone, G. (2022). The role of digital technologies in enterprise risk management. Technological Forecasting and Social Change, 175, 121384. https://doi.org/10.1016/j.techfore.2021.121384
Braun, V., & Clarke, V. (2021). One size fits all? What counts as quality practice in (reflexive) thematic analysis? Qualitative Research in Psychology, 18(3), 328–352. https://doi.org/10.1080/14780887.2020.1769238
Campbell, S., Greenwood, M., Prior, S., Shearer, T., Walkem, K., Young, S., Bywaters, D., & Walker, K. (2020). Purposive sampling: Complex or simple? Research case examples. Journal of Research in Nursing, 25(8), 652–661. https://doi.org/10.1177/1744987120927206
Cheng, M., & Qu, Y. (2023). Does operational risk management benefit from FinTech? Emerging Markets Finance and Trade, 59(14), 4012–4027. https://doi.org/10.1080/1540496X.2022.2164464
Dai, J., Vasarhelyi, M. A., & Zhang, W. (2021). The impact of digital transformation on corporate governance and risk management. Journal of Emerging Technologies in Accounting, 18(2), 1–17. https://doi.org/10.2308/JETA-2020-050
Dahmen, P. (2023). Organizational resilience as a key property of enterprise risk management in response to novel and severe crisis events. Risk Management and Insurance Review, 26(2), 203–245. https://doi.org/10.1111/rmir.12245
Duchek, S. (2021). Organizational resilience: A capability-based conceptualization. Business Research, 14, 215–246. https://doi.org/10.1007/s40685-019-0085-7
Frost, J., Gambacorta, L., Huang, Y., Shin, H. S., & Zbinden, P. (2022). BigTech and the changing structure of financial intermediation. Economic Policy, 37(110), 289–335. https://doi.org/10.1093/epolic/eiac009
Gomber, P., Koch, J. A., & Siering, M. (2022). Digital finance and FinTech: Current research and future research directions. Journal of Business Economics, 92, 1–35. https://doi.org/10.1007/s11573-021-01055-8
Hussain, M., & Papastathopoulos, A. (2022). Organizational readiness for digital financial innovation and financial resilience. International Journal of Production Economics, 243, 108326. https://doi.org/10.1016/j.ijpe.2021.108326
Junarsin, E., Pelawi, R. Y., Kristanto, J., Marcelin, I., & Pelawi, J. B. (2023). Does FinTech lending expansion disturb financial system stability? Evidence from Indonesia. Heliyon, 9(9), e18384. https://doi.org/10.1016/j.heliyon.2023.e18384
Nguyen, Q. K., & Dang, V. C. (2022). The effect of FinTech development on financial stability in an emerging market: The role of market discipline. Research in Globalization, 5, 100105. https://doi.org/10.1016/j.resglo.2022.100105
Nowell, L. S., Albrecht, L., & Borgstrom, E. (2021). Quality in qualitative research: The importance of trustworthiness. International Journal of Qualitative Methods, 20, 1–12. https://doi.org/10.1177/16094069211006922
Putritamara, J. A., Hartono, B., Toiba, H., Utami, H. N., Rahman, M. S., & Masyithoh, D. (2023). Do dynamic capabilities and digital transformation improve business resilience during the COVID-19 pandemic? Insights from beekeeping MSMEs in Indonesia. Sustainability, 15(3), 1760. https://doi.org/10.3390/su15031760
Sahay, R., von Allmen, U. E., Lahreche, A., Khera, P., Ogawa, S., Bazarbash, M., & Beaton, K. (2021). The promise of FinTech: Financial inclusion in the post COVID-19 era. International Monetary Fund.
Setiawan, B., Nugraha, D. P., Irawan, A., Nathan, R. J., & Zoltan, Z. (2022). User innovativeness and FinTech adoption in emerging markets. Journal of Open Innovation: Technology, Market, and Complexity, 8(1), 23. https://doi.org/10.3390/joitmc8010023
Teece, D. J. (2021). Hand in glove: Open innovation and the dynamic capabilities framework. Strategic Management Review, 2(2), 233–253. https://doi.org/10.1561/111.00000013
Verhoef, P. C., Broekhuizen, T., Bart, Y., Bhattacharya, A., Qi Dong, J., Fabian, N., & Haenlein, M. (2021). Digital transformation: A multidisciplinary reflection and research agenda. Journal of Business Research, 122, 889–901. https://doi.org/10.1016/j.jbusres.2019.09.022
Xia, Y., Qiao, Z., & Xie, G. (2022). Corporate resilience to the COVID-19 pandemic: The role of digital finance. Pacific-Basin Finance Journal, 74, 101791. https://doi.org/10.1016/j.pacfin.2022.101791
Yin, R. K. (2021). Case study research and applications: Design and methods (6th ed.). SAGE Publications.
