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

2026-06-07T14:38:05+07:00

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

2026-07-12T11:48:28+07:00

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

2026-07-15T17:24:53+07:00

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.