THE TRANSFORMATION OF FINANCIAL TECHNOLOGY AND ITS IMPLICATIONS FOR THE DYNAMICS OF ISLAMIC BANKING DEVELOPMENT IN THE SOUTHEAST ASIAN REGION
Keywords:
Financial Technology, Islamic Banking, Southeast Asia, Digital Transformation, Financial InclusionAbstract
This study examines the influence of financial technology innovation on the development of Islamic banking in the Southeast Asian region in the era of digital transformation. The rapid growth of financial technology has presented both opportunities and challenges for Islamic financial institutions in expanding their service reach and increasing financial inclusion. Through a qualitative approach with secondary data analysis from various academic sources and industry reports, this study identified that financial technology has a significant impact on operations, product innovation, and accessibility of Islamic banking services. The findings show that countries such as Malaysia, Indonesia, and Brunei Darussalam have adopted Islamic financial technology with varying degrees of success. The integration of financial technology in Islamic banking not only improves operational efficiency but also strengthens compliance with Islamic principles. However, regulatory challenges, digital infrastructure, and Islamic financial literacy remain major obstacles. This study concludes that collaboration between regulators, Islamic financial institutions, and financial technology providers is key to the successful development of a sustainable digital Islamic financial ecosystem in Southeast Asia.
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Copyright (c) 2025 Muh. Nur, David Cristian Engelbert Lisapaly, Ummy Kalsum (Author)
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