Financial Products Research Articles

The Fluctuation Characteristics and Risk Investigation of China's Gold Future Market

This paper deeply explores the fluctuation characteristics and risks of China's gold futures market. Through the collection of data on macroeconomic factors, stock index interest rates, and energy futures, the paper employs multiple linear regression models and intermediary variable models to quantitatively analyze the impact of these factors on the volatility of gold futures prices. The research finds that there is a significant positive correlation between the gold futures price and the growth of the U.S. GDP and the silver futures price index, while the impact of other macroeconomic indicators such as China's gold reserves and the inflation rate is not significant. Policy support and market regulation play a key role in the healthy development of the market, and the broad participation of market participants and the innovation of financial products have driven the diversification of the market. The intermediary effect analysis shows that the impact of macroeconomic factors on the gold futures price is partially indirect through the intermediary variable of stock index interest rates.

A Research on the Development Status of Green Finance in China

China's green finance has become one of the important tools to promote sustainable economic development. This review first analyzes the environmental, social and governance (ESG) situation of chemical companies, which are high-energy-consuming and high-pollution companies that mainly use green financial instruments. Carbon emissions and pollutant emissions, safety of employees and surrounding residents, and legal and ethical issues were discussed to illustrate the chemical industries situation. Then, this paper focused on the application of three green finance tools, green financing, green bonds and green insurance in Chinese capital market. Finally, this paper introduces the green financial incentive policies launched by the Chinese government and where the policies still need to be improved. Through the review of the above aspects, this paper concludes that China's green financial development has made significant progress, but it still needs to keep improve green financial products and face the challenges of more applications in other industries.

Interlinkage between lending and borrowing tokens and US equity sector: Implications for social finance

Decentralized peer-to-peer social network-based platforms and financial products (i.e., tokens) are emerging phenomena in the area of social finance. This paper explores the return and volatility spillovers between Lending and Borrowing tokens and US equity sectors using the TVP-VAR framework. The results indicate a considerable static return and volatility spillovers between tokens and sectors. Most equity sectors are net transmitters of return and volatility spillovers, whereas tokens are more net receivers. Moreover, our findings show that dynamic return and volatility spillovers vary over time and experience a significant rise during the initial phase of the Russia-Ukraine conflict in the second quarter of 2022. Finally, we explore the portfolio implication of DeFi and find that the hedge effectiveness scores are significantly greater than zero at a 1 % significant level for all optimal weights and hedge ratios of sector/token pairs, suggesting that investors and portfolio managers should consider adding tokens to their equity sector portfolios and adjust the portfolio allocations over time to achieve diversification benefits. This paper explores the association between social finance-based emerging tokens and traditional equity markets, providing insightful information to policymakers and portfolio managers regarding diversification, hedging, and risk management.

Analisis Tingkat Literasi Finansial Mahasiswa Manajemen Bisnis Syariah di STAI Al-Kifayah Riau: Konsep, Sikap, dan Perilaku

Purpose: Students must have a good understanding of finance, especially when facing the challenges of financial management in today's era. The purpose of this study was to determine how proficient Sharia Business Management (MBS) students at STAI Al-Kifayah Riau are with basic financial concepts, attitudes, and behaviors related to finance. Methodology: This study was conducted using a quantitative approach through a survey. The stratified random sampling method consisted of 85 MBS students who were randomly selected. Data were collected through a financial literacy questionnaire distributed online via Google Form. Results: The results of the analysis showed that MBS students at STAI Al-Kifayah Riau had high financial literacy in basic financial concepts and products, with 17% in the high category, 28% in the medium category, and 55% in the low category. Financial attitudes, with 21% in the high category, 34% in the medium category, and 45% in the low category, and financial behavior, with 20% in the high category, 31% in the medium category, and 49% in the low category. Limitation: If the sample is only taken from one institution (STAI Al-Kifayah Riau), the results may not be generalizable to students in other institutions or different areas. Contribution: The results show that the majority of MBS students of STAI Al-Kifayah Riau do not understand financial concepts, attitudes, and behaviors. This suggests that education should be conducted to improve students' financial knowledge, especially by offering courses or training that focus more on financial management.

Development of the bank of russia’s fast payment system in modern conditions

The financial market development in Russia and in the world is currently characterized by a number of processes such as emergence of a large number of new products and new formats implementation for their provision, expansion of the geography of financial institutions presence, national boundaries erasure in acquisition and provision of financial services, sales channels improvement for financial products and services, including remote ones, using modern information technologies. The article studies issues related to the current state and prospects of the fast payment system (hereinafter referred to as FPS) development considering the synergetic impact of payment services digitalization and sanctions restrictions. It analyzes the changes taking place in the FPS service in recent years, focusing on innovative business models, new functions implementation, technological transformations, as well as regulatory and risk aspects. The study pays special attention to the financial technology impact on development and functioning of the system as a key element of the payment industry. The potential of FPS in the context of ensuring the Russian payment infrastructure security represents an important direction for strengthening user confidence and system sustainability. The paper considers a number of promising areas for further development of FPSs, including their applicability to cross-border payments.

Quantitative Finance and Information Technologies: A Comparative Analysis of Quantitative Trading and Cryptocurrency and Their Regulatory Challenges

As technology has improved in the last decade, financial institutions have developed new technologies, including quantitative trading and cryptocurrency, to enhance their financial products and services. This paper first provides a brief background of quantitative trading and argues for the transactional efficiency of quantitative trading over traditional trading practices; it characterizes quantitative trading as fast and precise. Meanwhile, the study also accounts for the regulatory concerns–including data leakage and platform security–that quantitative trading firms may encounter. This study then establishes a distinction between cryptocurrency and quantitative trading–the former is money-driven, and the latter is data-driven. This paper then discusses the speculative nature of cryptocurrency and addresses its financial concerns citing the FTX collapse. Overall, this paper establishes the argument that quantitative trading supported by technological experts and facilitators offers more advantages than disadvantages compared to cryptocurrency trading. This research concludes that since quantitative trading and cryptocurrency trading are conducted without consideration for international boundaries, they offer bold financial potential as alternatives to traditional banking practices, as long as specific international financial laws are complied with.

Unveiling the role of city commercial banks in influencing land financialization: Evidence from China

Local financial development is crucial for advancing regional financial supply side structural reform, enabling local governments to leverage financial instruments to effectively mobilize land resources and foster competitive growth. The introduction of numerous financial products linked to land-related rights and interests has resulted in a pronounced transmission and interconnection of fiscal and financial risks across regions. This study examines the impact of local financial development on land financialization in China using panel data from prefecture-level cities and detailed information on land mortgages. The findings indicate that the establishment of city commercial banks (CCBs) contributes to the progress of land financialization by incentivizing local government financing vehicles to participate in land mortgage financing, increasing the transfer of debt risks to the financial sector. Notably, the impact of CCBs on land financialization is more pronounced in regions with urban agglomeration, high GDP manipulation, inadequate local financial regulation, and robust implicit government guarantees. Further analysis reveals that CCB establishment has negative spillover effects on land financialization in neighboring areas, while expansion strategies such as establishing intercity branches, engaging in cross-regional mergers, and relaxing regulations have mitigated the rise of land financialization at the regional level. This study provides policy recommendations that focus on reducing local governments’ reliance on land financing and enhancing the prevention and management of financial risks.

Understanding and Preferences of Islamic Finance Among Gen Z

This study explores the understanding and preferences of Islamic finance among Generation Z by referring to Surah Al-Kahf verse 46. Generation Z, as a growing cohort in the digital era and globalization, has an increasingly important role in global economic development. Qualitative research methods are used to gain in-depth insight into the financial perspectives and beliefs of this generation, while verse 46 of Surah Al-Kahf was chosen as the theological basis for interpreting Islamic financial values. Results showed that, despite exposure to global culture, Generation Z showed significant interest in the concepts and principles of Islamic finance, as described in Surah Al-Kahf verse 46. Their understanding of these values influences their preferences for financial products and services. The implications of these findings for the financial industry and policymakers are presented, highlighting the importance of understanding and accommodating young people's preferences in more inclusive sustainable economic development, in line with the teachings of Surah Al-Kahf verse 46. This research aims to contribute to a better understanding of how Islamic financial values, as stated in the Qur'an, can guide the transformation of the global economy towards greater sustainability and inclusiveness.

Financial inclusion effects of engaging with the fintech ecosystem

Using the FinAccess Kenya Household Survey dataset, we construct a metric of individual engagement with the fintech ecosystem and examine its linkage with consumption of traditional financial products. Deploying a battery of econometric procedures, we document a pervasive gap in the usage of traditional financial products, ranging from 5.3% to 17.5%, between individuals who engage with the fintech ecosystem and those who do not. Treatment-effects procedures yield evidence that engaging with the fintech ecosystem improves individuals’ usage of traditional financial products by about 4 percentage points. The positive impact of the fintech ecosystem on the usage of traditional financial products is enabled by fintech mitigating the distance barrier. Interestingly, our findings suggest that the fintech ecosystem does not perform well in addressing financial inclusion inequalities facing young adults, women, the less educated and less wealthy people. We offer policy guides and future research suggestions anchored on these findings.

Importance of FinTech and Green Finance to Achieve the Carbon Neutrality Targets: A Study of Australian Perspective

Abstract Based on Australian data from 2000 to 2022, this study examines how FinTech will influence the nation's environmental future. The research shows that by directly intervening, FinTech-supported green finance is a chief driver of carbon reductions. This study contributes to existing literature by examine the role of Fintech and green finance in carbon neutrality targets of Australia. The complex web of interrelationships between technological and financial innovations is revealed as a factor that impacts the environment. When applied to Australia, which has its own FinTech industry and commitment to sustainable development, these results become even more eye-catching. This synergy takes global dimensions, with the research demonstrating a need to harmonize technological development and workable financial plans if environmental breakthroughs are to be made. However, the study points out to policymakers that they must foster a nurturing environment for digital financial innovations, develop stronger regulatory mechanisms, and encourage sustainable financial products. In terms of methodology, the research uses regression and mediation analysis to reach its conclusions. This research provides empirical evidence on the critical role of Fintech in advancing environmental sustainability in Australia, highlighting its direct and mediated effects on carbon emission reductions. By demonstrating the synergistic impact of technological and financial innovations, the study offers valuable insights for policymakers to foster a supportive ecosystem for sustainable digital finance.

Pengaruh Literasi Keuangan Syariah terhadap Keputusan Nasabah dalam Memilih Cicilan Kendaraan Islami

This study aims to analyze the influence of Islamic financial literacy on customer decisions in choosing Islamic vehicle installments in Indonesia. Using a quantitative approach, a survey was conducted on several respondents in five major cities in Indonesia. The results showed that the level of Islamic financial literacy has a significant positive influence on customer preferences for choosing Islamic vehicle installments. Logistic regression analysis revealed that every one-point increase in the Islamic financial literacy score increases the odds of choosing Islamic vehicle installments by 4.9%. Demographic factors such as age, education, and income also have a significant influence. These findings highlight the importance of efforts to improve Islamic financial literacy as a strategy to encourage the adoption of Islamic financing products. Practical implications include the need for targeted education programs, improved product communication, and innovation in the development of competitive Islamic financing products.

FINANCIAL INCLUSION AND PERFORMANCE OF TOP 100 SMALL AND MEDIUM ENTERPRISES IN KENYA

Access to services such as credit, insurance, and savings enables SMEs to invest in growth, innovation, and operational efficiency. SMEs leveraging financial inclusion can enhance their revenue generation, cash flow management, and overall profitability. The study sought to find out what impact finance inclusion has had on the performance of Kenya's top 100 SMEs. This study was guided by finance intermediation theories, technology acceptance theory, TAM signal theory and pecking order theory. The study1was carried1out on the basis of a descriptive research design. The target population consisted of top 100 medium size enterprises in Kenya as shown in the annual survey carried out by KPMG and nation media group in the years 2020. Respondents ware financial officers from Kenya's top 100 mid-sized companies. Stratified sampling was used to interview respondents based on company category. Respondents were selected using a purposeful selection process. Data1was collected using structured questionnaire. A pilot survey was conducted with 10 respondents, but the final survey did not include these respondents. Validity of research instruments was measured using content validity. The study examined the effects of micro savings, micro credit, micro insurance, and digital banking on the performance of Kenya's top 100 SMEs, revealing that tailored financial products significantly enhance operational efficiency and growth. Findings indicated that micro savings improve financial stability, while flexible repayment options for micro credit support sustainable business practices. Additionally, awareness and customized solutions for micro insurance products were found to bolster risk management among SMEs. Digital banking was highlighted as a critical enabler of faster transactions and better cash flow management. The conclusions suggest that targeted financial services and educational initiatives are vital for empowering SMEs to optimize their performance. Recommendations include developing customized financial products, enhancing digital banking infrastructure, and providing financial literacy training to improve overall business resilience and sustainability.

Marketing Strategy for Mitraguna Online Financing Products in Increasing the Number of Customers

This study aims to determine potential marketing strategies to increase the number of customers in the online mitraguna financing product of Bank Syariah Indonesia, Kisaran sub-branch office. This research uses qualitative research methodology. In qualitative research, the findings are analyzed and then reported by the researcher. In this study, two different types of data were used, namely primary and secondary. Interviews were used to obtain primary data, while publications from relevant financial institutions as well as relevant scientific literature were used to collect secondary data. The results of the data analysis resulted in the largest threat weight of 0.092538, the largest opportunity weight of 0.571429, the highest weakness weight of 0.210526, and the highest strength weight of 0.421053. The average overall score of the Internal Factor Evaluation matrix is 2.736842, but the average score of the External Factor Evaluation matrix is 2.952381. The results of this study indicate that the marketing strategy that needs to be implemented lies in quadrant V, namely the strategy of maintaining and maintaining by obtaining 5 alternative strategies that are expected to contribute to the Bank Syariah Indonesia Kisaran sub-branch office to increase the number of online mitraguna financing customers.

Financial Inclusion Knowledge, Spending Behavior, and Ease of Use on Interest in Using the DANA Application

This study aims to examine how financial inclusion knowledge, spending behavior, and ease of use influence students' interest in using the DANA application. Financial inclusion knowledge is considered important as it provides an understanding of digital financial products and services, while spending behavior reflects how individuals manage their expenses and make financial decisions. Furthermore, the application's ease of use is a key factor that can influence users' interest in adopting financial technology like DANA. This research employs a quantitative approach using a survey method. Data from 100 students in Deli Sumatera University's management study program was collected using a questionnaire and analyzed using multiple linear regression. The research results show that knowledge of financial inclusion, spending behavior, and ease of use have a positive and significant impact on the interest in using the DANA application. Among these three variables, knowledge of financial inclusion has the most dominant influence on the interest in usage. The more students know about financial inclusion, the more they want to use DANA. In addition, planned spending behavior and the ease of using the DANA application also play a significant role in encouraging interest in using the app. Based on these findings, this research contributes to understanding the factors that influence interest in using digital financial applications and supports the enhancement of financial inclusion among students

A STUDY ON WORKING WOMEN’S FINANCIAL DECISIONS IN BANGALORE NORTH

This study investigates the financial decision-making patterns of working women in Bangalore North, focusing on the factors that influence their personal finance management and investment choices. Through a combination of surveys and interviews, the research explores the impact of demographic variables such as age, education, income level, and marital status on financial decisions. It also examines the role of societal expectations, family responsibilities, and financial literacy in shaping their ability to make informed financial choices. The findings highlight both the progress and the challenges that working women face in achieving financial independence. Despite an increasing number of women participating in the workforce, many still encounter barriers to effective financial planning, including limited access to tailored financial products and a lack of comprehensive financial education. The study concludes by recommending policies and initiatives that aim to empower working women, enhance their financial literacy, and support their pursuit of financial autonomy. KEY-WORDS: Societal Expectations, Family Responsibilities, Financial Independence, Financial Planning, Demographic Factors, Empowerment, Gender and Finance, Workforce Participation

Influence of Demographic Factors on Loan Portfolio Quality in the Savings and Credit Cooperatives Societies in Tanzania

This study determined the influence of demographic factors on loan portfolio quality in Tanzania, focusing on the Hazina SACCOS. The sample of the study was 134 out of 423 borrowers from Dar es saalam and Dodoma cities, whose loans did not exceed Tanzanian Shillings 5 millions. Only 100 questionnaire sheets were returned. Out of those, only 75 were correctly filled, hence used for analysis. Data analysis took place through descriptive and regression analysis. The study concludes that demographic factors affected loan portfolio in different ways. While female borrowers had higher loan repayment rates than their male counterparts, younger, employed, business operators and married borrowers repaid their loans earlier than their counterparts, which promoted the loan portfolio quality. Borrowers with higher education and more dependents had a loan repayment challenge, which weakened the loan portfolio quality. Therefore, loan profitability relates with demographic factors. In order to promote earlier loan repayment, hence loan portfolio quality, the SACCOS should offer demographic-centric financial products and support programs. The SACCOS should offer loans to meet the employment diversity, including flexible loan terms to accommodate wage-employed, self-employed and other employed members. Tailored financial counseling, flexible loan terms and practical financial management training could help mitigate the negative impacts observed in the study.

RESEARCH AGENDA OF SHARIAH-COMPLIANT INVESTMENT USING BIBLIOMETRIC ANALYSIS R STUDIO

Research in the financial industry is becoming more diverse as technology and financial investment products develop. Sharia concepts in financial investment products will be assessed in the context of current financial trends, challenges, and future market opportunities. This study aims to provide an overview of these three things using Systematic Literature Reviews of previous studies. This study's findings can inform future Sharia financial product studies and financial market stakeholders' policy and decision-making

Challenges Experienced by Women in Accessing Loan from Women Development Fund in Arusha: A Case of Arusha District Council

Various economic empowerment programs and strategies have been introduced to improve the welfare of marginalized groups, particularly women. One such initiative is the Women Development Fund (WDF) in the Arusha District Council, Tanzania, which was established to provide financial support to women in the region. However, despite its aims, women often face significant challenges when trying to access loans from the fund. This study aims to explore the specific challenges women encounter when seeking loans from the WDF in Arusha District Council. A sample of 60 women beneficiaries was selected as respondents for this study. Data collection methods included household surveys, with community development officers serving as key informants through interviews. Both qualitative and quantitative data were gathered and analyzed, with findings presented in frequency tables and percentages. The results revealed that women beneficiaries faced multiple challenges in accessing loans. Loan delays were the most frequently reported issue, followed by other obstacles such as excessive bureaucracy, low risk-bearing capacity, sexual harassment, financial bribery, and erotic bribery. These barriers hinder women’s ability to secure the financial resources needed to improve their economic standing. Based on these findings, the study recommends that local government authorities, including the Arusha City Council, implement feedback mechanisms to address loan processing issues and support women beneficiaries more effectively. Additionally, women themselves are encouraged to improve their financial literacy and understanding of financial products and services, particularly those related to WDF loans, to increase their access to and success with such programs.

Financial Product Design in Decentralized Markets

Financial Product Design in Decentralized Markets

Tinjaun Yuridis Terhadap Kesiapan Kewajiban Spin Off Bagi Unit UsahaSyariah (UUS) Menjadi Bank Umum Syariah (BUS)

Law Number 21 of 2008 concerning Sharia Banking in Article 68 paragraph 1 and Article 40 Article 40PBI No. 11/10/PBI/2009 mandates that every Sharia Business Unit (UUS) which is a sharia unit in aConventional Commercial Bank (BUK) to separate itself (spin-off). and it is explained that UUS is obligedto separate into BUS if the value of UUS assets has reached 50% (fifty percent) of the total asset value ofits parent BUK. The spin-off time is no later than 15 (fifteen) years from the enactment of the law, namely2023. The aim of this writing is to determine the impact of the spin-off on UUS by analyzing the solutionsthat can be offered. The research results show that it is necessary to review Law Number 21 of 2008concerning Sharia Banking by considering the financial condition of UUS. Apart from that, UUS whichhas carried out a spin-off by becoming a new BUS can optimize the use of Third Party Funds in the formof financing and other services. In order to encourage BUS growth, support from the government isneeded, such as providing tax incentives and simplifying regulations on capital participation. Apart fromthat, the new BUS needs to carry out various innovations by adding financing products and developingexisting products. This research aims to determine the readiness of the Spin Off obligation for UUS tobecome a BUS and the issue of readiness to fulfill the obligations of UUS to become a BUS in July 2023.Keywords: Spin-off Obligations, Sharia Business Units (UUS), Sharia Commercial Banks (BUS)