Fintech growth outpaces regulation in Indonesia

2021 ◽  
Keyword(s):  
Data Sharing ◽  
Financial Services ◽  
Public Confidence ◽  
Tier 2 ◽  
Content Type ◽  
Cross Border ◽  
The Future ◽  
Future Growth

Significance E-payment transaction volumes have risen dramatically as more people shop online and embrace non-cash payments. Moreover, fintechs are expanding into new segments of the financial services market such as crowdfunding and insurance. The future growth and resilience of this ecosystem depend on updating the regulatory and data protections framework, which is underway. Impacts Legislation on cross-institution and cross-border data sharing would be crucial to boost public confidence in fintechs. Continued growth of fintechs will increase the demand for cybersecurity services. Tier 2 cities will become increasingly important digital markets.

Brexit: what are the options for the financial services industry?

2016 ◽  
Vol 17 (4) ◽  
pp. 45-53 ◽  
Author(s):  
David Sahr ◽  
Mark Compton ◽  
Alexandria Carr ◽  
Guy Wilkes ◽  
Alexander Behrens
Keyword(s):  
Financial Services ◽  
Political Development ◽  
The European Union ◽  
Content Type ◽  
Cross Border ◽  
The Future ◽  
Financial Services Firms ◽  
The Uk ◽  
The Impact ◽  
The Eu

Purpose To explain the impact for financial services firms of the UK’s vote to leave the European Union (EU) and to assess the possible options for conducting cross-border financial services between the UK and EU in the future. Key to this is the likely loss of the EU “passport” for financial services that allows a firm licensed in one EU state to offer its services freely throughout all EU states. Design/methodology/approach Explains the process by which the UK will leave the EU and negotiate future trading arrangements; the key considerations for financial services firms doing cross-border business in the EU; the various options for cross-border business in the future; and the key steps financial services firms should be taking to respond to the vote to leave the EU. Findings Many issues still remain uncertain and are unlikely to be resolved for a number of years, but long lead times to implement solutions mean that firms should be considering their options now. Practical implications Firms should be evaluating their current reliance on EU passports and the alternative options that might be suited to their business, such as the “quasi-passports” available under certain specific EU laws or relocation of part or all of their business. Originality/value Legal analysis and practical guidance concerning an unprecedented political development with profound impacts on financial services in Europe, by experts with long-term experience of EU negotiations and financial services gained from working for the British government, regulators and regulated firms.

Factors impacting the adoption of m-banking: understanding brand India’s potential for financial inclusion

2017 ◽  
Vol 11 (1) ◽  
pp. 22-40 ◽  
Author(s):  
Madhurima Deb ◽  
Aarti Agrawal
Keyword(s):  
Financial Services ◽  
Secondary Data ◽  
Cost Effective ◽  
Perceived Usefulness ◽  
Financial Inclusion ◽  
Content Type ◽  
Personal Innovativeness ◽  
The Future ◽  
The Government ◽  
Digital Channels

Purpose The purpose of this study has been to understand brand India’s potential for financial inclusion in the future. As, digital channels like mobile banking (m-banking) are likely to provide better coverage and more cost-effective services to the unbanked population of India. Conventional banking might not be cost-effective for low-ticket-size transactions, hence financial inclusion, which is on the “Digital India” agenda of the Government of India (GoI), might not be feasible. However, to understand brand India’s potential for financial inclusion in the future, it would be essential to understand Indian customers’ attitudes toward m-banking, especially those who have not yet adopted it. This would bring out the potential of m-banking as a channel to drive financial inclusion based on customers’ intentions to adopt it. Until every Indian has access to a wider range of financial services, there cannot be financial inclusion. Similarly, until every Indian adopts digital channels to access a wider range of financial and non-financial services, the GoI’s initiatives for “Digital India” cannot be realized. Furthermore, a review of the literature suggests that there are very few studies concerning m-banking worldwide and still fewer in the context of India. Design/methodology/approach The present study used IBM SPSS and Amos software to test the conceptual model developed using secondary data. Findings The findings of the study suggest that subjective norm, output quality and personal innovativeness have impacts on the perceived usefulness of, and attitudes toward, the ultimate adoption of m-banking. Originality/value The paper is the original work of the authors. An attempt has been made to integrate all the existing literature on m-banking to develop a complete model for the technology’s adoption.

scholarly journals ASPEK-ASPEK TINDAK PIDANA DALAM PERBANKAN SYARIAH DAN KONVENSIONAL

2020 ◽  
Vol 2 (2) ◽  
pp. 80
Author(s):  
Hamsir Hamsir
Keyword(s):  
Financial Services ◽  
Service Industry ◽  
Supervisory Board ◽  
Financial Service ◽  
Public Confidence ◽  
Islamic Banking ◽  
Business Service ◽  
Financial Service Authority ◽  
The Future ◽  
State Owned Enterprise

AbstractThe purpose of this paper is to observe, predict and assess the existence of Islamic banking in Indonesia in the development of facing and maintaining public confidence in the issue of banking crime that are currently, have been and will come. Sharia Bank As an institution in the form of a business / service industry, so in the future, commercial/state banks such as state-owned enterprise banks that manage Sharia Banks will be merged as separate National Sharia Banks. Space and opportunities for criminal acts in Islamic banking have the same space and opportunities as other banks (conventional banking). However, what distinguishes if a criminal act is suspected, it must involve institutions formed from the provisions in sharia banking law (national sharia board, sharia supervisory board) accompanied by the Police and financial service authority institutions, but in investigative work. The police apparatus or financial services authority first asks for instructions from the national sharia board and sharia supervisory board.Keywords: Crime, Conventional Banking, Sharia Banking. AbstrakTujuan penulisan ini, untuk mengamati, memprediksi dan menilai keberadaan perbankan syariah di Indonesia dalam perkembangan menghadapi dan menjaga kepercayaan masyarakat dari persoalan tindak pidana perbankan atau kejahatan perbankan yang saat ini, pernah dan atau akan datang.  Bank (Syariah) Sebagai suatu institusi/lembaga dalam bentuk usaha/industri jasa (BUMN), begitu pun ke depan (wacana 2020) Bank-bank umum/negeri (BNI, BRI & Mandiri) yang mengelola Bank Syariah akan dimerger sebagai Bank Syariah Nasional tersendiri. Ruang dan peluang terjadinya tindak pada perbankan syariah memiliki ruang dan peluang yang sama dengan perbankan lainnya (konvensional). Namun yang membedakan bila diduga terjadi tindak pidana di dalamnya, haruslah melibatkan lembaga-lembaga yang terbentuk dari ketentuan dalam hukum/perundang-undangan perbankan syariah (DSN, DPS) disertai institusi Kepolisian dan lembaga OJK, namun dalam kerja penyidikan aparat Polri atau OJK terlebih dahulu meminta petunjuk DSN dan DPS.Kata Kunci : Perbankan Konvensional, Perbankan Syariah, Tindak Pidana.

The new European crowdfunding regulation: facilitating cross-border services

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Marco Brand
Keyword(s):  
European Union ◽  
Financial Services ◽  
Business Models ◽  
Service Providers ◽  
The European Union ◽  
Content Type ◽  
Cross Border ◽  
Funding Sources ◽  
Capital Markets Union ◽  
The Impact

Purpose To explain the new Crowdfunding Regulation to market participants and to describe the impact of the Crowdfunding Regulation on current crowdfunding business models in the European Union. Design/methodology/approach This article provides an overview of the new Crowdfunding Regulation with a focus on the provisions concerning cross-border services (“European Passport”) and the new authorization requirements for crowdfunding service providers. Findings In particular the introduction of the European passport will open new funding sources for project owners. This together with the harmonized authorization requirements of crowdfunding service providers is expected to contribute to further growth of the crowdfunding market in the European Union. The Crowdfunding Regulation is a further step on the way to a Capital Markets Union in Europe and regulates crowdfunding for the first time on a European level. Practical implications The Crowdfunding Regulation does not cover all existing crowdfunding business models in Europe (e.g., consumer as project owners and qualified subordinated loans are exempted). Insofar, the rules of the Member States continue to apply with the consequence of a partial fragmentation of applicable regulations. Originality/value Expert guidance from experienced financial-services lawyer.

scholarly journals Oceans of opportunity: a review of Canadian aquaculture

2018 ◽  
Vol 1 (1) ◽  
pp. 43-54
Author(s):  
Donald J. Noakes
Keyword(s):  
Design Methodology ◽  
Limited Growth ◽  
Content Type ◽  
National Strategic Plan ◽  
The World ◽  
The Future ◽  
Current Production ◽  
Marine Areas ◽  
Aquaculture Production ◽  
Future Growth

Purpose The world’s population is expected to increase by 30 percent to 10bn people by 2050 and with 70 percent of the earth’s surface covered by water aquaculture will play an important role in producing food for the future. The paper aims to discuss this issue. Design/methodology/approach While Canada has the longest coastline in the world by far (202,080 km) with 80,000 km of marine coastline capable of supporting aquaculture and fisheries, it ranks only 25th in terms of world aquaculture production. The reasons are many and varied, and this review examines statistical reports and publications to trace the beginnings of the aquaculture sector in Canada, and highlights some areas of strength and potential, and the challenges for future growth and expansion. Findings Currently, less than 1 percent of the 3.8m hectares of freshwater and marine areas that are considered suitable for seafood (i.e. finfish, shellfish and aquatic plants) production are being farmed so Canada has an ocean of opportunity to be a leader in world aquaculture production in the future. Originality/value The review highlights the need for a national strategic plan to increase aquaculture production in Canada and the need to simplify the current complex regulatory framework that has resulted in significant uncertainties and delays that have limited growth in this sector. The review highlights the potential and interest to triple current production while fostering greater involvement of First Nation communities.

Virtual currency schemes – the future of financial services

foresight ◽  
2015 ◽  
Vol 17 (4) ◽  
pp. 365-377 ◽  
Author(s):  
Alicja Mikołajewicz-Woźniak ◽  
Anna Scheibe
Keyword(s):  
Financial Services ◽  
Service Sector ◽  
Environmental Changes ◽  
Virtual Currency ◽  
Content Type ◽  
Market Growth ◽  
Starting Point ◽  
The Future ◽  
The Impact

Purpose – The purpose of the paper is to determine the future role of virtual currencies. This paper indicates their pros and cons as alternatives to “real” money and explains their appearance as the reflection of the present trends. It also presents the possible scenarios of their development. Design/methodology/approach – The paper is based on the former foresight research results and literature review. It highlights the main trends in contemporary economy and their impact on financial services. The Bitcoin case is the starting point for the virtual currencies’ market analysis and construction of possible market changes scenarios. Findings – Virtual currency schemes are the reflection of present trends. They are just ahead of our times but may become a common means of payment, changing the way of providing financial services, eliminating intermediaries and marginalizing the role of financial institutions. Research limitations/implications – The multiplicity of virtual currencies and ceaseless introduction of innovations impede the presentation of the complete market picture. The lack of reliable statistical data makes the estimation of the market growth difficult. Practical implications – This paper indicates influence of technology development, virtualization and networking on payment systems’ functioning. Social implications – This paper shows the impact of environmental changes on consumers’ acceptance of virtual currencies. Originality/value – The virtual currency as a payment system is quite new and still a marginalized phenomenon. Nevertheless, the pace of virtual currency market growth after its recent introduction and appearance of Bitcoin successors seems to be the signs of future changes in financial service sector.

The asymmetric price-volume relation revisited: evidence from Qatar

2018 ◽  
Vol 12 (2) ◽  
pp. 193-219 ◽  
Author(s):  
Walid M.A. Ahmed
Keyword(s):  
Financial Services ◽  
Stock Price ◽  
Trading Volume ◽  
Emerging Market ◽  
Return Volatility ◽  
Data Set ◽  
Content Type ◽  
Level Data ◽  
The Future ◽  
Volume Relation

Purpose This study aims to revisit the stock price–volume relations, providing new evidence from the emerging market of Qatar. In particular, three main issues are examined using both aggregate market- and sector-level data. First, the return–volume relation and whether or not this relation is asymmetric. Second, the common characteristics of return volatility; and third, the nature of the relation between trading volume and return volatility. Design/methodology/approach The study uses the OLS and VAR modeling approaches to examine the contemporaneous and dynamic (causal) relations between index returns and trading volume, respectively, while an EGARCH-X(1,1) model is used to analyze the volatility–volume relation. The data set comprises daily index observations and the corresponding trading volumes for the entire market and the individual seven sectors of the Qatar Exchange (i.e. banks and financial services, consumer goods and services, industrials, insurance, real estate, telecommunications and transportation). Findings The empirical analysis reports evidence of a positive contemporaneous return–volume relation in all sectors barring transportation and insurance. This relation appears to be asymmetric for all sectors. For the market and almost all sectors, there is no significant causality between returns and volume. By and large, these findings lend support for the implications of the mixture of distributions hypothesis (MDH). Lastly, the information content of lagged volume seems to have an important role in predicting the future dynamics of return volatility in all sectors, with the industrials being the exception. Practical implications The findings provide important implications for portfolio managers and investors, given that the volume of transactions is generally found to be informative about the price movement of sector indices. Specifically, tracking the behavior of trading volume over time can give a broad portrayal of the future direction of market prices and volatility of equity, thereby enriching the information set available to investors for decision-making. Originality/value Based on both market- and sector-level data from the emerging stock market of Qatar, this study attempts to fill an important void in the literature by examining the return–volume and volatility–volume linkages.

Pandemic worsens human trafficking in South-east Asia

2021 ◽  
Keyword(s):  
Migrant Workers ◽  
South East Asia ◽  
Border Crossings ◽  
Tier 2 ◽  
Content Type ◽  
Cross Border ◽  
Travel Restrictions ◽  
Forced Labour ◽  
Tier 3 ◽  
Watch List

Significance Malaysia was downgraded to ‘Tier 3’ -- the lowest category -- over alleged forced labour involving migrant workers in some of its plantations and factories. Thailand was demoted to the ‘Tier 2 Watch List’ due to concerns about exploitation in its fishing and agriculture industries. Impacts Thailand, Malaysia and Singapore will remain key destinations for trafficked workers despite ongoing travel restrictions. Post-coup instability in Myanmar will likely promote an increase in illegal outbound border crossings. Cross-border movement of unvaccinated forced migrants could fuel fresh coronavirus outbreaks throughout the region.

HSBC Swiss bank accounts-AML compliance and money laundering implications

2015 ◽  
Vol 23 (3) ◽  
pp. 285-297 ◽  
Author(s):  
Mohammed Ahmad Naheem
Keyword(s):  
Money Laundering ◽  
Academic Writing ◽  
Tax Evasion ◽  
Financial Services ◽  
Banking Sector ◽  
Future Research ◽  
Financial Crime ◽  
Content Type ◽  
The Future ◽  
Bank Accounts

Purpose – This paper aims to provide an analysis of the HSBC Swiss bank accounts scandal, from the perspective of anti-money laundering (AML) compliance, and considers the future AML implications for the banking sector and HSBC. It reviews the use of a whistleblower to highlight AML irregularities rather than official reporting through the current AML compliance system. Design/methodology/approach – The paper uses secondary data to offer a viewpoint on the HSBC issues from a money laundering and financial crime perspective. The paper extracts key statements from staff at HSBC and regulators and examines how AML risk assessment was undertaken at this time and what changes need to occur in the future. It considers the implications of the current theoretical context for AML from an agency theory perspective. Findings – The main findings are that AML compliance needs to be embedded into a proactive corporate social responsibility approach rather than relying solely on regulation to improve detection and reporting of money laundering activity. Research limitations/implications – The research topic is new, and therefore, analysis papers and other academic writing on this topic are limited. Future research could consider the outcomes of the Swiss bank’s attempts to prosecute the whistleblower and whether this would have implications for future internal reporting and whistleblowing approaches to support AML compliance. Practical implications – The implications from the research are the recommendations to the banking sector on addressing AML deficiencies especially within the context of an evolving level of criminal sophistication towards money laundering. Social implications – The paper supports the argument for integrating social corporate responsibility and AML compliance to produce a whole bank response to financial crime. This is in contrast to the current systems, which seem to be prevalent within the financial services, of profit and business being seen as separate rather than integral to regulation and control. Originality/value – The originality of this paper is the current example of the HSBC Swiss case and the focus specifically on AML compliance rather than tax evasion, which has been the media angle on the issue.

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