The role of digital trust as a moderating variable between digital financial literacy and the use of fintech by small and medium enterprise actors
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Nella Ica Devinta(1*)
Department of Management, Faculty of Economics and Business, University of Swadaya Gunung Jati
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Ario Putrdianto(2)
Department of Management, Faculty of Economics and Business, University of Swadaya Gunung Jati
(*) Corresponding Author
Keywords:
Digital Financial Literacy, Digital Trust, Fintech Utilisation, MSMEs
Abstract
This study examines the implementation of intellectual enhancement in personality development through a literacy corner program at the Class IIA Correctional Institution in Tangerang. The program is part of the broader correctional development system (SPPN), aiming to improve inmates’ literacy skills and support their personal growth. Using a descriptive qualitative approach, data were collected through in-depth interviews, observations, and document analysis. The study is guided by literacy theory and the concept of correctional development (SPPN). The findings indicate that the literacy corner and library program are relatively effective in enhancing inmates’ intellectual capacity. Inmates actively use the library to gain knowledge, engage in positive activities during their free time, and improve their reading and comprehension skills. The program includes activities such as reading, writing book summaries, and participating in group discussions, which contribute to both cognitive and personal development. However, several challenges remain. Not all inmates participate actively in the program, the availability of reading materials is still limited in certain areas, and there is a lack of dedicated literacy mentors to guide and support inmates consistently. In conclusion, the literacy-based development program has a positive impact on inmates’ intellectual growth, but its effectiveness can be further enhanced by increasing participation, expanding library resources, and providing more structured mentoring support.
Keywords: Digital Financial Literacy; Digital Trust; Fintech Utilisation; MSMEs
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References
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Rahmawati, F., & Merlinda, S. (2024). The effect of perceived benefits, ease of use, and risk on culinary MSMEs’ interest in utilizing QRIS. Journal of Business & Banking, 14(1), 19–38.
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Susilowati, D., & Azzahra, F. (2024). Pengaruh Kepercayaan Digital terhadap Keputusan Pembelian Online. Jurnal Riset Bisnis, 7(2), 112–120.
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Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User Acceptance of Information Technology: Toward a Unified View. MIS Quarterly, 27(3), 425–478.
Ahmad, S., Zulkurnain, N. N. A., & Khairushalimi, F. I. (2016). Assessing the validity and reliability of a measurement model in structural equation modeling (SEM). Journal of Advances in Mathematics and Computer Science, 15(3), 1–8. https://doi.org/10.9734/BJMCS/2016/25183
Arner, D. W., Barberis, J., & Buckley, R. P. (2016). The Evolution of Fintech: A New Post-Crisis Paradigm. Georgetown Journal of International Law, 47(4), 1271–1319.
Budiyanto, A., Lubis, I., Pamungkas, I. B., & Maulana, A. E. (2025). Technology acceptance model, trust, and financial behavior in shaping consumer well-being: Insights from fintech adoption in urban Indonesia. Innovative Marketing, 21(2), 197–210. https://doi.org/10.21511/im.21(2).2025.16
Cheung, G. W., Cooper-Thomas, H. D., Lau, R. S., & Wang, L. C. (2023). Reporting reliability, convergent and discriminant validity with structural equation modeling: A review and best-practice recommendations. Asia Pacific Journal of Management, 41, 745–783.
Choi, M., & Rocheteau, G. (2023). A model of retail banking and the deposits channel of monetary policy. Journal of Monetary Economics, 139, 127–147. https://doi.org/10.1016/j.jmoneco.2023.06.010
Cirebon, D. K. dan I. K. (2023). Laporan perkembangan digitalisasi UMKM dan penggunaan fintech di Kota Cirebon tahun 2023. Pemerintah Kota Cirebon.
Creswell, J. W. (2014). Research design: Qualitative, quantitative, and mixed methods approaches (4th ed.). Sage Publications.
Demir, S., & Uşak, M. (2025). Analyzing the implementation of PLS-SEM in educational technology research: A review of the past 10 years. SAGE Open.
Development, O. for E. C. and. (2023). OECD/INFE toolkit for measuring financial literacy and financial inclusion 2023 update. OECD Publishing.
Devlin, J. F., Roy, S. K., Sekhon, H., Moin, S. M. A., & Sahiner, M. (2025). Trust and FinTech: A review and research agenda. Electronic Markets, 35, 62. https://doi.org/10.1007/s12525-025-00803-w
Fitriani, F., Suyono, A., Saputra, R. E., & Defriona, B. (2024). Pentingnya literasi keuangan digital bagi usaha mikro, kecil, dan menengah. Amal Ilmiah: Jurnal Pengabdian Kepada Masyarakat, 5(2), 358–365.
https://doi.org/10.36709/amalilmiah.v5i2.184
Gefen, D., Karahanna, E., & Straub, D. W. (2003). Trust and TAM in online shopping: An integrated model. MIS Quarterly, 27(1), 51–90. https://doi.org/10.2307/30036519
Hair, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R: A Workbook. Springer.
Hassan, N., Abdelraouf, M., & El-Shihy, D. (2025). The moderating role of personalized recommendations in the trust–satisfaction–loyalty relationship: An empirical study of AI-driven e-commerce. Future Business Journal, 11, 66. https://doi.org/10.1186/s43093-025-00476-z
Jafri, J. A., Amin, S. I. M., Rahman, A. A., & Nor, S. M. (2023). A systematic literature review of the role of trust and security on fintech adoption in banking. Heliyon, 10(1), e22980. https://doi.org/10.1016/j.heliyon.2023.e22980
Keuangan, O. J. (2022). Survei Nasional Literasi dan Inklusi Keuangan (SNLIK) 2022. Otoritas Jasa Keuangan (OJK).
Khatri, H., Idrees, M. A., & Sultan, F. (2025). Impact of Fintech on Financial Inclusion: The Mediating Role of Digital Financial Literacy. Advance Social Science Archive Journal, 4(01), 1024–1043.
https://doi.org/10.55966/assaj.2025.4.1.068
Klapper, L., & Lusardi, A. (2020). Financial literacy and financial resilience: Evidence from around the world. Financial Management, 49(3), 589–614.
Kou, G., & Lu, Y. (2025). FinTech: A literature review of emerging financial technologies and applications. Financial Innovation, 11(1), 1–25.
Kowsar, A. M., Roy, S. S., & Latif, W. (2025). Digital trust and checkout choices: Empirical evidence on online consumer behavior in Asia. Journal of Information Systems and Management, 4(6).
Lee, I., & Shin, Y. J. (2021a). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 64(1), 35–46.
Lusardi, A., & Mitchell, O. S. (2014). The Economic Importance of Financial Literacy: Theory and Evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Lyons, A. C., & Kass-Hanna, J. (2021). Financial inclusion, financial literacy, and economically vulnerable populations in the Middle East and North Africa. Emerging Markets Finance and Trade, 57(9), 2699–2731. https://doi.org/10.1080/1540496X.2019.1598370
Maharani, D., & Bebasari, N. (2026). Financial technology awareness, trust in technology, dan kepercayaan pengguna QRIS: Studi empiris pada wilayah Cikarang. Revenue: Lentera Bisnis Manajemen, 4(01). https://doi.org/10.59422/lbm.v4i01.1171
Mahfud, I. (2025). The role of MSMEs (Micro, Small and Medium Enterprises) in improving the national economy. Journal of Economics and Business Letters, 5(5). https://doi.org/10.55942/jebl.v5i5.915
Martin, K., Borah, A., & Palmatier, R. W. (2022). Data Privacy: Effects on Customer and Firm Performance. Journal of Marketing, 86(1), 1–24.
https://doi.org/10.1177/00222429211070947
Morgan, P. J., Huang, B., & Trinh, L. Q. (2022). The Need to Promote Digital Financial Literacy for the Digital Age. Asian Development Bank Institute.
Oesterreich, T. D., Anton, E., Hettler, F. M., & Teuteberg, F. (2025). What drives individuals’ trusting intention in digital platforms? An exploratory meta-analysis. Management Review Quarterly, 75, 3615–3667. https://doi.org/10.1007/s11301-024-00477-2
Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/j.bir.2017.12.003
Prihandini, W. (2025). Digital financial literacy and financial inclusion in Indonesia’s digital economy. International Journal of Economics, Business and Accounting Research, 9(3). https://doi.org/10.29040/ijebar.v9i3.18500
Rahmahtika, R., Husni, T., & Adrianto, F. (2025). Pengaruh digital literasi dan financial technology terhadap inklusi keuangan digital pada UKM food and beverage di Kota Padang. JAFM, 6(2).
Rahmawati, F., & Merlinda, S. (2024). The effect of perceived benefits, ease of use, and risk on culinary MSMEs’ interest in utilizing QRIS. Journal of Business & Banking, 14(1), 19–38.
Ramalakshmi, K., Thamaraiselvi, G., & Rani, A. (2025). The role of fintech and artificial intelligence in advancing financial inclusion. Journal of Informatics Education and Research, 5(3). https://doi.org/10.52783/jier.v5i3.3823
Safitri, M., Muharam, H., & Pangestuti, I. R. D. (2025). The role of financial technology (FinTech) in enhancing MSMEs’ access to finance: A study from the perspective of financial management. Jurnal Ilmiah Global Education, 6(3), 1748–1756. https://doi.org/10.55681/jige.v6i3.4069
Saputra, A. A., Suhardi, S., & Akbar, J. (2025). The effect of digital literacy, trust in security, and transaction costs on optimizing the utilization of QRIS in MSMEs with ease of use as an intervening variable. Economic: Journal Economic and Business, 4(2), 141–149. https://doi.org/10.56495/ejeb.v4i2.1001
Setiawan, B., Nugraha, D. P., Irawan, A., Nathan, R. J., & Zoltan, Z. (2022). User innovativeness and fintech adoption in Indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 8(3), 1–16.
https://doi.org/10.3390/joitmc8030129
Sugiyono. (2017). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.
Susilowati, D., & Azzahra, F. (2024). Pengaruh Kepercayaan Digital terhadap Keputusan Pembelian Online. Jurnal Riset Bisnis, 7(2), 112–120.
Tandilino, C., Pontoh, G. T., Darmawati, D., & Indrijawati, A. (2025). Digital financial inclusion as a mediator of digital financial literacy and government support in MSME performance. International Journal of Financial Studies, 13(4), 199. https://doi.org/10.3390/ijfs13040199
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User Acceptance of Information Technology: Toward a Unified View. MIS Quarterly, 27(3), 425–478.
Published
2026-07-11
How to Cite
Devinta, N., & Putrdianto, A. (2026). The role of digital trust as a moderating variable between digital financial literacy and the use of fintech by small and medium enterprise actors. Journal of Management : Small and Medium Enterprises (SMEs), 19(2), 1257-1269. https://doi.org/10.35508/jom.v19i2.27592
Section
Articles
