scholarly journals The Fintech Based Entrepreneurs' Intention: A Significant Entrepreneurial Alertness towards Entrepreneurs‟ Intention in Financial Services Transformation

2019 ◽  
Vol 8 (12S2) ◽  
pp. 598-607
Keyword(s):  
Financial Services ◽  
Industrial Revolution ◽  
Critical Realism ◽  
Single Case ◽  
Entrepreneurial Intention ◽  
Economic Transformation ◽  
Entrepreneurial Alertness ◽  
Fourth Industrial Revolution ◽  
Catalytic Role ◽  
Transformative Impact

The technology transformative impact on financial services has been signalled and has been cited as major catalyst in what economist are citing as Fourth Industrial Revolution. The financial services, a vital catalytic role in facilitating the economic transformation and growth of Malaysian economic has been enriched by financial transformation. Fintech is the prominent example of financial transformation and innovative solutions for financial services to stay ahead along with Fourth Industrial Revolution. The generation of the ideas behind this transformation and innovation are an outcome from ideas and intention of individuals. Entrepreneurial Intention (EI) form the attention, experience and action toward an idea to become manifest. The Fintech “ideas” may not become reality without Fintech based entrepreneurs’ EI. The intentionality concept has been constantly debated by modern theorist, addressing the important aspects of intention to sustain value or effort despite of interruptions. However, the state of Malaysian Entrepreneurial Intention has devoted to the increasing studies on Entrepreneurial Intention among Malaysian while the Malaysian EI is among the lowest within Asia & Oceania Efficiency-driven economies. Hence, this study combines retrospection of critical realism with a single case study to provide deep description on question studied

Strengthening Islamic Finance in South-East Asia Through Innovation of Islamic FinTech in Brunei Darussalam

2020 ◽  
pp. 202-226
Author(s):  
Abdurrahman Raden Aji Haqqi
Keyword(s):  
East Asia ◽  
Financial Services ◽  
Industrial Revolution ◽  
Financial Sector ◽  
Islamic Finance ◽  
South East Asia ◽  
Significant Challenge ◽  
Fourth Industrial Revolution ◽  
Brunei Darussalam ◽  
Descriptive Method

Fintech solutions can revolutionize Islamic financial services and leverage on the so-called ‘Fourth Industrial Revolution' which is the movement towards combining everyday aspects of our lives, such as finance, into the digital realm that will help increase speed, efficiency, and convenience. The most significant challenge for all countries pursuing Fintech is regulating the industry. Following the issuance of the Financial Sector Blueprint, the Fintech Unit was established under Autoriti Monitori Brunei Darussalam (AMBD). AMBD envisions a vibrant economy powered by ICT through ICT-Smart Citizens as well as being a connected and efficient nation. This chapter discusses the application of Fintech specifically in Islamic finance sector based on the descriptive method of research by concentrating on its regulations. At the end, the research found that though Fintech in Islamic finance sector has been done since it's emerging through Guidelines Fintech Regulatory Sandbox Guidelines Islamic financial Fintech will be strengthened and developed and more diversified.

Mobile Security in Low-Income Households' Businesses

2019 ◽  
pp. 576-595
Author(s):  
Bibi Zaheenah Chummun
Keyword(s):  
Low Income ◽  
Financial Services ◽  
Industrial Revolution ◽  
Financial Inclusion ◽  
Services Sector ◽  
Security Breaches ◽  
Fourth Industrial Revolution ◽  
Security Challenges ◽  
Mobile Financial Services ◽  
Low Income Households

A wide range of technologies impinges on all disciplines including financial services in this era of the Fourth Industrial Revolution. The deployment and security of mobile phones have considerably increased financial services access such as mobile money to the low-income households in developing African markets recently. The financial services that were once randomly accessible to those financially excluded have now become a potential pathway to enhance financial inclusion in allowing the low-income households to transact through mobile financial services in a more speedy, reliable, and secure manner. However, many security challenges remain to be addressed to promote a more inclusive mobile financial system. This chapter focuses on mobile devices security landscape and unprecedented security breaches by cyber criminals and how those threats can be mitigated in a view to promote financial inclusion in the mobile financial services sector of emerging African markets in the midst of the Fourth Industrial Revolution.

scholarly journals Prospects of Digital Financial Services in Bangladesh in the Context of Fourth Industrial Revolution

2020 ◽  
pp. 88-95
Keyword(s):  
Financial Services ◽  
Industrial Revolution ◽  
Digital Economy ◽  
Policy Reforms ◽  
Policy Makers ◽  
Fourth Industrial Revolution ◽  
Development Goals ◽  
Effective Policy ◽  
Operational Constraints ◽  
Remarkable Progress

This paper attempts to reveal the prospects of Digital Financial Services (DFS) in Bangladesh by introducing associated concepts-fourth industrial revolution, digital economy, and digital financial services. Required data and information was collected primarily from the numerous sources of a secondary resource. It finds that Bangladesh has achieved remarkable progress in mobile phone penetration and secured among the top four countries advancing towards the digital economy rapidly. The country has tremendous prospects of DFS ahead; it will bring impressive economic growth and reduce poverty with huge strategic opportunities through connecting and using cutting edge technologies of the 4th industrial revolution. Bangladesh's government’s effective policy reforms, digital Bangladesh’s vision, and the a2i program ran by the Prime Minister Office made this boom in spreading digital financial services. It was projected by Bangladesh Bank and Light Castle that the MFS trend will be grown consistently; there will be 407 million clients and BDT 121 billion will be transacted in 2022. Challenged IT infrastructures, few regulatory and operational constraints including digital illiteracy are considered as the barriers to using the full potentials of digital financial service. In realizing the goals of Sustainable Development Goals (SDGs), the article will be useful for policy-makers, academia, learners, policy advocates, experts, and stakeholders of digital financial services.

scholarly journals Fintech In Malaysia: An Appraisal to the Need of Shariah-Compliant Regulation

2020 ◽  
Vol 28 (4) ◽  
Author(s):  
Muhammad Ilyas Ab Razak ◽  
Nur Akma Mohd Dali ◽  
Guru Dhillon ◽  
Azwina Wati Abdull Manaf
Keyword(s):  
Financial Services ◽  
Industrial Revolution ◽  
Islamic Finance ◽  
Related Activity ◽  
Traditional Practice ◽  
Finance Industry ◽  
Fourth Industrial Revolution ◽  
Potential Risks ◽  
Financial Behaviour ◽  
Financial Technology

The implementation of financial technology (Fintech) in the Islamic finance industry has created a totally new phenomenon of banking and financial behaviour for the stakeholders, particularly in Malaysia. As part of the financial revolution, the Islamic finance sector ought to embrace Fintech to diversify the services/products offered as the digitalisation process is taking place in the Fourth Industrial Revolution era. In order to safeguard the assimilation of the technology into the existing traditional practice of Islamic finance, Shariah-compliant regulation is, therefore, necessary for governing the potential risks associated throughout the process of financial activities. Hence, this paper intends to analyse the need for Shariah-compliant regulation to govern Fintech-related activity in the Islamic finance industry. The article emphasises the need from several aspects such as the non-comprehensiveness of the Islamic Financial Services Act (IFSA) 2013; the increasing rate of financial inclusion and; the qualifications of the Shariah Advisory Council’s (SAC) members in Malaysia. It also provides recommendations through the introduction of subsidiary legislation pursuant to IFSA; production of regulatory sandbox framework especially for Islamic Fintech firms; and emphasis on the importance of SAC members possessing knowledge in technological aspect in order to ensure the need for Shariah-compliant regulation in the Islamic finance industry is properly satisfied.

Mobile Security in Low-Income Households' Businesses

2019 ◽  
pp. 683-702
Author(s):  
Bibi Zaheenah Chummun
Keyword(s):  
Low Income ◽  
Financial Services ◽  
Industrial Revolution ◽  
Financial Inclusion ◽  
Services Sector ◽  
Security Breaches ◽  
Fourth Industrial Revolution ◽  
Security Challenges ◽  
Mobile Financial Services ◽  
Low Income Households

A wide range of technologies impinges on all disciplines including financial services in this era of the Fourth Industrial Revolution. The deployment and security of mobile phones have considerably increased financial services access such as mobile money to the low-income households in developing African markets recently. The financial services that were once randomly accessible to those financially excluded have now become a potential pathway to enhance financial inclusion in allowing the low-income households to transact through mobile financial services in a more speedy, reliable, and secure manner. However, many security challenges remain to be addressed to promote a more inclusive mobile financial system. This chapter focuses on mobile devices security landscape and unprecedented security breaches by cyber criminals and how those threats can be mitigated in a view to promote financial inclusion in the mobile financial services sector of emerging African markets in the midst of the Fourth Industrial Revolution.

scholarly journals Sustaining the life insurance industry in the Fourth Industrial Revolution

2021 ◽  
Vol 20 (1) ◽  
pp. 81-107
Author(s):  
Lynne Molloy ◽  
Linda Ronnie
Keyword(s):  
South African ◽  
Life Insurance ◽  
Financial Services ◽  
Industrial Revolution ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Senior Leaders ◽  
Digital Innovation ◽  
Fourth Industrial Revolution ◽  
Life Insurance Industry

As the Fourth Industrial Revolution (4IR) continues to change the ways of doing business across industries, organisations around the world are grappling with the unprecedented challenges imposed by radical and widespread technological change. In the face of this dilemma, the South African life insurance industry has remained remarkably resilient, exhibiting very little adaptation in terms of structural, cultural, or business model innovation. However, the stable environmental conditions that once enabled this position for incumbent organisations are weakening.  Transformational change, like that in the adjacent financial services industry, is imminent and adaptation on the part of incumbent insurers will be vital to sustaining relevance. This research examines the organisational beliefs and capabilities of South African insurance companies regarding the 4IR in order to gauge the current challenges within the broader industry. Semi-structured interviews were conducted with 12 senior leaders and decisionmakers from across the industry. A qualitative inductive analysis shows the inhibitors and enablers of digital innovation within the organisations. The pervasive lack of trust, agility, and urgency within the sector are cited as inhibitors of digital innovation. Enablers include a continuous learning mindset within the organisation, partnerships within the broader ecosystem, and the role of senior leaders for shaping cultural attitudes and structures. Overall, these findings show a disparity between what insurers know they must do to proactively lead change, enact digital innovation, and remain relevant, and what they are actually executing. Recommendations are provided for addressing this gap. Keywords: Fourth Industrial Revolution; life insurance; strategy; leadership; agility

scholarly journals Changing Productive Structures

2021 ◽  
pp. 169-194
Author(s):  
Jakkie Cilliers
Keyword(s):  
Economic Impact ◽  
Industrial Revolution ◽  
Manufacturing Sector ◽  
Historical Context ◽  
Global Value Chains ◽  
Economic Transformation ◽  
Economic Activities ◽  
Trade Data ◽  
Fourth Industrial Revolution ◽  
Global Datasets

AbstractIn this chapter, Cilliers offers various explanations for Africa’s lack of sustained, structural economic transformation from low-value economic activities towards high-value services and manufacturing, and explores the challenges associated with the continent failing to industrialise. He offers historical context for how this situation emerged, drawing from global datasets such as trade data from the UN Conference on Trade and Development. The chapter then proceeds to look to the future of industrialisation in Africa in the context of technology-driven changes to the manufacturing sector globally via the fourth industrial revolution, which could offer the continent opportunities to gain a foothold in global value chains. The latter portion of the chapter models key interventions in a Made in Africa scenario, and examines its economic impact to 2040.

scholarly journals Fourth Industrial Revolution and Future of Work in Asia

2021 ◽  
pp. 98-111
Author(s):  
Falendra Kumar Sudan
Keyword(s):  
Labour Market ◽  
Industrial Revolution ◽  
New Technologies ◽  
Skill Development ◽  
Economic Transformation ◽  
Vocational Education And Training ◽  
Future Of Work ◽  
Fourth Industrial Revolution ◽  
The Future ◽  
Challenges And Opportunities

The Fourth Industrial Revolution (4IR) has significant implications on the future of work and skills required in the gig economy. In the recent past, a large supply of young workers had led to rapid economic transformation in many Asian countries through well-suited education systems to create skills needed for employment. However, the old model of education and production will no longer sustain rapid growth in the decades ahead due to the rapidly changing demand for skills. Against the above backdrop, the paper has analyzed Asian experiences in technological transition, skills mismatches and labour market outcomes in the context of existing technical and vocational education and training (TVET) systems. What are the challenges and opportunities of the 4IR for skill development through TVET in Asia? The paper has suggested a model for 4IR compatible skill development for the future of the work and draws the implications for the future. 4IR induced massive job losses calls for adequate skills development or retraining of displaced workforce and new entrants in foundational skills to enable them to tap the opportunities of new technologies. This requires robust TVET systems to equip workers with new skills for emerging jobs, which can be possible by increasing the quality of program structure to meet the needs of labour market. The technical training should be integrated into with the secondary education through education reforms to impart skills to thrive in the knowledge economy. The system of quality apprenticeships should be evolved with the active collaboration of potential employers in the curriculum development of TVET programs.

Mobile Security in Low-Income Households' Businesses

2018 ◽  
pp. 546-565
Author(s):  
Bibi Zaheenah Chummun
Keyword(s):  
Low Income ◽  
Financial Services ◽  
Industrial Revolution ◽  
Financial Inclusion ◽  
Services Sector ◽  
Security Breaches ◽  
Fourth Industrial Revolution ◽  
Security Challenges ◽  
Mobile Financial Services ◽  
Low Income Households

A wide range of technologies impinges on all disciplines including financial services in this era of the Fourth Industrial Revolution. The deployment and security of mobile phones have considerably increased financial services access such as mobile money to the low-income households in developing African markets recently. The financial services that were once randomly accessible to those financially excluded have now become a potential pathway to enhance financial inclusion in allowing the low-income households to transact through mobile financial services in a more speedy, reliable, and secure manner. However, many security challenges remain to be addressed to promote a more inclusive mobile financial system. This chapter focuses on mobile devices security landscape and unprecedented security breaches by cyber criminals and how those threats can be mitigated in a view to promote financial inclusion in the mobile financial services sector of emerging African markets in the midst of the Fourth Industrial Revolution.

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