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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.

The article is devoted to the study of the role of big data in improving the efficiency of enterprise financial management. In today’s business environment, ensuring corporate finance management requires integrating big data, artificial intelligence, and other advanced technologies to analyze and predict financial risks. Digitalization is becoming an essential element for achieving strategic advantage. The article aims to study the role of big data in corporate financial management and the potential limitations of its use. The main tasks are to analyze the sources of big data and existing technological solutions, evaluate the effectiveness of relevant solutions in reducing financial risks, and develop recommendations for their integration into the financial management of companies. The methods of analysis and synthesis of scientific literature were used to study the impact of technology on financial risk management and to assess the effectiveness of technological solutions. The study showed that integrating big data technologies into corporate financial management significantly increases the efficiency of risk management. Advanced analysis methods allow for more accurate forecasting of financial risks, reducing their impact on the operations of companies. Implementing automated systems also helps reduce human errors and increase operational efficiency. Big data integration is essential to ensure the financial security of enterprises in today’s environment. Despite its many benefits, implementing these technologies faces technical complexity, cybersecurity, and financial constraints. To maximise the potential of technology, it is important to combine it with expert human judgement and ensure an integrated approach to financial risk management.

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

The primary aim of this study is to examine the causal relationship between digital financial literacy and financial technologies. Additionally, it explores the moderating role of categorical variables such as social media use and age in this relationship. The study also investigates how digital financial literacy and financial technologies vary based on socio-demographic variables, ownership of financial literacy certificates, smartphone use in financial transactions, and the languages spoken by the participants. The research utilizes a quantitative relational survey design, collecting primary survey data through face-to-face interactions. The data targets foreign tourists visiting Antalya, one of Turkey's most popular destinations. Surveys were conducted in English, Russian, and Polish, considering the languages of tourists from the top three visiting countries. Data analysis was performed using SPSS and AMOS software packages. To ensure the validity and reliability of the scales and continuous variables, a Confirmatory Factor Analysis (CFA) based on the measurement model was employed on a sample of 292 participants. Subsequently, a Structural Equation Model (SEM) was created to examine the causal relationships between latent variables in the validated model. The model's fit was achieved, and it was concluded that digital financial literacy significantly enhances financial technology experience, with social media use and age acting as significant moderators in this relationship. Additionally, t-tests and ANOVA analyses were conducted to explore how digital financial literacy and financial technology experience vary according to sociodemographic variables. The results indicate that digital financial literacy significantly increases financial technology experience, particularly among social media users. The relationship is not significant in the 36-45 age group, while it varies significantly in other age ranges, with those aged 55 and above being the most affected. Moreover, English speakers demonstrated higher digital financial literacy and financial technology experience compared to Russian speakers. Finally, individuals with financial literacy certificates exhibited higher levels of digital financial literacy and financial technology experience compared to those without such certificates. [ABSTRACT FROM AUTHOR]

The Covid-19 pandemic has transformed the needs of consumers of goods and services. As a result, there was an increase in the volume of BigTech activity. At the same time, BigTech took into account the expectations of consumers in obtaining complementary services. This led to the growth of BigTech's offerings of financial services to its clients. The purpose of the article is to clarify the place of financial services in the BigTech ecosystem and to identify the priority areas of activation of the provision of financial services by BigTech firms. The article describes the BigTech ecosystem from an institutional point of view. The study presents the composition of participants of the BigTech ecosystem, which are connected by a digital platform and the use of information technologies that contribute to the sale of goods and the provision of services, including financial ones. The technical, economic, legal, and marketing prerequisites for providing BigTech financial services have been identified. This made it possible to substantiate the influence of consumer needs on the formation of the policy of providing BigTech financial services. It has been confirmed that BigTech implements a policy of providing financial services that meet customer expectations. The weaknesses and strengths of BigTech financial services are identified. The threats and opportunities of providing BigTech financial services are substantiated. The conducted research made it possible to formulate geographical, product, and client directions for the development of the provision of BigTech financial services. [ABSTRACT FROM AUTHOR]

Despite extensive research on the relationship between financial inclusion and macroeconomic growth, little is known about the role of financial inclusion as a significant driver of macroeconomic growth in developing countries. Financial inclusion could boost sustainable macroeconomic growth, which has been a key policy goal for governments worldwide because it affects employment, population, inequality, and poverty. This study explores the influence of crucial financial inclusion indicators on developing countries' macroeconomic growth. The study shows that digital finance, financial technologies, financial outreach, financial literacy, demographics access to finance, microfinance and financial stability are the ways through which financial inclusion affects macroeconomic growth. We used the Scopus database to get information from 419 research articles and analyzed those to figure out how financial inclusion affected macroeconomic growth from 2006 to 2020. The study will help policymakers, governments, and marketers develop policies to involve everyone in the financial system, which results in macroeconomic growth. [ABSTRACT FROM AUTHOR]

Within a timespan of a few years, regulatory sandboxes, a novel initiative for testing fintech innovations, have spread to financial conduct authorities across the world. We study the discursive diffusion of this regulatory innovation as evidence of a broader reconfiguration of relations between the financial sector and its regulators. To do so, we analyse media articles, policy documents, and political speeches, identifying the logics and arguments used to diffuse rhetorical sandboxes. Based on the initial mapping, we detail the anatomy of three national arguments, showing how the underlying rationales for establishing sandboxes are variously reproduced across the contexts of the UK, Singapore, and Denmark. In each case, we find, innovation is posited as a driver of competition, which, in turn, leads to economic growth. Through regulatory sandboxes, financial regulators are becoming actively involved in the promotion of innovation and, hence, continue to rely on and reproduce the exhausted promissory legitimacy of neoliberalism. Whilst appearing to depoliticize the field of finance, the assumption that regulators should be 'open for business' is in itself political; as such, we argue, it needs to be approached more critically, which becomes possible by shifting the analytical focus from discursive diffusion to rhetorical struggle. [ABSTRACT FROM AUTHOR]

Background: In December 2019, coronavirus disease 2019 (COVID-19) was detected in Wuhan, China. This virus quickly spread throughout different regions and was declared a pandemic late in January 2020. The spread of the virus has affected every aspect of human life as previously known. Objectives: This study aimed to investigate the impact of COVID-19 on the adoption of fintechs in South Africa. Method: Eighteen financial services experts were interviewed using semi-structured interviews to collect data, and ATLAS.ti 28 was used to analyse the data. Results: During the lockdowns, the industry expedited the implementation of fintech to sustain business operations. Online shopping, mobile payments, and digital banking experienced a surge in adoption as individuals steered clear of crowded stores and bank branches. The upswing in online shopping influenced the embrace of mobile payments and contactless cashless transactions. Moreover, with limited access to physical bank branches, there was a marked shift towards digital banking. Conclusion: Fintech companies have introduced consumers to alternative financial technologies. The pandemic has accelerated the adoption of fintech as an essential means of transacting and banking. One limitation of the study is its timing because it was conducted during and immediately after the pandemic, therefore, it does not account for the long-term effects of the pandemic on the financial services industry. Consequently, future research could explore the impact of COVID-19 on the industry 5-10 years after the pandemic to evaluate any significant influence on the industry’s transformation. Contribution: This study will assist the financial services industry to better respond to catastrophes such as COVID-19.

The financing of terrorism is the most critical aspect in the growth of terrorism, and combating the financing of terrorism is the most crucial aspect to eliminating the roots of terrorism. Suppose the actions of governments and international financial and non-financial organisations successfully combat the traditional methods of financing terrorism. In that case, terrorists will move beyond conventional methods and turn to new financial technologies. Due to features such as anonymity, creation of security layers and decentralisation, virtual currencies, especially Bitcoin, are among the financial innovations that criminals, including terrorists, pay attention to for investment and financing. In this article, we will see in a detailed review how Bitcoin, regardless of whether it can be considered a valid currency in the future, by changing the financial systems, has become attractive to illegal networks and can create a revolution in financing terrorism.

In the current conditions, the Russian financial market has demonstrated its stability and ability to promptly respond to the ongoing changes in the geopolitical sphere, while the banks that control more than 80 % of the country’s assets are under sanctions. The article considers and analyzes the Russian consumer lending market in modern conditions. It reviews the crisis periods of the Russian financial market from 2014 to 2023 and the anti-crisis measures of the Central Bank of the Russian Federation, the domestic consumer credit market in the current realities, and loans restructuring to individuals under sanctions pressure. The purpose of the study is to determine main trends in the consumer credit market development based on the analysis of the Russian consumer credit market under sanctions pressure. The object of the study is the domestic consumer credit market in modern conditions. The subject of the study is trends in the Russian consumer credit market development under sanctions pressure. The sources of information were analytical materials and statistical reporting data of the Central Bank of the Russian Federation, laws and regulations, domestic and foreign scientific literature, and analytical and reference online resources.

The present study was conducted with the aim of investigating the factors of the business boom and jump in the commercial banking system of Iran, emphasizing the role of moderating factors. The research method is mixed (quantitative-qualitative) and all the data and information needed for the research have been prepared in both quantitative and qualitative parts. The statistical population of the current research includes all participants from among banking experts and academic experts in the fields of accounting, finance, management, banking, and economics in the field of commercial banks in Iran. To test the hypotheses of the research from theoretical bases and field survey (distribution of 384 questionnaires), Used. In order to analyze the data, descriptive and inferential statistical techniques such as Cronbach’s alpha tests, Kolmogorov-Smirnov tests, and structural equation modeling have been used. In the qualitative part, by selecting the key criteria of the research with the fuzzy Delphi method, factors of business boom and jump and moderating factors were identified. Then, by conducting factorial and structural analysis, the research results showed that the boom and jump of the banking system’s business in various states (positive, negative and two-way) are effective on the performance of commercial and non-commercial banks. Therefore, the moderating factors moderate the relationship between the factors of boom and business boom in the banking system. By identifying the moderating factors and business boom and jump factors, a new model can be presented in the Iranian commercial banking system. [ABSTRACT FROM AUTHOR]

Data science has become increasingly popular due to emerging technologies, including generative AI, big data, deep learning, etc. It can provide insights from data that are hard to determine from a human perspective. Data science in finance helps to provide more personal and safer experiences for customers and develop cutting-edge solutions for a company. This paper surveys the challenges and opportunities in applying data science to finance. It provides a state-of-the-art review of financial technologies, algorithmic trading, and fraud detection. Also, the paper identifies two research topics. One is how to use generative AI in algorithmic trading. The other is how to apply it to fraud detection. Last but not least, the paper discusses the challenges posed by generative AI, such as the ethical considerations, potential biases, and data security. [ABSTRACT FROM AUTHOR]

The Covid-19 pandemic has transformed the needs of consumers of goods and services. As a result, there was an increase in the volume of BigTech activity. At the same time, BigTech took into account the expectations of consumers in obtaining complementary services. This led to the growth of BigTech's offerings of financial services to its clients. The purpose of the article is to clarify the place of financial services in the BigTech ecosystem and to identify the priority areas of activation of the provision of financial services by BigTech firms. The article describes the BigTech ecosystem from an institutional point of view. The study presents the composition of participants of the BigTech ecosystem, which are connected by a digital platform and the use of information technologies that contribute to the sale of goods and the provision of services, including financial ones. The technical, economic, legal, and marketing prerequisites for providing BigTech financial services have been identified. This made it possible to substantiate the influence of consumer needs on the formation of the policy of providing BigTech financial services. It has been confirmed that BigTech implements a policy of providing financial services that meet customer expectations. The weaknesses and strengths of BigTech financial services are identified. The threats and opportunities of providing BigTech financial services are substantiated. The conducted research made it possible to formulate geographical, product, and client directions for the development of the provision of BigTech financial services.

The article emphasizes an active transition towards a cashless economy and that this process is widespread, largely driven by the rapid development of financial technologies (FinTech). In this context, the article aims to identify the features of infrastructure development for cashless payments against the backdrop of significant changes in the financial sector, driven by the rapid growth of a new industry that leverages modern technologies to simplify and enhance financial services. The study demonstrates that the infrastructure for cashless payments is a constantly evolving network that facilitates financial transactions without using cash. At the same time, since all components of this infrastructure must operate synchronously at a global level, supporting transactions involving different currencies, regulatory requirements, and security standards, its evolution is driven by blockchain, artificial intelligence, and biometric data.

The development of new financial technologies has led to a significant acceleration of cash flows, an expansion of the range of opportunities for settlements and the use of digital financial instruments. One of the negative consequences of this process was the emergence of new money laundering schemes. The aim of the article is to qualitatively assess the changes in the sphere of money laundering with the use of financial institutions caused by the development of new financial technologies and virtual instruments, as well as to determine the list of signs of transactions with virtual assets that may indicate the implementation of money laundering schemes. Virtual assets have significant potential to stimulate financial innovation and efficiency in financial markets, but their individual characteristics create new opportunities for money laundering and terrorism financing. In view of this, it is of great importance in modern financial markets to improve methods of counteracting this phenomenon, in particular, the formation of a list of signs of transactions with virtual assets, which may indicate the illegal origin of funds or illegal purposes of their movement. The publication proposes an approximate list of signs of money laundering, which can be used by financial service providers in the process of monitoring transactions. Our approach involves dividing such attributes into six categories according to the volume and frequency of transactions, transaction patterns, anonymity, characteristics of transaction beneficiaries, source of funds, and geographic risk. A list of signs of suspicious activity when carrying out transactions, the use of assets with a high level of anonymity, client risks, links with criminal activity or high-risk jurisdictions has been determined. In order to understand the big picture and qualitatively assess the risks of money laundering and terrorism financing, the features identified in the article should be considered in the context of all available information on individual transactions. Taking into account the features and vulnerabilities of the latest financial instruments, we consider it an important prerequisite for updating the current practices of customer due diligence and detection of suspicious financial transactions.

The article presents an in-depth analysis of the formation and development of the capital market (stocks and bonds segment) in China. The factors determining the valuation of shares that are in circulation are highlighted. While the first factor identifies an assessment based on the company’s financial statements, the second factor considers current market conditions and investor sentiment. Examining historical data, it is interesting to note that from 2000 to 2006, the total market capitalization of stocks remained stable and amounted to a substantial 4 trillion yuan. However, in 2007 There was a significant shift when the market capitalization grew significantly and reached as much as 30 trillion yuan. This sudden growth can be explained by various reasons, such as increased investor confidence, favorable economic conditions and the introduction of progressive financial regulation. In addition, it is important to note that in the same year, the Shanghai Composite index (a key indicator of the Chinese stock market) reached an unprecedented value of 6,123.04 points. This indicator demonstrated the stability and potential of the Chinese capital market, and attracted both domestic and international investors. Thus, the analysis presented in the article reveals the intricacies of the Chinese capital market and the mechanisms of its assessment. This analysis establishes the importance of both book value and market value in determining the valuation of outstanding shares. In addition, historical trends have highlighted the resilience and vulnerability of the market to external shocks, as evidenced by significant fluctuations in market capitalization. In general, this study helps to understand the Chinese capital market and its evolution over time.

Data science has become increasingly popular due to emerging technologies, including generative AI, big data, deep learning, etc. It can provide insights from data that are hard to determine from a human perspective. Data science in finance helps to provide more personal and safer experiences for customers and develop cutting-edge solutions for a company. This paper surveys the challenges and opportunities in applying data science to finance. It provides a state-of-the-art review of financial technologies, algorithmic trading, and fraud detection. Also, the paper identifies two research topics. One is how to use generative AI in algorithmic trading. The other is how to apply it to fraud detection. Last but not least, the paper discusses the challenges posed by generative AI, such as the ethical considerations, potential biases, and data security.

The problems of combating corruption have not lost their relevance over the years. Tolerant attitudes to corruption as a way to quickly solve everyday problems give rise to new ways of developing illegal activities in various spheres of public life. At the same time, while fully condemning corruption as a means of illicit enrichment, the majority of the population still follows the old path. Consequently, the interests of individuals aimed at enriching themselves by any means, including illegal means, are becoming a counterweight to the development of society. Money laundering remains a significant problem in the area of combating corruption. Unfortunately, the methods and means of carrying out illegal activities in order to conceal them and avoid responsibility for their commission are being updated on a daily basis. Successful money laundering requires high intelligence and an understanding of the processes of working with modern financial technologies. One of the areas of money laundering is the use of various types of cryptocurrencies and NFTs. The funds held by the offender go through a complex route before reaching their final destination. Illegally obtained funds introduced into the legal financial system in such a way as to avoid unnecessary questions about the origin of the money, through a significant number of transactions, are integrated into the financial system and can be used for any purpose. The current state of research on the development of cryptocurrencies as a tool for money laundering is not sufficiently disclosed at the national level. Most of the scientific works are of foreign origin. The article is aimed at finding ways to improve the current anti-corruption legislation. The author outlines the main features of the development of money laundering schemes using cryptocurrency as an instrument of such schemes. The author defines the main definitional categories of such concepts as “cryptocurrency”, “NFT”, “smurfs”, “drops”, etc. The main shortcomings of the institutional and regulatory mechanism for detecting and investigating this category of offences have been highlighted, taking into account the use of modern financial technologies. The study may be useful in improving legislation in the field of corruption prevention.

The purpose of the article is to consider the concept of hybridization economics, what forms it takes, how the growth of hybridization rates will affect business processes using examples of complex work with intellectually capacious processes and products. After COVID-19, the main characteristic of the modern economy is hybridization. In theory, it is a combination of several subjects, processes, and technologies. The author identifies several stages of hybridization. The first is the use of circuitry to control economic processes. At this stage, a person adapts to the technique. The second stage is the appearance of human dimension. Equipment and technical products in their parameters should be commensurate with the person, convenient for him to use. In contrast to the first stage, a person subordinates technology and digital systems using them to strengthen himself. Hybrid offices are used in the economy. The next stage is management and interaction with intellectually capacious objects. It is predicted in the near future, according to various sources, the transition to the next stage — the hybridization of property

Research background: In the last decade, as the financial crisis brought the global economy to its knees, financial technology start-ups have surged forward and offered more innovative solutions to problems in the traditional areas of banking, insurance and wealth management. This new and burgeoning industry, which has come to be known as the FinTech industry, is growing. FinTech, as the name suggests, refers to using the latest technology to solve financial service problems. Technology-based innovation is radically changing the financial industry. Financial innovations are attractive and convenient products for consumers. Still, at the same time, they create new problems in the fight against money laundering and terrorist financing and pose new challenges to specialists in improving the system of combating money laundering and terrorist financing and global practice in this field. The concept of FinTech and the ecosystem structure are presented. The impact of development on money laundering prevention is discussed, the indicators leading to the development of the FinTech sector are distinguished. Purpose of the article : The main aim of the article is to assess the impact of the development of the FinTech sector on money laundering prevention. Methods: Literature analysis specifies information about FinTech development and money laundering, while multi-criteria assessment methods, TOPSIS, EDAS, and SAW, are used to assess the impact of FinTech sector development on money laundering prevention. Findings & Value added: The results of country evaluations based on their Anti-Money Laundering Basel index using different multi-criteria assessment methods provide insights that the United Kingdom, Switzerland, and Sweden have performed well in terms of compliance with regulations. Bulgaria, Italy, and Turkey have demonstrated efficiency in addressing money laundering based on the criteria used in the evaluation. [ABSTRACT FROM AUTHOR]

With the COVID-19 epidemic, the world financial scene underwent a significant upheaval that resulted in a rise in digital interaction and a redefining of personal finance. The emergence of financial influencers (finfluencers) —people who use social media to provide financial insights, advice, and knowledge—accompanies this change. This approach became rather popular in India, where a wide range of financial influencers attracted the interest of a growing internet audience looking for direction in the face of economic instability. However, the landscape altered notably with the introduction of new Securities and Exchange Board of India (SEBI) regulations aimed at governing the conduct and practices of financial influencers. The target audience of these finfluencers is the lower middle class and the lower income strata of society. Most of the targeted people are not highly educated and it is easy to manipulate facts for them in the favour of these finfluencers. Through this paper, the authors wish to examine financial literacy, investment habits, and uptake of new financial technologies. It clarifies the difficulties and moral issues raised by this developing field, such as the necessity of trustworthiness, openness, and discretion in the distribution of financial advice. It focuses on the draft rules and regulations set out by SEBI in India and the confluence of factors that led to their emergence and the subsequent impact of SEBI’s regulatory frameworks on their operations, content creation, and engagement with audiences across various digital platforms while getting a glimpse at the global scenario; also provides solutions and recommendations for the betterment of the existing problems in the field of financial influencing through social media platforms. [ABSTRACT FROM AUTHOR]

Background: The financial services industry in South Africa has undergone many changes that have given birth to fintechs. Most of these changes are driven by the advent of technology and evolving customer expectations. Fintechs have led to process disruptions and business model transformations, yet their implications have yet to be sufficiently studied. Therefore, it is essential to close this knowledge gap by investigating the impact of fintechs on this industry. Objectives: This research aimed to investigate the impact of fintechs in the financial services industry in South Africa. Method: A qualitative study was conducted in which 18 industry experts were interviewed using semi-structured interviews. The interviews were audio-recorded and transcribed for data analysis. ATLAS.ti 22 was used to organise and analyse data. Results: Fintechs increase competition for the incumbents, reduce profits, expose the inability of the incumbents to be agile and introduce new regulatory risks in the financial services industry. In contrast, fintechs have also brought some positive changes into the industry: financial inclusion, new growth opportunities, increasing choices for consumers and making the industry more competitive, reducing costs, customising financial services, bringing convenience and forcing incumbents and regulators to become more innovative. Conclusion: This study uncovered the positive and negative effects of fintechs in financial services in South Africa. Contribution: The study will benefit academia by expanding the body of knowledge about fintech research and improving the holistic understanding of this field in emerging economies, which can inspire future research on fintech and its application.

Objective: To look at the fintech regulatory policy and regulatory system in the Greater Bay Area through the lens of the Trilemma of Innovation doctrine in order to identify the applicability and extrapolation of existing legal models in the zone of accelerated economic and innovation development in Guangdong, Hong Kong and Macau.Methods: The article is based on the comparative legal research of the regulation regarding models, existing within the regulatory framework for fintech. For that matter we conduct a generalization, introducing the classification of methods and systems that, in our opinion, can be recognized as the Lego-like systems of instruments.Results: The research evaluates difficulties that may be faced by the participants within GBA on the way of legal harmonization regarding fintech. Special attention is paid to Hong Kong SAR, being one of the bestknown examples of successful fintech regulation, and to comparing fintech regulation in Mainland China and in SAR (Macau, in particular). The author states that the last amendments to the financial law of Macau SAR also add an element of uncertainty, even though they aim to develop the situation within the framework. The author compares a technocratic approach, according to which fintech regulation is completely national (created only for the domestic market and reflects its structure) and traditional approach to regulation, a part of which is the Trilemma of Innovation. The latter implies the possibility of over-national (international) standardization, including in the form of soft law, which may eliminate the difference in understanding the fintech characteristics, its concepts and scope. Besides, the author analyses the correlation between the concepts of financial regulatory system and financial system of fintech regulation, extrapolation of the existing regulatory framework to the developing market of innovative technological solutions and their various models. The author highlights the regulatory response method, changing during the fintech market evolution, and applied, as a rule, together with other approaches.Scientific novelty: the article presents a comprehensive review of the different systems of fintech legal regulation in the Guangdong – Hong Kong – Macau Greater Bay Area, whose unique experience demonstrates various trajectories of the fintech market development in southern China within the “One Country – Two Systems” concept.Practical significance: the main conclusions and proposals resulting from the study are of significant interest for further research, regulatory policy and fintech regulatory system, as Mainland China and the special administrative regions of the Greater Bay Area use different approaches and methods of legal response that have no analogues in the modern world.

This article reveals the impact of financial technologies on the development of the banking sector. The purpose of the study is to identify key financial technologies in the banking sector, as well as the causes and prerequisites for the development of financial technologies in the banking sector of Kazakhstan. For this purpose, the essence of the concept of financial technologies and the definition of this term are considered. In the course of the study, a comprehensive analysis was carried out, which provides both quantitative and qualitative characteristics of the development of digital technologies and their impact on the development of the banking sector. The tasks set in the article were solved by analyzing the structure and dynamics, and methods of financial analysis. In the course of the study, a point-index method was used. To assess the penetration of digital technologies into banking, data from Kaspi.kz from 2021 to 2022 was used. A panel approach was also used, which allowed for analyzing data on various banks. As a result of our research, a conclusion has been made on the areas of banking activity that can first of all be replaced by fintech startups. These are consumer finance, microloans, and payment services. It is determined that a number of commercial banks can be transformed into fintech companies. We declare that no matter what institutional forms the development of new financial technologies takes, it is inevitable in any case, and the relatively near future will already show their content and configuration.

The article analysis financial technologies and their relevance and usefulness in the existing financial market. The work presents and analyzes the services (models) provided by financial technologies, they can be divided into payments, asset management, crowdfunding, lending, and the capital and insurance market. The main and most popular services provided by banks, which are related to financial technologies, are presented. A SWOT analysis of financial technologies is also presented, which shows the advantages and disadvantages of FinTech. The services provided by financial technologies are very diverse, they are provided by both ordinary companies and banks. This article focuses on financial technology that is provided by banks – internet usage: internet banking, number of ATMs, credit transfers in a state, percentage of population in a state, which shows how many people have a debit or credit card and whether those residents have received or made a digital transfer. In the third part, using multi-criteria evaluation methods: CRITIC and EDAS and performing cluster analysis, European Unions are compared and ranked. Article in Lithuanian. Bankų finansinės technologijos ir jų naudojimas Europos Sąjungos valstybėse Santrauka Straipsnyje yra nagrinėjamos finansinės technologijos (FinTech) bei jų aktualumas ir naudingumas esančioje finansų rinkoje. Finansinių technologijų teikiamos paslaugos yra labai įvairios, jas teikia tiek paprastos įmonės, tiek bankai. Finansinių technologijų naudojimas bankuose yra gana siaurai išnagrinėta tema. Todėl šiame darbe dėmesys yra sutelktas į bankų finansines technologijas bei jų naudojimą Europos Sąjungos valstybėse. Kiekvienas bankas gali pasirinkti, kokias paslaugas jis nori įdiegti į savo veiklą, bet dauguma bankų naudojasi bent jau penkiomis vienodomis paslaugomis, kurios bus nagrinėjamos šiame darbe. Šios pateiktos paslaugos yra teikiamos daugumoje bankų – naudojimasis internetu: internetinė bankininkystė, bankomatų skaičius, kreditiniai pervedimai valstybėje, valstybėje esančių gyventojų skaičiaus procentas, kuris parodo, kiek žmonių turi debeto arba kredito kortelę bei ar tie gyventojai yra gavę arba atlikę skaitmeninį pervedimą. Trečioje dalyje, taikant daugiakriterius vertinimo metodus CRITIC ir EDAS bei atliekant klasterinę analizę, yra analizuojami ir lyginami Europos Sąjungos valstybėse veikiantys bankai bei juose naudojamos finansinės technologijos. Reikšminiai žodžiai: finansinės technologijos, daugiakriteriai vertinimo metodai, CRITIC metodas, EDAS metodas, klasterinė analizė, ES valstybės.

The topic of financial technologies (Fintech), which has attracted enormous interest in the last decade, has become one of the most promising niches that allow participants providing services in the payment market to improve the efficiency of financial activity systems. Financial industry players such as commercial banks have begun to pay special attention to the development of this new niche. In order to maintain or occupy higher market positions, they must take into account the potential of financial technologies and their possible exploitation by integrating new solutions into already functioning banking systems. This article aims to reveal the influence of financial technologies on the financial efficiency of commercial banks. After highlighting the importance of financial technologies for commercial banks in the theoretical part of the study, the analytical part examines the financial indicators of Lithuanian commercial banks (SEB, Swedbank, Šiaulių bankas, and Citadelė) in the period 2017–2021. Correlation and regression analysis will be used to determine the impact of financial technologies on the financial efficiency of commercial banks. The results of this study determines how financial technology impacts the financial performance of commercial banks. Article in Lithuanian. Finansinių technologijų įtakos komercinių bankų finansiniam efektyvumui vertinimas Santrauka Per paskutinį dešimtmetį milžiniško susidomėjimo sulaukusi finansinių technologijų (Fintech) tema tapo viena perspektyviausių sričių, leidžiančių mokėjimų rinkoje paslaugas teikiantiems dalyviams pagerinti finansinės veiklos sistemų efektyvumą. Tokie finansinės industrijos dalyviai, kaip komerciniai bankai, pradėjo skirti ypatingą dėmesį šios naujos nišos galimybių plėtrai. Siekdami išlaikyti ar užimti aukštesnes rinkos pozicijas, jie privalo atsižvelgti į finansinių technologijų potencialą ir galimą jų panaudojimą integruojant naujus sprendimus į jau funkcionuojančias bankines sistemas. Teorinėje tyrimo dalyje išryškinama finansinių technologijų svarba komerciniams bankams, analitinėje dalyje nagrinėjami Lietuvos komercinių bankų (SEB, Swedbank, Šiaulių bankas ir Citadelė) finansiniai rodikliai 2017–2021 m. laikotarpiu. Finansinių technologijų poveikiui komercinių bankų finansiniam efektyvumui nustatyti bus pasitelkiamos koreliacinė ir regresinė analizės. Šio tyrimo rezultatai parodė, kaip finansinės technologijos veikia komercinių bankų finansinį efektyvumą. Reikšminiai žodžiai: finansinės technologijos, komerciniai bankai, finansinio efektyvumo vertinimas, finansinių technologijų įtaka.

This article delves into the nuances of digital transformation within the realm of banking, prompted by the pervasive global digitization of economies. This phenomenon has profoundly shaped the trajectory of financial technologies, giving rise to innovative banking products. The primary objective of this study is to elucidate the essence of digital transformation and assess its efficacy in shaping the development of the banking sector. The digitization of banking involves the transformation of all associated processes and information. Consequently, the integration of digital technologies into the banking domain necessitates a comprehensive consideration of the needs of three key stakeholders: the consumer, the investor, and the bank itself. The authors conducted an analysis of the regulatory and legal landscape accompanying the digital transformation of the banking sector. The study concludes that the contemporary legal framework governing the use of digital technologies in banking is aligning with current global trends. The digital transformation of the banking industry is observed to manifest in several dimensions, encompassing remote and Internet banking, electronic payments, FinTech and innovation, blockchain and cryptocurrencies, cyber security systems, electronic identification and document circulation, as well as interoperability. The domestic banking system has exhibited noteworthy progress in digitalization in recent times. However, external factors, notably the incursion into Ukraine, have introduced certain adjustments. These include the outflow of intellectual human capital abroad, diminished financial literacy due to population migration, and the closure of bank outlets, particularly affecting territorial communities, especially rural areas, resulting in a loss of connectivity with banks. In light of these observations, it is asserted that future digital transformational endeavours in the banking sector should prioritize enhancing the financial literacy of consumers of banking services. Additionally, there is a need to fortify regulatory frameworks governing the cryptocurrency market in Ukraine and establish unified standards for the regulation and supervision of banks and FinTech companies providing digital financial services.

Background: The rise of fintechs has improved many aspects of financial services and has enhanced financial products, improved access, reduced prices of financial services and brought convenience for consumers. South Africa is also experiencing an increase in these technologies. Despite this increase and benefits, their adoption is disappointingly low. Therefore, it is essential to understand the views of consumers and the extent to which they are adopting fintech. Objectives: This study aimed to investigate factors influencing consumers to use fintechs in South Africa. The first objective was to investigate the factors influencing consumers to use digital-only banks in South Africa. The second objective was to determine if perceived convenience, ubiquity, perceived costs, perceived risk, perceived trust, facilitating conditions and self-efficacy affect fintechs adoption. Method: An online survey was conducted among 120 bank customers. SPSS 28 and Amos 27 were used for data analysis. Results: Facilitating conditions, perceived trust, convenience and ubiquity, self-efficacy, perceived costs and perceived risk were the key determinants for the adoption of fintechs. Conclusion: Facilitating conditions, perceived trust, convenience and ubiquity and self-efficacy have a positive relationship with adopting fintechs, while perceived costs and perceived risk negatively affect the adoption of fintechs. Contribution: The study’s findings will help financial institutions in South Africa develop behaviour change strategies that will assist consumers in adopting fintechs. This research contributed to developing a digital-only bank adoption framework for South Africa. This framework will help financial institutions create an environment encouraging and enabling more customers to adopt fintechs.

Technological advancement and innovations not only transformed businesses but also optimize numerous functional areas of financial services. Besides, green finance and fintech are also essential tools to achieve sustainable development agendas. Thus, it is imperative to document the evidence that how conducive such factors are to achieve 2030 sustainable development goals. The study, in this regard, is aimed to scrutinize innovation, green finance, financial technologies, and ESG factors altogether in order to determine their effectiveness on sustainable development in Gulf countries in the time span of 2000–2020. The study opts for methods of moments quantile regression (MMQR) and claim that green finance, green innovation, and fintech helps in achieving sustainable development goals. However, among ESG factors, social and governance role is negative in the sampled economies. Findings are interesting for policy makers and government institutions because it assists them to improve governance evaluation system and classification standards so that countries may no longer experience hindrance when indulging in sustainable development actions. [ABSTRACT FROM AUTHOR]

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This article emphasises the need to improve the level of financial literacy of the population, which is a qualifying driver of the harmonious development of the state's financial system and has particular relevance in the post-war economic recovery. The impact of the war on financial behaviour and the use of FinTech innovations by Ukrainians is determined. The purpose of the article is to clarify the peculiarities of assessing financial literacy and financial behaviour of Ukrainians during the war, taking into account the specifics of the impact of financial technologies (Fintech) on the economic development and welfare of Ukraine. The conceptual framework for assessing financial literacy and financial behaviour of the population is formed, which is presented as a set of interrelated elements. The paper presents the results of a survey conducted among Ukrainians, including those with IDP status, within the framework of the UK-Ukraine twinning grants scheme (Project UUT23 "Fintech as a fence for the shock and fuel for the recovery? Lessons from the war"). The results of the survey allowed us to formulate a set of recommendations both at the macro level and at the level of an individual provider to ensure that the financial market and fintech tools perform the function of economic recovery after the social trauma suffered by consumers of financial services. [ABSTRACT FROM AUTHOR]

This paper examines the dynamic relationship between fintech investments and financial performance, and it explores whether the bank size could influence the performance in the context of the digital transformation (digitization). The fully modified ordinary least squares (FMOLS) model is estimated for 23 European banks throughout the whole period ranging from 2010 to 2019 and for the two sub-periods spanning from 2010 to 2014 and from 2015 to 2019. The econometric results evince that fintech are positively and significantly related to the bank profitability, inferring that the greater the digital engagement of banks is, the higher the profitability is. Our findings provide evidence that the bank size is a moderator factor in affecting the relationship between digital investments and the profitability. Hence, larger banks benefit more from investments in the financial technology so as to improve their performance. Our study has substantial policy implications as we suggest that the increased investment in the fintech is a possible channel through which banks improve their performance, particularly when the bank size is considered large. [ABSTRACT FROM AUTHOR]

Most activities of FinTech companies in the real world are limited to a variety of banking services such as payment and funds transfer, while the scope of banking services is much broader than the current activities of FinTech companies. In recent years, extensive research has also been conducted on how FinTech companies contribute to the provision of banking services. The present study identifies ideas for new and innovative areas of FinTech companies' activity by reviewing the relevant literature. These areas are categorized using the Banking Industry Architecture Network (BIAN) service landscape and are identified and described through thematic analysis. The outcome of this study is a model which reveals that the main service domains belong to the "banking operations and execution," "sales and services," "risk and compliance," "business support," and "reference data." According to the findings of the present research, FinTech companies have the capability to provide banking services in 22 domains out of 36 BIAN domains. Theoretical contributions and comparative analysis are discussed. [ABSTRACT FROM AUTHOR]

We develop a new privacy-preserving framework for a general class of financial network models, leveraging cryptographic principles from secure multiparty computation and decentralized systems. We show how aggregate-level network statistics required for stability assessment and stress testing can be derived from real data without any individual node revealing its private information to any outside party, be it other nodes in the network, or even a central agent. Our work bridges the gap between established theories of financial network contagion and systemic risk that assume agents have full network information and the real world where information sharing is hindered by privacy and security concerns. This paper was accepted by Agostino Capponi, finance. Supplemental Material: The data files and online appendices are available at https://doi.org/10.1287/mnsc.2022.4582. [ABSTRACT FROM AUTHOR]

This paper reflects the research to design and application the complex method to evaluate the quality of the paper written in the IMRaD format. As a field we choose Russian segment of the financial technologies area since we had interest to use multilingual language model. The method covers paper's relevance to the chosen field and internal topics, the actuality, relation between parts, text borrowing, and experiment part. The clustering and classifying algorithms, and language machine learning model were used. The experimental part based on corpus of Russian papers shows the deviation of method's recommendations from expert opinion not more than 20%. The results may be interested not only reviewers but student as authors of futures papers to avoid common mistakes during paper's writing. [ABSTRACT FROM AUTHOR]

Artificial intelligence in relation to the skyrocketing, inter alia, financial technologies brings about a considerable positive potential for humankind in general, none-the-less, along with the clearly associated risks. The impacts of artificial intelligence, Internet of Things and robotics in general have a fundamental impact on public as well as individual security and its guarantees. The financial industry is one of the largest investors in artificial intelligence, with its goal of assuming a primary position in global markets. The conceptual support for artificial intelligence in the scope of its connectivity with the global world against the subtext of its own autonomy, while respecting sustainable development in itself for the future, risk assessment as well as prospective prevention in the area concerned, including lex ferenda, is thus the primary task of a responsible society of the 21st century. [ABSTRACT FROM AUTHOR]

The problems of protecting economic competition in the banking system, increasing the efficiency of competition regulation, taking into account the modern realities of digitalization and the widespread use of advanced financial technologies are gaining increasing importance and relevance. An effective state policy in the field of protecting economic competition is the key to effective protection of the interests of banking services consumers. The formation of a fair competitive environment in the banking system of the Republic of Armenia needs increasing the role of the competition authority, to create legal and institutional prerequisites for its effective interaction with the Central Bank of the country. The underestimation of the role of the competition authority of the Republic of Armenia for two decades has led to low rates of detection of anti-competitive agreements and concerted actions, abuse of dominant position, and limited advocacy of competition. Competitive regulation in the sphere of banking services in the Republic of Armenia is of priority importance, taking into account the influence of the banking system on the formation of a favorable business climate and on the development of the national economy. The threat of cartelization of the banking system, the risks of pursuing a coordinated policy by commercial banks, and the conclusion of anti-competitive agreements necessitate the development of effective measures and tools for identifying anti-competitive practices of commercial banks. Far from diminishing the role of the Central Bank in ensuring financial stability, regulating the activities of commercial banks, it is obvious that the role of the competition authority must be increased, since only effective interaction between the two state structures can ensure the formation of a fair competitive environment and effective monitoring of the activities of commercial banks in the context of competition regulation. Based on the analysis of indicators of market concentration of the banking system of the Republic of Armenia, conclusions on the level of development of competition are presented, as well as proposals for improving the efficiency of competition regulation.

The article reveals the content of the concept of “financial technology”, emphasizes its importance in the strategic development of technology companies in the financial sector. It reflects the features of financial technologies and services as tools to stimulate innovation in the financial sector. The research methodology is based on taking into account the dependence of the transition to the creation and improvement of technological companies in the banking sector on progress in financial technologies. The analysis of the development strategy of Russian technology companies with a banking license was carried out by reviewing the initial stages of its development (according to the methodology of V.L. Kvint). The results of the trends and patterns’ analysis, as well as the OTSW-analysis of the technology companies’ development in Russia in the context of the financial technologies’ introduction are presented. Based on the materials of the study, we can conclude that the further formation of the financial sector largely depends on financial technologies that affect the process of digital transformation, increasing the openness of financial services. However, these processes create new and complicate the old challenges. In the domestic market, avant-garde financial companies launch and promote transformational strategies, create ecosystems around themselves, turning into technology companies. The main factor in such business models’ changes in the companies is the strategic potential inherent in these actions and the possibility of providing competitive advantages for the company in the future due to upcoming technological changes (including changes in the technological order). At the end of the work strategic recommendations were formulated to create and improve an enabling environment for the financial technologies’ development.

Debates about technology theorising 'the social' solely on dyadic and fixed positional terms fail to grasp important ways that new financial technologies participate in work organisations. As an alternative, we build on the work of Michel Serres to propose that these technologies already inhabit triadic and relational parasitic universes in which they introduce interruptions that do much more than mediate between degrees of technological and social determinism. To understand the forms of agency this affords, we analyse two contrasting studies of workplaces where financial technologies were introduced. In a UK non‐profit social care organisation, relations of care were fundamentally disrupted by disorderly, dysfunctional forms of agency, whereas in UK retail banking, management used disorder to strategically obscure their own agency. Technological innovation and 'future of work' narratives are shown to feed each other, in service to interests that benefit from the repurposing of technologies, people and organisations. [ABSTRACT FROM AUTHOR]

The swift advancement of digital technology is evident in multiple domains, including the business realm. This is evident from the ease with which customers can make payments using fintech services in physical stores, such as mobile payments. Thus, by using the Push-Pull-Mooring (PPM), this study attempts to analyze consumer switching behavior in offline stores from cash payment methods to mobile payments. The analysis was conducted by students in Faculty of Economics and Business, Universitas Muhammadiyah Yogyakarta (FEB UMY). A structured questionnaire was utilized to gather data from 98 participants who satisfied the research criteria. Switching behavior was the dependent variable, and the push, pull, and mooring effects were the independent variables that were measured. Then, by utilizing Smart PLS 4 software, partial least squares structural equation modeling (PLS-SEM) was used to analyze the data. The research findings demonstrated that the consumers remained stuck with the cash payment method because the push effect, measured by satisfaction and perceived risk, had a negative and negligible impact on switching behavior. Customers tended to move to mobile payment methods due to the pull effect, which included agreement tendencies, ease of use, and convenience. Statistically, pull effect had a positive and significant impact on switching behavior. In addition, mooring variable positively and significantly impacted switching behavior, which was due to encompassing peer groups, subjective standards, and consumer innovation. These findings suggest that consumer behavior regarding fintech, particularly for students, is complementary rather than substitution in nature. For that reason, transactions among students of FEB UMY combine cash and mobile payments all together.

The digital economy is an increasingly important driver of the global economic growth. In recent years, regional digital cooperation has received a new tangible impetus with the launch of China’s “Belt and Road” initiative (BRI). The Digital Silk Road (DSR), as the BRI’s technological component, is becoming a digital bridge to promote a new type of globalization. The DSR has achieved extraordinary progress recently. It has strengthened regional cooperation in digital economy, mainly in Asia and Africa, through such channels as cross-border e-commerce and mobile financial tools, while it also reflects the global technological transformation under the Fourth Industrial Revolution in key sectors such as big data, digital currency, cloud computing and Internet of Things (IoT). Thus, the DSR provides the optimal platform for new formats and technologies, such as digital trade and digital infrastructure, which have developed rapidly in recent times. However, most countries participating in “Belt and Road” initiative are still at an early stage of digital transformation; the potential of the huge digital growth has yet to be released. Furthermore, the digital lag has become a major problem limiting economic development. This article focuses on the digital economy as a new economic model, its potential and challenges, analyzing the possible implications beyond China’s DSR at both national and international levels, particularly, the role of DSR within the context of the Sino-US strategic rivalry. The methodological basis of the study covers a wide range of general scientific methods of political analysis, such as analytical, empirical, chronological, comparative, situational, narrative and descriptive. The author argues that the DSR provides a great opportunity for active multinational engagement in building a regional platform for the development of digital economy and a legal framework for digital standards and governance rules. China should focus on key sectors of the DSR, especially cross-border e-commerce, mobile financial tools, digital yuan, cloud computing and other cutting-edge components to make the DSR a more decisive initiative in global digital transformation. In promoting its own rules of digital governance, China has to be prepared to overcome difficulties and challenges that are partly the result of great power competition. The conclusion contains the results of the study and the strategic policy recommendations beyond the DSR.