scholarly journals “THE DEVELOPMENT OF DIGITAL ECONOMY IN INDONESIA”

2021 ◽  
Author(s):  
Made Bagoes Pradhana
Keyword(s):  
Financial Services ◽  
Service Providers ◽  
New Technology ◽  
Information Service ◽  
Financial Information ◽  
Financial Industry ◽  
Savings And Loans ◽  
The World ◽  
Money Transfer ◽  
Financial Technology

Currently the world has entered the industrial era 4.0 which is based on new technology and is able to change the entire chain and management in every branch of industry, including the financial industry known as financial technology and digital banking. Infrastructure financial services are growing rapidly in Indonesian services, computation with startup companies, such as payment and money transfer systems, savings and loans, insurance, financial information service providers, capital markets, crowdfunding, and wealth management.

scholarly journals “THE DEVELOPMENT OF DIGITAL ECONOMY IN INDONESIA”

2021 ◽  
Author(s):  
Made Bagoes Pradhana
Keyword(s):  
Financial Services ◽  
Service Providers ◽  
New Technology ◽  
Information Service ◽  
Financial Information ◽  
Financial Industry ◽  
Savings And Loans ◽  
The World ◽  
Money Transfer ◽  
Financial Technology

Currently the world has entered the industrial era 4.0 which is based on new technology and is able to change the entire chain and management in every branch of industry, including the financial industry known as financial technology and digital banking. Infrastructure financial services are growing rapidly in Indonesian services, computation with startup companies, such as payment and money transfer systems, savings and loans, insurance, financial information service providers, capital markets, crowdfunding, and wealth management.

INFLUENCE OF THE DIGITAL ERA 4.0

2021 ◽  
Author(s):  
Vachry Arfansyah Imang
Keyword(s):  
Financial Services ◽  
Industry 4.0 ◽  
New Technology ◽  
Financial Industry ◽  
Face To Face ◽  
Digital Era ◽  
Finance Company ◽  
The World ◽  
Strategic Role ◽  
Financial Technology

The era of industry 4.0 which is based on new technology and can change the entire chain and management in every branch of the industry including the financial industry which is commonly known as financial technology and digital banking has been experienced by the world today. Changes towards Financial Technology and digital banking show that technology is capable of playing a strategic role in providing accessible financial services. This is in accordance with the behavior of consumers who want service without having to be face-to-face at the bank, insurance office, or finance company.

scholarly journals Digitalization of Financial Services in Albania Under Restricted Measures Covid-19

2020 ◽  
Vol 3 (2) ◽  
pp. 17
Author(s):  
Rezana Balla
Keyword(s):  
Financial Services ◽  
Business Models ◽  
Legal Framework ◽  
Financial Industry ◽  
Technology Innovations ◽  
Markets And Institutions ◽  
New Business ◽  
Job Challenges ◽  
Digital Transactions ◽  
Financial Technology

Under the restricted measures due to the global pandemic Covid-19, like all other services, financial services had difficulties in performing their financial activities. These difficulties are stronger at countries where financial services are denied for a long time. Financial services denial is an issue that has affected not only Albania but small Balkan countries as well. The reasons for this denial are many, but among them we can distinguish the lack of credit experience, as one of the common reasons to be excluded in these countries from the development of the financial sector. Currently, one of the reasons for the financial denial is the emergency created by Covid-19, where physical distancing and other measures taken by governments to restrict movement and services make financial service impossible. Thus, one of the most effective ways to perform financial services remotely is financial technology. Financial technology refers to the possibilities of financial innovation through technology that can result in new business models, applications, processes, or products with an effectiveness related to financial markets and institutions and the provision of financial services. This paper aims to present the challenges of the legal framework and regulatory institutions, to provide recommendations for its improvement, to enable the development of financial technology in the financial market in Albania. The paper address issues such as the Bank of Albania's consideration on the Directive (EU) 2015/2366 On Payment Services (PSD II). What benefits or challenges would its implementation bring? How is the financial industry projected after the implementation of PSD II? What are the biggest job challenges with payment institutions that have not been to the market before or that bring technology innovations? The paper addresses the issue of money laundering through online digital transactions as well.

Stigmergic Hyperlink

2012 ◽  
pp. 260-272
Author(s):  
Artur Sancho Marques ◽  
José Figueiredo
Keyword(s):  
Social Networks ◽  
Social Change ◽  
World Wide Web ◽  
World Wide ◽  
Service Providers ◽  
Information Service ◽  
Web Page ◽  
The World ◽  
Patterns Of Behavior ◽  
Ecological Treatment

Inspired by patterns of behavior generated in social networks, a prototype of a new object was designed and developed for the World Wide Web – the stigmergic hyperlink or “stigh”. In a system of stighs, like a Web page, the objects that users do use grow “healthier”, while the unused “weaken”, eventually to the extreme of their “death”, being autopoieticaly replaced by new destinations. At the single Web page scale, these systems perform like recommendation systems and embody an “ecological” treatment to unappreciated links. On the much wider scale of generalized usage, because each stigh has a method to retrieve information about its destination, Web agents in general and search engines in particular, would have the option to delegate the crawling and/or the parsing of the destination. This would be an interesting social change: after becoming not only consumers, but also content producers, Web users would, just by hosting (automatic) stighs, become information service providers too.

scholarly journals Empirical Data on Mobile Money Hesitation Factors in Somalia

2020 ◽  
Vol 9 (3) ◽  
pp. 3719-3727
Keyword(s):  
Financial Services ◽  
Perceived Risk ◽  
Large Scale ◽  
Central Government ◽  
Service Providers ◽  
Electronic System ◽  
Full Scale ◽  
Financial Loss ◽  
Mobile Money ◽  
Money Transfer

Mobile money is an electronic system of transferring money from person to person. The mobile money service has expanded its coverage all over the world and there is hardly any country that do not practice any form of mobile money transfer. Somalia is one of the countries that embraced mobile money unconditionally as there is lack of traditional financial institutions providing financial services since the collapse of central government in 1991. Somalians accepted mobile money because it has made money transfer easier for them to pay bill and shopping. However, there are hesitation factors that hinder the full scale functioning of the system and makes people hesitate to use mobile money. Currently mobile money users practice very limited mobile money functions such as sending and receiving, withdrawal, top up and internet recharge. Other mobile money functions such as pay tuition fees, payrolls, payments for purchase t, utility payment and saving money into mobile money account are lagging behind. This empirical study explores the inconvenience factors that lead people to hesitate to use mobile money in a large scale. In this study, 650 survey questionnaire were distributed among mobile money users in Somalia. The questionnaires were distributed through online Google form. A total of 375 respondents submitted their responses and all the answers were recorded into SPSS. IBM-SPSS statistics 22 were used to statistically analyses the data. Factor analysis for data validity and scale analysis for data reliability, frequency and descriptive statistics were conducted to analyze the data. The study found that there are numerous mobile money hesitation factors that make Somalian people to hesitate fully practicing the system. These hesitation factors include perceived risk of financial loss, perceived risk of system error, perceived risk of authentication weaknesses, lack of regulation and policy and interoperability between the mobile money service providers. This study concludes that hesitation factors needs to be addressed that will improve the level of mobile money usage into full scale. Among factors that may reduce hesitation factors of the usage of mobile money services in Somalia are high level accuracy of mobile money authentication system, operative interoperability platform, highly effective compensation system and functioning mobile money regulations and policy.

scholarly journals Financial volatility and public scrutiny as institutional determinants of financial industry firms' CSR

2019 ◽  
Vol 21 (2) ◽  
pp. 240-266 ◽  
Author(s):  
Adam William Chalmers ◽  
Onna Malou van den Broek
Keyword(s):  
News Media ◽  
Financial Services ◽  
Global Financial Crisis ◽  
Service Providers ◽  
Debt Crisis ◽  
Economic Hardship ◽  
Public Image ◽  
Financial Industry ◽  
Institutional Determinants ◽  
Public Scrutiny

AbstractThis article examines the relationship between the global financial crisis and Corporate Social Responsibility reporting of financial services firms. We challenge the view in existing studies that firms, when faced with economic hardship, tend to jettison CSR commitments. Instead, and building on insights regarding the institutional determinants of CSR, we argue that firms are constrained in their ability to abandon CSR by the extent to which they are subject to intense public scrutiny by regulators and the news media. We test this argument in the context of the European sovereign debt crisis drawing on a unique dataset of 170 firms in 15 different countries over a six-year period. Controlling for a battery of alternative explanations and comparing financial service providers to firms operating in other economic sectors, we find considerable evidence supporting our argument. Rather than abandoning CSR during times of economic hardship, financial industry firms ramp up their CSR commitments in order to manage their public image and foster public trust in light of intense public scrutiny.

scholarly journals Financial Technology in Banking Business: Realities and Prospects

2021 ◽  
Vol 1 (47) ◽  
pp. 134-142
Author(s):  
Y. S. Khudolii ◽  
◽  
M. O. Khalievina ◽  
Keyword(s):  
Financial Services ◽  
Customer Value ◽  
Technology Development ◽  
Internet Users ◽  
Global Pandemic ◽  
Digital Development ◽  
Banking Business ◽  
National Bank ◽  
Money Transfer ◽  
Financial Technology

The article aims at studying the place of and prospects for financial technology development in the banking business during the digitalization process in the economy by using both the theoretical and empirical research methods. Having analyzed research works on the topic, the authors systematize the key trends in banking innovations in Ukraine and prove the relevance of financial technology in the banking business during the current digitalization. As a result, the current place of financial technology in the banking business is determined by identifying modern customers’ needs and current market conditions in the field of money services (the growing number of Internet users, gadgets, and hence the growth of the cashless money transfer turnover), and the following prospects are suggested: customer value and the quality of service provisioning (i.e., quickness, flexibility of the business structure and extensive use of various technologies). The results are based on the synthesis and analysis of the achievements of financial technology companies in the Ukrainian and world markets, their cooperation with banks, as well as their actions in the global pandemic, the latter reducing the financial inflow, but at the same time encouraging innovations. Research prospects in this context lie in suggesting the key trends of the future, such as including financial services in non-financial relations, the Internet of Things (seamless payments, where the focus shifts from payment to the service itself, providing long-term interaction between the seller and the buyer); the nature and consequences of changing the format of payment services in the domestic market (PSD2). Still, much will depend on further results of the work of the Ministry of Digital Transformation of Ukraine and the actions of the regulator, i.e. the National Bank of Ukraine, concerning the digital development of the financial sector

scholarly journals The Appleization of finance: Charting incumbent finance’s embrace of FinTech

2018 ◽  
Vol 4 (2) ◽  
pp. 159-80
Author(s):  
Reijer Hendrikse ◽  
David Bassens ◽  
Michiel Van Meeteren
Keyword(s):  
Data Mining ◽  
Information And Communication Technologies ◽  
Business Model ◽  
Financial Services ◽  
Business Models ◽  
Communication Technologies ◽  
Data Driven ◽  
Financial Industry ◽  
Information And Communication ◽  
Financial Technology

The rise of financial technology (FinTech) engenders novel business models through integrating financial services and information and communication technologies (ICT). Digital currencies and payments, data mining, and other FinTech applications threaten to radically overhaul the financial sector. This article argues that, while we are becoming aware of how technology giants such as Apple Inc. are making inroads into financial services, we need to become more sensitive to how financial incumbents mimick ICT firms while aiming to neutralize the FinTech challenge. Practices from Silicon Valley are spilling over into ‘traditional’ finance through a process we dub Appleization. We illustrate how incumbents aim to remain indispensable amidst rapid digitization. Mimicking tech strategies, financial incumbents resort to transforming legacy ICT systems into integrated platforms, cultivating entrepreneurial ecosystems where startups are ‘free’ to compete whilst effectively being locked into the incumbent's orbit. We illustrate this by comparing Apple’s business features (locking-in developers, customers and state into a hybrid business model based on a synergy between hardware, software and data-driven platform components) with emerging practices in the financial industry. Our analogy suggests that the Appleization of finance might radically transform, yet not undercut the oligopolistic position of financial incumbents.

scholarly journals Fifth Harvard University Forum Islamic Finance

2002 ◽  
Vol 19 (3) ◽  
pp. 156-162
Author(s):  
Zaid AJbarzinji
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Service Providers ◽  
Middle Eastern ◽  
Professor Emeritus ◽  
Islamic Finance ◽  
Development Bank ◽  
Financial Industry ◽  
Finance Industry ◽  
Past Experiences

Each year, the Harvard Islamic Finance Information Program (HIFIP) of the Center for Middle Eastern Studies organizes this forum. This year's forum had an international flavor, thanks to participants from Malaysia, South Africa, the Middle East, and Europe. Participants were mainly finance industry representatives from the Islamic Development Bank, the Kuwait Finance House, HSBC Amanah Finance, the Dow Jones Islamic Index, Bank Indonesia, Freddie Mac, and others. In addition, several experts in Islamic economics and finance, such as Monzer Kahf, M. Nejatullah Siddiqi, Nizam Yaquby, and Frank E. Vogel participated. Many other participants sought to educate themselves about the principles of Islamic finance and the availability of lslamically approved financial products. Overall, the forum was more of an opportunity for those interested in Islamic finance to meet each other, network, and present some of their latest lslamically approved financial instruments and contracts. The forum fea­tured a few research papers and many case studies. Most presentations and panel discussions focused on current and past experiences in the Islamic finance industry, challenges facing the development of new financial instru­ments, effective marketing and delivery of products to end-users, and areas where applying jjtihad is most needed and promising. Participants also dis­cussed the need to develop relevant financial institutions to strengthen the stability and perfonnance of Islamic financial service providers ( e.g., man­aging liquidity and risk). Thomas Mullins, HIFIP's executive director, welcomed the guests. He stressed the Islamic finance industry's important role in creating a dialogue between I slam and the West - a role made especially relevant after Septem­ber 11. Forum chairperson Samuel Hayes, Jacob Schiff Professor Emeritus at Harvard Business School, used his opening remarks to commend the industry on its many accomplishments during the past decade and outlined areas for improvement. In his introduction, Saif Shah Mohammed, presi­dent of the Harvard Islamic Society, suggested that the industry should prer vide relevant services to students, such as Shari'ah-compliant educational loans and young professional programs. Ahmad Mohamed Ali, president of the Islamic Development Bank (IDB), delivered the keynote address: "The Emerging Islamic Financial Architecture: The Way Ahead." He discussed the infrastructure required to strengthen the Islamic financial industry, which is in a process of evolution. Some recent major initiatives include the Accounting and Auditing Organ­ization for Islamic Financial Institutions, the Islamic Financial Services Organization, an international Islamic financial market with a liquidity management center, and an Islamic rating agency. Currently, there are ...

scholarly journals A Model of Factors Influencing the Acceptance of Fintech Payment DANA Indonesia

2020 ◽  
Vol 8 (6) ◽  
pp. 1654-1661
Keyword(s):  
Mobile Phone ◽  
Penetration Rate ◽  
New Technology ◽  
Factors Influencing ◽  
The World ◽  
Object Of Study ◽  
Digital Wallet ◽  
Financial Technology

Technology has changed the world in every aspect. One of them is how we make a transaction. With Financial Technology (Fintech), payment can be made with only your mobile phone, your new digital wallet. Indonesia is one of the fastest countries in digitalization, surpassing Brazil and China, has begun utilizing this new technology. However, the penetration rate is considered low. The condition of Indonesia’s fintech is still developing and competing fiercely against several other fintech that arose together in the same period. In this paper, the study focused on one fintech in Indonesia named DANA. The objective is to propose a model to identify the factors influencing the acceptance and usage of DANA. The methodology used in this study will be TAM that has been modified to fit the object of study. The results are hoped to be used as guidance for DANA’s improvement.

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