Tesis: "Fintech Market"

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Eckman, Lovisa y Lundgren Philip. "How Do Fintech Firms Establish Themselves on The Financial Market? : A Qualitative Study of Swedish Fintech Firms". Thesis, Karlstads universitet, Handelshögskolan (from 2013), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-85486.

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Over the last decade, the growth of new Fintech firms has increased significantly. However, when Fintech firms enter the financial market they are met by several obstacles, including the barriers erected by incumbent banks, difficulties obtaining financing and the challenge of gaining the trust of the market. This thesis aims to describe how Swedish Fintech firms work together with, or against, the incumbent banks, how they raise capital and what kind of challenges they experience when raising capital and how they work to gain the trust of potential investors, partners and customers. In this thesis it was found that Swedish Fintech firms do not close their doors to cooperation with the incumbent banks, as in exchange for helping the banks with their technology they can get access to banks' customer base and help with regards to costs. The Fintech firms did however think cooperation was less likely to happen if the incumbent banks did not open their mindset and make their processes more effective. Developing the banks’ technology is something the Fintech firms recognize that they can help with. When it comes to gaining the trust of the market, Fintech firms strive to deliver good customer experience, show earlier accomplishments and build legitimacy. The biggest challenge that Fintech firms encounter is the lack of having a known brand on the market and trying to build a name for themselves from scratch. It was found that most of the firms raise capital through private equity even if many of the interviewed firms raise capital as well through indebtedness. Challenges these firms encounter when it comes to raising capital is to mediate their true potential and vision to the investors and to find investors that can help the firm in more ways than just with monetary support. At the same time it was discovered that a few firms did not have any problem finding investors because of their already good network and experience.

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2

Rybak, Оlena Mykolaivna y Victoria Sergeevna Biriuk. "Research of innovations in the FinTech sphere". Thesis, National Aviation University, 2021. https://er.nau.edu.ua/handle/NAU/53933.

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1. Renaud Ph. Cyber resilience: Tactics to find and fix security vulnerabilities. URL: https://www.cefpro.com/0506ri-cyber-resilience-tactics-to-find-and-fix-security-vulnerabilities/ (дата звернення: 07.10.2021). 2. Мазаракі А., Волосович С. FinTech у системі суспільних трансформацій. Вісник Київського національного торговельноекономічного університету. 2018. №2. С. 5-18. 3. Reagan J. R., Raghavan A., Thomas A. Quantifying risk: What can cyber risk management learn from the financial services industry? Deloitte Review. 2016. Issue 19. URL: https://www2.deloitte.com/insights/us/en/deloitte-review/issue19/quantifying-risk-lessons-from- financial-services-industry.html (дата звернення: 01.10.2021). 4. Волосович С. В. Regtech в екосистемі фінансових технологій. Електронне наукове фахове видання з економічних наук «Modern Economics», №15 (2019), 62-68. URL: https://modecon.mnau.edu.ua/issue/15-2019/volosovych.pdf (дата звернення: 05.10.2021). 5. The Pulse of Fintech 2019 KPMG International – KPMG Global : веб-сайт. URL: https://assets.kpmg/content/dam/kpmg/xx/pdf/2019/07/pulse-of-fintech-h1-2019.pdf (дата звернення: 04.10.2021). 6. Инвестиции в FinTech – сколько вложили в бизнес 2020 года Инвестиции 24 : веб-сайт. URL: https://investment.24tv.ua/ru/investicii-fintech-skolko-vlozhili-biznes-2020-poslednie- novosti_n1419854 (дата звернення: 04.10.2021). 7. За первое полугодие 2021 в финтех инвестировали $98 млрд Минфин : веб-сайт. URL: https://minfin.com.ua/2021/09/26/72392528/ (дата звернення: 04.10.2021). 8. Інвестиції у фінтех зросли до рекордно високого рівня у першій половині 2021 року, – глобальне дослідження KPMG Pulse of Fintech PaySpace Magazine : веб-сайт. URL: https://psm7.com/uk/fintech/investicii-v-fintex-vyrosli-do-rekordno-vysokogo-urovnya-v-pervoj- polovine-2021-goda-globalnoe-issledovanie-kpmg-pulse-of-fintech.html (дата звернення: 04.10.2021). 9. Мировой финтех-2021: от «открытого банкинга» до «автономных финансов» Минфин : веб-сайт. URL: https://minfin.com.ua/2021/09/24/72270933/ (дата звернення: 05.10.2021). 10. Супераппы: что это и зачем они нужны Роскачество : веб-сайт. URL: https://rskrf.ru/tips/eksperty-obyasnyayut/superappy-chto-eto-i-zachem-oni-nuzhny/ (дата звернення: 05.10.2021). 11. За первую половину 2021 года европейские финтех-стартапы привлекли рекордный объем инвестиций Bloomchain : веб-сайт. URL: https://bloomchain.ru/newsfeed/za-pervuju-polovinu-2021-goda-evropeiskie-finteh-startapy-privlekli-rekordnyi-obem-investitsii (дата звернення: 05.10.2021).
The authors analyzed the innovation market in the field of financial technologies. Ways and methods of stimulating the development of Ukraine in this direction are proposed.
Авторами проаналізовано ринок інновацій в сфері фінансових технологій. Запропоновано шляхи та методи стимулювання розвитку України в даному напрямку.

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3

Kassoul, Myriam. "Essays on Market Dynamics and Stability in Decentralized Finance". Electronic Thesis or Diss., Institut polytechnique de Paris, 2024. http://www.theses.fr/2024IPPAX021.

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Cette thèse se concentre sur la compréhension et l'évaluation de la stabilité de la Finance Décentralisée, dans le but de renforcer l'ensemble de l'écosystème financier.Le premier chapitre explore les Automated Market Makers (AMM), soulignant leur évolution depuis les marchés de prédiction vers les Constant Function Market Makers (CFMMs), et examine leur compétitivité par rapport aux plateformes d'échange centralisées. Il aborde également la valeur maximale extractible (MEV) et ses implications pour les DEXs.Le deuxième chapitre se penche sur la microstructure des DEXs, en particulier Uniswap, et évalue sa capacité à aligner les prix avec ceux des marchés centralisés. Il met en lumière l'impact des coûts d'inventaire sur la précision des prix d'Uniswap, montrant une réactivité réduite des traders aux écarts de prix lorsque les tailles de pool augmentent, mais une convergence plus rapide des prix pour les paires stablecoin-stablecoin.Le troisième chapitre analyse la contagion financière au sein de Compound V2, un protocole de prêt décentralisé sur Ethereum. Il propose une méthodologie pour construire les bilans comptables des pools de liquidité de Compound et simule des scénarios de défaut pour évaluer la robustesse du protocole.Dans l'ensemble, cette thèse approfondit notre compréhension de la DeFi en examinant sa stabilité, sa microstructure de marché et les risques de contagion. Son objectif est de contribuer à un écosystème financier plus résilient et durable en enrichissant la discussion sur la DeFi
This thesis focuses on understanding and assessing the stability of Decentralized Finance (DeFi), with the aim of strengthening the entire financial ecosystem.The first chapter explores Automated Market Makers (AMM), highlighting their evolution from prediction markets to Constant Function Market Makers (CFMMs), and examines their competitiveness against centralized exchange platforms. It also addresses the concept of Maximum Extractable Value (MEV) and its implications for DEXs.The second chapter delves into the microstructure of DEXs, particularly Uniswap, and evaluates its ability to align prices with those of centralized markets. It highlights the impact of inventory costs on the accuracy of Uniswap prices, showing reduced trader responsiveness to price discrepancies as pool sizes increase, but faster price convergence for stablecoin-stablecoin pairs.The third chapter analyzes financial contagion within Compound V2, a decentralized lending protocol on Ethereum. It proposes a methodology for constructing the balance sheets of Compound's liquidity pools and simulates default scenarios to assess the protocol's robustness.Overall, this thesis deepens our understanding of DeFi by examining its stability, market microstructure, and contagion risks. Its aim is to contribute to a more resilient and sustainable financial ecosystem by enriching the discussion on DeFi

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4

Shetabi, Mehrafarin. "Opacité, analystes financiers et évaluation optimisée du risque dans l'industrie bancaire et les FinTech". Electronic Thesis or Diss., Limoges, 2025. http://www.theses.fr/2025LIMO0001.

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Cette thèse examine les interactions entre l'opacité bancaire, l'influence des analystes financiers et l'optimisation du risque, avec un double focus sur le secteur bancaire et celui des FinTech. Composée de trois études, elle explore la stabilité systémique, les comportements des analystes et des outils novateurs de gestion du risque de crédit. Le premier chapitre analyse les banques américaines et européennes, démontrant que l'opacité, mesurée via les erreurs et dispersions des prévisions des analystes, exacerbe les risques, particulièrement dans les petites banques opaques aux États-Unis. La couverture par les analystes amplifie la sensibilité du marché aux signaux négatifs, tandis que les dividendes élevés intensifient les risques liés à l'opacité. Le deuxième chapitre explore les comportements des analystes à l’échelle mondiale, montrant que l’expérience, l’ampleur des portefeuilles et les incitations régionales influencent la précision et l’audace des prévisions. Les analystes américains allient précision et audace, tandis que les analystes européens privilégient l’audace au détriment de la précision. Le troisième chapitre introduit le modèle EFSGA, un modèle d’apprentissage évolutif combinant algorithmes génétiques et apprentissage automatique pour optimiser dynamiquement le risque de crédit dans les FinTech, équilibrant précision et interprétabilité. Cette thèse offre des perspectives essentielles sur l’opacité, le rôle des analystes et des outils de gestion du risque, contribuant à la résilience des systèmes financiers modernes
This thesis provides a comprehensive investigation into the intricate interactions between bank opacity, financial analyst influence, and risk optimization, focusing on the dual contexts of banking and FinTech. Through three detailed studies, it explores how opacity and analyst behavior shape financial stability across varied regulatory environments and introduces an innovative, adaptive approach to optimizing credit risk assessment in FinTech lending.The first chapter rigorously examines the destabilizing effects of bank opacity, particularly during periods of market overvaluation and economic uncertainty, with a focus on U.S. and European banks. Using analyst forecast errors and dispersion as forward-looking measures of opacity, the study reveals that high opacity significantly heightens risk, especially in smaller, opaque U.S. institutions where analyst coverage paradoxically amplifies market sensitivity to negative earnings signals. By contrast, the effects in European banks are less pronounced, reflecting differences in regulatory frameworks and market structures. Additionally, high dividend payouts are shown to intensify opacity-driven risks, highlighting the intricate relationship between transparency, market discipline, and financial prudence in shaping bank stability.The second chapter investigates the role of financial analyst characteristics and career incentives in forecasting accuracy, boldness, and career trajectories across global banking markets, comparing trends in the U.S., Europe, and Asia. The findings demonstrate that experience, firm affiliation, and portfolio breadth significantly influence forecasting behavior, with distinct regional patterns. In the U.S., experienced analysts at leading firms provide bold and accurate forecasts, while younger analysts tend toward herding. In Europe, larger portfolios reduce forecasting accuracy, and younger analysts employ boldness to stand out, often at the expense of precision. These results highlight how regional labor market dynamics and career incentives shape analysts' forecasting contributions and their impact on market discipline.The third chapter addresses the challenges of credit risk assessment in FinTech lending, introducing EFSGA, an evolutionary-based ensemble learning framework that integrates genetic algorithms with machine learning. EFSGA is designed for dynamic, application-specific credit risk classification, balancing predictive accuracy with interpretability while adapting to evolving market conditions in real time. The model significantly outperforms traditional methods in handling unbalanced datasets and providing timely, actionable insights for credit risk management, establishing itself as a powerful tool for post-loan monitoring and risk mitigation in digital finance.Together, these studies offer a holistic analysis of opacity, financial analyst behavior, and advanced risk assessment techniques within banking and FinTech contexts. By clarifying the role of opacity and analyst pressures in shaping stability across financial systems and presenting cutting-edge tools for managing credit risk in emerging digital markets, this thesis provides crucial insights for financial institutions, regulators, and policymakers striving to foster systemic resilience and transparency in an increasingly interconnected financial landscape

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5

Niemelä, M. (Miikka). "Bank and Fintech competitive dynamics and the perceived value of partnerships in an open banking market environment". Master's thesis, University of Oulu, 2019. http://jultika.oulu.fi/Record/nbnfioulu-201906052394.

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Abstract. This thesis discusses the relationship of banks and Fintech companies in the changing European financial markets. In order to answer this thesis’ research questions regarding bank and Fintech competitive advantages and the perceived value of collaboration, a closer look at the underlying market conditions is required. A literature review of previous research reveals that new regulation in the form of Payment Service Directive 2 (PSD2) is being implemented to correct the poor competitive pressures and consequent lack of innovation in the European financial markets. The regulation aims to create more options for consumers and drive consumer benefit by opening the financial markets to new service providers. As a result, an increasing amount of Fintech companies enter the market space and create competitive pressures towards banks by providing superior customer experiences in specific niche service areas. This thesis provides a perspective on bank and Fintech relationship that goes beyond competition and discusses also the possible value of collaboration. This thesis is conducted as a qualitative case study and the data is collected via theme-based semi-structured interviews with three executive-level bank representatives and six Fintech executives. The interviewees from the bank have extensive experience working with PSD2 and open banking related initiatives and Fintech partnerships. The six Fintech case companies originate from Sweden, UK, USA, Canada and Singapore, and all of them have previous experience collaborating with banks. The key findings of this research conclude that bank and Fintech competitive advantages are complementary in nature. Banks are trusted actors in the market that benefit from an existing customer-base and established distribution channels, whereas Fintechs are fast, technologically capable, and have niche expertise in specific service areas. The complementarity of bank and Fintech competitive advantages creates opportunities for mutually beneficial collaboration models and incentives for the creation of platform solutions, where greater customer value can be achieved. While open banking and platformization are deemed to have significant effects on incumbents, the results indicate that PSD2 alone is likely to have a smaller effect on banks than suggested by previous research, as the effects are restricted to payments. PSD2 is, however, seen as a catalyst for the larger change towards open banking and platformization. The findings of this thesis can be utilized by financial market stakeholders, primarily bank and Fintech executives, to position themselves strategically to the development of open banking and platformization. The results can also help bank and Fintech executives understand the core competences that are emphasized in an open banking market and furthermore, understand how to benefit from complementary competences via partnership. This thesis provides a clear managerial implication that bank and Fintech partnerships can unlock significant value for both parties.

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6

Cedrell, Linda y Nivin Issa. "The Adoption of Robo-advisory in the Swedish Financial Technology Market : Analyzing the consumer perspective". Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-235778.

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Due to the digitalization revolution within the financial sector fintech companies are challenging the traditional banking institutes with new technologies and innovations. Robo-advisors are the new way to get personalized investment services online instead of using traditional advisory.The aim is to research the consumer adoption of robo-advisory in the Swedish financial sector. Additionally, the core emphasis throughout this thesis is on; consumers personal traits, as well as behavioral factors that impact consumers investment decision. Theories used are mostly innovation theories and behavioural theories. To investigate the aim aquantitative approach is used and a survey with 435 respondents were conducted and two probit and margin regressions was made, one for securities as the dependent variable and one for robo-advisory as the dependent variable. The results show that the adoption of robo-advisoryhas been slow in Sweden due to lack of transparency and information. Lastly, gender was the most significant factor in both regressions.
På grund av digitaliseringen inom finanssektorn utmanar fintech företagende traditionella bankinstitut en med ny teknik och nya innovationer. Robotrådgivare är det nya sättet att få personliga investeringsråd istället för att använda traditionell rådgivning. Syftet är att undersöka konsumenternas uppfattning kring robotådgivning i den svenska finans sektorn. Uppsatsen kommer baseras på konsumenternas personliga egenskaper samt beteendemässiga faktorer som påverkar konsumenternas investeringsbeslut. Teorierna som används är innovationsteorier och beteendeteorier. För att undersöka frågeställningarna har ett kvantitativt tillvägagångssättanvänts. En enkätundersökning genomfördes som resluterade i 435 respondenter. Datan från enkäten analyserades via grafer samt två probitregressioner med olika beroende variabler, värdepapper samt robotrådgivning. Resultaten visar att adoptionen av robotrådgivning har varitlångsam i Sverige på grund av bristande transparens och information. Den mest signifikanta faktorerna i båda regressionerna var kön.

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7

Pandolfo, Thiago Nery. "Do físico ao digital: um olhar sobre a mudança dos hábitos de consumo de produtos e serviços financeiros com a entrada das instituições financeiras digitais no mercado nacional". Universidade do Vale do Rio dos Sinos, 2018. http://www.repositorio.jesuita.org.br/handle/UNISINOS/7146.

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Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2018-08-07T16:06:46Z No. of bitstreams: 1 Thiago Nery Pandolfo_.pdf: 5370670 bytes, checksum: 1887be307d7a90ca3f5d84b8f708509d (MD5)
Made available in DSpace on 2018-08-07T16:06:46Z (GMT). No. of bitstreams: 1 Thiago Nery Pandolfo_.pdf: 5370670 bytes, checksum: 1887be307d7a90ca3f5d84b8f708509d (MD5) Previous issue date: 2018-04-26
SICREDI - Banco Cooperativo SICREDI S A
Nos últimos anos, o mercado financeiro nacional vem observando a entrada de instituições financeiras digitais. Este movimento tem provocado uma mudança nos hábitos de consumo de produtos financeiros. As fintechs e os bancos digitais vêm entrando no mercado oferecendo produtos e serviços com alta tecnologia embarcada. O presente trabalho busca trazer uma visão sobre estas mudanças, sustentado na teoria do arranjo desenvolvida por Deleuze e Gattari e explorada por outros pesquisadores como Manuel Delanda, Jon Roffe e Bernardo Figueiredo. De caráter qualitativo exploratório, o estudo entrevistou oito consumidores que possuem uma utilização constante de produtos e serviços digitais. Os resultados destas pesquisas apresentam quais são os elementos que compõem este ambiente complexo e de que forma elementos externos vêm auxiliando seu processo de transformação. Sob a perspectiva acadêmica, o presente trabalho tem por objetivo ampliar as discussões a respeito da teoria do arranjo, demonstrando de que forma ela pode ser aplicada para analisar mudanças nas práticas de consumo. No olhar da empresa, ele fornece informações importantes sobre este processo de transformação dos hábitos de consumo no mercado financeiro, auxiliando as organizações nas tomadas de decisão estratégicas sobre este mercado.
Recently the national financial market has been watching the entry of digital financial institutions. This movement has caused a change in the habits of consumption of financial products. Fintech and digital banks are entering on the market offering products and services with high technology embedded. The present work seeks to bring a vision of these changes sustained in the assemblage theory, developed by Deleuze and Gattari and explored by other researchers like Manuel Delanda, Jon Roffe and Bernardo Figueiredo. With an exploratory qualitative research, the study interviewed 8 consumers who have a constant use of digital products and services. The results of these researches present what are the elements that make up this complex environment and how external elements have aided its transformation process. From the academic point of view, this paper aims to broaden the discussions about the theory of the arrangement, demonstrating how it can be applied to analyze changes in consumption practices. In the company's view, it provides important information about this process of transforming consumption habits in the financial market, helping organizations to make strategic decisions about this market.

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8

Sigurdsson, Johanna y Line Weimer. "En blockkedja på den svenska värdepappersmarknaden? : En undersökande studie om blockkedjeteknikens potential och användningsområden". Thesis, Linköpings universitet, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-151035.

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Bakgrund: Den svenska värdepappersmarknaden utgörs av en komplex marknadsstruktur med många intermediärer. En av de senast introducerade teknikerna är blockkedjetekniken, som ska förenkla interaktionen mellan aktörer. Tekniken är en distribuerad databas som byg- ger på en kedja av block där transaktioner och information kan registreras utan inblandning av tredje part. Finansiella aktörer undersöker blockkedjeteknikens användningsområden och potential, men som med alla innovationer uppkommer även utmaningar. Det är således av relevans att undersöka vilka användningsområden, utmaningar och påverkan som identi- fieras för blockkedjetekniken på värdepappersmarknaden. Syfte: Studien syftar till att undersöka vilka användningsområden, utmaningar samt påver- kan på marknaden och dess intermediärer som identifieras för blockkedjetekniken på den svenska värdepappersmarknaden. Metod: För att besvara studiens syfte har en kvalitativ ansats tillämpats för att erhålla en djupare förståelse för fenomenet. Det genomfördes fem stycken semistrukturerade intervjuer med verksamma aktörer på den svenska värdepappersmarknaden och en intervju med en sakkunnig inom blockkedjeteknik. Slutsats: Studien visar att blockkedjetekniken har potential att automatisera och effektivi- sera manuella processer. Men teknikens fulla potential begränsas av rådande regelverk och en begränsad volymkapacitet. I studien framgår det att tekniken inte är applicerbar på de affärsområden som omfattar stora volymer, exempelvis clearing och avveckling av aktier. Vid implementering av enbart en blockkedja minskar informationsasymmetrier och transakt- ionskostnader. Men för närvarande finns ingen teknisk lösning för en interaktion mellan olika blockkedjor, vilket kan bidra till en ökad grad av informationsasymmetri. Studien har således bidragit till en ökad förståelse för blockkedjeteknikens potentiella applicerbarhet och påverkan på den svenska värdepappersmarknaden.
Background: The Swedish Securities Market structure is complex with many intermediar- ies. Blockchain is one of the latest introduced technologies, which offers a new way of inter- action. It is a distributed ledger which builds on a chain of blocks where transactions and information is registered without the need for a third party. Financial market players are in- vestigating the potential of the technology and its applications, but as with all new innova- tions there will be challenges. Thus it is of relevance to investigate applications, challenges and potential impact of the Blockchain technology in the Swedish Securities Market. Aim: The study aims to examine potential applications, challenges and impact the Block- chain technology can have on the Swedish Securities Market and its intermediaries. Completion: To fulfill the aim of the study and attain a deeper knowledge about Blockchain a qualitative research method has been applied. Five semi structured interviews were con- ducted with market players operating on the Swedish Securities Market. Furthermore one semi structured interview has been conducted with a Blockchain expert. Conclusion: The study concludes that Blockchain has the potential to automate and streamline manually performed processes. However the full potential is restrained by pre- vailing regulations and technical limitations concerning the volume capacity. The study con- cludes that Blockchain cannot be implemented for business areas which includes large amount of volume transactions, for example clearing and settlement of shares. If only one single Blockchain is implemented the information asymmetry and the transaction costs can be reduced. However there is no solution for enabling interaction between multiple Block- chains, which can increase the degree of information asymmetry. The contribution of the study is an increased knowledge of Blockchain and its potential for the Swedish Securities Market.

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9

Per, Blohm y Wagemann Andreas. "Kommer de gamla bank-dinosaurierna dö ut? : En kvalitativ studie om införandet av PSD2 på betaltjänstemarknaden och dess implikationer". Thesis, Södertörns högskola, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-33453.

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The purpose of this thesis was to discuss and describe what implications the payment service directive, PSD2, could have on the payment service market and also what it could mean for the competitive landscape. Furthermore, the study aims to give an understanding regarding the bank's strategic actions to address this issue. To examine this, a qualitative method through a case study with semi structured interviews was applied. Top Swedish banks in this study was represented by employees from the banks in question, with extensive knowledge regarding regulations, innovation and payment services. Two fintech companies was also examined, with realtions to two of the four banks to gain another perspective of the examined phenomena. The results show that PSD2 will change the payment service market i ways that more actors can compete under similar conditions. PSD2 will also act as a driving force, pushing innovation and digitalisation which could lead to a situation where parts of the bank's core business could be under threat. This will lead to further affect on the competitive landscape which could be characterised by a mix between cooperation and competitiveness regarding services outside of the bank's core business. The bank's plans to address this by developing their own solutions and also by cooperating with third parties, in means of protecting and development of their own core business regarding bank accounts.
Syftet med denna uppsats var att diskutera och beskriva vilka implikationer som betaltjänstdirektivet PSD2 kan innebära för betaltjänstmarknaden samt vad det kommer att innebära för konkurrenssituationen. Vidare syftar studien till att ge en förståelse kring bankernas strategiska åtgärder för att adressera detta. För att ta reda på detta tillämpades en kvalitativ metod genom en fallstudie. Fyra stora banker i Sverige representerades i denna studie av anställda på respektive bank med mångårigt arbete inom reglering, innovation och betaltjänster, vilkas svar formade den utgjorde empirin genom semi-strukturerade intervjuer. För att ge ytterligare ett perspektiv intervjuades också några av bankernas samarbetspartners vilka är relativt nystartade fintech-företag. Resultaten från studien visade på att PSD2 kommer förändra betaltjänstmarknaden på så vis att fler aktörer kommer kunna konkurrera med liknande villkor. PSD2 kommer även att driva på innovation och digitalisering vilket i sin tur kan leda till att bankernas kärnverksamhet hotas. Detta leder till att ytterligare påverkan på konkurrenssituationen som kan komma att präglas av en blandning mellan samarbeten och konkurrens kring mervärdestjänster. Bankerna planerar att adressera detta genom att både utveckla egna lösningar och samarbeta med tredjepartsaktörer, för att skydda och utveckla sin kärnverksamhet gällande konton.

Internationellt företagande

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10

Collin, Erik y Gustav Juntti. "No protection, nu business : An event study on stock volatility reactions to cyberattacks between 2010 and 2015 for firms listed in the USA". Thesis, Umeå universitet, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-123549.

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With the surge of Internet-based corporate communication, organization, andinformation management, financial markets have undergone radical transformation. Inthe interconnected economy of today, market participants are forced to acceptcyberattacks, data breaches, system failures, or security flaws as any other (varying)cost of doing business. While cyberspace encompasses practically any firm indeveloped economies and a large portion in developing ones, combatting such risks isdeemed a question of firm-specific responsibility: the situation resembles an ‘every manfor himself’ scenario. Consulting standard financial theory, rational utility-maximizinginvestors assume firm-specific (idiosyncratic) risk under expectations of additionalcompensation for shouldering such risk – they are economically incentivized. The omnipresence of cyberattacks challenges fundamental assumptions of the CapitalAsset Pricing Model, Optimal Portfolio Theory, and the concept of diversifiability. Thethesis problematizes underlying rationality notions by investigating the effect of acyberattack on stock volatility. Explicitly, the use of stock volatility as a proxy for riskallows for linking increased volatility to higher risk premiums and increased cost ofcapital. In essence, we investigate the following research question: What is the effect ofa disclosed cyberattack on stock volatility for firms listed in the USA?. Using event study methodology, we compile a cyberattack database for events between2010 and 2015 involving 115 firms listed on US stock exchanges. The specified timeperiod cover prevailing research gaps; due to literature paucity the focus on volatilityfits well. For a finalized sample of 189 events, stock return data is matched to S&P500index return data within a pre-event estimation window and a post-event window tocalculate abnormal returns using the market model. The outputs are used to estimateabnormal return volatility before and after each event; testing pre and post volatilityagainst each other in significance tests then approximates the event-induced volatility.Identical procedures are performed for all subsamples based on time horizon, industrybelonging, attack type, firm size, and perpetrator motivation. The principal hypothesis, that stock volatility is significantly higher after a cyberattack,is found to hold within both event windows. Evidence on firm-specific characteristics ismore inconclusive. In the long run, inaccessibility and attacks on smaller firms seem torender significantly larger increases in volatility compared to intrusion and attacks onlarger firms; supporting preexisting literature. Contrastingly, perpetrator motive appearsirrelevant. Generally, stocks are more volatile immediately after an attack, attributableto information asymmetry. For most subsamples volatility seem to diminish with time,following the Efficient Market Hypothesis. Summing up, disparate results raisequestions of the relative importance of contingency factors, and also about futuredevelopments within and outside academic research.

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11

Kuzhelko, Kirill. "Losing their war : Using Service-Dominant Logic To Assess The Market Position Of Traditional Swedish Banks". Thesis, Luleå tekniska universitet, Institutionen för ekonomi, teknik och samhälle, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:ltu:diva-85493.

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Being influenced by advanced technology solutions, modern business is undergoing significant transformations. This is also true about the financial services sector, where innovative solutions are being actively used and new fintech companies are emerging. Against this background, the market share of large traditional banks reduces steadily. These trends are also observed in Sweden, which has one of the highest levels of digitalization of banking services in Europe. The described trends may indicate that Swedish traditional banks are unable to compete with fintech companies and adapt to the new business environment. Consequently, the purpose of the research is to assess the current and potential positions of large traditional Swedish banks in the financial services market. In particular, when considering the situation through the prism of service-dominant logic, it is necessary to understand the place that large traditional banks occupy in the overall process of value creation with the participation of the consumer. In this regard, the following questions have been examined within the research: RQ1. How can the largest traditional banks in Sweden preserve their market positions in the overall value creation process? RQ2. What services offered by the traditional banks are the most exposed to customer outflow? To answer the questions posed, the exploratory research has been carried out, which is based on a case study and an in-depth study of a specific example, namely the development of Swedbank in a changing market context. The research data has been mostly derived from the interview, although, to reduce its bias and subjectivity, the secondary data, providing an idea of market trends, has been also analyzed. As a result of the research, it has been determined that the main advantages of fintech companies are high specialization, seamless processes, and reduced government control. Against this background, traditional banks are losing market share, but in the future, the situation should stabilize. The reason is that traditional banks have the scale, infrastructure, and operant resources to deliver comprehensive financial services that require a customized approach and cannot be automated. In addition, large traditional banks could potentially act as a platform for the technological development of the entire industry. These circumstances determine the specific advantages and the development of incumbent banks in Sweden, although the involvement of consumers in the co-creation process through social media and mobile applications is still the problem.

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Estrada, Muñoz Lidia Estefanía y Sánchez Jessenia Ibeth Valenzuela. "La tecnología Blockchain y su uso en las Finanzas en América Latina". Bachelor's thesis, Universidad Peruana de Ciencias Aplicadas (UPC), 2020. http://hdl.handle.net/10757/653383.

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La revolución tecnológica vigente ha dado lugar a un modelo transaccional electrónico independiente de intermediarios, con bajos costos, en menor tiempo, con una alta eficiencia en su gestión, garantizando la seguridad de las transacciones que se realizan por este canal. Este nuevo modelo es la llamada Blockchain o cadena de bloques. El presente trabajo de investigación busca identificar cuál es la presencia y desarrollo de la plataforma Blockchain del sector financiero latinoamericano. Para ello, se realiza una revisión sistemática de las principales publicaciones académicas recientes que se han dado en torno a esta tecnología en espacios no latinoamericanos y, luego de la región económica de América Latina, detectando algunas diferencias en su diseño y ejecución. En un primer momento, se describe el origen de la Blockchain y cómo se ha desarrollado en distintos periodos, además de su relación con otros conceptos como la criptografía y las bitcoin, y las distintas áreas de aplicación. En el segundo capítulo, se explica el desarrollo del sector financiero latinoamericano y sus procesos de digitalización con modelos como las Fintech y la bancarización digital. Luego, se describe el panorama vigente en el que las Blockchain participan activamente en América Latina y el Perú, así como sus riesgos. En la cuarta sección, se describe cómo la pandemia ocasionada por el COVID-19 ha desplegado oportunidades que potencian los sistemas digitales en el procesamiento de data. Este trabajo concluye que, a pesar de los múltiples beneficios y su implementación, esta tecnología aún enfrenta múltiples dificultades en su implementación.
Current technological revolution has motivated a recent electronic transactional model independent of intermediaries, with low costs, in less time, with high efficiency in its management, guaranteeing the security of the transactions carried out through this channel. This new model is the so-called Blockchain. This paper identifies the presence and development of the Blockchain platform in the Latin American financial sector. In order with this objective, a systematic review of the main recent academic publications that have been given about this technology in worldwide. Also, Latin America as economic area is analyzed detecting some differences about Blockchain design and execution. First, the origin of the Blockchain is described and how it has developed in different periods, besides its relationship with other concepts such as cryptography and bitcoin, and the different areas of application. In the second chapter, the development of the Latin American financial sector and its digitization processes with models such as Fintech and digital banking are explained. Then, the current scenario in which Blockchains actively participate in Latin America and Peru is described, as well as their risks. In the fourth section, it is described how the pandemic caused by COVID-19 has produced opportunities that enhance digital systems in data processing. This research concludes that, despite the multiple benefits and its implementation, this technology still faces multiple difficulties in its implementation.
Trabajo de Suficiencia Profesional

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13

Коляда, В. О. "Фінансова діджиталізація в контексті трансформації ринку банківських послуг". Master's thesis, Сумський державний університет, 2021. https://essuir.sumdu.edu.ua/handle/123456789/87173.

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У кваліфікаційній роботі досліджено теоретичні засади запровадження фінансової діджиталізації в умовах трансформації ринку банківських послу, досліджено економічну сутність та визначено основі риси фінансової діджиталізації; охарактеризовано особливості трансформації ринку банківських послуг України під впливом процесів фінансової діджиталізації; проведено аналіз світових тенденцій розвитку фінансової діджиталізації за період 2014-2019 роки; досліджено проблеми та перспективи розвитку фінансової діджиталізації в контексті трансформації ринку банківських послуг. Основний науковий результат роботи полягає у тому, що сформовано власне визначення поняття «фінансова діджиталізація» як трансформація фінансових операцій та фінансових взаємовідносин між економічними агентами у зв’язку із використанням інформаційно-комунікаційних технологій та поширення цифрових знань.; визначено ключові трансформаційні параметри розвитку ринку банківських послуг з врахуванням елементів фінансової діджиталізації.

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Törnqvist, Eric y Xing Guan. "Prediction of securities' behavior using a multi-level artificial neural network with extra inputs between layers". Thesis, KTH, Skolan för datavetenskap och kommunikation (CSC), 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-210929.

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This paper discusses the possibilities of predicting changes in stock pricing at a high frequency applying a multi-level neural network without the use of recurrent neurons or any other time series analysis, as suggested in a paper byChen et al. [2017]. The paper tries to adapt the model presented in a paper by Chen et al. [2017] by making the network deeper, feeding it data of higher resolution and changing the activation functions. While the resulting accuracy is not as high as other models, this paper might prove useful for those interested in further developing neural networks using data with high resolution and to the fintech business as a whole.

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15

FRIE, FELIX y GUSTAV HAMMMARLUND. "Exploring the Encounter of ContinuousDeployment and the Financial Industry". Thesis, KTH, Organisation och ledning, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-189755.

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The digitisation of the financial markets has led to IT becoming a vitalpart of financial institutions. The principles and practices of ContinuousDeployment (CD) are utilised to increase innovation through flexibilityand swiftness at many IT companies. This thesis explores the encounterof CD and the financial industry through participant observations andsemi-structured interviews with developers.We find in our study that practitioners in the financial industry usepractices that are part of a CD process. The specialisation of the systemsthat is evident in the industry could be considered a barrier for theadoption of a CD process. However, improved transparency that maycome as a result of CD is well aligned with the demands that are evidentin the industry. Furthermore, the requirement for code reviews mightimpact the ability to attain a continuous process, as it must be a manual.

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16

Monroy, Zambrano Katherine Estefania. "Internationalization of Financial Technology Start-ups (Fintechs) : Evidence from Ecuadorian case studies". Thesis, Linnéuniversitetet, Institutionen för marknadsföring (MF), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-96022.

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In the past decade, the financial industry has been criticized to lack a faster digital transformation to provide more efficient services, where FinTech (a neologism generated from the contraction of “(Fin)ancial” and “(Tech)nology”) start-ups or fintechs represent a paradigm shift to reinvent the industry. FinTech is gaining attention in multiple academic disciplines, however, it was found that it has been neglected from the international business discipline to understand the internationalization process of fintechs. Furthermore, as the financial industry is an important cornerstone to foster economic growth and social welfare, particularly in the context of Latin American emerging countries, lack of studies in this context also motivated the development of this thesis. The purpose of this study is to accommodate FinTech in the international business discipline drawing from network theory and born-digital firms’ characteristics, emphasizing on core activities within the digital value chain to analyze the internationalization process and identify the main challenges. A conceptual framework was developed to analyze the internationalization process of Ecuadorian fintechs and the challenges faced. The research has a qualitative approach, employing multiple case studies strategy, where semi-structured interviews with founders and senior managers of four Ecuadorian fintechs were conducted. Empirical findings showed that despite having a high digital value chain and take advantage of internet technologies to internationalize faster, Ecuadorian fintechs followed a gradual regional expansion within Latin American countries and their internationalization process was mostly network-driven. Furthermore, besides the most prominent internationalization challenges such as liabilities of outsidership (LoO) and institutional regulations, additional resource-related internationalization challenges were found such as funding, skilled IT talents and innovation, which raise the importance to emphasize in such challenges for further research.

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17

Júnior, Edson Daher de Lima. "Os impactos da Covid-19 no mercado financeiro digital em Portugal". Master's thesis, Instituto Superior de Economia e Gestão, 2021. http://hdl.handle.net/10400.5/23409.

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Mestrado Bolonha em Economia e Gestão de Ciência, Tecnologia e Inovação
O mundo está acompanhando uma transformação do setor financeiro, pois o serviço burocrático da banca tradicional agora pode ser feito com facilidade e agilidade do próprio telemóvel em sua grande parte. As Fintechs têm uma participação em evidência nessa transformação e revolução no setor financeiro digital, embora ainda se tem poucos estudos concretos sobre o tema, talvez pela complexidade e dimensão que o setor financeiro ocupa na esfera digital. Neste contexto, acompanhamos o mundo a fazer confinamento em suas casas, devido a crise sanitária mundial, causada pelo COVID-19 que teve início no fim do ano de 2019. Devido ao confinamento o mundo desacelerou, incluindo suas relações sociais, económicas e gerais. Neste período o que se pode notar, foi que as relações humanas continuaram principalmente através do mundo digital, embora seja muito recente para se verificar as reais consequências e proporções que a pandemia causou. Com o intuito de ajudar a suprimir esta necessidade de descobrir os caminhos adotados pelo setor financeiro durante o período desta crise sanitária, este estudo pretende compreender em quatro aspetos como as empresas do setor financeiro digital atuaram. Primeiro, define as plataformas digitais, onde acontecem as interações de todos os agentes do universo digital, a fim de identificar o ecossistema financeiro digital. Segundo, define as FinTechs e o espaço no qual estão a se destacar neste ecossistema. Terceiro, analisa o potencial crescimento do mercado digital no período de pandemia, buscando identificar possíveis relações com o crescimento financeiro digital e por fim, compreender através da análise de casos práticos, como algumas instituições que fazemparte do ecossistema financeiro digital, atuaram para dar continuidade as transações financeiras em escala digital no período pandémico. A presente investigação foi desenvolvida tendo por base uma metodologia qualitativa, baseado em três entrevistas semiestruturadas com empresas que pertencem ao ecossistema financeiro digital de Portugal. A evidência empírica demonstrou que o mercado financeiro digital se expandiu durante o período de pandemia e que as Startups FinTechs tiveram um papel fundamental no processo da transformação do setor financeiro digital, aprimorando e adaptando as tecnologias utilizadas.
The world is following a transformation of the financial sector, because the bureaucratic service of traditional banking can now be done with ease and agility from the smartphone itself, for the most part. Fintechs have an evident participation in this transformation and revolution in the digital financial sector, although there are still few concrete studies on the subject, perhaps due to the complexity and dimension that the financial sector occupies in the digital sphere. In this context, we accompany the world in confinement in their homes, due to the global health crisis, caused by COVID-19 that began at the end of 2019. Due to confinement the world has slowed down, including its social, economic and general relations. In this period, it can be seen that the human relationships continued mainly through the digital world, although it is too recent to verify the real consequences and proportions the pandemic caused. In order to help suppress this need to discover the paths adopted by the financial sector during the period of this health crisis, this study aims to understand in four aspects how companies in the digital financial sector operated. First, it defines the digital platforms, where the interactions of all the agents of the digital universe take place, in order to identify the digital financial ecosystem. Second, it defines FinTechs and the space in which they are excelling in this ecosystem. Third, it analyzes the potential growth of the digital market during the pandemic period, seeking to identify possible relationships with digital financial growth and, finally, to understand through the analysis of practical cases, how some institutions that are part of the digital financial ecosystem acted to continue financial transactions on a digital scale in the pandemic period. The present investigation was developed based on a qualitative methodology, based on three semi-structured interviews with companies that belong to Portugal's digital financial ecosystem. Empirical evidence has shown that the digital financial market expanded during the pandemic period and that FinTech Startups played a key role in th process of transforming the digital financial sector, improving and adapting the technologies used.
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18

Chami, Stéphanie. "La banque de financement et d’investissement". Thesis, Paris 2, 2019. http://www.theses.fr/2019PA020062.

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La banque de financement et d’investissement (BFI) est une structure qui existe depuis de longs siècles. Son importance dans une économie est un facteur avéré. Son domaine de prédilection, qu’est le domaine des services financiers, évoque la relation étroite que cette structure entretient avec les marchés financiers. Son rôle sur ces marchés paraît avoir une importance accrue, qui se mesure dès lors qu’une telle structure connaît une défaillance. Un tel scénario ne serait pas sans conséquences sur le bon fonctionnement des marchés financiers. D’ailleurs, la dernière crise financière de 2009 que le monde a traversée, témoigne de la fragilité de ce lien existant entre les BFI et les marchés financiers. Ainsi, pour pallier aux failles présentées par le système, et pour limiter le danger que ces structures pouvaient occasionner au système financier, régulateur et législateur tentent de prendre les choses en main. Ainsi, face à la pression de la peur de l’effondrement des systèmes financiers internationaux, il a paru nécessaire aux législateurs d’encadrer les BFI aussi bien au niveau structurel (ce qui n’est pas étrange, l’histoire en témoigne !) que fonctionnel. Un droit spécial est venu se greffer au droit commun, applicable à la BFI, et n’a cessé de s’atrophier. De plus, l’évolution technologique qui a touché les activités de la BFI, a remis en cause encore une fois, l’activité de cette structure à l’épreuve en raison des conséquences que ces activités sont susceptibles d’occasionner quant à l’intégrité des marchés financiers. C’est ainsi que la BFI, structure spécifique quant à sa nature, est aujourd’hui non seulement à l’épreuve de sa structure, mais aussi de son activité
Investment banks do play an important economic role. These firms are directly linked to financial markets, which makes their role particularly strategic regarding the financial stability. That’s why they also seem dangerous when they know financial losses. The last financial crisis of 2009, showed us how the misuse of activities of investment banks, could affect a whole system.In order to protect financial systems and promote financial stability, it seemed inevitable to control activities of investment banks. That’s why, many laws emerged, on an international scale, trying to induce changes in this sector. The purpose of these laws was to reach for a better protection of financial systems, by applying limits to the activities of investment banks and also separate it from commercial banks (in most countries) in order to protect them and also protect the consumers. The main problem with its activities, is on one hand related to the proprietary trading, which is highly lucrative but also highly risked and on the other hand, related to the evolution of technology that has affected the main activities of these firms, bringing new sources of risks to the financial markets. That’s the reason why we could say that investment banks do face today two major problems related to their activities and to the configuration of their structure, and that the upcoming years might induce big changes in the life of these firms

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19

Moreira, Mariana Das Neves. "Fintech report: an overview of the Iberian fintech market". Master's thesis, 2020. http://hdl.handle.net/10362/106855.

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The FinTech industry is quite dynamic and it has progressed beyond its early stages rapidly. FinTech can be defined as “organizations that combine innovative business models and technology to enable, enhance and disrupt financial services” (Hwa, 2019). This Work Project aims to analyse Portuguese and Spanish FinTechs and combine the findings in a comprehensive report of the Iberian FinTech ecosystem. This paper explains how that report was built and it is organized in four main parts: literature review, methodology, results and personal reflection. Additionally, limitations and recommendations for further research are presented in the end of the paper.

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20

MUANGKOTE, AREERATS y 孔雨. "The Determinants of the Emergence of the Asia Fintech Market". Thesis, 2018. http://ndltd.ncl.edu.tw/handle/574d8v.

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碩士
中信金融管理學院
金融管理研究所
105
This study aimed at the economic and technological determinants to motivate startups and entrepreneurs consider changing to revolutionize financial technology (Fintech). We focus on 21 countries specifically in Asia and abstract main data from CrunchBase from 2011 to 2016, along with a case study of one market entrant (Omise Co. Ltd.). We estimate a negative binomial (NB) model and have several findings: Fintech startup formations originate more frequently in countries (1) with well-developed capital markets, (2) where the latest technology is readily available, (3) with a more fragile financial sector, (4) with more mobile telephone subscriptions, (5) with a larger labor market and (6) with a lower unemployment rate. Such finding implies that Fintech startup formations will be the opportunity for entrepreneurs, hence the active policies can influence the emergence of Fintech startup formations. In addition, this study expects that the last technology will relate with Fintech startups in the country when foster innovation from government and also investigates labor force in Fintech industry that has a positive impact. The case study supports these findings.

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21

Giaquinto, Luisa Herck. "Angel, seed and founders influence on fintech funding: an emerging market context". Master's thesis, 2019. http://hdl.handle.net/10362/70654.

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This study examines the difference between FinTechs that received private equity and venture capital finance with those that did not receive. We test this with a sample of 2,524 companies across 76 countries over 2008-2018. We find that country-specific determinants of start-up funding are also relevant to FinTechs. Furthermore, companies in financing and payments categories are more likely to receive funding. We show a positive relationship between having received an angel and a seed round with follow-on finance, and a negative relationship with having a single founder. The impact of the seed finance and the single founder is weaker in an emerging market.

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22

Hsu, Yuan-Ting y 徐園婷. "Nonlinear and time-varying causality among stock market, housing market and economic growth: The role of FinTech index". Thesis, 2018. http://ndltd.ncl.edu.tw/handle/nru5t5.

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碩士
中原大學
國際經營與貿易研究所
106
The study builds a panel smooth transition vector autoregression model (PST-VAR model) and uses the constructed financial technology index (FinTech index) as the transition variable to assess the time- and country-varying threshold causality between stock returns, housing returns, and economic growth. In empirical, we adopt 24 member countries of the Organization for Economic Cooperation and Development (OECD) during 2000-2016 (a total of 408 observations) as sample objects. The FinTech index is calculated by adding up the 12 standardized component indicators suggested by Hieminga and Lande (2016). Empirical results are summarized as follows: First, there exist unilateral or bilateral time- and country-varying threshold causalities between stock markets, housing markets, and economic growth, depending on the threshold of the FinTech index. However, the causalities are constant in the traditional linear VAR model. Second, there is a unilateral threshold causality running from economic growth to stock market, and the impact becomes obvious as the FinTech index is over the threshold 86.03. However, the causality is bilateral in the traditional linear VAR model. Third, there is a constant, positive two-way causality between the housing markets and economic growth in the traditional VAR model, and a time- and country-varying two-way causality in the PST-VAR model. Moreover, the causality weakens as the FinTech index is over the thresholds. Fourth, there exists a negative, unilateral causality from stock prices to housing prices in the traditional VAR model and a unilateral threshold causality in the PST-VAR model. Increase in the one-period lagged stock prices would pull down current housing prices as the FinTech index is below the threshold 68.15 and push up current housing prices as the FinTech index is over the threshold. Fifth, the bonus of economic growth would significantly stimulate stock prices one-period latter and housing prices two-period latter. The stimulation still works in the stock markets and would reverse in the housing markets as the FinTech index is above the threshold value. The associated policy suggestions are listed as follows: First, there is a time- and country-varying causality between stock markets, housing markets, and economic growth. Thus, the investors, firms, and governments in individual countries should evaluate the causality period by period to avoid making wrong strategies and decisions, Second, investors should choose the stock markets of the countries with economic growth and high FinTech development as the investment targets. Once the stock prices begin to rise, they can then invest in the countries’ housing markets. When the housing prices star to rise, they will feed back into economic growth. Third, if the development of FinTech is inevitable, the OECD countries should adopt proper policies to promote the economic growth. Because the growth would drive the upward development of the stock and housing markets, which further generates feedback effects in the growth. Fourth, investors in the countries with low FinTech index (e.g., below the threshold 68.15), the economic growth cannot significantly boost the stock markets, and the rise of stock prices would depress the housing prices. Thus, they would sell housing once the stock prices rise.

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Kommalur, Mithun. "The impact of disruptive financial technology (fintech) on emerging markets with a focus on the Interaction between incumbents and new firms: an In-depth analysis of the Indian fintech market". Master's thesis, 2018. http://hdl.handle.net/10362/53052.

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Lopes, Gonçalo Pais Ribeiro Pinto. "The impact of the acquisition of fintech companies in bank stock prices". Master's thesis, 2020. http://hdl.handle.net/10071/20648.

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The Technology Revolution has been changing the way people interact with each other, as well as changing the way several industries operate for the last decades. This Dissertation studies banking industry, which is one of the major industries that is undergoing a digital transformation. The objective of the following Dissertation is to analyze and study what impact does Fintech have on the already-established financial companies, with a special emphasis on European banks, as well as analyzing whether there is some specific type of Fintech company more capable of impacting more significantly the share price of the acquirer.. With the use of the event study methodology, it was possible to analyze how a merger or acquisition (M&A) of a Fintech company by a financial company affects the share price of the acquirer. The present Dissertation uses financial market data to understand if there is a positive significant effect on the share price of the acquirer when if a Fintech M&A event occurs. The empirical results of this Dissertation allow us to conclude that the acquisition of Fintech companies have a positive and significant impact in the share price of the acquirer, both European banks as well as other financial companies. In regard to the type of Fintech, the results show that the “Digital Banking” type of Fintech is the one which has the most positive and significant impact, while “Software” has the most negative and significant impact. The robustness of the model was tested, and the results show that the results are globally stable.
A Revolução Tecnológica tem alterado de forma significativa a maneira como as pessoas interagem umas com as outras, tal como tem mudado a maneira como várias indústrias têm operado nas últimas décadas. Nesta Dissertação é estudada a indústria financeira, que é umas das principais indústrias que tem sido objecto de uma transformação digital. O objetivo desta Dissertação é analisar e estudar os impactos que as Fintech têm nas já estabelecidas empresas financeiras, com especial ênfase para os bancos Europeus, bem como analisar se existe alguma categoria específica de empresa Fintech que tenha um impacto mais significativo na cotação bolsista da empresa compradora. A presente Dissertação emprega a metodologia quantitativa de estudos de eventos, analisando como uma fusão ou aquisição (F&A) de uma empresa Fintech por uma empresa financeira afeta a cotação bolsista da empresa compradora. A presente Dissertação usa dados financeiros de alta frequência dos mercados, sendo possível, através da metodologia descrita, analisar se existe um efeito positivo e significante na cotação bolsista da empresa compradora. Os resultados empíricos da presente Dissertação permitem concluir que a aquisição de empresas Fintech apresenta impactos positivos e significativos na cotação bolsista das empresas compradoras, sejam bancos europeus ou outras empresas presentes na indústria financeira. Quanto à categoria de Fintech, os resultados mostram que as Fintech do tipo “Bancos Digitais” são as que têm o maior impacto positivo e significante, enquanto que as do tipo “Software” são as que têm o maior impacto negativo e significante. A robustez do modelo é igualmente testada e os resultados finais demostram que os resultados são globalmente estáveis.

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25

Bidinger, Sarah. "The positioning of TransferWise in the Swiss International remittance market". Master's thesis, 2017. http://hdl.handle.net/10400.14/21828.

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Background – Recently, the banking industry entered a period of disruption, triggered by FinTech startups focusing on specific niche markets. Objectives – The goal of this dissertation is to advise TransferWise: Recommendations are given regarding key currency routes and main customer targets within the Swiss population, in light of the current competition, expectations and needs of identified potential segments and actual remittance flows. Methodology – In order to do this, market research is conducted, expert and target group interviews are held, and mystery calls are performed with main competitors. Findings – MoneyGram is the leading competitor in terms of speed, Xendpay and Currency Fair based on price, and traditional banks PostFinance, ZKB, Cantonal Banks and UBS based on client preferences. Main segments that TransferWise should target are immigrants, crossborder workers, international students and Swiss students abroad. Of these, most relevant are especially digital-affine individuals with regularly occurring transfer needs from non-Euro countries. The core needs differ among the segments, but price and trust are most significant. Dominant remittance sending and receiving countries are Italy, France, Spain and Germany. Implications – Academically, this thesis bridges traditional literature with innovative FinTech business models as basis for future research. Practically, the research offers firsthand insights into Swiss international remittance user groups, their preferred service providers and needs. It can support startups like TransferWise in their business activities, but also established money transfer organizations and banks.
Enquadramento – Recentemente, a indústria bancária entrou num período de rutura, impulsionado pelo nicho de mercado das startups FinTech. Objetivos – O objetivo desta tese é aconselhar a TransferWise. Relativamente às principais rotas monetárias e principais alvos na população suíça, considerando a concorrência atual, expectativas, as necessidades dos utilizadores e os atuais fluxos de remessa. Metodologia – Assim, pesquisa de mercado, entrevistas ao grupo alvo e a especialistas, e chamadas anónimas aos principais concorrentes foram efetuadas. Resultados – MoneyGram é o principal concorrente no que respeita à velocidade, Xendpay e Currency Fair relativamente ao preço, e os bancos tradicionais (PostFinance, ZKB, Bancos Cantonais e UBS) no que respeita às preferências dos clientes. Os principais segmentos que a TransferWise deve selecionar são: imigrantes, trabalhadores fronteiriços, estudantes internacionais e estudantes suíços no estrangeiro. Destes, os mais relevantes são os indivíduos utilizadores de serviços digitais que necessitam de fazer transferências de países cuja moeda não é o euro. As razões diferem entre os segmentos, mas o preço e a confiança são os mais significativos. Os países que mais enviam e recebem remessas são a Itália, a França, a Espanha e a Alemanha. Implicações – Academicamente, esta tese conecta a literatura tradicional com os inovadores modelos de negócio FinTech. Esta demonstra aos prestadores de serviços relativos a transferência de dinheiro, nomeadamente à TransferWise, o que os clientes esperam de transferências de dinheiro internacionais.

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Karpijoki, Joni Olavi y 可宥倪. "The ‘Iron Cage’ of Varieties of Capitalism? Theory of Endogenous Institutional Evolution of Market Economies: Evidence from Fintech Startups in Taiwan and Korea". Thesis, 2018. http://ndltd.ncl.edu.tw/handle/47s9d3.

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博士
國立政治大學
亞太研究英語博士學位學程(IDAS)
107
The dissertation proposes a novel and innovative theoretical framework with extensive new empirical data to illustrate how bottom-up endogenous institutional evolution of societies operates and how new startups create new institutions. The research is motivated by theoretical puzzle derived from empirical observations of constant dynamism of market economies challenging the theories of new institutionalism – each year 20-30% of old firms are replaced with new startups. Constant dynamism is a puzzle as New institutionalism (especially Varieties of Capitalism) has construed institutions as ‘Iron Cages’, where rational actors’ optimal strategy within equilibriums is to reproduce the institutions and hence there should be no utility for innovative startups. Fintech startups of Taiwan and Korea provide excellent case study to research how and why new startups are able to restructure the institutions of market economies. The qualitative comparative case study of Taiwan and Korea by data triangulation analyzes extensive new data from interviews of fintech ecosystem stakeholders (startups, VCs, incubators, governmental entities), government documents and industry statistics. The qualitative case study contributes novel findings to illustrate the fintech startups create new institutions to re-organize how economic behavior is coordinated within societies and the startups act as focal points to guide and advice the government in formal regulatory reforms. Case study illustrates also that government is a reactionary entity – formal policies follow informal behavior – but governments can suppress or amplify institutional change by supporting startups. Fintech industry growth of Korea is driven by startups but government is amplifying the growth while in Taiwan the government has blocked innovation. The dissertation contributes new dynamic theory of institutions, with new dynamic structural foundations of institutions, to advance new institutionalism’s understanding how spontaneous and endogenous open-ended institutional evolution is constantly occurring and how startups are predisposed to act as institutional entrepreneurs to create new institutions to restructure and re-organize contemporary market economies.

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27

Lin, Wen-Pin y 林文斌. "FROM “THE BIG SHORT” TO “BEFORE THE FLOOD”- APPLYING THE VALUE INVESTING IN DJSI OF TAIWAN STOCK MARKET TO BUILD THE PLATFORM OF FINTECH". Thesis, 2017. http://ndltd.ncl.edu.tw/handle/c73nrr.

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碩士
國立清華大學
經營管理碩士在職專班
105
The object of this article is to illustrate the importance of value investing and sustainable investment from the movie “The Big Short” and “Before The Flood” and to develop the author’s investment method “Principle of BIG SHORT” based on Buffet’s concept. At present, there are fundamental problems with world’s financial services sector including conflicts of interest, aggressive sales practices, deceitful marketing and hidden fees. The study compares the differences in returns of Dow Jones Sustainability Index (DJSI) selected over 3 years with Taiwan stock market and 0050 ETF from January 1st, 2007 to December 31, 2016. The findings of the research have led to the conclusion that the excellent companies which can insist a keen sense of integrity and keep going on innovation and sustainability in the DJSI on Taiwan stock market (such as Delta Electronics, Chunghwa Telecom, TSMC, Taiwan Mobile Co., LTC., E. SUN FH, etc.) will outperform the stock market by Dollar-Cost Averaging. Technology will enable individual investors to manage their money better and to make desirable investment decisions and allocations in the near future. We aim to make the business model of FINTECH platform expanded to Taiwan or China and to set up a simple or practical ROBO-ADVISOR. The long-term goal is to provide an average return similar to ETF or excellent performance which beat the market for investors and ultimately to achieve the realm of wealth liberty.

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28

Domingos, Patrícia Isabel Pedro. "Why the european market depend so much on the banking system when compared to capital markets? A comparison with the United States reality". Master's thesis, 2019. http://hdl.handle.net/10400.14/36184.

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Браткевич, П. П. "Цифровізація банківської системи: проблеми та перспективи". Thesis, 2019. http://dspace.oneu.edu.ua/jspui/handle/123456789/11040.

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У роботі розглядаються теоретичні аспекти цифровізації в банківській системі, обґрунтовуються практичні рекомендації до подолання проблем і досліджуються перспективи розвитку цього процесу в Україні та світі. Проаналізовано глобальні тенденції цифровізації банківського сектору, досліджено цифрову еволюцію банківської системи України та процеси регулювання цифрової трансформації українських банків, оцінено ступінь цифровізації на макро- та мікрорівні в банківській системі України. Запропоновано науково-теоретичні та практичні рекомендації до раціоналізації процесу цифрової трансформації в банку на прикладі найбільш інноваційних українських кредитних установ і з урахуванням кращих практик міжнародного досвіду.
Diploma thesis deals with theoretical aspects of digitalization in the banking system, substantiate practical recommendations to overcome the problems and explore the prospects for the development of this process in Ukraine and the world. The global tendencies of digitalization of the banking sector are analyzed, the digital evolution of the banking system of Ukraine and the processes of regulation of digital transformation of Ukrainian banks are investigated, the degree of digitalization at the macro and micro levels in the banking system of Ukraine is evaluated. The scientific-theoretical and practical recommendations for rationalization of the digital transformation process in the bank on the example of the most innovative Ukrainian credit institutions and taking into account the best practices of international experience are offered.

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Cahete, Jéssica Nazarina Miguel. "Traditional banking at digital age are they keeping up with changes in consumer behavior?: millennials’ perception in the portuguese market". Master's thesis, 2020. http://hdl.handle.net/10071/22349.

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In a world of capitalism, competitiveness is definitely the market driven of an entire economy. Companies must to fairly compete against each other so we can have more production, best products/services quality, and above of all, customer satisfaction. This dissertation aims to analyze if the Traditional Banks are keeping up the race of digitalization against Digital Banks, to compare the customer value provided by these two type of Banks and identify which kind of bank provides more value to the Millennials Generation. After an extensive literature review of papers about traditional banks, Fintechs/Digital Banks and customer-based measurement methods we formulated our 8 main hypotheses. To test the validation of research question, an online survey was released and specific statistical test performed. In the end, the results of statistical T-test proved that Digital Banks provides more value to Millennials generation as the averages in almost all dimensions scored higher for respondents of Digital Banks comparing to responses from customers of Traditional Banks. This study provides solid implications for Traditional Banks Managers and Marketers as the studied dimensions can be useful to improve banking experience and retain Millennials. It also helps to enrich the existent literature of banking experience in the Portuguese Market as well as to provide some tools for its measurement.
Num mundo capitalista, a competitividade é definitivamente maior impulsionador de toda economia. As empresas devem competir de forma justa entre si para que possamos ter mais produção, melhor qualidade de produtos / serviços e, acima de tudo, satisfação do cliente. Esta dissertação tem como objetivo analisar se os Bancos Tradicionais estão a avançar na corrida da digitalização contra os Bancos Digitais, comparar o valor oferecido ao cliente por estes dois diferentes tipos de bancos, bem como identificar qual tipo de banco agrega mais valor à Geração Millennials. Após uma extensiva revisão da literatura de artigos sobre Bancos Tradicionais, Fintechs / Bancos Digitais e medição de valor do cliente, formulamos nossas 8 hipóteses principais. Para testar a validação da pergunta de pesquisa foi lançado um questionário online e realizado um teste estatístico específico. No final, os resultados do teste T estatístico provaram que os Bancos Digitais fornecem mais valor para a geração dos Millennials, pois as médias em quase todas as dimensões estudadas apresentaram um pontuação mais alta para os respondentes de bancos digitais em relação aos respondentes de bancos tradicionais. Este estudo fornece implicações sólidas para gestores de Bancos Tradicionais e profissionais de marketing, pois as dimensões estudadas podem ser úteis para melhorar a experiência bancária e reter a geração dos Millennias. Ajuda também a enriquecer a literatura existente sobre a experiência bancária no mercado Português bem como a fornecer algumas ferramentas para a sua medição.

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Domnowsky, Christian. "Entwicklung des deutschen Factoring-Marktes". 2020. https://htw-dresden.qucosa.de/id/qucosa%3A70649.

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Im ersten Abschnitt der Arbeit werden, neben dem grundlegenden Ablauf, die unterschiedlichen Factoring-Formen und Funktionen erläutert. Es erfolgt eine Abgrenzung zu anderen kurzfristigen Finanzierungsformen. Für diese Arbeit wurden Geschäftszahlen der Jahre 2008 bis 2018 von 106 Factoring-Unternehmen über die elektronische Ausgabe des Bundesanzeigers erhoben. In dem darauffolgenden Abschnitt erfolgt die Arbeit mit den empirischen Daten. Die Daten werden diskutiert, aufbereitet und anschließend ausgewertet. Es werden Entwicklungen am Arbeitsmarkt und der Gesamtwirtschaft beobachtet und im letzten Abschnitt der Arbeit die aktuellen Entwicklungen der Fintechs betrachtet. Dabei wird der Begriff „Fintech“ zunächst definiert und die Unterschiede zu klassischen Geschäftsmodellen kritisch analysiert. Abschließend erfolgt eine Zusammenfassung der Ergebnisse.:1 Einleitung 2 Definition und Abgrenzung des Factorings 2.1 Definition und Formen des Factorings 2.2 Bedeutung und Funktionen des Factorings 2.3 Alternative kurzfristige Finanzierungen und deren Kosten 3. Entwicklung des Factoring-Marktes in Deutschland 3.1 Erhebung und Herkunft der Daten 3.1.1 Statistische Beurteilung – Qualität der Daten 3.1.2 Regression – Schätzen fehlender Werte 3.1.3 Interpretation der Daten 3.2 Einteilung der Unternehmen 3.2.1 Nach Unternehmensgröße laut HGB 3.2.2 Nach Rechtsform 3.2.3 Nach Standort 3.2.4 Nach Gründungsdatum 3.2.5 Nach Wirtschaftsbranche der Factoring-Kunden 3.3 Positionen der Gewinn- und Verlustrechnung 3.3.1 Zinserträge / Provisionserträge 3.3.2 Zinsaufwendungen / Provisionsaufwendungen 3.3.3 Allgemeine Verwaltungsaufwendungen 3.3.4 Wertberichtigungen auf Forderungen 3.3.5 Sonstige Gewinn- und Verlustrechnungspositionen 3.3.6 Ergebnis aus normaler Geschäftstätigkeit 3.4 Positionen der Bilanz 3.4.1 Forderungen und Verbindlichkeiten 3.4.2 Sonstige aktive Bilanzposten 3.4.3 Eigenkapital 3.4.4 Sonstige passive Bilanzpositionen 3.5 Arbeitsmarkt / Anzahl der Mitarbeiter 3.6 Entwicklung der Factoring-Quoten, Kundenzahlen 3.7 Historische Entwicklung und regulatorische Einflüsse 4 Entwicklungen in der Fintech-Branche 4.1 Definition von Fintechs 4.2 Dienstleistungsunterschiede zu klassischen Factoring-Anbietern 4.3 Börse für Factoring 4.4 Kritische Auseinandersetzung 5 Zukünftige Entwicklung 6 Fazit
This bachelor thesis evaluates the development of the german factoring market between the years 2008 and 2018. For the evaluation key figures of annual financial statements, employment market and the factoring branch in general are compared between 164 factoring companies.The thesis also discusses the latest innovation of fintechs and draws a comparison to traditional factoring companies. In conclusion, the results clearly show a growth of the industry within the evaluation period.:1 Einleitung 2 Definition und Abgrenzung des Factorings 2.1 Definition und Formen des Factorings 2.2 Bedeutung und Funktionen des Factorings 2.3 Alternative kurzfristige Finanzierungen und deren Kosten 3. Entwicklung des Factoring-Marktes in Deutschland 3.1 Erhebung und Herkunft der Daten 3.1.1 Statistische Beurteilung – Qualität der Daten 3.1.2 Regression – Schätzen fehlender Werte 3.1.3 Interpretation der Daten 3.2 Einteilung der Unternehmen 3.2.1 Nach Unternehmensgröße laut HGB 3.2.2 Nach Rechtsform 3.2.3 Nach Standort 3.2.4 Nach Gründungsdatum 3.2.5 Nach Wirtschaftsbranche der Factoring-Kunden 3.3 Positionen der Gewinn- und Verlustrechnung 3.3.1 Zinserträge / Provisionserträge 3.3.2 Zinsaufwendungen / Provisionsaufwendungen 3.3.3 Allgemeine Verwaltungsaufwendungen 3.3.4 Wertberichtigungen auf Forderungen 3.3.5 Sonstige Gewinn- und Verlustrechnungspositionen 3.3.6 Ergebnis aus normaler Geschäftstätigkeit 3.4 Positionen der Bilanz 3.4.1 Forderungen und Verbindlichkeiten 3.4.2 Sonstige aktive Bilanzposten 3.4.3 Eigenkapital 3.4.4 Sonstige passive Bilanzpositionen 3.5 Arbeitsmarkt / Anzahl der Mitarbeiter 3.6 Entwicklung der Factoring-Quoten, Kundenzahlen 3.7 Historische Entwicklung und regulatorische Einflüsse 4 Entwicklungen in der Fintech-Branche 4.1 Definition von Fintechs 4.2 Dienstleistungsunterschiede zu klassischen Factoring-Anbietern 4.3 Börse für Factoring 4.4 Kritische Auseinandersetzung 5 Zukünftige Entwicklung 6 Fazit

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32

Lumango, José Francisco. "Regulação e supervisão das fintechs nos mercados financeiro da União Europeia". Master's thesis, 2020. http://hdl.handle.net/10362/100265.

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This research aims to identify the challenges of regulation and supervision of fintechs in the European Union in the financial markets, a reality stimulated by technological innovation that is revolutionizing financial innovation. The discovery of new ways to regulate new financial products and services puts at risk two essential goals for their survival: the first is the possibility of financial innovation eliminating financial intermediation, jeopardizing one of the main sources of profitability for banks; and the second is the risk that the State, as a regulatory body, will have reduced access to the records of financial transactions. The approach was developed within the scope of regulatory law, framing the financial crisis of 2008, and the technological revolution and financial innovation that affects the financial system. The new realities such as fintechs, bitcoins and blockchains, are changing the paradigms of regulation and supervision, whose answer can be given through Disruptive Regulation, a concept that brings together regtechs and supetechs as a new way of looking at the technological revolution and the financial innovation. The focus on regulating disruptive technologies that stimulate innovation in the financial markets brings with them new regulatory alternatives such as Regulatory Sandboxes, Innovation Hubs, accelerators and incubators for startups dedicated to the experimentation process (application, preparation, testing and evaluation). These new realities also pose complex challenges for regulators, such as the high risk of hacking, the risk of information asymmetry and the difficulty of accountability in case of errors in machines, software and humans. This set of regulatory alternatives supported by suptechs and regtechs is called Disruptive Regulation.
A presente pesquisa pretende identificar os desafios da regulação e supervisão das fintechs na União Europeia nos mercados financeiros, uma realidade estimulada pela inovação tecnológica que está a revolucionar a inovação financeira. A descoberta de novas formas de regular os novos produtos e serviços financeiros coloca em risco duas balizas indispensáveis a sua sobrevivência: a primeira consiste na possibilidade de a inovação financeira eliminar a intermediação financeira, pondo em causa uma das principais fontes de rentabilidade dos bancos; e a segunda consiste no risco do Estado, enquanto órgão regulador, ver reduzido o seu acesso aos registos das transações financeiras. A abordagem foi desenvolvida no âmbito do Direito regulatório, enquadrando-se na crise financeira de 2008, e na revolução tecnológica e inovação financeira que afeta o sistema financeiro. As novas realidades como fintechs, bitcoins e blockchains, estão a mudar os paradigmas da regulação e supervisão, cuja resposta pode ser dada por meio de uma Regulação Disruptiva, um conceito que junta as regtechs e supetechs como nova forma de olhar a revolução tecnológica e a inovação financeira. O foco da regulação das tecnologias disruptivas que estimulam a inovação dos mercados financeiros trazem consigo novas alternativas regulatórias como as Regulatory Sandboxes, Innovation Hubs, aceleradoras e incubadoras de startups vocacionados para o processo de experimentação (aplicação, preparação, teste e avaliação). Estas novas realidades acarretam também desafios complexos para os reguladores, como o elevado risco de pirataria informática, o risco da assimetria de informação e a dificuldade de responsabilização em caso de erros das máquinas, software e humanos. A este conjunto de alternativas regulatórias suportados por suptechs e regtechs chamamos de Regulação Disruptiva.

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Pinho, João Almeida Rangel. "As corretoras online e os desafios de tributação inerentes à digitalização da economia". Master's thesis, 2020. http://hdl.handle.net/10400.14/33719.

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A Digitalização da Economia representa um desafio acrescido para a soberania dos Estados devido à crescente perda de receita fiscal associada a uma obsolescência de determinados conceitos fiscais concebidos para um modelo de empresa tradicional que pressupõe a existência de um estabelecimento estável mediante o qual realizam as suas operações. A nossa dissertação foca-se nos serviços de investimento prestados remotamente pelas corretoras online independentes fazendo alusão à controvérsia instalada pelas dificuldades de tributação com o advento do comércio eletrónico, sem descurar a apreciação das soluções propostas pela OCDE e UE para a Economia Digital. Contudo, as soluções, além de complexas, são meras recomendações que não conseguem gerar o consenso no seio da comunidade internacional. Assumimos, por isso, o carácter urgente da adaptação do conceito estabelecimento estável à presença digital significativa proposta pelo BEPS para efeitos de imputação dos lucros gerados à jurisdição onde efetivamente é criado valor.
The digitalization of the economy represents an added challenge for the sovereignty of States due to the growing loss of tax revenue associated with the obsolescence of certain tax concepts designed for a traditional business model that presupposes the existence of a stable establishment through which they carry out their operations. Our dissertation focuses on the investment services provided remotely by independent online brokers alluding to the controversy installed by the difficulties of taxation with the advent of e-commerce, without neglecting the appreciation of the solutions proposed by the OECD and EU for the Digital Economy. However, the solutions, besides being complex, are mere recommendations that fail to generate consensus within the international community. We therefore assume the urgent nature of adapting the concept of stable establishment to the significant digital presence proposed by BEPS for the purpose of allocating the profits generated to the jurisdiction where value is effectively created.

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Tesis sobre el tema "Fintech Market"

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