Financial Technology Innovation Research Articles

ТЕНДЕНЦІЇ БЮДЖЕТНОГО ФІНАНСУВАННЯ ПРОЦЕСІВ ВІДНОВЛЕННЯ ЕКОЛОГІЧНОГО СТАНУ КРАЇНИ

The urgency of addressing environmental challenges is further underscored by the escalating threats of pollution, biodiversity loss, adverse impacts on public health, and the specter of climate change. These multifaceted issues necessitate a nuanced and comprehensive approach to mitigate their effects successfully. However, the absence of cohesive, integrated strategies, coupled with the pernicious presence of corruption and ambiguity in assigning responsibility, can significantly impede the resolution of these problems, compelling the allocation of substantial financial resources. Successfully executing ecological restoration programs demands the resolution of technological challenges, the implementation of effective cost controls, and a steadfast commitment to avoiding corruption. This imperative underscore the need for a holistic approach and integrated strategies focused on the judicious utilization of budgetary funds, coupled with active public engagement. In light of these considerations, budgetary financing for environmental restoration emerges as a pressing task and a pivotal factor in ensuring sustainable development and the safeguarding of natural resources. This approach not only acknowledges the global scale of environmental issues but also emphasizes the imperative for international collaboration to attain successful outcomes in confronting ecological challenges. Moreover, recognizing the interconnected nature of environmental issues compels us to transcend national boundaries and foster collaboration on a global scale. Achieving these collaborative efforts will require diplomatic negotiations, shared technological advancements, and a collective commitment to addressing the root causes of environmental degradation. In this context, international partnerships and cooperation become indispensable components of the solution. In conclusion, the imperative of addressing environmental challenges demands a multifaceted approach that combines local and global efforts, emphasizing the significance of effective financial strategies, technological innovations, and international cooperation. As the world grapples with these issues, a collective commitment to responsible environmental stewardship becomes paramount for the well-being of current and future generations.

ИННОВАЦИОННЫЕ ФИНАНСОВЫЕ ТЕХНОЛОГИИ РАЗВИТИЯ РУДНИКА «СЕВЕРНЫЙ» АО «ЭЛЬКОНСКИЙ ГОРНО-МЕТАЛЛУРГИЧЕСКИЙ КОМБИНАТ»

The proposed innovative financial technologies for the development of the Severny mine of the Elkonsky Mining and Metallurgical Combine, harmoniously combining the interests of working citizens, owners and the state, make it possible, at quite achievable growth rates of gross domestic product (enterprise revenue), to ensure a 4.08-fold increase in wages of employees over 5 years, to increase contributions to the development fund over 5 years in 16.32 times, in which, first of all, the owners of enterprises and the entire workforce are interested, because this ensures the growth of their income and the possibility of constant modernization and updating of technological equipment and the release of new competitive products. In addition, deductions to the Pension Fund of Russia and the Federal Compulsory Medical Insurance Fund and income tax, income tax and value added tax over 5 years will increase by 4.26 times, which will allow the territorial authorities to solve many social problems.

ИННОВАЦИОННЫЕ ФИНАНСОВЫЕ ТЕХНОЛОГИИ РОСТА ЗАРАБОТНОЙ ПЛАТЫ И ОТЧИСЛЕНИЙ НА РАЗВИТИЕ РУДНИКА «СЕВЕРНЫЙ» АО «ЭЛЬКОНСКИЙ ГОРНО-МЕТАЛЛУРГИЧЕСКИЙ КОМБИНАТ»

The proposed innovative financial technologies for the development of the Severny mine of the Elkonsky Mining and Metallurgical Combine, harmoniously combining the interests of working citizens, owners and the state, make it possible, at quite achievable growth rates of gross domestic product (enterprise revenue), to ensure a 3.86-fold increase in wages of employees over 5 years, to increase contributions to the development fund over 5 years in 10.58 times, in which, first of all, the owners of enterprises and the entire workforce are interested, because this ensures the growth of their income and the possibility of constant modernization and updating of technological equipment and the release of new competitive products. Increase contributions to the Pension Fund of Russia and the Federal Compulsory Medical Insurance Fund and income tax, tax on profit and value added tax for 5 years by 4.26 times, which will allow territorial authorities to solve many social problems.

ANALYSIS OF DIGITAL WALLET SERVICE QUALITY DURING THE COVID-19 PANDEMIC TO MEASURE CUSTOMER SATISFACTION USING THE KANO MODEL (CASE STUDY ON GOPAY AND DANA DIGITAL WALLETS)

Since the COVID-19 pandemic broke out in Indonesia in early March 2020, the Indonesian government has made efforts to limit the social activities of the community to break the chain of the spread of COVID-19. With this restriction, there has been a change in transaction behavior in the community to digital payments. The number of financial technology innovations during the pandemic is also increasingly attracting public interest. The type of financial technology that is often used is a digital wallet. The object of this research is GoPay and DANA because they have the most users and dominate the digital wallet market in Indonesia. The service quality factor has a high impact on customer perception to value digital wallets. Digital wallet companies must understand the wants and needs of their customers, and pay attention to customer satisfaction because it is very important to develop products. The research objectives are to describe the quality of GoPay and DANA services from customer perceptions, to find out the description of GoPay and DANA customer satisfaction, and to determine the effect of digital wallet service quality on customer satisfaction during the COVID-19 pandemic using the Kano Model method, then described through customer satisfaction mapping. Based on the research results, GoPay and DANA features are divided into “indifference”, “must be” and “one-dimensional” categories. Features that are in the “indifference” quadrant mean that they cannot meet customer expectations. GoPay and DANA must improve features that have low customer satisfaction coefficient values, and need to maintain features that have high customer satisfaction coefficient values, then later feature improvements can be made to achieve a higher level of customer satisfaction. The results of this study can be used as an overview, input, and additional information related to customer satisfaction. GoPay and DANA can identify customer wants and needs and can make decisions to improve, develop, improve and enhance their service features.

Efforts to Support Economic Growth and Improve MSMEs’ Performance During the Pandemic

The purpose of this research is to find out the efforts to increase economic growth during the Covid-19 pandemic by implementing Financial Technology Innovation and resource base strategies through crowdfunding and Peer-to-peer lending as well as their implementation towards the sustainability of MSMEs. This study uses a Mix Method research approach, namely a combination of quantitative and qualitative. The population in this study were all SMEs using crowdfunding and Peer-to-peer lending services, totaling 380 SMEs using the slovin formula, and 192 SMEs were sampled. The results of this study are (1) There is an increase in MSME performance if Financial Technology innovation uses Crowdfunding (2) There is an increase in Economic Growth if Financial Technology innovation uses Crowdfunding, (3) There is an increase in MSME performance when implementing a Resouse Base Strategy using Peer-to-peer lending, (4) there will be an increase in economic growth if implementing the Resouse Strategy Base using Peer-to-peer lending, (5) there will be an increase in the performance of MSMEs if they carry out Financial Technology innovation and Base Strategy Research using Crowdfunding, (6) there will be an increase in growth the economy if we carry out Financial Technology innovation and our Resource Base strategy Peer-to-peer lending, (7) MSME performance increases if Financial Technology Innovation and Resource Base Strategy is carried out using Crowdfunding and Peer-to-peer lending, (8) Economic growth will increase if internal improvements are made in the form of Innovation the Financial Technology and Resource Base Strategy using Peer to Peer Leaning Crowdfunding. This research contributes to the government in obtaining the maximum investment so that it can create a lot of jobs can increase economic growth. This research can be used by MSMEs for business models in dealing with situations during the Covid-19 pandemic.

Transforming Financial Outsourcing Services for Sustainable Business Development: A Review on Green Finance

Introduction. Financial outsourcing services contribute to the effective management of economic relations arising in the process of the formation and use of financial resources. With the unchanged goal of financial outsourcing, its services are being transformed, associated with the development of the financial market and the emergence of innovative financial instruments, technologies and mechanisms.
 Aim and tasks. The purpose of the article is to form a methodology for studying financial markets, growth points and development trends of "green" finance and tools for sustainable business development that require the transformation of financial outsourcing services.
 Results. A review of sustainable business development based on the methodology of researching the green financial market and financial instruments was carried out, which consists in the use of biometric, predictive, and other methods of analysis that allow timely identification of innovative financial instruments, their development trends, empirical data on their significance, sources of funding, scale, models and trends in the development of economic relations arising in the process of environmental modernization of production. The proposed methodology for researching the financial market will make it possible to transform financial outsourcing services in a timely manner, especially for clients engaged in the development and implementation of engineering innovations aimed at developing a sustainable economy based on green finance.
 Conclusions. The dynamics of the development of green bonds is significantly ahead of the dynamics of the development of the financial market as a whole. The concept of organizing regional sustainable financial systems is proposed, the infrastructure of which includes a financial outsourcer that contributes to the effective attraction and use of financial resources for sustainable business development. A classification of client groups of financial outsourcing services is proposed depending on the size of business entities and the involvement of specific financial instruments and management mechanisms carried out by an outsourcer, which provides capital management using financial management mechanisms, accelerating its turnover and reuse.

Measuring Financial Inclusion by Using the Multidimensional Index Approach in Selected Asian Countries

This study measures financial inclusion by using the multidimensional index approach in selected Asian countries. We used two new indices for the first time: (i) financial institution access for investigating the ease and availability of financial services; and (ii) technological innovation index for the usage of financial services with available technology. We also introduced a new dimension for the financial inclusion index by incorporating insurance and financial services. The annual balanced panel data of 25 Asian countries from 2004 to 2020 were used. Overall, the results of all three indices showed that the selected Asian countries are performing well within available resources. Israel is at the top of the financial inclusion index, whereas Cyprus and Lebanon lead the financial institution access and technological innovation indices, respectively. Contrary, Myanmar is at the bottom of all three indices. Several policy suggestions are also provided to increase the level of financial inclusion.

Nexus between green financial development, green technological innovation and environmental regulation in China

Sustainable development goals (SDGs) in developing markets to be achieved via the optimization of environmental and financial policy frameworks, it is necessary to comprehend how environmental restrictions affect the nexus between economic stability and biased technical innovation. Thus, the research delves into how green financial development, technological innovation, and environmental regulation play a role in China's pursuit of sustainable development. The assertions were validated using the Generalized Method of Moments estimate using 30 province panel data in mainland China from 1995 to 2020. As shown by the data significant contribution to climate change per person in China's provinces has grown by an average of 15.54%. Green financial development and green technological innovation impact China's sustainable development goals. The results of endogeneity and other robustness tests support the existence of a causal relationship. Green financial innovation and green technical innovation are essential approaches for achieving environmental sustainability. Empirical findings inform the formulation of policy implications leading to the maintenance of green financing, green technological innovation, and environmental regulation as drivers of sustainable growth in the Chinese economy.

Evaluation of Factors influencing the Shopee PayLater adoption in Indonesia

Current technological developments are one of the causes of the creation of financial technology (fintech) innovations. One of the fintech innovations that is developing in Indonesia is Shopee PayLater. This study aims to investigate the factors that determine the use of the Shopee PayLater function and its impact on consumption behavior among Indonesian students who use it. The primary data was collected from Indonesian e-commerce users. Later, the Grey Relational Analysis model was used for data analysis and evaluation of the factors. According to the findings, income, behavioral intention, and social influence all had a favorable and significant impact on the use of Shopee PayLater. Additionally, using Shopee PayLater has a good and significant impact on people's purchasing habits.

Інноваційні технології цифрової економіки як напрямок інвестування у розвиток України

The article examines the issue of innovative financial technologies in the context of the digital economy. The leading foreign experience of investing in fintech companies was analyzed, and the dynamic development of financial technologies was proven based on the analysis of statistical data. The main features of fintech companies are revealed. Quantitative and qualitative methods (the method of discounted cash flows, the first Chicago method and the Berkus method) of company value estimation, which are better than others, are able to take into account the peculiarities of the fintech industry, are considered. It has been proven that the optimal valuation method for mature fintech companies is the discounted cash flow method and the first Chicago method. A qualitative assessment of the Ukrainian fintech startup was also carried out using the Berkus method.

ECONOMICS AND ADVANCED CALCULATION METHODS OF FINANCIAL ENGINEERING

Topicality. The article defines the place and implementation of the tasks of financial engineering. In recent years, against the background of the active use of trade and financial instruments, the complexity of monetary relations between enterprises and financial institutions and the wide spread of computer technologies increase the relevance of the topic.Aim and tasks. The main purpose of the article is to determine the possibility of misuse of financial instruments reflecting the system of risk management, which is an element of financial engineering, which is considered as a means of achieving the competitiveness and strategic advantage of organizations.Research results. In the modern world, the processes of making managerial decisions are becoming more and more complex, while it is necessary to take into account an increasing number of factors that affect the financial results of an enterprise. Decision-makers are required to use mathematical skills in the design of financial transactions, knowledge of the basics of computer modeling. Today, not a single major financial institution in the world, including central banks, can work without computer mathematical models of modern financial science. From this point of view, a new direction in the training of specialists is relevant - financial engineering.Materials and methods. While conducting the research, sources related to financial engineering were examined, articles related to the complexity of monetary relations between enterprises and financial institutions and the wide spread of computer technologies were analyzed. Content analysis, induction, deduction, and comparative analysis methods were used during the research.Conclusion. The conclusion of the study is that the use of innovative financial technologies or the borrowing and use of advanced financial instruments from us requires a qualitatively new arrangement of cooperation, which is not possible under implementing sanctions. The final result is that the use of innovative financial technologies, the organization of the professional association of economists and financiers of the country, the creation and development of self-regulating organizations, the formation of a community of highly qualified specialists and the development of the quality management system of educational services are necessary for the development of machine building in Azerbaijan.

The synergistic effect of carbon performance and technological innovation on corporate financial performance.

In order to further implement the goal of "dual carbon" proposed by China's government, and promote energy enterprises to carry out low-carbon economic transformation, this paper takes listed companies in China's A-share energy industry from 2014 to 2019 as samples to conduct descriptive statistics, correlation test and regression analysis, and empirically studies the impact of carbon performance and technological innovation on financial performance of China's energy industry as well as their roles under different property rights. At the same time, the variables were delayed for one period to investigate the sustainability of carbon performance and technological innovation on financial performance and to weaken the endogeneity of the reverse causality between financial performance, carbon performance and technological innovation. The results show that good carbon performance and technological innovation in the energy industry can positively affect the financial performance of enterprises. During the research of interactive relationship, we find that carbon performance and technological innovation have synergistic effect on energy firm's financial performance, which means technology innovation can significantly positive to adjust the action of carbon performance on financial performance,and carbon performance at the same time can also be positive to adjust the action of technology innovation on financial performance. They mutually promote energy enterprise's financial performance. Further experimental research among different property- rights-owned enterprises, we found that the synergistic effects of carbon performance and technological innovation on corporate financial performance is much more significant in non-state-owned enterprises, possibly due to private firms' capital profit-seeking nature. The results will guide and inspire China's energy enterprises' low carbon development strategy formulation and implementation under the background of "dual carbon" goal.

How economic policy uncertainty and financial development contribute to renewable energy consumption? The importance of economic globalization

Across the globe, many countries have planned to increase renewable energy production capacity by support of financial development, technological innovations and economic policies. Since, using more traditional energy resources produces a large quantity of carbon emissions leading to global warming and climate change. To maintain normal climate and reduce global warming is only possible by shifting the use of traditional energy resources to renewable energy resources. All countries have to give more priority for development of renewable energy which will ensure sustainability and environmental quality. Therefore, this study examines the impact of economic policy uncertainty and financial development on renewable energy consumption by considering role of economic globalization in renewable energy demand function in top renewable energy consuming countries, spanning the period of 2003M01-2020M12. We applied panel econometric approaches which handle cross-section dependency, endogeneity and heterogeneity for empirical analysis. The results for long-run and short-run elasticities show that economic growth, financial development and economic globalization have a significant and positive impact on renewable energy consumption. Economic policy uncertainty impedes renewable energy production capacity. Overall, the results suggest that economic globalization, financial development and economic growth significantly increase renewable energy consumption. These results offer new insights for policy-makers to advancement of renewable energy sources by allocation of more capital and transfer of technology for the improvement of environmental quality in top renewable energy consumers.

Innovation-Led FDI Sustainability: Clarifying the Nexus between Financial Innovation, Technological Innovation, Environmental Innovation, and FDI in the BRIC Nations

Spatial adequacy and capital formation are impactful macro factors in achieving economic sustainability; therefore, offering a conducive ambiance for foreign investors entices them to the technology and capital mobilization in the host economy. The purpose of the study is to highlight the nexus of the innovation-led FDI in BRIC nations from 1990–2019. The study has implemented several econometric techniques to establish the empirical nexus, including a unit root test with a structural break, a combined cointegration test, an augmented autoregressive distributed lagged, a nonlinear autoregressive distributed lagged and the Fourier Toda–Yamamoto causality test. The structural break test divulged one break year in the data set, and the study incorporated the structural break effects in line with the explained variable. The long run association between the explanatory explained and the control variables has been unveiled with the test statistics of the combined cointegration. Furthermore, the long run cointegration in the empirical equation has been found in the linear and nonlinear assessment. In terms of the symmetric investigation, the coefficient of innovation, that is, TI, FI, and EI on FDI, were revealed to be positive and statistically significant at a 1% level, suggesting the innovation culture boosts the inflows of the FDI in the economy, both in the long run and short run. Furthermore, the asymmetric association has been confirmed by implementing the standard Wald test with the null of symmetry in the long and short runs. Inferring to the asymmetric coefficients, it is apparent that the positive and negative shocks of TI, FI and EI have established a positive tie to FDI, which is significant at a 1% level. According to the elasticities of the asymmetric shocks, the positive innovation disclosed a more prominent impact than the negative innovation on the FDI inflows. Thus this study advocated for ensuring a conducive innovation environment by mobilizing economic resources. Finally, the causality test documented the feedback hypothesis to explain the causal association between technological innovation and FDI and environmental innovation and FDI.

Green technological innovation, green finance, and financial development and their role in green total factor productivity: Empirical insights from China

Considering the environmental deterioration challenges and a sharp decline in the quality and quantity of natural resources, the need for capitalizing on renewable energy sources and environment-friendly practices has increased a lot. The United Nations also has urged firms to shift their reliance on fossil fuels to renewable and eco-friendly practices. Several nations have begun shifting from economic growth to green productivity practices, such as green finance, green innovation, etc., which signifies collaboration between the economy, resources, and ecological development to achieve sustainable development goals (SDGs). This study is based on a comprehensive index of green finance development. Using the nonparametric data envelopment analysis and directional distance function (DEA-DFF) model, it examines the impact of green finance, financial development and green technology innovation (GTI) on green total factor productivity (GTFP) in 28 Chinese provinces from 2011 to 2021. The findings indicate that green finance raises the degree of green productivity significantly. Other elements, such as financial development and technological innovation, contribute significantly to green production. It is also found that establishing green finance legislation can help accelerate the growth of green finance. The empirical findings in this study have policy implications for China's environmental and green finance planning. This study is among the pioneer investigations integrating green finance, financial development, and green technology innovation into a unified research framework.

EVALUATION OF CONSUMERS' INTENTIONS TO USE CRYPTOCURRENCY ACCORDING TO PERSONALITY TYPES

Günümüzde yenilikçi finansal teknolojiler olarak tanımlanan kripto paraların finans sektörünü derinden etkilediği ve küresel ekonominin gücünü değiştirdiği ifade edilmektedir. Tüketiciler tarafından kabulünün merak konusu olduğu kripto paraların kullanımını etkileyen birçok faktörün olduğu düşünülmektedir. Bu çalışmada, tüketicilerin kripto para kullanım niyetleri kişilik tipleri bağlamında incelenmiştir. Nitel araştırma yöntemlerine uygun bir şekilde yürütülen bu çalışmada, yargısal örnekleme yöntemi kullanılarak toplamda 90 katılımcının görüşüne başvurulmuştur. Toplanan veriler, betimsel analiz tekniği ile analiz edilmiştir. Araştırmanın geçerliği ve güvenilirliği TAPUPAS kriterleri baz alınarak sağlanmıştır. Araştırma sonucunda, katılımcıların çoğunluğunun riskli olduğu, güvenli ve faydalı olmadığı düşüncesi ve uygulama ara yüzünün karışık bulunması gibi faktörlerden dolayı kripto para kullanmadıkları ve bu katılımcıların kişilik tipleri açısından bir farklılık göstermediği tespit edilmiştir. Kripto para birimlerini kullanan katılımcıların %58,82’sinin B tipi kişiliğe sahip olduğu görülmüştür.

Digital Landscape Design for Infrastructure Business on Islamic Financial Technology Platforms in Indonesia

The trend of digitization is a phenomenon that is quite popular in recent years where this phenomenon has entered all sectors, including the financial sector. The emergence of financial technology innovation is evidence that the digitalization phenomenon has entered the financial and banking sectors. Therefore, this innovation is not only present to provide financial services, but must be able to provide solutions, especially for micro, small and medium businesses as a fintech business segment. The research method used in this study is a descriptive qualitative approach. The results of the research produced are designing the structure of fintech application features to answer the problems that occur in MSMEs

Digital Landscape Design for Infrastructure Business on Islamic Financial Technology Platforms in Indonesia

The trend of digitization is a phenomenon that is quite popular in recent years where this phenomenon has entered all sectors, including the financial sector. The emergence of financial technology innovation is evidence that the digitalization phenomenon has entered the financial and banking sectors. Therefore, this innovation is not only present to provide financial services, but must be able to provide solutions, especially for micro, small and medium businesses as a fintech business segment. The research method used in this study is a descriptive qualitative approach. The results of the research produced are designing the structure of fintech application features to answer the problems that occur in MSMEs

Would Financial Development Help China Achieve Carbon Peak Emissions?

China has committed to reaching carbon peak before 2030. To realize the carbon peak goal, financial development plays an essential role in developing a green economy. Based on the panel data of 30 provinces in China from 2006 to 2019, this paper explores the impact of financial development on carbon intensity both theoretically and empirically. A financial development index system is constructed and computed using the entropy method. A spatial lag panel data model is employed to empirically test the interaction effect of financial development on carbon intensity. Moreover, the mediating effects of industrial upgrading and technological innovation are further investigated. The results show that: first, carbon intensity generates strong spatial spillover effects between provinces in China. Second, financial development significantly reduces carbon intensity, and is most pronounced in central China, followed by western and eastern China. Third, industrial upgrading and technological innovation are important channels to assist financial development in cutting down carbon intensity, and both produce positive spatial spillover effects. These findings suggest that inter-regional cooperation and coordination on financial development, industrial upgrading, and technological innovation are conducive to achieving low-carbon development targets. This research not only has practical significance to China, but also provides global reference value to other countries.

Optimalisasi Penyaluran dan Pengawasan Dana Lembaga Pengelola Dana Bergulir kepada Usaha Mikro Kecil dan Menengah melalui Aplikasi Securities Crowdfunding Sharia

Micro, Small and Medium Enterprises (UMKM) are one of the fields that make a significant contribution to Indonesia's economic growth, but there are still problems in limited access to productive resources, especially capital. One of the financial institutions that provide financing is the Islamic People's Financing Bank (BPRS), which in its implementation is supervised by the Financial Services Authority (OJK). The government provides funds for Revolving Fund Distribution Institutions (LPDB) to be managed by Sharia People's Financing Banks (BPRS) which will later be distributed to Micro, Small, and Medium Enterprises. This study aims to optimize the distribution and supervision of funds from the Micro, Small and Medium Enterprises Cooperative Revolving Fund Management Institution (LPDB-KUMKM) as a strengthening of Micro, Small and Medium Enterprises based on the application of sharia compliance perspective. The type of research used is the type of research and development or Research and development (R&D). The data collected in this paper are primary and secondary data as well as data analysis using qualitative descriptive methods. Co-Fund Sharia (Securities Crowdfunding Sharia) is an application-based financial technology innovation designed with sharia compliance principles, as a medium to assist the Financial Services Authority (OJK) in supervising the distribution of Revolving Fund Management Institution (LPDB) funds by Sharia People's Financing Banks (BPRS) so that the distribution of these funds can be right on target.