Literatura académica sobre el tema "Marché FinTech"

Background In addition to Sharia banking, Islamic finance includes an Islamic financial institution called Sharia Fintech, which is currently under development and whose asset size will reach 128.87 billion rupees in March 2023. Both institutions can have synergistic effects in supporting various economic activities. If all this time Islamic financial institutions stand and run individually, then through synergy it will be easy to achieve goals and contribute to the economy and development.Purpose. This study aims to explain the development of Islamic banking and Islamic fintech in Indonesia. and forming relationships between Islamic banks and Islamic fintech in support of the SDGs.Method. The research method used is a literature review using qualitative methods. The data source used was secondary data, which was processed from existing data. Data collection used the Financial Services Authority's data library and other data relevant to the research topic. We used descriptive qualitative methods to analyze the data and described the development of Islamic banks, the development of Islamic fintech, and the form of collaboration between Islamic banks and Islamic fintech in supporting the SDGs.Results. According to the study, in the development of Islamic banking, from December 2020 to March 2023, assets increased by 33.61% and the number of customers increased by 35%. For Islamic fintech, assets increased by 72.56% during the same period, while Sharia fintech players decreased by 30%. The form of collaboration between Islamic banks and Islamic fintechs can become partners that point the way to financing, especially in the micro-segment.Conclusion. Fintech has the advantage of flexible access, allowing Islamic financial institutions to store funds and distribute finance. Customers who cannot be reached by banks can access Shariah-compliant fintech services. The interconnection of the two can foster economic activity, especially under the SDG agenda: poverty reduction, wealth creation, decent work, economic growth, inequality reduction, and partnership for the goals

The purpose of the study is to use VECM to examine credit risk, basic loan interest rate, the number of lending entities, and the total amount of outstanding loans for fintech companies. Fintech is expanding quickly in Indonesia even during the Covid 19 pandemic. Since March 2019 until the present, Indonesia has formally entered the Covid 19 epidemic, causing Indonesia's GDP growth in 2020 to be -2.07. However, the amount of outstanding fintech loans in Indonesia is still sharply rising. Numerous financial services are offered by fintech businesses, and they can connect with the unbanked. Because a fintech firm tries to offer ease, particularly for customers who have trouble accessing traditional banks, credit through a fintech company is an easy loan to approve. Profit and credit risk are increased for fintech enterprises. As a result, interest rates have a short-term influence on outstanding loans because fintech lending companies derive revenue from activities and services based on fees and interest. Fintech financing has extremely minimal credit risk, is below OJK's criteria, and has no immediate or long-term effects on outstanding loans. Long-term outstanding loans to fintech companies are greatly impacted by the number of lender entities.

Cet article étudie les principales transformations de la microstructure des marchés financiers depuis la généralisation de l’automatisation des marchés. Aujourd’hui, la modification structurelle des marchés financiers, associée à l’évolution des technologies de l’information, ont entraîné des bouleversements, tant dans les pratiques de marchés, que dans les infrastructures nécessaires à l’intervention sur les marchés. L’essor du trading haute-fréquence a permis le développement d’une nouvelle économie pour les sociétés de bourse et plateformes de négociation, les entreprises de télécommunication et voit émerger de nouveaux acteurs, les fintech, dont les business models reposent principalement sur les nouvelles technologies.

FinTech has transformed the business models of traditional financial industries. However, current research mainly focuses on specific areas of financial technology, lacking a systematic analysis of the overall development of the FinTech industry. To understand this development, this study reviews recent literature on FinTech, summarizing scholars viewpoints. The paper examines relevant literature from SSCI core collection international journals between 2018 and March 2021, categorizing it into six main areas: Technology, Services, Innovation, Usage Intention, Regulation, and Financial Inclusion. Subsequently, it analyses the status and development trends of FinTech in different fields, summarizing its impacts and roles in modern economic society. Additionally, the paper highlights the research focus of Chinese scholars and explores their different emphases in these six areas. Finally, the paper presents future research prospects for FinTech, aiming to provide reference suggestions and research directions for scholars.

As FinTech continues to redefine the landscape of financial services, offering innovative solutions that promise greater convenience, efficiency, and accessibility, understanding its adoption and usage patterns becomes increasingly vital. This study investigates how demographic factors, user satisfaction, trust, and the intention to use FinTech platforms intertwine among residents of Hyderabad and Secunderabad from March to May 2024. Through an analysis of demographic characteristics such as age, gender, income, education, and occupation, the study uncovers their influence on FinTech adoption and usage. Findings reveal that while age, education, and gender do not significantly impact FinTech adoption, employment status and income levels emerge as critical determinants, with employed individuals and those in lower-income brackets showing higher adoption rates. Moreover, the study underscores the pivotal role of user satisfaction and trust in driving continued engagement with FinTech services. Positive user experiences are found to be instrumental in building trust, which strongly influences the intention to use FinTech platforms. However, user satisfaction alone does not significantly impact usage intentions without the presence of trust. These insights underscore the importance of transparent and secure service offerings to cater to diverse consumer needs and foster widespread adoption, ensuring the sustained success of FinTech initiatives. Key Words: FinTech adoption, demographic factors, user satisfaction, trust, income levels, employment status

Purpose: This research examines the effect of Perceived Ease of Use (PEOU), Perceived Usefulness (PU), religiosity, and company image on intention to use Sharia fintech for donation among Indonesian young consumers. Methodology: This study used a quantitative method with data collection techniques using an online questionnaire. Respondents filled out the questionnaire based on the Likert scale from 1 (strongly disagree) to 4 (strongly agree). The questionnaire was distributed and collected in less than one week, from 26th March 2021 to 29th March 2021. The ideal sample is five times higher than the number of indicators. The number of indicators is 20, so the ideal sample is 100 or more. This study has successfully collected 206 respondents. However, 13 respondents filled the same scale for all questions, so 193 is chosen as data analysis. The valid data were analyzed through Structural Equation Modeling Partial Least Square (SEM-PLS). Findings: This research shows the intention to use Sharia fintech to pay donations influenced by perceived usefulness (PU) and religiosity. In contrast, perceived ease of use (PEOU) and image are not positively related to the intention of using Sharia fintech for donation. Practical Implication: Religiosity and PU positively influence the interest in using Sharia fintech to pay donation. So, it is expected for fintech to comply with Sharia compliance and still comply with regulations from the OJK and DSN related to legality aspects. Furthermore, fintech startups and developers can build a more user-friendly application. Originality: This research is a replication-based model and is adapted from published research. The originality in this research is in the respondent who young generation. Intention to pay donation using fintech Sharia is the main focus to be researched. This primary focus has not been being researched beforehand.

Economic evolution started with the first wave of the industrial revolution. Economic evolution brought about changes in the economy. One of these effects is the advancement of technology, which has increased the use of Financial Technology (Fintech) in Indonesia. Fintech usage has risen in Indonesia, particularly in Jakarta. The study’s goal is to look at the elements that influence people’s decision to keep using fintech services. The study used non-probability sampling methods to obtain data from fintech users in Jakarta aged 17 to 35 years old over the research period of March to May 2020. The data was analyzed by using Structural Equation Model (SEM) with the AMOS software program. This study found that competitive pressures in technology services and the ease of digital technology offer consumers a wide range of options. Customers easily switch to other technology services at a reasonably affordable price. The study also found that variable consumer perceptions of benefits and trust variables in fintech services influence consumer attitudes. However, these two variables have no direct effect on the desire to continue using fintech services. Variable risk perception does not affect the attitude and desire of consumers to continue using fintech services. Variable attitudes affect the desire to continue using fintech services. The study results showed that increasing the penetration of fintech and continue consumers to continue to use fintech. It is necessary to improve risk perception to fintech used by consumers.Keywords: fintech, benefit and risk perception, Structural Equation Model AbstrakPerkembangan evolusi perekonomian dimulai dari gelombang pertama hingga masuk revolusi industri membawa perubahan terhadap perekonomian. Salah satu dampak tersebut adalah semakin berkembangnya teknologi. Perkembangan teknologi membawa dampak terhadap peningkatan Financial Technology (Fintech) di Indonesia. Penggunaan fintech di Indonesia mengalami peningkatan khususnya penggunaan fintech di Jakarta. Penelitian ini bertujuan untuk menganalisis faktor-faktor yang memengaruhi niat untuk terus memanfaatkan layanan fintech. Studi ini mengumpulkan data dari pengguna fintech di Jakarta yang berusia 17 hingga 35 tahun menggunakan metode non-probability sampling dengan periode penelitian dari bulan Maret – Mei tahun 2020. Analisis data menggunakan Structural Equation Model (SEM) dengan program software AMOS. Studi ini menemukan bahwa tekanan persaingan dalam layanan teknologi dan kemudahan teknologi digital menawarkan konsumen berbagai pilihan. Konsumen dengan mudah beralih ke layanan teknologi lain dengan harga yang cukup terjangkau. Penelitian ini juga menemukan bahwa variabel persepsi konsumen terhadap manfaat dan variabel kepercayaan terhadap layanan fintech berpengaruh terhadap sikap konsumen. Namun, kedua variabel tersebut tidak berpengaruh langsung terhadap keinginan untuk terus menggunakan layanan fintech. Variabel persepsi risiko tidak memengaruhi sikap dan keinginan konsumen untuk tetap menggunakan layanan fintech. Variabel sikap memengaruhi keinginan untuk terus menggunakan layanan fintech. Hasil studi menunjukkan bahwa penetrasi fintech meningkat dan konsumen terus menggunakan fintech. Persepsi risiko terhadap fintech yang digunakan konsumen perlu ditingkatkan.Kata kunci: fintech, manfaat dan persepsi risiko, Structural Equation Model

In March 2020, the WHO stated Covid-19 is pandemic disease. The Indonesian government has taken actions to prevent the spreading of Covid-19 by limiting people’s activities. Covid 19 has resulted in people who loans at lending institutions, having difficulty paying installments. The government issues policies in response to the Covid-19 effect, such as economic relaxation. However, the policy did not cover consumers Fintech Peer to Peer (P2P) Lending, this created a legal vacumm. The problem in this research is the urgency of legal protection for Fintech P2P lending consumers during pandemic Covid-19. The purpose of this research is for OJK policy to issue a stimulus to Fintech P2P Lending consumers. This research applied juridicial normative methodology. It uses secondary data, which consists primary legal material, namely the OJK regulations on Covid-19 prevention and related literature, analyzed descriptively analytically. The research shows that consumer fintech P2P lending are affected by Covid-19 pandemic, so they need to get legal protection, in the form of stimulus given to lenders and borrower of fintech P2P lending.

This study investigates the relationship between fintech and banks and how this relationship is affected by the COVID-19 pandemic. We use monthly stock data of all banks consistently listed on the Indonesian Stock Exchange from February 2018 to March 2021. For fintech data, we use a total of four proxies that encompass both lending and borrowing aspects of peer-to-peer lending fintech. To provide robust results, we use five model specifications. Furthermore, we also estimate the models using both the fixed effect and the two-step system generalized method of moments estimators. To see the dynamics of the relationship between fintech and banks before and during the pandemic, we estimate one of our five models using half-yearly data for each semester from the second semester of 2018 to the second semester of 2020. Our fixed effect and two-step system generalized method of moments estimates indicate a relatively less negative impact of fintech on bigger banks. This relationship is further exemplified during the COVID-19 pandemic period. We argue that these findings have significant implications for the Indonesian financial authorities’ open banking strategy and for the future of the Indonesian financial system in general.

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

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

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

碩士
國立臺灣科技大學
管理研究所
104
Innovative FinTech is currently the fastest growing sector in the world. The term FinTech is a combination of two English words, namely, “financial” and “technology.” FinTech is a new financial product or service that is created through network and mobile technologies to meet current financial service requirements. FinTech is oriented toward the six key financial demands, and the use of FinTech in a “cashless society” as a new payment method in pay projects poses a challenge to the ATM sector, which handles cash transactions. Established in 1859, Diebold Ltd. is an American company that has long been engaged in the field of finance and security. Its key product, the ATM, is considered the leading technology for cash transactions. How will this 156-year-old company survive the financial reform caused by the emergence of FinTech? Diebold TW thought it could survive the financial reform by focusing on its business and developing improved hardware, but it encountered unprecedented setbacks. Specifically, banks no longer see the functionality of hardware and focus instead on the overall soft power. Therefore, how can Diebold TW strengthen its soft power? Does the company seek collaborations with other companies or attempt to cultivate its internal professional talents to prepare for a transformation? Corporate transformation requires not only time but also adequate internal resources. A conflict exists between traditional high returns and investment of innovation cost. True innovation must jump out of the original core technologies, exploit new markets or groups of customers, and create a new business model. How can Diebold TW turn this crisis into a favorable event and change the ATM sector under heavy time pressure by using its existing customer relationships and limited resources? A Harvard case study is adopted in this research to discuss the business ecosystem, destructive innovation, business mode, corporate transformation, and other topics as well as understand how an organization conducts destructive innovation, establishes strategic cooperation with key partners, develops innovative business models, and completes corporate transformation by mastering business ecological information. This case study could exert a profound influence on the environment, society, and the social mass.

Num mundo em constante progresso e desenvolvimento, para uma grande parte da população, seria já impensável ter de se deslocar a um banco para efetuar as mais simples, e até mesmo complexas, operações bancárias. A cada dia que passa, as instituições bancárias necessitam de se adaptar a esta nova realidade. O caso de estudo que aqui apresentado foca-se na marca de uma empresa que concede ao mercado financeiro a solução para esta transição digital e tecnológica, tratando-se assim de uma FinTech. Integrada num mercado feroz, a demanda pela vantagem competitiva é um requisito para o desenvolvimento sustentável desta marca e, aquilo que nos a propomos investigar, é de que forma o conhecimento e forma de estar dos colaboradores desta empresa pode contribuir para o aumento da notoriedade da marca, através da sua gestão interna. Nomeado de “Gestão Interna da Marca de uma FinTech: Um Estudo Sobre a Employee-Based Brand Equity”, esta tese de mestrado assume a forma de um caso de estudo no qual foi, por conseguinte, aplicada uma metodologia qualitativa e efetuada uma recolha de dados por meio de um questionário aos colaboradores da empresa, duas entrevistas de tipologia não estruturada e semiestruturada, uma análise documental e, ainda, observação participante. Para a elaboração das ferramentas de análise foi utilizado o modelo da employee-based brand equity proposto por King e Grace (2009 e 2010), tendo igualmente servido como base à elaboração da maior parte da contextualização teórica do estudo. No final deste relatório de estágio, foi possível medir os efeitos do conhecimento da marca nos colaboradores, a sua gestão interna e os benefícios da employee-based brand equity, permitindo a elaboração de recomendações práticas a serem implementadas na gestão corporativa da empresa e da própria marca, com vista ao desenvolvimento da sua força (brand equity).

¿Cómo deberían adoptarse las herramientas regulatorias y de supervisión para facilitar la internacionalización de las plataformas Fintech? La búsqueda de escala, nuevos socios y bases más estables de clientes, así como la diversificación de la inversión por parte de los propietarios de las plataformas y los efectos de la pandemia del COVID-19, entre otras razones, llevan a que las plataformas fintech busquen participar en mercados diferentes al de origen. Conjuntamente, tanto el sector financiero tradicional como fintech vienen cambiando la forma en que se ofrecen los servicios financieros, haciéndolos más asequibles y accesibles a la población mediante la digitalización, al mismo tiempo que incrementan los niveles de inclusión financiera. Desde esta perspectiva, se requieren marcos regulatorios que permitan el desarrollo de la innovación en más de una jurisdicción. Este documento presenta una propuesta para poner en marcha sandboxes regulatorios multi-jurisdiccionales (SRMJ) para que los encargados de ofrecer innovaciones financieras tengan la posibilidad de participar en este mercado en varias jurisdicciones de manera paralela o consecutiva. Dicha propuesta podría utilizarse para otras innovaciones regulatorias como los hubs de innovación.

The chapter addresses two topics that are crucial to achieving more supervisory convergence in the European Union 27 (EU-27): (1) a more pan-European governance or decision-making structure of the European Supervisory Authorities (ESAs); and (2) more direct supervisory powers to the ESAs, particularly (but not exclusively) to the European Securities and Markets Authority (ESMA). These topics are analysed and discussed within the framework of the Commission's public consultation on the functioning of the ESAs; the Commission proposal of 29 June 2017 for a Regulation on a pan-European Personal Pension Product; the Commission's FinTech consultation of 23 March 2017; and the Commission proposal of 13 June 2017 to amend the European Market Infrastructure Regulation and the ESMA, which aims to introduce a more pan-European approach to central counterparties supervision.

Este documento describe los retos para la apertura remota de cuentas que impiden el acceso a servicios financieros digitales, y recomendaciones para superarlos. El proceso de digitalización de los servicios financieros se ha consolidado inesperadamente con la evolución de la pandemia global provocada por el Covid-19. Los cambios en las preferencias de los consumidores, la emergencia de plataformas Fintech, la adopción de tecnologías por parte de instituciones financieras tradicionales, entre otros factores, han llevado al sector financiero a ofrecer más servicios y productos digitales. Pese a esta rápida evolución, la inclusión financiera digital no se ha aumentado tanto como se hubiera supuesto por las dificultades con el “onboarding” digital, definido como el proceso electrónico que permite la identificación de un consumidor financiero frente a una institución financiera y cuyo resultado genera una confianza equivalente a un proceso presencial. Para que sea efectivo, requiere de una confianza equivalente a la que ofrecen los canales presenciales. Es decir, a la identificación realizada históricamente por parte de las instituciones financieras en las oficinas comerciales. Este texto identifica los retos para poder llevar a cabo el proceso, incluyendo aquellos relacionados con la identidad digital, los procesos para la prevención del lavado de activos y financiación del terrorismo, las tecnologías existentes, entre otros. También ofrece alternativas para la puesta en marcha de procesos de onboarding digital, y ofrece recomendaciones a reguladores y hacedores de política en la región.

Ayondo Ltd. (Ayondo) (now known as RSQ Technology Ventures GmbH) was the first financial technology (fintech) company to be listed on the Catalist Board of the Singapore Exchange (SGX) on 23 March, 2018. However, the company was suspended from trading on 1 February, 2019, less than a year after listing. This case highlights corporate governance issues related to Ayondo, and also, fintech companies in general, in the context of Singapore. Examples of issues discussed are the roles of (a) board of directors; (b) sponsor in listing; (c) auditors; (d) regulatory bodies; (e) investors. These issues have ramifications for stakeholders. This case also includes lessons gleaned from the corporate governance issues and some actionable recommendations. This case study covers only the corporate governance issues of Ayondo in the period leading up to its listing and shortly thereafter. It does not include other ongoing issues subsequent to the listing.

El estudio representa una actualización del primer informe sobre el ecosistema Fintech en Argentina llevado a cabo en el año 2018. Describe la evolución y los avances ocurridos con respecto a la medición y el análisis realizado anteriormente, además de examinar nuevas dimensiones relevantes en el sector. La primera sección brinda una descripción general del ecosistema actual, en donde se refleja su crecimiento desde el año 2018, el panorama de la industria, su distribución y alcance en el país, y sus principales indicadores (financiamiento, clientes, usuarios y empresas). El estudio cuenta con la particularidad de haberse realizado en pleno proceso de la crisis sanitaria generada por la pandemia COVID-19, por lo que parte del estudio aborda las áreas de impacto de la crisis en las Fintech, según la visión de los integrantes del ecosistema. La segunda sección aborda un análisis por vertical Fintech, es decir por nueve segmentos de actividad dentro del ecosistema: Préstamos, Pagos digitales, Blockchain & Criptoactivos, Insurtech, Inversiones, Servicios B2B, Financiamiento colectivo, Seguridad informática y Proveedor tecnológico. La tercera sección se centra en el estudio de cuatro temas transversales que atañen a todos los segmentos o sectores. Estos temas transversales se denominan horizontales: Inclusión y Educación Financiera, Género, Marco Regulatorio y Ambiente. Si bien estos horizontales se encuentran interrelacionados, se analizan individualmente. En la última sección se presentan tres casos de estudio - Ualá, Mercado Fondos y Afluenta - centrados en el rol de las Fintech en la promoción de una inclusión financiera. El estudio cuenta con la colaboración de la Cámara Argentina de Fintech, el BID Lab, Afluenta y la participación de los protagonistas de la industria que fueron encuestados para el desarrollo del informe, y entrevistados para los casos de estudio.

Hacer transferencias mediante dispositivos electrónicos, solicitar créditos e incluso invertir en proyectos de financiamiento colaborativo se han convertido en prácticas digitales comunes y suponen una disrupción tecnológica. Sin embargo, ¿existe un marco jurídico que regule la actividad de las empresas que ofrecen estos servicios? Claves para comprender el desarrollo normativo del ecosistema fintech nacional.