Fintechs

This paper aims to investigate how digital currencies have caused a drastic evolution, especially in the payment sector. It aims to further studies on how bitcoin is the most conspicuous digital currency and is perceived as disruptive innovation with the potential of replacing fiat currency. The study was employed through a case study to examine whether bitcoins are disruptive innovation or a threat to the Central Banks and Fiat money. The study adopted a mixed approach research design by using qualitative and quantitative research approaches. The literature reviewed journals were published in credible journals in various databases. The Time series analysis approach was used to forecast the future prices of bitcoins. The study used an in-sample and out-of-sample time series forecasting using the Gretl software. The ARIMA (1,2,1) Model was found to be a good fit with 85% accuracy (the Mean Absolute Percentage Error-MAPE was 15%) to forecast the future of bitcoin prices. The outcome o...

Development and breakthrough of information and communication technologies in all spheres and aspects significantly changed the way of conducting business. Digital transformation is not an option for organizations, no matter of their size, industry, maturity, number of employees, customers and so on. In order to survive and stay competitive in digital age, organizations need to be agile, flexible, ready to adjust on rapid changes in the business environment and create new values for customers. Traditional banks recognized all benefits and potentials reflected in usage of new digital technologies. Their focus is shifted on simplification of providing service on anytime in any place to potential customers. Through adoption of Big Data concept and customer-centric approach, banks are among those organizations which widely use new technologies in digital age with the aim to create and sustain competitive advantage. Banking industry is obviously changed and significantly reshaped by digitalization process. In this paper is presented the case of DBS bank from Singapore, which made an extraordinary turnover in its business toward digital transformation and positioned itself as the leading digital bank in the world..

This dissertation explored the importance of ICT infrastructure for the deepening of financial services sector. It identified the components of ICT Investment that support the proliferation of access to financial services and analysed data on ICT penetration indicators against financial depth indicators to suggest relationship between ICT investment and financial depth. The case of Nigeria was further examined towards proving the essentiality of ICT Investment and digital inclusion to promoting access to financial services. The Nigerian narrative, as evidenced in available literature, underscores the plethora of efficiency gains that investment in ICT brought to financial services. However, it was lacking in determining, if those gains translated into improved access to financial services for the unbanked towards financial deepening. This study therefore examined that gap in available literature through the prism of Christensen’s theory of disruptive innovation from the technological improvement perspectives, which is leveraged by financial services innovators, globally.  Three selected financial depth indices were investigated to determine the impact of digital inclusion on them using Autoregressive Distributed Lag Models based on quarterly data from 2004 to 2018. It was established that the investment in ICT through its digital inclusion proxies i.e. mobile phones and broadband penetration have impact on financial sector deepening. Mobile phones penetration, in two of the three models has significant positive influence on savings mobilization and access to financial services. Similarly, broadband penetration in two of the three models has significant positive influence on access to financial services and access to credit. Hence, establishing that disruptive innovation brought about by investment in new technology strengthens financial deepening in Nigeria. Contrastingly, Internet penetration, which anchors the social impact of technology for disruptive innovation does not have significant effect on any financial sector deepening indicators in the three models, perhaps due to the low level of internet penetration in the country, high cost of internet services, weak quality of internet service amongst other factors. This finding departs from other studies with regards to effect of internet penetration. We therefore propose that policies should be geared towards harnessing the opportunities presented by modern telecommunication technology to foster financial inclusion by extending modern ICT to areas that are digitally excluded. This should be supported by encouraging financial services innovators through provision of financial services infrastructure such as ATMs, Bank Agents and Service Kiosks as financial touchpoints for the unbanked who may not ordinarily have access to the ICT facilities such as the internet.

In the context of current crises following COVID-19 and growing global economic uncertainties, the issues regarding financial transactions with FINTECH are increasingly apparent. Consequently, in our opinion, the utilization of FINTECH financial transactions leads to a risk-reduction approach when in contact with other people. Moreover, financial transactions with FINTECH can save up customers’ pecuniary funds. Therefore, during crises, FINTECH applications can be perceived as more competitive than the traditional banking system. All the above have provoked us to conduct research related to the utilization of financial transactions with FINTECH before and after the COVID-19 crisis outbreak. The aim of the article is to present a survey analysis of FINTECH utilization of individual customers before and after the crisis in Bulgaria. The methodology includes a questionnaire survey of 242 individual respondents. For the data processing, we implemented statistical measures and quantitati...

O presente trabalho tem como objetivo estabelecer um panorama entre o superendividamento  do consumidor e o desenvolvimento das fintechs como novos players do mercado financeiro, o  que favoreceu a oferta de créditos mais baratos e menos burocráticos a pessoas física. Isso  porque, como fenômeno da sociedade contemporânea, o superendividamento afeta a dignidade  e o suprimento do mínimo vital do indivíduo, de forma que a formulação de políticas públicas  para a prevenção e tratamento de casos de superendividados deve ser cada vez mais incentivada.  Ao mesmo tempo, deve-se verificar como a falta de regulamentações acerca das fintechs pelos  órgãos públicos, impactam na falta de informações claras ao consumidor, parte manifestamente  vulnerável na relação de crédito. Em pesquisa empírica realizada com fintechs de concessão de  crédito, verificou-se um número baixo de instituições que apresentavam informações básicas,  como os termos de uso, cláusulas contratuais ou taxas e tarifas praticadas. No tocante a  mecanismos de fomento à repactuação, ainda, observou-se que apenas 4 (quatro) instituições  verificadas disponibilizam plataformas de renegociação de dívidas. Dessa forma, concluiu-se  as fintechs constituem ferramenta essencial para a democratização do crédito bancário, no  entanto, carecem de regulamentações e políticas públicas claras preventivas ao  superendividamento, evitando a judicialização de feitos desta natureza e a exclusão do devedor  no mercado de consumo.
Palavras-chave: Superendividamento. Direito do Consumidor. Fintechs. Renegociação de  dívidas.

Quick Response Code Indonesian Standard atau QRIS telah menjadi sarana baru dalam bertransaksi secara online. Namun edukasi terhadap masyarakat dalam menggunakan QRIS masih sangat minim. Akibatnya masyarakat kebanyakan memperoleh pengetahuan tentang QRIS lebih banyak dari sumber tidak resmi seperti media sosial. Penelitian ini bertujuan untuk mengetahui bagaimana pengaruh media sosial terhadap pengetahuan tentang QRIS yang diperoleh mahasiswa di peguruan timggi. Penelitian ini menggunakan metode survey dengan sampel mahasiswa Fakultas Ekonomi dan Bisnis Islam Universitas Islam Negeri (UIN) Datokarama Palu. Hasil penelitian ini menunjukkan baha media sosial berpengaruh secara signifikan terhadap pemerolehan pengetahuan tentang QRIS. Hal ini dinyatakan berdasarkan hasil uji SPSS 21 dengan nilai Fhitung sebesar 109.066 > Ftabel 3,95, dan nilai signifikansi (Sig) ,000 < 0,05 dengan nilai dapat disimpulkan bahwa secara simultan variable Media sosial (X) berpengaruh signifikan terhadap Pengetahuan tentang QRIS (Y). Dengan demikian madia sosial telah menjadi sarana yang efektif dalam pemerolehan pengetahuan baru seperti QRIS.

Objetiva-se neste artigo avaliar em que medida o conceito jurídico atual de atividades bancárias é suficiente para alcançar novos modelos de negócio bancários implementados a partir das ideias de open banking e bancos como plataforma. Desde sua origem, as instituições bancárias estiveram associadas às atividades de coleta, aplicação e intermediação de recursos financeiros de terceiros. Contudo, a partir da entrada de novas tecnologias no setor bancário, é possível vislumbrar uma alteração estrutural nas atividades desempenhadas pelas instituições financeiras. Questiona-se, no presente trabalho, a continuidade da atual definição atribuída ao conceito jurídico de atividades bancárias. Para tanto, abordam-se os modelos de open banking e de banco como plataforma a partir dos textos normativos associados aos temas e da literatura que comenta a questão. Em seguida avalia-se o sentido jurídico de atividade bancária, a partir da análise de conteúdo do estatuto social das cinco maiores instituições brasileiras, seguida de pesquisa bibliográfica dos comentaristas brasileiros da matéria. Por fim, diante da conclusão da insuficiência do conceito atual de atividade bancária, propõe-se reavaliação do sentido jurídico do termo, para que sua ampliação possa englobar modelos de negócios mais amplos.

This paper aims to investigate how digital currencies have caused a drastic evolution, especially in the payment sector. It aims to further studies on how bitcoin is the most conspicuous digital currency and is perceived as disruptive innovation with the potential of replacing fiat currency. The study was employed through a case study to examine whether bitcoins are disruptive innovation or a threat to the Central Banks and Fiat money. The study adopted a mixed approach research design by using qualitative and quantitative research approaches. The literature reviewed journals were published in credible journals in various databases. The Time series analysis approach was used to forecast the future prices of bitcoins. The study used an in-sample and out-of-sample time series forecasting using the Gretl software. The ARIMA (1,2,1) Model was found to be a good fit with 85% accuracy (the Mean Absolute Percentage Error -MAPE was 15%) to forecast the future of bitcoin prices. The outcome ...

Quick Response Code Indonesian Standard atau QRIS telah menjadi sarana baru dalam bertransaksi secara online. Namun edukasi terhadap masyarakat dalam menggunakan QRIS masih sangat minim. Akibatnya masyarakat kebanyakan memperoleh pengetahuan tentang QRIS lebih banyak dari sumber tidak resmi seperti media sosial. Penelitian ini bertujuan untuk mengetahui bagaimana pengaruh media sosial terhadap pengetahuan tentang QRIS yang diperoleh mahasiswa di peguruan timggi. Penelitian ini menggunakan metode survey dengan sampel mahasiswa Fakultas Ekonomi dan Bisnis Islam Universitas Islam Negeri (UIN) Datokarama Palu. Hasil penelitian ini menunjukkan baha media sosial berpengaruh secara signifikan terhadap pemerolehan pengetahuan tentang QRIS. Hal ini dinyatakan berdasarkan hasil uji SPSS 21 dengan nilai Fhitung sebesar 109.066 &gt; Ftabel 3,95, dan nilai signifikansi (Sig) ,000 &lt; 0,05 dengan nilai dapat disimpulkan bahwa secara simultan variable Media sosial (X) berpengaruh signifikan terha...

Objetiva-se neste artigo avaliar em que medida o conceito jurídico atual de atividades bancárias é suficiente para alcançar novos modelos de negócio bancários implementados a partir das ideias de open banking e bancos como plataforma. Desde sua origem, as instituições bancárias estiveram associadas às atividades de coleta, aplicação e intermediação de recursos financeiros de terceiros. Contudo, a partir da entrada de novas tecnologias no setor bancário, é possível vislumbrar uma alteração estrutural nas atividades desempenhadas pelas instituições financeiras. Questiona-se, no presente trabalho, a continuidade da atual definição atribuída ao conceito jurídico de atividades bancárias. Para tanto, abordam-se os modelos de open banking e de banco como plataforma a partir dos textos normativos associados aos temas e da literatura que comenta a questão. Em seguida avalia-se o sentido jurídico de atividade bancária, a partir da análise de conteúdo do estatuto social das cinco maiores instituições brasileiras, seguida de pesquisa bibliográfica dos comentaristas brasileiros da matéria. Por fim, diante da conclusão da insuficiência do conceito atual de atividade bancária, propõe-se reavaliação do sentido jurídico do termo, para que sua ampliação possa englobar modelos de negócios mais amplos.

In the context of current crises following COVID-19 and growing global economic uncertainties, the issues regarding financial transactions with FINTECH are increasingly apparent. Consequently, in our opinion, the utilization of FINTECH financial transactions leads to а risk-reduction approach when in contact with other people. Moreover, financial transactions with FINTECH can save up customers' pecuniary funds. Therefore, during crises, FINTECH applications can be perceived as more competitive than the traditional banking system. All the above have provoked us to conduct research related to the utilization of financial transactions with FINTECH before and after the COVID-19 crisis outbreak. The aim of the article is to present a survey analysis of FINTECH utilization of individual customers before and after the crisis in Bulgaria. The methodology includes a questionnaire survey of 242 individual respondents. For the data processing, we implemented statistical measures and quantitative methods, including two-sample paired t-tests, Levene's test, and ANOVAs performed through the computer language Python in a web-based interactive computing environment for creating documents, Jupyter Notebook. The findings bring out the main issues related to the implementation of financial transactions with FINTECH under the conditions of the crisis. The findings include the identification of problems related to FINTECH transactions during the COVID-19 crisis in Bulgaria.

Micro, small and medium-sized enterprises (MSMEs or SMEs) are most of West Africa's greatest employers, the backbone of economic activity within the region with the potential to accelerate economic growth but handicapped with access to capital. This gap has been grasped by FinTech companies to provide needed capital for SMEs to grow and sustain businesses. However, there are many challenges distinct to the African region that has reduced the rates of financial inclusion within the formal and informal sectors expected to be accelerated by FinTech companies. The Nigerian SME market has been attractive for foreign investments over the years and still poses the great potential to keep the region at the top of the world. Other African countries are not exempted from this and as such, they need to explore the impact of FinTech companies on financial inclusion in both the formal and informal sectors of the biggest commercial cities in Nigeria, the challenges faced by them, and how their strategies to achieve a higher financial inclusion percentage may be deterred.With qualitative methodology, the research niched on three unicorn status FinTech companies in West Africa-Flutterwave, Interswitch, and Paystack.

Mass media, especially television can play a pivotal role in transferring the values and enterperenial attitudes to the society through production of documentaries, reports, biographies and a positive image of entrepreneurship. Payesh TV program is of the few entrepreneurship-oriented programs in Iran that has attracted a lot of attention and is one of the most popular programs in this domain. This qualitative study carried out to analyze the representation of the factors affecting the entrepreneurship development from the viewpoint of the entrepreneurs invited to the Payesh program using content analysis method. To this end, 21 episodes of Payesh program were selected purposefully according to the theoretical saturation of data and the interviews with entrepreneurs were analyzed. The results showed that this program has been able favorably to represent the positive experiences of entrepreneurs, especially the role of personal and personality factors in the formation of entrepreneurship elements. In this program, the news and information, educational, identity-making and critical functions of television are more pronounced than other functions, i.e., entertainment. However, another study is required to evaluate the effect of this program on the mind and behavior.

The paper examines the impact of innovation and policy  in payments services on financial inclusion in Nigeria. It was found out that competition enhancing policies are mire impactful on financial inclusion in Nigeria than usage of technology innovation