Finance is the core of modern economy,and a strong country cannot do without the support of financial system.With the rapid development of economy and society,the traditional financial services can not support the inc...Finance is the core of modern economy,and a strong country cannot do without the support of financial system.With the rapid development of economy and society,the traditional financial services can not support the increasingly large and complex economic system.As a brand-new format,financial technology can help the financial industry to restructure and upgrade.At the same time,as an international consensus,green development is the only way for China to achieve sustainable development.Therefore,it is of great practical significance to study the impact of finance on the regional development of green finance.Based on the essence of green finance development,fuzzy principal component analysis is used to build the green finance evaluation index system in this paper.Taking the data of three provinces and cities in the Yangtze River Delta from 2015 to 2019 as an example,QAP analysis is used to study the impact of financial tech-nology on the regional development of green finance.Research shows that expla-natory variables are highly significant,that is,financial technology has a significant role in promoting green finance.Finally,based on the research conclu-sions,this paper puts forward suggestions on how green technology can better promote the development of green finance from three aspects of top-level design,technical research and supervision.展开更多
Financial technology changes the logic of financial interpretation through the use of digital and digital centric technologies,commercialization,big data analysis,machine learning and artificial intelligence.From fina...Financial technology changes the logic of financial interpretation through the use of digital and digital centric technologies,commercialization,big data analysis,machine learning and artificial intelligence.From financial institutions that use technology to provide financial services to technology companies that directly provide financial services,fintech companies play an important role in realizing financial brokerage and financial democratization and improving the availability and efficiency of financial services.Based on this,this paper focuses on the plight and path of cooperative governance of financial technology supervision,for the reference of relevant personnel.展开更多
The concept of inclusive finance was proposed and promoted by the United Nations in 2005 with the main purpose of providing services for those who lack good financial services while promoting the economic growth of fa...The concept of inclusive finance was proposed and promoted by the United Nations in 2005 with the main purpose of providing services for those who lack good financial services while promoting the economic growth of family enterprises and eliminating social poverty as well as inequality.With the innovation of financial technology and its application in the field of financial inclusion,the new inclusive finance has shown strong vitality and great prospects in recent years.It provides certain ideas and directions for the development of inclusive finance in the banking industry.展开更多
With the rapid advancement of network technology,new payment methods represented by Q coins and game currencies have entered a phase of significant growth.However,these payment methods have a limited scope of applicat...With the rapid advancement of network technology,new payment methods represented by Q coins and game currencies have entered a phase of significant growth.However,these payment methods have a limited scope of application and lack the legal status of fiat currency.The rise of digital currency has profoundly impacted the authority of traditional currency systems.Distinguished by robust payment capabilities,digital currency differs significantly from traditional currency.Yet,due to its relatively brief history,a globally unified definition has yet to be established.Consequently,there is an urgent need to enhance the regulation of digital currency through legislative measures to ensure its orderly and sustainable development.展开更多
With the continuous development and improvement of financial technology,commercial banks are facing huge impacts and challenges brought about by financial technology,but what follows is a huge opportunity for the tran...With the continuous development and improvement of financial technology,commercial banks are facing huge impacts and challenges brought about by financial technology,but what follows is a huge opportunity for the transformation of commercial banks.Therefore,this research analyzes the four aspects of the impact of financial technology on commercial banks,and explores the challenges that financial technology brings to commercial banks’development strategies,traditional businesses,and business processes.For the measures taken,commercial banks need to improve the financial technology-related infrastructure,and improve the main functions of supervision technology and the transformation of cultural values.This research provides theoretical basis and implementation suggestions for the transformation of commercial banks through theoretical research.展开更多
To harness the potential of financial technology and digital currency and enhance the competitiveness of the traditional financial industry,this paper briefly elucidates the concepts of financial technology and digita...To harness the potential of financial technology and digital currency and enhance the competitiveness of the traditional financial industry,this paper briefly elucidates the concepts of financial technology and digital currency,along with their current development status.Furthermore,it analyzes the impact of financial technology and digital currency on the traditional financial industry,aiming to enrich research outcomes in this field and propel the development of traditional financial institutions in China.展开更多
Financial technology(FinTech)has emerged as a key policy instrument for transforming economic development models.Whether it can energize the low-carbon economy and enhance carbon emission efficiency(CEE)has drawn incr...Financial technology(FinTech)has emerged as a key policy instrument for transforming economic development models.Whether it can energize the low-carbon economy and enhance carbon emission efficiency(CEE)has drawn increasing scholarly attention.Using panel data from 278 Chinese cities(2006–2021),this study constructs a quasi-natural experiment and applies a difference-in-differences(DID)model to evaluate the policy effects of FinTech on CEE.Mediation and moderation models further explore the mechanisms underlying this relationship.The findings reveal that FinTech significantly improves CEE,generating policy dividends that advance low-carbon development.This conclusion remains robust under dual machine learning causal inference,propensity score matching DID,and other robustness tests.Financing constraints,innovation level,and industrial structure upgrading fully mediate the effect of FinTech on CEE,where financing constraints and innovation show positive mediation effects,while industrial structure upgrading has a negative one.Moreover,financial agglomeration weakens FinTech’s positive influence on CEE,and the effects differ across regions,development levels,and resource endowments.This study broadens the analytical framework connecting FinTech and CEE and deepens understanding of the mechanisms linking financial innovation to lowcarbon transition.展开更多
High-frequency trading(HFT)practices in the global financial markets involve the use of information and communication technologies(ICT),especially the capabilities of high-speed networks,rapid computation,and algorith...High-frequency trading(HFT)practices in the global financial markets involve the use of information and communication technologies(ICT),especially the capabilities of high-speed networks,rapid computation,and algorithmic detection of changing information and prices that create opportunities for computers to effect low-latency trades that can be accomplished in milliseconds.HFT practices exist because a variety of new technologies have made them possible,and because financial market infrastructure capabilities have also been changing so rapidly.The U.S.markets,such as the National Association for Securities Dealers Automated Quote(NASDAQ)market and the New York Stock Exchange(NYSE),have maintained relevance and centrality in financial intermediation in financial markets settings that have changed so much in the past 20 years that they are hardly recognizable.In this article,we explore the technological,institutional and market developments in leading financial markets around the world that have embraced HFT trading.From these examples,we will distill a number of common characteristics that seem to be in operation,and then assess the extent to which HFT practices have begun to be observed in Asian regional financial markets,and what will be their likely impacts.We also discuss a number of theoretical and empirical research directions of interest.展开更多
Financial technology(Fintech)makes a significant contribution to the financial system by reducing costs,providing higher quality services and increasing customer satisfaction.Hence,new studies play an essential role t...Financial technology(Fintech)makes a significant contribution to the financial system by reducing costs,providing higher quality services and increasing customer satisfaction.Hence,new studies play an essential role to improve Fintech investments.This study evaluates Fintech-based investments of European banking services with an application of an original methodology that considers interval type-2(IT2)fuzzy decision-making trial and evaluation laboratory and IT2 fuzzy TOPSIS models.Empirical findings are controlled for consistency by applying the VIKOR method.Moreover,we conduct a sensitivity analysis by considering six distinct cases.This study contributes to the existing literature by identifying the most important Fintech-based investment alternatives to improve the financial performance of European banks.Our empirical findings illustrate that results are coherent,reliable,and identify“competitive advantage”as the most important factor among Fintech-based determinants.Moreover,“payment and money transferring systems”are the most important Fintech-based investment alternatives.It is recommended that,among Fintech-based investments,European banks should mainly focus on payment and money transferring alternatives to attract the attention of customers and satisfy their expectations.This is also believed to have a positive impact on the ease of bank’receivable collection.Another important point is that Fintech-based investments in money transferring systems could help to decrease costs.展开更多
This study examines the transformative impact of Apple Pay on urban landscapes and socioeconomic frameworks,with a particular focus on spending patterns and retail dynamics in metropolitan areas.By evaluating the adop...This study examines the transformative impact of Apple Pay on urban landscapes and socioeconomic frameworks,with a particular focus on spending patterns and retail dynamics in metropolitan areas.By evaluating the adoption levels,the technological support,and the social impact of Apple Pay,the study shows that the service is both a catalyst for the development of digital payment and a sign of an increasing social gap.Although it has rapidly transformed Retail Enterprises and supported the construction of smart cities,especially in major world cities such as New York,London,and Tokyo,the work has brought out notable digital divides.Although Apple Pay,with more than 75%of iPhone users and 9,000 banks in 60 world areas and regions,has impacts that are not the same across urban populations,the study shows that while large format retailers have effectively adopted Apple Pay for value-added services to consumers and enhanced payment efficiency,small businesses encounter significant barriers in implementation.Additionally,the technology leverages smartphone usage and banking relationships,which does not address considerable urban population demographics and deeper issues of technology exclusion and inequality in the contemporary city.Such results call for attaining a just society’s technological advancement for efficiencies while still catering to all groups of urban dwellers.展开更多
This study examines the nexus between the good and bad volatilities of three technological revolutions—financial technology(FinTech),the Internet of Things,and artificial intelligence and technology—as well as the t...This study examines the nexus between the good and bad volatilities of three technological revolutions—financial technology(FinTech),the Internet of Things,and artificial intelligence and technology—as well as the two main conventional and Islamic cryptocurrency platforms,Bitcoin and Stellar,via three approaches:quantile cross-spectral coherence,quantile-VAR connectedness,and quantile-based non-linear causality-in-mean and variance analysis.The results are as follows:(1)under normal market conditions,in long-run horizons there is a significant positive cross-spectral relationship between FinTech's positive volatilities and Stellar’s negative volatilities;(2)Stellar’s negative and positive volatilities exhibit the highest net spillovers at the lower and upper tails,respectively;and(3)the quantile-based causality results indicate that Bitcoin’s good(bad)volatilities can lead to bad(good)volatilities in all three smart technologies operating between normal and bull market conditions.Moreover,the Bitcoin industry’s negative volatilities have a bilateral cause-and-effect relationship with FinTech’s positive volatilities.By analyzing the second moment,we found that Bitcoin's negative volatilities are the only cause variable that generates FinTech's good volatility in a unidirectional manner.As for Stellar,only bad volatilities have the potential to signal good volatilities for cutting-edge technologies in some middle quantiles,whereas good volatilities have no significant effect.Hence,the trade-off between Bitcoin and cutting-edge technologies,especially FinTech-related advancements,appear more broadly and randomly compared with the Stellar-innovative technologies nexus.The findings provide valuable insights for FinTech companies,blockchain developers,crypto-asset regulators,portfolio managers,and high-tech investors.展开更多
The rapid development of the global personal credit market has been driven by diversification and technological innovation,both of which serve as key catalysts for industry transformation.This paper conducts a compara...The rapid development of the global personal credit market has been driven by diversification and technological innovation,both of which serve as key catalysts for industry transformation.This paper conducts a comparative analysis of international personal credit markets to examine successful practices and challenges in credit products,credit assessment,and risk management across various countries.In particular,advancements in financial technology,including big data and artificial intelligence,have created new opportunities for enhancing the accessibility and personalization of credit services.Nevertheless,China’s personal credit market continues to face significant challenges,such as an underdeveloped credit infrastructure,outdated financial regulations,and limited product innovation.Drawing insights from international experiences,China can enhance its credit evaluation systems,strengthen financial regulations,and foster innovation in financial technology to facilitate healthy market development and advance inclusive finance.展开更多
This research focuses on analyzing and understanding the evolution and impact of fintech companies in Colombia,using PTM Colombia as a case study,a company that has undergone a significant transformation from its begi...This research focuses on analyzing and understanding the evolution and impact of fintech companies in Colombia,using PTM Colombia as a case study,a company that has undergone a significant transformation from its beginnings as a provider of physical recharges to its current position.as a comprehensive platform for digital financial services.The current research uses a qualitative descriptive approach and emphasizes understanding the perceptions and experiences in the field of Fintech in Colombia,particularly in the case of PTM Colombia.The study revealed that adaptability and customer orientation have been fundamental in the evolution of PTM,allowing the company to expand its range of services by actively listening to the needs of its users and adjusting its strategies accordingly.In addition,an accelerated and diversified growth of Fintech will be observed in Colombia,particularly in sectors such as credit and payments,driven by a constantly advancing technological environment and a regulatory framework that,although it presents challenges,also offers opportunities for financial innovation.This growth has impacted the traditional banking sector,which,instead of being replaced by Fintech,is finding new forms of collaboration and coexistence that benefit both parties and,above all,the end consumer.In conclusion,the study highlights how Fintech in Colombia,represented by cases such as PTM,is redefining the financial landscape through the adoption of advanced technologies,collaboration with traditional banking,and strong customer orientation.展开更多
1 Background and motivation Recent advances in foundation models have ushered in a paradigm shift across the field of artificial intelligence(AI),with profound implications for financial technology(FinTech).Foundation...1 Background and motivation Recent advances in foundation models have ushered in a paradigm shift across the field of artificial intelligence(AI),with profound implications for financial technology(FinTech).Foundation models refer to large-scale neural networks trained on vast and heterogeneous corpora using self-supervised or instruction-driven objectives,which endow them with strong generalization and transfer capabilities across downstream tasks.Representative classes of such models,including large language models(LLMs),multimodal foundation models,and timeseries foundation models,exhibit emergent abilities in semantic understanding,reasoning,and multimodal representation learning.展开更多
This study proposes a dual-architecture Explainable Artificial Intelligence(XAI)framework designed to unify risk scoring methodologies across corporate and retail lending domains.The framework leverages wavelet-based ...This study proposes a dual-architecture Explainable Artificial Intelligence(XAI)framework designed to unify risk scoring methodologies across corporate and retail lending domains.The framework leverages wavelet-based decomposition to extract multi-resolution features from corporate cash flow time series,while employing Bidirectional Long Short-Term Memory(Bi-LSTM)autoencoders to generate latent representations of retail transaction behaviors.These heter-ogeneous representations are integrated via a novel interpretability mechanism,CrossSHAP,which enables cross-domain attribution analysis and consistent ex-planation of model outputs.The proposed system is further distinguished by its alignment with regulatory standards,incorporating automated mappings into Basel III Pillar 3 disclosures and Equal Credit Opportunity Act(ECOA)adverse action codes to support regulatory transparency and compliance.To facilitate model validation and fairness assessments,the framework also incorporates a synthetic data generation module that preserves high-order financial depend-encies and inter-variable dynamics.Comprehensive evaluation following the SAFE ML paradigm demonstrates robust performance in all aspects of safety,accountability,fairness,and ethics.The proposed architecture contributes to the advancement of interpretable machine learning in financial risk modeling by enabling robust,transparent,and regulation-aware credit decisioning across diverse borrower segments.展开更多
This paper systematically explores the impact,innovative practices,challenges,and countermeasures of the sharing economy model on corporate economic management.It begins with an overview of the sharing economy,definin...This paper systematically explores the impact,innovative practices,challenges,and countermeasures of the sharing economy model on corporate economic management.It begins with an overview of the sharing economy,defining its core concepts,characteristics,and global and domestic development trends.It then analyzes how the sharing economy influences corporate strategic management,operational management,and financial management—such as altering strategic positioning,optimizing resource allocation,and transforming cost structures.The study highlights innovative practices across management domains,including building sharing economy-oriented strategies,intelligent platform operations,and financial technology applications,illustrated by cases like DiDi Chuxing.It also identifies key challenges,such as incomplete legal frameworks,intense market competition,and data security issues,and proposes targeted strategies,including compliance management,differentiated competition,and enhanced technical R&D.While acknowledging limitations in case scope and research depth,the paper outlines future research directions,emphasizing interdisciplinary approaches,empirical studies,and emerging technology trends to advance understanding of corporate management in the sharing economy era.展开更多
How small and medium-sized(SMS)rural banks,as the main banks offering rural financial services,serve all-round rural revitalization is a vital realistic and policy issue for the time being.Now,SMS rural banks are conf...How small and medium-sized(SMS)rural banks,as the main banks offering rural financial services,serve all-round rural revitalization is a vital realistic and policy issue for the time being.Now,SMS rural banks are confronted with many shortcomings in serving rural revitalization due to dull financial service supply chain circulation and lack of coordination with the rural industry supply chain.The research based on survey data and typical cases shows that the key to solving these problems is to realize a double chain linkage of the financial service supply chain and the rural industry supply chain:The financial service supply chain and the rural industry supply chain should make use of their common infrastructure,share the digital technology capacity and data handling capacity and promote the linkage of customers,channels and scenarios in all links of the two supply chains in a bid to realize mutual promotion and improve the quality and efficiency of the two chains and hence fuel the all-round rural revitalization through industrial revitalization.Double chain linkage can be achieved through five major effective means:in terms of data,collaborating with digital rural governance and strengthening data collection and utilization;in terms of industry,collaborating with core entity enterprises and strengthening the supply chain financial service capacity;in terms of ecology,collaborating with internet technology companies and enhancing ecological,scenario and technological enabling;in terms of channels,collaborating with rural service and focusing on channel linkage,offline network,mobile services and village financial officers,etc.;and in terms of cooperation,constructing the common infrastructure of SMS rural banks and boosting the efficiency of digital enabling innovation.展开更多
It is known that the current Credit Rating in financial markets of China is facing at least three problems:1)the rating is falsely high;2)the differentiation of credit rating is insufficient;and 3)the poor performance...It is known that the current Credit Rating in financial markets of China is facing at least three problems:1)the rating is falsely high;2)the differentiation of credit rating is insufficient;and 3)the poor performance of predicting early warning,thus we must consider how to create a reasonable new credit risk analysis approach to deal with issues for financial markets in China for those listed companies’performance.This report shows that by using a newmethod called the“Hologram approach”as a tool,we are able to establish a so-called“CAFÉRisk Analysis System”(in short,“CAFÉApproach”,or“CAFÉ”)to resolve three issues for credit rating in China.In particular,the main goal in this paper is to give a comprehensive report for credit risk assessments for eight selected list companies by applying our“CAFÉ”from different industry sectors against actual market performance with the time period from the past one to three years through our one-by-one interpretation for event screening and true occurrence and related events.In this way,we show how“CAFÉ”is able to resolve current three major problems of“rating is falsely high,the differentiation of credit rating grades is insufficient,and the poor performance of predicting early warning”in the current credit market in China’s financial industry in practice.展开更多
基金The funding is sponsored by the National Social Science Fund of China(Grant No.18CGL015).
文摘Finance is the core of modern economy,and a strong country cannot do without the support of financial system.With the rapid development of economy and society,the traditional financial services can not support the increasingly large and complex economic system.As a brand-new format,financial technology can help the financial industry to restructure and upgrade.At the same time,as an international consensus,green development is the only way for China to achieve sustainable development.Therefore,it is of great practical significance to study the impact of finance on the regional development of green finance.Based on the essence of green finance development,fuzzy principal component analysis is used to build the green finance evaluation index system in this paper.Taking the data of three provinces and cities in the Yangtze River Delta from 2015 to 2019 as an example,QAP analysis is used to study the impact of financial tech-nology on the regional development of green finance.Research shows that expla-natory variables are highly significant,that is,financial technology has a significant role in promoting green finance.Finally,based on the research conclu-sions,this paper puts forward suggestions on how green technology can better promote the development of green finance from three aspects of top-level design,technical research and supervision.
文摘Financial technology changes the logic of financial interpretation through the use of digital and digital centric technologies,commercialization,big data analysis,machine learning and artificial intelligence.From financial institutions that use technology to provide financial services to technology companies that directly provide financial services,fintech companies play an important role in realizing financial brokerage and financial democratization and improving the availability and efficiency of financial services.Based on this,this paper focuses on the plight and path of cooperative governance of financial technology supervision,for the reference of relevant personnel.
文摘The concept of inclusive finance was proposed and promoted by the United Nations in 2005 with the main purpose of providing services for those who lack good financial services while promoting the economic growth of family enterprises and eliminating social poverty as well as inequality.With the innovation of financial technology and its application in the field of financial inclusion,the new inclusive finance has shown strong vitality and great prospects in recent years.It provides certain ideas and directions for the development of inclusive finance in the banking industry.
文摘With the rapid advancement of network technology,new payment methods represented by Q coins and game currencies have entered a phase of significant growth.However,these payment methods have a limited scope of application and lack the legal status of fiat currency.The rise of digital currency has profoundly impacted the authority of traditional currency systems.Distinguished by robust payment capabilities,digital currency differs significantly from traditional currency.Yet,due to its relatively brief history,a globally unified definition has yet to be established.Consequently,there is an urgent need to enhance the regulation of digital currency through legislative measures to ensure its orderly and sustainable development.
文摘With the continuous development and improvement of financial technology,commercial banks are facing huge impacts and challenges brought about by financial technology,but what follows is a huge opportunity for the transformation of commercial banks.Therefore,this research analyzes the four aspects of the impact of financial technology on commercial banks,and explores the challenges that financial technology brings to commercial banks’development strategies,traditional businesses,and business processes.For the measures taken,commercial banks need to improve the financial technology-related infrastructure,and improve the main functions of supervision technology and the transformation of cultural values.This research provides theoretical basis and implementation suggestions for the transformation of commercial banks through theoretical research.
文摘To harness the potential of financial technology and digital currency and enhance the competitiveness of the traditional financial industry,this paper briefly elucidates the concepts of financial technology and digital currency,along with their current development status.Furthermore,it analyzes the impact of financial technology and digital currency on the traditional financial industry,aiming to enrich research outcomes in this field and propel the development of traditional financial institutions in China.
基金supported by the National Natural Science Foundation of China[Grant No.72371179]the Social Science Foundation of Jiangsu Province[Grant Nos.25GLB009 and 25ZXZD010]+3 种基金the Talent Cultivation Foundation of Southwest University of Science and Technology[Grant No.25sx7003]the Key Laboratory of Green Materials Development and Innovation[Grant No.LSCL-2502]the Major Special Project of the Sichuan Provincial Philosophy and Social Science Foundation[Grant No.SCJJ24ZD30]the Collaborative Innovation Center for New Urbanization and Social Governance of Soochow University.
文摘Financial technology(FinTech)has emerged as a key policy instrument for transforming economic development models.Whether it can energize the low-carbon economy and enhance carbon emission efficiency(CEE)has drawn increasing scholarly attention.Using panel data from 278 Chinese cities(2006–2021),this study constructs a quasi-natural experiment and applies a difference-in-differences(DID)model to evaluate the policy effects of FinTech on CEE.Mediation and moderation models further explore the mechanisms underlying this relationship.The findings reveal that FinTech significantly improves CEE,generating policy dividends that advance low-carbon development.This conclusion remains robust under dual machine learning causal inference,propensity score matching DID,and other robustness tests.Financing constraints,innovation level,and industrial structure upgrading fully mediate the effect of FinTech on CEE,where financing constraints and innovation show positive mediation effects,while industrial structure upgrading has a negative one.Moreover,financial agglomeration weakens FinTech’s positive influence on CEE,and the effects differ across regions,development levels,and resource endowments.This study broadens the analytical framework connecting FinTech and CEE and deepens understanding of the mechanisms linking financial innovation to lowcarbon transition.
文摘High-frequency trading(HFT)practices in the global financial markets involve the use of information and communication technologies(ICT),especially the capabilities of high-speed networks,rapid computation,and algorithmic detection of changing information and prices that create opportunities for computers to effect low-latency trades that can be accomplished in milliseconds.HFT practices exist because a variety of new technologies have made them possible,and because financial market infrastructure capabilities have also been changing so rapidly.The U.S.markets,such as the National Association for Securities Dealers Automated Quote(NASDAQ)market and the New York Stock Exchange(NYSE),have maintained relevance and centrality in financial intermediation in financial markets settings that have changed so much in the past 20 years that they are hardly recognizable.In this article,we explore the technological,institutional and market developments in leading financial markets around the world that have embraced HFT trading.From these examples,we will distill a number of common characteristics that seem to be in operation,and then assess the extent to which HFT practices have begun to be observed in Asian regional financial markets,and what will be their likely impacts.We also discuss a number of theoretical and empirical research directions of interest.
文摘Financial technology(Fintech)makes a significant contribution to the financial system by reducing costs,providing higher quality services and increasing customer satisfaction.Hence,new studies play an essential role to improve Fintech investments.This study evaluates Fintech-based investments of European banking services with an application of an original methodology that considers interval type-2(IT2)fuzzy decision-making trial and evaluation laboratory and IT2 fuzzy TOPSIS models.Empirical findings are controlled for consistency by applying the VIKOR method.Moreover,we conduct a sensitivity analysis by considering six distinct cases.This study contributes to the existing literature by identifying the most important Fintech-based investment alternatives to improve the financial performance of European banks.Our empirical findings illustrate that results are coherent,reliable,and identify“competitive advantage”as the most important factor among Fintech-based determinants.Moreover,“payment and money transferring systems”are the most important Fintech-based investment alternatives.It is recommended that,among Fintech-based investments,European banks should mainly focus on payment and money transferring alternatives to attract the attention of customers and satisfy their expectations.This is also believed to have a positive impact on the ease of bank’receivable collection.Another important point is that Fintech-based investments in money transferring systems could help to decrease costs.
文摘This study examines the transformative impact of Apple Pay on urban landscapes and socioeconomic frameworks,with a particular focus on spending patterns and retail dynamics in metropolitan areas.By evaluating the adoption levels,the technological support,and the social impact of Apple Pay,the study shows that the service is both a catalyst for the development of digital payment and a sign of an increasing social gap.Although it has rapidly transformed Retail Enterprises and supported the construction of smart cities,especially in major world cities such as New York,London,and Tokyo,the work has brought out notable digital divides.Although Apple Pay,with more than 75%of iPhone users and 9,000 banks in 60 world areas and regions,has impacts that are not the same across urban populations,the study shows that while large format retailers have effectively adopted Apple Pay for value-added services to consumers and enhanced payment efficiency,small businesses encounter significant barriers in implementation.Additionally,the technology leverages smartphone usage and banking relationships,which does not address considerable urban population demographics and deeper issues of technology exclusion and inequality in the contemporary city.Such results call for attaining a just society’s technological advancement for efficiencies while still catering to all groups of urban dwellers.
文摘This study examines the nexus between the good and bad volatilities of three technological revolutions—financial technology(FinTech),the Internet of Things,and artificial intelligence and technology—as well as the two main conventional and Islamic cryptocurrency platforms,Bitcoin and Stellar,via three approaches:quantile cross-spectral coherence,quantile-VAR connectedness,and quantile-based non-linear causality-in-mean and variance analysis.The results are as follows:(1)under normal market conditions,in long-run horizons there is a significant positive cross-spectral relationship between FinTech's positive volatilities and Stellar’s negative volatilities;(2)Stellar’s negative and positive volatilities exhibit the highest net spillovers at the lower and upper tails,respectively;and(3)the quantile-based causality results indicate that Bitcoin’s good(bad)volatilities can lead to bad(good)volatilities in all three smart technologies operating between normal and bull market conditions.Moreover,the Bitcoin industry’s negative volatilities have a bilateral cause-and-effect relationship with FinTech’s positive volatilities.By analyzing the second moment,we found that Bitcoin's negative volatilities are the only cause variable that generates FinTech's good volatility in a unidirectional manner.As for Stellar,only bad volatilities have the potential to signal good volatilities for cutting-edge technologies in some middle quantiles,whereas good volatilities have no significant effect.Hence,the trade-off between Bitcoin and cutting-edge technologies,especially FinTech-related advancements,appear more broadly and randomly compared with the Stellar-innovative technologies nexus.The findings provide valuable insights for FinTech companies,blockchain developers,crypto-asset regulators,portfolio managers,and high-tech investors.
文摘The rapid development of the global personal credit market has been driven by diversification and technological innovation,both of which serve as key catalysts for industry transformation.This paper conducts a comparative analysis of international personal credit markets to examine successful practices and challenges in credit products,credit assessment,and risk management across various countries.In particular,advancements in financial technology,including big data and artificial intelligence,have created new opportunities for enhancing the accessibility and personalization of credit services.Nevertheless,China’s personal credit market continues to face significant challenges,such as an underdeveloped credit infrastructure,outdated financial regulations,and limited product innovation.Drawing insights from international experiences,China can enhance its credit evaluation systems,strengthen financial regulations,and foster innovation in financial technology to facilitate healthy market development and advance inclusive finance.
文摘This research focuses on analyzing and understanding the evolution and impact of fintech companies in Colombia,using PTM Colombia as a case study,a company that has undergone a significant transformation from its beginnings as a provider of physical recharges to its current position.as a comprehensive platform for digital financial services.The current research uses a qualitative descriptive approach and emphasizes understanding the perceptions and experiences in the field of Fintech in Colombia,particularly in the case of PTM Colombia.The study revealed that adaptability and customer orientation have been fundamental in the evolution of PTM,allowing the company to expand its range of services by actively listening to the needs of its users and adjusting its strategies accordingly.In addition,an accelerated and diversified growth of Fintech will be observed in Colombia,particularly in sectors such as credit and payments,driven by a constantly advancing technological environment and a regulatory framework that,although it presents challenges,also offers opportunities for financial innovation.This growth has impacted the traditional banking sector,which,instead of being replaced by Fintech,is finding new forms of collaboration and coexistence that benefit both parties and,above all,the end consumer.In conclusion,the study highlights how Fintech in Colombia,represented by cases such as PTM,is redefining the financial landscape through the adoption of advanced technologies,collaboration with traditional banking,and strong customer orientation.
文摘1 Background and motivation Recent advances in foundation models have ushered in a paradigm shift across the field of artificial intelligence(AI),with profound implications for financial technology(FinTech).Foundation models refer to large-scale neural networks trained on vast and heterogeneous corpora using self-supervised or instruction-driven objectives,which endow them with strong generalization and transfer capabilities across downstream tasks.Representative classes of such models,including large language models(LLMs),multimodal foundation models,and timeseries foundation models,exhibit emergent abilities in semantic understanding,reasoning,and multimodal representation learning.
文摘This study proposes a dual-architecture Explainable Artificial Intelligence(XAI)framework designed to unify risk scoring methodologies across corporate and retail lending domains.The framework leverages wavelet-based decomposition to extract multi-resolution features from corporate cash flow time series,while employing Bidirectional Long Short-Term Memory(Bi-LSTM)autoencoders to generate latent representations of retail transaction behaviors.These heter-ogeneous representations are integrated via a novel interpretability mechanism,CrossSHAP,which enables cross-domain attribution analysis and consistent ex-planation of model outputs.The proposed system is further distinguished by its alignment with regulatory standards,incorporating automated mappings into Basel III Pillar 3 disclosures and Equal Credit Opportunity Act(ECOA)adverse action codes to support regulatory transparency and compliance.To facilitate model validation and fairness assessments,the framework also incorporates a synthetic data generation module that preserves high-order financial depend-encies and inter-variable dynamics.Comprehensive evaluation following the SAFE ML paradigm demonstrates robust performance in all aspects of safety,accountability,fairness,and ethics.The proposed architecture contributes to the advancement of interpretable machine learning in financial risk modeling by enabling robust,transparent,and regulation-aware credit decisioning across diverse borrower segments.
文摘This paper systematically explores the impact,innovative practices,challenges,and countermeasures of the sharing economy model on corporate economic management.It begins with an overview of the sharing economy,defining its core concepts,characteristics,and global and domestic development trends.It then analyzes how the sharing economy influences corporate strategic management,operational management,and financial management—such as altering strategic positioning,optimizing resource allocation,and transforming cost structures.The study highlights innovative practices across management domains,including building sharing economy-oriented strategies,intelligent platform operations,and financial technology applications,illustrated by cases like DiDi Chuxing.It also identifies key challenges,such as incomplete legal frameworks,intense market competition,and data security issues,and proposes targeted strategies,including compliance management,differentiated competition,and enhanced technical R&D.While acknowledging limitations in case scope and research depth,the paper outlines future research directions,emphasizing interdisciplinary approaches,empirical studies,and emerging technology trends to advance understanding of corporate management in the sharing economy era.
基金The paper is a research result of the key project“Research on Rural Revitalization Enabled by Digital Transformation of Small and Medium-sized Rural Banks”granted by the China Agricultural Finance 30 People Forum in 2021.
文摘How small and medium-sized(SMS)rural banks,as the main banks offering rural financial services,serve all-round rural revitalization is a vital realistic and policy issue for the time being.Now,SMS rural banks are confronted with many shortcomings in serving rural revitalization due to dull financial service supply chain circulation and lack of coordination with the rural industry supply chain.The research based on survey data and typical cases shows that the key to solving these problems is to realize a double chain linkage of the financial service supply chain and the rural industry supply chain:The financial service supply chain and the rural industry supply chain should make use of their common infrastructure,share the digital technology capacity and data handling capacity and promote the linkage of customers,channels and scenarios in all links of the two supply chains in a bid to realize mutual promotion and improve the quality and efficiency of the two chains and hence fuel the all-round rural revitalization through industrial revitalization.Double chain linkage can be achieved through five major effective means:in terms of data,collaborating with digital rural governance and strengthening data collection and utilization;in terms of industry,collaborating with core entity enterprises and strengthening the supply chain financial service capacity;in terms of ecology,collaborating with internet technology companies and enhancing ecological,scenario and technological enabling;in terms of channels,collaborating with rural service and focusing on channel linkage,offline network,mobile services and village financial officers,etc.;and in terms of cooperation,constructing the common infrastructure of SMS rural banks and boosting the efficiency of digital enabling innovation.
文摘It is known that the current Credit Rating in financial markets of China is facing at least three problems:1)the rating is falsely high;2)the differentiation of credit rating is insufficient;and 3)the poor performance of predicting early warning,thus we must consider how to create a reasonable new credit risk analysis approach to deal with issues for financial markets in China for those listed companies’performance.This report shows that by using a newmethod called the“Hologram approach”as a tool,we are able to establish a so-called“CAFÉRisk Analysis System”(in short,“CAFÉApproach”,or“CAFÉ”)to resolve three issues for credit rating in China.In particular,the main goal in this paper is to give a comprehensive report for credit risk assessments for eight selected list companies by applying our“CAFÉ”from different industry sectors against actual market performance with the time period from the past one to three years through our one-by-one interpretation for event screening and true occurrence and related events.In this way,we show how“CAFÉ”is able to resolve current three major problems of“rating is falsely high,the differentiation of credit rating grades is insufficient,and the poor performance of predicting early warning”in the current credit market in China’s financial industry in practice.
