Webinar on International Financial Development, Digital Transformation, and Economic Uncertainty

Webinar-International Financial Development, Digital Transformation, and Economic Uncertainty

UNS — Universitas Sebelas Maret (UNS) Fintech Center held a webinar on “International Financial Development, Digital Transformation, and Economic Uncertainty” on Wednesday (17/3/2021). Three speakers from Indonesia’s financial system safety net institutions Financial Service Authority (OJK), Bank Indonesia (BI), and Indonesian Deposit Insurance Corporation (IDIC) delivered a keynote speech in the webinar.

The Vice-Rector for Planning, Partnership, Business, and Information Affairs, Prof. Dr. rer.nat Sajidan representing the Rector of UNS, Prof. Jamal Wiwoho, opened the event. In his remark, Prof. Sajidan congratulates the UNS Fintech Center for conducting an international webinar as a part of the UNS 45th Anniversary celebration. “Thank you to all speakers who attend this event and share their knowledge with the participants,” Prof. Sajidan said.

Donie P. Joewono, Deputy Governor of BI, delivered the first keynote speech. In his speech, he shared the benefits and risks of digitalization in the financial industry. He added that regulators have a role in creating regulations to ensure that digital transformation benefits the community. “The pandemic has brought positive changes for the e-commerce industry in Indonesia. E-commerce growth is supported by community acceptance over the e-commerce platforms,” he added.

The second keynote speech on the efforts taken by IDIC to maintain public trust in the banking industry was delivered by IDIC Board of Commissioner member Didik Madiyono. Serving as the last speaker in the keynote session was Imansyah, Deputy Commissioner of OJK Institute and Digital Finance, representing Prof. Wimboh Santoso as the Chairman of the Board of Commissioners OJK.

Irwan Trinugroho, Ph.D., the Chief of UNS Fintech Center, stated that the webinar invited speakers from academicians and practitioners in digital banking and finance. The first speaker in the webinar was Prof. John Goodell from the University of Akron, the USA, who delivered material on Cryptocurrency Tether and its Characteristics. The session was followed by material from Prof. Cal Muckley from University College Dublin Ireland with material on ‘Mitigating elder financial exploitation and systemic risk’.

“The next speaker, Dr. Supriyatno, currently serving as the President Director of Bank Jateng who delivered material on the Development of Digitalization in the Regional Banks. The fourth material was delivered by Hongkong Polytechnic University (HKU) Faculty Members, Prof. Haitian Lu, who discussed ‘The lessons from the rise and fall of peer-to-peer lending in China,” Irwan explained.

Completing the material from previous speakers, Prof. David Lee from Singapore University of Social Sciences delivered a discussion on CBDC: Central Bank Digital Currency and its development potential. The explanation was followed by material from the Associate Professor. Dr. Wong Chin-Yong, University Tunku Abdul Rahman, Malaysia, on ‘Financial digitalization and the future of monetary policy’.

Lastly, Dr. Putra Pamungkas, Faculty Member of the Faculty of Economics and Business (FEB) UNS, also participated in the event delivering material from UNS Fintech Center research on ‘Digital technology adoption of SME during the pandemic’. “We found that the level of competition, visitation, and consumers become the factors that support digital technology adaptation by the Small and Medium Enterprises (SME),” Dr. Putra, who is also a researcher in UNS Fintech Center, revealed.

Webinar participants showed their enthusiasm in the webinar moderated by Dewanti Cahyaningsih, M.Rech. More than 700 participants have registered in the event.

UNS Fintech Center is Part of First Cluster in PUI-PT Clustering 2020

UNS Fintech Center is Part of First Cluster in PUI-PT Clustering 2020

The Center for Fintech and Banking, Universitas Sebelas Maret (UNS Fintech Center) Surakarta, succeeded in accomplishing a great achievement by included in the First Cluster in PUI-PT Clustering for 2020, Friday (19/2/2021). 

This achievement is based on the Monitoring and Evaluation result conducted by the Director-General (Ditjen) Higher Education (Dikti) Ministry of Education and Culture (Kemendikbud) RI. With only 4 (four) centers of excellence included in the first cluster from the total 28 centers of excellence.

The assessment covers two main criteria namely academic excellence, and commercialization and implementation. For the center excellence focused on science, academic excellence holds 70% weight of the total score. Meanwhile, for the center for excellence focused on product, the commercialization, and implementation criteria hold a similar weight.

For the academic excellence section, there are several indicators including an invitation to international conferences or invitation as a speaker in international events, international institution visitation to the center of excellence, publication in a national accredited journal, and scientific publication in an international reputable journal. 

On the commercialization and implementation, the indicators are research contract at the national level, research contract at the international level, and non-research contract (training, technology transfer, and consultative service). Other indicators are local wisdom-based products, licensed products, business contracts for product commercialization with the industry, business units providing service according to staff’s competency, and MSME coaching.

From all of the indicators, the UNS Fintech Center has met all minimum requirements. Even for some indicators, our achievement exceeds the minimum requirement. For instance, publication in international Scopus journal, which requires 15 published articles, we managed to publish 26 articles.

In this clustering, the Ditjen Dikti divides PUI-PT into four clusters, with the following provision, first cluster with more than 700 points, second cluster with total points between 500-700, third cluster with total points between 300-500, and fourth cluster with less than 300 total points.

Recent Topics for Research in Finance Workshop

UNS Fintech Center Updates

Discussion with Dr. Samuel A. Vigne

Fintech Update – Center for Fintech and Banking UNS (UNS Fintech Center) held an online workshop on the “Recent Topics for Research in Finance” on Wednesday (18/11/2020). This online workshop was held through the Zoom Meeting application and invited Dr. Samuel A. Vigne from the University of Dublin and Editor in Chief Finance Research Letter.

Led by Agista Putri Prameswari, the event was opened with material from Dr. Vigne, who shared the importance of selecting an appropriate research topic. He mentioned that choosing a topic is vital since it will affect the future publication process. A current issue will increase the opportunity for a paper to be accepted for publication. Dr. Vigne gave examples of common research topics from 2015 to 2020, including bank, firm, corporate social responsibility, and financial management. However, when writing about a hot topic, a researcher needs to make it simple and explain the phenomenon well to ensure the reader’s comprehension. There are four criteria in selecting a research topic, cross-disciplinary, multidisciplinary, interdisciplinary, and trans-disciplinary.

At the end of his material, Dr. Vigne mentioned that most writers have a similar mistake in writing the paper by conducting too descriptive research. “You need to start a discussion. Be quick but still purpose an analytical discussion, don’t be too descriptive,” he concluded. The material presentation was followed by a question and answer session. Participants were allowed to submit questions through chatbox and directly to Dr. Vigne. Fintech Media Team

UNS 45th Anniversary: UNS Fintech Center held Webinar on “Contemporary Issues On Islamic Finance And Banking”

Center for Fintech and Banking, Universitas Sebelas Maret (UNS) Surakarta, or UNS Fintech Center celebrate UNS 45th Anniversary through an international webinar on Contemporary Issues on Islamic Finance and Banking on Wednesday (3/3/2021). Prof. Wimboh Santoso, the Chairman of the Board of Commissioners of the Financial Service Authority (OJK) delivered a keynote speech in the webinar held through the Zoom Cloud Meeting platform.

Ten speakers from Indonesian and global universities were invited to the event. These speakers are Prof. M. Kabir Hassan from the University of New Orleans, United States (USA), Prof. Hussein A. Abdou from the University of Central Lancashire, United Kingdom (UK), Prof. Mansor H. Ibrahim from INCEIF (Malaysia), Prof. Ahmet Faruk Aysan from Hamad bin Khalifa University, Qatar, Dr. Dawood Ashraf from Islamic Development Bank, Prof. Dian Masyita from Universitas Padjadjaran, Indonesia, Dr. Mariani Abdul-Majid from Universiti Kebangsaan Malaysia, Dr. Taufiq Hidayat, Director KNEKS, Indonesia, Dwi Irianti Hadiningdyah, M.A., Director of Sharia Financing, Ministry of Finance, Indonesia, and Dr. Tastaftiyan Risfandy (Universitas Sebelas Maret, Indonesia).

Digital Innovation Competition 2020 Final

UNS Fintech Center Updates

Digital Innovation Competition 2020 Final: Who is the Winner?

Fintech Update – Center for Fintech and Banking UNS (UNS Fintech Center) held a webinar on    “Start It Up: How to Create Digital Innovation, Collaborate, and Make It Great” through Zoom Cloud Meeting on Saturday (07/11/2020). The webinar participated by 150 participants is a part of the Digital Innovation Competition 2020 series held by UNS Fintech Center.

Yoshia Christian Mahulete led the event as a moderator, and the Chief of UNS Fintech Center, Dr. Irwan Trinugrogo, Ph.D., opened the final event in Digital Innovation Competition 2020. In his speech, Dr. Irwan hopes that this webinar can benefit all participants. A material presentation from the speakers follows the event.

Dr. Taufiq Arifin, as the first speaker, delivered a material on “University Students: The agent of innovation”. He mentioned that students have roles in developing a solution for the issues in the community. “University students are the foothold for the community in solving problems surrounding them, the economic, social, and other issues,” Dr. Taufiq stated. Following Dr. Taufiq’s presentation, William Suryawan, Co-Director of Startup Grind, delivered his material on “Create An Innovative, Valid, and Sustainable Product”. He shared eight points of creating innovative products and how to implement student’s creative ideas. “It is not only about ideas, but it is also about making ideas happen”, William said. Erik Hormein, the Head of Investment, BRI Ventures, delivered the third material on the funding from venture capital for startups in the form of equity. He mentioned that startups with a high-risk match with the funding criteria from venture capital.

After the material presentation, participants have an opportunity to submit questions. The discussion between participants and speakers showed great enthusiasm from both parties. The webinar was concluded with an announcement for the winners in the Digital Innovation Competition 2020, as follows:

First Place
 Sekoa: OkFix Solusi Barang Rusakmu
 Team Members: Bernadetta Margarita Adelia Putri Bau, Fransiska Sekar Assisiana, dan Fisko Albatinusa Suwarno

Second Place
 Local Bakerin & Co: Platform Kelas Digital dan Jual Beli Kue Kekinian Online dari bahan-bahan Lokal
 Team Members: Fiska Amanda Mulia dan Dewi Mawaddatus Sholekhah

Third Place
 Doolan: Wisata Praktis Harga Transparan
 Team Members: Muhammad Raharditya dan Afaqih Deaz Tratama

Favorite Team 
Tim Sekoa

Digital Innovation Competition 2020 is a UNS Fintech Center event to nurture student’s innovation in contributing to the rapid development of technology. Through creativity and innovation in digital innovation, students are expected to create a digital product that benefits society. Fintech Media Team

UNS Fintech Center Shared Publication Tips in World Class Professor Program Webinar Series

UNS Fintech Center Updates

UNS Fintech Center Shared Publication Tips in World Class Professor Program Webinar Series

Fintech Update – Center for Fintech and Banking UNS (UNS Fintech Center) held another workshop in World Class Professor (WCP) series program. The current workshop discussed “How to Write a Paper for Publication” held on Friday (25/09/2020) through the Zoom Meeting platform. Three speakers attended the workshop, Assoc. Prof. Dr. Mariani Abdul-Majid (Universiti Kebangsaan Malaysia, Malaysia), Prof. Doddy Setiawan (Universitas Sebelas Maret, Indonesia), and Prof. Siong Hook Law (Universiti Putra Malaya, Malaysia). Agista Prameswari led the event as a moderator.

Prof. Dr. Mariani delivered the first material on “How to Write a Paper for Publication” and explained the steps in writing a scientific journal article. Her material focuses on the journal article’s structure and clear plan needed by the writer before writing. “Several journals have a different structure; therefore, it is important (for a writer) to search for the channel they want to select,” Prof. Mariani explained. Prof. Doddy Setiawan followed Prof. Dr. Mariani’s material with a discussion on “Selecting Publication Outlet”.

Prof. Doddy explained the essential points in selecting a journal outlet for publication, starting with finding a journal that shares objectives and coverage with the submitted article. Ensuring that article is submitted to the appropriate journal will reduce the probability of desk rejection. Papers should also be prepared following the standard and template provided by the journal to increase publication opportunity.

The last speaker, Prof. Siong Hook Law, delivered material on “How to Respond to Reviewer Reports”. He explained the steps that authors can apply in preparing a reply for reviewers, which start with thanking reviewers and editors for the opportunity. “Do not plagiarize because there is Turnitin that can check and see how many percent of plagiarized materials in an article. Try always to paraphrase your sentences,” Prof. Law explained. He also added the steps in revising the manuscript and how an author should send their revised manuscript, and the length of paragraphs and pages of an article. “Normally, an article has 25-28 paragraphs, and each paragraph consists of 16-17 lines, and not exceed 40 pages,” Prof. Law added.

After the material presentation, participants have an opportunity to submit questions to the speakers. Participants showed great enthusiasm toward the discussed topic. Fintech Media Team

WCP Series 2: STATA Application in Finance, Banking, and Accounting Research

UNS Fintech Center Updates

WCP Series 2: STATA Application in Finance, Banking, and Accounting Research

Fintech Update – Center for Fintech and Banking UNS (UNS Fintech Center) held a workshop on “STATA for Various Empirical Studies in Finance, Banking, and Accounting” on Friday (11/09/2020) as a part of the World Class Professor (WCP) Program Series. The workshop was held online through the Zoom Meeting application with three speakers, Prof. Siong Hook Law (Universiti Putra Malaya, Malaysia), Dr. Tastaftiyan Risfandy, Ph.D. (Universitas Sebelas Maret, Indonesia), and Aldy Fariz Achsanta, M. Rech (University of Limoges, France) Dewanti Cahyaningsih M.Rech led the event opened by the Chief of UNS Fintech Center, Dr. Irwan Trinugrogo, Ph.D., as a moderator. In his opening remark, Dr. Irwan Trinugroho mentioned that his workshop is the second in the World Class Professor (WCP) Series held by UNS Fintech Center and hopes that the workshop will benefits participants in using STATA.

The first material on “Panel Data Analysis in Banking, Finance, Accounting Workshop: Short Panels (Micro Panels)” was delivered by Prof. Siong Hook Law, who discussed the use of dynamic panel GMM estimator. One of the most significant data analysis problems, Prof. Siong Hook Law explained, is the biased standard error when researchers do not pay close attention to the actual variability of coefficient. “Biased standard error will lead to an incorrect conclusion,” Prof. Siong Hook Law stated. Before concluding his presentation, Prof. Siong Hook Law also shared the data analysis method using STATA and the examples of the commands.

Following the first material, Dr. Tastaftiyan Risfandy, Ph.D., delivered the second material on “Hausman-Taylor Regression with STATA” and explained the use of the method. Dr. Tastaftiyan explained the strength of STATA compared to other data analysis software, starting from automatic command to extract data and identifying time-invariant and time-variant variables using the endogenous variable. The last material on “Event Study using STATA” was delivered by Aldy Fariz Achsanta, M.Rech. An event study is a method used to measure the effect of a company’s action, such as debts, mergers, or income announcements. This method can also be applied to examine the relationship between stock price and unexpected events. At the end of his explanation, Aldy shared a step-by-step process in conducting an event study using STATA.

Participants showed their enthusiasm by submitting questions for speakers after speakers delivered all materials. Fintech Media Team

Micro Panel Data Analysis with Prof. Siong Hook Law

UNS Fintech Center Updates

Micro Panel Data Analysis with Prof. Siong Hook Law

Fintech Update – Center for Fintech and Banking UNS (UNS Fintech Center) held a workshop on    “Micro Panel Data Analysis” on Thursday (03/09/2020). The online workshop was held through the Zoom Meeting application with materials from Prof. Siong Hook Law (Universiti Putra Malaya, Malaysia); Dr. Taufiq Arifin, Ph.D (Universitas Sebelas Maret, Indonesia); Dr. Putra Pamungkas, Ph.D (Universitas Sebelas Maret, Indonesia) and was led by Yoshia Christian Mahulete as moderator.

In his opening remark, Dr. Irwan Trinugroho, Ph.D., the Chief of UNS Fintech Center, mentioned that this workshop is a program to develop UNS Fintech Center through the World Class Professor (WCP) Program. He hopes that the workshop will provide complete knowledge for researchers on the application of panel data in their studies. Prof. Siong Hook Law delivered the first material on the “Dynamic Panel Data”, which explains short panel data in Dynamic Panel Modeling. Prof. Siong Hook Law explained that short panel data has two data types, cross-section (N) and time series (T). A cross-section is substantial data recorded at one time. In contrast, time series is a data of a variable recorded over a certain period, usually in three to ten years. Economic and financial research often uses cross-section data instead of time series data (N > T).

As the second speaker, Dr. Taufiq Arifin delivered material on “Political connections as a double-edged sword: An Examination of helping-and grabbing hand hypothesis”. In his material, Dr. Taufiq Arifin explained the effect of political connections, transactional and relational connections, on a firm. Transactional connection is a collaboration that ends once a particular objective was achieved (short term), while the relational connection is a long-term relationship due to the similarity in ideology. Further, Dr. Taufiq explained that a firm’s characteristics also affect the firm’s cost of debt, which affects the firm’s propensity to be politically connected. Firms with transactional political connection have lower cost of debts than other non-politically connected firms with similar characteristics. “(However), firms with political connection need to pay higher tax than non-politically connected firms,” he concluded.

The last material on “Panel Data Application” was delivered by the third speaker, Dr. Putra Pamungkas, Ph.D., who explained the implementation of three-level panel data, provincial-level data, bank-level data, and country-level data in research. He also provided examples of studies that utilized panel data in their analysis. The international workshop was concluded with a questions and answers session between participants and speakers. Fintech Media Team