SPATIAL EFFECTS OF P2P LENDING ON BANKING PERFORMANCE: A STUDY ACROSS INDONESIAN PROVINCES
DOI:
https://doi.org/10.33736/ijbs.14459.2026Keywords:
P2P lending, Bank Performance, Collaboration, MSMEs credit, Spatial EffectAbstract
This study examines the impact of Peer-to-Peer (P2P) Lending on banking performance across 33 provinces in Indonesia, including its spatial effects and its relationship with MSME Lending. The novelty of this study lies in combining dynamic panel analysis and spatial approaches to examine Fintech disruption in Indonesia. This study also highlights Indonesia as an emerging archipelagic economy with substantial regional disparities in financial inclusion and digital infrastructure. Unlike previous studies that mainly focus on the national-level effect, this research provides evidence on whether the impact of Fintech differs spatially across regions. The study employs aggregate monthly banking data from January 2020 to June 2025, resulting in 2,178 observations analyzed using the Generalized Method of Moment (GMM). The results suggest that P2P Lending significantly affects banking performance at the national level. However, no significant spatial differences are identified across regions, suggesting that Fintech disruption is systemic and nationally pervasive rather than regionally concentrated. Meanwhile, P2P Lending does not significantly influence SMEs credit performance either nationally or spatially, indicating that Fintech platforms currently complement rather than substitute the intermediary role of banks. Theoretically, this study contributes by strengthening the Fintech-bank collaboration. Practically, the findings provide policy implications for integrated Fintech supervision to support financial stability and inclusive economic development in Indonesia.
References
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Pizzi, S., Corbo, L., & Caputo, A. (2021). Fintech and SMEs sustainable business models: Reflections and considerations for a circular economy. Journal of Cleaner Production, 281, 125217. https://doi.org/10.1016/j.jclepro.2020.125217
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https://doi.org/10.1016/j.jfi.2019.100833
Trinugroho, I., Agusman, A., & Tarazi, A. (2014). Why have bank interest margins been so high in IndonesiaAbbasi, K., Alam, A., Ahmed, N., & Ali, I. (2021). P2P lending Fintechs and SMEs ' access to finance. Economics Letters, 204, 109890. https://doi.org/10.1016/j.econlet.2021.109890
https://doi.org/10.1016/j.econlet.2021.109890
Banna, H., Mia, M. A., Nourani, M., & Yarovaya, L. (2021). Fintech-based Financial Inclusion and Risk-taking of Microfinance Institutions (MFIs): Evidence from Sub-Saharan Africa. Finance Research Letters, May, 102149. https://doi.org/10.1016/j.frl.2021.102149
https://doi.org/10.1016/j.frl.2021.102149
Beck, T., Chen, T., Lin, C., & Song, F. M. (2016). Financial innovation: The bright and the dark sides. Journal of Banking and Finance, 72, 28-51. https://doi.org/10.1016/j.jbankfin.2016.06.012
https://doi.org/10.1016/j.jbankfin.2016.06.012
Ben-Ahmed, K., Ayadi, I., & Hamad, S. Ben. (2021). COVID-19 impact on digital companies' stock return: A dynamic data analysis. Finance Research Letters, July, 102340. https://doi.org/10.1016/j.frl.2021.102340
https://doi.org/10.1016/j.frl.2021.102340
Berger, A. N., Klapper, L. F., & Turk-Ariss, R. (2009). Bank competition and financial stability. Journal of Financial Services Research, 35(2), 99-118. https://doi.org/10.1007/s10693-008-0050-7
https://doi.org/10.1007/s10693-008-0050-7
Bollaert, H., Lopez-de-Silanes, F., & Schwienbacher, A. (2021). Fintech and access to finance. Journal of Corporate Finance, 68(December 2020), 101941. https://doi.org/10.1016/j.jcorpfin.2021.101941
https://doi.org/10.1016/j.jcorpfin.2021.101941
Brandl, B., & Hornuf, L. (2020). Where Did FinTechs Come From, and Where Do They Go? The Transformation of the Financial Industry in Germany After Digitalization. Frontiers in Artificial Intelligence, 3(March), 1-12. https://doi.org/10.3389/frai.2020.00008
https://doi.org/10.3389/frai.2020.00008
Ćehajić, A., & Košak, M. (2022). Bank lending and small and medium-sized enterprises' access to finance - Effects of macroprudential policies. Journal of International Money and Finance, 124. https://doi.org/10.1016/j.jimonfin.2022.102612
https://doi.org/10.1016/j.jimonfin.2022.102612
Cheng, M., & Qu, Y. (2020). Does bank FinTech reduce credit risk? Evidence from China. Pacific Basin Finance Journal, 63, 101398. https://doi.org/10.1016/j.pacfin.2020.101398
https://doi.org/10.1016/j.pacfin.2020.101398
Chipeta, C., & Muthinja, M. M. (2018). Financial innovations and bank performance in Kenya: Evidence from branchless banking models. South African Journal of Economic and Management Sciences, 21(1), 1-11. https://doi.org/10.4102/sajems.v21i1.1681
https://doi.org/10.4102/sajems.v21i1.1681
Christensen, C. M. (2000). The innovator's dilemma : the revolutionary national bestseller that changed the way we do business (pp. xxxii, 286 p.). http://www.loc.gov/catdir/toc/fy032/2002279402.html
Coakley, J., & Huang, W. (2023). P2P lending and outside entrepreneurial finance. European Journal of Finance, 29(13), 1520-1537. https://doi.org/10.1080/1351847X.2020.1842223
https://doi.org/10.1080/1351847X.2020.1842223
Coetzee, J. (2018). Strategic implications of fintech on South African retail banks. South African Journal of Economic and Management Sciences, 21(1), 1-11. https://doi.org/10.4102/sajems.v21i1.2455
https://doi.org/10.4102/sajems.v21i1.2455
Correia, F., Martins, A., & Waikel, A. (2022). Online financing without FinTech: Evidence from online informal loans. Journal of Economics and Business, 121(August 2021). https://doi.org/10.1016/j.jeconbus.2022.106080
https://doi.org/10.1016/j.jeconbus.2022.106080
Dadoukis, A., Fiaschetti, M., & Fusi, G. (2021). IT adoption and bank performance during the Covid-19 pandemic. Economics Letters, 204, 109904. https://doi.org/10.1016/j.econlet.2021.109904
https://doi.org/10.1016/j.econlet.2021.109904
Dang, V. D., & Huynh, J. (2021). Bank funding, market power, and the bank liquidity creation channel of monetary policy. Research in International Business and Finance, 59(December 2020), 101531. https://doi.org/10.1016/j.ribaf.2021.101531
https://doi.org/10.1016/j.ribaf.2021.101531
Diamond, D. W. (1984). Financial intermediation and delegated monitoring. Review of Economic Studies, 51(3), 393-414. https://doi.org/10.2307/2297430
https://doi.org/10.2307/2297430
Ferrari, R. (2016). FinTech Impact on Retail Banking - From a Universal Banking Model to Banking Verticalization. The FinTech Book, 248-252. https://doi.org/10.1002/9781119218906.ch65
https://doi.org/10.1002/9781119218906.ch65
Hewa Wellalage, N., Hunjra, A. I., Manita, R., & Locke, S. M. (2021). Information communication technology and financial inclusion of innovative entrepreneurs. Technological Forecasting and Social Change, 163(October 2020), 120416. https://doi.org/10.1016/j.techfore.2020.120416
https://doi.org/10.1016/j.techfore.2020.120416
Hodula, M. (2021). Does Fintech credit substitute for traditional credit? Evidence from 78 countries. Finance Research Letters, July, 102469. https://doi.org/10.1016/j.frl.2021.102469
https://doi.org/10.1016/j.frl.2021.102469
Hornuf, L., & Haddad, C. (2019). The Emergence of the Global Fintech Market : Economic and Technological Determinants Christian Haddad The Emergence of the Global Fintech Market : Economic and Technological Determinants Abstract. Small Business Economics, 81-105.
https://doi.org/10.1007/s11187-018-9991-x
Hornuf, L., Klus, M. F., Lohwasser, T. S., & Schwienbacher, A. (2020). How do banks interact with fintech startups? Small Business Economics, January. https://doi.org/10.1007/s11187-020-00359-3
https://doi.org/10.1007/s11187-020-00359-3
Jun, J., & Yeo, E. (2016). Entry of FinTech Firms and Competition in the Retail Payments Market. Asia-Pacific Journal of Financial Studies, 45(2), 159-184. https://doi.org/10.1111/ajfs.12126
https://doi.org/10.1111/ajfs.12126
Jünger, M., & Mietzner, M. (2020). Banking goes digital: The adoption of FinTech services by German households. Finance Research Letters, 34(July), 1-8. https://doi.org/10.1016/j.frl.2019.08.008
https://doi.org/10.1016/j.frl.2019.08.008
Kanungo, R. P., & Gupta, S. (2021). Financial inclusion through digitalisation of services for well-being. Technological Forecasting and Social Change, 167(July 2020), 120721. https://doi.org/10.1016/j.techfore.2021.120721
https://doi.org/10.1016/j.techfore.2021.120721
Kautonen, T., Fredriksson, A., Minniti, M., & Moro, A. (2020). Trust-based banking and SMEs' access to credit. Journal of Business Venturing Insights, 14(August), e00191. https://doi.org/10.1016/j.jbvi.2020.e00191
https://doi.org/10.1016/j.jbvi.2020.e00191
Khan, H. H., Ahmad, R. B., & Chan, S. G. (2018). Market structure, bank conduct and bank performance: Evidence from ASEAN. Journal of Policy Modeling, 40(5), 934-958. https://doi.org/10.1016/j.jpolmod.2018.02.001
https://doi.org/10.1016/j.jpolmod.2018.02.001
Koranteng, B., & You, K. (2024). Fintech and financial stability: Evidence from spatial analysis for 25 countries. Journal of International Financial Markets, Institutions and Money, 93(September 2023), 102002. https://doi.org/10.1016/j.intfin.2024.102002
https://doi.org/10.1016/j.intfin.2024.102002
Labra Lillo, R., & Torrecillas, C. (2018). Estimating dynamic Panel data. A practical approach to perform long panels. Revista Colombiana de Estadística, 41(1), 31-52. https://doi.org/10.15446/rce.v41n1.61885
https://doi.org/10.15446/rce.v41n1.61885
Lu, H., Wang, B., Wang, H., & Zhao, T. (2020). Does social capital matter for peer-to-peer-lending? Empirical evidence. Pacific Basin Finance Journal, 61(February), 101338. https://doi.org/10.1016/j.pacfin.2020.101338
https://doi.org/10.1016/j.pacfin.2020.101338
Murinde, V., Rizopoulos, E., & Zachariadis, M. (2022). The impact of the FinTech revolution on the future of banking: Opportunities and risks. International Review of Financial Analysis, 81(December 2021), 102103. https://doi.org/10.1016/j.irfa.2022.102103
https://doi.org/10.1016/j.irfa.2022.102103
Mushtaq, R., Gull, A. A., & Usman, M. (2021). ICT adoption, innovation, and SMEs' access to finance. Telecommunications Policy, October, 102275. https://doi.org/10.1016/j.telpol.2021.102275
https://doi.org/10.1016/j.telpol.2021.102275
Ortakoÿ, S., & Özsürünç, Z. (2019). The Effect of Digital Channel Migration, Automation and Centralization on the Efficiency of Operational Staff of Bank Branches. Procedia Computer Science, 158, 938-946. https://doi.org/10.1016/j.procs.2019.09.134
https://doi.org/10.1016/j.procs.2019.09.134
Phan, H. T. M., & Daly, K. (2020). Market concentration and bank competition in emerging asian countries over pre and post the 2008 global financial crisis. Research in International Business and Finance, 51(May 2016), 101039. https://doi.org/10.1016/j.ribaf.2019.05.003
https://doi.org/10.1016/j.ribaf.2019.05.003
Pizzi, S., Corbo, L., & Caputo, A. (2021). Fintech and SMEs sustainable business models: Reflections and considerations for a circular economy. Journal of Cleaner Production, 281, 125217. https://doi.org/10.1016/j.jclepro.2020.125217
https://doi.org/10.1016/j.jclepro.2020.125217
Puspitasari, L., & Ishii, K. (2016). Digital divides and mobile Internet in Indonesia: Impact of smartphones. Telematics and Informatics, 33(2), 472-483. https://doi.org/10.1016/j.tele.2015.11.001
https://doi.org/10.1016/j.tele.2015.11.001
Sanga, B., & Aziakpono, M. (2023). FinTech and SMEs financing: A systematic literature review and bibliometric analysis. Digital Business, 3(2), 100067. https://doi.org/10.1016/j.digbus.2023.100067
https://doi.org/10.1016/j.digbus.2023.100067
Soni, G., Kumar, S., Mahto, R. V., Mangla, S. K., Mittal, M. L., & Lim, W. M. (2022). A decision-making framework for Industry 4.0 technology implementation: The case of FinTech and sustainable supply chain finance for SMEs. Technological Forecasting and Social Change, 180(April), 121686. https://doi.org/10.1016/j.techfore.2022.121686
https://doi.org/10.1016/j.techfore.2022.121686
Thakor, A. V. (1999). Information technology and financial services consolidation. Journal of Banking and Finance, 23(2), 697-700. https://doi.org/10.1016/S0378-4266(98)00104-6
https://doi.org/10.1016/S0378-4266(98)00104-6
Thakor, A. V. (2020). Fintech and banking: What do we know? Journal of Financial Intermediation, 41(July). https://doi.org/10.1016/j.jfi.2019.100833
https://doi.org/10.1016/j.jfi.2019.100833
Trinugroho, I., Agusman, A., & Tarazi, A. (2014). Why have bank interest margins been so high in Indonesia since the 1997/1998 financial crisis? Research in International Business and Finance, 32, 139-158. https://doi.org/10.1016/j.ribaf.2014.04.001
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