Published date: Jul 31 2024

Journal Title: KnE Social Sciences

Issue title: The 3rd International Conference on Business, Economics, and Sustainability Science (BESS 2023)

Pages: 407–424

DOI: 10.18502/kss.v9i21.16742

Rani Dwiastika Listyani Puterirani.dwiastika.1904326@students.um.ac.idDepartment of Economic Development, Faculty of Economic and Business, Universitas Negeri Malang

Rani Destia WahyuningsihDepartment of Economic Development, Faculty of Economic and Business, Universitas Negeri Malang

Sukma April RilaningrumDepartment of Economic Development, Faculty of Economic and Business, Universitas Negeri Malang

Muhammad Riyan Bagus WidiyantoDepartment of Economic Development, Faculty of Economic and Business, Universitas Negeri Malang

Vidya PurnamasariDepartment of Economic Development, Faculty of Economic and Business, Universitas Negeri Malang

The financial technology industry is one of the most consequential sectors influencing various countries’ economies. Fintech has great potential and can bring in many opportunities for developing MSMEs, especially in Indonesia. Since the beginning of 2020 the Covid-19 pandemic has affected the Fintech industry, which has started to be cultivated by the MSME sector, especially in Malang. The present study aims to determine the impact before and after the COVID-19 pandemic on the development of the financial technology industry in MSMEs in Malang City using the critical thinking review model. This research uses primary data from 151 MSMEs in Malang City. The results of this study show that 73% of MSMEs in Malang City did not use Fintech accounts before the COVID-19 pandemic. However, since the pandemic, 98% of MSMEs in Malang City have used the fintech platform in their product payment activities. Therefore, there are positive implications due to the pandemic condition. In addition, the public has started using various fintech services, which leads to increasing financial literacy and indicates the growth of financial inclusion.

Keywords: industry financial technology, critical thinking model, MSME

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