FinTech Infrastructure and Cryptocurrency Markets in

Southeast Asia: A Systematic Review with Evidence from

Indonesia and Malaysia

Mustafa Musa1,* Raden Nur Rachman Dzakiyullah2

1 Center of Research and Innovation Management, Universiti Teknikal Malaysia Melaka, Malaysia

2 Department of Information System, Universitas Alma Ata, Yogyakarta, Indonesia

Received: January 22, 2026 Revised: March 10, 2026 Accepted: May 18, 2026 ⋆ Corresponding author

ABSTRACT

Indonesia and Malaysia are a perfect example of the global FinTech order: two of the world’s biggest Muslim-majority

economies with growing and fast expanding digital financial infrastructure, with different regulatory architectures and

at different stages of maturity of the cryptocurrency market. In this paper, a systematic review of 40 peer-reviewed

studies on technology infrastructure for financial markets in general, the dynamics and adoption of cryptocurrencies,

design of central bank digital currencies, Islamic FinTech, and comparative regulatory frameworks in both countries

is presented. The review includes five thematic streams: digital payment infrastructure, connectedness of the

cryptocurrency market, CBDC development, CBDC Shariah compliance, and financial inclusion enabled by FinTech.

The Key findings indicate that Indonesia, under the guidance of the Otoritas Jasa Keuangan (OJK) since 2023,

has more than 30 licensed exchanges and an estimated 15 million retail investors, while Malaysia’s Securities

Commission (SC) prioritises investor protection over market breadth, issuing five exchanges with higher levels of

integration in Islamic finance. There are three structural challenges in both jurisdictions: the lack of ASEAN-level

regulatory coordination, the digital infrastructure gap that remains in rural populations and the lack of a harmonized

screening mechanism for assets based on Shariah. The review pinpoints 7 high-priority research gaps and outlines a

research agenda for the future, organized in 5 methodological pillars.

Keywords: FinTech Cryptocurrency Indonesia Malaysia Blockchain CBDC Islamic finance Digital

payment Southeast Asia Systematic review

1. INTRODUCTION

Throughout Southeast Asia, the financial landscape has been

transformed at a much faster pace by digital. In all respects, it

has more advanced technology than any other area of similar

economic magnitude. Between 2014 In 2024, the value of

investment in FinTech increased from less than $500 million

to an increase of 100-fold. It is estimated that the net

loss to the economy is at least USD 6 billion a year, and

of which Indonesia and Malaysia are the most significant

players. The two biggest national markets behind Singapore

[1, 2]. Among this growth, cryptocurrency has carved out a

rather contentious niche: The subject of changing rules, robust

retail investor interest, In both countries, and especially

for the large Muslim minorities in each, profound questions

regarding were asked. Shariah compliance that do not exist

in the Western markets.

The gap between aspiration and reality is greater in Indonesia.

With over 277 million people, 73% internet penetration,