The 52nd issue of Financial Innovation(FIN),Volume 11,No.4(2025),features 19 papers that can be classified into two main themes:the Special Issue on Green Digital Finance and Energy Transition,and FinTech and Market A...The 52nd issue of Financial Innovation(FIN),Volume 11,No.4(2025),features 19 papers that can be classified into two main themes:the Special Issue on Green Digital Finance and Energy Transition,and FinTech and Market Analysis.展开更多
The recent development of FinTech has raised concerns about the unique role of small banks in the small business lending market;therefore,this study investigates how FinTech affects small banks,focusing on their compa...The recent development of FinTech has raised concerns about the unique role of small banks in the small business lending market;therefore,this study investigates how FinTech affects small banks,focusing on their comparative advantage in the small business lending market.Our results suggest that FinTech development,either from BigTech firms or big banks’adoption of technology,negatively affects small banks and decreases their small business loans and unsecured credit loans.Our mechanism analyses show that the technological advantages of BigTech firms and big banks facilitate their credit supply to small-and medium-sized enterprises and reduce SMEs’demand from small banks,challenging the soft information-based business models employed by small banks.Conversely,small banks with superior technological capabilities and a longer local presence are less affected.Overall,our findings highlight the negative effect of FinTech development on the small bank advantage.展开更多
The incorporation of financial technology(FinTech)into contemporary business development has emerged as a critical factor for small medium enterprises(SMEs),which contribute to their viability.In light of the signific...The incorporation of financial technology(FinTech)into contemporary business development has emerged as a critical factor for small medium enterprises(SMEs),which contribute to their viability.In light of the significant collaboration between Hungary and Indonesia,this research endeavors to delve into unexplored dimensions pertaining to the potential of fintech in bolstering the operational resilience of SMEs within the contexts of these developed and developing economies,using the technology-organization-environment(TOE)framework.Specifically,this study aims to investigate how the adoption of digital financial services can facilitate inclusive economic growth and foster entrepreneurial activities in both Hungary and Indonesia.The research adopts a quantitative methodology,employing statistical hypothesis testing and regression analysis to achieve its objectives.A sample of 349 participants,with 164 representing Hungary and 185 representing Indonesia,was purposively selected by scientific criteria to examine the patterns of FinTech adoption within the SME industry.The results show that when partial least squares–structural equation modeling(PLS-SEM)is used to examine the direct effect of TOE on fintech adoption,technological factors and environmental factors have a significant effect on fintech adoption,whereas organizational factors have no significant effect on fintech adoption.Further results from the PLS-MGA method used to investigate group differences show that Hungary–Indonesia significantly differ in terms of the impact of technological factors on fintech adoption;in the organizational context of fintech adoption,Indonesia has a stronger relationship than Hungary does,and in terms of environmental factors,Indonesia has a stronger relationship because,compared with Hungary,Indonesia has a higher level of trust in the government.The findings of this research are highly important,serving as a noteworthy reference point for assessing the collaborative efforts between the two countries in enhancing SMEs through the adoption of fintech.展开更多
This study investigates the spatial courting between digital economic signs and local monetary overall performance throughout ten provinces in Sumatra,Indonesia,from 2019 to 2022.As digitalization hastens economic and...This study investigates the spatial courting between digital economic signs and local monetary overall performance throughout ten provinces in Sumatra,Indonesia,from 2019 to 2022.As digitalization hastens economic and business sports,devices together with fintech lending,e-cash,debit card usage,and e-commerce are increasingly more diagnosed as capability drivers of regional increase.But,the unequal distribution of digital infrastructure and monetary literacy across regions raises issues approximately the inclusivity of these benefits.constructing upon current findings by using Miranti et al.(2024),this research employs spatial econometric fashions-particularly the Spatial Lag model(SLM)and Spatial mistakes model(SEM)-to evaluate how digital variables influence provincial financial overall performance while accounting for spatial spillover consequences.The results reveal that fintech lending and debit card usage exert a positive and significant impact on economic growth,whereas the effect of e-money is negative,suggesting potential substitution effects or access constraints.Spatial dependency is also evident,as demonstrated by the significant lambda coefficient in the SEM model.These findings highlight the importance of spatially coordinated digital policies,particularly in addressing disparities and enhancing digital financial inclusion.The study concludes with policy recommendations aimed at fostering inclusive and spatially balanced digital economic development in Sumatra.展开更多
This study presents an all-inclusive analysis of the literature on the augmentation of financial inclusion through fintech.Ninety-six papers were selected from the 2951 articles in the Web of Science,Scopus,and EBSCO ...This study presents an all-inclusive analysis of the literature on the augmentation of financial inclusion through fintech.Ninety-six papers were selected from the 2951 articles in the Web of Science,Scopus,and EBSCO databases.This study uses bibliometric and content analysis techniques to illuminate the underexplored aspects of fintech’s impact on financial inclusion.Unlike previous studies,this study consolidates a significant amount of the literature on financial inclusion by systematically contextualizing theories and viewpoints from the fintech sector.The key findings include the identification of three main research clusters:(1)the advent of novel services,(2)the transformation of the market landscape,and(3)the roles of stakeholders in the fintech ecosystem.The analysis reveals gaps in the existing research,such as the need for more studies on the tangible impact of fintech on financial inclusion and regulation.This study concludes by highlighting potential directions for future research and emphasizing the importance of policymakers paying greater attention to fintech’s implications for financial inclusion.展开更多
Mergers and acquisitions(M&A)with financial technology(fintech)companies can be an effective way for firms to obtain new technologies and capabilities.However,the market reaction to fintech M&A announcements h...Mergers and acquisitions(M&A)with financial technology(fintech)companies can be an effective way for firms to obtain new technologies and capabilities.However,the market reaction to fintech M&A announcements has received limited attention in the empirical academic literature.This study assesses the impact of fintech M&As on stock returns and examines whether macroeconomic variables influence the abnormal return of fintech M&As.Using event study analysis,we found that fintech M&A announcements generate a significant positive short-term abnormal return.Furthermore,we demonstrated that macroeconomic parameters,including Gross domestic product(GDP)growth,inflation rate,the share of services in GDP,and aggregate export growth,positively affect abnormal returns.In contrast,private investment,consumer spending,and an economy’s size negatively influence fintech M&As’abnormal returns.展开更多
This study examines the causal relationship between financial technology startup venture capital(VC)financing and its deals with domestic credit provided by the banking sector and equity market movement.Despite the ri...This study examines the causal relationship between financial technology startup venture capital(VC)financing and its deals with domestic credit provided by the banking sector and equity market movement.Despite the rise of alternative finance,such as fintech venture capital(it is the fund that venture capital firms put into young,promising fintech companies so that they can help them expand and scale quickly),which is yet underexplored,borrowers still heavily rely on banks and the stock market for financing.We use panel data from 57 countries from 2010 to 2020 and an advanced econometric method called the cross-sectional autoregressive distributed lag model(CS-ARDL)to determine how the size and number of fintech equity funds dealt with by venture capital firms,banking sector credit,and stock market returns are interrelated at the global level and across regional,income,and economic levels.Our results reveal a cointegrating relationship between fintech venture capital funding and deals with bank loans and equity market returns.However,this relationship varies across the regions studied and between developed and developing economies.Our findings provide crucial guidelines for policymakers to create policies that support balanced financial development by highlighting the global interaction of equity market movements,banking credit,and fintech venture capital investment and lay the groundwork for internationally aligned policies to guarantee the optimal distribution of financial capital and improve economic stability and adaptability by illustrating how these links differ across geographical locations and economic conditions.展开更多
Future financing has the potential to evolve into a forward-looking and ingenious system that can enrich diverse technologies.This investigation focuses on five attractive emerging technologies tied to the finance,nam...Future financing has the potential to evolve into a forward-looking and ingenious system that can enrich diverse technologies.This investigation focuses on five attractive emerging technologies tied to the finance,namely artificial intelligence(AI),machine learning,blockchain,augmented reality(AR)/virtual reality(VR),and quantum mechanics.Within the financial milieu,there is an ongoing pursuit for more precise,optimized,secure,and agile solutions capable of managing multifarious financial undertakings.Emerging technologies present remarkable modalities for achieving these objectives.This scholarly exposition expounds upon the creation of emerging technologies within the financial world,while concurrently deliberating upon the prospective applications of these technologies within financial systems.Given the nascent stage of development that characterizes these emerging technologies,the advancement of financial performance emerges as a substantial challenge owing to both technological and operational advantages.Technology-oriented financing has emerged as an essential trajectory for shaping the future of finance.展开更多
In response to the problem of improving practical abilities of students in the process of cultivating innovative talents in the field of financial technology in the specialized software college,this paper analyzes the...In response to the problem of improving practical abilities of students in the process of cultivating innovative talents in the field of financial technology in the specialized software college,this paper analyzes the characteristics and applicability of problem-based learning(PBL)method,proposes a PBL course integration design scheme for the integration of business and technology in the field of financial technology,and provides corresponding course cases.The plan described in this article has been jointly demonstrated by experts from schools and enterprises and has received good feedback.展开更多
AI-driven fintech industries face critical vulnerabilities from volatile rare earth and metallic mineral prices,geopolitical instability,and inflationary pressures.Sovereign inflation-linked bonds serve as incentives ...AI-driven fintech industries face critical vulnerabilities from volatile rare earth and metallic mineral prices,geopolitical instability,and inflationary pressures.Sovereign inflation-linked bonds serve as incentives for investors in technological industries,despite the risks associated with rising costs of goods.By analyzing global data(8 September 2020–9 September 2023)via cross-quantilogram,recursive cross-quantilogram and quantile vector autoregressive approaches,this study reveals how Russia–Ukraine geopolitical risk,sovereign inflation–linked bonds,rare earth and metallic mineral prices disrupt AI-driven fintech outputs.Key findings indicate that rising rare earth prices suppress fintech productivity in long-term growth periods,whereas sovereign inflation-linked bonds mitigate short-term inflationary risk.Geopolitical turmoil disproportionately harms fintech outputs during market downturns,with both mineral price volatility and conflict-driven shocks amplifying systemic instability in fintech outputs and sovereign inflation-linked bonds.These results urge policymakers to secure critical mineral supply chains,promote inflation-hedging financial instruments,and foster international cooperation to buffer AI-driven fintech sectors against geopolitical and resource-driven disruptions.展开更多
Introduction:Since 2015 is the year of FinTech in Taiwan,it is worth investigating the challenges that emerged when banks were encouraged to invest in FinTech companies for collaboration.This study aims to identify th...Introduction:Since 2015 is the year of FinTech in Taiwan,it is worth investigating the challenges that emerged when banks were encouraged to invest in FinTech companies for collaboration.This study aims to identify the strategic considerations in the process of searching for FinTech investment targets.Case description:This study used a case study investigation of a top-5 bank in Taiwan.The major data sources include the meeting notes of the FinTech investment task force and interviews with the team members.Co-opetition theory was adopted as the theoretical framework and interview questions were derived from the PARTS strategies in co-petition theory.The results relate to:(1)the strategic goals of FinTech investment,(2)the added value from FinTech companies,(3)criteria in selecting candidates in the same FinTech area,(4)choosing to work as either a cooperator or a competitor,and(5)barriers from policies and regulations.Discussion and evaluation:This study has several findings:(1)regulations and policies shape FinTech’s development;(2)banks,technology companies,and customers are not“FinTech ready;”(3)Compare top-down with bottom up strategies;(4)banks and FinTech companies have complex relationships;(5)it is unlikely that Taiwan will produce FinTech disruptors in the near future.Conclusion:The findings and discussion can benefit researchers and administrators in finance-related industries.More studies are desired to observe long-term development in terms of how companies collaborate or compete in specific FinTech areas.展开更多
At present,Chinese financial supervision departments are constrained by information asymmetry and higher supervision costs,so their effectiveness in the ever-changing financial supervision needs to be improved urgentl...At present,Chinese financial supervision departments are constrained by information asymmetry and higher supervision costs,so their effectiveness in the ever-changing financial supervision needs to be improved urgently.Based on the G-SIBs fintech index,this paper analyzes the scores of fintech r&d,promotion,application and other indicators,aiming to explain the necessity of fintech regulation,and puts forward measures to strengthen fintech regulation.展开更多
文摘The 52nd issue of Financial Innovation(FIN),Volume 11,No.4(2025),features 19 papers that can be classified into two main themes:the Special Issue on Green Digital Finance and Energy Transition,and FinTech and Market Analysis.
文摘The recent development of FinTech has raised concerns about the unique role of small banks in the small business lending market;therefore,this study investigates how FinTech affects small banks,focusing on their comparative advantage in the small business lending market.Our results suggest that FinTech development,either from BigTech firms or big banks’adoption of technology,negatively affects small banks and decreases their small business loans and unsecured credit loans.Our mechanism analyses show that the technological advantages of BigTech firms and big banks facilitate their credit supply to small-and medium-sized enterprises and reduce SMEs’demand from small banks,challenging the soft information-based business models employed by small banks.Conversely,small banks with superior technological capabilities and a longer local presence are less affected.Overall,our findings highlight the negative effect of FinTech development on the small bank advantage.
文摘The incorporation of financial technology(FinTech)into contemporary business development has emerged as a critical factor for small medium enterprises(SMEs),which contribute to their viability.In light of the significant collaboration between Hungary and Indonesia,this research endeavors to delve into unexplored dimensions pertaining to the potential of fintech in bolstering the operational resilience of SMEs within the contexts of these developed and developing economies,using the technology-organization-environment(TOE)framework.Specifically,this study aims to investigate how the adoption of digital financial services can facilitate inclusive economic growth and foster entrepreneurial activities in both Hungary and Indonesia.The research adopts a quantitative methodology,employing statistical hypothesis testing and regression analysis to achieve its objectives.A sample of 349 participants,with 164 representing Hungary and 185 representing Indonesia,was purposively selected by scientific criteria to examine the patterns of FinTech adoption within the SME industry.The results show that when partial least squares–structural equation modeling(PLS-SEM)is used to examine the direct effect of TOE on fintech adoption,technological factors and environmental factors have a significant effect on fintech adoption,whereas organizational factors have no significant effect on fintech adoption.Further results from the PLS-MGA method used to investigate group differences show that Hungary–Indonesia significantly differ in terms of the impact of technological factors on fintech adoption;in the organizational context of fintech adoption,Indonesia has a stronger relationship than Hungary does,and in terms of environmental factors,Indonesia has a stronger relationship because,compared with Hungary,Indonesia has a higher level of trust in the government.The findings of this research are highly important,serving as a noteworthy reference point for assessing the collaborative efforts between the two countries in enhancing SMEs through the adoption of fintech.
文摘This study investigates the spatial courting between digital economic signs and local monetary overall performance throughout ten provinces in Sumatra,Indonesia,from 2019 to 2022.As digitalization hastens economic and business sports,devices together with fintech lending,e-cash,debit card usage,and e-commerce are increasingly more diagnosed as capability drivers of regional increase.But,the unequal distribution of digital infrastructure and monetary literacy across regions raises issues approximately the inclusivity of these benefits.constructing upon current findings by using Miranti et al.(2024),this research employs spatial econometric fashions-particularly the Spatial Lag model(SLM)and Spatial mistakes model(SEM)-to evaluate how digital variables influence provincial financial overall performance while accounting for spatial spillover consequences.The results reveal that fintech lending and debit card usage exert a positive and significant impact on economic growth,whereas the effect of e-money is negative,suggesting potential substitution effects or access constraints.Spatial dependency is also evident,as demonstrated by the significant lambda coefficient in the SEM model.These findings highlight the importance of spatially coordinated digital policies,particularly in addressing disparities and enhancing digital financial inclusion.The study concludes with policy recommendations aimed at fostering inclusive and spatially balanced digital economic development in Sumatra.
文摘This study presents an all-inclusive analysis of the literature on the augmentation of financial inclusion through fintech.Ninety-six papers were selected from the 2951 articles in the Web of Science,Scopus,and EBSCO databases.This study uses bibliometric and content analysis techniques to illuminate the underexplored aspects of fintech’s impact on financial inclusion.Unlike previous studies,this study consolidates a significant amount of the literature on financial inclusion by systematically contextualizing theories and viewpoints from the fintech sector.The key findings include the identification of three main research clusters:(1)the advent of novel services,(2)the transformation of the market landscape,and(3)the roles of stakeholders in the fintech ecosystem.The analysis reveals gaps in the existing research,such as the need for more studies on the tangible impact of fintech on financial inclusion and regulation.This study concludes by highlighting potential directions for future research and emphasizing the importance of policymakers paying greater attention to fintech’s implications for financial inclusion.
基金funded by the Basic Research Program of the HSE University.
文摘Mergers and acquisitions(M&A)with financial technology(fintech)companies can be an effective way for firms to obtain new technologies and capabilities.However,the market reaction to fintech M&A announcements has received limited attention in the empirical academic literature.This study assesses the impact of fintech M&As on stock returns and examines whether macroeconomic variables influence the abnormal return of fintech M&As.Using event study analysis,we found that fintech M&A announcements generate a significant positive short-term abnormal return.Furthermore,we demonstrated that macroeconomic parameters,including Gross domestic product(GDP)growth,inflation rate,the share of services in GDP,and aggregate export growth,positively affect abnormal returns.In contrast,private investment,consumer spending,and an economy’s size negatively influence fintech M&As’abnormal returns.
基金financially supported by Doctoral Fellowship of the University Grants Commission,Bangladesh.
文摘This study examines the causal relationship between financial technology startup venture capital(VC)financing and its deals with domestic credit provided by the banking sector and equity market movement.Despite the rise of alternative finance,such as fintech venture capital(it is the fund that venture capital firms put into young,promising fintech companies so that they can help them expand and scale quickly),which is yet underexplored,borrowers still heavily rely on banks and the stock market for financing.We use panel data from 57 countries from 2010 to 2020 and an advanced econometric method called the cross-sectional autoregressive distributed lag model(CS-ARDL)to determine how the size and number of fintech equity funds dealt with by venture capital firms,banking sector credit,and stock market returns are interrelated at the global level and across regional,income,and economic levels.Our results reveal a cointegrating relationship between fintech venture capital funding and deals with bank loans and equity market returns.However,this relationship varies across the regions studied and between developed and developing economies.Our findings provide crucial guidelines for policymakers to create policies that support balanced financial development by highlighting the global interaction of equity market movements,banking credit,and fintech venture capital investment and lay the groundwork for internationally aligned policies to guarantee the optimal distribution of financial capital and improve economic stability and adaptability by illustrating how these links differ across geographical locations and economic conditions.
文摘Future financing has the potential to evolve into a forward-looking and ingenious system that can enrich diverse technologies.This investigation focuses on five attractive emerging technologies tied to the finance,namely artificial intelligence(AI),machine learning,blockchain,augmented reality(AR)/virtual reality(VR),and quantum mechanics.Within the financial milieu,there is an ongoing pursuit for more precise,optimized,secure,and agile solutions capable of managing multifarious financial undertakings.Emerging technologies present remarkable modalities for achieving these objectives.This scholarly exposition expounds upon the creation of emerging technologies within the financial world,while concurrently deliberating upon the prospective applications of these technologies within financial systems.Given the nascent stage of development that characterizes these emerging technologies,the advancement of financial performance emerges as a substantial challenge owing to both technological and operational advantages.Technology-oriented financing has emerged as an essential trajectory for shaping the future of finance.
文摘In response to the problem of improving practical abilities of students in the process of cultivating innovative talents in the field of financial technology in the specialized software college,this paper analyzes the characteristics and applicability of problem-based learning(PBL)method,proposes a PBL course integration design scheme for the integration of business and technology in the field of financial technology,and provides corresponding course cases.The plan described in this article has been jointly demonstrated by experts from schools and enterprises and has received good feedback.
基金supported by the grant of the Russian Science Foundation(RSF Code:23-18-01065).
文摘AI-driven fintech industries face critical vulnerabilities from volatile rare earth and metallic mineral prices,geopolitical instability,and inflationary pressures.Sovereign inflation-linked bonds serve as incentives for investors in technological industries,despite the risks associated with rising costs of goods.By analyzing global data(8 September 2020–9 September 2023)via cross-quantilogram,recursive cross-quantilogram and quantile vector autoregressive approaches,this study reveals how Russia–Ukraine geopolitical risk,sovereign inflation–linked bonds,rare earth and metallic mineral prices disrupt AI-driven fintech outputs.Key findings indicate that rising rare earth prices suppress fintech productivity in long-term growth periods,whereas sovereign inflation-linked bonds mitigate short-term inflationary risk.Geopolitical turmoil disproportionately harms fintech outputs during market downturns,with both mineral price volatility and conflict-driven shocks amplifying systemic instability in fintech outputs and sovereign inflation-linked bonds.These results urge policymakers to secure critical mineral supply chains,promote inflation-hedging financial instruments,and foster international cooperation to buffer AI-driven fintech sectors against geopolitical and resource-driven disruptions.
文摘Introduction:Since 2015 is the year of FinTech in Taiwan,it is worth investigating the challenges that emerged when banks were encouraged to invest in FinTech companies for collaboration.This study aims to identify the strategic considerations in the process of searching for FinTech investment targets.Case description:This study used a case study investigation of a top-5 bank in Taiwan.The major data sources include the meeting notes of the FinTech investment task force and interviews with the team members.Co-opetition theory was adopted as the theoretical framework and interview questions were derived from the PARTS strategies in co-petition theory.The results relate to:(1)the strategic goals of FinTech investment,(2)the added value from FinTech companies,(3)criteria in selecting candidates in the same FinTech area,(4)choosing to work as either a cooperator or a competitor,and(5)barriers from policies and regulations.Discussion and evaluation:This study has several findings:(1)regulations and policies shape FinTech’s development;(2)banks,technology companies,and customers are not“FinTech ready;”(3)Compare top-down with bottom up strategies;(4)banks and FinTech companies have complex relationships;(5)it is unlikely that Taiwan will produce FinTech disruptors in the near future.Conclusion:The findings and discussion can benefit researchers and administrators in finance-related industries.More studies are desired to observe long-term development in terms of how companies collaborate or compete in specific FinTech areas.
文摘At present,Chinese financial supervision departments are constrained by information asymmetry and higher supervision costs,so their effectiveness in the ever-changing financial supervision needs to be improved urgently.Based on the G-SIBs fintech index,this paper analyzes the scores of fintech r&d,promotion,application and other indicators,aiming to explain the necessity of fintech regulation,and puts forward measures to strengthen fintech regulation.
