Research Grants

Across the last decade, my research program has grown into a coherent and influential body of work in digital finance, supported by competitive grants from Singapore, Australia, and Indonesia. These projects span the full spectrum of digital financial transformation: algorithmic decision-making in audit and monetary systems, fintech inclusion, payment-system governance, blockchain vulnerabilities, and the resilience of digital financial ecosystems. I have led or co-led major initiatives with regulators such as Bank Indonesia, industry partners including fintech lenders and crowdfunding platforms, and government bodies ranging from Singapore’s MOE to national research institutes. Through these collaborations, my teams and I have produced socio-technical frameworks for AI-in-finance, governance models for payment and risk systems, and machine-learning tools for credit and investor decision-making. This track record reflects sustained, multidisciplinary, and practice-grounded leadership in digital finance across Southeast Asia, supported by substantial funding: SGD 317,719.55 from the Singapore Government, AUD 317,346.00 from Australian agencies and Indonesian companies, and IDR 177,700,000.00 from Indonesian institutions. The list is as follows:

The Incubator 2026 - Boost Window, Monash University (PI). Research Team: Professor Monica Whitty, Dr. Andrea Deppeler, Dr. Lay Ki Soon, Dr. Erza Aminanto. A Socio-Technical Framework for Fortifying Digital Financial Ecosystems. Amount: AUD 75,000 (Nov 2025 to Nov 2026)
Monash Data Future Institute (MDFI) (Co-PI). Research Team: Dr Matteo Bonotti, Dr Nazirul Hazim Khalim, Dr Sarah Goodwin, Associate Professor Ika Idris, Associate Professor Derry Wijaya, Dr. Bayu Anggorojati, Dr Luthfi Adam. AEAN Disinformation Index: Analysing and Mitigating the Impact of Malicious Information on Democracy in Southeast Asia. Amount: AUD 47,500 (July 2024 to July 2025)
Unika Atmajaya Decentralized Research Grant (co-PI). Research Team: Dr. Feliks Prasepta S. Surbakti, Romi Caesar Deraldi Raisa, Kevin Niconanda. Identification of Key Success Factors for Data Science Projects in Online Travel Agencies (Case Study: Tiket.com). Amount: IDR 13,850,000.00 (March 2024 - March 2025).
The Incubator 2024 - Boost Window, Monash University (Co-PI). Research Team: Dr. Ika Idris, Dr. Derry Wijaya, Dr. Dyah Pitaloka, Dr. Matteo Bonotti, Dr. Nazirul Hazim A. Khalim, Dr. Robbie Fordyce. Forging Democracy through Data: Establishing a Data and Democracy Hub to Increase Monash's visibility. Amount: AUD 75,000 (Nov 2024 to Nov 2025)
Ministry of Education (MOE), Singapore, Academic Research Fund Tier 1 (Co-PI). Research Team. Ms. Chu Mui Kim, Ms. Yeap Lay Huai. Coexistence of Algorithmic Systems with the Auditors' Professional Judgement and Decision-Making, Skills and Knowledge. Amount: SGD 9,876,55 (Sept 2023 to March 2025)
Monash Data Future Institute (MDFI) (PI). Research Team. Dr. Jackie Rong, Dr. Derry Wijaya, and Dr. Ridoan Karim. Human and Algorithmic Systems Co-existence in Finance. Amount: AUD 24,950.00 (June 2023 - June 2024).
Research Grant Bank Indonesia (co-PI). Research Team: Dr. Saru Arifin, Professor Novi Quadrianto. Governance, Ethical, Legal, and Social Impact of Algorithmic Systems in Finance: Risk Mitigation and Strengthening the Role of Financial Authorities in Payment Systems and Monetary Stability. Amount: IDR 150,000,000.00 (April 2023 - November 2024).
Unika Atmajaya Decentralized Research Grant (co-PI) in collaboration with an Indonesian Startup company. Research Team: Dr. Feliks P. Sejahtera Surbakti. Business Process Design and Analysis of Start-Up Companies Using Map and Business Process Matrix Method. Amount: IDR 13,850,000.00 (March 2023 - March 2024).
Contract Research in collaboration with Action Lab, Monash University. Research Team: Dr. M. Risqi Saputra. Inclusive Financial Services: Widening Access to Peer-to-Peer (P2P) Lending. Amount: AUD 33,000.00 (Jan 2023 - Dec 2023).
Monash Seed Grant (PI) in collaboration Action Lab, Monash University, and an Indonesian FIntech Company. Research Team: Dr. M Risqi Saputra, Dr. Sarah Gultom. Fintech for Social Impact: Improving Fintech Lending Capability for Financial Inclusion and Sustainability in Indonesia. Amount: AUD 18,000.00 (Aug 2022 - July 2023).
Monash Seed Grant (Co-PI). Research Team: Dr. Grace Wangge, Dr. Ika Idris, Dr. Jessica Watterson. Strengthening Digital Health Governance in Low and Middle Income Countries: Developing Models for Service-Level Data Consent in Indonesia. Amount: AUD 10,000.00 (Aug 2022 - July 2023).
Whyte Fund, Monash University (Co-PI). Research Team: Dr. Misita Anwar (PI). Understanding Farmers' Record-Keeping Practice to Support Decision Making Using Data-Driven Farming In Indonesia, Amount: AUD 43,914.00 (August 2022 to July 2023).
SIT Ignition Grant in collaboration with Home Team Science & Technology Agency; Allen & Gledhill LLP; University of Piraeus; and APWG.eu (Co-PI). Research Team: Dr. Purnima Murali Mohan (PI), and Dr. Peter Loh Kok Keong. An Online Blockchain Smart Contract Vulnerability Scanner, Amount: SGD 99,200.00 (2021-2021)
SIT Ignition Grant in collaboration with Crowdo Holdings Pte, Ltd. (PI). Research Team: Co-PI Dr. Pearpilai Jutasompakorn, Dr. Lee Hwee Hoon, and Dr. Alex Qiang Chen. Crowdfunding Investors’ Behaviour: Characteristics and Decision Making, Amount: SGD 88,400.00 (2019 - 2021).
SIT Ignition Grant in collaboration with HANDS Enterprise Solutions, Singapore (Co-PI). Research Team: Dr. Michelle Zou Junqi (PI), Dr. Kevin Ow Yong Keng. Deployment of Data Analytics Models for Workforce and Project Management, Amount: SGD 92,043.00. (2019 - 2021).
SIT Seed Grant in collaboration with Crowdo Holdings Pte, Ltd. (Co-PI). Research Team: Dr. Pearpilai Jutasompakorn (PI), and Dr. Vivek Balachandran. P2P and Crowdfunding: Credit score, Probability of Default Models and Machine Learning, Amount: SGD 4,920.00 (2019 - 2020).
SIT Seed Grant in collaboration with Baker Tilly Singapore (Co-PI). Research Team: Dr. Lim Chu Yeong (PI), Dr. Lu Liming, and Ms Wong Shin Ren. Scheduling System in an Accountancy and Business Advisory Firm, Amount: SGD 5,280.00 (2018 - 2019).
SIT Ignition Grant in collaboration with RSM Singapore & Institute of Singapore Chartered Accountants (ISCA) (Co-PI). Research Team: Dr. Koh Sze Kee (PI), Dr. Lee Hwee Hoon, and Dr. Desi Arisandi. Data Analytics Adoption for Singapore Small Medium Enterprises, Amount: SGD 18,000.00 (2018 - 2020).