scholarly journals The features of the legal status of the operator of the information system in which digital financial assets are issued, and of the operator of the exchange of digital financial assets as organizations that provide digital financial technologies

2021 ◽  
pp. 124-134
Author(s):  
T. E. Rozhdestvenskaya ◽  
A. G. Guznov
Keyword(s):  
Information System ◽  
Financial Institutions ◽  
Financial Services ◽  
Legal Status ◽  
Rapid Development ◽  
Digital Technologies ◽  
Financial Assets ◽  
New Type

The rapid development of digital technologies has led to the emergence of several new types of financial institutions in Russia recently, which, by using digital financial technologies, create additional opportunities for recipients of financial services. Such entities, in particular, include the operator of the information system in which the digital financial assets are issued, and the operator of the exchange of digital financial assets. The article analyzes the features of their legal status as a new type of non-banking financial organizations. Particular attention is paid to the requirements of the current legislation to these organizations. The article also analyzes the role of Bank of Russia in the supervision of their activities. 

How Customer Analytics and Digital Technologies Drive Banks to Understand Consumer Awareness Towards Financial Inclusion

2018 ◽  
pp. 66-85
Author(s):  
Yuvraj Sharma
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Digital Technologies ◽  
Financial Inclusion ◽  
Primary Data ◽  
Related Data ◽  
Customer Analytics ◽  
Clear Communication ◽  
Increasing Demand

In today's switching economy, customers' needs are changing and they are demanding more transparency, higher involvement, and clear communication in day-to-day banking processes. The rationale behind carrying out the present research is to identify the role of customer analytics in the new digital customer journey in terms of enhancing their engagement, loyalty, and satisfaction. The present research emphasizes opportunities that would accrue to financial institutions after demonetization and collecting large amount of demographics, customer transaction, and account-related data. Primary data was collected from 300 customers through a structured questionnaire to know their perceptions about the role of customer analytics and digital technologies to build their confidence and capability to use financial services. This study brings out the customer analytics trends and identifies the reasons due to which banks are struggling to keep pace with the increasing demand of both digital savvy and traditional consumers.

scholarly journals THE URGENCY OF FATWA IN THE LAW OF SHARIA ECONOMICS IN INDONESIA

2021 ◽  
Vol 20 (2) ◽  
pp. 201
Author(s):  
Elsy Renie
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Rapid Development ◽  
Economic Activities ◽  
Financial Products ◽  
The People ◽  
The Law

Fatwas of the National Sharia Council-Indonesian Ulama Council (DSN-MUI), in the field of sharia economics, has filled the legal vacuum related to the economic activities of the people. The increased of activity in the Mu'amalah area which is so fast requires a responsive fatwa. It can be seen from the rapid development of financial products for sharia financial institutions today. The legal strength of a fatwa is non-binding because it is not included in the constitution hierarchy in Indonesia which has caused debate for some people. But, several DSN-MUI fatwa have been transformed into part of national law, such as constitution No. 21 of 2008 concerning Banking, and some of which have also been absorbed into Bank Indonesia regulations, Syari'ah Financial Services Authority Regulation (OJK). This paper tries to analyze the role of fatwas in filling the legal vacuum in the development of the shari'ah economy in Indonesia and how the fatwas of the DSN-MUI can be transformed into national law. The author concludes that the role of DSN-MUI as the only institution that issued a fatwa related to the activities of shari'ah financial institutions in Indonesia is very important in the area of national legal politics.

FinTech's Interpretations and Tunisian Ecosystem Analysis

2021 ◽  
pp. 167-190
Author(s):  
Fatma Bouaziz ◽  
Amira Sghari
Keyword(s):  
Central Bank ◽  
Financial Institutions ◽  
Communication Technology ◽  
Financial Services ◽  
Rapid Development ◽  
Digital Technologies ◽  
Financial Industry ◽  
Loyalty Program ◽  
Information And Communication ◽  
Financial Technology

The evolution of information and communication technology (ICT) affects all areas of activity including the financial industry. Indeed, it leads to rapid development of innovative and modern financial services, namely financial technology (Fintech). The latter is not well defined in the literature. This descriptive chapter aims to propose a comprehension of the Fintech concept based on three interpretations: Fintech as financial services relying on digital technologies, Fintech as startups and IT companies, and Fintech as an industry. An analysis of the components of the Tunisian Fintech ecosystem is then presented. The latter is mainly composed-of Central Bank of Tunisia, fintech startups (financing, payments, loyalty program, blockchain and cryptocurrencies, exchange services and insurance, and technology, IT, and infrastructure), technology developers, traditional financial institutions, and financial customers.

scholarly journals CREDIT CO-OPERATIVES AND THEIR ROLE IN POVERTY REDUCTION IN RURAL CHINA

2017 ◽  
Vol 1 (2) ◽  
pp. 97
Author(s):  
Li Zhao
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Poverty Reduction ◽  
Social Connectedness ◽  
Rural China ◽  
Modern China ◽  
Primary Data ◽  
Field Investigations ◽  
Local Embeddedness ◽  
New Type

Financial constraints may contribute to poverty traps. In the underdeveloped capital markets of rural China, many poor farmers in disadvantaged areas are financially constrained and denied access to formal financial services. A few attempts have been made to reform rural credit co-operatives but with limited impact. Recently, the development of rural mutual co-operatives, as one of new-type rural financial institutions, has gained increasing attention among scholars. While scholars predict that it would be difficult for true co-operative financial institutions to establish themselves and develop in China, this study discusses the conditions for the development of rural mutual co-operatives and identifies their institutional advantages in poverty outreach and financial sustainability. The analysis of the study is largely based on the primary data collected from field investigations and case studies. The study reveals that these organizations have played a significant role in promoting financial inclusion and become a sustainable driver for poverty reduction. This observation is in contrast to the widely-believed prediction that it is hardly probable for true credit co-operatives to establish themselves in modern China due to excessive government intervention and China’s peculiar political culture and social context. The findings also suggest two conditions be necessary to achieve their potential, namely, the co-operation between credit co-operatives and agricultural co-operatives, and local embeddedness with good social connectedness.

scholarly journals A Review of Evidence on the Role of Digital Technology in Shaping Attention and Cognitive Control in Children

2021 ◽  
Vol 12 ◽  
Author(s):  
Maria Vedechkina ◽  
Francesca Borgonovi
Keyword(s):  
Cognitive Control ◽  
Digital Media ◽  
Digital Technology ◽  
Technology Use ◽  
Public Discourse ◽  
Rapid Development ◽  
Digital Technologies ◽  
Past Research ◽  
Future Research

The role of digital technology in shaping attention and cognitive development has been at the centre of public discourse for decades. The current review presents findings from three main bodies of literature on the implications of technology use for attention and cognitive control: television, video games, and digital multitasking. The aim is to identify key lessons from prior research that are relevant for the current generation of digital users. In particular, the lack of scientific consensus on whether digital technologies are good or bad for children reflects that effects depend on users’ characteristics, the form digital technologies take, the circumstances in which use occurs and the interaction between the three factors. Some features of digital media may be particularly problematic, but only for certain users and only in certain contexts. Similarly, individual differences mediate how, when and why individuals use technology, as well as how much benefit or harm can be derived from its use. The finding emerging from the review on the large degree of heterogeneity in associations is especially relevant due to the rapid development and diffusion of a large number of different digital technologies and contents, and the increasing variety of user experiences. We discuss the importance of leveraging existing knowledge and integrating past research findings into a broader organizing framework in order to guide emerging technology-based research and practice. We end with a discussion of some of the challenges and unaddressed issues in the literature and propose directions for future research.

scholarly journals The role and importance of internal control and internal audit in the prevention and identification of fraudulent actions in banks

Bankarstvo ◽  
2021 ◽  
Vol 50 (1) ◽  
pp. 66-89
Author(s):  
Snežana Knežević ◽  
Aleksandar Živković ◽  
Stefan Milojević
Keyword(s):  
Economic Development ◽  
Financial Institutions ◽  
Internal Control ◽  
Financial Services ◽  
Internal Audit ◽  
Financial Sector ◽  
Business Environment ◽  
Efficient Management ◽  
Range Of Functions

Modern banks have a specific role and a whole range of functions of paramount importance, as financial institutions for granting loans, creating loans, mobilizing savings and economic development. In the financial sector, there is a growing number of people who are using increasingly innovative and creative ways of targeting all perceived weaknesses in banks and credit approval systems. The persons committing fraud have become increasingly sophisticated, which means that measures to prevent fraud must be constantly developed to ensure that they are able to deal with the threat. The fight against fraud is crucial for financial services institutions. This article aims not only to briefly describe the role of internal control and internal audit in detecting possible fraud in banks, as profit-oriented organizations in today's complex and highly changing business environment, but also to point out the advantages they have in the more efficient management of bank activities.

scholarly journals Finance 4.0 as the Idea of Digital Transformation of the Financial Sector

2020 ◽  
Vol 20 (2) ◽  
pp. 134-148
Author(s):  
Vitaliy Ya. Pelykh
Keyword(s):  
Financial Services ◽  
Business Models ◽  
Rapid Development ◽  
Digital Technologies ◽  
Financial Sector ◽  
Scientific Publications ◽  
Research Problems ◽  
Definition Of ◽  
Impact Of Technology ◽  
The Impact

Rapid development and introduction of digital technologies has a significant impact on all areas of the economy. Everywhere causing a revision of existing paradigms, ways of interacting systems and aspects of business models. The author’s analysis of scientific publications shows that the recent financial crises are based on high risks of the traditional banking model, which are transferred to depositors and taxpayers. These processes have served as a driver for changes in the financial sector, changing existing concepts and paradigms towards the implementation of new digital approaches. The author, based on the analysis of the impact of technology on financial services, proposed the concept of Finance 4.0 implies a deep integration of digital technologies in the financial sector, which will lead to an increase in the quality and availability of services, as well as the formation of new rules that ensure healthy competition between market participants. As a result, the need for changes in both the economy as a whole and its branches is determined. This creates a need to develop current digital business models and methods for developing digital financial services. The purpose of the work is to offer a reasonable definition of Finance 4.0, as well as to identify the current requirements necessary for the implementation of the developed solutions within the financial environment. Which requires solving a number of research problems: 1. No definition of Finance 4.0. 2. Aspects of Finance 4.0 Are not defined. 3. It is Necessary to define the role of business models in the field of financial technologies. The relevance of the research is due to the fact that existing approaches to designing business models of financial services do not take into account the specifics of the idea of Finance 4.0 and the primacy of trust, which sometimes leads to the implementation of unprofitable solutions in the financial sector.

scholarly journals Peranan Slik (Sistem Layanan Informasi Keuangan) Pada Pt. Bank Pembangunan Jawa Barat Dan Banten Kantor Cabang Pembantu Jalancagak

2020 ◽  
pp. 119-135
Author(s):  
Asep Sumarna ◽  
Ade Suparman
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Service System ◽  
Information Service ◽  
Development Bank ◽  
West Java ◽  
The Public ◽  
Exchange Information ◽  
Branch Office

Salah satu lembaga keuangan yang melayani masalah keuangan masyarakat yaitu PT. Bank Pembangunan Jawa Barat Dan Banten Kantor Cabang Pembantu Jalancagak berdasarkan data yang di peroleh terdapat beberapa kegiatan yang dilakukan PT. Bank Pembangunan Jawa Barat Dan Banten Kantor Cabang Pembantu Jalancagak yaitu menghimpun dana dan penyaluran kredit Peran bank dalam penyaluran kredit memang tidak bisa dipungkiri lagi bahwa merupakan usaha yang banyak   menghasilkan keuntungan atau return yang tinggi. Dalam hal ini Otoritas Jasa Keuangan atau yang biasa di sebut OJK selaku lembaga yang mempunyai peran mengawasi seluruh kegiatan lembaga keuangan yang ada di Indonesia meluncurkan sebuah sistem yang berbentuk aplikasi yang dinamakan dengan SLIK atau kepanjangan dari (Sistem Layanan Informasi Keuangan) yang diluncurkan dan digunakan secara meluas pada tanggal 1 januari 2018 untuk membantu pengawasan terhadap kreditur dan debitur dan dapat digunakan untuk bertukar informasi.   One of the financial institutions that serves the public financial problems, namely PT. West Java and Banten Development Bank Jalancagak Sub-Branch Office based on the data obtained there are several activities carried out by PT. West Java and Banten Development Bank Jalancagak Sub-Branch Office is to raise funds and credit distribution The role of banks in lending is indeed undeniable that it is a business that generates high profits or returns. In this case the Financial Services Authority or commonly called OJK as an institution that has the role of overseeing all activities of financial institutions in Indonesia launches a system in the form of an application called SLIK or stands for (Financial Information Service System) which is launched and used extends on January 1, 2018 to help supervise creditors and debtors and can be used to exchange information.  

scholarly journals On the role of foreign experts in the development of Soviet industry during 1929–1933 (on the example of Stalingrad industry)

2021 ◽  
pp. 37-45
Author(s):  
Dmitrii Ivanovich Lozin ◽  
Elena Yur'evna Bolotova
Keyword(s):  
Rapid Development ◽  
Engineering Construction ◽  
Industrial Enterprises ◽  
Volgograd Region ◽  
Qualified Personnel ◽  
Starting Point ◽  
New Type ◽  
The Subject ◽  
Labor Resources

The goal of this research is to reveal the role of foreign experts in the period of industrialization of the Soviet economy (1929–1933) on the example of the development of Stalingrad industry. Using the data from the State Archive of Volgograd Region and scientific literature, the author discloses the factors of engaging foreign experts in Stalingrad enterprises, forms of their employment, size, and qualitative characteristics. The subject of this research is the foreign experts involved in the industrial enterprises in Stalingrad. The article is based on the systemic approach, which views foreign experts as part of the labor resources of Stalingrad industrial enterprises; as well as on structural-functional analysis, which reveals the vectors and scope of activity of the foreign employees. The novelty of this research consists in introduction of new archival data into the scientific discourse, as well as in comprehensive analysis of the reminiscences of some foreign specialists about the specificity of their work. The following conclusions were made: the reason for inviting foreign expert to the USSR during the Industrialization period was substantiated by shortage of competent personnel and engineering-technical workers, who would have been capable to accomplish the tasks of building the new type of enterprise; hundreds of foreign specialists were brought to the factories of Stalingrad via legal or illegal methods’; over the period from 1930 to 1933, the number of foreign experts has gradually decreased due to increase in the number of the local qualified personnel; despite this fact, foreign employees and their experience in engineering, construction oversight, introduction of new methods of production to the Soviet workers became the starting point for the rapid development of Stalingrad industry.

scholarly journals كيفية إخراج زكاة المحافظ الاستثمارية: دراسة فقهية تأصيلية (Zakat on investment portfolios: a fiqhi Ta’sili studies)

2021 ◽  
Vol 18 (1) ◽  
pp. 94-114
Author(s):  
ياسر عبد الله عمر ◽  
حبيب الله زكريا
Keyword(s):  
Real Estate ◽  
Financial Institutions ◽  
Analytical Method ◽  
Modern Society ◽  
Muslim World ◽  
Financial Assets ◽  
Secondary Sources ◽  
Islamic Financial Institutions ◽  
Investment Portfolios

أصبحت المحافظ الاستثمارية من الأدوات المهمة في عصرنا الحاضر، وذلك لكثرة توجه الناس إليها لاستثمار أموالهم من خلالها، ولما تحمله من رؤوس أموال ضخمة. وتهدف هذه الورقة إلى بيان المسائل الفقهية المتعلقة بكيفية إخراج زكاة المحافظ الاستثمارية. وقد تناولت هذه الورقة زكاة محفظة الأصول المالية المكونة من أسهم وسندات وعملات، وكذلك ما يتعلق بمحفظة الأصول العينية من سلعٍ وعقارات ومعادن. أما المنهج المتبع في هذه الورقة فهو المنهج الاستنباطي والمنهج التحليلي وذلك بالاعتماد على المصادر الثانوية للبحث العلمي من خلال مراجعة التراث الفقهي وتحليل ما ذُكر من أقوال فقهية في كيفية إخراج زكاة المحافظ الاستثمارية. كما اعتمدت الورقة على القرارات الفقهية الصادرة عن المجمع الفقهي الإسلامي التابع لرابطة العالم الإسلامي، ومعايير هيئة المحاسبة والمراجعة للمؤسسات المالية الإسلامية AAOIFI)). وخلصت الدراسة إلى أن المحافظ الاستثمارية تجب فيها الزكاة بحسب صافي الموجودات الزكوية فيها. وتوصي هذه الورقة مؤسسات الزكاة والهيئات المختصة للعمل في تفعيل دور الزكاة في جميع القطاعات الاستثمارية، كما توصي الورقة بمواصلة الدراسات الشرعية المتخصصة خاصةً من قبل الهيئات العلمية والمجامع الفقهية في مجال الاستثمارات الحديثة وتأصيلها وربطها بالتراث الفقهي. الكلمات المفتاحية: الزكاة، المحافظ الاستثمارية، الشريعة الإسلامية. Abstract Investment portfolios have become one of the important investment tools in modern society, due to the large number of people turning to them to invest their money through them, and because of the huge capital, they carry. This paper aims to explain the jurisprudential issues related to how to pay zakat on investment portfolios. This paper dealt with zakat in the financial assets’ portfolio consisting of stocks, bonds, and currencies, as well as what is related to the in-kind assets’ portfolio of commodities, real estate, and metals. As for the approach used in this paper, it is the deductive approach and the analytical method by relying on secondary sources of scientific research by reviewing the jurisprudential heritage and analyzing the aforementioned jurisprudential sayings on how to pay zakat for investment portfolios. However, the paper also relied on the decisions issued by the Islamic Fiqh Academy of the Muslim World League, and the standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Moreover, the study concluded that investment portfolios are subject to zakat according to the net zakat assets therein. Therefore, this paper recommends zakat institutions and specialized bodies to work in activating the role of zakat in all investment sectors. Also, this paper recommended the continuation of Shariah studies, especially by the scientific bodies and jurisprudence councils, in the field of modern investments, establishing them and linking them to the jurisprudential heritage. Keywords: Zakat, Investment portfolios, Shariah.

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