Model Integrasi Financial Technology dan Manajemen Risiko dalam Meningkatkan Kinerja Keuangan Perusahaan Startup Berbasis Inovasi Digital di Indonesia
DOI:
https://doi.org/10.61132/jusbit.v3i1.1612Keywords:
Digital Innovation, Digital Startups, Financial Performance, Financial Technology, Risk Management.Abstract
Latar Belakang: Pertumbuhan pesat startup digital di Indonesia tidak selalu diiringi oleh kinerja keuangan yang optimal karena tingginya risiko bisnis dan keterbatasan dalam manajemen keuangan berbasis teknologi. Kondisi ini membutuhkan pendekatan integratif antara teknologi keuangan (fintech) dan manajemen risiko untuk meningkatkan keberlanjutan bisnis. Tujuan: Penelitian ini bertujuan untuk merumuskan model terintegrasi fintech dan manajemen risiko dalam meningkatkan kinerja keuangan startup digital di Indonesia. Metode: Penelitian ini menggunakan pendekatan metode campuran dengan desain studi kasus, di mana data kuantitatif dikumpulkan melalui kuesioner dan dianalisis menggunakan Structural Equation Modeling (SEM), sedangkan data kualitatif diperoleh melalui wawancara untuk memperkuat interpretasi temuan. Hasil: Temuan menunjukkan bahwa fintech memiliki pengaruh positif dan signifikan terhadap kinerja keuangan, baik secara langsung maupun tidak langsung melalui manajemen risiko sebagai variabel mediasi. Selain itu, integrasi fintech dan manajemen risiko terbukti dapat meningkatkan efisiensi operasional, transparansi keuangan, dan kemampuan mitigasi risiko. Temuan ini menegaskan bahwa keberhasilan startup digital tidak hanya ditentukan oleh adopsi teknologi, tetapi juga oleh kemampuan mengelola risiko secara terintegrasi untuk mencapai kinerja keuangan yang berkelanjutan.
Downloads
References
Abdo, K., Qudah, H. A., AlQudah, M. Z., Almustafa, E., & Alshaer, B. Y. (2025). Hotspots and trends of financial technology (fintech) research: A bibliometric analysis. Economics - Innovative and Economics Research Journal, 13(2), 111–138. https://doi.org/10.2478/eoik-2025-0033
Alam, N. (2022). FinTech regulation—A key to financial stability. In Global perspectives in FinTech: Law, finance and technology (pp. 9–24). Springer. https://doi.org/10.1007/978-3-031-11954-5_2
Alchuban, M., Hamdan, A., & Fadhul, S. M. (2022). The usage of financial technology payments during the pandemic of COVID-19. In Studies in Computational Intelligence (Vol. 1037, pp. 427–441). Springer. https://doi.org/10.1007/978-3-030-99000-8_24
Anand, S., Srivastav, S., Garg, V., & Garg, G. (2024). Major challenges and benefits of fintech across the globe. In Revolutionary challenges and opportunities of fintech (pp. 205–216). CRC Press. https://doi.org/10.1201/9781003428718-12
Baker, H. K., Filbeck, G., & Black, K. (2024). Fintech: An overview. In The Emerald handbook of Fintech: Reshaping finance (pp. 3–15). Emerald Publishing. https://doi.org/10.1108/978-1-83753-608-520241001
Bali, B., & Joshi, R. M. (2023). Digital orientation and practices adopted by the new startups: Antecedents and influences on firm’s performance. Global Business Review. https://doi.org/10.1177/09721509231163015
Dikshit, S., & Nadkarni, N. (2025). Assessing risk levels in startups: A diagnostic model. In Developing entrepreneurial mindsets, ideas, and opportunities: A guide for educators (pp. 351–363). Edward Elgar Publishing. https://doi.org/10.4337/9781035314119.00044
Djukic, G. P. (2024). Scalable start-up business models in the innovative development process. In Innovation and resource management strategies for startups development (pp. 63–85). IGI Global. https://doi.org/10.4018/979-8-3693-2077-8.ch004
Dykha, M., Dykha, V., Pylypyak, O., Poplavska, O., Tanasiienko, N., & Tanasiienko, V. (2023). Risk management of the startup projects. 2023 IEEE 4th KhPI Week on Advanced Technology (KhPI Week). https://doi.org/10.1109/KhPIWeek61412.2023.10311582
ER, M., Mulyono, N. R. P., Rentio, I. A., & Nurkasanah, I. (2024). How do digital startups manage their activities? Insights and opportunities for business process management. Information Systems and E-Business Management, 22(3), 557–598. https://doi.org/10.1007/s10257-024-00683-1
Garad, A., Riyadh, H. A., Al-Ansi, A. M., Kusumawati, R., & Jahid, M. A. (2025). An overview of fintech: Opportunities, challenges and potential development. In From digital disruption to dominance: Leveraging FinTech applications for sustainable growth (pp. 45–73). Emerald Publishing. https://doi.org/10.1108/978-1-83549-608-420251002
Göcke, L., & Weninger, R. (2021). Business model development and validation in digital entrepreneurship. In Future of business and finance (pp. 71–85). Springer. https://doi.org/10.1007/978-3-030-53914-6_4
Jalal, A., Al Mubarak, M., & Durani, F. (2024). Financial technology (Fintech). In Studies in Systems, Decision and Control (Vol. 487, pp. 525–536). Springer. https://doi.org/10.1007/978-3-031-35828-9_45
Jati, D. P., Suliyanto, S., Novandari, W., & Fauzi, D. R. (2023). Startup sustainability issues: An analytical hierarchy process (AHP) method and quantitative strategic planning matrix (QSPM). Corporate and Business Strategy Review, 4(4), 32–42. https://doi.org/10.22495/cbsrv4i4art4
Konga, Y., & Ramaiah, K. (2021). The role of innovation in startup business financing, performance, and survival. In Handbook of research on future opportunities for technology management education (pp. 331–348). IGI Global. https://doi.org/10.4018/978-1-7998-8327-2.ch020
Kou, M., Yang, Y., & Chen, K. (2024). Financial technology research: Past and future trajectories. International Review of Economics and Finance, 93, 162–181. https://doi.org/10.1016/j.iref.2024.03.032
Kudal, P., Dawar, S., Rai, R., & Dawar, P. (2022). Perceived cyber security challenges in adoption and diffusion of FinTech services in India. In Handbook of research on cybersecurity issues and challenges for business and FinTech applications (pp. 449–465). IGI Global. https://doi.org/10.4018/978-1-6684-5284-4.ch022
Kumar, T., & Kaur, S. (2023). Evolution of fintech in financial era. In Fintech and cryptocurrency (pp. 1–12). Wiley. https://doi.org/10.1002/9781119905028.ch1
Kundy, V. P., & Shah, K. (2024). The knowledge base of financial technology: A bibliometric analysis review. SN Business and Economics, 4(7). https://doi.org/10.1007/s43546-024-00670-1
Lehmann, J., & Recker, J. (2022). Offerings that are “ever-in-the-making”: How digital ventures continuously develop their products after launch. Business and Information Systems Engineering, 64(1), 69–89. https://doi.org/10.1007/s12599-021-00730-y
Liu, Y., Zeng, Q., Li, B., Ma, L., & Ordieres-Meré, J. (2022). Anticipating financial distress of high-tech startups in the European Union: A machine learning approach for imbalanced samples. Journal of Forecasting, 41(6), 1131–1155. https://doi.org/10.1002/for.2852
Lu, L. (2024). The law of fintech: How artificial intelligence and innovative technologies contribute to a sustainable financial industry and its effective regulation. In Artificial intelligence, finance, and sustainability: Economic, ecological, and ethical implications (pp. 243–263). Springer. https://doi.org/10.1007/978-3-031-66205-8_10
Malau, D. N., Setiawan, A. D., & Hidayatno, A. (2020). Model conceptualization on startup company development and valuation in Indonesia. 2020 IEEE 7th International Conference on Industrial Engineering and Applications (ICIEA), 298–302. https://doi.org/10.1109/ICIEA49774.2020.9102089
Mohsin, H. J., Ahmed, S. A., & Streimikiene, D. (2020). Evaluating the financial performance by considering the effect of external factors on organization cash flow. Contemporary Economics, 14(3), 406–414. https://doi.org/10.5709/ce.1897-9254.413
Nurmara, M. A. K., Hakim, M. N., Ardy, O. H. C., Jeffrey, R., Setiono, V. A., Kanigoro, B., & Irwansyah, E. (2023). A review of security in financial technology. Procedia Computer Science, 227, 958–965. https://doi.org/10.1016/j.procs.2023.10.603
Octrina, F. (2025). Financial performance. In International encyclopedia of business management (Vol. 1, pp. 399–406). Elsevier. https://doi.org/10.1016/B978-0-443-13701-3.00584-3
Primasari, N. S., & Prasasti, K. (2024). Environmental, corporate social responsibility, governance, and sales growth effects on financial performance. E3S Web of Conferences, 482. https://doi.org/10.1051/e3sconf/202448202003
Raval, A., & Desai, R. (2024). Reviews and directions of FinTech research: Bibliometric–content analysis approach. Journal of Financial Services Marketing, 29(3), 1115–1134. https://doi.org/10.1057/s41264-023-00262-4
Rohendi, A., Asriani, A., & Kharisma, D. B. (2023). Regulation for startups in Indonesia: Problems and recommendations. Cogent Business & Management, 10(3). https://doi.org/10.1080/23311975.2023.2276993
Rosalin, S., Raharjo, K., Nayati Utami, H., & Prasetya, A. (2025). Mapping the intellectual core of technology adoption in digital startups: A bibliometric analysis via bibliographic coupling and co-word networks. International Journal of Environment, Engineering and Education, 7(3), 168–181. https://doi.org/10.55151/ijeedu.v7i3.355
Sadalia, I., Fadli, F., Ilham, R. N., Sinurat, M., Saputra, J., & Putri, D. E. (2021). Does social media affect banking industry financial performance in Indonesia. Proceedings of the International Conference on Industrial Engineering and Operations Management, 3454–3459.
Schulte, R. (2025). New venture risk management: Theoretical framework and research perspectives. Journal of the International Council for Small Business, 6(4), 639–658. https://doi.org/10.1080/26437015.2024.2448982
Siswanto, V. K., Ulfa Aulia, B., Dadiara, A. R., Adlina, Y. Y. N., & Dzaki, H. M. (2020). Best practice of start up in Indonesia. IOP Conference Series: Earth and Environmental Science, 562(1), 012026. https://doi.org/10.1088/1755-1315/562/1/012026
Subramanian, M., & Taghizadeh-Hesary, F. (2021). Techno-economic feasibility study methods in startup financing. In World Scientific series in finance (Vol. 17, pp. 107–136). World Scientific. https://doi.org/10.1142/9789811235825_0004
Sudaryana, S. H., Wirjodirdjo, B., & Windrarto, A. (2024). Strategic policy for enhancing the success rate of digital startups in Indonesia. 2024 International Conference on Information Technology Systems and Innovation (ICITSI), 62–69. https://doi.org/10.1109/ICITSI65188.2024.10929281
Taghizadeh-Hesary, F., Yoshino, N., Kim, C. J., Morgan, P. J., & Yoon, D. (2021). Investment in startups and small business financing. World Scientific. https://doi.org/10.1142/12246
Tiwari, S. R. (2025). The role of fintech in advancing sustainability and innovation. In The Palgrave handbook of breakthrough technologies in contemporary organisations (pp. 373–385). Springer. https://doi.org/10.1007/978-981-96-2516-1_29
Upadhyay, A., Yadav, V. K., Tyagi, V., & Agarwal, V. (2024). A bibliometric analysis on FinTech and digital finance using visualizing network. Proceedings of International Conference on Sustainable Computing and Integrated Communication in Changing Landscape of AI (ICSCAI 2024). https://doi.org/10.1109/ICSCAI61790.2024.10866842
Vochitoiu, H., Vedinas, F., Miclea, O., & Unguras, C. L. (2020). Risk management as a part of the business process in corporate firms. In Lecture Notes in Networks and Systems (Vol. 128, pp. 964–972). Springer. https://doi.org/10.1007/978-3-030-46817-0_109
Worthington, A. C. (2025). Role of fintech in innovation. In International encyclopedia of business management (Vol. 1, pp. 33–35). Elsevier. https://doi.org/10.1016/B978-0-443-13701-3.00326-1
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Jurnal Strategi Bisnis Teknologi
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
