Financial Technology Regulation in Malaysia and Indonesia: A Comparative Study

Introduction to The Problem: The era of innovation in information technology has emerged to ease daily commercial transactions. The innovation in financial technology has created numerous new business model to cater the customers’ need. This development needs a regulation and supervision to avoid chaos in the financial system. Particularly in Indonesia and Malaysia, which both countries were recorded by CCAF to be among the top countries in the ASEAN region by the number of fintech firms.Purpose/Objective Study: This study is aimed to analyze the financial technology regulation and supervision in Indonesia and Malaysia.Design/Methodology/Approach: The comparative study is conducted to compare the regulatory environment related to Digital payment, Equity Crowdfunding, P2P lending, Crypto Asset, Consumer protection, cybersecurity law and Islamic fintech in both countriesFindings: The study found that compared to Malaysia, Indonesia has lack of jurisdiction that protecting the customer from the cyber-attack which highly threatening the fintech industry. Both countries also treat ICO differently. Malaysia treats it under RMO guidelines, while Indonesia banned it as the method of payment but still allows the trading of ICO as a commodity under Commodity Futures Regulatory Agency.

Drivers of the Formalization of Banking Supervision

In this chapter, the drivers of the formalization of banking supervision are examined from seven perspectives: (a) charter requirements, (b) banknote issuance, (c) liability rules, (d) ensuring the public’s trust, (e) financial crises, (f) economic control, and (g) financial globalization. Our analysis shows that formalization occurred in response to the shifting needs of the time/era and that the formalization process was basically incremental. Notably, financial crises, which are generally considered to be the primary drivers of major regulatory and supervisory reforms, did not always play a leading role in the formalization of banking supervision. It should also be noted that from a historical perspective, regulation and supervision were not “natural” responses to a dysfunctional banking system. Rather, the formalization of banking supervision was the product of complex political actions negotiated by relevant stakeholders with divergent interests in a specific social, political, and economic environment.

The influential factors for achieving universal health coverage in Iran: a multimethod study

Background The initial purpose of healthcare systems around the world is to promote and maintain the health of the population. Universal Health Coverage (UHC) is a new approach by which a healthcare system can reach its goals. World Health Organization (WHO) emphasized maximum population coverage, health service coverage, and financial protection, as three dimensions of UHC. In progress for achieving UHC, recognizing the influential factors allows us to accelerate such progress. Therefore, this study aimed to identify the influential factors to achieve UHC in Iran. Methods This is a multi-method study was conducted in four phases: First, a systematic review of the literature was conducted to identify the factors in PubMed, Web of Science, Embase, Scopus, ProQuest, Cochrane library, and Science Direct databases, and hand searching google scholar search engine. For recognizing the unmentioned factors, a qualitative study consisting of one session of Focus Group Discussion (FGD) and five semi-structured interviews with experts was designed. The extracted factors were merged and categorized by round table discussion. Finally, the pre-categorized factors were refined and re-categorized under the health system’s control knobs framework during three expert panel sessions. Results Finally, 33 studies were included. Eight hundred two factors were extracted through systematic review and 96 factors through FGD and interviews (totally, 898). After refining them by the experts’ panel, 105 factors were categorized within the control knob framework (financing 19, payment system7, Organization 23, regulation and supervision 33, Behavior 11, and Others 12). The majority of the identified factors were related to the “regulation and supervision” dimension, whilst the “payment system” entailed the fewest. The political commitment during political turmoil, excessive attention to the treatment, referral system, paying out of pocket(OOP) and protection against high costs, economic growth, sanctions, conflict of interests, weakness of the information system, prioritization of services, health system fragmented, lack of managerial support and lack of standard benefits packages were identified as the leading factors on the way to UHC. Conclusion Considering the distinctive role of the context in policymaking, the identification of the factors affecting UHC accompanying by the countries’ experiences about UHC, can boost our speed toward it. Moreover, adopting a long-term plan toward UHC based on these factors and the robust implementation of it pave the way for Iran to achieve better outcomes comparing to their efforts.

PROBLEMS AND PROSPECTS OF UKRAINIAN INSURANCE MARKET DEVELOPMENT IN MODERN CONDITIONS

Annotation. Imperfect insurance legislation, lack of proper regulation and supervision of the activities and market behavior of insurance companies and intermediaries have led to the accumulation of systemic problems that need to be solved immediately in order to intensify the development of the insurance market of Ukraine. In general, all of them lead to low confidence in the companies of the insurance sector and do not allow it to develop properly. In modern conditions, the market of insurance services goes through a stage of transformation in the field of supervision and regulation in connection with the change of regulator, which became a new structural unit of the NBU – the Department of Insurance Market Supervision. Therefore, it is important to investigate what innovations the new regulator will introduce in order to eliminate those problems that hinder its development.