OPPORTUNITIES AND CHALLENGES OF ISLAMIC FINTECH IN THE ERA OF GLOBALIZATION

Abstract

This research discusses the opportunities and challenges faced by the Islamic fintech industry in the globalization era. the era of globalization. With a large Muslim population, especially in countries like countries such as Indonesia, Islamic fintech has the potential to provide Shariah-compliant financial services. The research method used is qualitative. The result are Key opportunities include significant market growth, regulatory support from the Financial Services Authority (OJK), technological innovations that make it easier to access services, as well as increased public trust in Islamic financial products. However, the industry also faces a number of challenges, such as strict However, the industry also faces various challenges, such as strict and complex regulations, low financial literacy among the public, competition with more established conventional fintechs, and limited competition with more established conventional fintechs, as well as limited human resources who understand sharia principles who understand sharia principles. To maximize the potential of Islamic fintech,collaboration between stakeholders is needed to overcome these challenges, so as to accelerate adoption and innovation in the Islamic financial Islamic finance sector. This research provides insights into how Islamic fintech can develop sustainably amidst the dynamics of globalization and economic digitalization