The Danger of a Single Story: Revisiting the History and Evolution of Fintech

The background of the research conducted by Richard Siwu stems from the events of the Western colonial period to countries in Asia and Africa. Previously, Siwu wanted to divide this era into two periods: the colonial era and the post-colonial era. The colonial era meant the expansion of western civilization into Africa and Asia. While the post-colonial era where the end of Western domination and the birth of new nations in Africa and Asia. In colonial times, most of the countries in Asia and Africa were colonies of European nations and were politically under the control of the West. Awareness of nationalism only grew when the influence of modernization brought by Western colonialism to Africa and Asia created a form of resistance to the West which eventually gave birth to new countries. At that time there was an assumption that Christianity was a Western religion because it came along with the expansion of the West into Asia and Africa. However, the awareness of nationalism at that time encouraged the churches in Asia in particular to break away from the domination of the Western churches and also indigenize the churches in Asia with a local style. Does the end of colonialism end the mission of the church? The answer is no because from the beginning Christianity was a missionary religion read Matthew 28:19. So, this research will analyze Protestant views in Asia regarding mission from 1910 to 1991. This research shows that after the colonial era they were polarized in two main streams: ecumenical and evangelical.

The Sustainable Development Goals (SDGs) could be considered the paramount objective for all nations in the world. In keeping with this, a sound global financial system is now required to fulfill its mandate to encourage the mobilization of private capital for the achievement of sustainable development and consistent economic growth. Blockchain, the Internet of Things, big data, and artificial intelligence are just a few of the recent technological advancements that have been made possible by digital transformation and advancement, specifically in the finance sector. Traditional banks, regulators, and policymakers are all paying close attention to the buzz surrounding Fintech. Since the 2008 global financial crisis, the integration and innovation of emerging technologies and finance have accelerated financial technology development (FinTech). In this paper, we reviewed the literature on the evolution of Fintech in terms of regulations and policies, as well as the role of Fintech in achieving financial inclusion and sustainable development goals. We reviewed the fintech ecosystem and segregated it into three segments, from 2010-2015, 2016-2020, and 2021 to present. We have discussed the existing literature from the mentioned timeline and concluded that despite being surrounded by numerous challenges, the acceptance of Fintech has boomed over the period of time and created some new avenues for the future that support future sustainable international trade while also facilitating the SDGs.

Reviewed by: A History of Financial Technology and Regulation: From American Incorporation to Cryptocurrency and Crowdfunding by Seth C. Oranburg Florian Vetter (bio) A History of Financial Technology and Regulation: From American Incorporation to Cryptocurrency and Crowdfunding By Seth C. Oranburg. Cambridge: Cambridge University Press, 2022. Pp. 200. This book is an important contribution for financial historians insofar as it shifts away from a purely institutional perspective. At first glance, Seth C. Oranburg's work appears to reconstruct the milestones of the regulations of the U.S. financial markets and their transformation through the introduction of technology. However, a closer reading reveals that the author focuses on a large panorama of actors such as investors, state institutions, financial institutions, and small investors. In doing so, Oranburg highlights that ordinary investors and small businesses are often left behind when it comes to investing. He argues that today's regulatory apparatus in America is incredibly cost intensive for the taxpayer, leads to disparities in wealth, and makes it almost unprofitable for new actors to enter financial markets. Oranburg's book distinguishes itself from other works of financial history by its analysis of the intertwining of regulation and technology. The author bases his arguments mainly on current literature, quotations, advertisements, and photographs. The work covers the period between the 1790s and 2020. After a brief introduction, Oranburg introduces the key concepts of financial regulation and digital investment strategies in eleven chapters. The book focused on the intertwining of technology, regulation, and various actors within the American financial market. In addition, Oranburg demonstrates how laws and regulations prevented financial crises but also caused them. The history of corporate finance and financial markets in the United States is described across three epochs. The author shows that the first era (1790s–1930s) was characterized by capitalism and individualism. It becomes clear that between the 1790s and 1930s, the United States consisted of many unconnected financial markets. However, the advent of technologies such as the railway or the telegraph helped the individual states to grow together into an economic union. Consequently, the advent of technology led to the fact that financial crises took place on a national scale in the United States. The second era (1933–2008), according to the author, was characterized by a centralized command and control approach to securities regulation. Furthermore, the Great Depression had a significant impact on political and economic change in the United States. Here, Oranburg describes how the U.S. government created new federal agencies to counteract inflation after Franklin Delano Roosevelt became president. The Securities and Exchange Commission (SEC) serves here as a case study to demonstrate how the growing federal bureaucracy became increasingly costly for the taxpayer. Thus, it becomes clear that the international crisis also led to centralization and consolidation [End Page 615] in the United States. As a result, New York rose to prominence as a financial center. Silicon Valley started to flourish as investors began to invest in new companies and start-ups instead of publicly listed companies. During this period, America's middle class also began to benefit from these regulations and changes as corporate profits seemed to flow into a growing middle class. From the 1990s onward, Oranburg highlights a fundamental change in investment. Until this time, stocks were primarily owned by large corporations rather than individuals. The author concludes this period with the dot-com era (mid-1990s–2000s) and illustrates through the resulting financial crisis in 2000 how domestic stock markets were reregulated to prevent further crises. In the third era (2008–20), Oranburg uses Bitcoin, social media activism, decentralized finance, and crowdfunding as case studies to show how financial regulation has fallen far behind financial technology. In doing so, he skillfully builds a bridge from the Great Depression to the digital age. He demonstrates that federal laws to regulate communication about investment opportunities from the beginning of the twentieth century are now no longer applicable. Oranburg has managed to write a book that offers financial historians as well as nonspecialists new perspectives. By adding simplified examples of economic theory in each chapter, the book serves as a good introduction for readers outside the field of financial history. These examples help...

Financial technology (Fintech) has influenced business by helping create better services for consumers and businesses. Fintech, however, brings new challenges for regulators, who struggle to keep pace with the constant evolution of technology and the resulting disruption. The progress of technology and regulations in the Fintech industry has been uneven across developed and developing countries, resulting in numerous opportunities and challenges. Considerable progress has recently been made in the adoption of Fintech and the subsequent development and implementation of regulations in the US, the UK, and India. While the United States (US) and the United Kingdom (UK) are global leaders in Fintech innovation, India has shown fast-paced growth in adopting and utilizing Fintech services. This paper examines the growth and evolution of Fintech in the US, the UK, and India and also explores how the regulatory agencies across these countries have responded to the evolution of Fintech. This paper finds that economies should work towards improving digital infrastructure, financial inclusion, and financial literacy and enhance the collaboration among regulators, Fintech firms, and other stakeholders.

The global financial crisis that started in 2007 sparked several academic debates about the role that financial sector regulators played in the crisis and prompted policy reforms in the financial supervision architectures of several countries. This book focuses on the question of what accountability, independence, transparency and, more generally, governance mechanisms applicable to financial regulators can better contribute to building responsive, responsible and effective regulatory and supervisory frameworks that tackle the weaknesses of the pre-crisis regimes. It re-visits the concepts of accountability and independence of financial regulators as well as the main economic theories underlying financial services policy-making, in light of the crisis experience. In addition, it critically examines the post-crisis institutional frameworks of financial regulation and supervision in the EU, the US and Canada with a view to assessing whether the financial regulators of the post-global financial crisis era are well suited to effectively address the challenges and threats that global financial markets pose to the stability, integrity and good functioning of financial systems as well as to the protection of consumers, investors and society at large.Topics addressed in this volume include:- The theoretical foundations of accountability and independence in financial regulation after the crisis; - The influence of economic theory on the quality of financial regulation and supervision;- Accountability in the European Banking Union and the European System of Financial Supervision;- Post-crisis structures of financial regulation in the US and their impact on consumer/investor protection and financial stability;- The role of financial supervision architecture in the stability of the Canadian financial system. The contributors to this volume are economists, lawyers, political scientists and sociologists from both academia and practice. Therefore, this book will be highly relevant to scholars and practitioners in these areas.

In the intricate landscape of the global food system, a nuanced understanding of dynamic evolution patterns and driving mechanisms of food trade network is essential for advancing insights into the African food trade and maintaining the food security of Africa. This paper constructs a framework for analyzing the food trade network from a comparative perspective by comparing and analyzing the evolution of food trade networks in China, the United States, Russia, the European Union, and African countries. The development trend of food trade between China, Russia, the United States, the European Union, and African countries is relatively good. China, the United States, Russia, and the European Union export far more food to African countries than they import, and bilateral food trade plays an important role in alleviating food supply shortages in Africa. The food trade networks between China, the United States, Russia, the European Union, and African countries exhibit a butterfly-shaped structure centered in Africa, and the overall intensity of bilateral trade linkages is gradually increasing. France has the greatest control over the food trade network between China, the United States, Russia, the European Union, and African countries, and the influence of the United States on the food trade network between China, the United States, Russia, the European Union, and African countries is increasing. China's independence in the food trade network between China, the United States, Russia, the European Union, and African countries is enhanced, but its control ability is limited. The impact of differences in total population, differences in food production, and geographical borders on the trade network between China, the United States, the European Union, and African countries tends to decrease, while the influence of differences in the proportion of agricultural employment, differences in the arable land available for food production, and institutional distance tends to increase.

Sub-Saharan Africa (SSA) was colonised for about a century by the British, French and other European countries. Therefore, we examine these forms of colonisation on accounting development in Africa. We use a description-explanatory approach to show how three forms of colonisation have driven the development of accounting in Africa during and post-colonisation era. This paper defines driving forces during the colonisation period as ex-ante driving forces, and after independence, as ex-post driving forces. We identify among the ex-ante driving forces, governance, economic policy, education and language influenced accounting systems/practices, and they are still predominant. Regarding the ex-post, we found four ex-post driving forces that impact accounting in SSA, which supports the instrumental form of accounting colonisation. These four driving forces are foreign aid, foreign trade liberalisation, membership in international associations and prevalence of foreign ownership. This paper provides insights into how accounting practices have evolved in Africa and how colonisation has driven different accounting systems across the continent. Unlike prior studies, which are limited to pre or post-colonial eras, we provide an understanding of accounting development during the colonial and post-colonial era. Therefore, we demonstrate how colonisation still influences accounting development even after independence in many African countries.

The Evolution of Fintech: A New Post-Crisis Paradigm?

The Upcoming Millennial’s Recession: Legal and Regulatory Imperatives for a New Global Financial Architecture and Authority

Introduction The health of workers in Africa has been shaped by its colonial past and legacy of under-development. The legal frameworks, provision of occupational health services and programmes for the training of occupational health professionals varies across countries, influenced by economic development, worker and employer organisation and international standards. This paper describes the trends in different African countries in the post-colonial era. Materials and Methods Literature searches across several databases and archives were conducted to identify studies and reports of legislative frameworks and occupational health systems in African countries. Results In sub-Saharan Africa, South Africa developed internationally benchmarked systems in occupational health, influenced by the mining industry by the turn of the 20th century. A combination of mine owner determination to protect their investments and the traditions of worker rights brought into the country by the European migrant workers, resulted in laws and services by 1910. The under-development of the other African countries was due to a continued dependence on an agricultural economy, with a lagging in industrial development. As these countries developed their economies, an increased focus on occupational health emerged, particularly in the late 1980s. This was led by the emerging democracies in Tanzania, Zambia and Zimbabwe. Basic legislation exists in other countries, but most lack resources for the development of health services or workplace monitoring. Conclusions The state of occupational health in African countries is based on the legacy of their colonial past – either as a result of the development of occupational health systems or because of the under-development of their economies.

Reviewed by: Alternative Routes to the Sustainable City: Austin, Curitiba, and Frankfurt Jana Cephas (bio) Alternative Routes to the Sustainable City: Austin, Curitiba, and Frankfurt. By Steven A. Moore. Lanham, Md.: Rowman & Littlefield, 2005. Pp. xvi+243. $65/$34.95. Much of the current discussion surrounding sustainability has concerned the development of environmentally sound products, the correct implementation of "best practices," and the role of governmental bodies in regulating polluting industries. This has generated considerable concern about correctly defining sustainability and finding adequate solutions to the problems of the unsustainable city. In contrast, this book presents new notions of sustainability by emphasizing the role of "public talk"—that is, conversations about the urban environment—in the successful development of the sustainable city. Steven Moore, director of the Graduate Program in Sustainable Design at the University of Texas and codirector of the University of Texas Center for Sustainable Development, proposes that the common bond shared by three exemplary sustainable cities is the presence of public talk specifically about politics, the environment, and technology. Because different types of public talk lead to different results, no single type of conversation can ensure sustainable outcomes everywhere. Sustainable outcomes emerge from the public talk specific to a locale; no generalized definition of sustainability nor a generalized solution to the problem is possible. Consequently,Moore argues that solutions to crises of sustainability can only arise from a locale through the "stories" or "dominant narratives" constructed within that community and reflecting its attitudes toward politics, the environment, and technology. The first chapter outlines Moore's conceptual approach to sustainability, technology, and the city. The middle portion of the book presents what he refers to as the "thick" stories of Austin, Texas, in the United States; Curitiba, Brazil; and Frankfurt, Germany—presented through qualitative case studies charting their paths toward sustainability—and the "thin" quantitative analyses documenting these cities through maps and statistical data. The last three chapters lay the groundwork for Moore's proposal for developing a sustainable narrative, which he terms "abductive tools," aimed to stimulate public talk. Although the case studies generate interesting data and analysis, the real value of the book lies in the conceptual framework based on public talk that Moore uses to analyze these cities, a framework he claims can then be applied to other urban areas. In understanding and analyzing how residents, municipal officials, and business leaders construct and participate in public conversations about their city, its environment, and its technologies, one can then begin to construct strategies to rectify unsustainable practices. Be forewarned that readers seeking "best practices" guidelines, quick-fix [End Page 518] solutions, or new techniques for urban planning will be disappointed, as Moore is more interested in providing a critical analysis of the current notions of sustainability capable of catalyzing action than he is in presenting positive solutions. Accordingly, his book might have been more appropriately titled Alternative Theories of the Sustainable City. This book will find its greatest use among those interested in the intersection of politics, technology, and urban development, and it will be of particular interest to historians examining the social construction of technology. Although it is questionable whether sustainability really does, or should, constitute the dominant social narrative of the United States—as Moore argues—the application of social theory to notions of sustainability and how communities perceive urban politics and technology enriches the current discourse on technology and culture. However, coexistence of an array of stories, with sustainability as simply one of the many rather than as a dominant narrative, is perhaps a more accurate if not more popular conception of the role of sustainability within the broader culture. With its rich discussion of philosophical and methodological foundations, its clear presentation, and its engaging narrative style, this book can be read straight through as a complete text, or piecemeal as distinct case studies, or as a source book enhanced by the generous bibliographies closing each chapter. Ultimately, it is really about agency, about noting the collective human actions which, through the rubric of public talk, drive social change. Moore may attribute far more effective power to the agency of citizens than actually exists in the cities examined. Consequently, the technologies of sustainable...

In A Tapestry of African Histories: With Longer Times and Wider Geopolitics, contributors demonstrate that African historians are neither comfortable nor content with studying continental or global geopolitical, social, and economic events across the superficial divide of time as if they were disparate or disconnected. Instead, the chapters within the volume reevaluate African history through a geopolitically transcendent lens that brings African countries into conversation with other pertinent histories both within and outside of the continent. The collection analyzes the pre- and post-colonial eras within African countries such as Kenya, Malawi, and Sudan, examining major historical figures and events, struggles for independence and stability, contemporary urban settlements, social and economic development, as well as constitutional, legal, and human rights issues that began in the colonial era and persist to this day.

In A Tapestry of African Histories: With Longer Times and Wider Geopolitics, contributors demonstrate that African historians are neither comfortable nor content with studying continental or global geopolitical, social, and economic events across the superficial divide of time as if they were disparate or disconnected. Instead, the chapters within the volume reevaluate African history through a geopolitically transcendent lens that brings African countries into conversation with other pertinent histories both within and outside of the continent. The collection analyzes the pre- and post-colonial eras within African countries such as Kenya, Malawi, and Sudan, examining major historical figures and events, struggles for independence and stability, contemporary urban settlements, social and economic development, as well as constitutional, legal, and human rights issues that began in the colonial era and persist to this day.

Like many other African countries described in this volume, Kenya has recently enacted several new policies and public-sector reforms that affect its water sector. This chapter considers those reforms in the context of the country's particular history of land tenure and settlement, a history that continues to have a profound influence on contemporary patterns of land and water management as well as on gender relations in water. The chapter focuses on the particular case of a river basin in Western Kenya, the Nyando river basin (3517 km2), that has its outlet in Lake Victoria. Over the last century, the Nyando river basin has experienced a history that has shaped spatial patterns of land tenure, settlement and water management. The plural land management systems that exist in the basin today are the product of three distinct periods of historical change: (i) the pre-colonial era that was dominated by customary landholding and land rights systems; (ii) the colonial era in which large areas of land were alienated for specific users and the majority of the Kenyan population confined to native reserve areas; and (iii) the post-colonial era that has encouraged large-scale private ownership of land by men and a small public-sector ownership of irrigation land, all against the backdrop of customary norms and the colonial pattern of settlement and land use. Both colonial and post-colonial institutions have largely disregarded women's rights to land and water resources. Although customary norms are consistent in ensuring access to water for all members of particular ethnic groups, in practice access and management of water points vary across the basin depending upon the historically defined pattern of landownership and settlement. Customary norms that secure the rights of women to water resources tend to have most impact in former native reserve areas and least impact in ethnically heterogeneous resettlement areas held under leasehold tenure. Recommendations are made on how new policies, legislation and government institutions could be more effective in promoting the water needs of rural communities in Kenya.

BackgroundMigration of health professionals has been a cause for global concern, in particular migration from African countries with a high disease burden and already fragile health systems. An estimated one fifth of African-born physicians are working in high-income countries. Lack of good data makes it difficult to determine what constitutes “African” physicians, as most studies do not distinguish between their country of citizenship and country of training. Thus, the real extent of migration from African countries to the United States (US) remains unclear. This paper quantifies where African migrant physicians come from, where they were educated, and how these trends have changed over time.MethodsWe combined data from the Educational Commission for Foreign Medical Graduates with the 2005 and 2015 American Medical Association Physician Masterfiles. Using a repeated cross-sectional study design, we reviewed the available data, including medical school attended, country of medical school, and citizenship when entering medical school.ResultsThe outflow of African-educated physicians to the US has increased over the past 10 years, from 10 684 in 2005 to 13 584 in 2015 (27.1% increase). This represents 5.9% of all international medical graduates in the US workforce in 2015. The number of African-educated physicians who graduated from medical schools in sub-Saharan countries was 2014 in 2005 and 8150 in 2015 (304.6% increase). We found four distinct categorizations of African-trained physicians migrating to the US: (1) citizens from an African country who attended medical school in their own country (86.2%, n = 11,697); (2) citizens from an African country who attended medical school in another African country (2.3%, n = 317); (3) US citizens who attended medical school in an African country (4.0%, n = 537); (4) citizens from a country outside Africa, and other than the United States, who attended medical school in an African country (7.5%, n = 1013). Overall, six schools in Africa provided half of all African-educated physicians.ConclusionsThe number of African-educated physicians in the US has increased over the past 10 years. We have distinguished four migration patterns, based on citizenship and country of medical school. The majority of African graduates come to the US from relatively few countries, and from a limited number of medical schools. A proportion are not citizens of the country where they attended medical school, highlighting the internationalization of medical education.