Development Of Financial Technologies Research Articles

DIGITALIZATION PARADIGM OF UKRAINIAN FINANCIAL MARKET

The article examines the key concepts and theories of modern digitalization paradigm of global financial market, its equilibrium, conditions of financial centres, e-commerce, and FinTech companies. It identifies positive and negative aspects of financial market digitalization and its transformation in global digitalization. Effective principles for the digitalization of Ukraine’s economy are explored. The key ways of financial market digitalization are outlined. The article presents a framework of indicators for the digitalization of the financial market in Ukraine. Quantitative analysis is applied to the indicators grouped by type: general indicators of online financial activity of the population; indicators of online and offline accumulation of funds; indicators of credit activity. In addition, some ways to digitalize Ukrainian market are outlined and hierarchical model of FinTech sectors in Ukraine is proposed. This allows us to identify the most promising areas for the future development of financial technologies in such areas as cash flow services, innovations and new standards of technological services, and application development. It is substantiated that in addition to the commonly used payment tools, the most promising areas in Ukraine are the development of IT solutions, financial asset analytics, marketplaces and neo-banking.

New Financial Technologies: New Opportunities and New Challenges of the XXI Century

Financial technology, or “Fintech”, is a sphere comprising from firms which are related to technology,and work in order to create a competitive environment for existing financial companies, and tocreate new services in the markets.Fintech is created in order to offer new convenient solutions in the financial environment. On theone hand, these innovations work and bring high profits to the creators. Fintech provides an opportunityfor renewed activity in underdeveloped markets that are less attractive to investors, especially in today’senvironment (for example, money transfers).On the other hand, such a drive motivates to create innovations in the financial markets. Organizationsbuilt on these models are now at the forefront of the modern technologies in finance. The actualreason of this article is to find and show the nature of the modern concept, trends, and challenges fornew financial technologies in Kazakhstan and abroad.The article discusses the financial technologies concepts and their impact on to the economy; analyzesthe main indicators of financial technology development in Kazakhstan mostly in the bankingsector. The article explores the theoretical and methodological foundations of modern Fintech processbased on the analysis of relevant works in this field of study. Issues of modern references, magazines,and Internet resources were used for the research.The theoretical and practical significance of this work determines a wider range of disclosure of thebasic conceptual apparatus and the search for modern ways to use the results in the activities of variousinstitutions for the development of measures to improve them.Key words: financial technologies, digital technologies, mobile wallets, P2P.

Some Thoughts on Innovation and Regulation of Financial Technology

The recent years witness innovative development of financial industry, which attributes to fast progress and in-depth application of information technologies such as big data, artificial intelligence, and blockchain. But, at the same time, they bring challenges to financial regulation and accelerate rise of regulatory technology. Based on challenges to regulatory agencies brought by financial technology development, this study proposes suggestions for the coordinated relationship between financial innovation and financial technology regulation from the perspective of technology empowerment, in order to improve efficiency of financial markets, and reach a balance between financial technology and prevention of systemic financial risks.

The national system of financial monitoring training: Areas for development

Subject. This article deals with the issues of improving the professional competence and skills of financial monitoring specialists within the framework of enhancing the activities of the national anti-money laundering system (AML/CFT). Objectives. The article aims to identify the main areas of development of the national system of financial monitoring personnel training and the creation of an educational framework in this field. Methods. For the study, we used the systems approach, methods of comparative analysis, and the historical and logical unity principle. Results. The article offers recommendations to create an integrated educational space of the EAEU in the field of AML/CFT and the main directions of development and improvement of the Russian system of training and retraining of personnel in this area. Conclusions. In the context of the digitalization of the economy and the rapid development of financial technologies, it is necessary to constantly update the methods and tools for training personnel for the national financial monitoring system, including the expansion of cooperation between Russian universities and organizations that train and retrain AML/CFT specialists, as well as strengthening the positions of the International Training and Methodology Center for Financial Monitoring (ITMCFM) and the International Network Institute.

Supply chain finance platform evaluation based on acceptability analysis

With the rapid development of financial technology, an increasing number of supply chain finance (SCF) service platforms have sprung up to optimize the flows of financial resources, information and materials in the supply chain. The evaluation and selection of SCF platforms have consequently become critical issues not only for platform customers but also for competitors. Although the practices and challenges of SCF have been analyzed in-depth and several studies have investigated the factors that influence SCF platform performance, research on the evaluation of different SCF platforms is scarce. To comprehensively evaluate different types of SCF platforms, this study first identifies critical factors that influence the performance of SCF platforms. A stochastic multicriteria acceptability analysis for group decision-making (SMAA-2) model is then applied to address the SCF platform evaluation problem. Finally, a questionnaire survey is conducted to validate the accuracy of the proposed evaluation model. The empirical results show that the proposed method provides rankings similar to the survey results and thus is accurate and reliable. The evaluation factors and the rankings of SCF platforms can provide references and decision support not only for financial service providers and platform customers but also for regulatory institutions.

The Role of Islamic Social Finance Through Ziswaf and BMT During The Covid-19 Pandemic

<p><em>This research was conducted to explain the role of Islamic social finance through ZISWAF and BMT during the Covid-19 pandemic. This study uses qualitative methods that use library research techniques. The results of the study indicate that Islamic social finance plays an important role in dealing with declining economic conditions during the Covid-19 pandemic. The existence of ZISWAF can reduce the problem of poverty due to the Covid-19 pandemic, as well as the existence of BMT which can encourage businesses that lack capital and of course can help the government in dealing with existing problems. The role of Islamic social finance is shown by offering solutions to overcome economic problems, namely: the distribution of BLT originating from zakat collection units or from people with more income, assistance in the form of zakat, infaq, or alms; increasing waqf with cash waqf schemes, productive waqf or waqf linked sukuk waqf in order to strengthen waqf; assistance in the form of business capital to Micro, Small and Medium Enterprises (UMKM) groups experiencing crisis conditions; providing venture capital followed by a qardhul hasan loan scheme; providing understanding to increase literacy related to sharia economics and finance; sharia financial technology development. The implication is to help the welfare of the poor so that they become more capable people by providing business capital.</em></p>

THE ROLE OF FINANCIAL INNOVATION AND FINANCIAL TECHNOLOGIES IN THE EMERGING DIGITAL TRANSFORMATION CONDITIONS

The main feature of financial innovation is the key role of the banking sector in the development of financial technologies. Banks are actively working on their own innovative solutions developed by their own IT specialists. The dominance of banks in fintech explains the relatively low level of market entry for independent fintech solutions. For example, in Kazakhstan, Kaspi.kz (KSPI) is one of the largest fintech companies, whose shares were quoted on the London Stock Exchange and is currently a technology company – a bank. Kaspi brought in over USD 1 billion. Shares opened at USD 38 per share and traded at USD 46.90 with over 4.4 million shares in volume. This is the second largest IPO in 2020 and the fourth largest in all of Europe. The proceeds from the IPO are almost USD 1 billion. Kaspi first planned to list in 2019, but closed it in October due to unfavorable market conditions.Kaspi is the largest investor and is playing a leading role in Kazakhstan's rapidly evolving digital transformation. Kaspi owns Super App, the most popular mobile app in the country and the foundation for everything they do for both retail and business clients, including banking and e–commerce, with over 7.8 million monthly active users. Fintech banking applications have been developing rapidly in the Countries of Independent States since 2010. The surge in investor and consumer interest in online brokerage operations is driven by a combination of pandemic restrictions and low interest rates. For emerging market investors looking for something cheaper than the Nasdaq NDAQ –2.6%, financial technology is the place to be in Russia and Kazakhstan. Companies and investors across the region are seeking to move out of this space into new economy stocks, stimulating demand for stocks in tech companies such as Kaspi.kz.

Insights into fintech development and tendencies

This study examines directions and tendencies of financial technology in all countries. The purpose of the research is to identify and characterize financial technologies, to show the features of their development in modern conditions and revise the foreign experience of regtech, insurtech and blockchain in practical use. Financial future is forming nowadays based not only on facial recognition and blockchain, but also takes into account facial recognition as well as cloud hosting and artificial intelligence. The global financial crisis of 2008 was a turning point that separated the previous phases of the development of financial technologies (Fintech) and regulatory technologies (RegTech) from the current paradigm.Today Fintech has reached onrush condition in its extensive use, characterized by a vigorous startups’ uptick and rapid appearance of the new members of financial markets like e–commerce and IT firms that have split the market of financial services. Absolutely new period proposes a conceptual solution to financial problem for regulators and emphasizes the importance of Regtech development along with Fintech propagation. Specifically, regulators should create rather safe new regulatory authority that strengthens market confidence and innovation. It also should be fueled by regulatory sandboxes regular usage. The rapid development of such financial technology as blockchain has the potential to transform the financial market during the pandemic period. Currently, e–wallet payment method is widely used in many countries, which gradually replaced cash as a payment method. Fintech companies today only serve e–wallets. Thus, the use of blockchain is forcing financial regulators to revise existing rules and assess their relevance on a global scale. The paper provides novel insights into development processes of these complex phenomena.

Smart Contract: Concept, Financial Essence, World Experience and Opportunities of Practical Use

Subject. The article considers smart contracts as digital financial instruments, their financial and economic essence, which is defined as digital instruments for the settlement of financial relations. Objectives. The aim is to introduce into scientific use such a system concept as digital financial instruments and mechanisms based on the consideration of their economic, legal and financial essence. Methods. The study rests on systems approach that enables to present a smart contract from a technological, economic, legal and financial position as a set of elements with their specific functions defining its complex concept. Results. We reveal the nature of financial relations, arising at the time when bilateral or multilateral transactions are concluded and smart contracts are presented as ways to automatically settle them. Completion of a smart contract is a confirmation of the completion of the transaction and the moment of termination of financial relationship. The article shows the fundamental possibility of using smart contracts in the system of budget relations as a tool for the settlement of a multilateral transaction. Conclusions. Currently, smart contracts are an essential element of a new stage in the development of financial technologies. Specialists in the financial and banking sector recognize the emerging opportunities for their use in the system of financial relations. The paper shows an example of possible use of smart contracts in the settlement of budget relations and in improving the utilization efficiency of budget funds.

Impact of Behavioural Intention on E-Wallet Usage During Covid-19 Period: A Study from Sri Lanka

In recent years, there is a noticeable increase in cashless transactions due to financial technology development. With the enhancement of fin-tech products like e-wallet, most consumers shift from cash-based transactions to cashless. In particular, locked down Citizens of the country had no other choice than to stay at home due to the COVID-19 pandemic in Sri Lanka. The social distancing and avoidance of physical touch were the significant measures to escape from the COVID-19 virus. The use of digital transactions and electronic cash transfers was encouraged in every nook and corner of the country. The present empirical study aimed to investigate the significant predictors of behavioral intention on e-wallet usage during the COVID-19 period. This study adopted a practical research design to the online survey method to gather e-wallet users' perceptions in the study area by applying an extended technology acceptance model (TAM). The present study follows the quantitative approach to gathering data from 500 respondents using a Google Form. And collected data were analyzed using the regression model. The results indicate that Attitude, perceived usefulness, perceived ease of use, perceived cost, perceived Risk, and COVID – 19 are the positive and significant predictors of e-wallet usage. In contrast, perceived usefulness, Subjective norms, and facilitating conditions do not significantly influence e-wallet usage. Further, e-wallets usage should be encouraged to avoid unnecessary visits to banks, implement social distancing, avoid physical touch while exchanging cash amid the COVID-19 pandemic in Sri Lanka and create a positive attitude among citizens of the country towards the adoption of a cashless economy. Finally, this study helps the digital marketplace's service providers understand the usefulness of using e-wallet for transaction purposes.

THE ROLE OF SHARIA FINTECH IN DEVELOPING ISLAMIC ECONOMY IN THE DIGITAL ERA IN INDONESIA

Indonesia is one of the countries that has great potential for the development of the digital economy. The development of financial technology in Indonesia is increasing rapidly lately. This can be seen from the large response of indonesian people to the existence of fintech. This research aims to find out how sharia fintech plays in developing the Islamic economy in the digital age in Indonesia. This research method uses literature review approach by using the study materials of previous journals, books and other references. The results showed that FinTech plays an active role in the development of the national sharia economy in the digital era in Indonesia, as well as the strengthening of startup companies that can strengthen the halal industry chain, so as to create a sharia economy based on technology infrastructure. With this Islamic FinTech is expected in the future can improve inclusive finance, and can increase the economic growth of Islam in Indonesia. Fintech is an alternative solution to the creation of sharia financial transactions that are easier, faster and more efficient. In addition, sooner or later with the potential and wealth of Natural Resources Indonesia has the opportunity to become the center of the world halal industry that will promote halal food, halal fashion and halal tourism to go to the Global Islamic Economy.

A Justice Reform In Consumer Protection In Development Of Financial Technology

This research aims to analyze consumer protection in the development of fintech. The approach used is sociological juridical. Based on the research conducted, it was found that the implementation of fintech is often used as a cover for fraud supported by cyber bullying. The factors that affect the implementation of debtor protection when they are unable to pay their debts to financial technology institutions are the overlapping rules, the lack of reach of law enforcement in cases of fraud under the guise of financial technology institutions, and the influence of globalization which has resulted in the growth of financial technology institutions becoming increasingly unstable under control. This results in the implementation of financial technology not being in accordance with good ethical principles in making an agreement.

Financial Technology Awareness Among Homestay Operators in Sarawak, Malaysia

As a part of Malaysia’s tourism landscape, the homestay business has gone through various changes in the dynamic tourism industry. It was initially developed to allow tourists and visitors to experience the social and natural heritages of the local people as they live their daily life. Just like any other business, homestay business is also being impacted by the rapid development of information and communication technology (ICT) including the disruptive development of financial technology or better known as Fintech. This is widely acknowledged as an innovative solution for financial transactions due to the great convenience that it offers not only to the consumers but also the business operators. However, as the homestay business in Malaysia tends to be operated among micro, small and medium enterprises, or to be more precise are mainly operated as personal or family businesses, the adoption of Fintech services is still at the infant stage among homestay operators. Realizing the significance of Fintech towards the development of homestay business in Malaysia, a qualitative method was adopted involving in-depth interviews of 30 homestay operators. The site of the study is in Sarawak, which is the largest state in Malaysia. An open-ended, in-depth interview method is adopted as it enables the homestay operators to give their views in a robust and detailed manner. This study is needed to identify the cause of low adoption rate among homestay operators, hence, initiating the knowledge and later actions to encourage the homestay operators to reap the benefits that the Fintech has to offer.

To the Question of the Financial Marketplace

Currently, the development of financial technologies, digital transformation and digital inequality in the Russian Federation are among the most important issues that require solution and assessment of their impact on the development and competitiveness of financial organizations, the development of the regional economy and the national economy as a whole. Analysis of scientific approaches, practical and analytical materials, with all their diversity, confirm the insufficiency and need for further research of the development of financial technologies, including the development and use of financial platforms. The article discusses various approaches to understanding what is called a financial or banking marketplace. The author provides his definition of this concept. The study examined the existing and possible issues associated with the implementation of the «Marketplace» project initiated by the Bank of Russia, that would help overcome the digital inequality and develop a competitive environment in the financial sector.

Digital Technologies in the Financial sector: Evolution and Major Development Trends in Russia and Abroad

The subject of the research is a complex of financial technologies that are actively used in the financial and credit sector in Russia and abroad. The study aims to show the place of technological progress based on the use of FinTech and the development of human capital in the Russian economy; transformation of business processes based on modern financial technologies, creating new promising opportunities, and responding to the challenges of Industry 4.0. The paper considers the issues related to the study of the prospects for the development of financial technologies in global practice and the possibilities of their adaptation in the activities of Russian financial organizations. The research is based on the analysis of data provided by international consulting companies, analytical centers, and official data sources of the Central Bank (Bank of Russia). The authors apply methods such as comparative research, empirical, logical, graphical, analysis, interpretation, and comparison. The study assesses the growing role of financial technologies in the Russian economy, identifies the main problems, and outlines development prospects based on the integration of traditional institutions and FinTech companies for the reproduction of financial innovations in the future. As a result, it was concluded that improving the technological effectiveness of banking processes is possible on the basis of digitalization using various financial technologies, which will lead to the simplification and optimization of traditional operations, prevention of fraud, create new and more personalized offers according to customer needs, while changing the way of interaction with them.

Recommendations contributing to the development of financial technology (Fintech) in Vietnam

The COVID-19 pandemic has had a significant impact on all aspects of socio-economic life globally and in Southeast Asia during the past two years, putting pressure on the global economy, which is a threat to human health and welfare and disrupts the functioning of the world economy. However, the pandemic context has promoted technological innovation, creativity, accelerated application of financial and digital technologies to enhance people's access to finance and risk tolerance, people, enterprises. Besides, the trend of non-cash payment will continue to grow more substantially due to changed consumer habits, psychology, and behavior, and the development of innovative Fintech solutions that make payment convenient. In the long term, Fintech can help people and businesses maintain and increase access to financial services even when the blockade order is issued, support businesses to reopen in the new normal. Therefore, the paper's goal had several recommendations to enhance the contribution to developing financial technology (Fintech) in Vietnam.

CRYPTOCURRENCY ANALYSIS OF INDONESIAN MARKET EDUCATION FACILITIES

The Indonesian market cannot be separated from the elements of information technology. The development of information technology will be closely related to the investment sector, especially finance. Cryptocurrency or digital currency is the result of the development of financial technology. Digital currencies are starting to be widely used as a means of payment via the internet. This currency was created with the aim of making payments easier and safer. The use of Blockchain technology causes transaction costs to be cheaper. Government policy through Bank Indonesia prohibits transactions using Cryptocurrency because it has a negative impact on the financial system, monetary stability and payment system in Indonesia. This research provides an understanding of Cryptocurrency to the Indonesian market. In the technology offered, cryptocurrency is a development of financial technology that allows it to replace banknotes in future financial transactions. In the future, the hope is that the government will study cryptocurrency technology more deeply so that the policies issued do not prohibit and at the same time protect the Indonesian market. Keyword : Cryptocurrency, Indonesian Market, Education Facilities

Ecosystem within ecosystem: The development of financial technologies in Russia

Ecosystem within ecosystem: The development of financial technologies in Russia

Impact of COVID-19 on Financial Constraints and the Moderating Effect of Financial Technology

ABSTRACT The sudden outbreak of COVID-19 has made enterprises in various countries face extreme financial constraints. Using the quarterly data of Chinese listed companies from 2011 to 2020, we examine the impact of COVID-19 on financial constraints and the moderating effect of financial technology. We find that while COVID-19 has increased enterprises’ financial constraints, the development of financial technology can mitigate its negative impact. The results still hold under various robustness checks. While the COVID-19 pandemic is still ongoing, there is scope for the future development of financial technology to help protect and revive the global economy.

Pengaruh Penggunaan Uang Elektronik (E-Money) Berbasis Server Sebagai Alat Transaksi terhadap Penciptaan Gerakan Less Cash Society Pada Generasi Milenial di Surabaya

The increasing development of financial technology has led to change in the payment instrument in society, for example, the use of cash to electronic money (e-money) in a daily transaction. One of the users of e-money is Millenials. Millennials are the main actor of technological sophistication in which they will be treated to various convenience and practicality in making a transaction in their economic activity. Therefore, it is possible to increase the use of e-money in a transaction. If there is an increment in the use of e-money, it can indicate the new creation of a social phenomenon in society namely a cashless society. A cashless society consists of people who tend to be minimal in using cash and they are more likely to use electronic payment in a transaction. This research aims to determine the effect of the independent variable use of electronic money (e-money) on the dependent variable of the cashless society movement in the Millennials in Surabaya. The method used in this research is quantitative by using a likert scale measuring instrument and a simple linear regression analysis technique in software named SPSS 24. The result shows that the variable use of electronic money has a positive and significant effect on the cashless society movement.