Indonesian Journal of Economics, Business, Accounting, and Management (IJEBAM)

Central Bank-Led Fintech Competition and Bank Digital Transformation in Cambodia: Evidence from Bakong, Khqr, and Interoperable Payment Infrastructure

Sam Ean Lay, Vuddneath Som, Sothearak, Sophat Phon, Pidor Ngin — Fri, 19 Jun 2026 00:00:00 +0700

This article examines how fintech competition has reshaped financial intermediation in Cambodia and how incumbent commercial banks have responded to central-bank-led interoperable payment infrastructure. Using a qualitative explanatory case-study design and documentary analysis of policy documents, official payment-system statistics, institutional reports, and peer-reviewed research, the study analyzes Bakong, KHQR, and the broader digital payments ecosystem as public infrastructure shaping private financial-sector transformation. The findings show that Cambodia’s fintech evolution is better understood as state-enabled restructuring of the competitive field than as simple displacement of banks by fintech entrants. By the end of 2023, Cambodia recorded 19.7 million e-wallet accounts, 601.3 million payment-service-provider transactions, and USD 75.8 billion in payment-service value, while Bakong had 74 members, approximately 19.5 million connected accounts, and 200.93 million cumulative transactions. The Cambodian case demonstrates that public payment rails can intensify competition while reducing fragmentation, but sustainable gains depend on financial literacy, cybersecurity, data governance, institutional capability, and proportionate regulation.

The Effect of Capital Structure and Dividend Policy on Firm Value with Good Corporate Governance as a Moderating Variables in Financial Sector Companies

Nikita Eka Silviana, Sri Hermuningsih, Ratih Kusumawardhani — Tue, 14 Jul 2026 00:00:00 +0700

This study aims to examine the effects of capital structure (debt to asset ratio) and dividend policy (dividend payout ratio) on firm value (price to book value) for financial sector companies listed on the IDX during 2020-2024, with managerial ownership as a moderating proxy for good corporate governance. A quantitative approach using secondary annual financial statement data and purposive sampling produced 32 companies and 160 observations over five years. Data were analyzed using multiple linear regression and moderated regression analysis in SPSS 27. Result indicate that dividend payout ratio has a significant positive effect on firm value, while debt to assets ratio is not significant. Managerial ownership strengthens the positive relationship between dividend policy and firm value but does not moderate the effect between capital structure on firm value. The findings underscore the importance of dividend policy and managerial governance in enhancing firm value in Indonesian financial sector.

Impact of Digital Transformation on Reducing Money Laundering

Kadhim H. Hamad — Fri, 17 Jul 2026 00:00:00 +0700

Digital transformation has become an important strategy for improving banking efficiency, transparency, and risk management. Meanwhile, money laundering remains a major challenge that threatens financial system stability. This study examines the impact of digital transformation on reducing money laundering in government and private banks in Babylon Governorate, Iraq. A quantitative descriptive-analytical approach was applied using questionnaire data collected from 100 bank employees. Data were analyzed using SPSS through descriptive analysis, one-sample t-test, and Pearson correlation analysis. The results indicate that digital transformation implementation has reached a significant level and contributes positively to reducing money laundering activities. The findings highlight the importance of digital infrastructure, employee capabilities, and technology-based monitoring systems in strengthening anti-money laundering practices in banking institutions.

Understanding Investment Intention in Digital Gold Investment Applications: A Prospect Theory Perspective

Enggar Kartika Cahyaning — Sat, 08 Aug 2026 00:00:00 +0700

This study investigates the factors influencing investment intention toward digital gold investment applications from the perspective of Prospect Theory. A quantitative approach was employed by distributing an online questionnaire to 200 respondents who had experience using digital gold investment applications. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 3.0. The findings reveal that financial literacy positively and significantly influences perceived benefit and investment attitude. Perceived benefit also has a significant positive effect on investment attitude. Furthermore, investment attitude and trust significantly enhance investment intention toward digital gold investment applications. These findings suggest that improving financial literacy, strengthening customers’ perceived benefits, and fostering trust are essential for encouraging greater investment intention in digital gold investment platforms.

Behavioral Factors Influencing Borrowing Intention Toward Online Lending Applications: A Prospect Theory Perspective

Kashari, Wanda Khairun Nasirin, Yasintha Wahida Tiana — Wed, 12 Aug 2026 00:00:00 +0700

This study examines the factors influencing borrowing intention toward online lending applications based on Prospect Theory. A quantitative approach was employed using a structured online questionnaire distributed through Google Forms. Data were collected from 300 respondents selected using purposive sampling, consisting of individuals who had previously used or were familiar with online lending applications. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 3.0. The findings indicate that financial literacy positively and significantly affects perceived benefit, borrowing attitude, and borrowing intention. Perceived benefit also positively influences borrowing attitude and borrowing intention, while borrowing attitude significantly enhances borrowing intention. These findings demonstrate that Prospect Theory effectively explains borrowers' behavioral intentions toward online lending applications by emphasizing the roles of financial literacy, perceived benefit, and borrowing attitude in shaping borrowing decisions. Theoretically, this study extends the application of Prospect Theory to digital borrowing by demonstrating that financial literacy shapes borrowing intention both directly and through perceived benefit and borrowing attitude, while practically highlighting the importance of financial education and transparent digital lending design in promoting informed borrowing decisions.