@ARTICLE{Zilgalvis2014377, author={Zilgalvis, P.}, title={The need for an innovation principle in regulatory impact assessment: The case of finance and innovation in Europe}, journal={Policy and Internet}, year={2014}, volume={6}, number={4}, pages={377-392}, doi={10.1002/1944-2866.POI374}, note={cited By 6}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84919430327&doi=10.1002%2f1944-2866.POI374&partnerID=40&md5=dc5362e8a8e20887974b671ee44af40a}, affiliation={Political Economy of Financial Markets Programme, St Antony's College, University of Oxford, United Kingdom}, abstract={Many of Europe's economies are hampered by a waning number of innovations, which in part is attributable to the European financial system's aversion to funding innovative enterprises and initiatives. Specifically, Europe's innovation finance ecosystem lacks scale, plurality, and risk appetite. These problems could be addressed by new and creative approaches and technologies for financing dynamism in the economy, such as crowdfunding and general financial technology or "FinTech" innovation. However, these novel approaches may be held back by regulation that focuses on stability, avoiding forum shopping, and preventing fraud, to the exclusion of other interests, particularly ignoring innovation and renewal. This article argues that this could be addressed by adopting an "innovation principle" in regulatory impact assessment: prioritizing regulatory approaches that serve to promote innovation while also addressing other regulatory aims. Two case studies are presented to illustrate this approach. © 2014 Policy Studies Organization.}, author_keywords={crowdfunding; finance; innovation; regulation; risk}, references={Atkinson, R.D., Ezell, S.J., (2012) Innovation Economics: The Race for Global Advantage, , New Haven and London: Yale University Press, 49-54, 155-56, 162-65, 255, 261; Bergkamp, L., Kogan, L., Trade, the Precautionary Principle and Post-Modern Regulatory Process: Regulatory Convergence in the Transatlantic Trade and Investment Partnership (2013) European Journal of Risk Regulation, 4, pp. 493-507; Christensen, C.M., Van Bever, D., The Capitalist's Dilemma (2014) Harvard Business Review, 92 (6). , 62, 68; Dunkley, E., FCA Rules on Crowdfunding Investment (2014) Financial Times, FT Money, p. 3. , (March 8, 9); (2013) SMEs Access to Finance Survey, , http://ec.europa.eu/enterprise/policies/finance/files/2013-safe-analytical-report_en.pdf; (2013) Communication on Shadow Banking - Addressing New Sources of Risk in the Financial Sector COM/2013/0614 Final, 14; (2014) Communication from the Commission: Guidelines on State Aid to Promote Risk Finance Investments C(2014) 34/2; (2014) Communication from the Commission to the European Parliament and the Council on Long-Term Financing of the European Economy COM (2014) 168 Final; (2014) Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of Regions: Unleashing the Potential of Crowdfunding in the European Union, , March 27, 2014, COM (2014) 172 final; (2009) European Commission Impact Assessment Guidelines SEC (2009) 92, , http://ec.europa.eu/smart-regulation/impact/commission_guidelines/commission_guidelines_en.htm; European Risk Forum, (2013) Communication 12, the Innovation Principle - Letter to the Presidents of the European Commission, the European Council and the European Parliament, , www.riskforum.eu, October 2013; European Risk Forum, (2013) Background Note 14 - Innovation and the Regulation of Risk (2013), p. 3. , www.riskforum.eu; Fagerberg, J., Mowery, D.C., Verspagen, B., (2009) Innovation, Path Dependency, and Policy: The Norwegian Case, p. 3. , Oxford, UK: Oxford University Press; (2014) Policy Statement PS14/4 -The FCA's Regulatory Approach to Crowdfunding over the Internet, and the Promotion of Non-Readily Realisable Securities by Other Media: Feedback to CP13/13 and Final Rules. 5, 6, 35, , www.fca.org.uk; (2014) Supporting Innovation in Financial Services: Call for Input into Project Innovate, , www.fca.org.uk/about/what/promoting-competition/project-innovate; (2011) Shadow Banking: Strengthening Oversight and Regulation, , http://www.financialstabilityboard.org/publications/r_111027a.pdf; Gertner, J., (2012) The Idea Factory: Bell Labs and the Great Age of American Innovation, , New York, NY: Penguin Books, 18-19, 109, 154; Hill, L.A., Brandeau, G., Truelove, E., Lineback, K., (2014) Collective Genius: The Art and Practice of Leading Innovation, , Boston, MA: Harvard Business Review Press; Kirk, K., Cotton, C., (2012) The Cambridge Phenomenon: 50 Years of Innovation and Enterprise, p. 161. , London, UK: Third Millennium Publishing; Mazzucato, M., Financing Innovation: Creative Destruction vs. Destructive Creation (2013) Industrial and Corporate Change, 22 (4), p. 852. , 856, 863; Mazzucato, M., (2013) The Entrepreneurial State, pp. 26-27. , London, UK: Anthem Press; Mazzucato, M., (2013) Economics Department Lecture, to the London School of Economics, , www.richmedia.lse.ac.uk, October 8; National Endowment for Science Technology and the Arts (Nesta), The Rise of Future Finance (2013) The UK Alternative Finance Benchmarking Report, , www.nesta.org.uk; (2010) "the OECD Innovation Strategy" (2010). "oslo Guidelines for Collecting and Interpreting Innovation Data" (2005), , www.oecd.org; Phelps, E., (2013) Mass Flourishing, p. 38. , Princeton, NJ and Oxford: Princeton University Press; Rabinovitch, S., China Aims to Curb Shadow Banking Risks (2014) Financial Times, p. 5. , (January 7); Schumpeter, J., (2009) Can Capitalism Survive? Creative Destruction and the Future of the Global Economy, p. 43. , 1942, originally published as Capitalism, Socialism, and Democracy. New York Harper Perennial: Modern Thought, Harper & Row; Shekhar, S., (2014) FinTech Forum DACH [1st Study of FinTech Startups and Innovators in Germany, Austria, and Switzerland], , Frankfurt am Main, 4; Zenios, S., Denend, L., Investing for the Safety Net (2011) Stanford Social Innovation Review, 9 (4), p. 4. , Fall 2011}, correspondence_address1={Zilgalvis, P.; Political Economy of Financial Markets Programme, St Antony's College, University of OxfordUnited Kingdom}, publisher={Wiley-Blackwell Publishing Ltd}, issn={19442866}, language={English}, abbrev_source_title={Policy Internet}, document_type={Article}, source={Scopus}, } @ARTICLE{Kim201541772, author={Kim, J.J. and Hong, S.P.}, title={A study on the biometric-based single sign-on system using FIDO (Fast IDentity Online) in FinTech environments}, journal={International Journal of Applied Engineering Research}, year={2015}, volume={10}, number={21}, pages={41772-41775}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84994643803&partnerID=40&md5=3ec72c600099ca53b12c63980b26f5ce}, affiliation={Department of Computer Science, Sungshin Women’s University, Seoul, South Korea}, abstract={Currently the user has to type ID and password in order to sign up the most of websites. But if user’s password is hacked in one insecure website, it is highly possible to get cracked in other sites as well, because the user usually uses the same passwords, allowing identity fraud, theft or massive data spill. As part of enhancing the security of password, user’s password is getting more difficult remember because it has requirements for the composition typically dictating minimum length and required special characters and numbers and so on. Therefore, it is our purpose to suggest biometric-based single sign-on system using FIDO that uses a suitable for FinTech by analyzing the challenges and problems of current password-based SSO system. The proposed biometric-based SSO system is implementing FIDO’s biometric authentication, instead of using password, this system would benefit everyone who wants to have a safe and convenient smartphone authentication environment. © Research India Publications.}, author_keywords={Biometric; Fast Identity Online; FIDO; Password; PKI; Single sign-on}, references={Radha, V., Hitha Reddy, D., A Survey on Single Sign-On Techniques (2012) Procedia Technology, 4, pp. 134-139; Das, A., Bonneau, J., Caesar, M., Borisov, N., Wang, X., (2014) The Tangled Web of Password Reuse Network and Distributed System Security (NDSS), , Feb; Kim, J.-J., Hong, S.-P., A study on the accredited certification system without password using fido(Fast identity online) (2015) International Journal of Applied Engineering, 10 (13), pp. 33617-33619. , Research; Chai, S.-W., Min, K.-S., Lee, J.-H., A study of issues about Accredited Certification methods in Korea (2015) International Journal of Security and Its Applications, 9 (3), pp. 77-84; Machani, S., Philpott, R., Srinivas, S., Kemp, J., Hodges, J., (2014) FIDO UAF Architectural Overview, , FIDO Alliance, December; David, B.M., Erson, C.A., Nascimento, R.T., (2011) A Framework for Secure Single Sign-On, , IACR Cryptology ePrint Archive; Nair, A., Security issues of single sign on web services (2015) Soft-Computing and Networks Security (ICSNS), 2015 International Conference, , 25-27 Feb; Wu, Z.Y., Chung, Y., Lai, F., Chen, T.S., A password-based user authentication scheme for the integrated EPR information system (2012) Journal of Medical Systems; Vaithyasubramanian, S., Christy, A., A Scheme to Create Secured Random Password Using Markov Chain (2014) Advances in Intelligent Systems and Computing, 26, pp. 809-814. , November; Stobert, E., Biddle, R., The Password Life Cycle: User Behaviour in Managing Passwords (2014) Proc. SOUPS; Cho, S.R., Choi, D.S., Jin, S.H., Lee, H.H., Passwordless Authentication Technology-FIDO (2014) Electronics and Telecommunications Trends; Nguyen, K., Authentication and identification-Taking the user into account (2014) Datenschutz Und Datensicherheit-Dud, 38 (7), pp. 467-469. , July}, publisher={Research India Publications}, issn={09734562}, language={English}, abbrev_source_title={Int. J. Appl. Eng. Res.}, document_type={Article}, source={Scopus}, } @ARTICLE{Mackenzie201550, author={Mackenzie, A.}, title={THE FINTECH REVOLUTION}, journal={London Business School Review}, year={2015}, volume={26}, number={3}, pages={50-53}, doi={10.1111/2057-1615.12059}, note={cited By 15}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85035003671&doi=10.1111%2f2057-1615.12059&partnerID=40&md5=c3cc848211f53a30ac79a7d2215c6b09}, abstract={How innovators are using technology to take on the world of finance. © 2015 London Business School}, correspondence_address1={Mackenzie, A.}, publisher={Wiley-Blackwell}, issn={20571607}, language={English}, abbrev_source_title={London Bus. Sch. Rev.}, document_type={Article}, source={Scopus}, } @ARTICLE{NoAuthor2015, title={Banking and fintech: Love and war}, journal={Economist (United Kingdom)}, year={2015}, volume={411}, number={8963}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84948845808&partnerID=40&md5=555b59d8e05f120ca64e196546fec669}, publisher={Economist Newspaper Ltd}, issn={00130613}, language={English}, abbrev_source_title={Economist}, document_type={Article}, source={Scopus}, } @ARTICLE{NoAuthor2015, title={Banks v fintech: An uneasy symbiosis}, journal={Economist (United Kingdom)}, year={2015}, volume={411}, number={8933}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84946925008&partnerID=40&md5=30e1ef5e229ca7e7a0ef47def7a5e4ab}, publisher={Economist Newspaper Ltd}, issn={00130613}, language={English}, abbrev_source_title={Economist}, document_type={Article}, source={Scopus}, } @ARTICLE{Tabakov2015S131, author={Tabakov, K.V. and Velydyaev, A.E. and Aleksandrov, A.V. and Klimenko, A.E. and Zhigulyova, E.V. and Kantimirova, E.Yu.}, title={Evolvement and development of information technology, impact on ecological, economic and political areas}, journal={Ecology, Environment and Conservation}, year={2015}, volume={21}, number={November}, pages={S131-S135}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85013898703&partnerID=40&md5=3fb3ea2a271c11b7c5e477c22690ad92}, affiliation={Pervomaiskaya str., No. 5, Moscow Oblast, Dolgoprudny, 141700, Russian Federation}, abstract={The paper tells about actual value of information technology (IT) and its impact on development of major spheres of activity. The material describes how virtual solutions had become a priority trend of material standards and what information society arised due to. The development of IT gave an impetus to informatization process evolvement. In the article we will give detailed consideration of information technology engagement into ecology, economy, medicine, electronic commerce and telecommunication systems. The objective of prepared material is to reveal development of information technology, define prospects and potential problems in its evolvement. We will consider positive impact of information technology implementation to key sphere of life activity at international and intrastate levels.}, author_keywords={Cloud solutions; FinTech; Information development index; Information society; Information technology; Information technology and ecology; Information technology impact; Informatization; IT}, keywords={economic analysis; electronic commerce; information technology; political boundary; technological development; telecommunication}, references={Batin, N., (2008) Information Technology Basics/Batin N.V. Minsk: Institute of Academic Staff Training of National, 235p. , Academy of Science of Belarus; Chernov, A.A., Global information society (2004) International Life, (9), p. 121. , Chernov A.A; Chugunov, A., (2007) Information Society Development: Theories, Conceptions, and Programs: Textbook, p. 98. , St. Petersburg: Philology and Arts Department of St. Petersburg State University; Cloud Computing. Retrieved from Wikipedia, the Free Encyclopedia; Shifrin, E.G., Korneev Boris, A., The aerodynamic design of the inlet channel of the fourstroke engine (2014) International Journal of Applied Engineering Research, 9 (23), pp. 21003-21016; Golosov, O.V., Okhrimenko, S.A., Khoroshilov, A.V., (2005) Introduction to Information Business, , Tikhomirov V.P., Khoroshilov A.V. - Moscow: Finances and statistics; Ivanov, D., Computerization phenomenon as sociologic problem (2000) Theoretical Sociology Problems, (3). , St. Petersburg: St. Petersburg University Press Kamenev, E.A., Zamanova, O.V., Kamenev, V.A; Tabakov, K., Creating conditions for technologic entrepreneurship within the framework of companies with state participation (2012) Herald of Military Sciences Academy, 3 (40), pp. 95-98; Kamenev, V.A., Estimation of agriculture backing efficiency (2010) Topical Questions of Economic Sciences, (13), pp. 309-316; Kamenev, V.A., Farming subsidies determination (2010) Metropolis Administration, (5), pp. 192-196; Kapustyan, V.M., Gryaznykh, V.F., Khi, N.Ch., Kamenev, E.A., Tabakov, K.V., Filyushina, A.S., Visualization of innovation development towards the 7th sociohumanitarian technological mode (2014) Sustainable Innovation Development: Designing and Management, 10 (4-25), pp. 118-125; Khotinskaya, G.I., (2003) Management Information Technologies: Textbook, 128p. , Moscow: Delo I Servis; Khromov, L.I., (2006) Information Theory and Cognitive Theory, 200p. , St. Petersburg, Russian Philosophical Association Press; Laktionov, A., (2004) Information Society, 507p. , Laktionov A. V. - Moscow: AST; Lewis, B., (2010) The Seven Deadly Sins of IT Specialists. Management of Information Technologies: Educational Book for Higher Education Institutions, 439p. , Titorenko G.A. Moscow: UNITY-DANA, 2003; Melyukhin, I.S., Information society conception and crisis (1998) Information Society, (6), pp. 20-22; Melyukhin, I.S., (1999) Information Society: Sources, Problems, Development Trends, , Moscow, Moscow State University Press; Melyukhin, I.S., (1999) Information Society: Sources, Problems, Development Trends, 1999. , Moscow, Moscow State University Press; Melyukhin, I.S., (1999) Information Society: Sources, Problems, Development Trends, , Melyukhin I.S. - Moscow: ÌÃÓ, - 208 ñ; Moiseev, N.N., (2004) Information Society: Opportunity and Reality, , Moiseev N.N//Information society - Moscow: AST; Parinov, S., Internet civilization beginnings (1999) Internet, (15); Peschazhzhaya, I., Information society economy (1996) RAZH, (5-6), 103p; Popper, K.R., (1992) Open Society and Its Enemies, 2. , Moscow: Feniks, Kulturnaya Initsiativa international fund; Seitvelieva, S.N., Cloud computing: Basic characteristics, service models and activation models (2011) Research of Innovative Information and Communication Technology: Materials of All-Ukraninan Conference Conducted on December 17-18, 2011, pp. 432-434. , Seitvelieva S.N. Simferopol; Krivoi Rog: Pedagogic University of Krivoi Rog; Semenov, Yu.A., General principles of developing data and networks transmission channels Shanygin (2013) IT Security of Computing Systems and Networks: Textbook, 416p. , V.F/Shanygin V.F. - Moscow: ID FORUM, NITS INFRA-M; Stichweh, R., Genesis of world society. Innovations and mechanisms (1999) J. of Sociology and Social Anthropology, 3 (3). , St. Petersburg; Styablina, A., Electronics technology in information environment formation (2001) Tambov University Herald. Humanities Series, 103 (11), pp. 207-211; Trofimov, V., (2011) Information Technology, 632p. , Trofimov, V. V., Ilyina O.P., Kiyaev, V.I. - Moscow: Uright; Valetov, V.A., Orlova, A.A., (2008) Intelligent Technologies of Appliances and Systems Production, 134p. , Valetov V. A., Orlova A.A. St. Petersburg: ITMO St. Petersburg State University; Yankov, M., (1979) Matter and Information, , Moscow; Zamanova, O.V., Kamenev, V.A., Kamenev, E.A., Tabakov, K., Cooperation of higher education institutions of the Samara region with companies that sale innovation development programs by the example of Povolzhsky State University of Telecommunications and informatics and ROSTELEKOM JSC (2013) Infocommunication Technology, 11 (4), pp. 106-112; Zasursky, Y., The Internet and New Mass Media, , paper}, publisher={EM International}, issn={0971765X}, coden={EECOF}, language={English}, abbrev_source_title={Ecol. Environ. Conserv.}, document_type={Article}, source={Scopus}, } @ARTICLE{Kim20159, author={Kim, S.J. and Chul Ma, M. and Lee, H.-K. and Kim, J.-B.}, title={A study on service architecture for secure authentication system}, journal={International Journal of Security and its Applications}, year={2015}, volume={9}, number={9}, pages={9-20}, doi={10.14257/ijsia.2015.9.9.02}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84950106214&doi=10.14257%2fijsia.2015.9.9.02&partnerID=40&md5=eb81b08e27f10db09cbdaa3710f2e57f}, affiliation={Dept. of IT Ploicy and Mgnt., Graduate School of Soongsil Univ., Sangdo-dong, Seoul, 156-743, South Korea; Graduate School of Software, Soongsil University, Sangdo-dong, Dongjak-gu, Seoul, South Korea}, abstract={This study designed a safe combined certification system by approaching the matter of certification upon recent expansion of the cyber world and the market size of mobile shopping through a newer plan. Recently, mobile field has drawn much attention and it is used for most means of living for users like purchase of commodity, payment, and user certification. The mobile economy also grows by this trend, but hacking accidents or financial crimes are also in full swing. It is expected that the service for mobile in the future will increase more than ever, but in security aspects we still useproblematic certification and security system. Data control service in the future is expected to do a lot with the service, which basically stores all services in phones as well as service providers through cloud service. Data control service will lead to the expansion of IoT (Internet of Things) service, as it substitutes existing off-line backup and safelyprovide user data regardless of location or kinds of devices. That is, users can use data from the devices connected to the Internet without copying or moving to devices users want to use. To use this data safely, establishing a certification system of users will be an ever more important factor. Therefore, this treatise is going to suggest the plan that we can conduct the certification in a safer way among several threats. In particular, mobile hacking is a very serious and important issue, as it could directly lead to monetary loss. When certification is insufficient, the possibility of a third party reaping benefits through hacking is greater. This treatise is going to suggest a model that service providers can provide safe certification service by performing verification of transaction and data through electronic certification. Building of a combined and safe certification system upon recent FinTech boom is a very important factor and this study is going to suggest various structures in aspects of security and convenience. © 2015 SERSC.}, author_keywords={Authentication; Certificate; ISP; Mobile; Payment}, keywords={Authentication; Economics; Internet; Network security; Personal computing; Purchasing, Certificate; Certification services; Certification systems; Electronic certification; ISP; Mobile; Payment; Secure authentications, Internet service providers}, references={http://www.hankyung.com/news/app/newsview.php?aid=2015010549971&intype=1; http://www.mt.co.kr/view/mtview.php?type=1&no=2015040214203877091&outlink=1; http://news1.kr/articles/?1906344; http://opennet.or.kr/e-finance-e-signature-reform.pdf; http://biz.chosun.com/site/data/html_dir/2015/04/20/2015042003040.html; http://www.datanet.co.kr/news/articleView.html?idxno=81727; http://www.dt.co.kr/contents.html?article_no=2015041402100351800001; http://www.hidomin.com/news/articleView.html?idxno=249918; http://www.hidomin.com/news/articleView.html?idxno=249918; http://view.asiae.co.kr/news/view.htm?idxno=2015032509531946839; http://terms.naver.com/entry.nhn?docId=2118001&cid=42107&categoryId=42107; http://www.ittoday.co.kr/news/articleView.html?idxno=59377; http://terms.naver.com/entry.nhn?docId=2166759&cid=42107&categoryId=42107; Park, J.-K., Choi, S.-Y., Studying Security Weaknesses of Android System (2015) International Journal of Security and Its Applications, 9 (3); Park, J.-K., A Realtime Malware Detection Technique Using Multiple Filter (2014) Journal of The Korea Society of Computer and Information, 19 (7); Kim, H.-N., Realtime hybrid analysis based on multiple profile for prevention of malware (2014) Hongik Univ; Yoo, S., Yu, J., Jang, H., Ryou, J., A Study on OTP Generation Method based on Software (2011) Journal of the HCI Society of Korea, HCI 2011, 1}, correspondence_address1={Kim, J.B.; Graduate School of Software, Soongsil UniversitySouth Korea; email: kjb123@ssu.ac.kr}, publisher={Science and Engineering Research Support Society}, issn={17389976}, language={English}, abbrev_source_title={Int. J. Secur. Appl.}, document_type={Article}, source={Scopus}, } @ARTICLE{Yan2015, author={Yan, J. and Yu, W. and Zhao, J.L.}, title={How signaling and search costs affect information asymmetry in P2P lending: the economics of big data}, journal={Financial Innovation}, year={2015}, volume={1}, number={1}, doi={10.1186/s40854-015-0018-1}, art_number={19}, note={cited By 14}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84984652045&doi=10.1186%2fs40854-015-0018-1&partnerID=40&md5=da9636ced21540c6d989f4c4ab8b4252}, affiliation={Department of Informatics, University of Zurich, Zurich, Switzerland; Department of Economics and Finance & Department of Accountancy, City University of Hong Kong, Kowloon, Hong Kong; Department of Information Systems, City University of Hong Kong, Kowloon, Hong Kong}, abstract={In the past decade, online Peer-to-Peer (P2P) lending platforms have transformed the lending industry, which has been historically dominated by commercial banks. Information technology breakthroughs such as big data-based financial technologies (Fintech) have been identified as important disruptive driving forces for this paradigm shift. In this paper, we take an information economics perspective to investigate how big data affects the transformation of the lending industry. By identifying how signaling and search costs are reduced by big data analytics for credit risk management of P2P lending, we discuss how information asymmetry is reduced in the big data era. Rooted in the lending business, we propose a theory on the economics of big data and outline a number of research opportunities and challenging issues. © 2016, Yan et al.}, author_keywords={Big data; Economics of big data; Fintech; Information economics; Lending industry; P2P lending}, references={Aalst, W.V.D., Zhao, J.L., Wang, H.J., "Editorial:“Business Process Intelligence: Connecting Data and Processes (2015) " ACM Transactions on Management Information Systems (TMIS), 5 (4), p. 18e; Akerlof, G.A., The market for" lemons": Quality uncertainty and the market mechanism (1970) Q J Econ, 84 (3), pp. 488-500; Alois, J.D., Building Business: Lending Club Grows SME Finance Vertical with New Line of Credit Product (2015) Crowdfund Insider, , http://www.crowdfundinsider.com/2015/10/75807-building-business-lending-club-grows-sme-finance-vertical-with-new-line-of-credit/, Retrieved from http://www.crowdfundinsider.com/2015/10/75807-building-business-lending-club-grows-sme-finance-vertical-with-new-line-of-credit/; 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Goldman, A., Johansson, J.K., Determinants for search of lower prices: an empirical assessment of the economics of information theory (1978) J Consum Res, 5 (3), pp. 176-186; Iyer, R., Khwaja, A.I., Luttmer, E.F., Shue, K., (2009) Screening in new credit markets: Can individual lenders infer borrower creditworthiness in peer-to-peer lending?, , NBER Working Paper Series, NationaL Bureau of Eeconomic Research (NBER), Cambridge; Karabell, Z., (2015) The Uberization of Money, , http://www.wsj.com/articles/the-uberization-of-finance-1446835102, The Wall Street Journal, Retrieve from http://www.wsj.com/articles/the-uberization-of-finance-1446835102; Karlan, D., Zinman, J., "Observing Unobservables: Identifying Information Asymmetries With a Consumer Credit Field Experiment," (2009) Econometrica, 77 (6), pp. 1993-2008; Kumar, S., Bank of one: Empirical analysis of peer-to-peer financial marketplaces (2007) AMCIS 2007 Proceedings, , Paper 305; Lau, R.Y., Zhao, J.L., Zhang, W., Cai, Y., Ngai, E.W., "Learning Context-Sensitive Domain Ontologies from Folksonomies: A Cognitively Motivated Method," (2015) INFORMS J Comput, 27 (3), pp. 561-578; Lin, M., Prabhala, N.R., Viswanathan, S., "Judging borrowers by the company they keep: friendship networks and information asymmetry in online peer-to-peer lending," (2013) Manag Sci, 59 (1), pp. 17-35; Liu, D., Brass, D., Chen, D., Friendships in Online Peer-to-Peer Lending: Pipes, Prisms, and Relational Herding (2015) MIS Quarterly, 39 (3), pp. 729-742; Mawocha, T., Nafack, A., The challenge of SME financing (2015) International Monetary Fund Economic Community of Central African States Regional Conference, , Brazzaville, Congo; International Monetary Fund; McAfee, A., Brynjolfsson, E., Davenport, T.H., Patil, D., Barton, D., "Big data," The management revolution (2012) Harvard Bus Rev, 90 (10), pp. 61-67; Milde, H., Riley, J.G., Signaling in credit markets (1988) Q J Econ, 103 (1), pp. 101-129; Moldow, C., (2015) A Trillion Dollar Market By the People, For the People: How Marketplace Lending Will Remake Banking As We Know It, , https://foundationcapital.com/assets/whitepapers/TDMFinTech_whitepaper.pdf, Foundation Capital White Paper, Retrieve from https://foundationcapital.com/assets/whitepapers/TDMFinTech_whitepaper.pdf; (2015) Financing SMEs and Entrepreneurs 2015: An OECD Scoreboard, , OECD Publishing, Paris; (2015) Peer pressure: How peer-to-peer lending platforms are transforming the consumer lending industry, , http://www.pwc.com/us/en/consumer-finance/publications/peer-to-peer-lending.html, http://www.pwc.com/us/en/consumer-finance/publications/peer-to-peer-lending.html; Sharpe, S.A., "Asymmetric information, bank lending, and implicit contracts: A stylized model of customer relationships," (1990) J Financ, 45 (4), pp. 1069-1087; Spence, M., Job market signaling (1973) Q J Econ, 87 (3), pp. 355-374; Srethapramote, S., Steenis, H., Graseck, B., Simpson, F., Xu, R., Wiles, R., Pate, C., Cyprys, M., (2015) Global Marketplace Lending: Disruptive Innovation in Financials, , In, Morgan Stanley Blue Papers. Morgan Stanley Research Publishing; Stigler, G.J., The economics of information (1961) J Polit Econ, 69 (3), pp. 213-225; Stiglitz, J.E., Weiss, A., Asymmetric information in credit markets and its implications for macroeconomics (1992) Oxford Economic Papers New Series, 44 (4), pp. 694-724. , Special Issue on Financial Markets, Institutions and Policy; Peer-to-peer lending: From the people, for the people, but will financial democracy work in a downturn? (2015) The Economist Special Report: International Banking, , http://www.economist.com/news/special-report/21650289-will-financial-democracy-work-downturn-people-people, Retrieve from http://www.economist.com/news/special-report/21650289-will-financial-democracy-work-downturn-people-people; Wang, H., Chen, K., Zhu, W., Song, Z., "A process model on P2P lending," (2015) Financ Innov, 1 (1), pp. 1-8; Wang, J.G., Xu, H., Ma, J., (2015) Financing the Underfinanced: Online Lending in China, , Springer-Verlag, Berlin Heidelberg; Wehinger, G., "SMEs and the credit crunch: Current financing difficulties, policy measures and a review of literature," (2014) OECD J Financ Market Trends, 2013, p. 2; Zhao, J.L., Fan, S., Hu, D., "Business challenges and research directions of management analytics in the big data era," (2014) J Manag Anal, 1 (3), pp. 169-174; Zikopoulos, P., Eaton, C., (2011) Understanding Big Data: Analytics for Enterprise Class Hadoop and Streaming Data, Mcgraw-Hill Osborne Media, , 13: 978-0071790536}, correspondence_address1={Yan, J.; Department of Informatics, University of ZurichSwitzerland; email: jqyan@ifi.uzh.ch}, publisher={SpringerOpen}, issn={21994730}, language={English}, abbrev_source_title={Financial Innov.}, document_type={Article}, source={Scopus}, } @ARTICLE{Koike201542, author={Koike, Y.}, title={An advanced electronic payment system to support enhanced service provision}, journal={NEC Technical Journal}, year={2015}, volume={10}, number={1}, pages={42-45}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84951001407&partnerID=40&md5=2216918ad341ff73c907f6fa9d3c6b3e}, affiliation={Global Products and Services Development Division, Global Retail Solutions Division, Japan}, abstract={Allowing people to make payments electronically has become critical for any business or organization that wishes to offer more advanced and convenient services. Today, electronic payment is widely used in many countries and comes in a variety of forms, primarily prepaid, debit, and credit, depending on the needs of users and services These payment systems are supported by various underwriters such as the issuing bank or company (issuer), acquiring bank or company (acquirer), and authorized outlets. Moreover, as money is involved in the electronic payment system, an array of powerful security technologies are used. This paper gives an overview of electronic payment services and discusses the features of NEC's electronic payment solutions.}, author_keywords={Credit card; Debit card; E-commerce; Electronic money; FinTech; IC card; My number; Remittance}, keywords={Electronic money, Credit cards; Debit cards; FinTech; IC card; My number; Remittance, Electronic commerce}, correspondence_address1={Koike, Y.; Global Products and Services Development Division, Global Retail Solutions DivisionJapan}, publisher={NEC Mediaproducts}, issn={18805884}, language={English}, abbrev_source_title={NEC Tech. J.}, document_type={Article}, source={Scopus}, } @ARTICLE{Romanova201621, author={Romanova, I. and Kudinska, M.}, title={Banking and fintech: A challenge or opportunity?}, journal={Contemporary Studies in Economic and Financial Analysis}, year={2016}, volume={98}, pages={21-35}, doi={10.1108/S1569-375920160000098002}, note={cited By 5}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84994193546&doi=10.1108%2fS1569-375920160000098002&partnerID=40&md5=56777c7901c9de188f8fbda4b3bc25a9}, affiliation={Faculty of Economics and Management, University of Latvia, Latvia; Finance Department, Faculty of Economics and Management, University of Latvia, Latvia}, abstract={Global economy, growing importance of innovations as well as wide use of technologies have changed the banking business worldwide. Financial technologies (FinTech) have become an integral part of banking, and nowadays banks have started to compete beyond financial services facing increasing competition from nonfinancial institutions providing, for example, payment services. Start-up service providers, search engines, and social networks have expanded their services "interfering" in the fields traditionally covered by banks. The rapid rise of FinTech has changed the business landscape in banking asking for more innovative solutions. These recent tendencies require the banks to increase investment in FinTech, rethink service distribution channels, especially the business-to-consumers models, increase further standardization of backoffice functions, etc. Some members of the financial services industry see the boom in FinTech as a threat to traditional banking industry. Others believe that FinTech has become a challenge that can be turned into an opportunity as it provides more flexibility, better functionality in some areas, and aggregation of services. The aim of the paper is to analyze the recent trends in banking, identifying opportunities and risks of FinTech for banks. A timely integration of FinTech into business allows banks to get an advantage in growing competition. This paper provides an extensive analysis of recent trends in FinTech and banking, examining experience of leading European and US banks, as well as surveys conducted among members of the financial services industry in different countries. The authors have studied the development of the financial innovation and technology market, assessed the existing practices applied in the field of FinTech, identified the main risks related to development of FinTech and financial innovations the banks are exposed to on the micro- and macrolevel. The paper provides recommendations for regulators and banks to ensure reduction of risks associated with development of FinTech. Analysis of FinTech market has shown growing competition, including from nonfinancial institutions. The paper provides practical recommendations to commercial banks for strengthening the position in financial innovations and controlling the risks associated with introduction of financial innovations. Copyright © 2017 by Emerald Group Publishing Limited all Rights of Reproduction in Any form Reserved.}, author_keywords={Banking innovations; FinTech; Risks}, references={12 priceless lessons from BBVA and Goldman Sachs, https://www.techinasia.com/talk/12-priceless-lessons-form-bbva-goldman-sachs, Accessed on March 14, 2016; 2015 FinTech Report: Investment Trends in FinTech, http://www.svb.com/News/Company-News/2015-FinTech-Report-Investment-Trends-in-FinTech, Accessed on February 3, 2016; Alt, R., Puschmann, T., The rise of customer-oriented banking - Electronic markets are paving the way for change in the financial industry (2012) Electronic Markets, 22 (4), pp. 203-215; Arner, D.W., Barberis, J., Buckley, R.P., (2015) The Evolution of FinTech: A New Post-crisis Paradigm?, , University of Hong Kong Faculty of Law Research Paper; Citi Launches FinTech Unit to Lead Mobile-First "Revolution", American Banker, , http://www.americanbanker.com/news/bank-technology/citi-launches-FinTech-unit-to-lead-mobile-first-revolution-1077287-1.html, 16.10.2015. 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S. Banking (2010) Journal of Management Information Systems, 26 (4), pp. 219-252; The FinTech revolution, http://www.economist.com/news/leaders/21650546-wave-startups-changing-financefor-better-FinTech-revolution, Accessed on March 14, 2016; William Garrity Associates, http://uk.businessinsider.com/william-garrityassociates-global-FinTech-heat-map-2015-9, Accessed on March 14, 2016; Williams-Grut, O., (2016) EY Says There is a Massive 'Void' in FinTech: 'Is Anyone Actually Using This stuff?, , http://uk.businessinsider.com/ey-statistics-on-FinTech-usage-2016-1, UK Business Insider 15.01, Retrieved from, Accessed on March 7, 2016; Williams-Grut, O., (2015) This Map Shows Just How Much Britain is Dominating European FinTech, , http://uk.businessinsider.com/williamgarrity-associates-global-FinTech-heat-map-2015-9, UK Business Insider, 09.09, Retrieved from, Accessed on March 7, 2016}, publisher={Emerald Group Publishing Ltd.}, issn={15693759}, language={English}, abbrev_source_title={Contemp. Stud. Econ. Financ. Anal.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Zavolokina2016, author={Zavolokina, L. and Dolata, M. and Schwabe, G.}, title={FinTech - What's in a name?}, journal={2016 International Conference on Information Systems, ICIS 2016}, year={2016}, note={cited By 11; Conference of 2016 International Conference on Information Systems, ICIS 2016 ; Conference Date: 11 December 2016 Through 14 December 2016; Conference Code:127464}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85011313931&partnerID=40&md5=151a0787ac5465c74ac6853ad3cf9027}, affiliation={University of Zurich, Binzmühlestrasse 14, Zürich, 8050, Switzerland}, abstract={FinTech, the word which originates from marriage of "finance" and "technology", designates currently a novel, innovative and emerging field which attracts attention from the publicity. At the moment there is no universal understanding and definition of FinTech in the research, however, the topic is widely addressed by the English- and German-speaking press. In this study we aim to make insights into how the press and other popular media understand and frame FinTech, discussing definitions that represents the meaning of it for the press, and deliver the conceptual framework to be used in research and scientific literature. In doing so, we also identify drivers of FinTech and put them in the context of financial and digital innovation research. Thereby, we provide objective understanding of FinTech, how it is reflected in the popular media.}, author_keywords={Content analysis; Digitalization; FinTech; Innovation; Popular press}, keywords={Information systems; Innovation, Conceptual frameworks; Content analysis; Digital innovations; Digitalization; FinTech; Scientific literature, Presses (machine tools)}, references={Arner, D.W., Barberis, J.N., Buckley, R.P., (2015) The Evolution of Fintech: A New Post-Crisis Paradigm?, , http://papers.ssrn.com/sol3/Papers.cfm?abstract_id=2676553; Baur, A.W., Bühler, J., Bick, M., Bonorden, C.S., Cryptocurrencies as a disruption? Empirical findings on user adoption and future potential of bitcoin and co (2015) Open and Big Data Management and Innovation, pp. 63-80. , Springer; Brown, N., Hope against hype: Accountability in biopasts, presents and futures (2003) Science Studies, 16 (2), pp. 3-21; Bubela, T.M., Caulfield, T.A., Do the print media 'hype' genetic research? 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(2003) Power and Energy Magazine, IEEE, 1 (1), pp. 22-29; Ransohoff, D.F., Ransohoff, R.M., (2001) Sensationalism in the Media: When Scientists and Journalists May be Complicit Collaborators, , https://www.upf.edu/pcstacademy/_docs/200108_ransohoff.pdf; Shim, Y., Shin, D.-H., Analyzing China's fintech industry from the perspective of actor-network theory (2015) Telecommunications Policy; Skan, J., Dickerson, J., Masood, S., (2015) The Future of Fintech and Banking: Digitally Disrupted or Reimagined?, , http://www.fintechinnovationlablondon.co.uk/media/730274/Accenture-The-Future-of-Fintech-and-Banking-digitallydisrupted-or-reima-.pdf; Tufano, P., Financial innovation (2003) Handbook of the Economics of Finance, (1), pp. 307-335; Verfaillie, C.M., Pera, M.F., Lansdorp, P.M., Stem cells: Hype and reality (2002) ASH Education Program Book, 2002 (1), pp. 369-391; Wooffitt, R., (2005) Conversation Analysis and Discourse Analysis a Comparative and Critical Introduction, , http://site.ebrary.com/id/10256758, London; Thousand Oaks, Calif.: SAGE; (2015) The Future of Financial Services: How Disruptive Innovations are Reshaping the Way Financial Services are Structured, Provisioned and Consumed, , http://www3.weforum.org/docs/WEF_The_future_of_financial_services.pdf}, sponsors={et al.; Intel; Lero; Pepperdine, School of Business and Management; Science Foundation Ireland (SFI); University of Limerick}, publisher={Association for Information Systems}, isbn={9780996683135}, language={English}, abbrev_source_title={Int. Conf. Inf. Syst., ICIS}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Kim2016341, author={Kim, K. and Hong, S.}, title={The data processing approach for preserving personal data in fintech-driven paradigm}, journal={International Journal of Security and its Applications}, year={2016}, volume={10}, number={10}, pages={341-350}, doi={10.14257/ijsia.2016.10.10.30}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84995970191&doi=10.14257%2fijsia.2016.10.10.30&partnerID=40&md5=79e7600d7662b2bc9bc9f39ff8e13dc5}, affiliation={School of Information Technology, Sungshin Women's University, South Korea}, abstract={FinTech-driven paradigm shift in financial service poses challenges for financial sector in balancing the potential benefits of development with the potential risks. It is difficult to detect as advanced threats, so the extent of the damage cannot be foreseen in the financial sector. In this paper, we suggest the approach based on trust about processing data including personally identifiable information for preserving and protecting in the environment using FinTech. © 2016 SERSC.}, author_keywords={Financial technology; FinTech; Preserving personal information}, keywords={Finance, Financial sectors; Financial service; FinTech; Paradigm shifts; Personal information; Personally identifiable information; Potential benefits; Processing approach, Data handling}, references={Chishti, S., Barberis, J., (2016) The FINTECH Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries, , John Wiley & Sons; Sharma, V., (2015) NFC based Mobile Payments, , https://www.linkedin.com/pulse/nfc-based-mobile-payments-vinod-sharma, Linked in, Available at; Kim, S., Kwak, H.-M., A Study on the Countermeasure Technology for Fin-Tech Optimized Financial Security (2015) Journal of Convergence Society for SMB, 5, pp. 25-30; Singh, S.K., (2016) New Trends in Payment Security: NFC and Mobile Payments, , ISACA Manila Professional Development Center; Allan, A., (2014) A Taxonomy of User Authentication Methods, , Gartner; (2016) The Statistic Portal, Average value of investment in Fintech worldwide from 2011 to 2014 by round, Statista, , http://www.statista.com/statistics/380147/average-fintech-investment-by-round/, Available at; Kim, K.-S., Lee, S.-K., (2015) Research and implications of payment behavior for Korea in 2014, Report on Payment and Settlement; Illiano, V.P., Lupu, E.C., (2015) Detecting Malicious Data Injections in Wireless Sensor Networks: A Survey, ACM Computing Surveys (CSUR), 48, p. 2; Elwell, J., Riley, R., Abu-Ghazaleh, N., Ponomarev, D., Cervesato, I., (2016) Rethinking Memory Permissions for Protection Against Cross-Layer Attacks, ACM Transactions on Architecture and Code Optimization (TACO), 12, p. 4; Mousheimish, R., Taher, Y., Finance, B., Towards smart logistics processes: A predictive monitoring and proactive adaptation approach (2015) Proceedings of the 2015 International Conference on Software and System Process, , August 24-26, Tallinn, Estonia; Philip Chen, C.L., Zhan, C.-Y., Data-intensive applications, challenges, techniques and technologies: A survey on Big Data (2014) Information Sciences, 275, pp. 314-347; Marshall, M., Kirk, D.S., Vines, J., Accountable: Exploring the Inadequacies of Transparent Financial Practice in the Non-Profit Sector (2016) Proceedings of the 2016 CHI Conference on Human Factors in Computing Systems, , May 7-12, San Jose, CA, USA; Hong, Y., Kim, D., A Study on the Information Technology Security Review Process in Finance (2015) Proceedings of the 17th International Conference on Electronic Commerce, , August 03-05, Seoul, Korea; Sufatrio, D., Tan, J.J., Chua, T.-W., Vrizlynn, L.L., (2015) Thing, Securing Android: A Survey, Taxonomy, and Challenges, ACM Computing Surveys (CSUR), 47, p. 4; Chandra, Suresh, K.H., Ozev, S., Sinanoglu, O., Adaptive Generation of Unique IDs for Digital Chips through Analog Excitation (2015) ACM Transactions on Design Automation of Electronic Systems (TODAES), 20, p. 3; Calzavara, S., Tolomei, G., Casini, A., Bugliesi, M., Orlando, S., A Supervised Learning Approach to Protect Client Authentication on the Web (2015) ACM Transactions on the Web (TWEB), 9, p. 3; Kim, K.J., Hong, S.P., The Sensitive Information Management System for Merger and Acquisition (M&A) Transactions (2015) International Journal of Applied Engineering Research (IJAER), 10 (13), pp. 33623-33625; Kim, K.J., Hong, S.P., A Study on the Trusted Verification Process for Protecting Assured Privacy from Big Data Analytics (2015) International Journal of Applied Engineering Research (IJAER), 10 (21), pp. 41790-41793; Jeong, S., A Discussion to the Effects of FinTech on Information Security (2015) Internet and security focus, pp. 4-32; Lee, S., (2015) Fintech and Korea's Financial Investment Industry, , Korea Capital Market Institute, Capital markets WEEKLY; (2015) LG CNS Report, Differences between Korean and Global Financial Security Technology through FinTech, , http://www.lgcnsblog.com/inside-it/differences-between-korean-and-global-financial-security-technology-through-fintech/, Available at; Shin, S.-S., Jeong, Y.-s., An, J.-J., A Study of Analysis and Response and Plan for National and International Security Practices using Fin-Tech Technologies (2015) Jornal of Convergence Society for Small and Medium Business, 5 (3), pp. 1-7; (2016) KISA Report, Excavating research areas of FinTech through the analysis of its relevant technologies and policy trends at home and abroad, , Korea Internet & Security Association; Kim, Y., Choi, J., Park, Y.-J., Yeon, J., The Adoption of Mobile Payment Services for Fintech (2016) International Journal of Applied Engineering Research, 11 (2), pp. 1058-1061; Lee, S.-H., Lee, D.-W., A Study on Fintech Based on Actual Cases (2016) International Journal of u-and e-Service, Science and Technology, 9 (8), pp. 439-448}, correspondence_address1={Kim, K.; School of Information Technology, Sungshin Women's UniversitySouth Korea; email: kyongjin@sungshin.ac.kr}, publisher={Science and Engineering Research Support Society}, issn={17389976}, language={English}, abbrev_source_title={Int. J. Secur. Appl.}, document_type={Article}, source={Scopus}, } @ARTICLE{Chishti201655, author={Chishti, S.}, title={How peer to peer lending and crowdfunding drive the fintech revolution in the UK}, journal={New Economic Windows}, year={2016}, pages={55-68}, doi={10.1007/978-3-319-42448-4_4}, note={cited By 5}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85007448316&doi=10.1007%2f978-3-319-42448-4_4&partnerID=40&md5=d15ec2224f1342d57fcfd8bf5b2462aa}, affiliation={FINTECH Circle, London, United Kingdom}, abstract={An overview of the booming alternative finance sector in the UK which generated more than £3.2 billion in investments and loans in 2015, an increase of more than 80 % over 2014. Susanne Chishti, CEO of FINTECH Circle describes the business models and drivers behind the industry’s success and highlights UK’s leading peer to peer lending and crowdfunding platforms. © Springer International Publishing Switzerland 2016.}, author_keywords={Alternative finance; Alternative lending; Crowdfunding; FinTech; Peer to Peer - P2P; UK P2P Platforms}, correspondence_address1={Chishti, S.; FINTECH CircleUnited Kingdom; email: info@FINTECHCircle.com}, publisher={Springer-Verlag Italia s.r.l.}, issn={2039411X}, language={English}, abbrev_source_title={New Econ. Windows}, document_type={Article}, source={Scopus}, } @ARTICLE{Kotarba201669, author={Kotarba, M.}, title={New factors inducing changes in the retail banking customer relationship management (CRM) and their exploration by the FinTech industry}, journal={Foundations of Management}, year={2016}, volume={8}, number={1}, pages={69-78}, doi={10.1515/fman-2016-0006}, note={cited By 7}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84971472880&doi=10.1515%2ffman-2016-0006&partnerID=40&md5=9e20c3d0a23e4c0ef511ae60ea81d32d}, affiliation={Warsaw University of Technology, Faculty of Management, Warsaw, Poland}, abstract={Growing levels of regulation force financial institutions to change their business models toward lower risk levels, higher capital adequacy, service quality, and more stable revenue pools. In parallel with the regulatory changes, the banks are subject to pressure from accelerated technology development and social changes. These two factors influence the behavior of customers and induce changes in the customer relationship management (CRM). Taking the example of retail banking, the factors and their impacts are explained. Additionally, a view on the FinTech industry is presented, highlighting areas where traditional financial institutions are losing market share to technology-savvy and socially oriented new ventures with exceptional CRM capabilities. The conclusion contains proposed strategic actions that need to be undertaken in order to prepare the financial services industry for managing customer relationships in the increasingly technosocial environment. © 2016. Faculty of Management, Warsaw University of Technology 2016.}, author_keywords={banking regulation; client behavior; customer journey; customer relationship management; financial institution strategy; FinTech; omni-channel; process management; retail banking; social empowerment; technological progress}, references={(2015) The Basel Committee's Publication Types, , http://www.bis.org/bcbs/about/work_publication_types.htm, [online], [Accessed 5 December 2015]; (2014) W Centrum Uwagi - Doświadczenia Klienta W Kontakcie Z Marką, , http://www.ey.com/Publication/vwLUAssets/Global_Consumer_Banking_Survey_2014/$FILE/EY-Global-Consumer-Banking-Survey-2014-PL-final.pdf, Ernst&Young Światowe Badanie Klientów Banków Detalicznych 2014, [online], [Accessed 7 February 2016]; (2016) ECB Banking Supervision: SSM Priorities 2016 [Online], , https://www.bankingsupervision.europa.eu/ecb/pub/pdf/publication_supervisory_priorities_2016.en.pdf?024a0072fe923441556e5bba7251dd6d, [Accessed 6 January 2016]; (2015) Payment Services Directive: FAQ, [Online], , http://europa.eu/rapid/pressrelease_MEMO-15-5793_de.htm, European Commission Press Release, [Accessed 25 January 2016]; (2015) Directive on Payment Services (PSD), , http://ec.europa.eu/finance/payments/framework/index_en.htm, [online], [Accessed 11 January 2016]; (2015) Investment Services and Regulated Markets (MiFID 1 & Mi- FID 2), , http://ec.europa.eu/finance/securities/isd/index_en.htm, [online], [Accessed 20 January 2016]; (2015) ESMA - Policy & Rules, , https://www.esma.europa.eu/, [online], [Accessed 20 January 2016]; (2015) The State of Digital Business 2014, [Online], , http://blogs.forrester.com/f/b/users/NFENWICK/Infographic_1v4.pdf, Forrester Research, [Accessed 14 January 2016]; (2014) Technology Driving Innovation - What Is the Internet of Things, [Online], , http://www.goldmansachs.com/ourthinking/pages/iot-infographic.html, Goldman Sachs Global Investment Research, [Accessed 19 January 2016]; (2016) Total Number of Websites, , http://www.internetlivestats.com/total-numberof-websites/#trend, [online], [Accessed 3 March 2016]; (2015) Leading Global Fintech Innovators 2015, [Online], , http://fintechinnovators.com/, KPMG and H2 Ventures, [Accessed 7 February 2016]; Kumar, A., Nair, A., Parsons, A., Urdapiletta, E., (2006) Expanding Bank Outreach Through Retail Partnerships, , http://siteresources.worldbank.org/INTTOPCONF3/Resources/363980Retail0p101OFFICIAL0USE0ONLY1.pdf, Correspondent Banks in Brazil, [online], [Accessed 20 February 2016]; Rosingh, W., Seale, A., Osborn, D., (2001) Why Banks and Telecoms Must Merge to Surge, [Online], , http://www.strategybusiness.com/article/17163?gko=4cda6, [Accessed 3 January 2016]; Scanner, V., (2016) Fintech Q1 Update, [Online], , http://insights.venturescanner.com/category/financial-technology/, [Accessed 4 March 2016]}, correspondence_address1={Kotarba, M.; Warsaw University of Technology, Faculty of ManagementPoland; email: marcin@kotarba.pl}, publisher={De Gruyter Open Ltd}, issn={20807279}, language={English}, abbrev_source_title={Found. Manag.}, document_type={Article}, source={Scopus}, } @ARTICLE{Kim201669, author={Kim, J.J. and Hong, S.P.}, title={Design of a secure biometric authentication framework using PKI and FIDO in fintech environments}, journal={International Journal of Security and its Applications}, year={2016}, volume={10}, number={12}, pages={69-80}, doi={10.14257/ijsia.2016.10.12.07}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85018207827&doi=10.14257%2fijsia.2016.10.12.07&partnerID=40&md5=129a1adfa1d15c7fcddf7c5f32f03367}, affiliation={Department of Computer Science, Sungshin Women's University, Seoul, South Korea}, abstract={It goes without saying that the use of FIDO based services, especially financial areas is becoming more and more widespread these days. FIDO services are adapting a variety of service areas such as easy payment, money transfer, ATM withdrawal/savings, and single sign-on, etc. Because FIDO service uses standard public key cryptography techniques to provide stronger authentication and securely saves a user's bio-information in the smartphone. But when registered, FIDO only confirms the match between pre-enrolled fingerprints and the one on the registration process. In other words, FIDO is not able to verify the person's identity. The user has to register his/her biometric information in each sites. It is our purpose to solve these problems by implementing FIDO and PKI technologies adapted in current FIDO service and accredited certification system. The proposed secure biometric authentication framework provides the centralized biometric authentication framework in Fintech environment that a variety of services need the interoperability of user's biometric information in order to protect user's privacy and increase convenience of customers. © 2016 SERSC.}, author_keywords={Biometric authentication; FIDO(Fast Identity Online); PKI(Public Key Infrastructure)}, keywords={Authentication; Biometrics; Interoperability; Public key cryptography, Bioinformation; Biometric authentication; Biometric informations; Certification systems; FIDO(Fast Identity Online); Money transfers; Public key infrastructure; Registration process, Cryptography}, references={Kim, Y., Park, Y.J., Choi, J., 'The Adoption of Mobile Payment Services for Fintech' (2016) International Journal of Applied Engineering Research, 11 (2), pp. 1058-1061; Lee, S.H., Lee, D.W., 'A Study on Fintech Based on Actual Cases' (2016) International Journal of u-and e-Service, Science and Technology, 9 (8), pp. 439-448; Stokkenes, M., Ramachandra, R., Busch, C., Biometric Authentication Protocols on Smartphones: An Overview (2016) 9th International Conference on Security of Information and Networks, pp. 136-140; Cho, S.R., Choi, D.S., Jin, S.H., Lee, H.H., (2014) Passwordless Authentication Technology-FIDO, , Electronics and Telecommunications Trends; Nguyen, K., Authentication and identification-Taking the user into account (2014) Datenschutz und Datensicherheit-DuD, 38 (7), pp. 467-469. , July; Lyang Kim, G., Deok Lim, J., Nyeo Ki, J., Secure user authentication based on the trusted platform for mobile devices (2016) Journal on Wireless Communications and Networking, , December; Thiemann, T., "Picking the right path to mobile biometric authentication" (2016) Biometric Technology Today, pp. 5-8. , February; Machani, S., Philpott, R., Srinivas, S., Kemp, J., Hodges, J., FIDO UAF Architectural Overview (2014) FIDO Alliance, , December; Jung Kim, J., Hong, S.-P., Study on the Accredited Certification System without Password using FIDO (2015) International Journal of Applied Engineering Research, , June; https://jamielinux.com/docs/openssl-certificate-authority/online-certificate-status-protocol.html}, publisher={Science and Engineering Research Support Society}, issn={17389976}, language={English}, abbrev_source_title={Int. J. Secur. Appl.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Li2016367, author={Li, E.Y. and Li, J.P.}, title={Information security challenges in the new era of Fintech}, journal={Proceedings of the International Conference on Electronic Business (ICEB)}, year={2016}, pages={367-373}, note={cited By 1; Conference of 16th International Conference on Electronic Business, ICEB 2016 ; Conference Date: 4 December 2016 Through 8 December 2016; Conference Code:128172}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85021760302&partnerID=40&md5=425f9445cd967eafcab4ebdee200e162}, affiliation={National Chengchi University, Taiwan}, abstract={After the recent cyber-attacks on financial institutions around the world, we are faced with a whole new set of challenges never seen before. Traditionally, fraud and theft were conducted in person or through traditional telecommunications such as telephone. However, today we are facing highly sophisticated and intelligent hackers who have the ability to illegally access financial institutions' computer systems from remote locations and even across borders. Therefore, this study will focus on reviewing the information security framework by adopting up-to-date standards as the way to counter financial information theft.}, author_keywords={Cyberattack; Fintech; Hacker; Information Security System}, keywords={Crime; Electronic commerce; Finance; Network security; Personal computing; Security of data, Cyber-attacks; Financial information; Financial institution; Fintech; Hacker; Remote location, Computer crime}, references={Chandrasekharan, B., (1986) Generic Tasks in Knowledge-based Reasoning: High-level Building Blocks for Expert Systems Design, pp. 125-164. , IEEE Expert, Fall; Raychaudhuri, D., Wireless ATM networks: Architecture, system design and prototyping (1996) IEEE Personal Communications, 3 (4), pp. 42-49; Johnson, A.L., Cybersecurity for financial institutions: The integral role of information sharing in cyber attack mitigation (2016) North Carolina Banking Institute, 20, pp. 277-310; Nakamoto, S., (2008) Bitcoin: A Peer-to-peer Electronic Cash System, , http://www.cryptovest.co.uk/resources/Bitcoin%20paper%20Or}, editor={Peng L.}, sponsors={}, publisher={CEUR-WS}, issn={16830040}, language={English}, abbrev_source_title={Proc. Int. Conf. Electron. Bus. (ICEB)}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Li2016, author={Li, D. and Goh, K.-Y. and Heng, C.-S.}, title={Monetizing user-generated content in fintech: An empirical study of a social investing site}, journal={2016 International Conference on Information Systems, ICIS 2016}, year={2016}, note={cited By 2; Conference of 2016 International Conference on Information Systems, ICIS 2016 ; Conference Date: 11 December 2016 Through 14 December 2016; Conference Code:127464}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85019469877&partnerID=40&md5=e8cc63388c9e2f0d491afa99d2ddc66b}, affiliation={Department of Information Systems, National University of Singapore, 15 Computing Drive, Singapore, 117418, Singapore}, abstract={Despite reports that user-generated content (UGC) is dominating the Internet, the contributors of UGC are rarely compensated for their creative works. Enabled by a unique dataset from a large social investing site in China, we conduct an empirical study to examine the UGC monetization in terms of its influence, the timing of a contributor's adoption and the impact from online social activities. Our analyses utilize multiple methods (time-series modeling, logit modeling and Bayesian statistical analysis). Our contributions include: 1) This study is the first to unveil the impact of UGC monetization on the platform and contributors with a horizontal comparison of different monetization methods; 2) We make a pioneering effort to analyze how contributors' online social efforts (i.e., the micro-celebrity tactics) facilitate monetization; 3) Our results advance the financial information literature by showing how UGC readers seek information; 4) Our results inform practitioners how to time the decision of monetization.}, author_keywords={Bayesian Estimation; Financial information market; FinTech; Micro celebrity; Monetization; Social investing site; User-Generated content}, keywords={Bayesian networks; Information systems; Social networking (online), Bayesian estimations; Financial information; FinTech; Micro celebrity; Monetization; Social investing site; User-generated content, Time series analysis}, references={Akerlof, G., (1995) The Market for "Lemons": Quality Uncertainty and the Market Mechanism, , Springer; Arner, D.W., Barberis, J.N., Buckley, R.P., (2015) The Evolution of Fintech: A New Post-Crisis Paradigm?, , SSRN 2676553; Becker, J.U., Clement, M., Schaedel, U., The impact of network size and financial incentives on adoption and participation in new online communities (2010) Journal of Media Economics, 23 (3), pp. 165-179; Bollen, J., Mao, H., Zeng, X., Twitter mood predicts the stock market (2011) Journal of Computational Science, 2 (1), pp. 1-8; Burgess, J., Green, J., (2013) Youtube: Online Video and Participatory Culture, , John Wiley & Sons; Chen, H., De, P., Hu, Y.J., Hwang, B.-H., Wisdom of crowds: The value of stock opinions transmitted through social media (2014) Review of Financial Studies, 27 (5), pp. 1367-1403; Chen, Y., Ho, T.H., Kim, Y.M., Knowledge market design: A field experiment at google answers (2010) Journal of Public Economic Theory, 12 (4), pp. 641-664; Chevalier, J.A., Mayzlin, D., The effect of word of mouth on sales: Online book reviews (2006) Journal of Marketing Research, pp. 345-354; Cisneros, D., Do not advertise: The current fight against unsolicited advertisements (2003) Duke L. & Tech. 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Conf. Inf. Syst., ICIS}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Barberis201669, author={Barberis, J. and Arner, D.W.}, title={FinTech in China: From shadow banking to P2P lending}, journal={New Economic Windows}, year={2016}, pages={69-96}, doi={10.1007/978-3-319-42448-4_5}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85007470960&doi=10.1007%2f978-3-319-42448-4_5&partnerID=40&md5=8d04e89ae3d6e38ad762e221e941a883}, affiliation={Asian Institute of International Financial Law, Faculty of Law, University of Hong Kong, Hong Kong; FinTech HK, Pok Fu Lam, Hong Kong; Duke-HKU Asia America Institute in Transnational Law, and Member, Board of Management, Asian Institute of International Financial Law, Faculty of Law, University of Hong Kong, Pok Fu Lam, Hong Kong}, abstract={In 1978 China Financial sector has began a gradual reform process. Within 40 years the country went from a mono-bank model to one composed of hundreds of wholly-owned State banks and joint stock commercial banks. Yet this diversification has the banking landscape has not resolves credit allocation inefficiency. Indeed, whilst SME represent 80 % of the economic output of the country, it is only receiving 20 % of the credit originated by banks. This has spurred the development of shadow banking, an informal and unregulated network of lenders and borrowers. The emergence of Financial Technology has allowed for this activity digitized itself in the form of Peer-to-peer lending channel. The combination of and unregulated market and large credit gap has lead to the emergence of a sector that had only one platform in 2007 and over 2000 in 2015. Therefore the author submit that the emergence of the P2P sector in China is neither new, nor unexpected. Ultimately, this systemic shift caused by the P2P sector offers China a regulatory and market reform opportunity as the shadow has been brought to the light. © Springer International Publishing Switzerland 2016.}, author_keywords={China; Financial globalization; Financial innovation; Financial regulation; Financial technology; FinTech; RegTech; Regulatory technology}, references={(2011) Palgrave Macmillan Studies in Banking and Financial Institutions, p. 84; Zhou, W., Arner, D.W., Buckley, R.P., (2015) Regulation of Digital Financial Services in China: Last Mover Or First Mover?, , http://ssrn.com/abstract=2660050; (2011) Palgrave Macmillan Studies in Banking and Financial Institutions, p. 63. , 2nd edition; The China Development Bank (CDB) and the China Exim Bank (CEB); Martin, M.F., Chinas Banking System: Issues for Congress’ (2012) Congressional Research Service, p. 2; Cheng, J., (2012) China: A New Stage of Development for an Emerging Superpower, p. 336. , City of University Hong Kong Press; Cousin, V., (2011) Palgrave Macmillan Studies in Banking and Financial Institutions, p. 54. , 2nd edition; Martin, M.F., China’s Banking System: Issues for Congress (2012) Congressional Research Service, p. 26; Cousin, V., (2011) Palgrave Macmillan Studies in Banking and Financial Institutions, p. 84. , 2nd edition; Arner, D.W., (2007) Financial Stability, Economic Growth, and the Role of Law, p. 225. , Cambridge University Press; Martin, M.F., ; Bell, S., Feng, H., The Rise of the People’s Bank of China (2013) The Politics of Institutional Change, , Harvard University Press; Cousin, V., (2011) Palgrave Macmillan Studies in Banking and Financial Institutions, p. 124. , Banking in China, 2nd edition; Barberis, J., A Crack in the Great Wall – Too-Big-To-Fail Them: A Societal Perspective, p. 36; Martin, M.F., (2012) China’s Banking System: Issues for Congress, p. 44. , Congressional Research Service; Cousin, V., (2011) Palgrave Macmillan Studies in Banking and Financial Institutions, p. 58; Hsu, S., Li, J., (2009) Informal Finance in China: American and Chinese Perspectives, p. 14. , Oxford University Press USA; Tsai, K.S., (2004) Back-Alley Banking: Private Entrepreneurs in China, , Cornell University Press; Avgouleas, E., (2012) Governance of Global Financial Markets: The Law, The Economics, The Politics, p. 106. , Cambridge University Press; Hsu, S., Li, J., (2009) Informal Finance in China: American and Chinese Perspectives, p. 144. , Oxford University Press USA; Hsu, S., Li, J., (2009) Informal Finance in China: American and Chinese Perspectives, p. 144. , Oxford University Press USA; Zhang, J., (2013) Inside China's Shadow Banking: The Next Subprime Crisis?, p. 91. , Enrich Professional Publishing; Martin, M.F., (2012) China’s Banking System: Issues for Congress, p. 7. , Congressional Research Service; Martin, M.F., (2012) China’s Banking System: Issues for Congress, p. 44. , Congressional Research Service; Hsu, S., Li, J., (2009) Informal Finance in China: American and Chinese Perspectives, p. 21. , Oxford University Press USA; Martin, M.F., (2012) China’s Banking System: Issues for Congress, p. 2. , Congressional Research Service; Hsu, S., Li, J., (2009) Informal Finance in China: American and Chinese Perspectives, p. 16. , Oxford University Press USA; Hsu, S., Li, J., Informal Finance in China: American and Chinese Perspectives Oxford The Post-American World; Hsu, S., Li, J., (2009) Informal Finance in China: American and Chinese Perspectives, p. 35. , (Oxford University Press USA, 2009), 133.University Press USA; Zhang, Z., (2015) Overcoming Challenges of Internet Finance Innovation in Hong Kong, , May, HKIFA; Zakaria, F., The Post-American World, p. 34. , Release 2.0 (W. W. Norton & Co.; 2nd Revised edition, 2011)}, correspondence_address1={Barberis, J.; Asian Institute of International Financial Law, Faculty of Law, University of Hong KongHong Kong; email: janos@fintech.hk}, publisher={Springer-Verlag Italia s.r.l.}, issn={2039411X}, language={English}, abbrev_source_title={New Econ. Windows}, document_type={Article}, source={Scopus}, } @BOOK{Broløs2016367, author={Broløs, A.}, title={The future of money}, journal={The Book of Payments: Historical and Contemporary Views on the Cashless Society}, year={2016}, pages={367-378}, doi={10.1057/978-1-137-60231-2_31}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85015101997&doi=10.1057%2f978-1-137-60231-2_31&partnerID=40&md5=56744084231111e6e6a2029435d8f97d}, affiliation={Copenhagen Fintech, Copenhagen, Denmark}, abstract={This is the story of a successful industry-academia strategic research project in the area of financial innovation and financial behaviour. Four companies and two research institutions established five payment test scenarios and studied test users’ attitudes to money and payments. It was found that the Danish already e-aware population is ready to adopt mobile payments. When introducing them the studies showed that convenience is the main facilitator and the adoption of new payments depends on three factors: “Control, Value and Context”. This has proved to be a very useful finding. The collaboration has also helped build a growing fintech payment community and supported the further development of a cashless society where new payment solutions may help provide helpful payment solutions for all. © The Author(s) 2016.}, references={(2016) International Cashless Society Roundtable, , www.cfir.dk, See the call for the next, in Copenhagen April 7-8th, See more at; Stefánsdóttir, L., Thomsen, K., Tindborg, P., Mouritzen, S.S., (2013) User studies and tests of payment technologies, , http://www.cfir.dk/Dokumenter/Documents/Future%20of%20Money%20-%20Report%20user%20studies%20and%20tests.pdf, Accessed 20 Nov 2015}, correspondence_address1={Broløs, A.; Copenhagen FintechDenmark; email: broloes@post1.dknet.dk}, publisher={Palgrave Macmillan}, isbn={9781137602312; 9781137602305}, language={English}, abbrev_source_title={The Book of Payments: Historical and Contemporary Views on the Cashless Society}, document_type={Book Chapter}, source={Scopus}, } @CONFERENCE{Ceci2016, author={Ceci, M. and Khalil, F.A. and O'Brien, L.}, title={Making Sense of Regulations with SBVR}, journal={CEUR Workshop Proceedings}, year={2016}, volume={1620}, note={cited By 0; Conference of 2016 RuleML Challenge, Doctoral Consortium and Industry Track, RuleML-SUP 2016, hosted by the 10th International Web Rule Symposium, RuleML 2016 ; Conference Date: 6 July 2016 Through 9 July 2016; Conference Code:122830}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84984887756&partnerID=40&md5=46fab708b7b1ddd489594786e0c98dca}, affiliation={Governance, Risk,and Compliance Technology Center, University College Cork, 13 South Mall, Cork, Ireland}, abstract={The continuous increase in quantity and depth of regulation following the financial crisis has left the financial industry in dire need of making its compliance assessment activities more effective. The field of AI & Law provides models that, despite being fit for the representation of semantics of requirements, do not share the approach favoured by the industry which relies on business vocabularies such as SBVR. This paper presents Mercury, a solution for representing the requirements and vocabulary contained in a regulatory text (or business policy) in a SME-friendly way, for the purpose of determining compliance. Mercury includes a structured language based on SBVR, with a rulebook, containing the regulative and constitutive rules, and a vocabulary, containing the actions and factors that determine a rule's applicability and its legal effect. Mercury includes an XML persistence model and is mapped to an OWL ontology called FIRO, enabling semantic applications.}, author_keywords={Ai & law; Factors; Fintech; GRC; SBVR; Statutory interpretation}, keywords={Computer programming languages; Mercury (metal); Regulatory compliance; Semantics, Business vocabulary; Compliance assessments; Factors; Fintech; Persistence models; SBVR; Statutory interpretation; Structured language, Laws and legislation}, funding_details={Enterprise IrelandEnterprise Ireland}, funding_text 1={This work is financed and supported by Enterprise Ireland (EI) and the Irish Development Authority (IDA) under the Government of Ireland Technology Centre Programme}, references={Abi-Lahoud, E., O'Brien, L., Butler, T., On the road to regulatory ontologies: Interpreting regulations with SBVR (2014) AI Approaches to the Complexity of Legal Systems, 8929, pp. 188-201. , Lecture Notes in Artificial Intelligence, Springer Berlin; Abi-Lahoud, E., Butler, T., O'Brien, L., A hermeneutic approach to solving the translation problem in designing ontologies (2014) 2nd European Conference on Information Systems (ECIS); Aleven, V., (1997) Teaching Case-Based Argumentation through a Model and Examples, , PhD Dissertation, University of Pittsburgh; Al Khalil, F., Ceci, M., Yapa, K., O'Brien, L., (2016) SBVR to OWL 2 Mapping in the Domain of Legal Rules, 2016. , RuleML accepted; Araszkiewicz, M., Analogy, similarity and factors (2011) ICAIL 2011: Proceedings of the Thirteenth International Conference on Artificial Intelligence and Law, pp. 101-105. , Ashley, K. D., Van Engers, T. (eds.): ACM New York; Araszkiewicz, M., Towards systematic research on statutory interpretation in AI and law (2013) JURIX 2013: The Twenty-Sixth Annual Conference, pp. 15-24. , Ashley, K. (ed.): IOS Press, Amsterdam; Ashley, K.D., (1990) Modeling Legal Argument: Reasoning with Cases and Hypotheticals, , MIT Press, Cambridge, MA; Asooja, K., Bordea, G., Vulcu, G., O'Brien, L., Espinoza, A., Abi-Lahoud, E., Buitelaar, P., Butler, T., Semantic Annotation of Finance Regulatory Text using Multilabel Classification (2015) LeDASWAn Workshop 2015, Co-Located with ESWC 2015, , Portoro?, Slovenia; Bench-Capon, T., Sartor, G., A model of legal reasoning with cases incorporating theories and values (2003) Artificial Intelligence, 150, pp. 97-142; Biagioli, C., (2009) Modelli Funzionali Delle Leggi: Verso Testi Legislativi Autoesplicativi, , European Press Academic Publishing; Boella, G., Janssen, M., Hulstijn, J., Humphreys, L., Van Der Torre, L., Managing legal interpretation in regulatory compliance (2013) Proceedings of the Fourteenth International Conference on Artificial Intelligence and Law, ACM, pp. 23-32; Boer, A., Hoekstra, R., De Maat, E., Hupkes, E., Vitali, F., Palmirani, M., Rátai, B., (2009) CEN Metalex Workshop Agreement, , http://www.metalex.eu/WA/proposal; Boer, A., Winkels, R., Vitali, F., MetaLex XML and the legal knowledge interchange format (2008) Computable Models of the Law. Lecture Notes in Artificial Intelligence, 4884, pp. 21-41. , Springer Verlag, Berlin; Ceci, M., Gangemi, A., An OWL ontology library representing judicial interpretations (2016) Semantic Web, 7 (3), pp. 229-253. , IOS Press; Cook, W.W., Hohfeld's contribution to the science of law (1918) Yale Law Journal, 721; Gordon, T.F., Walton, D., The Carneades argumentation framework: Using presumptions and exceptions to model critical questions (2006) 6th computational models of natural argument workshop (CMNA), ECAI, Italy, pp. 5-13; Gordon, T.F., Governatori, G., Rotolo, A., Rules and norms: Requirements for rule interchange languages in the legal domain (2009) RuleML 2009, LNCS, 5858, pp. 282-296. , Governatori, G., Hall, J., Paschke, A. (eds.): Springer, Heidelberg; Grabmair, M., Ashley, K., Facilitating case comparison using value judgments and intermediate legal concepts (2011) ICAIL 20111: Proceedings of the 13th Int. Conference on A. I. and Law, pp. 161-170. , Ashley, K. D., Van Engers, T. (eds.): ACM New York; Hart, H.L.A., The concept of law (1961) . Clarendon Law Series, , Oxford; Kelsen, H., (1991) General Theory of Norms, , Clarendon, Oxford; O'Brien, L., Ceci, M., Al-Khalil, F., An akoma ntoso compliant system for capturing regulatory requirements (2016) Proceedings of the 1st International Akoma Ntoso Conference (IANC 2015), , George Mason Univ., Arlington, VA (pending publication); Palmirani, M., Governatori, G., Rotolo, A., Tabet, S., Boley, H., Paschke, A., LegalRuleML: XML-based rules and norms (2011) RuleML 2011, pp. 298-312; Paschke, A., Kozlenkov, A., Boley, H., A homogeneous reaction rule language for complex event processing (2007) Proceedings of the 2nd International Workshop on Event Drive Architecture and Event Processing Systems; Peczenik, A., (2007) On Law and Reason, , 2nd ed., Springer, Berlin; Prakken, H., Combining modes of reasoning: An application of abstract argumentation (2008) Proceedings of the 11th European conference on Logics in Artificial Intelligence, 5293, pp. 349-361. , LNAI, Springer, Berlin; Sartor, G., Legal Reasoning: A Cognitive Approach to the Law (2005) A Treatise of Legal Philosophy and General Jurisprudence, 5. , Pattaro, E., Rottleuthner, H., Shiner, R., Peczenik, A., Sartor, G. (eds.): Springer; Searle, J.R., (1969) Speech Acts: An Essay in the Philosophy of Language, , Cambridge U. P; (2013) Semantics of Business Vocabulary and Business Rules (SBVR) Version 1. 2, , http://www.omg.org/spec/SBVR/1.2/PDF, Apr; Sergot, M., Sadri, F., Kowalski, R., Kriwaczek, F., Hammond, P., Cory, H.T., The British Nationality Act as a Logic Program (1986) Communications, 29, pp. 370-386. , ACM; Van Haarst, R., SBVR Made Easy - Business Vocabulary and Rules as a Critical Asset (2013) Conceptual Heaven, , Amsterdam; Vitali, F., Zeni, F., Towards a country-independent data format: The Akoma Ntoso experience (2007) Proceedings of the V legislative XML workshop, pp. 67-86. , Florence, Italy: European Press Academic Publishing; Wroblewski, J., (1992) The Judicial Application of Law, , Springer; Wyner, A., Peters, W., On rule extraction from regulations (2011) Legal Knowledge and Information Systems - JURIX 2011: The Twenty-Fourth Annual Conference, University of Vienna, Austria, 14th-16th, , Atkinson, K. (ed.): December 2011. Frontiers in Artificial Intelligence and Applications 235, IOS Press}, editor={Athan T., Grutter R., Teymourian K., Van Woensel W., Proctor M., Giurca A.}, sponsors={}, publisher={CEUR-WS}, issn={16130073}, language={English}, abbrev_source_title={CEUR Workshop Proc.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{NoAuthor2016, title={Fintech and insurance: Against the odds}, journal={Economist (United Kingdom)}, year={2016}, volume={412}, number={8970}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85000351984&partnerID=40&md5=ea0446920aca59ef468cbe810ca6200b}, publisher={Economist Newspaper Ltd}, issn={00130613}, language={English}, abbrev_source_title={Economist}, document_type={Article}, source={Scopus}, } @ARTICLE{Nam2016684, author={Nam, K. and Lee, Z. and Lee, B.G.}, title={How internet has reshaped the user experience of banking service?}, journal={KSII Transactions on Internet and Information Systems}, year={2016}, volume={10}, number={2}, pages={684-702}, doi={10.3837/tiis.2016.02.014}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84959421627&doi=10.3837%2ftiis.2016.02.014&partnerID=40&md5=dccf9ac5c5d1e3656f6f366336de8ed3}, affiliation={Graduate School of Information, Yonsei University, Seoul, South Korea}, abstract={The changes new technologies have brought to banking over the past decade are enormous in their impact on the ways of doing business and providing customer services, most notably in the areas of customer service channels. Banks have been trying to move away from the traditional, branch-based and costly staff-assisted channels toward self-assisted channels, i.e. internet banking and mobile banking, to drive down costs and improve customer loyalty. How internet and mobile have reshaped the user experience of banking service channel? To provide valuable insights for this question, this research investigates and compares customer’s channel choice behavior and profit changes from bank’s branch closure. Applying the propensity scoring matching method, the results of analysis demonstrates that the mobile channel can be a realistic alternative to conventional branches. Also, the reserch result shows banks can reduce conventional branches while experiencing a positive implications on their profits from the customers. Another significant implication from the research is, to accelerate the shift to digital channels, banks need to put more efforts on developing functions in the mobile channel that will allow friendly interaction with customers and consultation, such as video consultation, interactive chat, and location-based product recommendation. © 2016 KSII.}, author_keywords={Bank digitization; Banking service channel choice; FinTech; Mobile banking; Propensity scoring matching}, keywords={Cellular telephone systems; Internet; Profitability, Banking services; Customer services; FinTech; Friendly interaction; Matching methods; Mobile bankings; Product recommendation; Propensity scoring matching, Sales}, references={Hitt, L.M., Frei, F.X., Do Better Customers Utilize Electronic Distribution Channels?The Case of PC Banking (2002) Management Science, 48, pp. 732-748. , Article (CrossRef Link); Chang, Y., (2002) “Dynamics of Banking Technology Adoption: An Application to Internet Banking, , Working Paper, University of Warwick; Lee, M.C., Factors influencing the adoption of internet banking: An integration of TAM andTPB with perceived risk and perceived benefit (2009) Electronic Commerce Research and Applications, 8, pp. 130-141. , Article (CrossRef Link); Kuisma, T., Laukkanen, T., Hiltunen, M., “Mapping The Reasons For Resistance To InternetBanking: A means-end approach (2007) International Journal of Information Management, , Article (CrossRef Link; (2014), 28. , Maeil Business Newspaper; (2013), Bank of Korea, May; (2013), BIS; Stefan, W., Verhoef, P.C., Remco, P., Partner selection in B2B information servicemarkets (2009) International Journal of Research in Marketing, 26, pp. 41-51. , Article (CrossRef Link); Dholakia, U.M., Bagozzi, R.P., Pearo, L.K., A social influence model of consumerparticipation in network-and small- group-based virtual communities (2004) International Journal Ofresearch in Marketing, , Article (CrossRef Link; Klaus, P., Nguyen, B., Exploring the role of the online customer experience in films’multichannel strategy: An empirical analysis of the retail banking services sector (2013) Journal Ofstrategic Marketing, , Article (CrossRef Link); Rangswamy, A., Bruggen van, G.H., “Opportunities and challenges in multichannelmarketing: An introduction to the special issue (2005) Journal of Interactive Marketing, , Article (CrossRef Link; Shankarand Winer, V., Winer, R.S., Interactive marketing goes multichannel (2005) Journal of Interactivemarketing, , Article (CrossRef Link; Bumham, T.A., Frels, J.K., Mahajan, V., Consumer switching costs: A typology, antecedents,and consequences (2003) Journal of the Academy of Marketing Science; Klaus, P., Nguyen, B., Exploring the role of the online customer experience in films’multichannel strategy: An empirical analysis of the retail banking services sector (2013) Journal Ofstrategic Marketing, , Article (CrossRef Link); Bakos, Y., (1997) Reducingbuyersearchcosts:Implicationsforelectronicmarketplaces, , Management Science, Article (CrossRef Link; Bailey, J.P., (1998) Electronic Commerce: Prices and Consumer Issues for Three Products: Books,Compact Disks, and Software, , Organisation for Economic Co-Operation and Development; Brown, J.R., Goolsbee, A., (2000) Does the Internet Make Markets More Competitive?Evidence from the Life Insurance Industry, , National Bureau Of Economic Research; Deleersynder, B., Geyskens, I., Gielens, K., Dekimpe, M.G., “Howcannibalistic is the Internet channel? A Study of the newspaper industry in the United Kingdomand The Netherlands (2002) International Journal of Research in Marketing, , Article (CrossRef Link; Kaufman-Scarborough, C., Lindquist, J.D., E-shoppinginamultiplechannel environment (2002) Journal of Consumer Marketing, , Article (CrossRef Link); Coelho, F., Easingwood, C., Determinants of multiple channel choice in financial services: Anenvironmental uncertainty model (2005) Journal of Services Marketing, , Article (CrossRef Link); Aboelmaged, M.G., Gebba, T.R., Mobile Banking Adoption: An Examination of Technology Acceptance Model and Theory of Planned Behavior (2013) International Journal of Business Research and Development; Safeena, R., Date, H., Kammani, A., Hundewale, N., Technology adoption and Indianconsumers:Studyonmobilebanking (2012) Internationaljournalofcomputertheoryandengineering; Lin, H., “An empirical investigation of mobile banking adoption: The effect of innovation attributesand knowledge-based trust (2011) International Journal of Information Management, , Article (CrossRef Link; Kim, G., Shin, B., Lee, H.G., Understanding dynamics between initial trust and usage intentionsof mobile banking (2009) Information Systems Journal, , Article (CrossRef Link; Tan, K.S., Chong, S.C., Loh, P.L., Lin, B., An evaluation of e-banking and m-bankingadoption factors and preference in Malaysia: A case study (2010) International Journal of Mobilecommunications, , Article (CrossRef Link); Shaikhand Karjaluoto, A.A., (2014) Mobile Banking Adoption: A Literature Review, , Telematics andInformatics; Besen, S.M., Kletter, S.D., Moresi, S.X., Salop, S.C., Woodbury, J.R., An Economic Analysis of The AT&T-T- Mobile USA Wireless Merger (2013) Journal of Competitionlaw and Economics, 9, pp. 23-47. , Article (CrossRef Link); Tao, Z., Understanding users' initial trust in mobile banking: An elaboration likelihoodperspective (2012) Computers in Human Behavior, 28, pp. 1518-1525. , Article (CrossRef Link); Thulani, D., Njanike, K., Manomano, C., Chiriseri, L., “Adoption and use of sms/mobile bankingservices in Zimbabwe: An exploratory study (2011) Journal of Internet Banking and Commerce; Shaikh, A.A., Karjaluoto, H., (2014) Mobile Banking Adoption: A Literature Review, , Telematics and Informatics; Blake, B.F., Kimberly, A., Neuendorf and Colin M. 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The Case Ofpc Banking, , Management Science, Article (CrossRef Link; Campbell, D., Frei, F., “The persistence of customer profitability: Empirical evidence andimplications from a financial services firm (2004) Journal of Service Research, , Article (CrossRef Link; Sullivan, R.J., How Has the Adoption of Internet Banking Affected Performance and Riskin Banks? (2000) Federal Reserve Bank of Kansas City Financial Industry Perspectives, December, pp. 1-16; Furst, K., Lang, W., Nolle, D., Internet Banking (2002) Journal of Financial Services Research, 22, pp. 95-117. , Article (CrossRef Link); Lang, B., Colgate, M., Relationship quality, on-line banking and the informationtechnology gap (2003) International Journal of Bank Marketing, 21, pp. 29-37. , Article (CrossRef Link); Lee, J., A key to marketing financial services: The right mix of products, services, channelsand customers (2002) Journal of Services Marketing, 16, pp. 238-258. , Article (CrossRef Link); Freeman, J., Mobile and Online Banking Cannot Replace Branches (2013) Gallup; Yoon, H.S., Steege, L.M.B., Development of a quantitative model of theimpact of customers personality and perceptions on Internet banking use,” (2013) Computers in Humanbehavior; Li, X., Zhao, X., Propensity Score Matching and Abnormal Performance AfterSeasoned Equity Offering (2006) Journal of Empirical Finance, 13, pp. 351-370. , Article (CrossRef Link); Ahn, S., Walker, M.D., Corporate Governance and the Spinoff Decisions (2007) Journal Ofcorporate Finance, 13, pp. 76-93. , Article (CrossRef Link); Pana, E., Vitzthum, S., Willis, D., (2013) “The Impact of Internet-Based Services on Credit Unions: Apropensityscorematchingapproach, , Forthcoming, Article (CrossRef Link; Andreas, B., Frank, H., The success of bank mergers revisited. An assessment based on amatching stategy (2011) Journal of Empirical Finance, 18, pp. 117-135. , Article (CrossRef Link); Rosenbaum, P., Rubin, D.B., The Central Role of the Propensity Score in ObservationalStudies for Causal Effects (1983) Biometrika, 70; Luellen, J.K., Shadish, W.R., Clark, M.H., Propensity scores an introduction andexperimental test (2005) Evaluation Review, 29 (6), pp. 530-558. , Article (CrossRef Link); Dehejia, R., Wahba, S., “Causal Effects in Non-Experimental Studies: Re-Evaluating the Evaluation of Training Programs (1999) Journal of the American Statistical Association, 94 (448), pp. 1053-1062. , December, Article (CrossRef Link; Rosenbaum, P.R., Rubin, D.B., Reducing bias in observational studies using subclassificationon the propensity score (1984) Journal of the American Statistical Association, 79, pp. 516-524. , Article (CrossRef Link); Kim, M.C., Kim, S., Kim, M.S., An Exploratory Study on Factors influencing ‘Use of MobileBanking Service,” (2008) The E-Business Studies, 9 (2), pp. 47-64; Kim, K., Kim, W., Lee, H., Investigation of Factors Influencing Consumer Initial Trust andIntention to Use Mobile Banking Services (2005) Management Science, 22, pp. 13-34}, correspondence_address1={Lee, B.G.; Graduate School of Information, Yonsei UniversitySouth Korea; email: bglee@yonsei.ac.kr}, publisher={Korean Society for Internet Information}, issn={19767277}, language={English}, abbrev_source_title={KSII Trans. Internet Inf. Syst.}, document_type={Article}, source={Scopus}, } @ARTICLE{Shim2016168, author={Shim, Y. and Shin, D.-H.}, title={Analyzing China's Fintech Industry from the Perspective of Actor-Network Theory}, journal={Telecommunications Policy}, year={2016}, volume={40}, number={2-3}, pages={168-181}, doi={10.1016/j.telpol.2015.11.005}, note={cited By 22}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84959532055&doi=10.1016%2fj.telpol.2015.11.005&partnerID=40&md5=bdf0b6ebb22741641b21050de5553fe1}, affiliation={SK Telecom, Seoul, South Korea; Sungkyunkwan University, 90327 International Hall, Sungkyunkwan-ro 25-2, Seoul, South Korea}, abstract={The rapid development of information and communications technology is transforming the entire industry landscape, heralding a new era of convergence services. As one of the developing countries in the financial sector, China is experiencing an unprecedented level of convergence between finance and technology. This study applies the lens of actor-network theory (ANT) to conduct a multi-level analysis of the historical development of China's financial technology (fintech) industry. It attempts to elucidate the process of building and disrupting a variety of networks comprising heterogeneous actors involved in the newly emerging convergence industry. This research represents a stepping stone in exploring the interaction between fintech and its yet unfolding social and political context. It also discusses policy implications for China's fintech industry, focusing on the changing role of the state in fostering the growth of national industry within and outside of China. © 2015 Elsevier Ltd.}, author_keywords={Actor network theory; Chinese telecom; Fintech industry; Internet-based service}, keywords={Developing countries; Finance; Internet; Public policy, Actor network theory; Convergence services; Historical development; Information and communications technology; Internet-based services; Multi-level analysis; Policy implications; Telecom, Social sciences computing}, funding_text 1={This work was supported by the ICT R&D program of MSIP/IITP. 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Retrieved from; Zhang, S., Lu, Y., Ku, E., China's E-Commerce legislative and regulatory framework (2013) China Briefing, , http://www.china-briefing.com/news/2013/08/09/chinas-e-commerce-legislative-and-regulatory-framework.html, Retrieved from}, correspondence_address1={Shin, D.-H.; Sungkyunkwan University, 90327 International Hall, Sungkyunkwan-ro 25-2, South Korea; email: dshin@skku.edu}, publisher={Elsevier Ltd}, issn={03085961}, coden={TEPOD}, language={English}, abbrev_source_title={Telecommun Policy}, document_type={Article}, source={Scopus}, } @ARTICLE{Kim20161058, author={Kim, Y. and Choi, J. and Park, Y.-J. and Yeon, J.}, title={The adoption of mobile payment services for “fintech”}, journal={International Journal of Applied Engineering Research}, year={2016}, volume={11}, number={2}, pages={1058-1061}, note={cited By 14}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84959530641&partnerID=40&md5=01ffedcecd6b6f0ccc874643fa172510}, affiliation={Graduate School of Business, Soongsil University, South Korea; College of Business Administration, Soongsil University, South Korea; Division of Tourism, Baekseok University, South Korea}, abstract={This paper examined the acceptance of payment-type Fintech services of users by utilizing the Elaboration Likelihood Model by Petty and Cacioppo [1] and by applying variables associated with the Technology Acceptance Model. In addition, it analyzed the causal relationship between concern for information privacy and self-efficacy by adopting them as moderating variables. Results suggested that usefulness, ease of use and credibility had an effect on intention to use, and self-efficacy was found to have an moderating effect on independent and dependent variables. Further, concern for information privacy was found to be a factor obstructing the path to intention to use. The implications of this study are that in the promotion of payment-type Fintech services, convenience and usefulness are the most critical and influential variables in terms of usage, while government deregulation and stronger security are called for from an institutional aspect. © Research India Publications.}, author_keywords={Elaboration likelihood model; Fintech; K pay; Mobile payment service}, references={Petty, R., Cacioppo, J.T., (1986) Communication and Persuasion: Central and Peripheral Routes to Attitude Change, , Springer-Verlag; Davis, F.D., Perceived Usefulness, Perceived Ease of Use, and User Acceptance of Information Technology (1989) MIS Quarterly, 13 (3), pp. 319-340; (2015) Financial Terminology Dictionary, , http://fsc.go.kr/know/wrd_list.jsp; Schierz, P.G., Schilke, O., Wirtz, B.W., Understanding Consumer Acceptance of Mobile Payment Services: An Empirical Analysis (2010) Electronic Commerce Research and Applications, 9 (3), pp. 209-216; Joo, Y.J., Chung, A.K., Jung, Y.J., An Analysis of the Impact of Cyber University Students ‘Mobile Self-efficacy, Mobility on Intention to Use in Mobile Learning Service Linked to E-learning (2015) Journal of Korean Association of Computer Education, 18 (1), pp. 55-68; Bhattacherjee, A., Sanford, C., Influence Processes for Information Technology Acceptance: An Elaboration Likelihood Model (2006) MIS Quarterly, 30 (4), pp. 805-825; Kim, Y.H., Choi, B.M., Choi, J.I., A Study on the Successful Adoption of IOT Services: Focused on iBeacon and Nearby (2015) Korean Journal of Information Technology Services, 14 (3), pp. 217-236; Lee, J.E., Shin, M.S., Factors for the Adoption of Smartphone-based Mobile Banking: On User’s Technology Readiness and Expertise (2011) Journal of Society for E-Business Studies, 16 (4), pp. 155-172; Jarvenpaa, S.L., Tractinsky, J., Vitale, M., Consumer Trust in an Internet Store (2000) Information Technology and Management, 1 (1-2), pp. 45-71; Chungand, S.Y., Park, C., Factors Influencing Acceptance of Mobile Service: Moderating Effects of Service Type (2007) Information Systems Review, 9 (1), pp. 23-44; Foon, Y.S., Fah, B.C.Y., Internet Banking Adoption in Kuala Lumpur:An Application of UTAUT Model (2011) International Journal of Business and Management, 6 (4), p. 161; Van Slyke, C., Shim, J.T., Johnson, R., Jiang, J.J., Concern for Information Privacy and Online Consumer Purchasing (2006) Journal of the Association for Information Systems, 7 (1), pp. 415-444; Bandura, A., (1997) Self-Efficacy: The Exercise of Control. New, , York: W. H. Freeman; Igbaria, M., Iivari, J., The Effects of Self-Efficacy on Computer Usage (1995) Omega, 23 (6), pp. 587-605; Wu, J.H., Wang, S.C., Lin, L.M., (2007) International Journal of Medical Informatics, 76 (1), pp. 66-77; Angst, C.M., Agarwal, R., Adoption of Electronic Health records in the Presence of Privacy Concerns: The Elaboration Likelihood Model and Individual Persuasion (2009) MIS Quarterly, 33 (2), pp. 339-370; Lim, B.H., Kang, D.W., A Study on Privacy Influencing the Continuous Intention to Use in Closed-type SNS: Focusing on BAND Users (2014) Information Systems Review, 16 (3), pp. 191-214; Murphy, C.A., Assessment of Computer Self-efficacy: Instrument development and validation (1988) ERIC Document (2Nd Ed.); Kim, Y.H., Park, Y.J., Choi, J.I., Yeon, J.I., An Empirical Study on the Adoption of “Fintech” Service: Focused on Mobile Payment Services (2015) Advanced Science and Technology Letters, 114, pp. 136-140. , (Business, The 8th2015 International Interdisciplinary Workshop Series, Jeju, South Korea; Venkatesh, V., Morris, M.G., Davis, G.B., Davis, F.D., User Acceptance of Information Technology toward a Unified View (2003) MIS Quarterly, 27 (3), pp. 425-478}, publisher={Research India Publications}, issn={09734562}, language={English}, abbrev_source_title={Int. J. Appl. Eng. Res.}, document_type={Article}, source={Scopus}, } @ARTICLE{Jun2016159, author={Jun, J. and Yeo, E.}, title={Entry of FinTech Firms and Competition in the Retail Payments Market}, journal={Asia-Pacific Journal of Financial Studies}, year={2016}, volume={45}, number={2}, pages={159-184}, doi={10.1111/ajfs.12126}, note={cited By 7}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84966339680&doi=10.1111%2fajfs.12126&partnerID=40&md5=13433838738bb6aeac2e4cdbd786d70b}, affiliation={Economic Research Institute, Bank of Korea, South Korea; School of Business Administration, Chung-Ang University, 84 Heukseok-Ro, Dongjak-Gu, Seoul, 06974, South Korea}, abstract={We investigate the effects of entry of financial technology (FinTech) based firms on competition in the retail payments market. With a model of two-sided market with vertical restraints, we derive the following results. When only the entry of a vertically integrated (or end-to-end service) provider is allowed, either all merchants opt for multi-homing or no entry occurs, regardless of the regulatory requirement. On the other hand, if the entry of a downstream-only (or front-end service) provider is allowed, a partial multi-homing equilibrium could emerge under certain conditions, in which the entry of an end-to-end service provider does not occur. Without regulation, however, the vertically integrated incumbent does not voluntarily provide the back-end service to the entrant in general. This suggests the need for proper regulatory measures to reach a socially desirable outcome from the new entry in the retail payments market. © 2016 Korean Securities Association.}, author_keywords={End-to-end; Entry; FinTech; Front-end; Retail payment}, references={(2014) The Boom in Global Fintech Investment: A New Growth Opportunity for London, Technical Report, , http://www.accenture.com/Microsites/fsinsights/capital-markets-uk/Documents/Accenture-Global-Boom-in-Fintech-Investment.pdf, Accenture; Anderson, R., Moore, T., The economics of information security (2006) Science, 314, pp. 610-613; Armstrong, M., Competition in two-sided markets (2006) The RAND Journal of Economics, 37, pp. 668-691; Baxter, W.F., Bank interchange of transactional paper: Legal and economic perspectives (1983) Journal of Law and Economics, 26, pp. 541-588; Bradford, T., Hayashi, F., Hung, C., Rosati, S., Sullivan, R.J., Wang, Z., Weiner, S.E., Nonbanks and risk in retail payments: EU and U.S. EU (2009) Managing Information Risk and the Economics of Security, , M. 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Its main office is located in Basel, Switzerland and it has two representative office at Hong Kong and Mexico; DeGennaro, R.P., Credit card processing: A look inside the black box (2006) Economic Review, 91, pp. 27-42; Edelman, B., Wright, J., Markets with price coherence (2015) Working Paper, , http://www.benedelman.org/publications/pricecoherence-markets-2015-03-12.pdf; Hasan, I., Schmiedel, H., Song, L., Returns to retail banking and payments (2012) Journal of Financial Services Research, 41, pp. 163-195; Hayashi, F., Bradford, T., Mobile payments: Merchants perspectives (2014) Economic Review, 99, pp. 5-30; Heggestuen, J., (2015) The Mobile Payments Report: Forecasts, User Trends, and the Companies Vying to Dominate Mobile Payments, , http://www.businessinsider.com/the-mobile-payments-report-2015-5, Business Insider; Iacobucci, E.M., Tying in two-sided markets, with application to Google (2014) Working Paper, , http://www.law.uchicago.edu/_les/_les/iacobucci#paper.pdf; Jun, J., Yoon, K.-S., Yu, B., Liability, information, and anti-fraud investment in a layered retail payment structure (2015) Working Paper, , Bank of Korea; Liu, Q., Serfes, K., Price discrimination in two-sided markets (2013) Journal of Economics & Management Strategy, 22, pp. 768-786; Mariotto, C., Verdier, M., Innovation and competition in the retail banking industry: An industrial organization perspective (2014) Working Paper, , http://ssrn.com/abstract=2505682; Reinartz, W., Dellaert, B., Krafft, M., Kumar, V., Varadarajan, R., Retailing innovations in a globalizing retail market environment (2011) Journal of Retailing, 87, pp. 53-66; Rey, P., Vertical restraints an economic perspective (2012) Working Paper, , http://www.fne.gob.cl/wp-content/uploads/2013/11/Patrick-Rey.-Vertical-Restraints.pdf; Rochet, J.-C., Tirole, J., Platform competition in two-sided markets (2003) Journal of the European Economic Association, 1, pp. 990-1029; Rochet, J.-C., Tirole, J., Two-sided markets: A progress report (2006) The RAND Journal of Economics, 37, pp. 645-667; Rochet, J.-C., Tirole, J., Must-take cards: Merchant discounts and avoided costs (2011) Journal of the European Economic Association, 9, pp. 462-495; Rysman, M., The economics of two-sided markets (2009) The Journal of Economic Perspectives, 23, pp. 125-143; Verdier, M., Interchange fees in payment card systems: A survey of the literature (2011) Journal of Economic Surveys, 25, pp. 273-297}, correspondence_address1={Yeo, E.; School of Business Administration, Chung-Ang University, 84 Heukseok-Ro, Dongjak-Gu, South Korea; email: ejyeo@cau.ac.kr}, publisher={Wiley-Blackwell}, issn={20419945}, language={English}, abbrev_source_title={Asia-Pac. J. Financ. Stud.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Kim2016314, author={Kim, K.-H. and Lee, C.-S. and Jo, S.-M. and Cho, S.-B.}, title={Predicting the success of bank telemarketing using deep convolutional neural network}, journal={Proceedings of the 2015 7th International Conference of Soft Computing and Pattern Recognition, SoCPaR 2015}, year={2016}, pages={314-317}, doi={10.1109/SOCPAR.2015.7492828}, art_number={7492828}, note={cited By 4; Conference of 7th International Conference of Soft Computing and Pattern Recognition, SoCPaR 2015 ; Conference Date: 13 November 2015 Through 15 November 2015; Conference Code:122346}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84979211073&doi=10.1109%2fSOCPAR.2015.7492828&partnerID=40&md5=33b00654d221423ecfc9668561c5050a}, affiliation={Department of Computer Science, Yonsei University, Seoul, South Korea}, abstract={Recently, exploitations of the financial big data to solve the real world problems have been to the fore. Deep neural networks are one of the famous machine learning classifiers as their automatic feature extractions are useful, and even more, their performance is impressive in practical problems. Deep convolutional neural network, one of the promising deep neural networks, can handle the local relationship between their nodes which can make this model powerful in the area of image and speech recognition. In this paper, we propose the deep convolutional neural network architecture that predicts whether a given customer is proper for bank telemarketing or not. The number of layers, learning rate, initial value of nodes, and other parameters that should be set to construct deep convolutional neural network are analyzed and proposed. To validate the proposed model, we use the bank marketing data of 45,211 phone calls collected during 30 months, and attain 76.70% of accuracy which outperforms other conventional classifiers. © 2015 IEEE.}, author_keywords={Bank telemarketing; Big data; Convolutional neural network; Deep learning; Fintech}, keywords={Artificial intelligence; Convolution; Learning systems; Network architecture; Neural networks; Pattern recognition; Soft computing; Speech recognition, Automatic feature extraction; Bank telemarketing; Conventional classifier; Convolutional neural network; Deep learning; Deep neural networks; Fintech; Practical problems, Big data}, funding_details={Ministry of Science, ICT and Future PlanningMinistry of Science, ICT and Future Planning, MSIP, IITP-2015-R0992-15-1011}, funding_details={Ministry of Science ICT and Future PlanningMinistry of Science ICT and Future Planning, MSIP}, funding_text 1={This research was supported by the MSIP (Ministry of Science, ICT and Future Planning), Korea, under the ITRC (Information Technology Research Center) sup-port program (IITP-2015-R0992-15-1011)}, references={Lin, W.Y., Hu, Y.H., Tsai, C.F., Machine learning in financial crisis prediction: A survey (2012) IEEE Trans. on Systems, Man, and Cybernetics, Part C: Applications and Reviews, 42 (4), pp. 421-436; Krizhevsky, A., Sutskever, I., Hinton, G.E., Imagenet classification with deep convolutional neural networks (2012) Advances in Neural Information Processing Systems, pp. 1097-1105; Ji, S., Xu, W., Yang, M., Yu, K., 3D convolutional neural networks for human action recognition (2013) IEEE Trans. on Pattern Analysis and Machine Intelligence, 35 (1), pp. 221-231; Liao, Z., Wang, J., Forecasting model of global stock index by stochastic time effective neural network (2010) Expert Systems with Applications, 37 (1), pp. 834-841; Abdel-Hamid, O., Mohamed, A.R., Jiang, H., Penn, G., Applying convolutional neural networks concepts to hybrid NN-HMM model for speech recognition (2012) IEEE Int. Conf. on Acoustics, Speech and Signal Processing, pp. 4277-4280; Ronao, C.A., Cho, S.-B., Evaluation of deep convolutional neural network architectures for human activity recognition with smartphone sensors (2015) Proc. of the KIISE Korea Computer Congress 2015, pp. 858-860; Karpathy, A., Toderici, G., Shetty, S., Leung, T., Sukthankar, R., Fei-Fei, L., Large-scale video classification with convolutional neural networks (2014) IEEE Conf. on Computer Vision and Pattern Recognition, pp. 1725-1732; Moro, S., Cortez, P., Rita, P., A data-driven approach to predict the success of bank telemarketing (2014) Decision Supprot Systems, 62, pp. 22-31; Ciresan, D.C., Meier, U., Masci, J., Maria, L.G., Schmidhuber, J., Flexible, high performance convolutional neural networks for image classification (2011) Int. Joint Conf. on Artificial Intelligence, 22 (1), p. 1237; Lawrence, S., Giles, C.L., Tsoi, A.C., Back, A.D., Face recognition: A convolutional neural-network approach (1997) IEEE Trans. on Neural Networks, 8 (1), pp. 98-113}, editor={Koppen M., Muda A.K., Ma K., Xue B., Takagi H., Abraham A.}, sponsors={}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781467393607}, language={English}, abbrev_source_title={Proc. Int. Conf. Soft Comput. Pattern Recognit., SoCPaR}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Kang2016163, author={Kang, B.-S. and Lee, K.-H.}, title={2-Channel authentication technique using cardiac impulse based OTP}, journal={Journal of Computer Virology and Hacking Techniques}, year={2016}, volume={12}, number={3}, pages={163-167}, doi={10.1007/s11416-016-0271-5}, note={cited By 3}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84960437980&doi=10.1007%2fs11416-016-0271-5&partnerID=40&md5=fa8f3e33118658733f1cdb96e86fbe13}, affiliation={Division of Information and Communication, BaekSeok University Korea, Cheonan, South Korea}, abstract={As the obligatory use of Active-X and authentication certificate is recently abolished in the country, fintech technology newly receives the attention which enables the easy payment. But, PW based user authentication system is not free from the hacking threat that the third party falsifies the parameter values for the parameter values. In addition, the system is vulnerable against PW information collection for a long time and analogy attack against PW as well. As the countermeasures for this threat, there is a method to use authentication key applying the algorithm to make one time PW using biometrics and current time information. This study suggested OTP configuration technique with new channel using cardiac impulse. Suggested technique is expected to contribute to safe fintech construction. © 2016, Springer-Verlag France.}, author_keywords={Biometrics; Cardiac impulse; Fintech; User authentication}, keywords={Biometrics; Personal computing, Authentication techniques; Cardiac impulse; Fintech; Information collections; Third parties; Time information; User authentication; User authentication systems, Authentication}, references={Park, H.-H., Nho, H.-O., Kim, Y.-H., The impact of perceived IT threat on convergence information system performance (2015) Int. Conf. Converg. Technol., 6 (3), pp. 65-71; Lee, K.-H., A security threats in wireless charger systems in M2M (2013) Int. Conf. Converg. Technol., 4 (1), pp. 27-31; Go, J.-Y., Lee, K.-H., SNS disclosure of personal information in M2M environment threats and countermeasures (2014) Int. Conf. Converg. Technol, 5 (1), pp. 29-34; Jaeseok, P., Pintech trends and the direction of the corresponding financial institutions (2014) KISDI, 99 (4), pp. 75-97; Lee, S.-H., Lee, D.-W., FinTech-conversions of finance industry based on ICT (2015) Int. Conf. Converg. Technol, 6 (3), pp. 97-102; Choi, P., Park, S.-S., Dong-Ggyu, L., Mobile payment and biometric fusion technology trend (2012) KIPS, 22 (4), pp. 21-28; Tepandi, J., Tšahhirov, I., Vassiljev, S., Wireless PKI security and mobile voting (2010) IEEE Comput, 43 (6), pp. 54-60; Hong, K., Jung, E., Hand biometric information recognition system of mobile PhoneImage for mobile security (2014) J. Digital Converg., 12 (4), pp. 319-326; Kim, H.-K., A study on the implementation of personal authentication security system using heartbeat (2009) KMMS, 12 (2), pp. 338-341; Moon, J.-K., Kim, J.-M., Modify of extended API for Smart-TV security (2014) Int. Conf. Converg. Technol., 5 (2), pp. 1-6; Yun, S., The biometric signature delegation method with undeniable property (2014) J. Digital Converg., 12 (1), pp. 389-395; Lee, K.-J., Lee, K.-H., Authentication scheme using biometrics in intelligent vehicle network (2013) Int. Conf. Converg. Technol., 4 (3), pp. 15-20; Choo, Y.-S., Jin, B.-W., Park, J.-P., Jun, M.-S., Design the user authentication framework using u-health system (2015) J. Digital Converg., 13 (5), pp. 219-226; Road map for the one time password standards (2011) TTA; Kim, D.-R., A study on the OTP generation algorithm for user authentication (2015) J. Digital Converg., 13 (1), pp. 283-288}, correspondence_address1={Lee, K.-H.; Division of Information and Communication, BaekSeok University KoreaSouth Korea; email: root1004@bu.ac.kr}, publisher={Springer-Verlag France}, issn={22742042}, language={English}, abbrev_source_title={J. Comput. Virol. Hacking Tech.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Chang2016, author={Chang, Y. and Wong, S.F. and Lee, H. and Jeong, S.P.}, title={What motivates Chinese consumers to adopt FinTech services: A regulatory focus theory}, journal={ACM International Conference Proceeding Series}, year={2016}, volume={17-19-August-2016}, doi={10.1145/2971603.2971643}, art_number={2971643}, note={cited By 1; Conference of 18th International Conference on Electronic Commerce, ICEC 2016 ; Conference Date: 17 August 2016 Through 19 August 2016; Conference Code:123480}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84988692193&doi=10.1145%2f2971603.2971643&partnerID=40&md5=a22aefd294eef6c59d2051c214677699}, affiliation={BNU-HKBU UIC, 28 Jinfeng Rd. Tangjiawan, Zhuahai, Guangdong, China; Sunway University, 5 Jalan Universiti, Bandar Sunway, Malaysia; Dankook University, Jukjeondong, Sujigu Yonginsi, Gyeonggido, South Korea}, abstract={FinTech is a newly emerged service that combines innovative financial services and latest mobile technology. Since this service is new, there is a lack of study that investigates consumer behavior in adopting the service. Founded on Regulatory Focus Theory, our study aims to explain two different factors that motivate the adoption of FinTech in China. We plan to collect data from university students who used Alipay and Tenpay (two of the leading FinTech companies in China). The findings from our study will be valuable to FinTech companies in strategizing and promoting usage of their services. © 2016 ACM.}, author_keywords={Alipay; Fintech; Regulation focus theory; Security control; Tenpay; Use and gratification}, keywords={Commerce; Electronic commerce, Alipay; Fintech; Regulation focus theory; Security controls; Tenpay; Use and gratification, Consumer behavior}, references={(2016) FinTech, , http://www.pwc.com/us/en/financial-services/fintech.html; (2015) Future of FinTech and Banking, , https://www.accenture.com/us-en/insight-future-fintech-banking.aspx; Higgins, E.T., Beyond pleasure and pain (1997) American Psychologist, 52 (12), p. 1280; Lee, A.Y., Aaker, J.L., Bringing the frame into focus: The influence of regulatory fit on processing fluency and persuasion (2004) Journal of Personality and Social Psychology, 86 (2), pp. 205-218; Brockner, J., Higgins, E.T., Low, M.B., Regulatory focus theory and the entrepreneurial process (2004) Journal of Business Venturing, 19 (2), pp. 203-220; Wang, J., Lee, A.Y., The role of regulatory focus in preference construction (2006) Journal of Marketing Research, 43 (1), pp. 28-38; Hirschman, E.C., Holbrook, M.B., Hedonic consumption: Emerging concepts, methods and propositions (1982) Journal of Marketing, 46 (3), pp. 92-101; Katz, M.L., Shapiro, C., Network externalities, competition, and compatibility (1985) The American Economic Review, 75 (3), pp. 424-440; Suh, B., Han, I., The impact of customer trust and perception of security control on the acceptance of electronic commerce (2003) International Journal of Electronic Commerce, 7 (3), pp. 135-161; Mayer, R.C., Davis, J.H., Schoorman, F.D., An integrative model of organizational trust (1995) Academy of Management Review, 20 (3), pp. 709-734; Susanto, A., Chang, Y., Ha, Y., Determinants of continuance intention to use the smartphone banking services: An extension to the expectation-confirmation model (2016) Industrial Management & Data Systems, 116 (3), pp. 508-525; Bhattacherjee, A., Understanding information systems continuance: An expectation-confirmation model (2001) MIS Quarterly, pp. 351-370; Ha, Y.W., Kim, J., Libaque-Saenz, C.F., Chang, Y., Park, M.C., Use and gratifications of mobile SNSs: Facebook and KakaoTalk in Korea (2015) Telematics and Informatics, 32 (3), pp. 425-438; Lin, K.Y., Lu, H.P., Why people use social networking sites: An empirical study integrating network externalities and motivation theory (2011) Computers in Human Behavior, 27 (3), pp. 1152-1161}, sponsors={et al.; Gyeonggi MICE Bureau; Korea Tourism Organization; Korean Federation of Science and Technology Societies (KOFST); National Information Society Agency (NIA); Suwon City}, publisher={Association for Computing Machinery}, isbn={9781450342223}, language={English}, abbrev_source_title={ACM Int. Conf. Proc. Ser.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Gatali2016, author={Gatali, I.F. and Lee, K.Y. and Park, S.U. and Kang, J.}, title={A qualitative study on adoption of biometrics technologies: Canadian banking industry}, journal={ACM International Conference Proceeding Series}, year={2016}, volume={17-19-August-2016}, doi={10.1145/2971603.2971623}, art_number={2971623}, note={cited By 3; Conference of 18th International Conference on Electronic Commerce, ICEC 2016 ; Conference Date: 17 August 2016 Through 19 August 2016; Conference Code:123480}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84988719686&doi=10.1145%2f2971603.2971623&partnerID=40&md5=1318d30c63e20c3879654873bd0ab0d2}, affiliation={Bishop's University, 2600 College Street, Lenoxville, QC, Canada; Dalhousie University, 6299 South St, Halifax, NS, Canada; Kyonggi University, 154-42 Gwanggyosan-Ro, Yeongtong, Suwon, South Korea; Ajou University, 206 Worldcup-ro, Yeongtong, Suwon, South Korea}, abstract={This study examines the adoption of biometrics technology in the Canadian banking industry. By comparing Canadian banks with the financial institutions in other countries in terms of their adoption to biometrics, it explores current status of adoption to biometrics technology by Canadian banks and the potential future consequences as a result of their delayed adoption. Through literature review, this study first provides various aspects of biometrics technologies; technical specifications, performance metrics, types, current applications, and some issues and concerns with this technology. Second, it discusses current and future potential applications of biometrics in the banking industry. Then, the study provides a context with which to analyze the extent of the popularity and practicality of the technology in Canadian banks. Finally, based on qualitative interviews with biometric researchers and professionals in Canada, this study reports the research findings with regards to the following four topics: 1) Integration and accessibility to biometrics, 2) Public opinion and concern, 3) Transition of technologies, and 4) Current accommodations for biometrics, followed by discussion of the contributions of this study. Copyright is held by the owner/author(s).}, author_keywords={Authentication; Biometrics; Canadian banks; Fingerprint; FinTech; Iris and voice recognition; Privacy; Security}, keywords={Authentication; Commerce; Data privacy; Electronic commerce; Pattern recognition systems; Social aspects, Biometrics technology; Canadian banks; Financial institution; Fingerprint; FinTech; Qualitative interviews; Security; Technical specifications, Biometrics}, references={Ahmad, D.T., Hariri, M., User Acceptance of Biometrics in E-banking to improve Security (2012) Business Management Dynamics, 2 (1), pp. 01-04; Amit, (2015) 7 Trends in Biometric Technology As It Applies to FinTech, , letstalkpayments.com; Ashford, W., HSBC launches biometric security for mobile banking in the UK (2016) Computer Weekly; (2012) Banking on the Power of Speech, , BARCLAYS, Barclays; Belton, P., In your irises: The new rise of biometric banking (2015) BBC; Bevan, K., (2015) At the Speed of Sound: RBC Conversational Voice Biometrics A Canadian First, , RBC.com; Biometric Applications, , BIOMETRIC-SOLUTIONS, unknown. Biometric-solutions.com; (2006) Privacy & Biometrics: Building A Conceptual Foundation, , BIOMETRICS.GOV, Biometrics.gov; Bustard, J., The Impact of EU Privacy Legislation on Biometric System Deployment: Protecting citizens but constraining applications (2015) Signal Processing Magazine, IEEE, 32 (5), pp. 101-108; Byun, S., Byun, S.-E., Exploring perceptions toward biometric technology in service encounters: A comparison of current users and potential adopters (2013) Behaviour & Information Technology, 32 (3), pp. 217-230; Caldwell, T., Voice and facial recognition will drive mobile finance (2012) Biometric Technology Today 2012, 10, pp. 2-3; Caldwell, T., Market report: Border biometrics (2015) Biometric Technology Today 2015, 5, pp. 5-11; (2013) Survey of Canadians on Privacy-Related Issues, , www.priv.gc.ca, CANADA, O.O.T.P.C.O., Final Report; (2015) Credit Card Fraud and Interac Debit Card Statistics - Canadian Issued Cards, , CANADIAN-BANKERS-ASSOCIATION, cba.ca; (2016) Credit Card Delinquency - VISA and MasterCard, , CANADIAN-BANKERS-ASSOCIATION, cba.ca; Clark, B., (2015) The History of Biometric Security, and How It's Being Used Today, , www.makeuseof.com; Crawford, C.M., Internet online backup system provides remote storage for customers using IDs and passwords which were interactively established when signing up for backup services (1998), Google Patents; Cunningham, I., (2015) UK Now Ready for Biometric Banking, , www.experianplc.com; Dunker, M., (2003) Dont Blink: Iris Recognition for Biometric Identification, , SANS Institute; Gelb, A., Decker, C., Cash at Your Fingertips: Biometric Technology for Transfers in Developing Countries∗ (2012) Review of Policy Research, 29 (1), pp. 91-117; Gilmore, W., Erdem, S.A., The Future Of Online Internet Marketing: A Solution To Behavioral Marketing Using Biometrics (2011) Journal of Business & Economics Research (JBER), 6, p. 2; Gold, S., Biometrics - A global review (2011) Biometric Technology Today 2011, 4, pp. 5-8; Gold, S., Biometrics at the ATM - The need for customer authentication (2012) Biometric Technology Today 2012, 6, pp. 7-10; Hassanein, K., Head, M., Harold, A., Ivanov, A., Intention to Use Biometrics For Automated Banking Machine Access: The impact of Educational Interventions (2012) Emcis 2012; Hoang, B., Caudill, A., (2008) What Is Biometrics?, , docs.askiven.com; (2015) Biometric Attendance System: Iris Versa Fingerprint, , IRITECH, iritech.com; Jain, A., Ross, A.A., Nandakumar, K., (2011) Introduction to Biometrics, , Springer Science & Business Media; Kiladze, T., Too Big To Disrupt? (2014) The Globe and Mail; Lawson, W.J., (2003) Enhancing Assistive Technologies: Through the Theoretical Adaptation of Biometric Technologies to People of Variable Abilities, , Western University; Le, C., Jain, R., (2009) A Survey of Biometrics Security Systems, , EEUU. Washington University in St. Louis; Lee, J., (2016) Ford R&D Lab Exploring the Integration of Wearables and Vehicles, , biometricupdate.com; Lockhart, B., (2015) In Biometrics, Which Error Rate Matters?, , tractica.com; (2014) Biometrics For Financial Service Identity, , M2SYS, M2sys.com; Most, C.M., Bioemtrics and Financial Services-Show Me the Money! (2004) Digital ID World, pp. 20-23; Muralidharan, K., Niehaus, P., Sukhtankar, S., (2014) Payments Infrastructure and the Performance of Public Programs: Evidence from Biometric Smartcards in India, , National Bureau of Economic Research; Nanavati, S., Thieme, M., Nanavati, R., (2002) Biometrics, Identity Verification in A Networked World, , Wiley Computer Publishing; Normalini, M., Ramayah, T., A Proposed Biometrics Technologies Implementation in Malaysia Internet Banking Services (2015) Innovation, Finance, and the Economy, pp. 79-87. , Springer; Palmer, K., (2015) Pins 'Obsolete Within Five Years' - and Pay with Mobile or Fingerprints Instead, , www.telegraph.co.uk; Perala, A., (2016) Global Biometrics Market to Reach $41.5B by 2020: BCC Research, , findbiometrics.com; Prasad, R.S., Al-Ani, M.S., Nejres, S.M., An Efficient Approach for Fingerprint Recognition (2015) Image, 4, p. 5; Pruss, L., (2015) The Differences Between Banking in the US and Canada, , thefinancialbrand.com; Rouse, M., (2015) Definition: Biometrics, , techtarget.com; Scallan, N., Bay Street law firm uses fingerprint technology to monitor employees' comings and goings (2012) The Star; Soltane, M., FACE, VOICE AND SIGNATURE MULTI-MODAL BIOMETRIC VERIFICATION FUSION SYSTEMS (2015) Annals of the Faculty of Engineering Hunedoara, 13 (4), p. 139; Tassabehji, R., Kamala, M.A., Improving e-banking security with biometrics: Modelling user attitudes and acceptance (2009) New Technologies, Mobility and Security (NTMS), 2009 3rd International Conference on, pp. 1-6. , IEEE; Tassabehji, R., Kamala, M.A., Evaluating biometrics for online banking: The case for usability (2012) International Journal of Information Management, 32 (5), pp. 489-494; Trader, J., (2014) The Impact of Biometrics in Banking, , M2Sys.com; Biometric statistics in focus (2006) Biometric Technology Today, 14 (2), pp. 7-9. , http://dx.doi.org, UNKNOWN, A., http://dx.doi.org/10.1016/S0969-4765(06)70471-4; Venkatraman, S., Delpachitra, I., Biometrics in banking security: A case study (2008) Information Management & Computer Security, 16 (4), pp. 415-430; Wayman, J., Jain, A., Maltoni, D., Maio, D., (2005) An Introduction to Biometric Authentication Systems, , Springer; Wong, C., (2015) Canadian Banks Are Putting Their Fingers on the Benefits of Biometrics, , blog.allstream.com}, sponsors={et al.; Gyeonggi MICE Bureau; Korea Tourism Organization; Korean Federation of Science and Technology Societies (KOFST); National Information Society Agency (NIA); Suwon City}, publisher={Association for Computing Machinery}, isbn={9781450342223}, language={English}, abbrev_source_title={ACM Int. Conf. Proc. Ser.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Chen2016225, author={Chen, L.}, title={From Fintech to Finlife: the case of Fintech Development in China}, journal={China Economic Journal}, year={2016}, volume={9}, number={3}, pages={225-239}, doi={10.1080/17538963.2016.1215057}, note={cited By 5}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84988481793&doi=10.1080%2f17538963.2016.1215057&partnerID=40&md5=00f6ac030fd22e7db1e621d95d4e9369}, affiliation={Cheung Kong Graduate School of Business, and Institute of Internet Finance, Peking University, China}, abstract={The purpose of technology is not to make finance better, but to make finance serve real life better. Fintech has grown much faster in China than in the United States. In China, this success has come not from an initial technology advantage, but from integration between finance and real-life needs. This experience has important implications for understanding financial innovations, and for the development of inclusive finance. © 2016 Informa UK Limited, trading as Taylor & Francis Group.}, author_keywords={financial inclusion; financial scenarization; Fintech}, references={Arner, D.W., Barberis, J.N., Buckley, R.P., The Evolution of Fintech: A New Post-Crisis Paradigm? (2015) University of Hong Kong Faculty of Law, , http://ssrn.com/abstract=2676553, Research Paper No. 2015/047; Chaia, A., Goland, T., Schiff, R., Counting the World’s Unbanked (2010) McKinsey Quarterly; (2014) The FCA’s Regulatory Approach to Crowdfunding over the Internet, and the Promotion of Non-Readily Realisable Securities by Other Media, , http://www.fca.org.uk/static/documents/policy-statements/ps14-04.pdf, PS14/4. FCA, London; (2015) The Fintech 100 Leading Global Fintech Innovators Report 2015, , https://assets.kpmg.com/content/dam/kpmg/pdf/2015/12/Fintech-100-leading-innovators-2015.pdf; Lee, D.K.C., Teo, E.G.S., (2015) Emergence of Fintech and the Lasic Principles, , http://dx.doi.org/10.2139/ssrn.2668049, or; McKinsey, (2010) Global Financial Inclusion, , October, McKinsey Publishing; (2015) China Payment and Settlement System Development Report, , Beijing: China Social Sciences Academic Press; Pilkington, M., (2016) “Does the Fintech Industry Need a New Risk Management Philosophy? A Sequential Blockchain-Based Typology for Virtual Currencies and e-Money Services in Luxembourg, , http://dx.doi.org/10.2139/ssrn.2744899, or; Rajan, R., Zingales, L., What Do We Know about Capital Structure? Some Evidence from International Data (1995) Journal of Finance, 50, pp. 1421-1460; Rajan, R., Zingales, L., The Influence of the Financial Revolution on the Nature of Firms (2001) American Economic Review, 91, pp. 206-212; Volcker, P., The only thing useful banks have invented in 20 years is the ATM (2009) New York Post, , http://nypost.com/2009/12/13/the-only-thing-useful-banks-have-invented-in-20-years-is-the-atm/, Dec 13; Zhou, W., Arner, D.W., Buckley, R.P., Regulation of Digital Financial Services in China: Last Mover Advantage (2015) Tsinghua China Law Review, 8 (1), pp. 25-62. , http://dx.doi.org/10.2139/ssrn.2660050, University of Hong Kong Faculty of Law Research Paper No. 2015/044; UNSW Law Research Paper No. 2015-62., or}, correspondence_address1={Chen, L.; Cheung Kong Graduate School of Business, and Institute of Internet Finance, Peking UniversityChina; email: lchen@ckgsb.edu.cn}, publisher={Routledge}, issn={17538963}, language={English}, abbrev_source_title={China Econ. J.}, document_type={Article}, source={Scopus}, } @ARTICLE{Kim20161933, author={Kim, J. and Kwon, H. and Kim, D.}, title={Industry trends and challenges in on-demand services in South Korea}, journal={ICIC Express Letters, Part B: Applications}, year={2016}, volume={7}, number={9}, pages={1933-1938}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84985912200&partnerID=40&md5=2d89466df2792bc798724cdd21e9e475}, affiliation={Department of Industrial and Information Systems Engineering, Soongsil University, 369 Sangdo-Ro, Dongjak-Gu, Seoul, 06978, South Korea}, abstract={As the number of mobile Internet users has increased fast and cutting-edge technologies such as IoT (Internet of Things), big data, and FinTech (Financial Technology) have advanced, O2O (Online To Offline) or on-demand services are evolving quickly. This paper reviews a variety of on-demand services from world widely well-known services such as Uber and Airbnb to currently emerging startup services. In particular, a range of cases in leading countries such as the United States and China are presented and various on-demand service areas in Korea are summarized. Several conflicting cases of new on-demand services and existing laws for regulating offline business are introduced, and issues on these cases are reviewed. Important factors that must be considered by ondemand businesses in order for them to perform their sustainable businesses successfully are suggested. © 2016 ICIC International.}, author_keywords={O2O (online to offline); On-demand economy; On-demand service}, keywords={Internet, Cutting edge technology; Industry trends; Mobile Internet; Offline; On demands; On-demand services; Start-up services; Sustainable business, Big data}, references={Online-To-Offline Commerce, , http://www.investopedia.com/terms/o/onlinetoofflinecommerce.asp, Investopedia; Du, Y., Tang, Y., Study on the development of O2O e-commerce platform of China from the perspective of offline service quality (2014) International Journal of Business and Social Science, 5 (4), pp. 308-312; Didi Chuxing, , https://en.wikipedia.org/wiki/DidiChuxing, Wikipedia; Chi, Y., Kang, M., Han, K., Choi, J., A study on the discontinuance intention on O2O commerce: With a focus on the mediating effects of perceived risk and user resistance, International Journal of u- and e- Service (2016) Science and Technology, 9 (2), pp. 207-218; Kang, D., Domestic O2O platforms that grow rapidly (2015) Industrial Internet Issue Report; Chen, Y.-C., Hsieh, H.-C., Lin, H.C., Improved precision recommendation scheme by BPNN algorithm in O2O commerce (2013) Proc. Of the 10Th IEEE International Conference on E-Business Engineering, pp. 324-328; Tsai, T.-M., Yang, P.-C., Wang, W.-N., Pilot study toward realizing social effect in O2O commerce services (2013) LNCS, 8238, pp. 268-273; Oh, Y., Kim, D., Development of an innovative e-business model for online shoes shopping using smartphone-based 3D scanning technology (2016) ICIC Express Letters, 10 (3), pp. 643-648; Ji, S., Sun, X., Liu, D., Research on core competitiveness of Chinese retail industry based on O2O (2014) Advanced Material Research, 834 (836), pp. 2017-2020; Jaconi, M., The ‘on-demand economy’ is revolutionizing consumer behavior – Here’s how (2014) Business Insider; Jang, J., Moon, B., (2015) Two Faces of O2O Services, , Innovation and limitation, LG Business Insight; Ahn, S., Legal issues and solutions in the market of on-demand delivery services (2016) Proc. Of the Summer Conference of Korea Economic Law Association}, correspondence_address1={Kim, D.; Department of Industrial and Information Systems Engineering, Soongsil University, 369 Sangdo-Ro, Dongjak-Gu, South Korea; email: dskim@ssu.ac.kr}, publisher={ICIC Express Letters Office}, issn={21852766}, language={English}, abbrev_source_title={ICIC Express Lett Part B Appl.}, document_type={Article}, source={Scopus}, } @ARTICLE{Yao20161, author={Yao, G. and Wu, C. and Yu, X.}, title={Financial industry reform driven by block chain}, journal={Nanjing Youdian Daxue Xuebao (Ziran Kexue Ban)/Journal of Nanjing University of Posts and Telecommunications (Natural Science)}, year={2016}, volume={36}, number={5}, pages={1-9}, doi={10.14132/j.cnki.1673-5439.2016.05.001}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85012284317&doi=10.14132%2fj.cnki.1673-5439.2016.05.001&partnerID=40&md5=b742e43ba8364192433f460096e92757}, affiliation={School of Management, Nanjing University of Posts and Telecommunications, Nanjing, 210003, China; Nanjing iSanco Information Science & Technology Limited, Nanjing, 210003, China}, abstract={The block chain technology developed rapidly with the rise of bitcoin has attracted widespread concern in the international community, and has become the main technical manifestation in the financial technology (FinTech). The block chain will bring a serious challenge for the development of China's financial industry and a very rare opportunity. Analyzing the practical application of the block chain in the financial sector and defining the main mode of block chain developing in financial sector contribute to the financial sector making better developing deployment. The main applications include the distribution and circulation of digital currency, payment and settlement, security trading, asset proof of interest, credit management, digital ticket, boycott of money laundering, and internal management, etc., development model including three kinds of independent research and development, R&D cooperation and direct investment. The development of block chain in China's financial industry is currently faced with practical issues, such as the lag of laws and regulations, technological constraints, the lack of standards and safety hazards, Some measures need to be taken: the development of a consensus on the block chain, promotion of technological research and development, strengthen the industry alliance and political research cooperation, and promotion of building relevant standards and professional talent team. © 2016, Periodical Office of Nanjing University of Posts and Telecommunications. All right reserved.}, author_keywords={Block chain; Block chain finance; Financial block chain; Financial reform; Financial technology}, references={Government Office for Scientific, Distributed ledger technology: beyond block chain https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/492972/gs-16-1-distributed-ledger-technology.pdf, [2016-01-19]; Seminar on digital currency of the People's Bank of China held in Beijing http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/3008070/index.html, [2016-01-20]. (in Chinese); Block chains and stock exchanges http://www.accenture.com/, [2016-08-13]. (in Chinese); Research on constructing digital bill based on block chain http://finance.ce.cn/rolling/2016o1/25/t20160125_8533678.shtml, [2016-01-25]. (in Chinese); Block chain technology profoundly affects the financial industry http://www2.deloitte.com/, [2016-01-08]. . (in Chinese); Shang, Y., Pang, S., Application of block chain technology in commercial banks (2016), Beijing: Industrial and Commercial Bank of China, (in Chinese)}, correspondence_address1={Yao, G.; School of Management, Nanjing University of Posts and TelecommunicationsChina; email: yaogz@njupt.edu.cn}, publisher={Journal of Nanjing Institute of Posts and Telecommunications}, issn={16735439}, coden={NYXUE}, language={Chinese}, abbrev_source_title={Nanjing Youdian Daxue Xuebao (Ziran Kexue Ban)}, document_type={Article}, source={Scopus}, } @ARTICLE{Kursh201612, author={Kursh, S. and Schnure, A.}, title={Fintech and blockchain for senior IT managers}, journal={Cutter business technology journal}, year={2016}, volume={29}, number={11}, pages={12-17}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85018315736&partnerID=40&md5=5bfade218a6d6f2df2ad7720f558c0b9}, affiliation={School of Business, Northeastern University, United States}, references={Tapscott, D., Tapscott, A., The Impact of the Blockchain Goes beyond Financial Services (2016) Harvard Business Review, , https://hbr.org/2016/05/the-impact-of-theblockchain-goes-beyond-financial-services, May; Tapscott, D., Tapscott, A., Blockchain Revolution: How the Technology behind Bitcoin Is Changing Money (2016) Business, and the World, , Portfolio; Tapscott and Tapscott (see 2); Tapscott, D., How Blockchains Could Change the World (2016) Interview by Rik Kirkland. McKinsey & Company, , www.mckinsey.com/industries/high-tech/our-insights/howblockchains-could-change-the-world?cid=other-eml-alt-mipmck-oth-1607, May; Swan, M., Blockchain: Blueprint for a New Economy (2015) O'Reilly Media; What Is Blockchain? (2016) IBM, , www.ibm.com/blockchain/what_is_blockchain.html; Swan (see 5); Underwood, S., Blockchain beyond Bitcoin (2016) Communications of the ACM, 59 (11). , http://cacm.acm.org/magazines/2016/11/209132-blockchainbeyond-bitcoin/fulltext, November; Swan (see 5); McMillan, R., The Inside Story of Mt. Gox, Bitcoin's $460 Million Disaster (2014) Wired, , www.wired.com/2014/03/bitcoin-exchange/, 3 March; Bearman, J., Hanuka, T., The Untold Story of Silk Road, Part i (2015) Wired, , www.wired.com/2015/04/silk-road-1/, April; Blockchain Technology: 9 Benefits & 7 Challenges (2016) Deloitte, , www2.deloitte.com/nl/nl/pages/innovatie/artikelen/blockchain-technology-9-benefits-and-7-challenges.html; Norton, S., CIO Explainer: What Is Blockchain? (2016) The Wall Street Journal, , http://blogs.wsj.com/cio/2016/02/02/cio-explainer-what-is-blockchain/, 2 February; Nash, K.S., Blockchain: Catalyst for Massive Change Across Industries (2016) The Wall Street Journal, , http://blogs.wsj.com/cio/2016/02/02/blockchain-catalyst-formassive-change-across-industries/, 2 February; Norton (see 13); Nash (See 14); Wong, M., The State of Blockchain (2016) Webinar, CB Insights, , www.cbinsights.com/research-blockchaintranscript; Nash (see 14); Hagiu, A., Beach, N., Bitcoin: The Future of Digital Payments? (2014) Harvard Business School Case 714-519, , www.hbs.edu/faculty/Pages/item.aspx?num=47472, June; Popper, N., How China Took Center Stage in Bitcoin's Civil War (2016) The New York Times, , http://nyti.ms/29aahaU, 29 June; Popper (see 20); Account Control NXT, , https://nxt.org/what-is-nxt/account-control; www.ethereum.org; https://ripple.com; Blockchain Technologies, , www.blockchaintechnologies.com/blockchain-companies#list; Price, R., Digital Currency Ethereum Is Cratering because of a $50 Million Hack (2016) Business Insider, , www.businessinsider.com/dao-hacked-ethereum-crashingin-value-tens-of-millions-allegedly-stolen-2016-6, 17 June; Nash, K.S., King, R., IBM Set to Launch One of the Largest Blockchain Implementations to Date (2016) The Wall Street Journal, , http://blogs.wsj.com/cio/2016/07/29/ibm-set-to-launch-one-of-the-largest-blockchainimplementations-to-date/, 29 July}, issn={24753742}, language={English}, abbrev_source_title={Cutter business technology journal}, document_type={Article}, source={Scopus}, } @ARTICLE{Maier2016143, author={Maier, E.}, title={Supply and demand on crowdlending platforms: connecting small and medium-sized enterprise borrowers and consumer investors}, journal={Journal of Retailing and Consumer Services}, year={2016}, volume={33}, pages={143-153}, doi={10.1016/j.jretconser.2016.08.004}, note={cited By 5}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84984799910&doi=10.1016%2fj.jretconser.2016.08.004&partnerID=40&md5=1600301644b6e43cfa9c352fc66b4d0d}, affiliation={HHL Leipzig Graduate School of Management, Jahnallee 59, Leipzig, 04109, Germany}, abstract={Consumer crowdlending to small and medium enterprises is an increasingly relevant financial service phenomenon which depends on platforms as an intermediary. To match borrowers’ supply of loan requests and customers’ investment demand, this article proposes that crowdlending platforms need to initiate double switching behavior. On the one hand, switching of enterprise borrowers from traditional bank financing to crowdlending is driven by greater convenience (speed, flexibility, simplicity) and process transparency. Consumers, on the other, predominantly invest in crowdlending loans based on their economic performance relative to the choice set on the platform. We contribute to the literature on crowdfunding, satisfaction and switching in financial services. © 2016 Elsevier Ltd}, author_keywords={Crowdfunding; Crowdlending; Fintech; Satisfaction; SME; Switching}, keywords={financial services; investment; lending behavior; small and medium-sized enterprise}, references={Aboelmaged, M.G., Predicting e-readiness at firm-level: an analysis of technological, organizational and environmental (TOE) effects on e-maintenance readiness in manufacturing firms (2014) Int. J. Inf. Manag., 34, pp. 639-651; Agrawal, A.K., Catalini, C., Goldfarb, A., The Geography of Crowdfunding (NBER Working Paper No (2011), http://www.nber.org/papers/w16820, 16820). Retrieved June 27, 2016, from 〈〉; Agrebi, S., Jallais, J., Explain the intention to use smartphones for mobile shopping (2015) J. Retail. Consum. 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Serv.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Day20161127, author={Day, M.-Y. and Lee, C.-C.}, title={Deep learning for financial sentiment analysis on finance news providers}, journal={Proceedings of the 2016 IEEE/ACM International Conference on Advances in Social Networks Analysis and Mining, ASONAM 2016}, year={2016}, pages={1127-1134}, doi={10.1109/ASONAM.2016.7752381}, art_number={7752381}, note={cited By 7; Conference of 2016 IEEE/ACM International Conference on Advances in Social Networks Analysis and Mining, ASONAM 2016 ; Conference Date: 18 August 2016 Through 21 August 2016; Conference Code:125031}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85006762277&doi=10.1109%2fASONAM.2016.7752381&partnerID=40&md5=5c860a834a664936864e5bdb8840ebcc}, affiliation={Department of Information Management, Tamkang University, Taiwan}, abstract={Investors have always been interested in stock price forecasting. Since the development of electronic media, hundreds pieces of financial news are released on different media every day. Numerous studies have attempted to examine whether the stock price forecasting through text mining technology and machine learning could lead to abnormal returns. However, few of them involved the discussion on whether using different media could affect forecasting results. Financial sentiment analysis is an important research area of financial technology (FinTech). This research focuses on investigating the influence of using different financial resources to investment and how to improve the accuracy of forecasting through deep learning. The experimental result shows various financial resources have significantly different effects to investors and their investments, while the accuracy of news categorization could be improved through deep learning. © 2016 IEEE.}, author_keywords={Deep Learning; Finance News Providers; Financial Sentiment Analysis; Financial Technology (FinTech); Stock Prediction}, keywords={Data mining; Engineering education; Financial markets; Forecasting; Investments; Learning systems; Natural language processing systems, Deep learning; Different effects; Electronic media; Financial resources; Financial Technology (FinTech); Sentiment analysis; Stock predictions; Stock price forecasting, Finance}, funding_details={Tamkang UniversityTamkang University}, funding_text 1={This research was supported in part by Tamkang University (TKU) research grant}, references={Li, Q., Wang, T., Li, P., Liu, L., Gong, Q., Chen, Y., The effect of news and public mood on stock movements (2014) Information Sciences, 278, pp. 826-840; Loughran, T., McDonald, B., When is a liability not a liability Textual analysis, dictionaries, and 10Ks (2011) The Journal of Finance, 66 (1), pp. 35-65; Lin, I., (2013) Creating and Verifying Sentiment Dictionary of Finance and Economics Via Financial, pp. 1-60. , Master's Thesis, National Taiwan University, Taiwan; Sullivan, D., (2001) Document Warehousing and Text Mining: Techniques for Improving Business Operations, Marketing, and Sales, , John Wiley & Sons, Inc; Dong, Z., Dong, Q., (2006) HowNet and the Computation of Meaning: World Scientific; Ku, L.W., Chen, H.H., Mining opinions from the Web: Beyond relevance retrieval (2007) Journal of the American Society for Information Science and Technology, 58 (12), pp. 1838-1850; Ou, J.A., Penman, S.H., Financial statement analysis and the prediction of stock returns (1989) Journal of Accounting and Economics, 11 (4), pp. 295-329; Murphy, J.J., (1999) Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications: Penguin; Tumarkin, R., Whitelaw, R.F., News or noise Internet postings and stock prices (2001) Financial Analysts Journal, 57 (3), pp. 41-51; Mittermayer, M.-A., Forecasting Intraday Stock Price Trends with Text Mining Techniques, p. 10; Ahmad, K., Oliveira P, D., Casey, M., Taskaya, T., Description of Events: An Analysis of Keywords and Indexical Names; Hinton, G.E., Salakhutdinov, R.R., Reducing the dimensionality of data with neural networks (2006) Science, 313 (5786), pp. 504-507; Deng, L., Yu, D., Deep learning: Methods and applications (2014) Foundations and Trends in Signal Processing, 7 (3-4), pp. 197-387; Nunamaker, J.F., Jr., Chen, M., Purdin, T.D., Systems development in information systems research (1990) Journal of Management Information Systems, 7 (3), pp. 89-106; Karpathy, A., CS231n: Convolutional Neural Networks for Visual Recognition, , http://cs231n.github.io/neural-networks-1/; Kharde, V., Sonawane, S., (2016) Sentiment Analysis of Twitter Data: A Survey of Techniques, , arXiv preprint arXiv: 1601. 06971; Kaur, A., Duhan, N., A survey on sentiment analysis and opinion mining (2015) International Journal of Innovations & Advancement in Computer Science}, editor={Kumar R., Caverlee J., Tong H.}, sponsors={ACM SIGMOD; Association for Computing Machinery (ACM); et al.; IEEE; IEEE Computer Society; IEEE TCDE}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781509028467}, language={English}, abbrev_source_title={Proc. IEEE/ACM Int. Conf. Adv. Soc. Netw. Anal. Min., ASONAM}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Hung2016, author={Hung, J.-L. and Luo, B.}, title={FinTech in Taiwan: a case study of a Bank’s strategic planning for an investment in a FinTech company}, journal={Financial Innovation}, year={2016}, volume={2}, number={1}, doi={10.1186/s40854-016-0037-6}, art_number={15}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85058395789&doi=10.1186%2fs40854-016-0037-6&partnerID=40&md5=7cc922328f5bc2935a7159de45280560}, affiliation={Boise State University, Boise, United States; Agricultural Bank of China, Sichuan, China}, abstract={Introduction: Since 2015 is the year of FinTech in Taiwan, it is worth investigating the challenges that emerged when banks were encouraged to invest in FinTech companies for collaboration. This study aims to identify the strategic considerations in the process of searching for FinTech investment targets. Case description: This study used a case study investigation of a top-5 bank in Taiwan. The major data sources include the meeting notes of the FinTech investment task force and interviews with the team members. Co-opetition theory was adopted as the theoretical framework and interview questions were derived from the PARTS strategies in co-petition theory. The results relate to: (1) the strategic goals of FinTech investment, (2) the added value from FinTech companies, (3) criteria in selecting candidates in the same FinTech area, (4) choosing to work as either a cooperator or a competitor, and (5) barriers from policies and regulations. Discussion and evaluation: This study has several findings: (1) regulations and policies shape FinTech’s development; (2) banks, technology companies, and customers are not “FinTech ready;” (3) Compare top-down with bottom up strategies; (4) banks and FinTech companies have complex relationships; (5) it is unlikely that Taiwan will produce FinTech disruptors in the near future. Conclusion: The findings and discussion can benefit researchers and administrators in finance-related industries. More studies are desired to observe long-term development in terms of how companies collaborate or compete in specific FinTech areas. © 2016, The Author(s).}, author_keywords={Bank 3.0; Co-opetition Theory; FinTech; Investment in FinTech; PARTS; Taiwan bank industry; Taiwan FinTech Industry}, funding_details={TotalTotal}, funding_text 1={• Financial Research and Data (79 startups, 824 M total funding)}, references={(2016) Global Fintech Investment Growth Continues in 2016 Driven by Europe and Asia, , https://newsroom.accenture.com/news/global-fintech-investment-growth-continues-in-2016-driven-by-europe-and-asia-accenture-study-finds.htm, Accessed 10 Sept 2016; Benbasat, I., Goldstein, D.K., Mead, M., The case research strategy in studies of information systems (1987) MIS Q, 11 (3), pp. 369-386; Brandenburger, A., Nalebuff, B., (1996) Co-opetition, , Doubleday, New York; Cavaye, A.L., Case study research: a multi-faceted research approach for IS (1996) Inf Syst J, 6 (3), pp. 227-242; Chiu, L.T., Retrospect and prospect of financial industry development in Taiwan (2011) Econ Res, 11, pp. 171-197; (2015) Financial Supervisory Committee Big Data Project, , http://data.gov.tw/node/12077, Data.Gov.Tw, Accessed 30 Sept 2016; (2015) Construct Digital Finance Environments, , http://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=201501130003&toolsflag=Y&dtable=News, Accessed 21 Sept 2016; (2015) The Act Governing Electronic Payment Institutions, , http://law.fsc.gov.tw/law/EngLawContent.aspx?Type=C&id=1802, Accessed 30 Sept 2016; (2015) Regulations of Bank and Financial Holding Company Investing Fintech Firms, , http://law.banking.gov.tw/Eng/FLAW/FLAWQRY03.aspx?lsid=FL078705&keyword=10460003280, Accessed 30 Sept 2016; (2015) Regulations of Industry of Information Service and Industry of Finance Technology Determined by the Competent Authority as Finance Related Industry, , http://law.banking.gov.tw/Eng/FLAW/FLAWQRY03.aspx?lsid=FL078705&keyword=10460003280, Accessed 30 Sept 2016; (2016) Financial Technology Area, , http://www.fsc.gov.tw/ch/home.jsp?id=478&parentpath=0,7, Accessed 30 Sept 2016; (2016) Basic Financial Data, , http://www.banking.gov.tw/ch/home.jsp?id=157&parentpath=0,4&mcustomize=bstatistics_view.jsp&serno=201105120009, Accessed 30 Sept 2016; (2016) Fintech Development Strategy White Paper, , http://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=201605120002&aplistdn=ou=news,ou=multisite,ou=chinese,ou=ap_root,o=fsc,c=tw&dtable=News, Accessed 4 Oct 2016; (2016) P2P Will Not Set up Regulation, , http://udn.com/news/story/7239/1793803, Accessed 10 Oct 2016; (2016), https://www.fintechweekly.com/fintech-definition, Fintech weekly (nd) Fintech definition, Accessed 26 Aug; Hill, C., Lynn, L., Producing human services why do agencies collaborate? (2003) Public Manage Rev, 5 (1), pp. 63-81; King, B., (2012) Why banking is no longer somewhere you go but something you do, , John Wiley & Sons, Singapore; Levinson, N., Asahi, M., Cross-National Alliances and Interorganizational Learning (1995) Organizational Dynamics, 24, pp. 50-64; (1995) AT&T Breakup II: Highlights in the History of a Telecommunications Giant, , http://articles.latimes.com/1995-09-21/business/fi-48462_1_system-breakup, Accessed 22 Oct 2016; (2016) Mobile Payment Investigation, , https://mic.iii.org.tw/micnew/IndustryObservations_PressRelease02.aspx?sqno=427, Accessed 30 Sept 2016; Miles, M.B., Huberman, A.M., (1994) Qualitative data analysis, , Sage, Los Angeles; (2014) Taiwan Top for Convenience Store Density, , http://taiwantoday.tw/ct.asp?xItem=214462&ctNode=2183, Accessed 12 Oct 2016; Venture Scanner (2016) Financial Technology Startup Landscape Trends and Insights-Q4 2016, , https://www.venturescanner.com/blog/tags/venture%20scanner%20fintech, Accessed 8 Oct 2016; Financial Technology, , https://en.wikipedia.org/wiki/Financial_technology, nd, Accessed 11 Sept 2016}, correspondence_address1={Hung, J.-L.; Boise State UniversityUnited States; email: andyhung@boisestate.edu}, publisher={SpringerOpen}, issn={21994730}, language={English}, abbrev_source_title={Financial Innov.}, document_type={Article}, source={Scopus}, } @ARTICLE{Simon2016, author={Simon, H. and Leker, J.}, title={Using startup communication for opportunity recognition - An approach to identify future product trends}, journal={International Journal of Innovation Management}, year={2016}, volume={20}, number={8}, doi={10.1142/S1363919616400168}, art_number={1640016}, note={cited By 3}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84996878191&doi=10.1142%2fS1363919616400168&partnerID=40&md5=067adc97a72732108d7c756bd1ab9998}, affiliation={Institute of Business Administration, Department of Chemistry and Pharmacy, University of Münster, Germany}, abstract={A company's ability to recognise early-stage opportunities and to understand the dynamics of emerging markets determines the success or failure of new products. Particularly the emergence of new information technology and social media networks provide ample opportunities to leverage a massive amount of data for managerial purposes. However, managers still meet using social media with skepticism and it is not fully understood how to make use of this information for new product development. We introduce a new method on how to use large-scale internet data as a complement to traditional approaches (patent or publication analysis and surveys) to overcome their shortcomings in terms of speed, dynamic and expense to conduct. More specifically, we propose that social media communication of startups can give valuable indications about future product trends especially in rapidly developing fields. Our approach measures the awareness of startups - and their products - as the increase of the communication about the startup on Twitter. Startup communication is a particularly well-suited indicator because startups develop new-to-the-world products or are in the development process. We illustrate our approach by analysing the communication of 545 startups. On a holistic level we determine industry trends. Fintech is among the topics that increase significantly in relevance. We determine more specific categories within the industries by applying cosine-similarity metrics and hierarchical cluster analysis. Subsequently we determine NPD relevant trends by the increase of retweets within these categories. The growing customer awareness of these clusters shows newly evolving customer needs. Incumbents may use this information to adjust to their current portfolio or to find collaboration partners to best meet upcoming challenges and opportunities. We think that the approach can be transferred to a multitude of fields, helping with the analysis of emerging fields and with early stage opportunity recognition. © 2016 World Scientific Publishing Europe Ltd.}, author_keywords={big data; forecasting; opportunity development; Opportunity recognition; social media; social media analysis; startup; startup communication}, references={An, H.J., Ahn, S.J., Emerging technologies-beyond the chasm: Assessing technological forecasting and its implication for innovation management in Korea (2016) Technological Forecasting and Social Change, 102, pp. 132-142. , http://dx.doi.org/10.1016/j.techfore.2015.06.015, Available at; Angue, K., Ayerbe, C., Mitkova, L., A method using two dimensions of the patent classification for measuring the technological proximity: An application in identifying a potential R&D partner in biotechnology (2013) The Journal of Technology Transfer, 39 (5), pp. 716-747. , http://link.springer.com/10.1007/s10961-013-9325-8, Available at Accessed January 20, 2015]; Arceneaux, N., Schmitz Weiss, A., (2010) Seems Stupid until You Try It: Press Coverage of Twitter 2006-9, 12 (8), pp. 1262-1279. , New Media & Society; Ardichvili, A., Cardozo, R., Ray, S., A theory of entrepreneurial opportunity identification and development (2003) Journal of Business Venturing, 18 (1), pp. 105-123; Asur, S., Huberman, B.A., Predicting the future with social media (2010) Web Intelligence and Intelligent Agent Technology (WI-IAT), International Conference on 2010, , IEEE/ WIC/ACM; Bar, T., Defensive publications in an R & D race (2006) Journal of Economics & Management Strategy, 15 (1), pp. 229-254; Barczak, G., Griffin, A., Kahn, K.B., Perspective: Trends and drivers of success in NPD practices: Results of the 2003 PDMA best practices study (2009) Journal of Product Innovation Management, 26 (1), pp. 3-23; Bass, F.M., A newproduct growth for model consumer durables (1969) Management Science, 15 (5), pp. 215-227; Bilgram, V., Brem, A., Voigt, K.-I., User-centric innovations in new product development-Systematic identification of lead users harnessing interactive and collaborative online-Tools (2008) International Journal of Innovation Management, 12 (3), pp. 419-458; Bollen, J., Mao, H., Zeng, X., Twitter mood predicts the stock market (2011) Journal of Computational Science, 2 (1), pp. 1-8; Brooks, F.P., (1975) The Mythical Man-Month; Chae, B., Insights from hashtag #supplychain and Twitter analytics: Considering Twitter and Twitter data for supply chain practice and research (2015) International Journal of Production Economics, 165, pp. 247-259. , Kevin; Chen, M., Han, J., Yu, P.S., Data mining: An overview from a database perspective (1996) IEEE Transactions on Knowledge and Data Engineering, 8 (6), pp. 866-883; Cloutier, L.M., Leker, J., Bröhring, S., (2006) The Front End of Innovation in An Era of Industry Convergence: Evidence from Nutraceuticals and Functional Foods, pp. 487-498; Cooper, R.G., Kleinschmidt, E.J., New products What separates winners from losers? 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Crown Business; Tumasjan, A., Predicting elections with twitter: What 140 characters reveal about political sentiment (2010) AAAI Conference on Weblogs and Social Media Predicting, pp. 178-185; Varian, H., Choi, H., (2009) Official Google Research Blog: Predicting the Present with Google Trends., , http://googleresearch.blogspot.com/2009/04/predicting-present-with-google-Trends.html, Google Corp. Available at; Watts, R.J., Porter, A.L., (1997) Innovation Forecasting. Innovation in Technology Management the Key to Global Leadership, 47, pp. 25-47. , PICMET '97; Widrich, B.L., (2015) 5 Important Differences between Twitter and Facebook, pp. 1-12. , https://blog.bufferapp.com/5-points-where-you-shouldnt-confusetwitter-with-facebook, Available at}, correspondence_address1={Simon, H.; Institute of Business Administration, Department of Chemistry and Pharmacy, University of MünsterGermany; email: hauke.simon@uni-muenster.de}, publisher={World Scientific Publishing Co. Pte Ltd}, issn={13639196}, language={English}, abbrev_source_title={Int. J. Innov. Manage.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Zavolokina201775, author={Zavolokina, L. and Dolata, M. and Schwabe, G.}, title={FinTech transformation: How IT-enabled innovations shape the financial sector}, journal={Lecture Notes in Business Information Processing}, year={2017}, volume={276}, pages={75-88}, doi={10.1007/978-3-319-52764-2_6}, note={cited By 3; Conference of 8th International Workshop on Enterprise Applications, Markets and Services in the Finance Industry, FinanceCom 2016 ; Conference Date: 8 December 2016 Through 8 December 2016; Conference Code:188629}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85011269333&doi=10.1007%2f978-3-319-52764-2_6&partnerID=40&md5=dd4622941594931df5ba18060fd88053}, affiliation={Institute of Informatics, University of Zurich, Binzmühlestrasse 14, Zurich, 8050, Switzerland}, abstract={FinTech, the phenomenon which spans over the areas of information technologies and financial innovation, is currently on the rise and is gaining more and more attention from practitioners, investors and researchers. FinTech is broadly discussed by the media, which constitutes its understanding and represents social opinion, however, this perception of FinTech should be supported by empirical evidences. Therefore, we examine five Swiss FinTech companies through the lens of the conceptual framework of understanding of FinTech and its dimensions and, by doing so, analyze the nature of FinTech innovations. Thereby, we extend the understanding of FinTech and provide a fruitful soil for further research in this area. © Springer International Publishing AG 2017.}, author_keywords={Blockchain; Business model; Digital innovation; Disruption; Financial innovation; FinTech}, keywords={Commerce; Finance; Investments, Block-chain; Business modeling; Digital innovations; Disruption; Financial innovation; FinTech, Innovation}, references={Zavolokina, L., Dolata, M., Schwabe, G., FinTech - what’s in a name? 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Notes Bus. Inf. Process.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Saksonova2017961, author={Saksonova, S. and Kuzmina-Merlino, I.}, title={Fintech as financial innovation - The possibilities and problems of implementation}, journal={European Research Studies Journal}, year={2017}, volume={20}, number={3}, pages={961-973}, note={cited By 4}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85031813474&partnerID=40&md5=07f031e56a71f51d79c74ea744b84d64}, affiliation={University of Latvia, Latvia; Transport and Telecomunication Institute, Latvia}, abstract={There is a growing competition between banks and fintech not only in advanced economies, but also in the emerging markets. However, it is yet to be observed in Latvia to the same extent. This paper aims to evaluate fintech's level of development in Latvia compared to Europe. The paper identifies financial services using innovative technologies offered by fintech companies, analyses the advantages and disadvantages of these services in comparison with services offered by the traditional financial sector companies (banks, insurance companies, institutions involved in asset management and investment, etc.), and evaluates how prepared are consumers to use fintech services. This paper documents the results of the survey aiming to clarify how well-informed consumers in Latvia are about fintech services, their convenience, speed and safety, as well as the consumers' current satisfaction with banking services. The hypothesis of this paper is that Latvian society is not ready to use services provided by fintech, but prefers banking services instead. Survey results provide some evidence in favour of this hypothesis: they show that respondents are generally unaware about fintech services in Latvia and their associated innovations and new financial products. This paper makes several recommendations for managers of fintech enterprises, association of start-up enterprises and risk capital funds as well as state institutions.}, author_keywords={Competition; Fintech; Innovation in financial services}, references={(2015) The Future of FinTech and Banking: Digitally Disrupted or Reimagined?, , https://www.accenture.com/us-en/insight-future-fintech-banking, Accenture; Anikina, I.D., Gukova, V.A., Golodova, A.A., Chekalkina, A.A., Methodological aspects of prioritization of financial tools for stimulation of innovative activities (2016) European Research Studies Journal, 19 (2), pp. 100-112; (2016) Consumers and Mobile Financial Services, , https://www.federalreserve.gov/econresdata/consumers-and-mobile-financial-services-report-201603.pdf, Board of Governors of the Federal Reserve System; (2015) Consumers and Mobile Financial Services, , https://www.federalreserve.gov/econresdata/consumers-and-mobile-financial-services-report-201503.pdf, Board of Governors of the Federal Reserve System; Chaia, A., Goland, T., Schiff, R., (2010) Counting the World's Unbanked, , http://www.mckinsey.com/industries/financial-services/our-insights/counting-the-worlds-unbanked; (2016) Opportuities for Mobile Financial Services to Engage Qualitative Research Findings, , https://www.fdic.gov/consumers/community/mobile/mfs_qualitative_research_report.pdf, Federal Deposit Insurance Corporation (FDIC); Fetai, B., Financial integration and financial development: Does financial integration matter? (2015) European Research Studies Journal, 18 (2), pp. 97-106; Harrison, R., Jaumandreu, J., Mairesse, J., Peters, B., Does innovation stimulate employment? A firm-level analysis using comparable micro-data from four European countries (2014) International Journal of Industrial Organization, 35 (C), pp. 29-43; Hes, A., Jilkova, P., Position of low cost banks on the financial market in Czech Republic (2016) European Research Studies, 19 (4), pp. 42-52; Kims, A., (2017) Fintech X Attīstības Iespējas Latvijā, , master's thesis supervised by the author, mimeo; (2016) The Pulse of Fintech, , https://home.kpmg.com/xx/en/home/insights/2016/03/the-pulse-of-fintech-q1-2016.html, KPMG; Levy Bencheton, C., (2016) Fintech, Open Source, and Emerging Markets, , http://www.oreilly.com/programming/free/fintech-open-source-and-emerging-tech.csp; (2016), https://likumi.lv/ta/id/279206-kartiba-kada-finansu-iestade-izpilda-finansu-kontu-pienacigas-parbaudes-proceduras-un-sniedz-valsts-ienemumu-dienestam, Government of Latvia, Cabinet of Ministers-LR Ministru kabineta noteikumi Nr.20; (2017), https://www.vestnesis.lv/op/2017/61.10, Government of Latvia, Cabinet of Ministers-LR Ministru kabineta rīkojums Nr. 126; Mareš, D., Dlaskova, G., Small and medium-sized enterprises - opportunities and challenges (2016) European Research Studies Journal, 19 (4), pp. 189-200; Menshchikova, V.I., Sayapin, A.V., Model of innovation-oriented state economic policy (2016) European Research Studies Journal, 19 (1), pp. 78-87; Novokreshchenova, A.O., Novokreshchenova, A.N., Terehin, E.S., Improving Bank's customer service on the basis of quality management tools (2016) European Research Studies Journal, 19 (3), pp. 19-38; Setyawati, I., Suroso, S., Suryanto, T., Nurjannah, S.D., Does financial performance of islamic banking is better? Panel data estimation (2017) European Research Studies Journal, 20 (2 A), pp. 592-606; Sharf, S., (2016) Number of People Using Non-bank Options to Manage Their Money Could Double in 2016, , http://www.forbes.com/sites/samanthasharf/2015/12/22/number-of-people-using-nonbank-options-to-manage-their-money-could-double-in-2016/#fca5030bd7e7; Shrier, D., Canale, G., Pentland, A., (2016) Mobile Money & Payments: Technology Trends, , https://cdn.www.getsmarter.com/career-advice/wp-content/uploads/2016/12/mit_mobile_and_money_payments_report.pdf, Connection Science & Engineering, Massachusetts Institute of Technology. MTI 2016; Thalassinos, I.E., Stamatopoulos, D.T., Thalassinos, E.P., The European sovereign debt crisis and the role of credit swaps. Chapter book in the WSPC handbook of futures markets (2015) Memory of Late Milton Miller (Nobel 1990) World Scientific Handbook in Financial Economic Series, 5, pp. 605-639. , (eds) W. T. Ziemba and A.G. Malliaris, Chapter 20; Vlasov, V.A., The evolution of E-money (2017) European Research Studies Journal, 20 (1), pp. 215-224; Vovchenko, G.N., Tishchenko, N.E., Epifanova, V.T., Gontmacher, B.M., Electronic currency: The potential risks to national security and methods to minimize them (2017) European Research Studies Journal, 20 (1), pp. 36-48; Webster, I., Pizalla, J., (2015) Fintech: Are Banks Responding Appropriately?, , http://www.ey.com/Publication/vwLUAssets/EY-fintech-are-banks-responding-appropriately/FILE/EY-fintech-are-banks-responding-appropriately.pdf; (2016) Digital Identity: Towards Shared Principles for Public and Private Sector Cooperation A Joint World Bank Group - GSMA - Secure Identity Alliance Discussion Paper, , http://www.gsma.com/mobilefordevelopment/wp-content/uploads/2016/07/Towards-Shared-Principles-for-Public-and-Private-Sector-Cooperation.pdf, World Bank Group, GSMA; (2016) Identification for Development, , http://pubdocs.worldbank.org/en/179901454620206363/Jan-2016-ID4D-Strategic-Roadmap.pdf, World Bank Group (WBG). Strategic Framework; (2016) A Blueprint for Digital Identity, , http://www3.weforum.org/docs/WEF_A_Blueprint_for_Digital_Identity.pdf, World Economy Forum (WEF). The Role of Financial Institutions in Building Digital Identity}, publisher={International Strategic Management Association}, issn={11082976}, language={English}, abbrev_source_title={Eur. Res. Stud.}, document_type={Article}, source={Scopus}, } @ARTICLE{Lee20176769, author={Lee, S.-H. and Lee, D.-W.}, title={A study on analysis of FinTech start-ups in conversions period}, journal={Journal of Engineering and Applied Sciences}, year={2017}, volume={12}, number={Specialissue4}, pages={6769-6774}, doi={10.3923/jeasci.2017.6769-6774}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85040947845&doi=10.3923%2fjeasci.2017.6769-6774&partnerID=40&md5=36f2553812746a740e3353a595b3cfd4}, affiliation={Department of Information and Communication, Baekseok University, 11 5 Anseo-dong, Cheonan, Choongnam, South Korea; Department of Computer Information, Woosong University, 17-2 Jayang-dong, Dong-gu, Daejeon, South Korea}, abstract={A modern society is called as convergence period. The core technologies on convergence are mobile, smart and cloud. Because of popularization and progress on mobile device and service, the various patterns related with our consumption have been changed. There are many backgrounds in emergence of FinTech industry. In this study, we studied FinTech start-up firms. FinTech refers to a newly emerging industry and service fields through the fusion of finance and ICT. In this study, we studied on current status of FinTech firms. We deal with domestic firms such as Daum Kakao, LGU+. And we described In foreign firms such as Fidor Bank, Simple Online Bank, OnDeck, Stripe and Affirm. Eventually we analyzed problems of the current FinTech firms. In this study, we described several FinTech start-up firms. Many FinTech companies are especially in the payment sector. Two rapidly growing start-ups to notice for the recent five years are studied. A biggest hurdle in electrolyzation of financial service is personal information leakage therefore, biometrics to supplement it gains attention. According to gartner, bio authentication use ratio using mobile devices is forecast to grow from current 5-30%. However, damage may continue to one's life time if bio information leaks. The argument on user's psychological anxiety and human right violation needs to be solved. e-Payment services through non-financial companies like IT companies are on the rapid rise. Competition between financial companies and non-financial companies, between IT companies to preempt the e-payment market is fierce. As the FinTech market rapidly grows associated fields are expected to grow as well. Big data and crowd markets are forecast to grow together security and bio technology markets are also projected to gain attention, since security issue works as a huge hindrance factor for the future of the FinTech markets. © Medwell Journals, 2017.}, author_keywords={Banking; FinTech; Payment crowdfunding; Start-up; Technology}, references={Amer, D.W., Barberis, J.N., Buckley, R.P., (2015) The Evolution of Fintech: A New Post-Crisis Paradigm?, , University of New South Wales, Kensington, New South Wales; Chishti, S., Barberis, J., (2016) The FinTech Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries, p. 291. , Wiley, Chichester, England, UK; Drummer, D., Jerenz, A., Siebelt, P., Thaten, M., (2016) FinTech: Challenges and opportunities-how digitization is transforming the financial sector, , McKinsey & Company, New York, USA; Bank, F., (2017) Die Fidor smart community-gemeinsam mehr geld, , https://www.fidor.de/personal-banking/card, Fidor Bank, UK; Gulamhuseinwala, I., Bull, T., Lewis, S., FinTech is gaining traction and young, high-income users are the early adopters (2015) J. Financial Perspect, 3, pp. 16-23; Jun, J., Yeo, E., Entry of FinTech firms and competition in the retail payments market (2016) Asia Pacific J. Financial Stud, 45, pp. 159-184; Kauffman, R.J., Ma, D., Withdrawn: Special issue; Contemporary research on payments and cards in the global FinTech revolution (2015) Electron. Commerce Res. Appl, 14, pp. 261-264; Lin, T.C., Infinite financial intermediation (2015) Wake For. Law Rev, 50, pp. 643-669; Schueffel, P., Taming the beast: A scientific definition of fintech (2017) J. Innovation Manage, 4, pp. 32-54; (2017) Korean social login for magento 1 & 2, , http://www.seoulwebdesign.com/product/magento-sns-korea-login/, Seoul Web Design Inc., Seoul, South Korea}, correspondence_address1={Lee, D.-W.; Department of Computer Information, Woosong University, 17-2 Jayang-dong, South Korea}, publisher={Medwell Journals}, issn={1816949X}, language={English}, abbrev_source_title={J. Eng. Appl. Sci.}, document_type={Article}, source={Scopus}, } @ARTICLE{Jung20175817, author={Jung, L.}, title={A study on the relationship with attitude and satisfaction of the continuance intention in Fintech}, journal={Information (Japan)}, year={2017}, volume={20}, number={8}, pages={5817-5824}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85057642765&partnerID=40&md5=a794a200acd0c17cd68e951366bf39f0}, affiliation={Department of Business Administration, Tongmyong University, 179, Sinsenno, Nam-Gu, Busan, 608-711, South Korea}, abstract={The development of the ICT is acting as a catalyst that consolidates the innovation in various areas of our society. Among them, the area that shows the growth potential of the Fintech corporation in the financial market is the Fintech. The spread of the Fintech in trying to graft the finance-related services with mobile and ICT, besides simple payment and transaction service, it is being expanded into more diverse areas such as loan, investment and asset management, but the awareness of the consumers is still very low. Thus, it is time that the need for researches related to diverse Fintech business is demanded. The ultimate purpose of the Fintech service is to eliminate the social cost's waste element occurring from issue of money by not using or reducing the usage of cash. But due to lack of infrastructure and perception, it seems that more active advertisement and security provision is needed. Since many Fintech users have pointed out security as the priority task, a direction for the related institutions has been proposed. © 2017 International Information Institute.}, author_keywords={AMOS; Attitude; Fintech; Satisfaction; User intention}, references={Newton, P.C., Aroekiam, L., Raj, E., A refined algorithm for efficient route identification in future generation networks (2009) IJAST, 3, pp. 49-58; Feruza, S.Y., Sattarov, S.Y., Tadjibayev, F.A., Kim, T., Fl model of business service management with security approach (2009) IJAST, 9, pp. 39-50; Venkatesh, V., Morris, M.G., Davis, G.B., Davis, F.D., User acceptance of information technology: Toward a unifying view (2003) MIS Quarterly, 27, pp. 425-478}, correspondence_address1={Jung, L.; Department of Business Administration, Tongmyong University, 179, Sinsenno, South Korea; email: lsjung@tu.ac.kr}, publisher={International Information Institute Ltd.}, issn={13434500}, language={English}, abbrev_source_title={Information}, document_type={Article}, source={Scopus}, } @ARTICLE{Gai2017236, author={Gai, K. and Qiu, M. and Sun, X. and Zhao, H.}, title={Security and privacy issues: A survey on fintech}, journal={Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)}, year={2017}, volume={10135 LNCS}, pages={236-247}, doi={10.1007/978-3-319-52015-5_24}, note={cited By 14; Conference of 1st International Conference on Smart Computing and Communication, SmartCom 2016 ; Conference Date: 17 December 2016 Through 19 December 2016; Conference Code:188499}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85010700244&doi=10.1007%2f978-3-319-52015-5_24&partnerID=40&md5=fa331d77d487e9de0186653c61118497}, affiliation={Department of Computer Science, Pace University, New York City, NY 10038, United States; Software School, Henan University, Kaifeng, Henan 475000, China}, abstract={As a new term in the financial industry, FinTech has become a popular term that describes novel technologies adopted by the financial service institutions. This term also covers aspects in security and privacy issues, such as threats, malicious behaviors, attacks, and adversaries, as well as the existing or potential solutions. This work aims to produce a survey of FinTech by collecting and reviewing contemporary achievements in security and privacy issues of the financial industry. The findings of this work can be used for forming the theoretical framework of FinTech in the security and privacy dimension, which will a fundamental support for establishing a solid security mechanism in FinTech. © Springer International Publishing AG 2017.}, author_keywords={Data mining; Fintech; Privacy; Security}, keywords={Data mining; Data privacy; Surveys, Financial industry; Fintech; Malicious behavior; Security; Security and privacy; Security and privacy issues; Security mechanism; Theoretical framework, Finance}, references={Li, Y., Dai, W., Ming, Z., Qiu, M., Privacy protection for preventing data over-collection in smart city (2015) IEEE Trans. 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Electron, 58 (4), pp. 1246-1252}, correspondence_address1={Qiu, M.; Department of Computer Science, Pace UniversityUnited States; email: mqiu@pace.edu}, editor={Qiu M.}, sponsors={}, publisher={Springer Verlag}, issn={03029743}, isbn={9783319520148}, language={English}, abbrev_source_title={Lect. Notes Comput. Sci.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Hsieh2017303, author={Hsieh, K.-H. and Li, E.Y.}, title={Progress of Fintech industry from venture capital point of view}, journal={Proceedings of the International Conference on Electronic Business (ICEB)}, year={2017}, volume={2017-December}, pages={303-307}, note={cited By 0; Conference of 17th International Conference on Electronic Business: Smart Cities, ICEB 2017 ; Conference Date: 4 December 2017 Through 8 December 2017; Conference Code:142153}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85057744392&partnerID=40&md5=b43df1987c620eddc21962539bf670e7}, affiliation={National Chengchi University, Taiwan}, abstract={Fintech (financial technology) is a term that broadly described the innovation of financial product and service using IT technology. Fintech uses a lot of new business model such as FXP2P and supply chain finance, and new technology such as blockchain and cryptocurrency. According to World Economic Forum report, fintech bring disruptive innovations that are reshaping the way financial services. Also, in World Economic Forum report have structured research framework against six (6) function of financial services and eleven (11) clusters of innovation. CrunchBase is a web 2.0 wiki-liked database for startup company that includes the information for founders, key team members, basic financial information, and venture capital funding and important events. This paper uses Python to web scrape CrunchBase website for studying the progress of Fintech industry and find out the development of IT technology and innovation. The objectives of this paper are to study the CrunchBase database to compare with World Economic Forum report research framework and find out the actual progress of Fintech industry. © 2017 International Consortium for Electronic Business.All right reserved.}, author_keywords={Fintech; Information retrieval; Informetrics; Innovation; Venture capital}, keywords={Electronic commerce; Information retrieval; Smart city; Supply chains, Disruptive innovations; Financial information; Fintech; Informetrics; New business models; Supply chain finances; Venture Capital; Venture capital funding, Investments}, references={Almind, T., Ingwersen, P., Informetric analyses on the world wide web: Methodological approaches to 'webometrics' (1997) Journal of Documentation, 53 (4), pp. 404-426; Bennett, P., El-Arini, K., Enriching information retrieval (2011) ACM SIGIR Forum, 4 (2), pp. 60-64; Borner, K., Chen, C., Boyack, K.W., Visualizing knowledge domains (2003) Annual Review of Information and Technology, 37 (1), pp. 179-255; Ding, Y., Chowdhury, G.G., Foo, S., Bibliometrics cartography of information retrieval research by using co-word analysis (2001) Information Processing & Management, 37 (6), pp. 817-842; Hood, W.W., Wilson, C.S., The literature of bibliometrics, scientometrics, and informetrics (2001) Scientometrics, 52 (2), pp. 291-314; Li, E., Li, J., Information security challenges in the new era of fintech Proceeding of ICEB 2016; Scharnhorst, A., Woulters, P., Web indicators - A new generation of S&T indicators? (2006) Cybermetrics, 10 (1); Srinaganya, G., A technical study on information retrieval using web mining techniques (2015) ICIIECS, , J.G.R. S. IEEE; Thelwall, M., (2009) Introduction to Webometrics: Quantitative Web Research for the Social Sciences, , San Raphael, CA: Morgan & Clapypool; (2015) The Future of Financial Services, , World Economic Forum; (2017) Beyond Fintech: A Pragmatic Assessment of Disruptive Potential in Financial Services, , World Economic Forum; Wolfram, D., Application of informetrics to information retrieval research (2000) Informing Science, 3 (2), pp. 77-82; Zider, B., How venture capital works (1998) Harvard Business Review, , Issue: November-December, 1998}, correspondence_address1={Hsieh, K.-H.; National Chengchi UniversityTaiwan; email: 103356506@nccu.edu.tw}, editor={Li E.Y., Shen K.N.}, publisher={International Consortium for Electronic Business}, issn={16830040}, language={English}, abbrev_source_title={Proc. Int. Conf. Electron. Bus. (ICEB)}, document_type={Conference Paper}, source={Scopus}, } @BOOK{Dorfleitner20171, author={Dorfleitner, G. and Hornuf, L. and Schmitt, M. and Weber, M.}, title={FinTech in Germany}, journal={FinTech in Germany}, year={2017}, pages={1-121}, doi={10.1007/978-3-319-54666-7}, note={cited By 12}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85035046356&doi=10.1007%2f978-3-319-54666-7&partnerID=40&md5=3a369003a803db74eba317565fde76b6}, affiliation={University of Regensburg, Regensburg, Germany; University of Trier, Trier, Germany; Max Planck Institute for Innovation and Competition, Munich, Germany}, abstract={This book focuses on market developments of crowdfunding, crowdinvesting, crowdlending, social trading, robo-advice, personal financial management, online payment and mobile payment in Germany. FinTech companies are an important driver of innovation in the financial industry. By making financial transactions more user-friendly and transparent, these firms potentially contribute to financial stability and economic growth. The authors define and categorize the different market segments that have emerged. They further provide an assessment of current market volumes and make forecasts for the next 5, 10 and 20 years. Particular attention is given to the empirical findings resulting from scholarly research. Furthermore, the authors evaluate how the German FinTech market ranks relative to international standards. This book will appeal to finance and entrepreneurship researchers as well as practitioners from banking and tech industries. “This book offers a fresh and fascinating look at the FinTech market. The authors provide a rigorous economic analysis of the FinTech market in Germany and offer many insights that are of interest to practitioners, academics, and policymakers alike.” Professor Douglas Cumming, Schulich School of Business “Germany is one of the fastest growing FinTech markets in Europe. This book not only provides a comprehensive and systematic overview on the developments and actors, but undertakes a visionary outlook on the forthcoming decades based on scientific methods.” Dr. Thomas Puschmann, Head of Swiss FinTech Innovation Lab. © Springer International Publishing AG 2017.}, author_keywords={Crowdfunding; Financial management; FinTech; Robo advice; Social trading}, references={Akerlof, G.A., The market for “Lemons”: Quality uncertainty and the market mechanism (1970) Quarterly Journal of Economics, 84 (3), pp. 488-500; Agrawal, A., Catalini, C., Goldfarb, A., Crowdfunding: Geography, social networks, and the timing of investment decisions (2015) Journal of Economics and Management Strategy, 24, pp. 253-274; Andreoni, J., Giving with impure altruism: Applications to charity and ricardian equivalence (1989) Journal of Political Economy, 97 (6), pp. 1447-1458; (2016) Ungebremstes Wachstum: Auxmoney verdreifacht Kreditvolumen in 2015., , https://www.auxmoney.com/presse/ungebremstes-wachstumauxmoney-verdreifacht-kreditvolumen-in-2015, Retrieved June 20, 2016, from; (2016) Statistiken., , https://www.auxmoney.com/infos/statistiken, Retrieved June 20, 2016, from; (2016) Wie viel Rendite darf es denn sein?, , https://www.auxmoney.com/infos/rendite-und-gebuehren, Retrieved June 20, 2016, from; (2016) Automatisierte Finanzportfolioverwaltung., , http://www.bafin.de/DE/Aufsicht/FinTech/Finanzportfolioverwaltung/finanzportfolioverwaltung_node.html, Retrieved June 16, 2016, from; (2016) Robo-advice und auto-trading-Plattformen zur automatisierten Anlageberatung und automatischem trading., , http://www.bafin.de/DE/Aufsicht/FinTech/Anlageberatung/anlageberatung_node.html, Retrieved June 16, 2016, from; (2016) Virtuelle Währungen/Virtual currency (VC)., , https://www.bafin.de/DE/Aufsicht/FinTech/VirtualCurrency/virtual_currency_node.html, Retrieved June 28, 2016, from; (2016) Videoidentifizierungsverfahren (Rundschreiben 04/2016): Übergangsfrist., , http://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Meldung/2016/meldung_160711_videoident.html, Retrieved August 26, 2016, from; (2016) Crowdfunding., , http://www.bafin.de/DE/Aufsicht/FinTech/Crowdfunding/crowdfunding_node.html, Retrieved June 16, 2016, from; Bajorat, A.M., (2015) Banken und Fin-Tech Kooperationen in GER., , http://paymentandbanking.com/2014/09/23/banken-und-fin-tech-kooperationenin-ger-mindmap-23-09-2014/, February 27, Retrieved July 1, 2016, from; (2015) Zahlen, Daten, Fakten der Kreditwirtschaft., , Berlin: Bundesverband deutscher Banken e. 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This literature analysis was based on the publication journals and articles in the ISI Web of Science databases. We show the impact of cited journals, key articles and outline possible future research avenues. Also, we map how the top publications are related in terms of their citation relationships and identify six different research fields, or lines of enquiry: (1) Payments, (2) Insurance, (3) Deposit & Lending, (4) Capital Raising, (5) Investment Management, (6) Market Provisioning. The study explores rankings of fintech-related journals list the first six journals had contributed eighty percentage of published papers, and concerned with the roles of information and communication technologies in the economy and society. Focusing on the research frontiers in finance, our paper identifies emerging research trends. We highlight possible pathways for researchers to build on existing knowledge and pursue opportunities for innovative and exciting new research contributing to an expansion of the research frontiers. © 2017 International Consortium for Electronic Business.All right reserved.}, author_keywords={Bibliometric; Digitization; Financial services industry; Financial technology; Fintech; Innovation}, keywords={Analog to digital conversion; Electronic commerce; Smart city, Bibliometric; Economy and society; Financial services industries; Fintech; Information and Communication Technologies; Investment management; Literature analysis; Scholarly research, Investments}, references={Arner, D.W., Barberis, J., Buckley, R.P., (2015) The Evolution of Fintech: A New Post-crisis Paradigm, , The University of New South Wales (UNSW) and the University of Hong Kong, UNSW Law Research Paper No. 2016-62, Hong Kong, Sydney; Archambault, E., Campbell, D., Gingras, Y., Larivière, V., Comparing bibliometric statistics obtained from the web of science and scopus (2009) Journal of the American Society for Information Science and Technology, 60 (7), pp. 1320-1326; Bensman, S.J., Garfield and the impact factor (2007) Annual Review of Information Science and Technology, 41 (1), pp. 93-155; Bosman, J., Van Mourik, I., Rasch, M., Sieverts, E., Verhoeff, H., (2006) Scopus Reviewed and Compared: The Coverage and Functionality of the Citation Database Scopus, Including Comparisons with Web of Science and Google Scholar, 63p. , https://dspace.library.uu.nl/handle/1874/18247, (October 8, 2017); Bradford, S.C., Sources of information on specific subjects (1934) Engineering, 137, pp. 85-86; Falagas, M.E., Pitsouni, E.I., Malietzis, G.A., Pappas, G., Comparison of PubMed, scopus, web of science, and google scholar: Strengths and weaknesses (2008) FASEB Journal, 22, pp. 338-342; Hood, W.W., Wilson, C.S., The literature of bibliometrics, scientometrics, and informetrics (2001) Scientometrics, 52 (2), pp. 291-314; Garfield, E., Citation analysis as a tool in journal evaluation (1972) Science, 178 (4060), pp. 471-479; Gavel, Y., Iselid, L., Web of science and scopus: A journal title overlap study (2008) Online Information Review, 32 (1), pp. 8-21; Huang, M.H., Chang, H.W., Chen, D.Z., The trend of concentration in scientific research and technological innovation: A reduction of the predominant role of the U.S. in world research & technology (2012) Journal of Informetrics, 6 (4), pp. 457-468; Kim, J., McMillan, S., Evaluation of internet advertising research: A bibliometric analysis of citations from key sources (2008) Journal of Advertising, 37 (1), pp. 99-112; Kutler, J., (1993) Citibank is Shedding Individualistic Image, , https://www.americanbanker.com/opinion/friday-flashback-did-citi-coin-the-term-fintech, August 13 (October 8, 2017); Lotka, A.J., The frequency distribution of scientific productivity (1926) Journal of Washington Academy Sciences, 16 (2), pp. 317-323; Nüesch, R., Alt, R., Puschmann, T., Hybrid customer interaction (2015) Business & Information Systems Engineering, 57 (1), pp. 73-78; Osareh, F., Bibliometrics, citation analysis and co-citation analysis: A review of literature I (1996) Libri, 46, pp. 149-158; Osareh, F., Bibliometrics, citation analysis and co-citation analysis: A review of literature II (1996) Libri, 46, pp. 217-225; Rainer, A., Puschmann, T., (2016) Digitalisierung der Finanzindustrie - Grundlagen der Fintech-Evolution, , Heidelberg: Springer Gabler; Tsay, M.Y., Yang, Y.H., Bibliometric analysis of the literature of randomized controlled trials (2005) Journal of the Medical Library Association, 93 (4), pp. 450-458; (2015) The Future of Financial Services - How Disruptive Innovations are Reshaping the Way Financial Services are Structured, Provisioned and Consumed, , An Industry Project of the Financial Services Community, New York; Zavolokina, L., Dolata, M., Schwabe, G., Fintech - What's in a name? (2016) Proceedings of the 37th International Conference on Information Systems (ICIS 2016), , AIS, Dublin, Ireland, December 11-14}, correspondence_address1={Wu, P.-S.; National Chengchi UniversityTaiwan; email: angela07311@gmail.com}, editor={Li E.Y., Shen K.N.}, publisher={International Consortium for Electronic Business}, issn={16830040}, language={English}, abbrev_source_title={Proc. Int. Conf. Electron. Bus. (ICEB)}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Dimbean-Creta201725, author={Dimbean-Creta, O.}, title={Fintech - Already new fashion in finance, but what about the future?}, journal={Quality - Access to Success}, year={2017}, volume={18}, pages={25-29}, note={cited By 4}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85029145928&partnerID=40&md5=f92eeba628932621800b4eefd0373b1e}, affiliation={The Institute for Business Administration in Bucharest, Romania}, abstract={Bitcoin, blockchain, fintech-what are we talking about ? It is well known the truth that among the main disciplines of the business education, there are several about soft skills and others about hard skills. Finance were always among the later, because they are technical, they are not very easy, very accessible, being based on accounting and rules, principles, as well as on math models and algorithms, technical analysis and so. © 2017, SRAC - Societatea Romana Pentru Asigurarea Calitatii. All rights reserved.}, author_keywords={Bitcoin; Blockchain; Finance; Fintech}, references={Dimbean-Creta, O., The new generations and new technology-the driving forces for the future business models (2013) Proceedings, Supplement of Quality Access to Success Magazine, , October; Dimbean-Creta, O., Challenges over Economics and Monetary Fundaments ? (2016) Proceedings, Supplement of Quality Access to Success Magazine, , October; April 2016, from PwC Financial Services Practice; (2016) The Financial Times Limited 2017, , 24 April 2017, by Jonathan Moules ACCA Think ahead-Fintech transforming finance, September; Tapscott, D., Tapscott, A., (2016) BC Revolution-How the Technology behind the Bitcoin is Changing Money, Business and the World, , Penguin Random House, New York; Tapscott, A., Tapscott, D., (2017) How BC is Changing Finance, Harvard Business Review, Reprint HO3HJK, , published on HBR.ORG March 01; (2017) Why BC Will Transform the Financial Services Industry, , Roland Berger report, March; https://www.ifgs2017.com, Innovate Finance Global Summit, 2017 Report; https://www.finextra.com/, Finextra Research is the world’s leading specialist financial technology (Fintech) news and information source; https://www.ethereum.org/, the site of the Ethereum project, accessed July, 2017}, correspondence_address1={Dimbean-Creta, O.; The Institute for Business Administration in BucharestRomania; email: ovidiud@asebuss.ro}, publisher={SRAC - Societatea Romana Pentru Asigurarea Calitatii}, issn={15822559}, language={English}, abbrev_source_title={Qual. Access Success}, document_type={Article}, source={Scopus}, } @ARTICLE{Geranio2017245, author={Geranio, M.}, title={Fintech in the exchange industry: Potential for disruption?}, journal={Masaryk University Journal of Law and Technology}, year={2017}, volume={11}, number={2}, pages={245-266}, doi={10.5817/MUJLT2017-2-3}, note={cited By 3}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85030703080&doi=10.5817%2fMUJLT2017-2-3&partnerID=40&md5=c8c341d55f572581982a4c6b36c0ee04}, affiliation={Adjunct Professor at the Finance Department, Bocconi University, Milan, Italy}, abstract={The recent growth of financial technology ventures involves several types of financial players, including stock exchanges. Many of them are exploring blockchain applications to their multiple business lines, focusing in particular on post trading activities. Potential benefits include the reduction in counterparty risk and post trading costs as well as the increase of liquidity and transparency. At current stage exchanges are mainly exploring the technology looking for proofs of concept, with the exception of some more advanced projects like at Nasdaq and ASX. The mass adoption will require longer efforts and is expected to come in a decade, at least. Fintech developments are receiving strong attention also by regulators and international organizations, given the potential of distributed ledger technology for both competition enhancement and cyber risk reduction. A coordination between market players and regulators is essential to guarantee the effective implementation of new technologies, as their benefits can be delivered only in presence of a common framework and a proper management of risks. © 2017, Masaryk University. All rights reserved.}, author_keywords={Blockchain; Distributed ledger; Fintech; Smart contract; Stock exchanges}, references={(2016) How Will Blockchain Change European Market Structure?, , Exchanging Views, February; Cuccuro, P., Beyond Bitcoin: An Early Overview on Smart Contracts. (2017) International Journal of Law and Information Technology, VO, pp. 1-17; (2016) Insights: Blockchain Technology, , https://www2.deloitte.com/nl/nl/pages/innovatie/artikelen/blockchain-technology-9-benefits-and-7-challenges.html, [online] Available from:, [Accessed 5 March 2017]; Dietz, M., (2015) Cutting through the Fintech Noise Mckinsey, , http://www.mckinsey.com/industries/financial-services/our-insights/cutting-through-the-noise-around-financial-technology, Available from:; (2015), The Fintech Revolution, 9th May; (2016) The Distributed Ledger Technology Applied to Securities Markets, , https://www.esma.europa.eu/sites/default/files/library/2016-773_dp_dlt.pdf, Discussion Paper n. 773, June. 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Available from; Geranio, M., (2016) The Evolution of the Exchange Industry, , Springer; Chan, (2007) The Securities Custody Industry, , ECB Occasional Paper Series No. 68, August; Morgan Cazenove, J.P., (2016) Blockchain: A Revolutionary Technology Too Important to Ignore, , Europe Equity Research, 23 May; (2016) The Pulse Offintech Q4 2016., , https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2017/02/pulse-of-fintech-q4-2016.pdf, [Online] Available from, [Accessed 1 March 2017]; Lee, L., New Kids on the Blockchain: How Bitcoin's Technology Could Reinvent the Stock Market (2016) Hastings Business Law Journal Vol. 12 Winter No. 2.; Linciano, N., Siciliano, G., Trovatore, G., (2005), L'industria dei servizi di regolamento delle operazioni in titoli Quademi di Finanza Consob, n. 58, May; Mainelli, M., Milne, A., (2015) The Impact and Potential of Blockchain on the Securities Transaction Lifecycle, , Swift Institute Working Paper n.7; Malinova, K., Park, A., (2016) Market Design with Blockchain Technology, , https://ssm.com/abstract=2785626, Available from SSRN; Maupin, J., (2017) The G20 Countries Should Engage with Blockchain Technologies to Build an Inclusive, Transparent, and Accountable Digital Economy for All. 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(2017) Harvard Business Review, , April; Pinna, A., Ruttemberg, W., (2016) Distributed Ledger Technologies in Securities Post Trading, , ECB Occasional Papers, n. 172, April; Rizzo, P., (2016) Ten Stocks and Commodities Exchanges Investigating Blockchain, , https://www.coindesk.com/10-stock-exchanges-blockchain/, Available from, [Accessed 23 September 2016]; (2015) The Fintech 2.0 Paper: Rebooting Financial Services, , http://santanderinnoventures.com/fintech2/, Available from:; (2017) SIX Securities Services Develops Distributed Ledger-Based Bond Issuing Solution, , https://www.six-securities-services.com/en/shared/news/2017/dss-news-170322-distributed-ledger.html, [online] Available from:, [Accessed 31 March 2017]; Stafford, P., Banks Struggle to Make Blockchain Fast and Secure (2016) Financial Times, , 26 September; Swan, M., (2015), Blockchain Ed. 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Available from:; Wright, A., De Filippi, P., (2015) Decentralized Blockchain Technology and the Rise of Lex Cryptographia., , https://ssrn.com/abstract=2580664, Available from SSRN:}, correspondence_address1={Geranio, M.; Adjunct Professor at the Finance Department, Bocconi UniversityItaly; email: manuela.geranio@unibocconi.it}, publisher={Masaryk University}, issn={18025943}, language={English}, abbrev_source_title={Masaryk Univ. J. Law Technol.}, document_type={Article}, source={Scopus}, } @ARTICLE{Minto2017104, author={Minto, A. and Voelkerling, M. and Wulff, M.}, title={The good, the bad and the ugly: Differentiating fintech from a financial stability perspective}, journal={Law and Economics Yearly Review}, year={2017}, volume={6}, pages={104-143}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85040816417&partnerID=40&md5=e15e4d84f96ad435cc4e7e2654c2778d}, affiliation={University of Utrecht, Ca' Foscari University of Venice, Netherlands; Deutsche Bundesbank, Direct. General Financial Stability, Netherlands}, abstract={Providers who combine digital technologies with financial services in an innovative manner (FinTech companies) have been increasingly entering financial markets and taking over established financial intermediaries' economic functions or parts of their value chain. This is relentlessly projected to affect competition in some parts of the financial system and to impact its structure and dynamics, calling upon policy- and law-makers to take a close look at the financial stability implications. The aim of this paper is to develop a theoretical framework to aid supervisors, policy- and law-makers in managing risks and harnessing opportunities arising from the transition to the "FinTech era". Until now, "FinTech" has been vaguely associated with concepts like "disruption", "decentralisation" and "disintermediation". Very little efforts have been spent on explaining the relevance of each of them. Departing from the prevailing current, this paper deploys such concepts as filters in risk-profiling FinTech. According to our model, we identify four filters (economic function, disruptive potential, disintermediation, and decentralisation) against which to categorise "FinTech". The output of the filtering process is intended to facilitate the examination of questions relating to policy and regulatory responses.}, references={Global FinTech Survey 2016, , https://www.pwc.com/gx/en/advisory-services/FinTech/pwc-fintech-global-report.pdf, accessed 22 June 2017; Frame, White, Technological change, financial innovation, and diffusion in banking (2015) The Oxford Handbook of Banking, pp. 271-311. , Berger, Molyneux, and Wilson (eds.) 2nd edn, Oxford University Press; The disruptive implications of FinTech-policy themes for financial regulators (2017) Journal of Technology Law & Policy, 21 (1). , https://ssrn.com/abstract=2812667, CHIU accessed 22 June 2017; Walker, Financial technology law - A new beginning and a new future (2017) The International Lawyer, 50 (1). , 137ff; (2015) Fair and Effective Market Review, , Final Report, June; Schwarcz, Regulating shadow banking (2012) Review of Banking and Financial Law, 31 (1). , https://ssrn.com/abstract=1993185, accessed on 22 June 2017; Awrey, Complexity, innovation and the regulation of modern financial markets (2011) Harvard Business Law Review, 2 (2), pp. 235-294. , https://ssrn.com/abstract=1916649, Oxford Legal Studies Research Paper No. 49/2011 accessed 22 June 2017; Brummer, Disruptive technology and securities regulation (2015) Fordham Law Review, 84, pp. 977-980. , http://ir.lawnet.fordham.edu/flr/vol84/iss3/6, writes accessed on 22 June 2017; Gorton, G.B., Metrick, A., (2010) Regulating the Shadow Banking System, , https://ssrn.com/abstract=1676947, or accessed on 22 June 2017; (2016) Distributed Ledger Technology: Beyond Block Chain, , www.gov.uk/government/uploads/system/uploads/attachment_data/file/492972/gs-16-1-distributed-ledger-technology.pdf, UK Government Office for Science accessed 22 June 2017; Arner, Barberis, Buckley, (2016) FinTech, RegTech and the Reconceptualization of Financial Regulation, , https://ssrn.com/abstract=2847806, University of Hong Kong Faculty of Law Research Paper No. 2016/035 accessed 22 June 2017; Maupin, (2017) Mapping the Global Legal Landscape of Blockchain Technologies, , https://ssrn.com/abstract=2930077, accessed 22 June 2017; (2016) What is FinTech?, , www.pwc.com/us/en/financial-services/publications/viewpoints/assets/pwc-fsi-what-is-fintech.pdf, April; (2017) IOSCO Research Report on Financial Technologies (Fintech), , www.iosco.org/library/pubdocs/pdf/IOSCOPD554.pdf, February; (2015) RegTech is the New FinTech: How Agile Regulatory Technology is Helping Firms Better Understand and Manage their Risks, , https://www2.deloitte.com/content/dam/Deloitte/ie/Documents/FinancialServices/ie-regtech-pdf.pdf, accessed 22 June 2017; Walker, Financial technology law - A new beginning a new future (2017) The International Lawyer, 50 (1), p. 137; (2015) Distributed Ledger Technology: Beyond Block Chain, , https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/492972/gs-16-1-distributed-ledger-technology.pdf, UK Government Office for Science A report by the UK Government Chief Scientific Adviser, December; Christensen, (1997) The Innovator's Dilemma - When New Technologies Cause Great Firms to Fail, , Harvard Business Review Press; Christensen, Raynor, McDonald, (2015) What is Disruptive Innovation?, , https://hbr.org/2015/12/what-is-disruptive-innovation; Merton, A functional perspective of financial intermediation (1995) Financial Management, 24 (2), pp. 23-41. , http://www.jstor.org/stable/3665532, Silver Anniversary Commemoration, 1995 accessed 22 June 2017; Merton, Bodie, A conceptual framework for analyzing the financial environment (1995) The Global Financial System, a Functional Perspective, 1995, pp. 3-31. , Crane, Froot, Mason, Perold, Merton, Bodie, Sirri and Tufano (eds.) 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(2003) The Journal of Finance, 58 (6), pp. 2745-2781; Choi, Guzman, National laws, international money: Regulation in a global capital market (1997) Fordham Law Review, 65 (5), pp. 1855-1908. , 65(5); Oates, Schwab, Economic competition among jurisdictions enhancing or distortion inducing? (1988) Journal of Public Economics, 35, pp. 333-354}, publisher={Fondazione Gerardo Capriglione Onlus}, issn={20509014}, language={English}, abbrev_source_title={Law Econ. Yrly. Rev.}, document_type={Article}, source={Scopus}, } @ARTICLE{Wonglimpiyarat2017590, author={Wonglimpiyarat, J.}, title={FinTech banking industry: a systemic approach}, journal={Foresight}, year={2017}, volume={19}, number={6}, pages={590-603}, doi={10.1108/FS-07-2017-0026}, note={cited By 4}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85034582718&doi=10.1108%2fFS-07-2017-0026&partnerID=40&md5=c7be5f6a646cbde5620bf71f9d3e41e9}, affiliation={College of Innovation, Thammasat University, Bangkok, Thailand}, abstract={Purpose: This paper aims to explore FinTech and its dynamic transitions in the banking industry. In particular, the study analyses the systemic innovation nature of FinTech-based innovations. The main contribution of this research study is the development of systemic innovation model which can be used as a dynamic tool to track the progress and pattern of technology development and diffusion. The research also discusses the latest financial innovation of PromptPay FinTech – the e-payment system in Thailand. Design/methodology/approach: This research uses the case study approach to analyse the systemic innovation characteristics of FinTech-based innovations. This research offers a new systemic innovation model which is developed and can be used as a dynamic tool to track the progress and pattern of technology development and diffusion. The study uses FinTech-based innovations as case study samples to gain a better understanding concerning the systemic characteristics and the pattern of technology diffusion under the analytical framework of systemic innovation model. This research involves qualitative interviews with five major commercial banks in the financial services industry of Thailand. Findings: The analyses of findings show the systemic characteristics of FinTech-based innovations in the banking industry, both at a global scale and Thailand case. The analyses have shown that systemic characteristics of the innovation process are the outcome of interactions between the complexity of the innovation and the capabilities of innovators in managing the innovation. The insightful implications on the systemic nature of innovation give the trend and direction of FinTech-based innovation development in the banking industry. Originality/value: The main contribution which shows originality and value of this paper is the development of systemic innovation model. This research study develops a systemic innovation model to analyse the systemic characteristics which can be applied to all innovations in any industry. The model can also help track the progress and pattern of technology development and diffusion. Therefore, the model can be used to project the trend and diffusion of innovation competition in the banking industry. © 2017, © Emerald Publishing Limited.}, author_keywords={Banking; Economic forecasting; Innovation; Strategy}, funding_text 1={For many decades, banks invest heavily in technology in attempts to improve the efficiency of the financial innovation system. The banking landscape has witnessed the development of various FinTech-based innovations like electronic fund transfer at the point-of-sale (EFTPOS), automated teller machine (ATM cash dispenser), internet banking, Society for Worldwide Interbank Financial Telecommunication (or SWIFT) international electronic fund transfer, Electronic Data Interchange (EDI), mobile banking, Bitcoin wallet, Blockchain banking, crowd funding. The objective of this research study is to understand the diffusion process of financial technology or FinTech in the financial services industry. In particular, the study explores the systemic characteristics underlying FinTech-based innovations in the banking industry. The research aims to highlight the extent to which these systemic characteristics would influence the collaborative network solutions and the level of technology diffusion.}, references={Abernathy, W.J., Clark, K.B., Kantrow, A.M., (1983) Industrial Renaissance: Producing a Competitive Future for America, , Basic Books, New York, NY; Appleyard, M.M., Chesbrough, H., The dynamics of open strategy: from adoption to reversion (2017) Long Range Planning, 50 (3), pp. 310-321; Barras, R., Towards a theory of innovation in services (1986) Research Policy, 15 (4), pp. 161-173; Barras, R., Interactive innovation in financial and business services: the vanguard of the service revolution (1990) Research Policy, 19 (3), pp. 215-237; Carlsson, B., Internationalization of innovation systems: a survey of the literature (2006) Research Policy, 35 (1), pp. 55-67; Chesbrough, H.W., The era of open innovation (2003) Sloan Management Review, 44 (3), pp. 35-41; Chesbrough, H.W., (2003) Open Innovation: The New Imperative for Creating and Profiting from Technology, , Harvard Business School Press, Boston, MA; Chesbrough, H.W., (2011) Open Services Innovation: Rethinking Your Business to Grow and Compete in A New Era, , Jossey Bass, San Francisco, CA; Chesbrough, H.W., Teece, D.J., When is virtual virtuous? (1996) Harvard Business Review, 74 (1), pp. 65-73; Daft, R.L., Bureaucratic versus nonbureaucratic structure and the process of innovation and change (1982) Research in the Sociology of Organisation, 1 (3), pp. 129-166; Davis, F.D., Perceived usefulness, perceived ease of use, and user acceptance of information technology (1989) MIS Quarterly, 13 (3), pp. 319-340; Dosi, G., Technological paradigms and technological trajectories (1982) Research Policy, 11 (3), pp. 146-162; Eisenhardt, K.M., Building theories from case study research (1989) Academy of Management Review, 14 (4), pp. 532-550; Fagerberg, J., Srholec, M., National innovation systems, capabilities and economic development (2008) Research Policy, 37 (9), pp. 1417-1435; Fisher, J.C., Pry, R.H., A simple substitution model of technological change (1971) Technological Forecasting and Social Change, 3, pp. 75-88; Freeman, C., Innovation, change of techno-economic paradigm and biological analogies in economics (1991) Review of Economics, 42 (2), pp. 211-232; Gort, M., Klepper, S., Time paths in the diffusion of product innovations (1982) The Economic Journal, 92 (367), pp. 630-653; Guseo, R., Guidolin, M., Heterogeneity in diffusion of innovations modelling: a few fundamental types (2015) Technological Forecasting and Social Change, 90, pp. 514-524. , Part B; (2017) The Pulse of Fintech Q4 2016 Global Analysis of Investment in Fintech, , KPMG, Amstelveen; Lawrence, P.R., Lorsch, J.W., (1986) Organization and Environment: Managing Differentiation and Integration, , Harvard Business School Press, Boston, MA; Lee, T.L., von Tunzelmann, N., A dynamic analytic approach to national innovation systems: the IC Industry in Taiwan (2005) Research Policy, 34 (4), pp. 425-440; Lundvall, B., (1992) National Systems of Innovation: Towards a Theory of Innovation and Interactive Learning, , Pinter, London; Lundvall, B., Why study national systems and national styles of innovation? (1998) Technology Analysis & Strategic Management, 10 (4), pp. 407-422; Lundvall, B., National business systems and national systems of innovation: special issue on business systems (1999) International Studies of Management and Organisation, 47 (3); Lundvall, B., (2003) National Innovation System: History and Theory, , Aalborg University, Aalborg; Miles, I., Services in the new industrial economy (1993) Futures, 25 (6), pp. 653-672; Miles, I., Innovation in services (1994) Handbook of Industrial Innovations, , Dodgson, M. and Rothwell, R (Eds), Edward Elgar, Aldershot and Brookfield; Miles, I., (2003) Knowledge intensive services’ suppliers and clients, , Ministry of Trade and Industry Finland Studies and Reports 15/2003; Miles, I., Innovation in service (2005) Oxford Handbook of Innovation, , Fagerberg, J., Mowery, D. and Nelson, R (Eds), Oxford University Press, Oxford; Nelson, R., Winter, S., In search of a useful theory of innovation (1977) Research Policy, 6 (1), pp. 36-76; Nelson, R., Winter, S., (1982) An Evolutionary Theory of Economic Change, , Harvard University Press, Boston, MA; Niosi, J., Bellon, B., Une interpretation evolutionniste des politiques industrielles (1995) Revue d’Economie Industrielle, 71 (1), pp. 213-226; Patel, P., Pavitt, K., National innovation systems: why they are important, and how they might be measured and compared (1994) Economics of Innovation and New Technology, 3 (1), pp. 77-95; Pavitt, K., Sectoral patterns of technical change: towards a taxonomy and a theory (1984) Research Policy, 13 (6), pp. 343-374; Peres, R., Muller, E., Mahajan, V., Innovation diffusion and new product growth models: a critical review and research directions (2010) International Journal of Research in Marketing, 27 (2), pp. 91-106; Rogers, E.M., (1983) Diffusion of Innovations, , Free Press, New York, NY; Rogers, E.M., (1995) Diffusion of Innovations, , Free Press, New York, NY; Rogers, E.M., (2003) Diffusion of Innovations, , Free Press, New York, NY; Rosenberg, N., The directions of technological change: inducement mechanisms and focusing devices (1976) Perspectives on Technology, , Rosenberg, N (Ed.), Cambridge University Press, Cambridge; Rosenberg, N., Learning by using (1982) Inside the Black Box: Technology and Economics, , Rosenberg, N (Ed.), Cambridge University Press, Cambridge; Rothwell, R., Gardiner, P., Invention, innovation, re-innovation and the role of user (1985) Technovation, 3 (3), pp. 168-186; Schott, A., (1981) Industrial Innovation in the United Kingdom, Canada, and the United States, , British-North America Committee, London; Schumpeter, J.A., (1939) Business cycles: A Theoretical, Historical and Statistical Analysis of the Capitalist Process, 2. , McGraw-Hill, New York, NY; Schumpeter, J.A., (1967) The Theory of Economic Development, , 5th ed., Oxford University Press, New York, NY; Shim, Y., Shin, D.H., Analyzing China’s Fintech Industry from the perspective of actor–network theory (2017) Telecommunications Policy, 40 (2-3), pp. 168-181; Thompson, B.S., Can financial technology innovate benefit distribution in payments for ecosystem services and REDD+? (2017) Ecological Economics, 139 (1), pp. 150-157; Tidd, J., Bessant, J., (2009) Managing Innovation: Integrating Technological, Market and Organizational Change, , John Wiley & Sons, Chichester; Utterback, J., (1994) Mastering the Dynamics of Innovation: How Companies can Seize Opportunities in the Face of Technological Change, , Harvard Business School Press, Boston, MA; Utterback, J., Abernathy, W., A dynamic model of process and product innovation (1975) Omega, 3 (6), pp. 639-656; Venkatesh, V., Davis, F.D., A theoretical extension of the technology acceptance model: four longitudinal field studies (2000) Management Science, 46 (2), pp. 186-204; Venkatesh, V., Morris, M.G., Davis, G.B., Davis, F.D., User acceptance of information technology: toward a unified view (2003) MIS Quarterly, 27 (3), pp. 425-478; Vernon, R., International investment and international trade in the product cycle (1966) Quarterly Journal of Economics, 80 (2), pp. 190-207; Voss, C., Significant issues for the future of product innovation (1994) Journal of Product Innovation, 11 (1), pp. 460-463; Wang, H.W., Wang, S.H., User acceptance of mobile Internet based on the unified theory of acceptance and use of technology: investigating the determinants and gender differences (2010) Social Behavior and Personality, 38 (3), pp. 415-426; West, J., Salter, A., Vanhaverbeke, W., Chesbrough, H., Open innovation: the next decade (2014) Research Policy, 43 (5), pp. 805-811; Yin, R.K., (2013) Case Study Research: Design and Methods, , Sage Publications, London}, correspondence_address1={Wonglimpiyarat, J.; College of Innovation, Thammasat UniversityThailand; email: jaruneew@yahoo.com}, publisher={Emerald Group Publishing Ltd.}, issn={14636689}, language={English}, abbrev_source_title={Foresight}, document_type={Article}, source={Scopus}, } @ARTICLE{Massacci2017171, author={Massacci, F. and Ngo, C.N. and Nie, J. and Venturi, D. and Williams, J.}, title={The seconomics (security-economics) vulnerabilities of Decentralized Autonomous Organizations}, journal={Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)}, year={2017}, volume={10476 LNCS}, pages={171-179}, doi={10.1007/978-3-319-71075-4_19}, note={cited By 1; Conference of 25th International Workshop on Security Protocols, 2017 ; Conference Date: 20 March 2017 Through 22 March 2017; Conference Code:207869}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85037849443&doi=10.1007%2f978-3-319-71075-4_19&partnerID=40&md5=54e4601ed79395a71706754cc3b7bac6}, affiliation={Department of Information Engineering and Computer Science, University of Trento, Trento, Italy; Computer Science Department, Sapienza University of Rome, Rome, Italy; Durham University Business School, Durham, United Kingdom}, abstract={Traditionally, security and economics functionalities in IT financial services and protocols (FinTech) have been perceived as separate objectives. We argue that keeping them separate is a bad idea for FinTech “Decentralized Autonomous Organizations” (DAOs). In fact, security and economics are one for DAOs: we show that the failure of a security property, e.g. anonymity, can destroy a DAOs because economic attacks can be tailgated to security attacks. This is illustrated by the examples of “TheDAO” (built on the Ethereum platform) and the DAOed version of a Futures Exchange. We claim that security and economics vulnerabilities, which we named seconomics vulnerabilities, are indeed new “beasts” to be reckoned with. © Springer International Publishing AG 2017.}, author_keywords={Decentralized Autonomous Organizations; FinTech; Seconomics vulnerabilities; Security protocols}, keywords={Network security; Societies and institutions, Financial service; FinTech; Seconomics vulnerabilities; Security attacks; Security Economics; Security properties; Security protocols, Security of data}, references={Atzei, N., Bartoletti, M., Cimoli, T., A survey of attacks on ethereum smart contracts. Technical report (2016) Cryptology Eprint Archive, , https://eprint.iacr.org/2016/1007, Report 2016/1007; Binder, R.V., Testing object-oriented software: A survey (1996) J. Softw. Test. Verif. Reliab, 6 (3), pp. 125-252; Chakravarty, S., Stavrou, A., Keromytis, A.D., Traffic analysis against low-latency anonymity networks using available bandwidth estimation (2010) ESORICS 2010. LNCS, 6345, pp. 249-267. , https://doi.org/10.1007/978-3-642-15497-3_16, Gritzalis, D., Preneel, B., Theoharidou, M. (eds.), Springer, Heidelberg; Cox, B.J., The need for specification and testing languages (1988) J. Object-Oriented Program, 1 (2), pp. 44-47; Duffield, E., Diaz, D., (2014) Dash: A Privacy Centric Cryptocurrency; (2015) A Next-Generation Smart Contract and Decentralized Application Platform, , https://github.com/ethereum/wiki/wiki/White-Paper; Massacci, F., Ngo, C.N., Nie, J., Venturi, D., Williams, J., FuturesMEX: Secure distributed futures market exchange (2017) Submitted for Publication; Merkle, R.C., A digital signature based on a conventional encryption function (1988) CRYPTO 1987. LNCS, 293, pp. 369-378. , https://doi.org/10.1007/3-540-48184-2_32, Pomerance, C. 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Perspect, 10 (3), pp. 135-152. , http://www.jstor.org/stable/2138524; Yang, J., Cui, A., Stolfo, S., Sethumadhavan, S., Concurrency attacks (2012) Presented as Part of the 4Th USENIX Workshop on Hot Topics in Parallelism}, correspondence_address1={Ngo, C.N.; Department of Information Engineering and Computer Science, University of TrentoItaly; email: channam.ngo@unitn.it}, editor={Stajano F., Christianson B., Matyas V., Anderson J.}, sponsors={}, publisher={Springer Verlag}, issn={03029743}, isbn={9783319710747}, language={English}, abbrev_source_title={Lect. Notes Comput. Sci.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Lou2017299, author={Lou, A.T.F. and Li, E.Y.}, title={Integrating innovation diffusion theory and the technology acceptance model: The adoption of blockchain technology from business managers' perspective}, journal={Proceedings of the International Conference on Electronic Business (ICEB)}, year={2017}, volume={2017-December}, pages={299-302}, note={cited By 0; Conference of 17th International Conference on Electronic Business: Smart Cities, ICEB 2017 ; Conference Date: 4 December 2017 Through 8 December 2017; Conference Code:142153}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85057716851&partnerID=40&md5=484b1a93a6bb377e78231d324dda3230}, affiliation={National Chengchi University, Taiwan}, abstract={Financial technology (FinTech) is the new business model and technology which aims to compete with traditional financial services and blockchain is one of most famous technology use of FinTech. Blockchain is a type of distributed, electronic database (ledger) which can hold any information (e.g. records, events, transactions) and can set rules on how this information is updated. The most well-known application of blockchain is bitcoin, which is a kind of cryptocurrencies. But it can also be used in many other financial and commercial applications. A prominent example is smart contracts, for instance as offered in Ethereum. A contract can execute a transfer when certain events happen, such as payment of a security deposit, while the correct execution is enforced by the consensus protocol. The purpose of this paper is to explore the research and application landscape of blockchain technology acceptance by following a more comprehensive approach to address blockchain technology adoption. This research is to propose a unified model integrating Innovation Diffusion Theory (IDT) model and Technology Acceptance Model (TAM) to investigate continuance intention to adopt blockchain technology. © 2017 International Consortium for Electronic Business.All right reserved.}, author_keywords={Blockchain technology; Financial technology (FinTech); Innovation Diffusion Theory (IDT); Technology Acceptance Model (TAM)}, keywords={Diffusion; Electronic money; Finance; Smart city, Commercial applications; Continuance intentions; Electronic database; Financial technology (FinTech); Innovation diffusion theory; Research and application; Technology acceptance; Technology acceptance model, Blockchain}, references={Agarwal, R., Sambamurthy, V., Stair, R.M., The evolving relationship between general and specific computer efficacy: An empirical assessment (2000) Information Systems Research, 11 (4), pp. 418-430; Agarwal, R., Prasad, J., Are individual differences Germane to the acceptance of new information technologies? (1999) Decision Sciences, 30, pp. 361-391; (2009) Bitcoin Developer Guide, , https://bitcoin.org/en/developer-guide, (20 September 2017); Carter, L., Bélanger, F., The utilization of e-government services: Citizen trust, innovation and acceptance factors (2005) Information Systems Journal, 15 (1), pp. 5-25; Chang, S.C., Tung, F.C., An empirical investigation of students' behavioural intentions to use the online learning course websites (2008) British Journal of Educational Technology, 39 (1), pp. 71-83; Chau, Y.K., Hu, J.H., Information technology acceptance by individual professionals: A model comparison approach (2001) Decision Sciences, 32 (4), pp. 669-719; Chen, L.D., Gillenson, M.L., Sherrell, D.L., Enticing online consumers: An extended technology acceptance perspective (2002) Information and Management, 39 (8), pp. 705-719; Condos, J., Sorrell, W.H., Donegan, S.L., Opportunities and risks (2016) Technical Report on Blockchain Technology, , State of Vermont, USA; Davis, F.D., Perceived usefulness, perceived ease of use, and user acceptance of information technology (1989) MIS Quarterly, 13 (3), pp. 319-340; Davis, F.D., Bagozzi, R.P., Warshaw, P.R., User acceptance of computer technology: A comparison of two theoretical model (1989) Management Science, 35 (8), pp. 982-1003; Gefen, D., What makes an ERP implementation relationship worthwhile: Linking trust mechanisms and ERP usefulness (2004) Journal of Management Information Systems, 21 (1), pp. 263-288; Hardgrave, B., Davis, F., Riemenschneider, C., Investigating determinants of software developers' intentions to follow methodologies (2003) Journal of Management Information Systems, 20 (1), pp. 123-151; Sikorski, J.J., Joy, H., Markus, K., Blockchain technology in the chemical industry: Machine-to-machine electricity market (2017) Applied Energy, 195, pp. 234-246; Karahanna, E., Straub, D.W., Chervany, N.L., Information technology adoption across time: A cross-sectional comparison of pre-adoption and post-adoption beliefs (1999) MIS Quarterly, 23, pp. 183-213; Lee, Y.H., Hsieh, Y.C., Hsu, C.N., Adding innovation diffusion theory to the technology acceptance model: Supporting employees' intentions to use e-learning systems (2011) Journal of Educational Technology & Society, 14 (4), p. 124; Lee, Y.H., (2007) Exploring Key Factors that Affect Consumers to Adopt E-reading Services, , (Master's thesis, Huafan University, Taiwan); Legris, P., Ingham, J., Colerette, P., Why do people use information technology? A critical review of the technology acceptance model (2003) Information and Management, 40, pp. 191-204; Moore, G.C., Benbasat, I., Development of an instrument to measure the perceptions of adopting an information technology innovation (1991) Information Systems Research, 2 (3), pp. 192-222; Rogers, E.M., (1995) Diffusion of Innovations, , (4th ed.). New York: Free Press; Shih, C.H., (2007) Integrating Innovation Diffusion Theory and UTAUT to Explore the Influencing Factors on Teacher Adopt Elearning System - With MOODLE as an Example, , (Master's thesis, Dayeh University, Taiwan); Sigala, M., Airey, D., Jones, P., Lockwood, A., The diffusion and application of multimedia technologies in the tourism and hospitality industries (2000) Information and Communication Technologies in Tourism 2000, pp. 396-407. , Vienna: Springer; Taylor, S., Todd, P.A., Understanding information technology usage: A test of competing models (1995) Information Systems Research, 6 (1), pp. 144-176; Tornatzky, L.G., Klein, K.J., Innovation characteristics and innovation adoption-implementation: A meta-analysis of findings (1982) IEEE Transactions on Engineering Management, 1, pp. 28-45; Venkatesh, V., Davis, F.D., A theoretical extension of the technology acceptance model: Four longitudinal field studies (2000) Management Science, 46 (2), pp. 186-204; Wu, J.H., Wang, S.C., What drives mobile commerce? An empirical evaluation of the revised technology acceptance model (2005) Information and Management, 42 (5), pp. 719-729}, correspondence_address1={Li, E.Y.; National Chengchi UniversityTaiwan; email: eli@nccu.edu.tw}, editor={Li E.Y., Shen K.N.}, publisher={International Consortium for Electronic Business}, issn={16830040}, language={English}, abbrev_source_title={Proc. Int. Conf. Electron. Bus. (ICEB)}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Wu2017182, author={Wu, S.M. and Guo, D.}, title={Research into information security strategy practices for commercial banks in Taiwan}, journal={Advances in Intelligent Systems and Computing}, year={2017}, volume={541}, pages={182-187}, doi={10.1007/978-3-319-49568-2_25}, note={cited By 2; Conference of International Conference on Intelligent and Interactive Systems and Applications, IISA2016 ; Conference Date: 25 June 2016 Through 26 June 2016; Conference Code:187289}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85007106956&doi=10.1007%2f978-3-319-49568-2_25&partnerID=40&md5=8d62d66aaefaed7f4ea007ff0f6ec2ac}, affiliation={College of Business Administration, National Huaqiao University, Fujian, China}, abstract={With the explosion of the internet, computers and networks have become an indispensable part of life, and due to the rise of E-commerce, enterprises can increase productivity and competitiveness via internet. All things related to the internet have produced new and inspiring opportunities in data access, commercial operations, and productivity. The recent big data, cloud computing, mobile commerce, internet, Blockchain, FinTech, and other network applications, as well as P2P transactions, all force electronic transaction patterns to undergo drastic change. The formulation of an information security strategy is of great importance to an organization’s success and continued existence. © Springer International Publishing AG 2017.}, author_keywords={Blockchain; E-commerce; Fintech; Information security; P2P Transaction}, keywords={Big data; Commerce; Competition; Distributed computer systems; Electronic commerce; Intelligent systems; Mobile commerce; Productivity; Security of data, Block-chain; Commercial bank; Commercial operation; Electronic transaction; Fintech; Network applications; P2P Transaction; Productivity and competitiveness, Peer to peer networks}, references={Research, Development and Evaluation Commission: Executive Yuan, Risk Management Operation Manual Ver 3.0, , http://www.rdec.gov.tw/DO/DownloadControllerNDO.asp, 31 December 2013; (2011) The Institute of Internal Auditors-Chinese Taiwan, , Global Technology Audit Guideline (GTAG), June; Li, P.C., (2009) Discussion on IT Control Framework COBIT, , Taiwan Stock Exchange Corporation, September; Hong, K.S., Chao, R.Y., Discussion on the theory of information security management (2003) Comments Inf. Manage, 12 (6), pp. 17-47; Liu, Y.L., Formation mechanism and comprehensive evaluation of synergistic effect for virtual enterprises knowledge (2009) Commer. Econ, 9, pp. 99-101; Hang, G.M., Analysis on high-level development strategy for bank information security (2006) Agri. Dev. Financ., p. 1; Huang, K.P., Discussion on requirement and application of ISO31000 risk management (2010) Bimonthly on Development of Sustainable Industry, 53; Yu, S.W., Risk management idea and framework for advanced Countries (2007) National Central University; Chen, C.M., Yeh, K.C., (2013) The Late International Standards on Information Security Management– Brief Discussion on the Emphasis of New Version of ISO 27001, , Deloitte & Touche Communication, December; (2015) World Economic Forum, , The Global Risks Report, January}, correspondence_address1={Wu, S.M.; College of Business Administration, National Huaqiao UniversityChina; email: wuming.hqu@gmail.com}, editor={Xhafa F., Patnaik S., Yu Z.}, sponsors={}, publisher={Springer Verlag}, issn={21945357}, isbn={9783319495675}, language={English}, abbrev_source_title={Adv. Intell. Sys. Comput.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Arner2017373, author={Arner, D.W. and Barberis, J. and Buckley, R.P.}, title={FinTech, regTech, and the reconceptualization of financial regulation}, journal={Northwestern Journal of International Law and Business}, year={2017}, volume={37}, number={3}, pages={373-415}, note={cited By 6}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85029366261&partnerID=40&md5=8d52c44c1d5a6142c39beb3f914927c5}, affiliation={University of Hong Kong, Hong Kong; Asian Institute of International Financial Law, Faculty of Law, University of Hong Kong, Hong Kong; FinTech HK, Hong Kong; Centre for Law, Markets & Regulation, UNSW Australia, Australia}, abstract={Regulatory change and technological developments following the 2008 Global Financial Crisis are changing the nature of financial markets, services, and institutions. At the juncture of these phenomena lies regulatory technology or “RegTech”—the use of technology, particularly information technology, in the context of regulatory monitoring, reporting, and compliance. Regulating rapidly transforming financial systems requires increasing the use of and reliance on RegTech. Whilst the principal regulatory objectives (e.g., financial stability, prudential safety and soundness, consumer protection and market integrity, and market competition and development) remain, their means of application are increasingly inadequate. RegTech developments are leading towards a paradigm shift necessitating the reconceptualization of financial regulation. RegTech to date has focused on the digitization of manual reporting and compliance processes. This offers tremendous cost savings to the financial services industry and regulators. However, the potential of RegTech is far greater – it has the potential to enable a nearly real-time and proportionate regulatory regime that identifies and addresses risk while facilitating more efficient regulatory compliance. We argue that the transformative nature of technology will only be captured by a new approach at the nexus of data, digital identity, and regulation. This paper seeks to expose the inadequacy of digitizing analogue processes in a digital financial world, sets the foundation for a practical understanding of RegTech, and proposes sequenced reforms that could benefit regulators, industry, and entrepreneurs in the financial sector and other industries. © 2017. All rights reserved.}, funding_details={Australian Research CouncilAustralian Research Council}, funding_details={University of Hong KongUniversity of Hong Kong}, funding_details={International Monetary FundInternational Monetary Fund}, funding_text 1={* Kerry Holdings Professor in Law, University of Hong Kong. ** Senior Research Fellow, Asian Institute of International Financial Law, Faculty of Law, University of Hong Kong, and Founder, FinTech HK. *** CIFR King & Wood Mallesons Chair of International Financial Law, Scientia Professor, and Member, Centre for Law, Markets & Regulation, UNSW Australia. The authors gratefully acknowledge the financial support of the Hong Kong Research Grants Council Theme-based Research Scheme (Enhancing Hong Kong’s Future as a Leading International Financial Centre) and the Australian Research Council Linkage Grant Scheme (Regulating a Revolution: A New Regulatory Model for Digital Finance); the substantial input of Dr. Cheng-Yun Tsang, and the research assistance of Jessica Chapman.}, funding_text 2={• Harmonization: the integration of national, European, and global financial monitoring systems could be beneficial. Institutions are faced with varied regulatory demands across jurisdictions. Standardized and harmonized reporting could therefore be beneficial for both institutions and regulators. As highlighted above, this has now been proposed and supported by the FSB, IMF, and G-20 as part of the G-20 Data Gaps Initiative. Likewise, efforts are progressing in the context of OTC derivatives reporting and information sharing. The real challenge however remains in its implementation.}, references={Arner, D.W., Barberis, J., Buckley, R.P., The Evolution of Fintech: A New Post-Crisis Paradigm?, 47p; Crossman, P., IBM Buying Promontory Clinches It: Regtech is Real, , AMERICAN BANKER (Sept. 29, 2016, 4:42 PM); Roberts, G., FinTech Spawns RegTech to Automate Compliance (2016) BLOOMBERG; Lo, A., (2016) Moore’s Law Vs. Murphy’s Law in the Financial System: Who’s Winning?, , Bank for International Settlement, Working Paper No. 564; Jürg, M., David, M., (2009) THE CONTINUOUS LINKED SETTLEMENT FOREIGN EXCHANGE SETTLEMENT SYSTEM (CLS), , http://www.snb.ch/en/mmr/reference/continuous_linked_settlement/source/continuous_linked_settlement.en.pdf; Douglas, A., Financial, S., (2007) ECONOMIC GROWTH AND THE ROLE OF LAW; Zhou, W., Arner, D.W., Buckley, R.P., (2015) Regulation of Digital Financial Services in China: Last Mover Advantage, , 8 TSINGHUA CHINA L. REV. 25; Kaminski, P., Robu, K., A Best-Practice Model for Bank Compliance, MCKINSEY (2016) Exhibit, p. 1. , http://www.mckinsey.com/business-functions/risk/our-insights/a-best-practice-model-forbank-compliance; Baxter, L.G., Understanding the Global in Global Finance and Regulation, , in RECONCEPTUALIZING GLOBAL FINANCE AND ITS REGULATION 28-48; Buckley, R.P., The Changing Nature of Banking and Why It Matters, , in RECONCEPTUALIZING GLOBAL FINANCE AND ITS REGULATION 9-27; Arnold, M., Fleming, S., (2014) Regulation: Banks Count the Risks and Rewards -Crackdown on Money Laundering Threatens to Leave Parts of Developing World Cut off from Global Finance, , https://www.ft.com/content/9df378a2-66bb-11e4-91ab-00144feabdc0, FIN. TIMES (Nov. 14; Alessi, C., The Basel Committee on Banking Supervision (2012) Council on Foreign Relations, , http://www.cfr.org/banks-and-banking/basel-committee-banking-supervision/p28694, (July 11; Brummer, C., (2015) Disruptive Technology and Securities Regulation, 977p. , 84 FORDHAM L. REV; Najafabadi, M.M., (2015) Deep Learning Applications and Challenges in Big Data Analytics, , 2 J. BIG DATA 1; Dahlgren, S., (2015) The Importance of Addressing Cybersecurity Risks in the Financial Sector, , https://www.newyorkfed.org/newsevents/speeches/2015/dah150324, FEDERAL RESERVE BANK OF NEW YORK (March 24; Meola, A., (2016) China Just Hinted It Could Increase Fintech Regulation, , http://www.businessinsider.com/china-just-hinted-it-could-increase-fintech-regulation-2016-6/?r=AU&IR=T, BUSINESS INSIDER (June 29; Eyers, J., (2016) ASX Builds Blockchain for Australian Equities, , http://www.smh.com.au/business/banking-and-finance/asx-builds-blockchain-for-australianequities-20160121-gmbic0.html, SYDNEY MORNING HERALD (Jan. 22; Castillo, M.D., (2016) Nasdaq Opens Blockchain Services to Global Exchange Partners, , http://www.coindesk.com/nasdaqs-blockchain-servicesglobal-exchange/, COINDESK (May 26; Bose, A., (2016) India’s Fintech Revolution is Primed to Put Banks out of Business, , https://techcrunch.com/2016/06/14/indias-fintech-revolution-is-primed-to-put-banksout-of-business/, TECHCRUNCH (June 14; Release, M., (2016) Monetary Authority of Singapore, , http://www.mas.gov.sg/News-and-Publications/Media-Releases/2016/MAS-Proposes-a-Regulatory-Sandbox-for-FinTech-Experiments.aspx, MAS Proposes a ‘Regulatory Sandbox’ for FinTech Experiments; Vytautas, C., Reinhard, R., (2009) FORMULATING THE ENTERPRISE ARCHITECTURE COMPLIANCE PROBLEM}, publisher={Northwestern University School of Law}, issn={01963228}, language={English}, abbrev_source_title={Northwest. J. Intl. Law Bus.}, document_type={Article}, source={Scopus}, } @BOOK{Bussmann2017473, author={Bussmann, O.}, title={The future of finance: FinTech, tech disruption, and orchestrating innovation}, journal={Equity Markets in Transition: The Value Chain, Price Discovery, Regulation, and Beyond}, year={2017}, pages={473-486}, doi={10.1007/978-3-319-45848-9_19}, note={cited By 3}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85028808708&doi=10.1007%2f978-3-319-45848-9_19&partnerID=40&md5=e276ea406aa7a89aaf22a7523c56bfe5}, affiliation={Bussmann Advisory, Hofstrasse 52, Zug, 6300, Switzerland}, abstract={At its most basic, money is not much more than a piece of information. Financial markets, in turn, are at heart sophisticated means of exchanging the particular kind of information money stands for. It is hardly surprising then that the financial industry has always had a keen interest in information technologies, going back to the days of the telegraph and ticker tape. © Springer International Publishing Switzerland 2017.}, references={(2015) The Fintech 2.0 Paper: Rebooting financial services, , Santander, InnoVentures, Oliver Wyman, Anthemis group; (2015) How disruptive innovations are reshaping the way financial services are structured, provisioned and consumed, , www.weforum.org, Final Report, June; bitcoin.org/bitcoin.pdf; (2015) Technology Tipping Points and Societal Impact, , WEF Global Agenda Council on the Future of Software and Society, Survey Report, September}, correspondence_address1={Bussmann, O.; Bussmann Advisory, Hofstrasse 52, Switzerland; email: oliver@oliverbussmann.com}, publisher={Springer International Publishing}, isbn={9783319458489; 9783319458465}, language={English}, abbrev_source_title={Equity Markets in Transition: The Value Chain, Price Discovery, Regulation, and Beyond}, document_type={Book Chapter}, source={Scopus}, } @ARTICLE{Biswas2017340, author={Biswas, D. and Pimpale, N. and Ashara, K.}, title={Connected by design - Our learnings from designing digital profiler journeys: IDFC bank digital experience}, journal={Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)}, year={2017}, volume={10516 LNCS}, pages={340-343}, doi={10.1007/978-3-319-68059-0_25}, note={cited By 0; Conference of 16th IFIP TC13 International Conference on Human–Computer Interaction, INTERACT 2017 ; Conference Date: 25 September 2017 Through 29 September 2017; Conference Code:199329}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85030834577&doi=10.1007%2f978-3-319-68059-0_25&partnerID=40&md5=c76db5ea31f0aa0841b2a51fcf072658}, affiliation={Moonraft Innovation Labs, Seattle, United States}, abstract={This case study presents the key learnings derived from the twenty-user profiler journeys designed by Moonraft Innovation Labs for IDFC Bank. These profiler journeys were created to tackle challenges faced by banks in improving user engagement and simplifying data collection processes through digital experiences. These insights can be applied to create similar experiences for other sectors. The learnings are presented with examples. © IFIP International Federation for Information Processing 2017.}, author_keywords={Banking; Digitization; Finance; Fintech; Profilers}, keywords={Analog to digital conversion; E-learning; Finance, Banking; Data collection process; Fintech; Profilers; User engagement, Human computer interaction}, correspondence_address1={Biswas, D.; Moonraft Innovation LabsUnited States; email: debasish@moonraft.com}, editor={Bernhaupt R., Winckler M., O'Neill J., Dalvi G., Joshi A., Balkrishan D.K.}, sponsors={}, publisher={Springer Verlag}, issn={03029743}, isbn={9783319680583}, language={English}, abbrev_source_title={Lect. Notes Comput. Sci.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Trelewicz20178, author={Trelewicz, J.Q.}, title={Big Data and Big Money: The Role of Data in the Financial Sector}, journal={IT Professional}, year={2017}, volume={19}, number={3}, pages={8-10}, doi={10.1109/MITP.2017.45}, art_number={7945155}, note={cited By 5}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85020874003&doi=10.1109%2fMITP.2017.45&partnerID=40&md5=9012425a8e19faa6b77b5e88e76ed903}, affiliation={Deutsche Bank Technology Centre, Russian Federation}, abstract={The author discusses the relevance of big data approaches to the financial sector, outlining challenges to adoption as well as future opportunities for technology development. Corporate banking, including financial markets, corporate credit, and trading, entails massive volumes of both transactions and money, making it a promising focus for new IT technologies. © 1999-2012 IEEE.}, author_keywords={big data; data analytics; FinTech}, keywords={Commerce; Finance, Data analytics; Financial sectors; FinTech; It technologies; Technology development, Big data}, references={Laney, D., (2001) 3D Data Management: Controlling Data Volume, Variety and Velocity, , MetaGroup; (2016) Bank for Int'l Settlements, , www.bis.org/publ/rpfx16fx.pdf, Triennial Central Bank Survey: Foreign Exchange Turnover in April 2016, Sept; (2013) How the Financial Services Industry Can Unlock the Value in Big Data, , Where Have You Been All My Life?, PwC FS Viewpoint, Oct; Nath, T., How big data has changed finance (2015) Investopedia, , 9 Apr. bit. ly/1atP3jC; (2016) Semiannual Big Data and Analytics Spending Guide, , IDC Worldwide, 3 Oct; (2016) Blurred Lines: How FinTech is Shaping Financial Services, , PwC Global Fin-Tech Report, Mar; Tsai, B.-H., Examination of ex-dividend day trading using big data of American depositary receipts (2014) Proc. 2nd Int'l Conf. Advanced Cloud and Big Data (CBD), pp. 34-38; Wang, Y., Li, S., Lin, Z., Revealing key non-financial factors for online credit-scoring in e-financing (2013) Proc. 10th Int'l Conf. Service Systems and Service Management (ICSSSM), pp. 547-552}, correspondence_address1={Trelewicz, J.Q.; Deutsche Bank Technology CentreRussian Federation; email: jentre@ieee.org}, publisher={IEEE Computer Society}, issn={15209202}, coden={IPMAF}, language={English}, abbrev_source_title={IT Prof}, document_type={Article}, source={Scopus}, } @BOOK{Macchiavello20171, author={Macchiavello, E.}, title={Microfinance and financial inclusion: The challenge of regulating alternative forms of finance}, journal={Microfinance and Financial Inclusion: The Challenge of Regulating Alternative Forms of Finance}, year={2017}, pages={1-308}, doi={10.4324/9781315623962}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045073187&doi=10.4324%2f9781315623962&partnerID=40&md5=e71a1838c6788f477a00d8d3034552da}, affiliation={University of Genoa, Italy; Genoa Centre for Law and Finance, Italy}, abstract={Following the recent global financial crisis there is a growing interest in alternative finance - and microfinance in particular - as new instruments for providing financial services in a socially responsible way or as an alternative to traditional banking. Nonetheless, correspondingly there is also a lack of clarity about how to regulate alternative financial methods particularly in light of the financial crisis’ lessons on regulatory failure and shadow banking’s risks. This book considers microfinance from a legal and regulatory perspective. Microfinance is the provision of a wide range of financial services, particularly credit but also remittances, savings, to low-income people or financially excluded people. It combines a business structure with social inspiration, often resorts to technological innovations to lower costs (Fintech: e.g. crowdfunding and mobile banking) and merges with traditional local experiences (e.g. financial cooperatives and Islamic finance), this further complicating the regulatory picture. The book describes some of the unique dimensions of microfinance and the difficulties that this can cause for regulators, through a comparative analysis of selected European Union (EU) countries’ regimes. The focus is in fact on the EU legal framework, with some references to certain developing world experiences where relevant. The book assesses the impact and validity of current financial regulation principles and rules, in light of the most recent developments and trends in financial regulation in the wake of the financial crisis and compares microfinance with traditional banking. The book puts forward policy recommendations for regulators and policy makers to help address the challenges and opportunities offered by microfinance. © 2018 Eugenia Macchiavello.}, references={(2012) Proposal for Amendments to the Proposed Review of the EU’s Data Protection Legal Framework, , www.accis.eu/fileadmin/filestore/position_papers/ACCIS_Position_Paper_on_Proposed_Data_Protection_Regulation_May_2012.pdf; (2013) ACCIS 2012 Survey of Members - An Analysis of Credit Bureaus in Europe, , www.accis.eu/fileadmin/filestore/newsflash/50923786_2_UKMATTERS_accis_2012_survey_of_members_.pdf; Acharya, V., Hasan, I., Saunders, A., Should Banks Be Diversified? Evidence from Individual Bank Loan Portfolios (2006) J Bus, 79 (3), p. 1355; Adams, R., Mehran, H., Is Bank Holding Company Governance Different? (2003) FRBNY Economic Policy Review, 9, p. 123; (2008) 20 Years of Microcredit in France the Knowledge Gained through Adie’s Experience, , www.microfinancegateway.org/sites/default/files/mfg-en-paper-20-years-of-microcredit-in-france-the-knowledge-gained-through-adies-experienceoct-2008.pdf; Rapport Annuel 2011, , www.adie.org/sites/default/files/links/Adie_Rapport_Annuel_2011_0.pdf; Aghion, P., Bolton, P., A Theory of Trickle-Down Growth and Development (1997) Rev Econ Stud, 64, p. 151; Ahlin, C., Jiang, N., Can Micro-credit Bring Development? (2008) J Dev Econ, 86, p. 1; Akerlof, G., The Market for “Lemons”: Quality Uncertainty and the Market Mechanism (1970) Q J Econ, 84 (3), p. 488; Akhigbe, A., McNulty, J., The Profit Efficiency of Small US Commercial Banks (2003) J Bank Finance, 27, p. 307; Alarcón, D., (2008) Securitization in Microfinance. 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What are the main forces determining these changes? What group of banks in the retail banking sector has had more intensive changes during the last three to five years? Are banks feeling competition from the FinTech companies and realising a more flexible and focused policy or are they continuing to believe on traditional banks' domination? This paper explores this process by analysing banking products and services in Latvia. How advancements in technology continue to transform the lives of banking customers? The study shows that digitalization guarantees the development of banks. Banks are looking at new avenues such as mobile application and mobile marketing to provide value-Added services to customers and increase revenues by charging nominal fees for the services. Latvian banks are getting more flexible in customer services and banking products like crediting and financial resources transferring. We divided Latvian commercial banks into two significant groups: banks more specialized in international customers servicing and banks more specialized in domestic customers servicing. Financial indexes have been compared in conformity to these two groups. The CIR, ROA, ROE estimates point out the profitability and efficiency of commercial banks. LIQUIDITY shows that banks in Latvia have an adequate stock of unencumbered high-quality liquid assets that can be converted easily and immediately into cash. The profitability and efficiency indicators are more predictable and stable in banks servicing domestic customers. Banks servicing international customers specialize in focused retail, but banks servicing domestic customers provide a wider range of products and services. As a result, banks servicing domestic customers are more flexible.}, author_keywords={Banking business model; Products and services; Profitability and efficiency}, references={(2015) Banking Customer 2020. 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How Digital Themes are Transforming Companies across Industries, , http://www.ey.com/Publication/vwLUAssets/EY-imagining-The-digital-future/FILE/EY-imagining-The-digital-future.pdf, Ernst & Young LLP, [Online], [Accessed 17 May 2017]; (2015) The Fintech Revolution. a Wave of Startups is Changing Finance- for the Better, , http://www.economist.com/news/leaders/21650546-wave-startups-changing-financefor-better-fintech-revolution, Financial services,. [Online] Available at:, [Accessed 29 May 2017]; Finnegan, M., (2016) How Technology Will Transform Banking in 2016: Blockchain, , http://www.computerworlduk.com/it-business/how-Technology-will-Transform-banking-in-2016-blockchain-digital-banks-iot-3631853/, digital challengers and IoT. [Online], [Accessed 31 May 2017]; Lautenschläger, S., (2017) Digital Native? Fintechs and the Future of Banking, , https://www.bankingsupervision.europa.eu/press/speeches/date/2017/html/se170327_1.en.html, Online, [Accessed 29 May 2017]; Nakhat, F., (2014) Capital Adequacy: A Financial Soundness Indicator for Banks, , https://www.ripublication.com/gjfm-spl/gjfmv6n8_12.pdf, Online, [Accessed 17 May 2017]; (2017) What is a Liquidity Ratio?, , https://www.accountingcoach.com/blog/liquidity-ratio, Q&A, [Online], [Accessed 20 May 2017]; Ogden, J., (2017) The Biggest Challenge Facing Banks in 2017 and a Checklist to Overcome It, , https://www.mx.com/moneysummit/the-Top-5-consumer-wants-in-banking-And-A-checklist-To-meet-Them, Online] Available at:, [Accessed 1 June 2017]; Rupeika-Apoga, R., Nedovis, R., The foreign exchange exposure of domestic companies in eurozone : Case of the baltic states (2016) European Research Studies Journal, 19 (1), pp. 165-178; Gwahula, R., Saganga, M.K., (2016) Bank- Specific, Industry- Specific and Macroeconomic Determinants of Banks Profitability: Empirical Evidence from Tanzani, , http://www.macrothink.org/journal/index.php/ifb/article/view/9847, Online, Accessed 23 May 2017; Santucci, L., (2016) The Secured Credit Card Market. Payment Card Center, Federal Reserve Bank of Philadelphia, , https://www.philadelphiafed.org/-/media/consumer-credit-And-payments/payment-cards-center/publications/discussion-papers/2016/dp16-03_the-secured-credit-card.pdf?la=en, Online, [Accessed 20 April 2017]; (2017) Payment Card Statistic, Number of Payment Cards and ATM, Payment Card Transactions - Number and Value, , http://lka.org.lv/en/statistics/payment_cards/, The Association of Latvian Commercial Banks, [Online], [Accessed 8 April 2017]; (2017) Latvia- Deposit Interest Rate, , http://www.tradingeconomics.com/latvia/deposit-interest-rate-percent-wb-data.html, Trading Economics,. [Online], [Accessed 27 April 2017]; (2017) Latvia Interest Rate, , http://www.tradingeconomics.com/latvia/interest-rate/forecast, Trading Economics,. Forecast 2016-2020. [Online], [Accessed 28 April 2017]; (2017) Latvia- Lending Interest Rate, , http://www.tradingeconomics.com/latvia/lending-interest-rate-percent-wb-data.html, Trading Economics, [Online], [Accessed 27 April 2017]; (2017) Latvia Bank Lending Rate. Forecast 2016-2020, , http://www.tradingeconomics.com/latvia/bank-lending-rate/forecast, Trading Economics,. [Online], [Accessed 28 April 2017]}, publisher={International Strategic Management Association}, issn={11082976}, language={English}, abbrev_source_title={Eur. Res. Stud.}, document_type={Article}, source={Scopus}, } @ARTICLE{Davis201733, author={Davis, K. and Maddock, R. and Foo, M.}, title={Catching up with indonesia’s fintech industry}, journal={Law and Financial Markets Review}, year={2017}, volume={11}, number={1}, pages={33-40}, doi={10.1080/17521440.2017.1336398}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85021252021&doi=10.1080%2f17521440.2017.1336398&partnerID=40&md5=1c8fe383c3b0f4d22f40d293385ec3dd}, affiliation={Australian Centre for Financial Studies, University of Melbourne, Melbourne, Australia; Australian Centre for Financial Studies, Monash University, Melbourne, Australia}, abstract={The innovative use of technology in finance is posing challenges to many traditional businessmodels. At the same time it is challenging regulators. The key issue they face is how to balance the desire to encourage new businesses so as to intensify competition and provide better customer services in the sector, while protecting the system and consumers from excessively risky behaviour and potential disruption. For Indonesia the opportunity is very large given the uneven availability of finance and low levels of financial inclusion. This paper explores the new Indonesian regulation of platform lending in the light of standard regulatory problems, international experience with regulating the sector, and the particular needs of Indonesian development. We find it is close to best-practice regulation. © 2017 Informa UK Limited, trading as Taylor & Francis Group.}, references={Marketplace Lending (Peer-to-Peer Lending) Products (2016) Australian Securities and Investment Commission, , http://asic.gov.au/regulatoryresources/financial-services/marketplace-lending/marketplacelending-peer-to-peer-lending-products, (Information Sheet INFO 213; (2016) The Complex Regulatory Landscape for Fintech: An Uncertain Future for Small and Medium-Sized Enterprise Lending, , http://www3.weforum.org/docs/WEF_The_Complex_Regulatory_Landscape_for_FinTech_290816.pdf, World Economic Forum, White Paper, August; (2015) The Future of Fintech: A Paradigm Shift in Small Business Finance, , http://www3.weforum.org/docs/IP/2015/FS/GAC15_The_Future_of_FinTech_Paradigm_Shift_Small_Business_Finance:report_2015.pdf, World Economic Forum, (October; Brummer, C., Gorfine, D., (2014) Fintech: Building a 21St-Century Regulators Toolkit”, , http://assets1b.milkeninstitute.org/assets/Publication/Viewpoint/PDF/3.14-FinTech-Reg-Toolkit-NEW.pdf, (October; Arner, D.W., (2016) “Fintech: Evolution and Regulation, , http://law.unimelb.edu.au/__data/assets/pdf_file/0011/1978256/D-Arner-Fintech-Evolution-Melbourne-June-2016.pdf, Presentation Slides; Magrann-Wells, R., (2016) Fintechs Achilles Heel: The U.S. Regulatory System”, , http://blog.willis.com/2016/07/fintechs-achilles-heelthe-u-s-regulatory-system/, (Willis Tower Watson Wire, 22; Nichols, R., (2016) Bank Or No Bank, Fintech Must Be Regulated, , https://www.americanbanker.com/opinion/bank-or-no-bank-fintech-mustbe-regulated, (American Banker, 18; Godwin, A., Li, G., Ramsay, I., Is Australia’s ‘Twin Peaks’ System of Financial Regulation a Model for China?, , https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2763300, 11 April 2016) CIFR Paper No. 102/2016; Kent, R., Reid, E., (2016) Hogan Lovells Says UK Regulation is Blazing a Trail for Fintech, , https://www.hoganlovells.com/en/blogs/fintech-blog/hogan-lovells-says-uk-regulation-isblazing-a-trail-for-fintech-the-times-raconteur-uk-fintechreport, (The Times Raconteur UK Fintech Report, 7}, correspondence_address1={Maddock, R.; Australian Centre for Financial Studies, Monash UniversityAustralia; email: rodney.maddock@monash.edu}, publisher={Taylor and Francis Ltd.}, issn={17521440}, language={English}, abbrev_source_title={Law Financ. Mark. Rev.}, document_type={Article}, source={Scopus}, } @ARTICLE{NoAuthor2017, title={Every little helps: How fintech firms are helping to revolutionise supply-chain finance}, journal={Economist (United Kingdom)}, year={2017}, volume={413}, number={9019}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85020628115&partnerID=40&md5=19bc07718766f0c275c63d0ff9be05bd}, publisher={Economist Newspaper Ltd}, issn={00130613}, language={English}, abbrev_source_title={Economist}, document_type={Article}, source={Scopus}, } @ARTICLE{NoAuthor2017, title={Out of the box: Singapore tries to become a fintech hub}, journal={Economist (United Kingdom)}, year={2017}, volume={413}, number={9019}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85020619313&partnerID=40&md5=74d913c13381de12866d0010b87663ed}, publisher={Economist Newspaper Ltd}, issn={00130613}, language={English}, abbrev_source_title={Economist}, document_type={Article}, source={Scopus}, } @ARTICLE{NoAuthor2017, title={A fintech startup tries to shake up American student loans}, journal={Economist (United Kingdom)}, year={2017}, volume={413}, number={9021}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85020670117&partnerID=40&md5=99fd4a15da6e50e959d863d964d3e473}, publisher={Economist Newspaper Ltd}, issn={00130613}, language={English}, abbrev_source_title={Economist}, document_type={Article}, source={Scopus}, } @ARTICLE{Puschmann201769, author={Puschmann, T.}, title={Fintech}, journal={Business and Information Systems Engineering}, year={2017}, volume={59}, number={1}, pages={69-76}, doi={10.1007/s12599-017-0464-6}, note={cited By 12}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85011860415&doi=10.1007%2fs12599-017-0464-6&partnerID=40&md5=13ad3b43a8cfd181dc152cb846997558}, affiliation={Department of Informatics, University of Zurich, Binzmuehlestrasse 14, Zurich, 8050, Switzerland}, author_keywords={Digitization; Financial services industry; Financial technology; Fintech; Innovation}, references={Alt, R., Puschmann, T., The rise of customer-oriented banking: electronic markets are paving the way for change in the financial industry (2012) Electron Mark, 22, pp. 203-215; Alt, R., Puschmann, T., (2016) Digitalisierung der Finanzindustrie – Grundlagen der Fintech-Evolution, , Springer Gabler, Heidelberg; Alt, R., Sachse, S., Banking innovation (2012) Gabler Bank-Lexikon, pp. 161-162. , Gramlich L, Gluchowski P, Horsch A, (eds), Springer Gabler, Wiesbaden; Arner, D., The evolution of fintech: a new post-crisis paradigm. The University of New South Wales (UNSW) and the University of Hong Kong, UNSW Law Research Paper No (2015) 2016-62, , Hong Kong, Sydney; Bower, J.L., Christensen, C.M., Disruptive technologies: catching the wave (1995) Harv Bus Rev, 73, pp. 43-53; Chan, C.K., Lee, H.W.J., (2005) Successful strategies in supply chain management, , Idea Group, Hershey; Chishti, S., Barberis, J., (2016) The fintech book, , Wiley, Hoboken; Chuang, L.-M., Liu, C.-C., Kao, H.-K., The adoption of fintech service: TAM perspective (2016) Int J Manag Adm Sci, 3, pp. 1-15; Bundesbank, D., (2016) Bank office report 2015 – development of the bank office network in 2015, , Deutsche Bundesbank Eurosystem, Frankfurt a. M; Foster, R., (1986) Innovation: the attacker’s advantage, , Summit, New York; Frame, W.S., White, L.J., Technological change, financial innovation, and diffusion in banking. Federal Reserve Bank of Atlanta & Leonard N. 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University of Lille & University of Trier, CESifo Working Paper Series No. 6131, , Lille &, Trier; Kang, Y.-M., Han, K.-S., Park, S.-J., Kim, J.-B., A study on the trends of fintech (2016) Int J u- e-Service, Sci Technol, 9, pp. 71-80; Kauffman, R.J., Ma, D., Contemporary research on payments and cards in the global fintech revolution (2015) Electron Commer Res Appl, 14, pp. 261-264; Kutler, J., Citibank is shedding individualistic image (1993) Am Bank, , https://www.americanbanker.com/opinion/friday-flashback-did-citi-coin-the-term-fintech; Lamberti, H.-J., Büger, M., Lessons learnt: 50 Jahre Informationstechnologie im Bankgeschäft am Beispiel der Deutschen Bank AG (2008) Wirtschaftsinformatik, 51, pp. 31-42; Lee, T., Kim, H.-W., An exploratory study on fintech industry in Korea: crowdfunding case. In: 2nd International conference on innovative engineering technologies (ICIET’2015) (2015) Bangkok; Lee, S.-H., Lee, D.-W., A study on fintech based on actual cases (2016) Int J u- e-Service Sci Technol, 9, pp. 439-448; Malone, T.W., Laubacher, R., Johns, T., The age of hyperspecialization (2011) Harv Bus Rev, 89, pp. 56-65; Mori, T., Financial technology: blockchain and securities settlement (2016) J Secur Oper Custody, 8, pp. 208-227; Nüesch, R., Puschmann, T., Alt, R., Hybrid customer interaction (2015) Bus Inf Syst Eng, 57, pp. 73-78; Pickens, M., Porteous, D., Department for International Development (DFID), Focus Note No (2009), Washington: DC; Puschmann, T., Alt, R., Sharing economy (2016) Bus Inf Syst Eng, 58, pp. 93-99; Shim, Y., Shin, D.-H., Analyzing China’s fintech industry from the perspective of actor–network theory (2016) Telecommun Policy, 40, pp. 168-181; Skan, J., Dickerson, J., Masood, S., (2015) The future of fintech and banking: digitally disrupted or reimagined?, , Accenture, London; Tufano, P., Finanical innovation (2003) Handbook of the economics of finance, pp. 307-335. , Constantinides GM, Harris M, Stulz RM, (eds), Elsevier, Amsterdam; The future of financial services – how disruptive innovations are reshaping the way financial services are structured (2015) provisioned and consumed, , An Industry Project of the Financial Services Community, New York; Zavolokina, L., Dolata, M., Schwabe, G., Fintech - what’s in a name? In: Proceedings of the 37th international conference on information systems (2016) Dublin}, correspondence_address1={Puschmann, T.; Department of Informatics, University of Zurich, Binzmuehlestrasse 14, Switzerland; email: puschmann@ifi.uzh.ch}, publisher={Gabler Verlag}, issn={18670202}, language={English}, abbrev_source_title={Busin. Info. Sys. Eng.}, document_type={Article}, source={Scopus}, } @ARTICLE{Kim2017170, author={Kim, Y. and Lee, Y.}, title={A study on the consumers' perceptions and behavioral characteristics toward fashion products in omni-channel retailing}, journal={Journal of the Korean Society of Clothing and Textiles}, year={2017}, volume={41}, number={1}, pages={170-183}, doi={10.5850/JKSCT.2017.41.1.170}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85030978975&doi=10.5850%2fJKSCT.2017.41.1.170&partnerID=40&md5=c2c5b36a0ee2cf4b1183aa78d08f3cdf}, affiliation={Dept. of Textiles, Merchandising and Fashion Design, Seoul National University, South Korea; Research Institute of Human Ecology, Seoul National University, South Korea}, abstract={The rapid growth of digital consumption has significantly changed the shopping behavior of consumers. The consumption paradigm is changing; subsequently, an omni-channel has been introduced that empowers consumers to interact with firms through a myriad of touch points in multiple channels. This study is to understand the perceptions and behavioral characteristics of consumers in the purchase process (e.g., information search and purchase phase). A qualitative method was adopted for this study and data were collected through semi-structured in-depth interviews with 15 omni-channel consumers. The results of this study were as follows. At the information search stage, consistency was the most important consideration for consumers who also wanted to retain channel-specific benefits. Consumers also searched for differentiated information among distribution channels. At the purchase stage, participants choose a shopping channel according to shopping values. They utilized newly introduced services (e.g., "online purchase, offline pick-up", FinTech) that combine retail channels. Our findings provide significance in managing omni-channel services. First, it is recommended that fashion retailers provide seamlessly integrated experience to consumer and adopt a consumer-centered channel choice strategy. Second, fashion retailers must maintain a constant attitude toward shopping experience to fashion, such as shopping enjoyment and exclusiveness. © 2017, The Korean Society of Clothing and Textiles.}, author_keywords={Channel choice; Consumer behavior; Consumer decision process; Consumer perception; Omni-channel retailing}, references={Ansari, A., Mela, C.F., Neslin, S.A., Customer channel migration (2008) Journal of Marketing Research, 45 (1), pp. 60-76; Avery, J., Steenburgh, T.J., Deighton, J., Caravella, M., Adding bricks to clicks: Predicting the patterns of crosschannel elasticities over time (2012) Journal of Marketing, 76 (3), pp. 96-111; Babin, B.J., Darden, W.R., Griffin, M., Work and/ or fun: Measuring hedonic and utilitarian shopping value (1994) Journal of Consumer Research, 20 (4), pp. 644-656; Baek, D.H., (2016) An analysis of factors affecting consumers' choice of distribution channel for the purchase decision-making process in omni-channel environment-Focused on purchases of apparel-, , Unpublished master's thesis, Dong-A University, Busan; Beck, N., Rygl, D., Categorization of multiple channel retailing in multi-, cross-, and omni-channel retailing for retailers and retailing (2015) Journal of Retailing and Consumer Services, 27, pp. 170-178; Bell, D.R., Gallino, S., Moreno, A., How to win in an omnichannel world (2014) MIT Sloan Management Review, 56 (1), pp. 45-55; Brynjolfsson, E., Hu, Y.J., Rahman, M.S., Competing in the age of omnichannel retailing (2013) MIT Sloan Management Review, 54 (4), pp. 23-29; Cao, L., Li, L., The impact of cross-channel integration on retailers' sales growth (2015) Journal of Retailing, 91 (2), pp. 198-216; Chatterjee, P., Multiple-channel and cross-channel shopping behavior: Role of consumer shopping orientations (2010) Marketing Intelligence & Planning, 28 (1), pp. 9-24; Chatterjee, P., Kumar, A., Consumer willingness to pay across retail channels (2017) Journal of Retailing and Consumer Services, 34, pp. 264-270; Childers, T.L., Carr, C.L., Peck, J., Carson, S., Hedonic and utilitarian motivations for online retail shopping behavior (2001) Journal of Retailing, 77 (4), pp. 511-535; Corbin, J.M., Strauss, A., Grounded theory research: Procedures, canons, and evaluative criteria (1990) Qualitative Sociology, 13 (1), pp. 3-21; Coughlan, A.T., Anderson, E., Stern, L.W., El-Ansary, A.I., (2001) Marketing channels, , (6th ed.). Upper Saddle River, NJ: Prentice Hall; Court, D., Elzinga, D., Mulder, S., Vetvik, O.J., The consumer decision journey (2009) McKinsey Quarterly, 3, pp. 96-107; Cummins, S., Peltier, J.W., Dixon, A., Omni-channel research framework in the context of personal selling and sales management: A review and research extensions (2016) Journal of Research in Interactive Marketing, 10 (1), pp. 2-16; Dinner, I.M., Van Heerde, H.J., Neslin, S.A., Driving online and offline sales: The cross-channel effects of traditional, online display, and paid search advertising (2014) Journal of Marketing Research, 51 (5), pp. 527-545; Edelman, D.C., Branding in the digital age (2010) Harvard Business Review, 88 (12), pp. 62-69; Jun, J.K., Joo, Y.H., Yang, S.J., Analysing the effects of multi-channel strategy for CRM (2004) Distribution Business Review, 9 (2), pp. 29-43; Jun, S., The determinants of switching on · off-line cha nnels for consumers (2013) The Journal of Digital Policy & Management, 11 (12), pp. 245-256; Keen, C., Wetzels, M., de Ruyter, K., Feinberg, R., E-tailers versus retailers: Which factors determine consumer preferences (2004) Journal of Business Research, 57 (7), pp. 685-695; Kim, H.Y., Song, J.H., How do consumers make channel decision in multi-channel environment?: Exploring consumer' perceived efficacy toward channels (2015) The e-Business Studies, 16 (3), pp. 3-28; Kim, S.H., Park, G.Y., Park, H.J., Factors influencing buyers' choice of online vs. offline channel at information search and purchase stages (2007) Distribution Business Review, 12 (3), pp. 69-90; Konus, U., Verhoef, P.C., Neslin, S.A., Multichannel shopper segments and their covariates (2008) Journal of Retailing, 84 (4), pp. 398-413; Kumar, V., Venkatesan, R., Who are the multichannel shoppers and how do they perform?: Correlates of multichannel shopping behavior (2005) Journal of Interactive Marketing, 19 (2), pp. 44-62; Kushwaha, T., Shankar, V., Are multichannel customers really more valuable? The moderating role of product category characteristics (2013) Journal of Marketing, 77 (4), pp. 67-85; Lee, J.S., Jung, S.H., Shin, M.K., A study on multichannel consumer's choice of the information search and shopping channel (2012) Journal of Consumption Culture, 15 (3), pp. 21-45; Levin, A.M., Levin, I.R., Heath, C.E., Product category dependent consumer preferences for online and offline shopping features and their influence on multi-channel retail alliances (2003) Journal of Electronic Commerce Research, 4 (3), pp. 85-93; Mooney, K., Rollins, N., (2008) The open Brand: When push comes to pull in a web-made world, , Thousand Oaks, CA: New Riders Publishing; Neslin, S.A., Grewal, D., Leghorn, R., Shankar, V., Teerling, M.L., Thomas, J.S., Verhoef, P.C., Challenges and opportunities in multichannel customer management (2006) Journal of Service Research, 9 (2), pp. 95-112; Ortis, I., Casoli, A., (2009) IDC Retail Insights Publishes a Guide to Enabling Immersive Shopping Experiences; The rise of omnichannel shopping requires providing an immersive and superior customer experience regardless of channel, , https://www.idg.com/news/idc-retail-insights-publishes-a-guide-to-enabling-immersive-shopping-experiences-the-rise-of-omnichannel-shopping-requires-providing-an-immersive-and-superior-customer-experience-regardless-of-channe/, IDC. December 22. Retrieved November 20, 2016; Park, E.H., (2016) A case study research on omni channel from the perspective of customer experience-Focused on the Hyundai card-, , Unpublished master's thesis, Kookmin University, Seoul; Park, J.K., [Fintech and information security] (2015) Communications of the Korean Institute of Information Scientists and Engineer, 33 (5), pp. 23-32; Patton, M.Q., (1990) Qualitative evaluation and research methods, , (2nd ed.). Thousand Oaks, CA: SAGE Publications; Pauwels, K., Leeflang, P.S.H., Teerling, M.L., Huizingh, K.R.E., Does online information drive offline revenues?: Only for specific products and consumer segments! (2011) Journal of Retailing, 87 (1), pp. 1-17; Prahalad, C.K., Ramaswamy, V., Co-creation experiences: The next practice in value creation (2004) Journal of Interactive Marketing, 18 (3), pp. 5-14; Rigby, D., The future of shopping (2011) Harvard Business Review, 89 (12), pp. 64-75; Schramm-Klein, H., Wagner, G., Steinmann, S., Morschett, D., Cross-channel integration-is it valued by customers? (2011) The International Review of Retail, Distribution and Consumer Research, 21 (5), pp. 501-511; Verhoef, P.C., Neslin, S.A., Vroomen, B., Multichannel customer management: Understanding the researchshopper phenomenon (2007) International Journal of Research in Marketing, 24 (2), pp. 129-148}, correspondence_address1={Lee, Y.; Dept. of Textiles, Merchandising and Fashion Design, Seoul National UniversitySouth Korea; email: yulee3@snu.ac.kr}, publisher={Korean Society of Clothing and Textiles}, issn={12251151}, language={Korean}, abbrev_source_title={J. Korean Soc. Cloth. Text.}, document_type={Article}, source={Scopus}, } @ARTICLE{Salo2017, author={Salo, M. and Haapio, H.}, title={ROBO-advisors and investors: Enhancing human-robot interaction through information design}, journal={Jusletter IT}, year={2017}, number={February}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85037623731&partnerID=40&md5=501fa03f81151258edd7426bb3aaf697}, affiliation={Business Law, University of Vaasa, P.O. Box 700, Vaasa, 65101, Finland; University of Vaasa, International Contract Counsel, Lexpert Ltd., Pohjoisranta 20, Helsinki, 00170, Finland}, abstract={Automation is everywhere. Robots can become lawyers and nurses - as well as investment advisors. Investment advisors have a pedagogic role in making sure that investors can understand where they are putting their money. Human-to-human interaction, discussions between investors and advisors, often help to enlighten the features of the products better than just reading mandatory prospectuses lying on a couch at home. In robo-advising there are usually no discussions supplementing the written information. That is why information design and investor-friendly information will step into the footlights. In this paper, we explore the ways in which information design can be utilized in robo-advising.}, author_keywords={Contract design; Financial information; Financial literacy; Fintech; Information design; Investment advice; Robo-advising; Visuaüzation}, references={Albers, M.J., Information salience and interpreting information (2007) SIGDOC '07 Proceedings of the 25th Annual ACM International Conference on Design of Communication, pp. 80-86. , 22-24 October, El Paso, Texas. Association for Computing Machinery ACM, New York, NY; Castro, D., New, J., The promise of artificial intelligence (2016) Center for Data Innovation, , http://www2.datainnovation.org/2016-promise-of-ai.pdf, October; About the Licenses - Creative Commons, , http://creativecommons.org/licenses; (2015) Joint Committee Discussion Paper on Automation in Financial Advice, , ESAs JC 2015 080, 4 December; (2015) The Digital Transformation of Banks and the Digital Single Market, , EUROPEAN BANKING FEDERATION EBF Discussion Paper, June; Digital Single Market, , https://ec.europa.eu/priorities/digital-single-market_en; Press release (2016) Commission Extends the Application Date of the PRIIPs Regulation by One Year, , Brussels, 9 November; (2015) Consumer Testing Study of the Possible New Format and Content for Retail Disclosures of Packaged Retail and Insurance-based Investment Products, , Final Report; Exposure draft (2007) Initial Orientations for Discussion on Possible Adjustments to the UCITS Directive, 5. , Simplified prospectus-Investor disclosure regime. 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Springer International Publishing; Passera, S., Smedlund, A., Liinasuo, M., Exploring contract visualization: Clarification and framing strategies to shape collaborative business relationships (2016) Journal of Strategic Contracting and Negotiation, 2 (1-2), pp. 69-100. , March/June; Salo, M., Haapio, H., Passera, S., Putting financial regulation to work: Using simplification and visualization for consumer-friendly information (2016) Jusletter IT, , 25 February; Schaeer, B., Closing pandora's box? The EU proposal on the regulation of robots (2016) Edinburg Research Explorer, , http://www.research.ed.ac.uk/portal/files/29522173/Closing_Pandora_s_box_TheEU_proposal_on_the_regulation-of-robots-Edited-BS-reviewed.pdf, The University of Edinburg; Sless, D., Regulating information for people: How information design has made A difference in the ways in which governments and industry regulate information (2015) Information Design as Principled Action: Making Information Accessible, Relevant, Understandable, and Usable, pp. 190-209. , Frascara, Jorge (Ed.) Common Ground Publishing LLC, Champaign, IL; (2016) Policy Statement. Robo-advisers and State Investment Adviser Registration, , https://www.sec.state.ma.us/sct/sctpdf/policy-statement-robo-advisers-and-state-investment-adviser-registration.pdf, THE MASSACHUSETTS SECURITIES DIVISION April 1; (2015), https://www.sec.gov/oiea/investor-alerts-bulletins/autolistingtoolshtm.html, May 8; Waller, R., What makes a good document? The criteria we use. Technical paper 2 (2011) Simplification Centre, , http://www.simplificationcentre.org.uk/downloads/papers/SC2CriteriaGoodDoc_v2.pdf, University of Reading; Waller, R., Waller, J., Transforming government letters: Design and writing working together (2015) Information Design as Principled Action: Making Information Accessible, Relevant, Understandable, and Usable, pp. 210-222. , Frascara, Jorge (Ed.) Common Ground Publishing LLC, Champaign, IL; Waller, R., Waller, J., Haapio, H., Crag, G., Morrisseau, S., Cooperation through clarity: Designing simplified contracts (2016) Journal of Strategic Contracting and Negotiation, 2 (1-2), pp. 48-68. , March/June}, publisher={Weblaw AG}, issn={1664848X}, language={English}, abbrev_source_title={Jusletter IT}, document_type={Article}, source={Scopus}, } @ARTICLE{NoAuthor2017, title={The age of the appacus: In fintech, China shows the way}, journal={Economist (United Kingdom)}, year={2017}, volume={413}, number={9025}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85020653515&partnerID=40&md5=887ce9f7f1fb426821f63a04fa17f467}, publisher={Economist Newspaper Ltd}, issn={00130613}, language={English}, abbrev_source_title={Economist}, document_type={Article}, source={Scopus}, } @ARTICLE{Lee20171105, author={Lee, S.}, title={Evaluation of mobile application in user’s perspective: Case of P2P lending apps in FinTech industry}, journal={KSII Transactions on Internet and Information Systems}, year={2017}, volume={11}, number={2}, pages={1105-1115}, doi={10.3837/tiis.2017.02.027}, note={cited By 4}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85014080895&doi=10.3837%2ftiis.2017.02.027&partnerID=40&md5=6e86f95fcc99d3aa60a405e841750fc4}, affiliation={School of Business Administration, Soongsil University, Seoul, 06978, South Korea}, abstract={Financial technology, also known as FinTech, is one of the fast growing global businesses in since its inception in 2008. Fintech is a new economic industry, comprised of companies that adopted the latest technologies to provide more efficient financial services than the traditional financial services. Fintech companies are generally small to medium sized startups trying to disintermediate existing financial systems. FinTech companies can be differentiated in several areas, based on its business solutions and target customers. In Korea, the Peer-to-Peer (P2P) lending companies are the most prominent in the FinTech sector. P2P lending is a method of borrowing or lending money to individuals through online services without the use of an official financial institution as an intermediary. The P2P lending companies operate their services entirely online or mobile environment. Consequently, mobile P2P lending application users are dramatically increasing. Thus, it is worth evaluating the acceptance of the mobile apps of the P2P lending companies from a user’s perspective. This paper discusses user acceptance of the mobile P2P lending apps, guided by the Technology Acceptance Model. We conclude that the users’ acceptance of mobile P2P lending apps are significantly influenced by perceived ease of use, perceived usefulness, and user satisfaction. These in turn influenced their attitude towards using mobile P2P lending apps and intention to use. © 2017 KSII.}, author_keywords={APIC-IST 2016; FinTech; P2P Lending; P2P Lending Apps; P2P Lending Platform; Social Lending}, keywords={Peer to peer networks, APIC-IST 2016; Financial institution; FinTech; P2p lending; Perceived ease of use; Perceived usefulness; Social Lending; Technology acceptance model, Finance}, references={McAuley, D., What is FinTech? (2014) Wharton Fintech, , Article (CrossRef Link); Leimer, B., So what is FinTech? 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Internet Inf. Syst.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Moon2017511, author={Moon, W.Y. and Kim, S.D.}, title={A Payment Mediation Platform for heterogeneous FinTech schemes}, journal={Proceedings of 2016 IEEE Advanced Information Management, Communicates, Electronic and Automation Control Conference, IMCEC 2016}, year={2017}, pages={511-516}, doi={10.1109/IMCEC.2016.7867264}, art_number={7867264}, note={cited By 4; Conference of 2016 IEEE Advanced Information Management, Communicates, Electronic and Automation Control Conference, IMCEC 2016 ; Conference Date: 3 October 2016 Through 5 October 2016; Conference Code:126706}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85016712496&doi=10.1109%2fIMCEC.2016.7867264&partnerID=40&md5=c2435690af268339d08c7ab55f802e50}, affiliation={Department of Computer Science, Soongsil University, 511 Sangdo-Dong, Dongjak-Ku, Seoul, 156-743, South Korea}, abstract={FinTech is emerging as a new paradigm of providing financial services more efficiently by incorporating effective IT technologies. Payment is a presentative FinTech service, and there are a number of payment schemes in operation. However, there exists a high degree of heterogeneity among payment schemes in terms of payment process, transaction settlement method, and deployment of software agents. Accordingly, a payment cannot be established between any two different payment schemes. In this paper, we present a payment mediation process for mediating payment activities between two different schemes, and its software implementation. The platform allows payment transactions among currently available payment schemes such as Samsung Pay and Apple Pay. We also present a proof-of-concept implementation of the platform as an assessment work. © 2016 IEEE.}, author_keywords={FinTech Payment; Mediation; Platform}, keywords={Information management, Financial service; FinTech Payment; It technologies; Mediation; Payment transactions; Platform; Proof of concept; Software implementation, Software agents}, references={De Reuver, M., Verschuur, E., Nikayin, F., Cerpa, N., Bouwman, H., Collective action for mobile payment platforms: A case study on collaboration issues between banks and telecom operators (2015) Electronic Commerce Research and Applications, 14 (5), pp. 331-344. , September-October; Sam Sung Pay, , http://www.samsung.com/sec/Samsung-pay, Samsung Inc,Accessed: April 26,2016; Apple Pay, , https://developer.apple.com/apple-pay, Apple Inc,Accessed: March 15,2016; Android Pay, , https://developers.google.com/android-pay, Google Inc,Accessed: March 20,2016; Daswani, N., Boneh, D., Garcia-Molina, H., Ketchpel, S.P., Paepcke, A., SW aperoo: A simple wallet architecture for payments, exchanges, refunds, and other operations (1998) USENIX Workshop on Electronic Commerce; EMVCo Payment Tokenisation Specification Technical Framework, , https://www.emvco.com/downloadagreement.aspxid=945, EMVco LLC,Accessed: March 20,2016; Kuttner, K.N., McAndrews, J., Personal on-line payments (2001) Economic Policy Review, pp. 35-50. , December; Jaouad, B., Wadii, E.H., SouhaIl, E.G.E.H., Architecture of a mediation system for mobile payment (2014) International Journal of Advanced Computer Science and Applications(IJACSA), 5 (9), pp. 42-51; Swink, M.L., Calantone, R., Designmanufacturing integration as a mediator of antecedents to new product design quality (2004) Engineering Management, IEEE Transactions on, 51 (4), pp. 472-482}, editor={Xu B.}, sponsors={Chongqing Global Union Academy of Science and Technology; Global Union Academy of Science and Technology; IEEE Beijing Section; Xi'an Peihua University}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781467396127}, language={English}, abbrev_source_title={Proc. IEEE Adv. Inf. Manag., Commun., Electron. Autom. Control Conf., IMCEC}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Ranade2017125, author={Ranade, A.}, title={Role of 'Fintech' in Financial inclusion and new business models}, journal={Economic and Political Weekly}, year={2017}, volume={52}, number={12}, pages={125-128}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85016258361&partnerID=40&md5=96a60587203cf6661420bb90cb809d02}, affiliation={Aditya Birla Group, Mumbai, India}, abstract={The convergence of finance and technology to provide financial services by non-financial institutions, popularly known as "fintech," has come to dominate the financial landscape. Taking stock of this development, its impac t and implications for new products, processes and services, including for financial inclusion are examined. The Jan Dhan-Aadhaar-mobile phones trinity provides fertile ground for fintech to permeate to the "last mile." Notwithstanding its manifold benefits, there is a need to exercise caution in areas such as privacy and ownership of data. In a fast-paced world of rapidly evolving technology and related financial services, regulators have new paradigms to grapple with and therefore, need to be proactive so as to not stifle the grow th of this nascent sector.}, correspondence_address1={Ranade, A.; Aditya Birla GroupIndia; email: ajit.ranade@gmail.com}, publisher={Economic and Political Weekly}, issn={00129976}, language={English}, abbrev_source_title={Econ. Polit. Wkly.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Okada2017593, author={Okada, H. and Yamasaki, S. and Bracamonte, V.}, title={Proposed classification of blockchains based on authority and incentive dimensions}, journal={International Conference on Advanced Communication Technology, ICACT}, year={2017}, pages={593-597}, doi={10.23919/ICACT.2017.7890159}, art_number={7890159}, note={cited By 7; Conference of 19th International Conference on Advanced Communications Technology, ICACT 2017 ; Conference Date: 19 February 2017 Through 22 February 2017; Conference Code:127106}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85018527508&doi=10.23919%2fICACT.2017.7890159&partnerID=40&md5=a6e63f0ab5df4b044cfbf87351777091}, affiliation={National Institute of Informatics, Japan; Kindai University, Japan}, abstract={The potential of blockchain technology has received attention in the area of FinTech - the combination of finance and technology. Blockchain technology was first introduced as the technology behind the Bitcoin decentralized virtual currency, but there is the expectation that its characteristics of accurate and irreversible data transfer in a decentralized P2P network could make other applications possible. Although a precise definition of blockchain technology has not yet been given, it is important to consider how to classify different blockchain systems in order to better understand their potential and limitations. The goal of this paper is to add to the discussion on blockchain technology by proposing a classification based on two dimensions external to the system: (1) existence of an authority (without an authority and under an authority) and (2) incentive to participate in the blockchain (market-based and non-market-based). The combination of these elements results in four types of blockchains. We define these dimensions and describe the characteristics of the blockchain systems belonging to each classification. © 2017 Global IT Research Institute - GiRI.}, author_keywords={Bitcoin; Blockchain technology; Virtual currency}, keywords={Commerce; Data transfer; Electronic money, Bitcoin; Block-chain; P2P network; Precise definition; Two-dimension; Virtual currency, Peer to peer networks}, references={(2016) Survey on Blockchain Technologies and Related Services FY2015 Report, , METI, Japan, Apr; (2016) Establishment of the 'FinTech Center, , https://www.boj.or.jp/en/announcements/release_2016/rel160401a.htm/, Bank of Japan, Apr. [Accessed: 12-Sep-2016]; Bonneau, J., Miller, A., Clark, J., Narayanan, A., Kroll, J.A., Felten, E.W., SoK: Research perspectives and challenges for bitcoin and cryptocurrencies (2015) IEEE Symposium on Security and Privacy, pp. 104-121; (2016) Blockchains and the Web Report, , https://www.w3.org/2016/04/blockchain-workshop/report.html, Jun. [Accessed: 29-Oct-2016]; (2016) Getting Linked to the Blockchain, , http://theinstitute.ieee.org/technologytopics/computing/getting-linked-to-the-blockchain, The Institute, Aug. [Accessed: 24-Aug-2016]; (2016) ISO TSP 258 (Blockchain and Electronic Distributed Ledger Technologies), , ISO, Apr; (2016) The ISO Will Start Discussion on International Standardization of Blockchain Technologies, , http://www.meti.go.jp/english/press/2016/1007_05.html, MEXT, Oct. [Accessed: 29-Oct-2016]; Del Castillo, M., Double standards: The coming push for blockchain interoperability (2016) CoinDesk, , http://www.coindesk.com/double-standards-the-push-for-blockchaininteroperability-could-get-messy/, Oct. [Accessed: 14-Oct-2016]; Okada, H., Takahashi, I., Yamasaki, S., (2015) Kastska: Gijutsu Hritsu Seido (Virtual Currency: Technology, Law, Institutions), , Tokyo: Toyo Keizai Inc; (2013) Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies, , FinCEN, USA, Mar; (2015) Distributed Ledger Technology: Beyond Block Chain, , Government Office for Science, UK, Dec; Buterin, V., (2015) On Public and Private Blockchains, , https://blog.ethereum.org/2015/08/07/on-public-and-privateblockchains/, [Accessed: 03-Oct-2016]; Nakamoto, S., (2008) Bitcoin: A Peer-to-Peer Electronic Cash System, p. 9. , www.bitcoin.org; Castro, M., Liskov, B., Practical byzantine fault tolerance (1999) Proceedings of the Symposium on Operating System Design and Implementation, pp. 1-14; Danezis, G., Meiklejohn, S., (2015) Centrally Banked Cryptocurrencies, pp. 1-16. , arXiv, no. February; Back, A., Corallo, M., Dashjr, L., Friedenbach, M., Maxwell, G., Miller, A., Poelstra, A., Wuille, P., (2014) Enabling Blockchain Innovations with Pegged Sidechains}, sponsors={Electronics and Telecommunications Research Institute (ETRI); et al.; Gangwon Convention and Visitors Bureau; IEEE Communication Society (IEEE ComSOc); Korean Institute of Communication Sciences (KICS); National Information Society Agency (NIA)}, publisher={Institute of Electrical and Electronics Engineers Inc.}, issn={17389445}, isbn={9788996865094}, language={English}, abbrev_source_title={Int. Conf. Adv. Commun. Technol. ICACT}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Leong201792, author={Leong, C. and Tan, B. and Xiao, X. and Tan, F.T.C. and Sun, Y.}, title={Nurturing a FinTech ecosystem: The case of a youth microloan startup in China}, journal={International Journal of Information Management}, year={2017}, volume={37}, number={2}, pages={92-97}, doi={10.1016/j.ijinfomgt.2016.11.006}, note={cited By 17}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85011832590&doi=10.1016%2fj.ijinfomgt.2016.11.006&partnerID=40&md5=898a8c1d59af7cc87127075602e1a2ba}, affiliation={University of New South Wales, UNSW Business School, School of Information System and Technology Management Kensington, Sydney, New South Wales 2052, Australia; The University of Sydney, The University of Sydney Business School, Rm4074 Abercrombie Building (H70), Sydney, New South Wales 2006, Australia; Copenhagen Business School, Department of IT Management, Howitzvej 60, Frederiksberg, 2000, Denmark; School of Business Administration, Zhejiang Gongshang University, Xiasha University Town, No.18, Xuezheng St., Hangzhou, Zhejiang, China; The Research center of information technology & economic and social development of Zhejiang Province, China}, abstract={Financial technology, or FinTech, involves the design and delivery of financial products and services through technology. It impacts financial institutions, regulators, customers, and merchants across a wide range of industries. Pervasive digital technologies are challenging the fundamentals of the highly regulated financial sector, leading to the emergence of non-traditional payment systems, peer-to-peer money exchanges and increased turbulence in currency markets. This case study explores the development of a FinTech company in China that offers microloans to college students. Five lessons learned are presented for organizations to better manage the challenges and to leverage the opportunities amidst the disruption of financial sector. Our findings also shed light on how digital technology 1) offers the strategic capability for a firm to occupy a market niche in financial sector, 2) enables the generation of alternative credit scores based on non-traditional data, and 3) improves the financial inclusion of previously excluded market segments. © 2016 The Authors}, author_keywords={Case study; Ecosystem development; Financial inclusion; FinTech; Online microloan}, keywords={Commerce; Ecology; Ecosystems; Peer to peer networks; Product design; Students, Digital technologies; Ecosystem development; Financial inclusions; Financial institution; Financial products; FinTech; Online microloan; Strategic capability, Finance}, references={BBVA Research, Improving credit access for the invisibles (2015), Digital Economy Outlook Spain; Burtch, G., Ghose, A., Wattal, S., An empirical examination of the antecedents and consequences of contribution patterns in crowd-funded markets (2013) Information Systems Research, 24 (3), pp. 499-519; Burtch, G., Ghose, A., Wattal, S., Cultural differences and geography as determinants of online prosocial lending (2014) MIS Quarterly, 38 (3), pp. 773-794; Citi Group, Digital disruption, how FinTech is forcing banking to a tipping point (2016); De Reuver, M., Verschuur, E., Nikayin, F., Cerpa, N., Bouwman, H., Collective action for mobile payment platforms: a case study on collaboration issues between banks and telecom operators (2015) Electronic Commerce Research and Applications, 14 (5), pp. 331-344; Demirguc-Kunt, A., Klapper, L., Singer, D., Oudheusden, P.V., The global findex database 2014: Measuring financial inclusion around the world (2015) Policy research working paper 7255, , World Bank Washington, DC; Foster, C., Heeks, R., Innovation and scaling of ICT for the bottom-of-the-pyramid (2013) Journal of Information Technology, 28 (4), pp. 296-315; Gelis, P., Why FinTech banks will rule the world (2016), John Wiley & Sons, Ltd. Chichester, UK; KPMG, H2 Ventures, Fintech 100: Leading global FinTech innovators report (2015); Kim, G., Shin, B., Lee, H.G., Understanding dynamics between initial trust and usage intentions of mobile banking (2009) Information Systems Journal, 19 (3), pp. 283-311; Li, B., Dong, L., Mode and development of internet finance (2013) Finance in China, 10, pp. 19-21; Mason, J., Qualitative researching (2002), Sage Publications Limited London; Michael, D.C., Zhou, Y., Undersand and tap into China's digital generation (2011), http://www.chinabusinessreview.com/understandandtapintochinasdigitalgenerations/; OECD, Financial education for youth and in schools: Oecd/infe policy guidance challenges and casestudies (2013); Pan, S.L., Tan, B., Demystifying case research: A structured-pragmatic-situational (SPS) approach to conducting case studies (2011) Information & Organization, 21 (3), pp. 161-176; Patton, M.Q., Qualitative evaluation and research methods (1990), 2nd ed. Sage Publications Newbury Park, CA; Van Campenhout, G., Revaluing the role of parents as financial socialization agents in youth financial literacy programs (2015) Journal of Consumer Affairs, 49 (1), pp. 186-222; Ventura, A., Koenitzer, M., Stein, P., Tufano, P., Drummer, D., The Future of FinTech: A Paradigm Shift in Small Business Finance (2015) Global Agenda Council on the Future of Financing and Capital, , http://www3.weforum.org/docs/IP/2015/FS/GAC15_The_Future_of_FinTech_Paradigm_Shift_Small_Business_Finance_report_2015.pdf, World Economic Forum; Walsham, G., Interpretive case studies in IS research: Nature and method (1995) European Journal of Information Systems, 4 (2), pp. 74-81; China Focus: Loans are Doubleedged Sword for College Students (2016), Xinhua}, correspondence_address1={Sun, Y.; School of Business Administration, Zhejiang Gongshang University, Xiasha University Town, No.18, Xuezheng St., China; email: zorrnsun@163.com}, publisher={Elsevier Ltd}, issn={02684012}, coden={IJMAE}, language={English}, abbrev_source_title={Int J Inf Manage}, document_type={Article}, source={Scopus}, } @ARTICLE{Shaikh201714, author={Shaikh, A.A. and Hanafizadeh, P. and Karjaluoto, H.}, title={Mobile banking and payment system: A conceptual standpoint}, journal={International Journal of e-Business Research}, year={2017}, volume={13}, number={2}, pages={14-27}, doi={10.4018/IJEBR.2017040102}, note={cited By 5}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85013344070&doi=10.4018%2fIJEBR.2017040102&partnerID=40&md5=e0d74ddb78a37525a0b7ce1985da2dc7}, affiliation={Jyväskylä University School of Business and Economics, University of Jyväskylä, Finland; Department of Industrial Management, Allameh Tabataba'i University, Tehran, Iran}, abstract={This study conceptualizes and proposes a well-regulated and designated mobile banking and payment system (MBPS) with the potential to strengthen the banking system, foster the regulatory framework, and to be integrated across various platforms and mobile devices. Unlike other mobile payment systems that lack convenience, scalability, and usability, the proposed MBPS contains several important functionalities and it has the potential to bring together hitherto unconnected industries-banking, Fintech and telecoms-to offer value-added services to their existing and potential customers. The ownership of the MBPS shall remain with the financial services sector including the banking and microfinance institutions. The paper concludes with a discussion on the implications and limitations of the study and proposes future research directions. Copyright © 2017, IGI Global.}, author_keywords={Alternate delivery channels; Designated payment system; Innovative banking; Mobile banking; Payment systems; Retail banking institutions}, references={Abrazhevich, D., Classification and characteristics of electronic payment systems (2001) Proceedings of TheInternational Conference on Electronic Commerce and Web Technologies, pp. 81-90. , September, Springer Berlin Heidelberg; (2013) Mobile Web Watch 2013: The New Persuaders, , http://www.accenture.com/SiteCollectionDocuments/PDF/Technology/accenture-mobile-web-watch-2013-survey-new-persuaders.pdf; Akhtar, S., (2007) Building Inclusive Financial System in Pakistan, , www.sbp.org.pk/about//Draft-Agriculture-PRs-18-04-05.pdf; Allen, F., Demirguc-Kunt, A., Klapper, L., Peria, M.S.M., (2012) The Foundations of Financial Inclusion, , World Bank Policy Research Working Paper; Angelakopoulos, G., Mihiotis, A., E-banking: Challenges and opportunities in the Greek banking sector (2011) Electronic Commerce Research, 11 (3), pp. 297-319; 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E-Bus Res.}, document_type={Article}, source={Scopus}, } @ARTICLE{Rivas201787, author={Rivas, V.M. and Parras-Gutiérrez, E. and Merelo, J.J. and Arenas, M.G. and García-Fernández, P.}, title={Time series forecasting using evolutionary neural nets implemented in a volunteer computing system}, journal={Intelligent Systems in Accounting, Finance and Management}, year={2017}, volume={24}, number={2-3}, pages={87-95}, doi={10.1002/isaf.1409}, note={cited By 3}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85030126294&doi=10.1002%2fisaf.1409&partnerID=40&md5=fb285a50a7b783e58a10a2a2fc14161a}, affiliation={Dept of Computer Sciences, Univ. of Jaén, Campus Las Lagunillas s/n, Jaén, 23071, Spain; Dept. of Computers, Architecture and Technology, Univ. of Granada, C/ Periodista Daniel Saucedo s/n, Granada, 18071, Spain; Dept. of Electronics and Computer Technology, Univ. of Granada, C/Periodista Daniel Saucedo s/n, Granada, 18071, Spain; GeNeura Team, Spain}, abstract={jsEvRBF is a time-series forecasting method based on genetic algorithm and neural nets. Written in JavaScript language, can be executed in most web browsers. Consequently, everybody can participate in the experiments, and scientists can take advantage of nowadays available browsers and devices as computation environments. This is also a great challenge as the language support and performance varies from one browser to another. In this paper, jsEvRBF has been tested in a volunteer computing experiment, and also in a single-browser one. Both experiments are related to forecasting currencies exchange, and the results show the viability of the proposal. Copyright © 2017 John Wiley & Sons, Ltd.}, author_keywords={evolutionary computation; fintech; radial basis function neural networks; time-series forecasting; volunteer computation; Web-based programming}, funding_details={PRY142/14}, funding_details={Ministerio de Economía y CompetitividadMinisterio de Economía y Competitividad, TIN2014-56494-C4-3-P}, funding_details={Fundación Pública Andaluza para la Gestión de la Investigación en Salud de SevillaFundación Pública Andaluza para la Gestión de la Investigación en Salud de Sevilla, FISEVI}, funding_text 1={This work has been supported in part by: Ministerio Español de Economía y Competitividad under project TIN2014-56494-C4-3-P (UGR-EPHEMECH) and PRY142/14 (que ha sido financiado ínte-gramente por la Fundación Pública Andaluza Centro de Estudios Andaluces en la IX Convocatoria de Proyectos de Investigación).}, references={Anderson, D., BOINC: A system for public-resource computing and storage (2004) Proceedings of the 5th IEEE/ACM International Workshop on Grid Computing, , In, Pittsburgh, US; Arenas, M.G., Parras-Gutierrez, E., Rivas, V.M., Castillo, P.A., del Jesús, M.J., Guervós, J.J.M., Parallelizing the design of radial basis function neural networks by means of evolutionary meta-algorithms (2009) IWANN (1), 5517, pp. 383-390. , #x0026;, In, Cabestany, J., Sandoval, F., Prieto, A., #x0026;, Corchado, J. 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M., (Eds.),, Lecture Notes in Computer Science, Berlin Heidelberg, Springe; Rivas, V.M., Parras-Gutierrez, E., Merelo, J.J., Arenas, M.G., García-Fernández, P., (2016) Web browser-based forecasting of economic time-series; Rivas, V.M., Merelo, J.J., Castillo, P.A., Arenas, M.G., Castellano, J.G., Evolving RBF neural networks for time-series forecasting with EvRBF (2004) Information Sciences, 165 (3-4), pp. 207-220. , https://doi.org/10.1016/j.ins.2003.09.025; Santini, M., Tettamanzi, A., Genetic programming for financial time series prediction (2001) European conference on genetic programming, pp. 361-370. , #x0026;, In, Lake Como, Italy, Springe; Sheta, A.F., de Jong, K., Time-series forecasting using ga-tuned radial basis functions (2001) Information Sciences, 133 (3), pp. 221-228; Taufer, M., An, C., Kerstens, A., Brooks, C.L., III, Predictor@ home: A" protein structure prediction supercomputer'based on global computing (2006) IEEE Transactions on Parallel and Distributed Systems, 17 (8), pp. 786-796; Whitehead, B., Choate, T., Cooperative-competitive genetic evolution of radial basis function centers and widths for time series prediction (1996) IEEE Transactions on Neural Networks, 7 (4), pp. 869-880; Wonokur, D., (2011) Flash to focus on pc browsing and mobile apps; adobe to more aggressively contribute to html5., , http://blogs.adobe.com/conversations/2011/11/flash-focus.html, Accessed December 18, 201}, correspondence_address1={Rivas, V.M.; Dept of Computer Sciences, Univ. of Jaén, Campus Las Lagunillas s/n, Spain; email: vrivas@ujaen.es}, publisher={Academic Press Inc.}, issn={15501949}, language={English}, abbrev_source_title={Intell. Syst. Account. Finance Manag.}, document_type={Article}, source={Scopus}, } @ARTICLE{Tsai2017109, author={Tsai, C.-H. and Peng, K.-J.}, title={The FinTech Revolution and Financial Regulation: The Case of Online Supply-Chain Financing}, journal={Asian Journal of Law and Society}, year={2017}, volume={4}, number={1}, pages={109-132}, doi={10.1017/als.2016.65}, note={cited By 3}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85018160901&doi=10.1017%2fals.2016.65&partnerID=40&md5=07047f3037689a7381f4a1a5cfc1e58e}, affiliation={Institute of Law for Science and Technology, National Tsing Hua University, Taiwan; Erasmus University Rotterdam, Netherlands; University of Hamburg, Germany; University of Bologna, Italy}, abstract={Online supply-chain financing has been a relatively novel funding channel for suppliers as small-and medium-sized enterprises (SMEs) to obtain loans in that the revolution of financial technology (FinTech) transforms traditional supply-chain financing, which used to be administered only by official banks, to an online model also used by electronic commerce platforms (e-commerce platform). Endeavours towards financial inclusion of the underserved SMEs could rationalize why we should allow for or encourage FinTech innovations exemplified by the online supply-chain financing mentioned above. What would be an adaptive regulatory regime for such innovative FinTech-enabled financial services as the online supply-chain financing? Within our conceptual framework to regulate the FinTech industry at the early stage, rather than rigorous rules traditionally placed on large financial institutions, a principles-based strategy should be adopted to strike a balance between financial stability and access to financial services advanced by disruptive innovations. As a necessary complement, regulatory sandboxes would be needed to spur a shift in institutional philosophy to a principles-based regulatory regime. In other words, the regulatory attitude of FinTech regulation should be humble and light-Touch to promote innovation for improving digital financial inclusion, albeit on the premise of containing potential systemic risk and protecting consumer interest in the meantime. © Cambridge University Press and KoGuan Law School, Shanghai Jiao Tong University.}, author_keywords={financial disintermediation; financial inclusion; financial technology; light-Touch/humble regulation; principles-based regulation; regulatory sandbox}, references={John, A., Awrey, D., Davies, P., Enriques, L., Gordon, J.N., Mayer, C., Payne, J., (2016) Principles of Financial Regulation, , Oxford, UK: Oxford, University Press; Arner, D.W., Nathan Barberis, J., Buckley, R.P., The evolution of fintech: A new post-crisis paradigm? 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Kritzer, eds, Oxford: Oxford University Press; Typhoon, W., (2016) The Innovative Applications in FinTech Industries: The Successful O2O Model of Supply Chain Financing, , FinTech Chuang Xin Chan Ye Ying Yong-Gong Ying Lian Jin Rong O2O Cheng Gong Mo Shi presented at 2016 FinTech and Management Symposium, National Tsing Hua University, 24 September 2016; Tracey, X., Why is every Chinese tech company doing online finance? (2016) Technode, 30 March; Dong, Y., Gong Wen, C., (2016) Hu Lian Wang Jia Jin Rong Deng Yu Zhong Chou Jin Rong [Internet + Finance = We Finance], , Beijing: Peoples Publishing House; Yin Robert, K., (2011) Qualitative Research: From Start to Finish, , New York: The Guilford, Press}, publisher={Cambridge University Press}, issn={20529015}, language={English}, abbrev_source_title={Asian J. Law Soc.}, document_type={Article}, source={Scopus}, } @ARTICLE{Langley20171019, author={Langley, P. and Leyshon, A.}, title={Capitalizing on the crowd: The monetary and financial ecologies of crowdfunding}, journal={Environment and Planning A}, year={2017}, volume={49}, number={5}, pages={1019-1039}, doi={10.1177/0308518X16687556}, note={cited By 20}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85018992527&doi=10.1177%2f0308518X16687556&partnerID=40&md5=f399bd8f3c1e3a35189027e588d6a18a}, affiliation={Durham University, United Kingdom; University of Nottingham, United Kingdom}, abstract={‘Crowdfunding’ is a method of raising money and finance to capitalize projects of various kinds. Drawing on the networking capabilities of the internet and software platforms, those seeking project funding appeal to potentially diverse audiences who are collectively referred to as ‘the crowd’. What practitioners, advocates and policymakers typically identify within crowdfunding is its ‘alternative’, ‘disruptive’ and ‘democratizing’ qualities; that is, it is held to be a novel, digitally rendered economic space which has the capacity to challenge established funding practices in banking, capital markets and venture capital networks, offering a more open and egalitarian source of capital for economic, social and cultural entrepreneurship. The paper develops the concept of ‘ecologies’, drawn from the geographies of money and finance literature, to advance a critical understanding of the crowdfunding economy that is sceptical of its apparent qualities. First, by encouraging the analysis of diverse and proliferative monetary and financial forms, the concept of ecologies enables an understanding that avoids the binary opposition of ‘capitalist/alternative’ economic forms and which differentiates between the variegated crowdfunding ecologies that have emerged to date. Second, by foregrounding the intermediation processes and credit–debt relations of monetary and financial ecologies, it is argued that crowdfunding may largely replicate rather than disrupt the extant institutional and debt dynamics of funding practices. Third, by emphasizing the socio-spatial effects of monetary and financial ecologies, attention is drawn to the need for further research into the unevenness that mitigates against crowdfunding being as open and egalitarian as its advocates claim. © 2017, © The Author(s) 2017.}, author_keywords={Crowdfunding; diverse economies; FinTech; monetary and financial ecologies; sharing economy}, keywords={banking; capital formation; capital market; debt; democratization; development project; economic diversification; finance; monetary policy; policy making}, references={Agrawal, A., Catalini, C., Goldfarb, A., Crowdfunding: Geography, social networks, and the timing of investment decisions (2015) Journal of Economics and Management Strategy, 24 (2), pp. 253-274; Aitken, R., (2015) Fringe Finance: Crossing and Contesting the Borders of Global Capital, , London, Routledge; http://www.ft.com/cms/s/0/93837c4a-a6db-11e4-9c4d-00144feab7de.html#slide0, Alloway T and Jenkins P (2015) Democratising finance: Big banks eye peer-to-peer lending push. 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(2004) Housing Policy Debate, 15 (3), pp. 623-685; Zelizer, V., (2011) Economic Lives: How Culture Shapes Economy, , Princeton, NJ, Princeton University Press; Zhang, B., Baeck, P., Ziegler, T., (2015) et al. (2016) Pushing boundaries: The, , UK alternative finance industry report. London, Nesta; Zook, M.A., (2005) The Geography of the Internet Industry: Venture Capital, Dot-coms and Local Knowledge, , Oxford, Blackwell; Zook, M.A., The knowledge brokers: Venture capitalists, tacit knowledge and regional development (2004) International Journal of Urban and Regional Research, 28 (3). , 621–641}, correspondence_address1={Leyshon, A.; School of Geography, University of NottinghamUnited Kingdom; email: andrew.leyshon@nottingham.ac.uk}, publisher={SAGE Publications Ltd}, issn={0308518X}, language={English}, abbrev_source_title={Environ. Plann. A}, document_type={Article}, source={Scopus}, } @CONFERENCE{Fan2017, author={Fan, K. and Li, H. and Jiang, W. and Xiao, C. and Yang, Y.}, title={U2F based secure mutual authentication protocol for mobile payment}, journal={ACM International Conference Proceeding Series}, year={2017}, volume={Part F127754}, doi={10.1145/3063955.3063982}, art_number={3063982}, note={cited By 0; Conference of 50th ACM Turing Conference - China, ACM TUR-C 2017 ; Conference Date: 12 May 2017 Through 14 May 2017; Conference Code:127754}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85021186366&doi=10.1145%2f3063955.3063982&partnerID=40&md5=59d7c291780d6ce3cc063495e6d31e8a}, affiliation={State Key Laboratory of Integrated Service Networks, Xidian University, Xi'an, China; Shanghai Haijiye High Tech Co. Ltd., Shanghai, China; Key Lab. of the Minist. of Educ. for Wide Band-Gap Semiconductor Materials and Devices, Xidian University, Xi'an, China}, abstract={With the increasing popularity of the fintech, the ecommerce market has grown rapidly in last decade, and now the mobile devices are unprecedented popular and playing an ever-increasing role in the e-commerce field, especially the mobile payment. However, it is hard for online authentication technology based on traditional mode to maintain the healthy and stable development of mobile payment. Besides that, it can't meet the security demand of user's privacy or some sensitive information else. In this paper, we propose a secure mutual authentication protocol (SMAP) based on U2F for mobile payment. In this system, the asymmetric cryptosystem is used for mutual authentication between server and client to guarantee a reliable service, which is based on the architecture of U2F. It can resist disguise and dispose counterfeit user. Compared to the current existing modes, the proposed protocol strengthens the security of user's account information as well as individual privacy in whole transaction process with mobile payment. The practice proves that the proposed protocol is secure and convenient. © 2017 ACM.}, author_keywords={Mobile payment; Mutual authentication; Privacy; Security; U2F}, keywords={Authentication; Cryptography; Data privacy; Electronic commerce; Electronic money; Global system for mobile communications, Asymmetric cryptosystem; Mobile payment; Mutual authentication; Mutual authentication protocols; Online authentication; Security; Sensitive informations; Transaction process, Mobile commerce}, funding_details={Zhejiang UniversityZhejiang University, ICT170312}, funding_details={National High-tech Research and Development ProgramNational High-tech Research and Development Program, 2012AA013102}, funding_details={B16037, B08038}, funding_details={National Natural Science Foundation of ChinaNational Natural Science Foundation of China, U1401251, 61373172, 61303216, 61272457}, funding_text 1={This work has been financially supported by the National Natural Science Foundation of China (No. 61303216, No. 61272457, No. U1401251, and No. 61373172), the National High Technology Research and Development Program of China (863 Program) (No. 2012AA013102), the Open Research Project of the State Key Laboratory of Industrial Control Technology, Zhejiang University, China (No. ICT170312), and National 111 Program of China B16037 and B08038.}, references={Liou, J.C., Bhashyam, S., A feasible and cost effective two-factor authentication for online transactions (2010) Proceedings of Software Engineering and Data Mining, pp. 47-51; Nseir, S., Hirzallah, N., Aqel, M., A secure mobile payment system using QR code (2013) Proceedings of Computer Science and Information Technology, pp. 111-114; Sahnoune, Z., Meur, E., Haddad, G.E., Sokoudjou, R., Watch your mobile payment: An empirical study of privacy disclosure (2015) Proceedings of the 2015 IEEE Trustcom/BigDataSE/ISPA, 1, pp. 934-941; Shao, M., Jing, F., Li, Y., An empirical study on consumer acceptance of mobile payment based on the perceived risk and trust (2014) Proceedings of Cyber-enabled Distributed Computing and Knowledge Discovery, pp. 312-317; Jiang, H., Study on mobile e-commerce security payment system (2008) Proceedings of Electronic Commerce and Security, pp. 754-757; Wang, C., The solution design using USB key for network security authentication (2012) Proceedings of Fourth International Conference on Computational Intelligence and Communication Networks, pp. 766-769; Turk, I., Cosar, A., An open, NFC enabler independent Mobile payment and identification method: NFC feature box (2016) Proceedings of a World of Wireless, Mobile and Multimedia Networks, pp. 1-3; Covic, Z., Viktor, U., Simon, J., Dobrilovic, D., Stojanov, Z., Usage of QR codes in web based system for the electronic market research (2016) Proceedings of Intelligent Systems and Informatics, pp. 187-192; Fan, K., Ge, N., Gong, Y., An ultra-lightweight RFID authentication scheme for mobile commerce (2016) Peer-to-peer Networking and Applications, pp. 1-9; Yu, J.W., The program design for the network security authentication based on the USB Key technology (2011) Proceedings of Electronic and Mechanical Engineering and Information Technology, pp. 2215-2218; Cao, Y., Pan, X., Chen, Y., SafePay: Protecting against credit card forgery with existing magnetic card readers (2015) Proceedings of Communications and Network Security, pp. 164-172; Schmidt, M., Perlroth, N., (2012) Credit Card Data Breach at Barnes & Noble Stores, , http://www.nytimes.com/2012/10/24/business/hackersget-creditdataat-barnes-noble.html?r=1&adxnnl=1&adxnnlx=1363194210-ff1jKgh5cVLKuz8egxYwCmw; Madhoun, N.E., Guenane, F., Pujolle, G., An online security protocol for NFC payment: Formally analyzed by the scyther tool (2016) Proceedings of Mobile & Secure Services, pp. 1-7; Choche, A., Arabnia, H.R., A methodology to conceal QR codes for security applications (2011) Proceedings of Information and Knowledge Engineering, pp. 1-7; Alshahrani, A.M., Walker, S., NFC performance in mobile payment service compared with a SMS-based solution (2013) Proceedings of Green Computing, Communication and Conservation of Energy, pp. 282-286; Lee, Y.S., Lee, H.J., Alasaarela, E., Mutual authentication in wireless body sensor networks (WBSN) based on Physical Unclonable Function (PUF) (2013) Proceedings of Wireless Communications and Mobile Computing, pp. 1314-1318; Zhang, C., Zhang, W., Mu, H., A mutual authentication security RFID protocol based on time stamp (2015) Proceedings of First International Conference on Computational Intelligence Theory, Systems and Applications, pp. 166-170; Marktscheffel, T., Gottschlich, W., Popp, W., QR code based mutual authentication protocol for Internet of Things (2016) Proceedings of Iot-sos: Internet of Things Smart Objects and Services, pp. 1-6}, sponsors={ACM}, publisher={Association for Computing Machinery}, isbn={9781450348737}, language={English}, abbrev_source_title={ACM Int. Conf. Proc. Ser.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Zhao2017229, author={Zhao, H. and Zhang, Y. and Peng, Y. and Xu, R.}, title={Lightweight Backup and Efficient Recovery Scheme for Health Blockchain Keys}, journal={Proceedings - 2017 IEEE 13th International Symposium on Autonomous Decentralized Systems, ISADS 2017}, year={2017}, pages={229-234}, doi={10.1109/ISADS.2017.22}, art_number={7940245}, note={cited By 15; Conference of 13th IEEE International Symposium on Autonomous Decentralized Systems, ISADS 2017 ; Conference Date: 22 March 2017 Through 24 March 2017; Conference Code:128205}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85021437837&doi=10.1109%2fISADS.2017.22&partnerID=40&md5=9fee15a64ca898bc39899e58aad7e18e}, affiliation={Department of Internet Finance, Qilu University of Technology, Jinan, China; LaiShang Bank Co., LTD, Laiwu, China}, abstract={Blockchain is a technology of recording ledgers in a distributed manner. It uses a consensus mechanism, digital signature and hash chains to realize the reliable storage of ledgers, and provide services such as traceability, integrity and no-repudiation for transactions in ledgers in a decentralized way. These services make blockchain have great application potentiality in the fields of healthcare, Fintech, computational law and so on. Before wide spreading its applications, blockchain must solve problems such as efficiency and privacy. Among these problems the privacy is an important one. Because blocks on blockchain are open, when transactions in blocks involve privacy data, these data can be leaked. Thus, certain security mechanisms must be built to protect privacy data. The core of these mechanisms is the appropriate key management schemes. However, blockchain is a developing technology, and few studies have been done on key management schemes for it. Because healthcare is a big application scenario of blockchain, in this paper, according to the features of health blockchain, we use body sensor network to design a lightweight backup and efficient recovery scheme for keys of health blockchain. Analyses show that the scheme has high security and performance, and it can be used to protect privacy messages on health blockchain effectively and to promote the application of health blockchain. © 2017 IEEE.}, author_keywords={biosensor nodes; blockchain; body sensor networks; fuzzy vault; PPG signals}, keywords={Body sensor networks; Computer system recovery; Data privacy; Digital storage; Health care; Sensor nodes, Application scenario; Fuzzy vault; Hash chains; High securities; ITS applications; Key management schemes; Recovery scheme; Security mechanism, Blockchain}, references={Nakamoto, S., (2008) Bitcoin: A Peer-to-Peer Electronic Cash System, pp. 1-9. , www.bitcoin.org; Kraff, D., Difficulty control for blockchain-based consensus systems (2016) Peer-to-peer Networking and Applications, 9 (2), pp. 397-413; Fanning, K., Centers, D.P., Blockchain and its coming impact on financial services (2016) JOURNAL of CORPORATE ACCOUNTING and FINANCE, 27 (5), pp. 53-57; Kishigami, J., Fujimura, S., Watanabe, H., Nakadaira, A., Akutsu, A., The blockchain-based digital content distribution system (2016) IEEE 5th International Conference on Big Data and Cloud Computing, pp. 187-190. , Dalian, China; Fujimura, S., Watanabe, H., Nakadaira, A., Yamada, T., Akutsu, A., Kishigami, J., Bright: A concept for a decentralized rights management system based on blockchain (2016) 5th IEEE International Conference on Consumer Electronics, pp. 345-346. , Berlin; Zyskind, G., Nathan, O., Pentland, A.S., Decentralizing privacy: Using blockchain to protect personal data (2015) IEEE Security and Privacy Workshops, pp. 180-184. , San Jose, CA; Wilson, D., Ateniese, G., (2015) From Pretty Good to Great: Enhancing PGP Using Bitcoin and the Blockchain (LONG), , http://www.pubzone.org/dblp/journals/corr/WilsonA15, 08; Zhao, H., Li, X.F., Zhan, L.K., Wu, Z.C., Data integrity protection method for microorganism sampling robots based on blockchain technolgy (2015) J. Huazhong Univ. of Sci. &Tech. (Natural Science Edition), 43, pp. 216-219; Zhao, H.W., Xu, R.Z., Shu, M.L., Hu, J.K., Physiological-signal-based key negotiation protocols for body sensor networks: A survey (2016) Simulation Modelling Practice and Theory, 65, pp. 32-44; Quwaider, M., Jararweh, Y., Cloudlet-based efficient data collection in wireless body area networks (2015) Simulation Modelling Practice and Theory., 50, pp. 57-71. , Jan; Venkatasubramanian, K.K., Banerjee, A., Gupta, S.K.S., Plethysmogram-based secure inter-sensor communication in body area networks (2008) Proc. IEEE Military Communications Conference, pp. 1-7. , San Diego; Miao, F., Bao, S.D., Li, Y., A modified fuzzy vault scheme for biometrics-based body sensor networks security (2010) IEEE Global Telecommunications Conference, pp. 1-5. , Miami; Zhao, H., Qin, J., Hu, J., Energy efficient key management scheme for body sensor networks (2013) IEEE Transactions on Parallel and Distributed Systems, 24 (11), pp. 2202-2210; Sarah, A.A., Kausar, I.F., Khan, F.A., A cluster-based key agreement scheme using keyed hashing for Body Area Networks (2013) Multimed Tools Appl, pp. 201-214; Chen, Y., Tsai, W.T., (2015) Service-Oriented Computing and Web Software Integration, , 5th edition, Kendall Hunt Publishing}, correspondence_address1={Zhao, H.; Department of Internet Finance, Qilu University of TechnologyChina; email: zhuav@163.com}, sponsors={}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781509040414}, language={English}, abbrev_source_title={Proc. - IEEE Int. Symp. Auton. Decentralized Syst., ISADS}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{O'Reilly2017, author={O'Reilly, P.}, title={Beyond fintech: New frontiers - Opening statement}, journal={Cutter business technology journal}, year={2017}, volume={30}, number={5}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85028821577&partnerID=40&md5=6e641a26d20b75732d2201d633365e3e}, affiliation={State Street Advanced Technology Centre, Ireland}, correspondence_address1={O'Reilly, P.; State Street Advanced Technology CentreIreland}, issn={24753742}, language={English}, abbrev_source_title={Cutter business technology journal}, document_type={Article}, source={Scopus}, } @ARTICLE{Okamura201746, author={Okamura, T. and Teranishi, I.}, title={Enhancing FinTech security with secure multi-party computation technology}, journal={NEC Technical Journal}, year={2017}, volume={11}, number={2}, pages={46-50}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85024829842&partnerID=40&md5=e032e719181c19f87714a5493a071e9a}, affiliation={Security Research Laboratories, United States; Cyber Security Strategy Division, United States}, abstract={As the FinTech revolution gains momentum, a key challenge threatens to bring this progress to a crashing halt: cybersecurity. Given the scope, complexity, and dynamism of FinTech solutions, cyberattacks are inevitable, making enhanced security technology indispensable to ensuring future growth. Information leakage is one of the most common vulnerabilities and is still difficult to be prevented completely. The most promising approach to solving this problem is secure computation, which, thanks to its ability to process encrypted data, has proven to be a robust information leakage prevention technology. This paper discusses NEC's own contribution to Secure Multi-Party Computation (SMPC) technology. In SMPC, data on multiple machines can be processed while maintaining the security of the data on each machine. In addition to explaining the technology itself, we will show how it could work in FinTech applications by reviewing some case studies centering around NEC's high-speed method and protection of information for authentication.}, author_keywords={Authentication; Information leakage prevention; Secure computation secure multi-party computation; Security}, keywords={Authentication; Security of data, Cyber security; Encrypted data; Information leakage; Multiple machine; Secure computation; Secure multi-party computation; Security; Security technology, Cryptography}, references={About Macromill, , http://www.macromill.com/honote/20160405/report.html; Araki, T., Furukawa, J., Lindell, Y., Nof, A., Ohara, K., High-throughput semi-honest secure three-party computation with an honest majority (2016) ACM CCS; Furukawa, J., Lindell, Y., Nof, A., Weinstein, O., High-throughput secure three-party computation for malicious adversaries and an honest majority (2017) Eurocrypt, , to appear}, publisher={NEC Mediaproducts}, issn={18805884}, language={English}, abbrev_source_title={NEC Tech. J.}, document_type={Article}, source={Scopus}, } @ARTICLE{Faloon201730, author={Faloon, M. and Scherer, B.}, title={Individualization of robo-advice}, journal={Journal of Wealth Management}, year={2017}, volume={20}, number={1}, pages={30-36}, doi={10.3905/jwm.2017.20.1.030}, note={cited By 5}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85018775278&doi=10.3905%2fjwm.2017.20.1.030&partnerID=40&md5=dd0e27c601ca9c13e348f4973c9f5bbd}, affiliation={Standish Mellon Asset Management, Boston, MA, United States; Deutsche Asset Management, Frankfurt, Germany; EDHEC Risk, Nice, France}, abstract={Robo-advisors assign risky portfolios to individual investors using web-based investment algorithms with minimum human interaction. We provide insights into the working and current state of individualization of this new type of fintech company. Rather than singling out individual firms, our approach is use questions typically asked by robo-advisors to define a generic (average) robo-advisor as a benchmark model that we suggest can be improved upon in various dimensions. Given the missing human advisor, we believe the ability to individualize will be a distinguishing feature among robo-advisors. Our discussion aims at understanding the current state of personalization and helping users of robo-advice to better evaluate the services provided. © 2017, Institutional Investor, Inc. All rights reserved.}, references={Bachmann, K., Hens, T., Stössel, R., (2014) Which Measures Predict Risk Taking in A Multi-Stage Controlled Decision Process?, , http://ssrn.com/abstract=2535859; Bradbury, M., Hens, T., Zeisberger, S., Improving Investment Decisions with Simulated Experience (2014) Review of Finance, 19 (3), pp. 1019-1052; Kaufmann, C., Weber, M., Haisley, E.C., The Role of Simulated Experience and Graphical Displays on One's Investment Risk Appetite and Comprehension (2013) Management Science, 59 (2), pp. 323-340; Sharpe, W.F., (2008) Investors and Markets: Portfolio Choices, Asset Prices and Investment Advice, , Princeton, NJ: Princeton University Press}, publisher={Institutional Investor, Inc}, issn={15347524}, language={English}, abbrev_source_title={J. wealth Manage.}, document_type={Article}, source={Scopus}, } @ARTICLE{Tao2017425, author={Tao, Q. and Dong, Y. and Lin, Z.}, title={Who can get money? Evidence from the Chinese peer-to-peer lending platform}, journal={Information Systems Frontiers}, year={2017}, volume={19}, number={3}, pages={425-441}, doi={10.1007/s10796-017-9751-5}, note={cited By 4}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85027875783&doi=10.1007%2fs10796-017-9751-5&partnerID=40&md5=491e1d577de4df7267b26f74f618e1f9}, affiliation={School of Finance, Southwestern University of Finance and Economics, Chengdu, 611130, China; Business School, University of Aberdeen, Dunbar Street, Aberdeen, AB24 3QY, United Kingdom}, abstract={This paper explores how borrowers’ financial and personal information, loan characteristics and lending models affect peer-to-peer (P2P) loan funding outcomes. Using a large sample of listings from one of the largest Chinese online P2P lending platforms, we find that those borrowers earning a higher income or who own a car are more likely to receive a loan, pay lower interest rates, and are less likely to default. The credit grade assigned by the lending platform may not represent the creditworthiness of potential borrowers. We also find that the unique offline process in the Chinese P2P online lending platform exerts significant influence on the lending decision. We discuss the implications of our results for the design of big data-based lending markets. © 2017, Springer Science+Business Media New York.}, author_keywords={China; Fintech, offline authentication; Information asymmetry; Listing outcomes; Peer-to-peer (P2P) lending}, keywords={Big data, China; Information asymmetry; Listing outcomes; Offline; Peer to peer, Finance}, funding_details={Foundation for Fundamental Research on MatterFoundation for Fundamental Research on Matter, JBK160921}, funding_text 1={Acknowledgements We thank the Editors, Ram Ramesh and Raghav Rao, the guest editors, Douglas Cumming, Sofia Johan, and Denis Schweizer for their helpful and valuable suggestions. We are grateful for useful comments from the participants of the 2nd microfinance and rural finance conference in Aberystwyth. Qizhi Tao acknowledges support from the Fundamental Research Funds for the Central Universities (Grant No. JBK160921).}, references={Bachmann, A., Becker, A., Buerckner, D., Hilker, M., Lehmann, M., Tiburtius, P., Online peer-to-peer lending- a literature review (2011) Journal of Internet Banking and Commerce, 16 (2), pp. 1-18; Barasinska, N., Schäfer, D., (2010) Are women more credit-constrained than men? – Evidence from a rising credit market, , https://ideas.repec.org/p/diw/diwfin/diwfin6.3.html, Working Paper; Belleflamme, P., Omrani, N., Peitz, M., The economics of crowdfunding platforms (2015) Information Economics and Policy, 33, pp. 11-28; Berger, S.C., Gleisner, F., Emergence of financial intermediaries in electronic markets: the case of online P2P lending (2009) Business Research Journal, 2 (1), pp. 39-65; Carr, J.H., Megbolugbe, I.F., The federal reserve bank of boston study on mortgage lending revisited (1993) Journal of Housing Research, 4 (2), pp. 277-313; Chen, Z., Li, B., Keung, G., Yin, H., Lin, C., Wang, Y., How scalable could P2P live media streaming system be with the stringent time constraint? 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EVIDENCE of discrimination from prosper.com (2011) Journal of Human Resources, 46 (1), pp. 53-92; Ravina, E., (2012) Love & loans: the effect of beauty and personal characteristics in credit markets; Ross, S.L., Yinger, J., The color of credit – mortgage discrimination, research methodology, and fair-lending enforcement (2004) Journal of Economics, 81 (2), pp. 193-196; Stiglitz, J.E., Weiss, A., Credit rationing in markets with imperfect information (1981) American Economic Review, 71 (3), pp. 393-410; Thuan, N.H., Antunes, P., Johnstone, Factors influencing the decision to crowdsource: A systematic literature review (2016) Information Systems Frontiers, 18 (1), pp. 47-68; Wang, H., Martina, G., Jay, E.A., People-to-people lending: The emerging e-commerce transformation of a financial market (2009) Value Creation in E-business Management, 36, pp. 182-195; Weiss, G.N.F., Pelger, K., Horsch, A., (2010) Mitigating adverse selection in p2p lending – Empirical evidence from prosper.com. Social Science Electronic Publishing; Yuan, S., Hsieh, C., An impactful crowdsourcing intermediary design – A case of a service imagery crowdsourcing system (2016) Information Systems Frontiers, , Forthcoming}, correspondence_address1={Dong, Y.; Business School, University of Aberdeen, Dunbar Street, United Kingdom; email: yizhe.dong@abdn.ac.uk}, publisher={Springer New York LLC}, issn={13873326}, language={English}, abbrev_source_title={Inf. Syst. Front.}, document_type={Article}, source={Scopus}, } @ARTICLE{NoAuthor2017, title={Catching up: The race to become Islamic banking's fintech hub}, journal={Economist (United Kingdom)}, year={2017}, volume={413}, number={9039}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85020761130&partnerID=40&md5=586b9fd38b7b019cf87f40a2f5a39665}, publisher={Economist Newspaper Ltd}, issn={00130613}, language={English}, abbrev_source_title={Economist}, document_type={Article}, source={Scopus}, } @CONFERENCE{Albashrawi201763, author={Albashrawi, M. and Motiwalla, L.}, title={Understanding mobile banking usage: An integrative perspective}, journal={SIGMIS-CPR 2017 - Proceedings of the 2017 ACM SIGMIS Conference on Computers and People Research}, year={2017}, pages={63-70}, doi={10.1145/3084381.3084405}, note={cited By 0; Conference of 2017 ACM SIGMIS Conference on Computers and People Research, SIGMIS-CPR 2017 ; Conference Date: 21 June 2017 Through 23 June 2017; Conference Code:128690}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85029699507&doi=10.1145%2f3084381.3084405&partnerID=40&md5=2ee90b2bbea4032fe3d9b886afb12f34}, affiliation={U Mass Lowell, United States}, abstract={Increasingly, smartphones and mobile commerce are changing consumer transaction behaviors and shifting the ways in which users interact with business. Similarly, the banking and financial industry is now empowered by FinTech applications to improve their consumer experience and banking services to solidify the role for mobile banking (MB) for years to come. In this study, we are taking an integrated approach by combining two IT adoption models: UTAUT and IS Success, and using both subjective and objective measures for mobile banking usage. Our regression results for a sample of 472 bank users in a mid-size US bank find a strong support for satisfaction, objective actual use, and loyalty but not for subjective actual use. These results provide interesting implications for both IS adoption theory and banking institutions for improving satisfaction and use of MB. Copyright © 2017 ACM.}, author_keywords={IS success model; IT adoption; System usage; UTAUT}, keywords={Cellular telephone systems; Consumer behavior, Banking institutions; Financial industry; Integrated approach; IS success model; IT adoption; Subjective and objective measures; System usages; UTAUT, Mobile commerce}, references={The fintech revolution: A wave of startups is changing finance-for the better (2015) The Economist, , Anonymous, Leaders section, May 9th; Baptista, G., Oliveira, T., Understanding mobile banking: The unified theory of acceptance and use of technology combined with cultural moderators (2015) Computers in Human Behavior, (50), pp. 418-430; Brown, S.A., Venkatesh, V., Kuruzovich, J., Massey, A.P., Expectation confirmation: An examination of three competing models (2008) Organizational Behavior and Human Decision Processes, 105 (1), pp. 52-66; Cenfetelli, R.T., Benbasat, I., Al-Natour, S., Addressing the what and how of online services: Positioning supporting-services functionality and service quality for business-to-consumer success (2008) Information Systems Research, 19 (2), pp. 161-181; 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Yu, C., Factors affecting individuals to adopt mobile banking: Empirical evidence from the UTAUT model (2012) Journal of Electronic Commerce Research, 13 (2), pp. 104-121; Zhou, T., Lu, Y., Wang, B., Integrating TTF and UTAUT to explain mobile banking user adoption (2010) Computers in Human Behavior, 26 (4), pp. 760-767; Zhou, T., Lu, Y., Examining mobile instant messaging user loyalty from the perspectives of network externalities and flow experience (2011) Computers in Human Behavior, 27 (2), pp. 883-889; Zhou, T., An empirical examination of continuance intention of mobile payment services (2013) Decision Support Systems, 54 (2), pp. 1085-1091}, sponsors={ACM SIGMIS}, publisher={Association for Computing Machinery, Inc}, isbn={9781450350372}, language={English}, abbrev_source_title={SIGMIS-CPR - Proc. ACM SIGMIS Conf. Comput. People Res.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Gomber2017537, author={Gomber, P. and Koch, J.-A. and Siering, M.}, title={Digital Finance and FinTech: current research and future research directions}, journal={Journal of Business Economics}, year={2017}, volume={87}, number={5}, pages={537-580}, doi={10.1007/s11573-017-0852-x}, note={cited By 22}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85026475185&doi=10.1007%2fs11573-017-0852-x&partnerID=40&md5=905ca15d4bc4a4e60c43df0a58a62fc3}, affiliation={Chair of e-Finance, Goethe University Frankfurt, Theodor-W.-Adorno-Platz 4, Frankfurt am Main, 60323, Germany}, abstract={Since decades, the financial industry has experienced a continuous evolution in service delivery due to digitalization. This evolution is characterized by expanded connectivity and enhanced speed of information processing both at the customer interface and in back-office processes. Recently, there has been a shift in the focus of digitalization from improving the delivery of traditional tasks to introducing fundamentally new business opportunities and models for financial service companies. Digital Finance encompasses a magnitude of new financial products, financial businesses, finance-related software, and novel forms of customer communication and interaction—delivered by FinTech companies and innovative financial service providers. Against this backdrop, the research on finance and information systems has started to analyze these changes and the impact of digital progress on the financial sector. Therefore, this article reviews the current state of research in Digital Finance that deals with these novel and innovative business functions. Moreover, it gives an outlook on potential future research directions. As a conceptual basis for reviewing this field, the Digital Finance Cube, which embraces three key dimensions of Digital Finance and FinTech, i.e., the respective business functions, the technologies and technological concepts applied as well as the institutions concerned, is introduced. This conceptualization supports researchers and practitioners when orientating in the field of Digital Finance, allows for the arrangement of academic research relatively to each other, and enables for the revelation of the gaps in research. © 2017, Springer-Verlag Berlin Heidelberg.}, author_keywords={Digital Finance; e-Finance; FinTech; Future research opportunities; Literature review; State of the art}, references={Agrawal, A., Catalini, C., Goldfarb, A., Crowdfunding: geography, social networks, and the timing of investment decision (2015) J Econ Manag Strat, 24 (2), pp. 253-274; Ahlers, G.K., Cumming, D., Günther, C., Schweizer, D., Signaling in equity crowdfunding (2015) Entrep Theory Pract, 39 (4), pp. 955-980; Allen, F., McAndrews, J., Strahan, P., E-Finance: an introduction (2002) J Financ Serv Res, 22 (1), pp. 5-27; Allison, T.H., Davis, B.C., Short, J.C., Webb, J.W., Crowdfunding in a prosocial microlending environment: examining the role of intrinsic versus extrinsic cues (2015) Entrep Theory Pract, 39 (1), pp. 53-73; Amit, R., Zott, C., Crafting business architecture: the antecedents of business model design (2015) Strat Entrep J, 9 (4), pp. 331-350; Androutsellis-Theotokis, S., Spinellis, D., A survey of peer-to-peer content distribution technologies (2004) ACM Comput Surv, 36 (4), pp. 335-371; Antweiler, W., Frank, M.Z., Is all that talk just noise? 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In: Thirty Seventh international conference on information systems (ICIS 2016), Dublin; Zhang, J., Liu, P., Rational herding in microloan markets (2012) Manag Sci, 58 (5), pp. 892-912; Zhang, Z., Teo, H.H., The impact of mobile trading technology on individual investors’ trading behaviors: the “Two-Edged Sword” effect (2014) Proceedings of the twenty second European conference on information systems (ECIS, p. 2014. , In: Tel Aviv, Isreal; Zheng, H., Li, D., Wu, J., Xu, Y., The role of multidimensional social capital in crowdfunding: a comparative study in China and US (2014) Inf Manag, 51 (4), pp. 488-496; Zhou, T., An empirical examination of continuance intention of mobile payment services (2013) Decis Support Syst, 54 (2), pp. 1085-1091; Zvilichovsky, D., Inbar, Y., Barzilay, O., Playing both sides of the market: success and reciprocity on crowdfunding platforms (2013) Proceedings of the thirty fourth international conference on information systems (ICIS 2013), Milan, , In:, Italy}, correspondence_address1={Gomber, P.; Chair of e-Finance, Goethe University Frankfurt, Theodor-W.-Adorno-Platz 4, Germany; email: gomber@wiwi.uni-frankfurt.de}, publisher={Springer Berlin Heidelberg}, issn={00442372}, language={English}, abbrev_source_title={J. Bus. Econ.}, document_type={Article}, source={Scopus}, } @ARTICLE{Alabi201723, author={Alabi, K.}, title={Digital blockchain networks appear to be following Metcalfe's Law}, journal={Electronic Commerce Research and Applications}, year={2017}, volume={24}, pages={23-29}, doi={10.1016/j.elerap.2017.06.003}, note={cited By 12}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85021102504&doi=10.1016%2fj.elerap.2017.06.003&partnerID=40&md5=21855acdcde627e67c899a0c038f0f1b}, affiliation={Stony Brook University, United States}, abstract={An analysis of some of the recent blockchain networks is presented to determine if they satisfy Metcalfe's Law, as has been shown for some online social media networks. The value of the network was modeled based on the price of the digital currency in use on the network, and the number of users by the number of unique addresses each day that engage in transactions on the network. The Bitcoin, Ethereum, and Dash networks were analyzed. The analysis shows that the networks were fairly well modeled by Metcalfe's Law, which identifies the value of a network as proportional to the square of the number of its nodes, or end users. A new network model was also presented that shows the value to be proportional to the exponential of the root of the number of users participating in the network, and shows good agreement as well. Conditions for determining critical mass based on the new model were also presented. Finally, the potential for identifying value bubbles that can be spotted as deviations in value from the model was discussed and illustrated using the data from one of the networks. Those value bubbles show up where repeated extremely high value increases are not accompanied by any commensurate increase in the number of participating users, or any other development that could give rise to the higher value. © 2017}, author_keywords={Blockchain; Cryptocurrency; Digital networks; Distributed ledger systems; Distributed transaction processing; Fintech; Metcalfe's Law; Network effects; Online payments; Payment networks}, keywords={Online systems; Social networking (online), Block-chain; Digital networks; Distributed transaction processing; Fintech; Metcalfe's Law; Network effects; On-line payment, Electronic money}, references={Ball, P., Critical Mass: How One Thing Leads to Another (2004), Farrar, Strauss and Giroux New York; Briscoe, B., Odlyzko, A., Tilly, B., Metcalfe's Law Is Wrong (2006), IEEE Spectrum, July 1; Metcalfe, B., Metcalfe's Law after 40 years of ethernet (2013) IEEE Comput., 46 (12), pp. 26-31; Reed, D.P., That sneaky exponential: beyond Metcalfe's Law to the power of community building (1999) Context Mag., 2, p. 1; Swann, G.M., The functional form of network effect (2002) Inf. Econ. Policy, 14 (3), pp. 417-429; Van Hove, L., Metcalfe's Law: not so wrong after all (2014) Netnomics, 15 (1), pp. 1-8; Zhang, X.Z., Liu, J.J., Xu, Z.W., Tencent and Facebood data validate Metcalfe's Law (2015) J. Comput. Sci. Technol., 30 (2), pp. 246-251}, publisher={Elsevier B.V.}, issn={15674223}, language={English}, abbrev_source_title={Elect. Commer. Res. Appl.}, document_type={Article}, source={Scopus}, } @ARTICLE{Chiu2017190, author={Chiu, I.H.-Y.}, title={A new era in fintech payment innovations? A perspective from the institutions and regulation of payment systems}, journal={Law, Innovation and Technology}, year={2017}, volume={9}, number={2}, pages={190-234}, doi={10.1080/17579961.2017.1377912}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85042916153&doi=10.1080%2f17579961.2017.1377912&partnerID=40&md5=3c497689fbf40ef3f29cd93cde295ff6}, affiliation={Professor of Corporate Law and Financial Regulation, University College London, London, United Kingdom}, abstract={This article analyses the existing institutions and infrastructure for payments. Authoritative settlement based on central bank support is seen as being essential for both large value and retail payment systems; and, in the EU, UK, and US, the importance of regulating for the protection of consumers who use retail payment systems is recognised. In this institutional context, payment innovations (including Bitcoin and distributed ledger or autonomous organisation technologies) are assessed. It is suggested that, while competition at certain levels is likely to bring social benefits through commercial developments, the maintenance of public interest objectives necessarily delineates the scope of competition. While this might limit the disruptive impact of payment innovations, it is argued that, in the light of the public policy needs for a stable and efficient public infrastructure and the social needs of confidence and trust in a predictable and regulated payment system that meets commercial and social expectations such as in consumer protection, this is not necessarily undesirable. © 2017 Informa UK Limited, trading as Taylor & Francis Group.}, author_keywords={clearing and settlement; distributed ledger technology; payment innovation; Payment Services Directive; Payment systems; virtual currency}, correspondence_address1={Chiu, I.H.-Y.; Professor of Corporate Law and Financial Regulation, University College LondonUnited Kingdom; email: hse-yu.chiu@ucl.ac.uk}, publisher={Taylor and Francis Ltd.}, issn={17579961}, language={English}, abbrev_source_title={Law Innov. Technol.}, document_type={Article}, source={Scopus}, } @ARTICLE{Gabor2017423, author={Gabor, D. and Brooks, S.}, title={The digital revolution in financial inclusion: international development in the fintech era}, journal={New Political Economy}, year={2017}, volume={22}, number={4}, pages={423-436}, doi={10.1080/13563467.2017.1259298}, note={cited By 35}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-84997822239&doi=10.1080%2f13563467.2017.1259298&partnerID=40&md5=efa0d6c97825869f12e15574f6e8b48b}, affiliation={Bristol Business School, University of the West of England, Bristol, United Kingdom; Social Policy and Social Work, University of York, York, United Kingdom}, abstract={This paper examines the growing importance of digital-based financial inclusion as a form of organising development interventions through networks of state institutions, international development organisations, philanthropic investment and fintech companies. The fintech–philanthropy–development complex generates digital ecosystems that map, expand and monetise digital footprints. Its ‘know thy (irrational) customer’ vision combines behavioural economics with predictive algorithms to accelerate access to, and monitor engagement with, finance. The digital revolution adds new layers to the material cultures of financial(ised) inclusion, offering the state new ways of expanding the inclusion of the ‘legible’, and global finance new forms of ‘profiling’ poor households into generators of financial assets. © 2016 Informa UK Limited, trading as Taylor & Francis Group.}, author_keywords={behavioural economics; digital technologies; financial inclusion; financialisation; fintech; governmentality; International development}, keywords={economic development; financial system; globalization; government; institutional framework; international organization; investment; material culture}, funding_details={Seventh Framework ProgrammeSeventh Framework Programme, 266800}, funding_text 1={This work was supported by the Seventh Framework Programme [contract number 266800].}, references={Aitken, R., Ambiguous Incorporations: Microfinance and Global Governmentality (2010) Global Networks, 10 (2), pp. 223-243; (2013) AFI Global Policy Forum (GPF) Report., , http://www.afi-global.org/global-policy-forum/2013, 2013 Available from: [accessed 19 December 2015]; (2014) Report: Global Partnerships, National Goals, Empowering People., , http://www.afi-global.org/library/publications/2014-global-policy-forum-report-global-partnerships-national-goals-empowering, 2014 AFI Global Policy Forum (GPF)Available from: [accessed 19 December 2015]; (2014) Measurable Goals with Optimal Impact: 2014 Maya Declaration Progress Report., , http://www.afi-global.org/sites/default/files/publications/2014_maya_declaration_progress_report_final_low_res.pdf, Available from: [accessed 19 December 2015]; (2015) AFI Global Policy Forum (GPF) Report., , http://www.afi-global.org/global-policy-forum/2015, 2015 Available from: [accessed 19 December 2015]; Agrawal, R., Imielinski, T., Swami, A., Mining Association Rules between Sets of Items in Large Databases (1993) ACM SIGMOD Record, 22 (2), pp. 207-216. , ACM; Amoore, L., Algorithmic War: Everyday Geographies of the War on Terror (2009) Antipode, 41 (1), pp. 49-69; Babatz, A., Sustained Effort, Saving Billions: Lessons from the Mexican Government’s Shift to Electronic Payments (2013) Better Than Cash Alliance Evidence Paper: Mexico Study, , New York: Better Than Cash Alliance; (2014) The Journey Towards Cash-Lite. 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Innogen Institute, University of Edinburgh. Available from: [accessed 17 July 2016]; Thaler, R.H., Sunstein, C.R., (2008) Nudge: Improving Decisions about Health, Wealth, and Happiness, , Boston: Yale University Press; (2008) Finance for All? Policies and Pitfalls in Expanding Access, , Washington, DC: The World Bank; (2013) Global Financial Development Report: Financial Inclusion, , Washington, DC: The World Bank; (2015) World Development Report 2015: Mind, Society, Behaviour., , Washington, DC: The World Bank; (2013) Financing for Development Post 2015, , Washington, DC: The World Bank}, correspondence_address1={Brooks, S.; Social Policy and Social Work, University of YorkUnited Kingdom; email: sally.brooks@york.ac.uk}, publisher={Routledge}, issn={13563467}, language={English}, abbrev_source_title={New Polit. Econ.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Liu201777, author={Liu, Y. and Chitawa, U.S. and Guo, G. and Wang, X. and Tan, Z. and Wang, S.}, title={A reputation model for aggregating ratings based on beta distribution function}, journal={ACM International Conference Proceeding Series}, year={2017}, volume={Part F130655}, pages={77-81}, doi={10.1145/3126973.3126992}, note={cited By 2; Conference of 2nd International Conference on Crowd Science and Engineering, ICCSE 2017 ; Conference Date: 6 July 2017 Through 9 July 2017; Conference Code:130655}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85030461254&doi=10.1145%2f3126973.3126992&partnerID=40&md5=a9fbfc41e7f55727ee55f3267e691582}, affiliation={Software College, Northeastern University, Shen Yang, 110169, China}, abstract={With the speed growth of financial technology (Fintech), modern electronic marketing has typically deployed the use of the World Wide Web. This has come with great challenges especially in decision making and in engaging the pre-tail for launching new products and services in an open environment susceptible to high risks and threats. A prodigious need to build a sellers reputation and trust between the seller and the buyer so as to diminish such risks and threats in online trading birthed the idea of reputation systems. The emergence of reputation systems has attracted a lot of researchers to propose rating aggregation methods such as simple mean and normal distribution based method. However, the existing methods cannot accurately produce reputation score in some cases. Hence, this paper proposes a new model aiming to producing even more accurate and effective reputation score. Our model uses the standard beta-distribution considering the received rating distribution, so as to generate the weights of each ratings and then derive the level weights of ratings. The final reputation score is the level weighted aggregation of the rating levels. The proposed model is innovative in the aspect that the ratings are not directly aggregated to the reputation score, but are treated as the samples in evaluating each respective rating levels. Through case studies, the model is demonstrated to achieve desired accuracy and effectiveness, and even performs better than the existing models. © 2017 Association for Computing Machinery.}, author_keywords={Beta function; Rating aggregation; Reputation model}, keywords={Commerce; Decision making; Normal distribution; Online systems; Rating, Beta function; Electronic marketing; Open environment; Products and services; Rating aggregation; Reputation modeling; Reputation systems; Standard beta distribution, Distribution functions}, funding_details={Natural Science Foundation of Liaoning ProvinceNatural Science Foundation of Liaoning Province, 20170540319, 201602261}, funding_details={National Natural Science Foundation of ChinaNational Natural Science Foundation of China, 61402097, 61572123, 61602102}, funding_details={Fundamental Research Funds for the Central UniversitiesFundamental Research Funds for the Central Universities}, funding_text 1={This research is partially National Natural Science Foundation of China under Grant No.61572123, No. 61402097 and No.61602102; the Natural Science Foundation of Liaoning Province of China under Grant No.20170540319, No.201602261; and the Fundamental Research Funds for the Central Universities under Grant No. N162410002, N161704001, N151708005, N161704004.}, references={Abdelhafez, A., Tang, X., Tian, N., Xu, Y., A Reputation-Enhanced Recommender System (2014) Proceedings of Advanced Data Miniing and Applications, pp. 185-198; Abdelhafez, A., Xu, Y., Josang, A., A normaldistribution based rating aggregation method for generating product reputations (2015) Web Intelligence, 13 (1), pp. 43-51. , (2015); Irissappane, A.A., Oliehoek, F.A., Zhang, J., A Scalable Framework to Choose Sellers in E-Marketplaces Using POMDPs (2016) Proceedings of 30th AAAI Conference on Artificial Intelligence (AAAI), pp. 158-164; Castelfranchi, C., Trust: Nature and dynamics (2011) Proceedings of ACM Sigchi Italian Chapter International Conference on Computer-Human Interaction: Facing Complexity, pp. 13-14; Garcin, F., Faltings, B., Jurca, R., Aggregating Reputation Feedback (2009) Proceedings of the 1st International Conference on Reputation: Theory and Technology, pp. 62-74; Jacob, P., (2013) Probability and Statistics for Engineers and Scientists, , (9th Edition). Chance (2013); Josang, A., The Beta Reputation System (2002) Proceedings of the 15th Bled Electronic Commerce Conference E-Reality Constructing the Economy, pp. 1-14; Josang, A., Ismail, R., Boyd, C., A survey of trust and reputation systems for online service provision (2007) Decision Support Systems, 43 (2), pp. 618-644. , (2007); Li, Q., Zhang, J., Martin, K., Feedback as "shadow of the Present": An Alternative to Reputation Systems for E-marketplaces (2012) IEEE International Conference on Trust, Security and Privacy in Computing and Communications, pp. 334-341; Liang, Z., Shi, W., Performance evaluation of rating aggregation algorithms in reputation systems (2005) Proceedings of Collaborative Computing, pp. 1-10; Marchany, R., Tront, J., E-commerce Security Issues (2014) Proceedings of International Conference on Future Internet of Things and Cloud, pp. 197-201; Dorri Nogoorani, S., Jalili, R., Uncertainty in Probabilistic Trust Models (2012) Proceedings of Advanced Information Networking and Applications, pp. 511-517; Noorian, Z., Marsh, S., Fleming, M., ZTrust: Adaptive Decentralized Trust Model for Quality of Service Selection in Electronic Marketplaces (2016) Computational Intelligence, 32 (1), pp. 127-164. , (2016); Riggs, T., Wilensky, R., An Algorithm for Automated Rating of Reviewers (2001) Proceedings of ACM/IEEE Joint Conference on Digital Libraries, pp. 381-387; Shapiro, C., Consumer Information, Product Quality, and Seller Reputation (1982) Bell Journal of Economics, 13 (1), pp. 20-35. , (1982); Zheng, X., Wang, Y., Orgun, M.A., Modeling the Dynamic Trust of Online Service Providers Using HMM (2013) Proceedings of International Conference on Web Services, pp. 459-466}, correspondence_address1={Liu, Y.; Software College, Northeastern UniversityChina; email: liuyuan@swc.neu.edu.cn}, sponsors={}, publisher={Association for Computing Machinery}, isbn={9781450353755}, language={English}, abbrev_source_title={ACM Int. Conf. Proc. Ser.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Tung2017116, author={Tung, H.-H. and Cheng, C.-C. and Chen, Y.-Y. and Chen, Y.-F. and Huang, S.-H. and Chen, A.-P.}, title={Binary classification and data analysis for modeling calendar anomalies in financial markets}, journal={Proceedings - 2016 7th International Conference on Cloud Computing and Big Data, CCBD 2016}, year={2017}, pages={116-121}, doi={10.1109/CCBD.2016.032}, art_number={7979890}, note={cited By 5; Conference of 7th International Conference on Cloud Computing and Big Data, CCBD 2016 ; Conference Date: 16 November 2016 Through 18 November 2016; Conference Code:129180}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85027469801&doi=10.1109%2fCCBD.2016.032&partnerID=40&md5=fce715746621c53cc4e7e2d6aad5dff8}, affiliation={Department of Information Management and Finance, National Chiao Tung University, HsinChu, Taiwan; Institute of Information Management, National Chiao Tung University, HsinChu, Taiwan}, abstract={This paper studies on the Day-of-the-week effect by means of several binary classification algorithms in order to achieve the most effective and efficient decision trading support system. This approach utilizes the intelligent data-driven model to predict the influence of calendar anomalies and develop profitable investment strategy. Advanced technology, such as time-series feature extraction, machine learning, and binary classification, are used to improve the system performance and make the evaluation of trading simulation trustworthy. Through experimenting on the component stocks of S&P 500, the results show that the accuracy can achieve 70% when adopting two discriminant feature representation methods, including 'multi-day technical indicators' and 'intra-day trading profile.' The binary classification method based on LDA-Linear Prior kernel outperforms than other learning techniques and provides the investor a stable and profitable portfolios with low risk. In addition, we believe this paper is a FinTech example which combines advanced interdisciplinary researches, including financial anomalies and big data analysis technology. © 2016 IEEE.}, author_keywords={back-propagation neural networks; calendar anomalies; day-of-the-week effect; linear discriminant analysis; support vector machine; technical indicators}, keywords={Backpropagation; Bins; Cloud computing; Commerce; Data handling; Discriminant analysis; Electronic trading; Financial data processing; Financial markets; Image retrieval; Information analysis; Learning systems; Neural networks; Profitability; Support vector machines, Back propagation neural networks; calendar anomalies; Day-of-the-week effect; Linear discriminant analysis; Technical indicator, Big data}, funding_details={National Chiao Tung UniversityNational Chiao Tung University}, funding_text 1={This work was also supported by the FinTech Innovation Research Center, National Chiao Tung University.}, references={Abraham, A., Ikenberry, D.L., The individual investor and the weekend effect (1994) Journal of Financial and Quantitative Analysis, 29 (2), pp. 263-277; Aggarwal, R., Rivoli, P., Seasonal and day-of-the-week effects in four emerging stock markets (1989) Financial Review, 24 (4), pp. 541-550; Aly, H.Y., Mehdian, S.M., Perry, M.J., An analysis of day-ofthe-week effects in the egyptian stock market (2004) International Journal of Business, 9, p. 3; Ariel, R.A., A monthly effect in stock returns (1987) Journal of Financial Economics, 18 (1), pp. 161-174; Ariel, R.A., High stock returns before holidays: Existence and evidence on possible causes (1990) The Journal of Finance, 45 (5), pp. 1611-1626; Baker, M., Wurgler, J., Investor sentiment and the cross-section of stock returns (2006) The Journal of Finance, 61 (4), pp. 1645-1680; Boynton, W., Oppenheimer, H.R., Reid, S.F., The day-of-theweek anomaly: The role of institutional investors in Japan (2009) Applied Economics Letters, 16 (7), pp. 669-676; Chang, C.C., Lin, C.J., Libsvm: A library for support vector machines (2011) ACM Transactions on Intelligent Systems and Technology (TIST, 2 (3), p. 27; Chow, E.H., Hsiao, P., Solt, M.E., Trading returns for the weekend effect using intraday data (1997) Journal of Business Finance & Accounting, 24 (3), pp. 425-444; Cross, F., The behavior of stock prices on fridays and mondays (1973) Financial Analysts Journal, 29 (6), pp. 67-69; French, K.R., Stock returns and the weekend effect (1980) Journal of Financial Economics, 8 (1), pp. 55-69; Harris, L., A transaction data study of weekly and intradaily patterns in stock returns (1986) Journal of Financial Economics, 16 (1), pp. 99-117; Lee, Y.J., (2013) Learning-based Holiday Effect Modeling with Timeseries Analysis, , Department of Quantitative Finance in National Tsing Hua University; Jaffe, J., Westerfield, R., The week-end effect in common stock returns: The international evidence (1985) The Journal of Finance, 40 (2), pp. 433-454; Vapnik, V., (2013) The Nature of Statistical Learning Theory, , Springer Science & Business Media; Vapnik, V.N., An overview of statistical learning theory (1999) Neural Networks IEEE Transactions on, 10 (5), pp. 988-999; Huang, S.H., Tai, S.H., Lai, S.H., A learning based contrarian trading strategy via dual classifiers model (2011) ACM Transactions on Intelligent Systems and Technology, 2, p. 3; Huang, S.H., Pan, Y.C., Automated visual inspection in semiconductor industry: A survey (2015) Computers in Industry, 66, pp. 1-10; Huang, S.H., Pan, Y.C., Ergonomic job rotation strategy based on an automated rgb-d anthropometric measuring system (2014) Journal of Manufacturing Systems, 33 (4), pp. 699-710}, sponsors={Chinese Institute of Electronics; IEEE Big Data; Nuctech; University of Macau}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781509035557}, language={English}, abbrev_source_title={Proc. - Int. Conf. Cloud Comput. Big Data, CCBD}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Chen201787, author={Chen, J.-F. and Chen, W.-L. and Huang, C.-P. and Huang, S.-H. and Chen, A.-P.}, title={Financial time-series data analysis using deep convolutional neural networks}, journal={Proceedings - 2016 7th International Conference on Cloud Computing and Big Data, CCBD 2016}, year={2017}, pages={87-92}, doi={10.1109/CCBD.2016.027}, art_number={7979885}, note={cited By 11; Conference of 7th International Conference on Cloud Computing and Big Data, CCBD 2016 ; Conference Date: 16 November 2016 Through 18 November 2016; Conference Code:129180}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85027469207&doi=10.1109%2fCCBD.2016.027&partnerID=40&md5=a67ab301d59ba5c3b7b50025c082a600}, affiliation={Institute of Information Management, National Chiao Tung University, HsinChu, Taiwan; Department of Information Management and Finance, National Chiao Tung University, HsinChu, Taiwan}, abstract={A novel financial time-series analysis method based on deep learning technique is proposed in this paper. In recent years, the explosive growth of deep learning researches have led to several successful applications in various artificial intelligence and multimedia fields, such as visual recognition, robot vision, and natural language processing. In this paper, we focus on the time-series data processing and prediction in financial markets. Traditional feature extraction approaches in intelligent trading decision support system are used to applying several technical indicators and expert rules to extract numerical features. The major contribution of this paper is to improve the algorithmic trading framework with the proposed planar feature representation methods and deep convolutional neural networks (CNN). The proposed system is implemented and benchmarked in the historical datasets of Taiwan Stock Index Futures. The experimental results show that the deep learning technique is effective in our trading simulation application, and may have greater potentialities to model the noisy financial data and complex social science problems. In the future, we expected that the proposed methods and deep learning framework could be applied to more innovative applications in the next financial technology (FinTech) generation. © 2016 IEEE.}, author_keywords={convolutional neural networks; data visualization; Deep learning; machine learning; trend prediction}, keywords={Artificial intelligence; Big data; Cloud computing; Commerce; Convolution; Data handling; Data visualization; Decision support systems; Deep learning; Deep neural networks; Finance; Financial data processing; Intelligent robots; Learning algorithms; Learning systems; Natural language processing systems; Network function virtualization; Neural networks; Time series analysis; Visual languages, Algorithmic trading; Convolutional neural network; Feature representation; Financial time series; Learning frameworks; Simulation applications; Technical indicator; Trend prediction, Electronic trading}, funding_details={National Chiao Tung UniversityNational Chiao Tung University}, funding_text 1={This work was also supported by the FinTech Innovation Research Center, National Chiao Tung University.}, references={Cao, L.J., Tay, F.E., Support vector machine with adaptive parameters in financial time series forecasting (2003) Neural Networks IEEE Transactions on, 14 (6), pp. 1506-1518; Kercheval, A.N., Zhang, Y., (2013) Modeling High-Frequency Limit Order Book Dynamics with Support Vector Machines; Smailovic, J., Grcar, M., Lavrac, N., Ẑnidarŝic, M., Streambased active learning for sentiment analysis in the financial domain (2014) Information Sciences, 285, pp. 181-203; Kranjc, J., Smailovic, J., Podpecan, V., Grcar, M., Ẑnidarŝic, M., Lavrac, N., Active learning for sentiment analysis on data streams: Methodology and workflow implementation in the clowdflows platform (2015) Information Processing & Management, 51 (2), pp. 187-203; Hagenau, M., Liebmann, M., Neumann, D., Automated news reading: Stock price prediction based on financial news using contextcapturing features (2013) Decision Support Systems, 55 (3), pp. 685-697; Li, X., Xie, H., Chen, L., Wang, J., Deng, X., News impact on stock price return via sentiment analysis (2014) Knowledge-Based Systems, 69, pp. 14-23; Chapados, N., Bengio, Y., Cost functions and model combination for var-based asset allocation using neural networks (2001) Neural Networks IEEE Transactions on, 12 (4), pp. 890-906; Sitte, R., Sitte, J., Analysis of the predictive ability of time delay neural networks applied to the s&p 500 time series (2000) Systems, Man, and Cybernetics, Part C: Applications and Reviews IEEE Transactions on, 30 (4), pp. 568-572; Zhang, G.P., A neural network ensemble method with jittered training data for time series forecasting (2007) Information Sciences, 177 (23), pp. 5329-5346; Gençay, R., Gibson, R., Model risk for european-style stock index options (2007) Neural Networks IEEE Transactions on, 18 (1), pp. 193-202; Armano, G., Marchesi, M., Murru, A., A hybrid genetic-neural architecture for stock indexes forecasting (2005) Information Sciences, 170 (1), pp. 3-33; Kwon, Y.K., Moon, B.R., A hybrid neurogenetic approach for stock forecasting (2007) Neural Networks IEEE Transactions on, 18 (3), pp. 851-864; Geva, T., Zahavi, J., Empirical evaluation of an automated intraday stock recommendation system incorporating both market data and textual news (2014) Decision Support Systems, 57, pp. 212-223; LeCun, Y., Bengio, Y., Convolutional networks for images, speech, and time series (1995) The Handbook of Brain Theory and Neural Networks, 3361 (10), p. 1995; LeCun, Y., Bottou, L., Bengio, Y., Haffner, P., Gradient-based learning applied to document recognition (1998) Proc. IEEE, 86 (11), pp. 2278-2324. , Nov; Hinton, G.E., Osindero, S., Teh, Y.W., A fast learning algorithm for deep belief nets (2006) Neural Computation, 18 (7), pp. 1527-1554; Hinton, G.E., Salakhutdinov, R.R., Reducing the dimensionality of data with neural networks (2006) Science, 313 (5786), pp. 504-507; Zhang, Z., Luo, P., Loy, C.C., Tang, X., (2015) Learning Deep Representation for Face Alignment with Auxiliary Attributes; Kavukcuoglu, K., Ranzato, M.A., Fergus, R., Le-Cun, Y., Learning invariant features through topographic filter maps (2009) Computer Vision and Pattern Recognition 2009. CVPR 2009. IEEE Conference on, pp. 1605-1612. , June IEEE; Wong, W.K., Sun, M., Deep learning regularized fisher mappings (2011) Neural Networks IEEE Transactions on, 22 (10), pp. 1668-1675; Larochelle, H., Bengio, Y., Louradour, J., Lamblin, P., Exploring strategies for training deep neural networks (2009) The Journal of Machine Learning Research, 10, pp. 1-40; Erhan, D., Bengio, Y., Courville, A., Manzagol, P.A., Vincent, P., Bengio, S., Why does unsupervised pre-training help deep learning? (2010) The Journal of Machine Learning Research, 11, pp. 625-660; Montavon, G., Braun, M.L., Müller, K.R., Kernel analysis of deep networks (2011) The Journal of Machine Learning Research, 12, pp. 2563-2581; Yuan, Y., Mou, L., Lu, X., Scene recognition by manifold regularized deep learning architecture (2015) IEEE Transactions on Neural Networks and Learning Systems, 26 (10), pp. 2222-2233; Krizhevsky, A., Sutskever, I., Hinton, G.E., Imagenet classification with deep convolutional neural networks (2012) Advances in Neural Information Processing Systems, pp. 1097-1105; Ngiam, J., Khosla, A., Kim, M., Nam, J., Lee, H., Ng, A.Y., Multimodal deep learning (2011) Proceedings of the 28th International Conference on Machine Learning (ICML-11), pp. 689-696; Theis, L., Gerwinn, S., Sinz, F., Bethge, M., In all likelihood, deep belief is not enough (2011) The Journal of Machine Learning Research, 12, pp. 3071-3096; Nair, V., Hinton, G.E., 3d object recognition with deep belief nets (2009) InAdvances in Neural Information Processing Systems, pp. 1339-1347; Palm, R.B., (2012) Prediction As A Candidate for Learning Deep Hierarchical Models of Data, 25. , Technical University of Denmark, Palm; Wang, Z., Oates, T., (2015) Imaging Time-Series to Improve Classification and Imputation, , arXiv preprint arXiv: 1506.00327; Huang, S.H., Tai, S.H., Lai, S.H., A learning based contrarian trading strategy via dual classifiers model (2011) ACM Transactions on Intelligent Systems and Technology, 2, p. 3; Huang, S.H., Pan, Y.C., Automated visual inspection in semiconductor industry: A survey (2015) Computers in Industry, 66, pp. 1-10; Huang, S.H., Pan, Y.C., Ergonomic job rotation strategy based on an automated rgb-d anthropometric measuring system (2014) Journal of Manufacturing Systems, 33 (4), pp. 699-710}, sponsors={Chinese Institute of Electronics; IEEE Big Data; Nuctech; University of Macau}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781509035557}, language={English}, abbrev_source_title={Proc. - Int. Conf. Cloud Comput. Big Data, CCBD}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Yeh2017, author={Yeh, L.-Y. and Lu, P.J. and Hu, J.-W.}, title={NCHC Blockchain Construction Platform (NBCP): Rapidly Constructing Blockchain Nodes around Taiwan}, journal={Proceedings of the ACM/IEEE Joint Conference on Digital Libraries}, year={2017}, doi={10.1109/JCDL.2017.7991607}, art_number={7991607}, note={cited By 1; Conference of 17th ACM/IEEE Joint Conference on Digital Libraries, JCDL 2017 ; Conference Date: 19 June 2017 Through 23 June 2017; Conference Code:129640}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85027998546&doi=10.1109%2fJCDL.2017.7991607&partnerID=40&md5=0864223940d81fd9747b6323f85c246a}, affiliation={Network and Security Division, National Center for High-performance Computing (NCHC), Taichung, 407, Taiwan; Software Technology Division, National Center for High-performance Computing (NCHC), Taichung, 407, Taiwan; Network and Security Division, National Center for High-performance Computing (NCHC), Tainan, 741, Taiwan}, abstract={Blockchain is an emerging technology that can be utilized to break ground for secure provenance through the use of a centralized-based application. The method of distributed ledger can serve as the trust machine mechanism to prevent the malicious attacks. This paper introduces a novel service to complement some open-source blockchain protocols. A vital point of adopting blockchain technology is to encourage more and more parties to join for higher security and better efficiency. National Center for High-performance Computing (NCHC) has initiated a service, named NBCP, for rapidly constructing multiple blockchain nodes around Taiwan. With several pros, users can easily construct private blockchain nodes, catering to the need of developing various prototypes of blockchain-based applications. © 2017 IEEE.}, author_keywords={Blockchain; docker swarm; Fintech; security.; smart contract}, keywords={Network security; Software prototyping, Block-chain; docker swarm; Emerging technologies; Fintech; High performance computing; Machine mechanisms; Malicious attack; security, Digital libraries}, references={(2017), https://www.ethereum.org/, Ethereum-blockchain app platform, accessed on Feb. 1; (2017), https://www.hyperledger.org/, Hyperledger-blockchain technologies for business, accessed on Feb. 1; (2017), http://g-coin.org/, Gcoin, accessed on Feb. 1; Brody, P., Pureswaran, V., (2015) Empowering the Edge Practical Insights on A Decentralized Internet of Things, , IBM Institute for Business Value. Technical Report; Nakamoto, S., (2008) Bitcoin: A Peer-to-peer Electroniccash System, , https://bitcoin.org/bitcoin.pdf, Technical Report; Swarm, D., (2017), https://www.docker.com/products/docker-swarm, accessed on Feb. 1}, sponsors={Elsevier; et al.; IEEE; Libraries Bloomington; University of Toronto Faculty of Information; University of Toronto Libraries}, publisher={Institute of Electrical and Electronics Engineers Inc.}, issn={15525996}, isbn={9781538638613}, language={English}, abbrev_source_title={Proc. ACM IEEE Joint Conf. Digit. Libr.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Park20175631, author={Park, D.-W. and Choi, C.-Y.}, title={Improvements to guidelines for de-identification of personal data}, journal={Information (Japan)}, year={2017}, volume={20}, number={8}, pages={5631-5636}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85040822634&partnerID=40&md5=b3cf7ffa0aac1d9196f8ce5b35f312a9}, affiliation={Department of Convergence Technology, Hoseo Graduate School of Venture, 2497 Nambusunhwan-ro, Seocho-gu, Seoul, 06724, South Korea}, abstract={In June 2016, the Korean Government published the Guidelines for De-identification of Personal Data, which was written through the joint efforts of several government departments. These Guidelines aim at providing directions in how to safely conduct big data analyses under current legislation regarding personal data protection and to create an information environment for an advanced e-government. Procedures, systems, and methods of de-identification in the Guidelines, and the combination of dataseis aggregated by professional personal data de-identification support agencies may contain some areas that would impede the analysis of big data. In this paper, we examine adequacy assessment, privacy protection models, de-identification support and combination, and how to create temporary substitute keys to support and combine de-identification. All are addressed in terms of the de-identification measures from the Guidelines, which we deem necessary to be improved. We also study solutions for each deficiency found, and examine how these solutions would help stimulate the FinTech market. © 2017 International Information Institute.}, author_keywords={Adequacy assessment; Combination of datasets; Personal data de-identification; The Guidelines}, references={Zadrozny, P., Kodali, R., (2013) Big Data Analytics Using Splunk, , 1st ed, New York, NY: Apress; Kelleher, J.D., Namee, B.M., D'Arcy, A., (2015) Fundamentals of Machine Learning for Predictive Analytics, , 1st ed, Cambridge, MA: The MIT Press; Kim, W.P., Analysis of global research trend on information security (2015) Journal of the Korea Institute of Information and Communication Engineering, 19 (5), pp. 1110-1116; Choi, D.H., Park, J.O., The application method of machine learning for analyzing user transaction tendency in big data environment (2015) Journal of the Korea Institute of Information and Communication Engineering, 19 (10), pp. 2232-2240; Park, J.M., Gene algorithm of crowd system of data mining (2012) Journal of Information and Communication Convergence Engineering, 10 (1), pp. 40-44; Cha, S.Y., (2016) A Study on Collision and Tasks between Personal Information Protection Legislation and the Use of Big Data. Hang Yang Law Reiew, 27 (1), pp. 315-359; Kim, D.K., Lee, H., (2015) The De-identification Trend of Personal Information Based on Big Data. Reveiw of Korean Society for Internet Information, 16 (2), pp. 15-22; Sweeney, L., K-anonymity: A model for protecting privacy (2002) International Journal on Uncertainty, Fuzziness and Knowledge-based Systems, 10 (5), pp. 557-570; Kang, J.Y., (2008) A Study on the K-anonymity and L-diversity for Data Privacy, , MS. D. dissertation, Kookmin University, Republic of Korea; Boyd, C., Cryptography in the cloud: Advances and challenges (2013) Journal of Information and Communication Convergence Engineering, 11 (1), pp. 17-23; Oh, W.G., Park, D.W., Fintech industry invigoration by the de-identification and linkage reform of personal information (2016) Proceedings of the 40th Conference of KIICE, 20 (2 X), pp. 340-343; Choi, C.Y., Park, D.W., Improvements to guidelines for de-identification of personal data (2017) The Third Asia Workshop on IT Convergence of KIICE 2017, pp. 97-99}, correspondence_address1={Park, D.-W.; Department of Convergence Technology, Hoseo Graduate School of Venture, 2497 Nambusunhwan-ro, South Korea; email: prof_pdw@naver.com}, publisher={International Information Institute Ltd.}, issn={13434500}, language={English}, abbrev_source_title={Information}, document_type={Article}, source={Scopus}, } @ARTICLE{Naveed20171, author={Naveed, K. and Watanabe, C. and Neittaanmäki, P.}, title={Co-evolution between streaming and live music leads a way to the sustainable growth of music industry – Lessons from the US experiences}, journal={Technology in Society}, year={2017}, volume={50}, pages={1-19}, doi={10.1016/j.techsoc.2017.03.005}, note={cited By 6}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85018507681&doi=10.1016%2fj.techsoc.2017.03.005&partnerID=40&md5=9b346f265bf3ff715b7faea66ecf3794}, affiliation={Faculty of Information Technology, University of Jyväskylä, Finland; International Institute for Applied Systems Analysis (IIASA), Austria}, abstract={While digitization of music, particularly streaming services, has gained increasing popularity, it has also led to a steady decline in the revenues of recorded music industry. This is causing strong concern regarding a potential collapse of the music industry comparable to other print media industries such as newspaper and book publishing. However, recent changes in the music industry initiated by a resurgence of the live music industry are giving rise to some expectations for the survival and growth of the music industry. The parallel paths of increasing popularity of streaming services and a resurgence of live music suggest that these two dynamics are working together in a co-evolutionary way toward the sustainability of the music industry. This paper attempts to elucidate the co-evolutionary dynamism between the increasing popularity of streaming music and the resurgence of live music. An empirical analysis of monthly trends over the period of the last three decades in the US music industry by its sectors revealed that (i) the co-evolution between streaming and live music industries has functioned well over the last few years, (ii) the live music industry has incorporated a self-propagating function by assimilating innovations previously initiated by digital music, (iii) given the above co-evolution, the recent resurging trend in the music industry can be sustained, (iv) the advancement of digital innovations such as artificial intelligence, machine learning, fintech, virtual reality, big data, and social media by enabling such coevolution have transformed the live music industry into a “live-concert-streaming music industry” (LCSMI) that further enabling the participative creativity of its stakeholders. For these collaborative and cultural industries to function in harmony, trust between its participating stakeholders is very crucial. This analysis suggests the significance of a trust-based ICT-driven disruptive business model (IDBM) with a consolidated challenge for social demand (CCSD) for the development of cultural industries. © 2017 Elsevier Ltd}, author_keywords={Co-evolution; Cultural industries; Live music; Live-concert-streaming music industry; Music industry; Trust-based IDBM with CCSD}, keywords={Artificial intelligence; Big data; Learning systems; Sustainable development; Virtual reality, Co-evolution; Cultural industries; Live music; Music industry; Trust-based IDBM with CCSD, Media streaming, empirical analysis; innovation; Internet; music, United States}, references={Barreca, S.L., Technology Life-cycles and Technological Obsolescence (1998), BCRI Inc Birmingham, Alabama; Bhhattacharjee, S., Gopal, R., Lertwachara, K., Marsden, J.R., Telang, R., The effect of digital sharing technologies on music markets: a survival analysis of albums on ranking charts (2007) Manag. Sci., 53 (9), pp. 1359-1374; Bylin, K., Conditioned to steal: popular music and obsolescence in America (2009) Hypebot.com., , August. Retrieved 25 December 2016; Choi, H., Burnes, B., The internet and value Co-creation: the case of the popular music industry (2013) Prometheus, 31 (1), pp. 35-53; Cross, A., A lesson on the theory of the 13-year music cycle (2012) J. Music. Things, 25, pp. 1-7. , March; Diadato, V., Smith, F., Obsolescence of music literature (1993) J. Am. Soc. Inf. Sci., 44 (2), pp. 101-112; El Gamal, A., The Evolution of the Music Industry in the Post-Internet Era (2012), p. 532. , CMC Senior Thesis Claremont College; Erika, P., Co-creating an Engaging Live-streamed Concert with Potential Viewers (2016), Master's Thesis Degree Program in Service Innovation and Design, Laurea University of Applied Sciences; Fly, B., How Does Music Consumption Impact the Music Industry and Benefit Artists? Accounting (2016), p. 20. , Undergraduate Honors Thesis University of Arkansas; Freeman, J., Web-based Collaboration, Live Musical Performance and Open-form Scores (2010) Int. J. Perform. Arts Digital Media, 6 (2), pp. 149-170; Gronow, P., The record industry: the growth of a mass media (1983) Popular Music, 3. , R. Middleton Cambridge University Press Cambridge; Jennings, C., Wu, D., Terpenny, J., Forecasting obsolescence risk and product life cycle with machine learning (2016) IEEE Trans. Components, Packag. Manuf. Technol., 6 (9), pp. 1428-1439; Kirshbaum, J., Seven Top Music Marketing Trends for 2016 (2016), http://www.hypebot.com/hypebot/2016/01//6-music-marketing-trends-in -2016-draft.html, Hypebot, January Retrieved 22 December 2016; Luhmann, N., Trust and Power (1979), John Wiley Chchester; Meade, N., Islam, T., Modelling and forecasting the diffusion of innovation: a 25-year Review (2006) Int. J. Forecast., 22, pp. 519-545; Modis, T., Strngths and weakeness of S-curves (2007) Technol. Forecast. Soc. Change, 74, pp. 866-872; Music Ally Data map (musically), Global Music Industry Data on Sales (2015), http://www.musically.com, Retrieved 30 Novemeber 2016; Parry, G., Bustinza, O.F., Vendrell-Herrero, F., Servitisation and value co-production in the UK music industry: an empirical study of consumer attitudes (2012) Int. J. Prod. Econ., 135 (1), pp. 320-332; Peterson, R.A., Berger, D.G., Cycles in symbol production: the case of Popular music (1975) Am. Sociol. Rev., 40 (2), pp. 158-173; Pollstar, Pollstar Year End 2015 Special Edition (2015), http://www.pollstar.com, Retrieved 15 December 2016; Record Industry Association of America (RIAA), RIAA Year-end Revenue and Shipment Reports (2016), https://www.riaa.com/u-s-sales-database/, Retrieved 15 October 2016; Sax, C., Steiner, P., Temporal disaggregation of time series (2013) R J., 5 (2), pp. 80-87; Stafford, S.D., Music in the digital age: the emergence of digital music and its repercussions on the music industry (2010) Elon J. Undergrad. Res. Commun., 1 (2), pp. 112-120; Tschmuck, P., The Recession in the Music Industry: a Cause Analysis (2010), https://musicbusinessresearch.wordpress.com/2010/03/29/the-recession-in-the-music-industry-a-cause-analysis/, Music Business Research March Retrieved 29 December 2016 March; Turner, J., Seven trends impacting live music events (2015) Eventbrite, , http://www.festivalinsights.com/2015/06/trends-impacting-live-music-events/, June 2015 Retrieved 22 December 2016; Watanabe, C., Zhu, B., Griffy-Brown, C., Asgari, B., Global technology spillover and its impact on industry's R&D Strategies (2001) Technovation, 21 (5), pp. 281-291; Watanabe, C., Takayama, M., Nagamatsu, A., Tagami, T., Griffy-Brown, C., Technology spillover as a complement for high-level R&D intensity in the pharmaceutical industry (2002) Technovation, 22 (4), pp. 245-258; Watanabe, C., Kondo, R., Ouchi, N., Wei, H., Griffy-Brown, C., Institutional elasticity as a significant driver of it functionality development (2004) Technol. Forecast. Soc. Change, 71 (7), pp. 723-750; Watanabe, C., Matsumoto, K., Hur, J.Y., Technological diversification and assimilation of spillover technology: canon's scenario for sustainable growth (2004) Technol. Forecast. Soc. Change, 71 (9), pp. 941-959; Watanabe, C., Lei, S., Ouchi, N., Fusing indigenous technology development and market learning for greater functionality development: an empirical analysis of the growth trajectory of canon printers (2009) Technovation, 29 (2), pp. 265-283; Watanabe, C., Naveed, K., Zhao, W., New paradigm of ICT productivity: increasing role of un-captured GDP and growing anger of consumers (2015) Technol. Soc., 41, pp. 21-44; Watanabe, C., Naveed, K., Neittaanmäki, P., Dependency on un-captured GDP as a source of resilience beyond economic value in countries with advanced ICT Infrastructure – similarity and disparities between Finland and Singapore (2015) Technol. Soc., 42, pp. 104-122; Watanabe, C., Naveed, K., Neittaanmäki, P., Tou, Y., Operationalization of un-captured GDP: the innovation stream under new global mega-trends (2016) Technol. Soc., 45, pp. 58-77; Watanabe, C., Naveed, K., Neittaanmäki, P., Co-evolution of three mega-trends natures un-captured GDP: uber's ride-sharing revolution (2016) Technol. Soc., 46, pp. 164-185; Watanabe, C., Naveed, K., Neittaanmäki, P., Consolidated challenge to social demand for resilient platforms: lessons from uber's global expansion (2017) Technol. Soc., 48, pp. 33-53; Watanabe, C., Naveed, K., Neittaanmäki, P., Co-evolution between trust in teachers and higher education toward digitally-rich learning environments (2017) Technol. Soc., 48, pp. 70-96}, correspondence_address1={Watanabe, C.; Faculty of Information Technology, University of JyväskyläFinland}, publisher={Elsevier Ltd}, issn={0160791X}, language={English}, abbrev_source_title={Technol. Soc.}, document_type={Article}, source={Scopus}, } @BOOK{Ding201719, author={Ding, D. and Chong, G. and Lee Kuo Chuen, D. and Cheng, T.L.}, title={From Ant Financial to Alibaba's Rural Taobao Strategy - How Fintech Is Transforming Social Inclusion}, journal={Handbook of Blockchain, Digital Finance, and Inclusion, Volume 1: Cryptocurrency, FinTech, InsurTech, and Regulation}, year={2017}, pages={19-35}, doi={10.1016/B978-0-12-810441-5.00002-6}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054416967&doi=10.1016%2fB978-0-12-810441-5.00002-6&partnerID=40&md5=6c584af06ab590a52ceba21987eb59c2}, affiliation={Singapore University of Social Sciences, Singapore; Left Coast, United States}, abstract={Fintech holds boundless potential in the context of social inclusion. As new platforms and technologies are introduced to the market, and the boundaries of traditional business models are challenged, financial services can be provided with greater accountability, efficiency and accessibility. Ant Financial, China's largest Fintech company in the making, is set to revolutionize the China's financial network, including payment, wealth management and loans. It focuses on the underserved markets by the major Chinese banks: the low-income individuals, especially those in the rural areas. Ant Financial has leveraged on Taobao's platform, along with Alibaba's rural Taobao Strategy, to give out loans and help traditional agricultural business to set up shops on Taobao. Alibaba also introduced Taobao rural service centers, where villagers can get accustomed to making purchases and paying bills online, as well as picking up items they bought on Taobao. Alibaba provides computers and trains villagers to serve as its representatives in the centers, which are often in convenience stores. With Fintech advancements, access to products and financial services is becoming more accessible than ever. Ensuring a level playing field for consumers that live in rural locations or regions without the structures of an urban economy is vital in achieving full financial and social inclusion. © 2018 Elsevier Inc. All rights reserved.}, author_keywords={Alibaba; Ant Financial; E-commerce; Fintech; Rural Taobao Strategy}, references={China's Taobao Village Research Report, , http://www.bestchinanews.com/Domestic/4379.html, Retrieved from; Research Report on China's Taobao Villages, , http://i.aliresearch.com/img/20160126/20160126155201.pdf, Retrieved from; Mapping Alibaba's Rural China Drive, , http://www.alizila.com/rural-taobao-success-stories-map-video/, Retrieved from; An Introduction to Taobao Villages, , http://www.alizila.com/an-introduction-to-taobao-villages/, Retrieved from; Biao, X., How far are the left-behind left behind? A preliminary study in rural China. Population (2007) Space and Place, 13, pp. 179-191; Bradsher, K., Defying global slump, China has labor shortage. 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Retrieved from; Lee, M.H., Migration and children's welfare in China: the schooling and health of children left behind (2011) The Journal of Developing Areas, 44, pp. 165-182; Lee, M., Alipay targets rural and overseas users, , http://www2.alizila.com/alipay-targets-rural-and-overseas-users, Retrieved from; Liang, Z., Chen, Y.P., Gu, Y., Rural industrialisation and internal migration in China (2002) Urban Studies, 39, pp. 2175-2187; Liang, Z., Chen, Y.P., The educational consequences of migration for children in China (2007) Social Science Research, 36, pp. 28-47; Lin, G.C.S., Peri-urbanism in globalizing China: a study of new urbanism in Dongguan (2006) Eurasian Geography and Economics, 47, pp. 28-53; Liu, L., National market location, income levels and urban-rural inequality in China (2009) International Development Planning Review, 31, pp. 397-421; Liu, Y.S., Liu, Y., Chen, Y.F., Long, H.L., The process and driving forces of rural hollowing in China under rapid urbanization (2010) Journal of Geographical Sciences, 20 (6), pp. 876-888; Long, H.L., Zou, J., Liu, Y.S., Differentiation of rural development driven by industrialization and urbanization in eastern coastal China (2009) Habitat International, 33, pp. 454-462; Long, H.L., Li, Y.R., Liu, Y.S., Woods, M., Zou, J., Accelerated restructuring in rural China fuelled by 'increasing vs. decreasing balance' land-use policy for dealing with hollowed villages (2012) Land Use Policy, 29, pp. 11-22; Manyika, J., Lund, S., Singer, M., White, O., Berry, C., (2016) Digital Finance for All: Powering Inclusive Growth in Emerging Economies, , http://www.mckinsey.com/mgi, McKinsey Global Institute, McKinsey & Company, Retrieved from; Meyerhoefer, C.D., Chen, C., The effect of parental labor migration on children's educational progress in rural China (2011) Review of Economics of the Household, 9, pp. 379-396; (2011) 2010 National Educational Development Statistics Bulletin, , Ministry of Education, Beijing; (2005) 1% of the Population Nationwide Sample Survey Data, , China Statistics Press, Beijing; (2011) 2010 Sixth National Population Census Data Bulletin, , China Statistics Press, Beijing; (2015), National Bureau of Statistics of China; Peng, Y.S., What has spilled over from Chinese cities into rural industry? (2007) Modern China, 33, pp. 287-319; Preston, D., Urban China is growing, but rural China's 650M consumers can't be ignored (2012) Consumer, , http://www.nielsen.com/us/en/insights/news/2012/urban-china-is-growing-but-rural-chinas-650m-consumers-cant-be-ignored.html, The Nielsen Company. Retrieved from; Song, Y., Zenou, Y., Ding, C., Let's not throw the baby out with the bath water: the role of urban villages in housing rural migrants in China (2008) Urban Studies, 45, pp. 313-330; Shih, G., Alibaba affiliate Alipay rebranded Ant in new financial services push, Reuters, , http://www.reuters.com/article/us-china-alibaba-idUSKCN0I50KJ20141016, Retrieved from; Tan, C.Y., Schulte, P., Lee, D.K.C., (2016) InsurTech and FinTech: Banking and Insurance Enablement, , Working paper; Uwechue, O.A., Pandya, A.S., (2012) Human Face Recognition Using Third-Order Synthetic Neural Networks, , Springer; Wang, M., Impact of the global economic crisis on China's migrant workers: a survey of 2700 in 2009 (2010) Eurasian Geography and Economics, 51, pp. 218-235; Wang, S., "Taobao villages" in rural China grow tenfold in 2014, , http://www2.alizila.com/report-taobao-villages-rural-china-grow-tenfold-2014, Retrieved from; Wang, S., E-commerce gaining traction in rural China, , http://www.alizila.com/e-commerce-gaining-traction-rural-china-2/, Retrieved from; Wang, Y.M., Scott, S., Illegal farmland conversion in China's urban periphery: local regime and national transitions (2008) Urban Geography, 29, pp. 327-347; Wang, L., Zhang, S., Sun, Y., Zhang, X., The current situation of loneliness of left behind children in countryside (2006) Chinese Journal of Behavioral Medical Science, 15, pp. 639-640. , (in Chinese); Wei, Y.P., Zhao, M., Urban spill over vs. local urban sprawl: entangling land-use regulations in the urban growth of China's megacities (2009) Land Use Policy, 26, pp. 1031-1045; Wen, M., Lin, D., Child development in rural China: children left behind by their migrant parents and children of nonmigrant families (2012) Child Development, 83, pp. 120-136; Wu, D.J., Tang, Y., Fang, M., Qin, X., Yang, X., The study on the migrant children (in Chinese) (2004) Educational Research, 10, pp. 15-18; Yu, X.J., Ng, C.N., Spatial and temporal dynamics of urban sprawl along two urban-rural transects: a case study of Guangzhou, China (2007) Landscape and Urban Planning, 79, pp. 96-109; Zhou, W., Arner Douglas, W., Buckley Ross, P., Regulation of digital finance services in China (2015) Tsinghua China Law Review, 8 (25), pp. 25-62}, correspondence_address1={Ding, D.; Singapore University of Social SciencesSingapore}, publisher={Elsevier Inc.}, isbn={9780128104422; 9780128104415}, language={English}, abbrev_source_title={Handb. of Blockchain, Digit. Financ., and Incl., Vol. 1: Cryptocurr., FinTech, InsurTech, and Regul.}, document_type={Book Chapter}, source={Scopus}, } @BOOK{Fan2017347, author={Fan, P.S.}, title={Singapore Approach to Develop and Regulate FinTech}, journal={Handbook of Blockchain, Digital Finance, and Inclusion, Volume 1: Cryptocurrency, FinTech, InsurTech, and Regulation}, year={2017}, pages={347-357}, doi={10.1016/B978-0-12-810441-5.00015-4}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054356686&doi=10.1016%2fB978-0-12-810441-5.00015-4&partnerID=40&md5=6638e9b1de5b4cbe40d20041fbb2171e}, affiliation={Singapore Management University, Singapore}, abstract={This paper starts with a brief introduction of the recent organizational support established by The Monetary Authority of Singapore (MAS) to promote the fast developing FinTech (financial technology) sector. Basing on its existing "balanced" approach in promoting financial development and ensuring a safe and sound financial sector, and in sync with its objective to harness technology to improve the efficiency of the financial markets, the paper elaborates on the insights of MAS' policy intent in regulating the FinTech sector. The paper then focuses on MAS' proposed "Regulatory Sandbox" - an innovative regulatory framework which helps to strike a good balance between creating a conducive environment for financial innovation and on the other hand protecting financial consumers and ensuring financial stability. In closing, the paper shares some thought of the writer on MAS' approach and the likely future development of MAS' financial regulation towards financial technology. © 2018 Elsevier Inc. All rights reserved.}, author_keywords={Consumer protection; Financial stability; Financial technology; FinTech; Regulatory Sandbox}, correspondence_address1={Fan, P.S.; Singapore Management UniversitySingapore}, publisher={Elsevier Inc.}, isbn={9780128104422; 9780128104415}, language={English}, abbrev_source_title={Handb. of Blockchain, Digit. Financ., and Incl., Vol. 1: Cryptocurr., FinTech, InsurTech, and Regul.}, document_type={Book Chapter}, source={Scopus}, } @BOOK{LeeKuoChuen20171, author={Lee Kuo Chuen, D. and Deng, R.}, title={Handbook of Blockchain, Digital Finance, and Inclusion, Volume 1: Cryptocurrency, FinTech, InsurTech, and Regulation}, journal={Handbook of Blockchain, Digital Finance, and Inclusion, Volume 1: Cryptocurrency, FinTech, InsurTech, and Regulation}, year={2017}, pages={1-482}, doi={10.1016/C2015-0-04334-9}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85041323445&doi=10.1016%2fC2015-0-04334-9&partnerID=40&md5=7086a4cc7a398b8870517bdb0b2f5ee6}, affiliation={Singapore University of Social Sciences, Singapore}, abstract={Handbook of Blockchain, Digital Finance, and Inclusion, Volume 1: Cryptocurrency, FinTech, InsurTech, and Regulation explores recent advances in digital banking and cryptocurrency, emphasizing mobile technology and evolving uses of cryptocurrencies as financial assets. Contributors go beyond summaries of standard models to describe new banking business models that will be sustainable and will likely dictate the future of finance. The volume not only emphasizes the financial opportunities made possible by digital banking, such as financial inclusion and impact investing, but it also looks at engineering theories and developments that encourage innovation. Its ability to illuminate present potential and future possibilities make it a unique contribution to the literature. © 2017 Elsevier Inc. All rights reserved.}, correspondence_address1={Lee Kuo Chuen, D.; Singapore University of Social SciencesSingapore}, publisher={Elsevier Inc.}, isbn={9780128104422; 9780128104415}, language={English}, abbrev_source_title={Handb. of Blockchain, Digit. Financ., and Incl., Vol. 1: Cryptocurr., FinTech, InsurTech, and Regul.}, document_type={Book}, source={Scopus}, } @BOOK{Zhou201745, author={Zhou, W. and Arner, D.W. and Buckley, R.P.}, title={Regulating FinTech in China: From Permissive to Balanced}, journal={Handbook of Blockchain, Digital Finance, and Inclusion}, year={2017}, volume={2}, pages={45-64}, doi={10.1016/B978-0-12-812282-2.00003-6}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054428123&doi=10.1016%2fB978-0-12-812282-2.00003-6&partnerID=40&md5=4979ad223e5ab60cd6d3d0f9e55a1e66}, affiliation={UNSW, Australia; Faculty of Law, University of Hong Kong, China}, abstract={This chapter analyzes the evolution of FinTech and related regulation in China. Thanks to the supportive economic and policy environment, the growth of digital financial services ("DFS") in China over the past decade has been phenomenal, making China now one of the world's largest DFS markets. In the meantime, the digital finance boom has created serious concerns and challenges for Chinese regulators in relation to issues such as financial stability, consumer protection, illegal financial activities, etc. To address these issues, the Chinese government has committed to develop a comprehensive framework for the regulation and supervision of DFS and has taken a balanced approach whereby the promotion of DFS will continue under such a framework so as to ensure the sustainable development of DFS. The major challenges ahead are to ensure the regulatory framework has the potential to deal with new forms of DFS and new problems associated with DFS, and to balance the regulation of DFS with its healthy growth. © 2018 Elsevier Inc. All rights reserved.}, author_keywords={China; Digital Financial Services; Regulation}, correspondence_address1={Zhou, W.; UNSWAustralia}, publisher={Elsevier Inc.}, isbn={9780128122990; 9780128122822}, language={English}, abbrev_source_title={Handb. of Blockchain, Digit. Financ., and Incl.}, document_type={Book Chapter}, source={Scopus}, } @BOOK{Salampasis2017451, author={Salampasis, D. and Mention, A.-L.}, title={FinTech: Harnessing Innovation for Financial Inclusion}, journal={Handbook of Blockchain, Digital Finance, and Inclusion}, year={2017}, volume={2}, pages={451-461}, doi={10.1016/B978-0-12-812282-2.00018-8}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054452288&doi=10.1016%2fB978-0-12-812282-2.00018-8&partnerID=40&md5=1dbf45c30e3f1bc4c013c2e8e7e1fc44}, affiliation={Swinburne University of Technology, Hawthorn, VIC, Australia; RMIT University, Melbourne, VIC, Australia}, abstract={The landscape of financial inclusion has for long been considered as the soft side of financial services, having received scarce attention from a financial, regulatory, and policy point of view, despite its central role within the global economic empowerment. Part of the disadvantaged and low-income segments of global population is left without (i.e. financially excluded) or very limited access (i.e. financially underserved) to basic financial services, creating a highly critical equality deficit in different parts of the world. In this frame of reference, financial exclusion still remains a highly critical problem that hinders developing regions around the world from eradicating poverty leading to large-scale starvation and civil unrest. Moreover, financial exclusion is interwoven with social dependency making financially excluded/underserved populations strongly dependable on their social networks. The emergence of FinTech, the new breed between financial innovation and financial technology, which has been challenging the prevailing position of incumbent financial institutions, is providing a promising vehicle of tackling this phenomenon by closing the gap between unbanked, under-banked and developed societies, opening the door to the global digital economy, bringing a long-term societal transformational change for the financially excluded/underserved, while leading to inclusive economic growth helping move towards a more just and equitable society. © 2018 Elsevier Inc. All rights reserved.}, author_keywords={Financial exclusion; Financial inclusion; Financial services}, references={Avlonitis, G.J., Papastathopoulou, P.G., Gounaris, S.P., An empirically-based typology of product innovativeness for new financial services: success and failure scenarios (2001) Journal of Product Innovation Management, 18 (5), pp. 324-342; Biggs, D.C., How non-banks are boosting financial inclusion and remittance (2016) Banking Beyond Banks and Money, pp. 181-196. , Springer International Publishing, P. Tasca, T. Aste, L. Pelizzon, N. Perony (Eds.); Bisht, S.S., Mishra, V., ICT-driven financial inclusion initiatives for urban poor in a developing economy: implications for public policy (2016) Behaviour and Information Technology, 35 (10), pp. 817-832; Buckley, R.P., Webster, S., Fintech in developing countries: charting new customer journeys (June 1, 2016) (2016) Journal of Financial Transformation, 44. , https://ssrn.com/abstract=2850091, Forthcoming; UNSW Law Research Paper No. 2016-73. Available at SSRN:, [Last accessed: November, 9th, 2016]; Digital disruption: how FinTech is forcing banking to a tipping point, , https://ir.citi.com/D%2F5GCKN6uoSvhbvCmUDS05SYsRaDvAykPjb5subGr7f1JMe8w2oX1bqpFm6RdjSRSpGzSaXhyXY%3D, March 2016. Available online at:, [Last accessed: November, 7th, 2016]. Citi GPS: global perspectives and solutions; Costanzo, L.A., Keasey, K., Short, H., A strategic approach to the study of innovation in the financial services industry: the case of telephone banking (2003) Journal of Marketing Management, 19 (3-4), pp. 259-281; Demirgüç-Kunt, A., Klapper, L.F., Singer, D., Van Oudheusden, P., (2015) The Global Findex Database 2014: Measuring Financial Inclusion Around the World, , World Bank Policy Research Working Paper (7255); Frame, W.S., White, L.J., Empirical studies of financial innovation: lots of talk, little action? (2004) Journal of Economic Literature, 42 (1), pp. 116-144; Friedline, T., (2016) Building Bridges, Removing Barriers: The Unacceptable State of Households' Financial Health and How Financial Inclusion Can Help, , University of Kansas, Center on Assets, Education, and Inclusion, Lawrence, KS; Gadrey, J., Gallouj, F., Weinstein, O., New modes of innovation: how services benefit industry (1995) International Journal of Service Industry Management, 6 (3), pp. 4-16; Gelb, A., (2016) Balancing Financial Integrity with Financial Inclusion: The Risk-Based Approach to "Know Your Customer", , http://www.cgdev.org/publication/balancing-financial-integrity-financial-inclusion-risk-based-approach, CGD Policy Paper 74, Center for Global Development, Washington DC, Available online at:, [Last accessed: November, 9th, 2016]; Kates, R.W., Parris, T.M., Leiserowitz, A.A., What is sustainable development? (cover story) (2005) Environment, 47 (3), pp. 8-21; Klapper, L., Singer, D., (2014) The Opportunities of Digitizing Payments: How Digitization of Payments, Transfers and Remittances Contributes to the G20 Goals of Broad-Based Economic Growth, Financial Inclusion and Women's Economic Empowerment, , https://docs.gatesfoundation.org/documents/G20%20Report_Final.pdf, A report by the World Bank Development Research Group, the Better Than Cash Alliance and the Bill & Melinda Gates Foundation to the G20 Global Partnership for Financial Inclusion. Prepared for the G20 Australian Presidency August 28th, 2014, Available online at:, [Last accessed: November, 7th, 2016]; (2014) The Road to Inclusion: A Look at the Financially Excluded and Underserved, , http://www.mastercardadvisors.com/_assets/pdf/MasterCard-Road-to-Inclusion-Report.pdf, Knowledge Leadership Report. Available online at:, [Last accessed: November, 7th, 2016]; Mention, A.-L., Intellectual capital reporting: an exploratory study on the practices in the banking industry (2011) Journal of Management Control, 22 (3), pp. 279-309; Mention, A.-L., Innovation for Financial Services, , http://www.innovationmanagement.se/2011/09/13/innovation-for-financial-services, Innovation Management. Available online at:, [Last accessed: June, 15th, 2016]; Mention, A.-L., Torkkeli, M., Drivers, processes and consequences of financial innovation: a research agenda (2012) International Journal of Entrepreneurship and Innovation Management, 16 (1-2), pp. 5-29; Oliveira, P., von Hippel, E., Users as service innovators: the case of banking services (2011) Research Policy, 40 (6), pp. 806-818; Richardson, C.J., Smartphones, FinTech, and education-helping the unbanked reach financial inclusion (2016) The FinTech Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries, , John Wiley & Sons, Ltd., Chichester, S. Chishti, J. Barberis (Eds.); Shrier, D., Canale, G., Pentland, A., (2016) Mobile Money and Payments: Technology Trends, , http://cdn.resources.getsmarter.ac/wp-content/uploads/2016/08/mit_mobile_and_money_payments_report.pdf, MIT, Available online at:, [Last accessed: November, 8th, 2016]; Strategy and The un(der)banked is FinTech's largest opportunity (2016) DeNovo, Q2. , http://www.strategyand.pwc.com/media/file/DeNovo-Quarterly-Q2-2016.pdf, FinTech ReCap and Funding ReView. Available online at:, [Last accessed: November, 6th, 2016]}, correspondence_address1={Salampasis, D.; Swinburne University of TechnologyAustralia}, publisher={Elsevier Inc.}, isbn={9780128122990; 9780128122822}, language={English}, abbrev_source_title={Handb. of Blockchain, Digit. Financ., and Incl.}, document_type={Book Chapter}, source={Scopus}, } @BOOK{Michaels2017329, author={Michaels, L. and Homer, M.}, title={Regulation and Supervision in a Digital and Inclusive World}, journal={Handbook of Blockchain, Digital Finance, and Inclusion, Volume 1: Cryptocurrency, FinTech, InsurTech, and Regulation}, year={2017}, pages={329-346}, doi={10.1016/B978-0-12-810441-5.00014-2}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054412491&doi=10.1016%2fB978-0-12-810441-5.00014-2&partnerID=40&md5=4dd6ecc22f4f97cbb588ac91d8b0fdab}, affiliation={Washington, DC, United States}, abstract={Digital technologies are transforming the delivery of financial services everywhere. Among its many benefits, "fintech" offers new opportunities to widen access to financial services. The potential for improving people's lives through financial inclusion is enormous, and many of the gains are already being realized. There are risks as well, though, and making the most of these opportunities will require skillful regulation. At the moment, regulators and policymakers alike are struggling to keep up. © 2018 Elsevier Inc. All rights reserved.}, author_keywords={Digital technologies; Financial inclusion; Financial services; Fintech; Regtech; Regulatory innovation}, correspondence_address1={Michaels, L.United States}, publisher={Elsevier Inc.}, isbn={9780128104422; 9780128104415}, language={English}, abbrev_source_title={Handb. of Blockchain, Digit. Financ., and Incl., Vol. 1: Cryptocurr., FinTech, InsurTech, and Regul.}, document_type={Book Chapter}, source={Scopus}, } @BOOK{Birch2017375, author={Birch, D.G.W. and Parulava, S.}, title={Ambient Accountability: Shared Ledger Technology and Radical Transparency for Next Generation Digital Financial Services}, journal={Handbook of Blockchain, Digital Finance, and Inclusion, Volume 1: Cryptocurrency, FinTech, InsurTech, and Regulation}, year={2017}, pages={375-387}, doi={10.1016/B978-0-12-810441-5.00017-8}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054395013&doi=10.1016%2fB978-0-12-810441-5.00017-8&partnerID=40&md5=87973cc14bcf88da12e13a03abe59056}, affiliation={Consult Hyperion, United Kingdom}, abstract={The new class of replicated decentralized shared ledger technologies (SLT), an instance of which is the blockchain, have the promising potential to disrupt banking and finance. This chapter sets out the simple Consult Hyperion Layer Model of Shared Ledgers that is designed to facilitate communication between technologists, businesses and regulators in the financial services world. It then explores various forms of shared ledger to see why they might be attractive to financial services organizations and then develops a narrative that focuses on transparency and "RegTech" rather than cost and speed benefits of "FinTech." We borrow the phrase "ambient accountability" from architecture to suggest a new way to organize digital financial services. © 2018 Elsevier Inc. All rights reserved.}, author_keywords={Blockchain; Financial services; FinTech; RegTech; Shared ledger technologies}, references={Birch, D., Brown, R., Parulava, S., Towards ambient accountability in financial services: shared ledgers, translucent transactions and the legacy of the great financial crisis (2016) Payment Strategy and Systems, 10 (2), pp. 118-131; Bouvier, P., A new framework for Distributed Ledgers or dare I say Consensus Computers (CC) in FiniCulture at, , http://finiculture.com/a-new-framework-for-distributed-ledgers-or-dare-i-say-consensus-computers-cc/; DuPont, Q., Maurer, B., (2015) Ledgers and law in the blockchain, , In: King's Review (22nd Jun..) 2015; Giles, C., Dunkley, E., Fleming, S., (2014) Mark Carney launches review after BoE payment system crash, , Financial Times (20th Oct. 2014); Irrera, A., (2015) UBS building virtual coin for mainstream banking. Digits, , The Wall Street Journal (3rd Sep. 2015); Kaplan, J., Officer, arrest that bot (2015) Humans Need Not Apply, pp. 78-92. , Yale University Press, Yale; Levin, J., Pannifer, S., (2015) Demystifying cryptocurrency and the blockchain for the uninitiated, , Cryptocurrency, London, Payments Forward (11th May 2015); Robinson, E., Leising, M., (2015) The blockchain changes everything, , Bloomberg Markets (31st Aug. 2015); Shafik, M., (2016) A New Heart for a Changing Payments System, , Bank of England (27th Jan. 2016); (2015), The Economist (31st Oct. 2015); Vigna, P., Casey, M., The everything blockchain (2015) The Age of Cryptocurrency-How Bitcoin and Digital Money Are Challenging the Global Economic Order, pp. 219-245. , St. Martin's Press, New York, NY; Walch, A., The bitcoin blockchain as financial market infrastructure (2015) NYU Journal of Legislation and Public Policy, 18 (4), pp. 837-893; Wood, G., Buchanan, A., Advancing egalitarianism (2015) Handbook of Digital Currency, pp. 385-402. , Academic Press, San Diego, CA, D.L.K. Chen (Ed.)}, correspondence_address1={Birch, D.G.W.; Consult HyperionUnited Kingdom; email: dave.birch@chyp.com}, publisher={Elsevier Inc.}, isbn={9780128104422; 9780128104415}, language={English}, abbrev_source_title={Handb. of Blockchain, Digit. Financ., and Incl., Vol. 1: Cryptocurr., FinTech, InsurTech, and Regul.}, document_type={Book Chapter}, source={Scopus}, } @BOOK{Schwinn2017481, author={Schwinn, R. and Teo, E.G.S.}, title={Inclusion or Exclusion? Trends in Robo-advisory for Financial Investment Services}, journal={Handbook of Blockchain, Digital Finance, and Inclusion}, year={2017}, volume={2}, pages={481-492}, doi={10.1016/B978-0-12-812282-2.00021-8}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054426834&doi=10.1016%2fB978-0-12-812282-2.00021-8&partnerID=40&md5=43e5109fc19854310415bcd7ab4a4885}, affiliation={Eurex, Singapore; IBM, Singapore}, abstract={Brokerages are one of the first financial institutions to embrace the Internet and put their services online. This is a natural progression as trading ideally requires real-time information and action. Technology allowed the introduction of computerized quantitative analytics with increased digitization; it became crucial to have access to the fastest information. When first introduced, this technology was beyond the reach of everyday retail investors. As markets became efficient (supported by low latency technology), the number of active retail investors dwindled. However, in recent years, we saw a re-emergence of retail investment activity with the offering of new low-cost "fintech" platforms such as robo-advisors.The development of robo-advisory services is changing behavior of individual retail investors, giving them direct and low-cost access to a wide range of global multi-asset class investments. This chapter explores the evolution of robo-advisors and trends by examining a few industry cases. We conclude by discussing the role of robo-advisors in creating an inclusive investing environment. © 2018 Elsevier Inc. All rights reserved.}, author_keywords={Fintech; Retail investors; Robo-advisory services}, references={Barclay, M.J., Hendershott, T., McCormick, T., (2001) Electronic Communications Networks and Market Quality, , Simon School of Business Working Paper No. FR 00-19; Bischoff, P., Social wealth management startup 8Securities builds trust in Japan, sets eyes on China, , https://www.techinasia.com/social-wealth-management-startup-8-securities-builds-trust-japan-sets-eyes-china-startupasia-arena, Retrieved October 28, 2016, from Tech In Asia; Growing use of ETFs, , https://www.ishares.com/us/about-etfs/what-is-an-etf/growing-use-of-etfs, Retrieved October 31, 2016, from iShares by Blackrock; Asia-Pacific ETF assets under management could reach US250 Billion by 2016 says BNY Mellon, , https://www.bnymellon.com/us/en/newsroom/news/press-releases/asia-pacific-etf-assets-under-management-could-reach-us250-billion-by-2016-says-bny-mellon.jsp, Retrieved October 31, 2016, from; Jon Stein, CEO of betterment: "We made investing easy and delightful", , https://www.cbinsights.com/blog/fintech-customer-acquisition-costs-robo-advisors-betterment/, Retrieved October 28, 2016, from; Chia, Y.M., Commission-free stock trading by year-end? The Straits Times, , http://www.straitstimes.com/business/invest/commission-free-stock-trading-by-year-end, Retrieved from; Collins, M., Robo-Advisers, , https://www.bloomberg.com/quicktake/robo-advisers, Retrieved October 22, 2016, from Bloomberg Quicktake; Hong Kong Robo-Advisor set to Democratise global investing, , http://www.finews.asia/finance/22726-robo-advisor-fintech-asia-8-securities, Retrieved October 28, 2016, from; Fink, J., Fink, K.E., Weston, J.P., Competition on the Nasdaq and the growth of electronic communication networks (2006) Journal of Banking & Finance, 30 (9), pp. 2537-2559; Fox, M., Hong Kong financial technology startup 8 Securities launches $0 commission trading, , https://www.leaprate.com/2016/04/hong-kong-financial-technology-startup-8-securities-launches-0-commission-trading/, Retrieved October 26, 2016, from; Gardon, M., How betterment won my retirement account, , http://www.thesimpledollar.com/how-betterment-won-my-retirement-account/, Retrieved October 25, 2016, from The Simple Dollar; Hendershott, T., Electronic trading in financial markets (2003) IT Professional Magazine, 5 (4), p. 10; http://www.stock-trading-warrior.com/History-of-Online-Stock-Trading.html, Retrieved September 12, 2016, from; Stocks then and now: the 1950s and 1970s, , http://www.investopedia.com/articles/stocks/09/stocks-1950s-1970s.asp, Retrieved September 12, 2016, from; Kunz, K., Martin, J., Into the breech: the increasing gap between algorithmic trading and securities regulation (2015) Journal of Financial Services Research, 47 (1), pp. 135-152; Lieber, R., Financial advice for people who Aren't rich, , http://www.nytimes.com/2014/04/12/your-money/start-ups-offer-financial-advice-to-people-who-arent-rich.html?_r=0, The New York Times. Retrieved from; Lotich, B., A look at betterment: the easiest way to begin investing, , http://www.huffingtonpost.com/bob-lotich/a-look-at-betterment-the-_b_12529626.html, Huffington Post. Retrieved from; About MarketRiders, , http://www.marketriders.com/about, Retrieved October 31, 2016, from; http://www.pwc.com/us/en/asset-management/investment-management/publications/assets/pwc-etfs-growth-roadmap.pdf, Retrieved from; Quigley, J.T., 8Securities, an online platform that makes stock trading transparent, launches in Japan, , https://www.techinasia.com/8securities-seeking-us5m-series-launches-japan, Retrieved October 28, 2016, from Tech In Asia; https://www.sec.gov/answers/ecn.htm, Retrieved September 12, 2016, from; Stein, J., The history of betterment: how we started a company that changed an industry, , https://www.betterment.com/resources/inside-betterment/our-story/the-history-of-betterment/, Retrieved October 25, 2016, from Betterment.com; Everyone wants a Robo-Advisor, right?, , http://www.swfinstitute.org/swf-article/everyone-wants-a-robo-advisor-right-8461344//, Retrieved October 22, 2016, from; ETF AUM and Trading Reach New High, , http://www.tse.com.tw/en/about/press_room/tsec_news_detail.php?id=18258, Retrieved October 31, 2016, from; Terrell, E., History of the American and NASDAQ stock exchanges (2010) Library of Congress-Business Reference Services; Voros, D., Global ETF assets top $3 Trillion, , http://www.etf.com/sections/features-and-news/global-etf-assets-top-3-trillion, Retrieved October 31, 2016, from ETF.com; Wee, W., After 18 Months and $8 Million Funding, 8 Securities Finally Launches Publicly, , https://www.techinasia.com/8-securities-launches, Retrieved October 28, 2016, from Tech in Asia; Wong, I., ETF robo-adviser to launch in Hong Kong, , http://www.international-adviser.com/news/1030761/etf-robo-advisor-launch-hong-kong, Retrieved October 28, 2016, from International Adviser}, correspondence_address1={Schwinn, R.; EurexSingapore}, publisher={Elsevier Inc.}, isbn={9780128122990; 9780128122822}, language={English}, abbrev_source_title={Handb. of Blockchain, Digit. Financ., and Incl.}, document_type={Book Chapter}, source={Scopus}, } @BOOK{Yan2017249, author={Yan, T.C. and Schulte, P. and Lee Kuo Chuen, D.}, title={InsurTech and FinTech: Banking and Insurance Enablement}, journal={Handbook of Blockchain, Digital Finance, and Inclusion, Volume 1: Cryptocurrency, FinTech, InsurTech, and Regulation}, year={2017}, pages={249-281}, doi={10.1016/B978-0-12-810441-5.00011-7}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054412867&doi=10.1016%2fB978-0-12-810441-5.00011-7&partnerID=40&md5=0041448c391a716b9961693e191c8963}, affiliation={Grab, Singapore; Schulte Research, Hong Kong, China; Left Coast, United States; Singapore University of Social Sciences, Singapore}, abstract={This chapter surveys the landscape of insurance technology and its potential from the perspective of enablement for financial and insurance services. Digital revolution is occurring in a sector that has hardly changed over the last 300 years. Surprising to many, recent innovation in China's digital finance space has shown that emerging entities can and will disrupt the multitrillion-dollar industry. With big data and Blockchain, the impact on insurance sector is going to be a lot faster and more significant than most people will anticipate. © 2018 Elsevier Inc. All rights reserved.}, author_keywords={Digital finance; Digital revolution; Insurance sector; Insurance technology}, references={Accenture technology vision for insurance, people first: the primacy of people in the age of digital insurance, , https://s3.amazonaws.com/assets.accenture.com/PDF/Accenture-Technology-Vision-for-Insurance-2016-Full-Report.pdf; Mutual aid rising in China, , http://www.biznews.in/article/mutual-aid-rising-in-china; World insurance report 2015, , https://www.worldinsurancereport.com/; World insurance report 2015, , https://www.worldinsurancereport.com/; Insurnace tech startup funding hits $2.65B in 2015 as deal activity heats up, , https://www.cbinsights.com/blog/insurance-tech-startup-funding-2015/; Jain, A., New Alibaba App allows you to ask strangers do anything for a fee, , http://www.valuewalk.com/2016/09/alibaba-app-strangers-anything-fee/, Valuewalk; Top50 fintechs in China, , http://fintechnews.sg/5639/fintech/top-50-fintechs-china-kpmg/; Horowitz, J., With Alipay, China's most popular payments app, you can now ask total strangers to do anything for a fee, , http://qz.com/795732/alipay-everywhere-from-alibaba-and-ant-financial-lets-you-ask-total-strangers-to-do-anything-for-a-fee/; http://www.huzhuzj.com/; 2014 Insurance industry outlook survey: revolution, not evolution, , http://www.kpmginfo.com/industryoutlooksurveys/2014/pdfs/284763_InsuranceIndustrySurveyReportV8.pdf; Kropotkin, P., (2008) Mutual Aid: A Factor of Evolution, , Forgotten Books, Charleston, SC; Lee Kuo Chuen, D., Teo, E., Emergence of fintech and the LASIC principles (2015) Journal of Financial Perspective, 3, p. 3; Meeker, M., "Internet Trends 2016", Code Conference, Kleiner Perkins Caufield Byers, , http://www.kpcb.com/internet-trends; Paperno, A., Kravchuk, V., Porubaev, E., Teambrella: a peer-to-peer insurance system, , https://teambrella.com/WhitePaper.pdf, White Paper; Mutual aid rising in China: inclusive aid catches up with new opportunities after the G20 summit, , http://en.prnasia.com/story/159264-0.shtml; Schulte, P., The InsurTech Asteroid: Is Extinction of Traditional Insurance Inevitable? (2015) Schulte Research; Stanley, M., Insurance and technology, insight: the emerging role of ecosystems in insurance, , https://www.bcgperspectives.com/Images/Insurance-Tech-Ecosystems-April-2015.pdf; Year in review: 2015 in 12 charts, , https://medium.com/world-of-opportunity/year-in-review-2015-in-12-charts-a2aeffc5f593; Yan, C.T., The insurance equation, , https://startupsventurecapital.com/how-is-technology-affecting-insurance-the-insurance-equation-76fd91ccf976}, correspondence_address1={Yan, T.C.; GrabSingapore}, publisher={Elsevier Inc.}, isbn={9780128104422; 9780128104415}, language={English}, abbrev_source_title={Handb. of Blockchain, Digit. Financ., and Incl., Vol. 1: Cryptocurr., FinTech, InsurTech, and Regul.}, document_type={Book Chapter}, source={Scopus}, } @BOOK{Yeow2017431, author={Yeow, A. and Lee Kuo Chuen, D. and Tan, R. and Chia, M.}, title={Indonesian Microfinance Institutions (MFI) Move to Technology-TBOP's Prodigy Experience}, journal={Handbook of Blockchain, Digital Finance, and Inclusion}, year={2017}, volume={2}, pages={431-449}, doi={10.1016/B978-0-12-812282-2.00017-6}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054443370&doi=10.1016%2fB978-0-12-812282-2.00017-6&partnerID=40&md5=666152380852cc9fe4b021f6f5de805e}, affiliation={Singapore University of Social Sciences, Singapore; Left Coast, United States; Singapore University of Social Sciences, Singapore; TBOP Pte. Ltd., Singapore}, abstract={Like many microfinance markets, the promises of microfinance institutions (MFI) have not been fully fulfilled in Indonesia due to high cost of operations and lack of sustainability, and impact of these programs. TBOP, a Singapore-based technology company that specializes in digital, data, and process design transformation technology, has developed financial technological (FinTech) solutions to empower MFIs to achieve operational efficiency and increased capacity so as to directly impact the lives of the poor. In addition, to address the funding institutions' growing demand for timely, comprehensive quantitative analysis of the Indonesia MFIs' progress, TBOP's FinTech solutions are designed with advanced data analytic features that measure the MFI clients' progress out of poverty and the MFIs' compliance to good practices. We discuss the key lessons learnt from TBOP's development experience and reflect on its implications for the future development of FinTech within the growing global MFI markets. © 2018 Elsevier Inc. All rights reserved.}, author_keywords={Financial inclusion; Fraud controls; Indonesia; Microfinance institutions; Mobile technology}, references={Brouwer, A.W., Dijkema, D., Microfinance dilemma: the case of Bandung, Indonesia (2002) Economics Science Shop, , Groningen University, Groningen; Canales, R., Weaving straw into gold: managing organizational tensions between standardization and flexibility in microfinance (2014) Organization Science, 25, pp. 1-28; Cull, R.J., Demirguc-Kunt, A., Morduch, J.J., The microfinance business model: enduring subsidy and modest profit, , http://documents.worldbank.org/curated/en/404501470669620154/The-microfinance-business-model-enduring-subsidy-and-modest-profit, [accessed 20/10/2016]. Policy Research working paper; Davis, F.D., Bagozzi, R.P., Warshaw, P.R., User acceptance of computer technology: a comparison of two theoretical models (1989) Management Science, 35, pp. 982-1003; Duflos, E., Emerging opportunities for digital finance in Indonesia, , http://www.cgap.org/blog/emerging-opportunities-digital-finance-indonesia, Available from:, [Accessed 25/10/2016 2016]; Hamada, M., Commercialization of microfinance in Indonesia: the shortage of funds and the linkage program (2010) The Developing Economies, 48, pp. 156-176; Herger, N., Hug, C., Janett, U., (2015) Microfinance market outlook; Jawadi, F., Jawadi, N., Ziane, Y., Can information and communication technologies improve the performance of microfinance programs? Further evidence from developing and emerging financial markets (2011) Advanced Technologies for Microfinance: Solutions and Challenges, , IGI Group, A. Ashta (Ed.); Kneiding, C., Rosenberg, R., (2008) Variations in microcredit interest rates; (2015) New Indonesian 'Branchless Banking' and Microfinance Laws-A Catalyst for Microfinance Growth?, , KPMG; Lee, D., (2015) Future growth, financial inclusion, and Asia; Mader, P., Winkler, A., Rise and fall of microfinance in India: the Andhra Pradesh crisis in perspective (2013) Strategic Change, 22, pp. 47-66; Morduch, J.J., The microfinance promise (1999) Journal of Economic Literature, 37, pp. 1569-1614; Mori, M., Zimmer, T., Mobilizing banking for Indonesia's poor (2015) Innovations, 10, pp. 95-124; Parikh, T.S., Rural microfinance service delivery: gaps, inefficiencies and emerging solutions (2006) 2006 International Conference on Information and Communication Technologies and Development, pp. 223-232. , IEEE; Sandberg, J., Mega-interest on microcredit: are lenders exploiting the poor? (2012) Journal of Applied Philosophy, 29, pp. 169-185; Wikipedia, T., Solidarity lending, , https://en.wikipedia.org/wiki/Solidarity_lending, [online]. Available:, [accessed]; (2014) Financial Inclusion Data/Global Findex; World Bank, T., Does microfinance still hold promise for reaching the poor?, , http://www.worldbank.org/en/news/feature/2015/03/30/does-microfinance-still-hold-promise-for-reaching-the-poor, [online]. Available:, [accessed 20/10/2016 2016]}, correspondence_address1={Yeow, A.; Singapore University of Social SciencesSingapore}, publisher={Elsevier Inc.}, isbn={9780128122990; 9780128122822}, language={English}, abbrev_source_title={Handb. of Blockchain, Digit. Financ., and Incl.}, document_type={Book Chapter}, source={Scopus}, } @BOOK{Hotchkiss2017405, author={Hotchkiss, G. and Lee Kuo Chuen, D.}, title={From the Ground Up: The Financial Inclusion Frontier}, journal={Handbook of Blockchain, Digital Finance, and Inclusion}, year={2017}, volume={2}, pages={405-429}, doi={10.1016/B978-0-12-812282-2.00016-4}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054431012&doi=10.1016%2fB978-0-12-812282-2.00016-4&partnerID=40&md5=97673f6ad9d2f17e5a3f97f7fc6d8445}, affiliation={Boulder, CO, United States; Left Coast, United States; Singapore University of Social Sciences, Singapore}, abstract={Recent innovations in fintech and blockchain technology have captured the imaginations of people around the world, and the attention of the banking world. As everyone prepares for a new era in Digital Banking and Internet Finance, now is a uniquely opportune moment to harness the power of innovation for an undisputed good: Financial Inclusion. Starting with M-PESA in Kenya, innovations in financial inclusion have been instrumental in bringing financial services to those that need it the most. At this moment, fintech innovation and financial inclusion are meeting in an unlikely place: Myanmar. After emerging from decades of isolation and economic mismanagement under military rule, Myanmar now has the fastest growing economy in Southeast Asia, and, uniquely, the 52 million people that live in the country are gaining access to the latest technology for the first time. At this exciting point in Myanmar's history, there is an opportunity for true digital leapfrogging for financial inclusion. This chapter gives a detailed picture of Myanmar amid its unprecedented transformation, and a seminal call for the innovators of the world in fintech and digital banking to consider Myanmar the next financial inclusion frontier. © 2018 Elsevier Inc. All rights reserved.}, author_keywords={Banking; Blockchain; Financial Inclusion; Innovation; Leapfrog; Microfinance; Mobile Money; Myanmar}, references={Wave Money Receives Mobile Financial Service License From Central Bank (2016) The Irrawaddy, , http://www.irrawaddy.com/business/wave-money-receives-mobile-financial-service-license-from-central-bank.html, Available at:, [Accessed November 6, 2016]; Arnold, M., Barclays' Antony Jenkins calls end of universal banking (2014) Financial Times, , https://www.ft.com/content/ef588b42-860a-11e4-b248-00144feabdc0, Available at:, [Accessed October 23, 2016]; Bank, A.D., (2016) Asian Development Outlook 2016 Update: Meeting the Low-Carbon Growth Challenge, , Asian Development Bank; Gibson, A., (2016) FSD Kenya: Ten Years of a Market Systems Approach in the Kenyan Finance Market, , FSD Kenya; Mod, C., The Facebook-Loving Farmers of Myanmar (2016) The Atlantic, , http://www.theatlantic.com/technology/archive/2016/01/the-facebook-loving-farmers-of-myanmar/424812/, Available at:, [Accessed October 31, 2016]; (2014) The Report: Myanmar 2014, , Oxford Business Group; (2016) The Report: Myanmar 2016, , Oxford Business Group, A. Jeffreys (Ed.); Packer, G., Drowning (2008) The New Yorker, , http://www.newyorker.com/magazine/2008/08/25/drowning, Available at:, [Accessed October 8, 2016]; Rajiv Lal, I.S., (2015) Mobile Money Services-Design and Development for Financial Inclusion, , Harvard Business School; Trautwein, C., MPT leads subs race with 18 million users, , http://www.mmtimes.com/index.php/business/18980-mpt-leads-subs-race-with-18-million-users.html, Available at:, [Accessed October 31, 2016]; Tucker, S., (2001) Burma: Curse of Independence, , Pluto Press; Turnell, S., (2009) Fiery Dragons: Banks, Moneylenders and Microfinance in Burma, , NIAS Press; Watcher, B., Burma in 1988: there came a whirlwind (1989) Asian Survey, 29 (2), pp. 174-180; Wintle, J., (2007) Perfect Hostage: A Life of Aung San Suu Kyi, Burma's Prisoner of Conscience, , Skyhorse Publishing Inc}, correspondence_address1={Hotchkiss, G.United States}, publisher={Elsevier Inc.}, isbn={9780128122990; 9780128122822}, language={English}, abbrev_source_title={Handb. of Blockchain, Digit. Financ., and Incl.}, document_type={Book Chapter}, source={Scopus}, } @BOOK{Arner2017359, author={Arner, D.W. and Barberis, J. and Buckley, R.P.}, title={RegTech: Building a Better Financial System}, journal={Handbook of Blockchain, Digital Finance, and Inclusion, Volume 1: Cryptocurrency, FinTech, InsurTech, and Regulation}, year={2017}, pages={359-373}, doi={10.1016/B978-0-12-810441-5.00016-6}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054382148&doi=10.1016%2fB978-0-12-810441-5.00016-6&partnerID=40&md5=29d47c848b12a17234dec5372418877e}, affiliation={University of Hong Kong, China; Asian Institute of International Financial Law, University of Hong Kong, China; FinTech HK, China; UNSW, Australia}, abstract={Regulatory technology or 'RegTech' is the use of technology, particularly information technology, in the context of regulatory monitoring, reporting and compliance. RegTech to date has focused on the digitization of manual reporting and compliance processes, for example in the context of know-your-customer requirements. This offers tremendous cost savings to the financial services industry and regulators. However, the potential of RegTech is far greater - it could enable close to real-time monitoring and a proportionate regulatory regime that addresses risk and facilitates more efficient regulatory compliance. We argue that the transformative nature of technology will only be captured by a new approach that sits at the nexus between data, digital identity, and regulation. We seek to expose the inadequacy and lack of ambition of simply digitizing analogue processes in a digital financial world. The development of financial technology ('FinTech'), rapid developments in emerging markets, and the recent pro-active stance of regulators in developing regulatory sandboxes, represent a unique combination of events, which could facilitate the transition from one regulatory model to another. © 2018 Elsevier Inc. All rights reserved.}, author_keywords={Financial regulation; Financial services; RegTech; Sandboxes}, correspondence_address1={Arner, D.W.; University of Hong KongChina}, publisher={Elsevier Inc.}, isbn={9780128104422; 9780128104415}, language={English}, abbrev_source_title={Handb. of Blockchain, Digit. Financ., and Incl., Vol. 1: Cryptocurr., FinTech, InsurTech, and Regul.}, document_type={Book Chapter}, source={Scopus}, } @BOOK{Patwardhan2017389, author={Patwardhan, A.}, title={Peer-To-Peer Lending}, journal={Handbook of Blockchain, Digital Finance, and Inclusion, Volume 1: Cryptocurrency, FinTech, InsurTech, and Regulation}, year={2017}, pages={389-418}, doi={10.1016/B978-0-12-810441-5.00018-X}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054360216&doi=10.1016%2fB978-0-12-810441-5.00018-X&partnerID=40&md5=67d865633b3f66d8c5edcfebb128afdd}, affiliation={Stanford UniversityCA, United States}, abstract={Banking is at an inflection point. Most people think that banking is being reshaped by regulations since the global financial crisis but that is only half the story. The other half is about technology. The multi-trillion-dollar financial services industry is being digitally disrupted and digitally re-imagined. The global financial crisis resulted in a debate on the 'too-big-to-fail' banks but it also created a 'too-small-to-care' crisis for small businesses as banks scaled back their lending to the SME sector. Marketplace lending platforms are supporting financial inclusion and providing the much needed access to capital to small businesses that have traditionally been the Goldilocks of digital banking; corporate applications are too complex for them and retail ones are way too simple. © 2018 Elsevier Inc. All rights reserved.}, author_keywords={Banking; Digital business; Financial innovation; Fintech; Marketplace lending; Peer-to-peer lending}, references={http://www.ifc.org/wps/wcm/connect/4d6e6400416896c09494b79e78015671/Closing+the+Credit+Gap+Report-FinalLatest.pdf?MOD=AJPERES, [online] Ifc.org. Available at:, (Accessed 12 Mar. 2016); About Us | Prosper, , https://www.prosper.com/plp/about/, [online] Prosper. Available at:, (Accessed 11 Oct. 2016); Banks Have a $380 Billion Market Opportunity in Financial Inclusion, Accenture and CARE International UK Study Find | Accenture Newsroom, , https://newsroom.accenture.com/news/banks-have-a-380-billion-market-opportunity-in-financial-inclusion-accenture-and-care-international-uk-study-find.htm, [online] Newsroom.accenture.com. Available at:, (Accessed 22 Oct. 2016); CFPB Report Finds 26 Million Consumers Are Credit Invisible | Consumer Financial Protection Bureau, , http://www.consumerfinance.gov/about-us/newsroom/cfpb-report-finds-26-million-consumers-are-credit-invisible/, [online] Consumer Financial Protection Bureau. Available at:, (Accessed 30 Mar. 2016); Press | SoFi, , https://www.sofi.com/press/, [online] SoFi. Available at:, (Accessed 11 Oct. 2016); Tests of character, , http://www.economist.com/news/finance-and-economics/21707978-how-personality-testing-could-help-financial-inclusion-tests-character?frsc=dg%257Ca, The Economist. [online] Available at:, (Accessed 17 Oct. 2016); Fleisher, C., Small businesses increasingly seeking online lenders, , http://triblive.com/business/headlines/9825140-74/lenders-businesses-banks, [Blog] Available at:, (Accessed 14 Apr. 2016); Ghose, R., Dave, S., Levin, J., Digital Disruption - How FinTech is Forcing Banking to a Tipping Point, , https://ir.citi.com/AI2lJSeuRUcB4wxuFyAt38KmnNXDpSNL11b63B6NuLTIAZcaz4V9sYSgJhCr0NR83E60vfWtw9c%253D, [online] Available at:, (Accessed 11 Oct. 2016); Kocianski, S., THE UK P2P LENDING REPORT (2016), BI Intelligence; Patwardhan, A., Peer-to-peer lending: banking's wake-up call, , https://www.linkedin.com/pulse/peer-to-peer-lending-bankings-wake-up-call-anju-patwardhan, [Blog] LinkedIn Pulse. Available at:, (Accessed 6 Oct. 2015); Patwardhan, A., CIO-Asia - Financial inclusion for small businesses in the digital economy, , http://cio-asia.com/blogs/blogs/financial-inclusion-for-small-businesses-in-the-digital-economy/, [online] Cio-asia.com. Available at:, (Accessed 22 Oct. 2016); Patwardhan, A., Financial Inclusion for Small Businesses in the Digital Economy, , http://cio-asia.com/blogs/blogs/financial-inclusion-for-small-businesses-in-the-digital-economy/, [Blog] CIO Asia. Available at:, (Accessed 7 Jul. 2016); Renton, P., The World's Largest P2P Lending Company That You Have Never Heard Of - Lend Academy, , http://www.lendacademy.com/the-worlds-largest-p2p-lending-company-that-you-have-never-heard-of/, [online] Lend Academy. Available at:, (Accessed 10 Dec. 2015); Renton, P., Lend Academy, , http://www.lendacademy.com/?s=creditease, [online] Lend Academy. Available at:, (Accessed 4 Sep. 2015); The Future of FinTech - A Paradigm Shift in Small Business Finance, , http://www3.weforum.org/docs/IP/2015/FS/GAC15_The_Future_of_FinTech_Paradigm_Shift_Small_Business_Finance:report_2015.pdf, [online] Available at:, (Accessed 11 Oct. 2016); Zhang, B., Deer, L., Wardrop, R., Grant, A., Thorp, S., Harnessing Potential - The Asia-Pacific Alternative Finance Benchmarking Report, , https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/harnessing-potential/, [online] Cambridge, UK. Available at:, (Accessed 10 Apr. 2016); Zhang, Y., Zhang, N., China: The Different Categories of Peer to Peer Lending Platforms - Crowdfund Insider, , http://www.crowdfundinsider.com/2014/11/57456-china-different-categories-peer-peer-lending-platforms/, [online] Crowdfund Insider. Available at:, (Accessed 15 Mar. 2015)}, correspondence_address1={Patwardhan, A.; Stanford UniversityUnited States}, publisher={Elsevier Inc.}, isbn={9780128104422; 9780128104415}, language={English}, abbrev_source_title={Handb. of Blockchain, Digit. Financ., and Incl., Vol. 1: Cryptocurr., FinTech, InsurTech, and Regul.}, document_type={Book Chapter}, source={Scopus}, } @BOOK{Dula20171, author={Dula, C. and Lee Kuo Chuen, D.}, title={Reshaping the Financial Order}, journal={Handbook of Blockchain, Digital Finance, and Inclusion, Volume 1: Cryptocurrency, FinTech, InsurTech, and Regulation}, year={2017}, pages={1-18}, doi={10.1016/B978-0-12-810441-5.00001-4}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054352522&doi=10.1016%2fB978-0-12-810441-5.00001-4&partnerID=40&md5=00dc5a0ac4d142832f59fbd964fcabbd}, affiliation={Singapore Management University, Singapore; Left Coast, United States; Singapore University of Social Sciences, Singapore}, abstract={The financial system, which governs and manages the practice of deposits, lending and payments, is in the throes of disruption following the shortcomings of the current regime. Despite US$11 trillion in quantitative easing since 2007, economic growth has been persistently sluggish. The money isn't going where it should be. In 2015, McKinsey reported that global debt had grown by US$57 trillion since 2007. The debt is becoming unsustainable, yet the global debt-to-income ratio continues to rise disproportionally to any deleveraging. The Fed's meandering signaling to nudge up interest rates beyond the near zero range raises concerns that private and even public debt could become unserviceable, reeling the economy back into a serious recession. © 2018 Elsevier Inc. All rights reserved.}, author_keywords={Bitcoin; Blockchain; Digital payments; E-commerce; Financial regime; Financial system; FinTech; LASIC}, references={Lee, D.K.C., On the edge of disruption (2015) Asia Management Insights, 2 (2), p. 78. , http://ink.library.smu.edu.sg/lkcsb_research/4870/; Lee, D.K.C., (2015) Handbook of Digital Currency: Bitcoin, Innovation, Financial Instruments, and Big Data, , https://www.elsevier.com/books/handbook-of-digital-currency/lee-kuo-chuen/978-0-12-802117-0, Elsevier, Academic Press; Lee, D.K.C., The fintech promise (2016) The European Financial Review, , http://www.europeanfinancialreview.com/?p=6093; Lee, D.K.C., Teo, E., Emergence of fintech and the LASIC principles (2015) Journal of Financial Perspective, 3 (3). , https://fsinsights.ey.com/thejournal; Lee, D.K.C., Dula, C., How the internet is democratizing global finance (2016) The Straits Times, , http://www.straitstimes.com/opinion/how-the-internet-is-democratising-global-finance, 23 Feb}, correspondence_address1={Dula, C.; Singapore Management UniversitySingapore}, publisher={Elsevier Inc.}, isbn={9780128104422; 9780128104415}, language={English}, abbrev_source_title={Handb. of Blockchain, Digit. Financ., and Incl., Vol. 1: Cryptocurr., FinTech, InsurTech, and Regul.}, document_type={Book Chapter}, source={Scopus}, } @BOOK{Walch2017243, author={Walch, A.}, title={Open-Source Operational Risk: Should Public Blockchains Serve as Financial Market Infrastructures?}, journal={Handbook of Blockchain, Digital Finance, and Inclusion}, year={2017}, volume={2}, pages={243-269}, doi={10.1016/B978-0-12-812282-2.00011-5}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85036662718&doi=10.1016%2fB978-0-12-812282-2.00011-5&partnerID=40&md5=b71bcf01c37b2ffcde9ea3d09788b8f5}, affiliation={St. Mary's University School of Law, United States; University College London, United Kingdom}, abstract={This chapter explores the operational risks raised by the use of common 'grassroots' open-source software practices in public blockchains, such as Bitcoin and Ethereum, in their potential role as financial market infrastructures. These practices include the informal software development process, problematic funding for software development, and the possibility of forking inherent to open-source software. The paper argues that the risks raised by these practices significantly undermine public blockchains' suitability to serve as financial market infrastructures. Further, they herald the need to reevaluate the use of these practices outside the blockchain technology setting, in other critical infrastructures based on grassroots open-source software. © 2018 Elsevier Inc. All rights reserved.}, author_keywords={Bitcoin; Blockchain; DLT; Ethereum; Financial market infrastructure; Fintech; Open-source software; Operational risk; Risk; Software forks}, references={Arnold, M., Accenture to unveil blockchain editing technique (2016) Financial Times; Consultative Report: Guidance on cyber resilience for financial market infrastructures, , http://www.bis.org/cpmi/publ/d138.pdf, Available from:, [Accessed 29 November 2016]; Principles for Financial Market Infrastructures, , http://www.bis.org/cpmi/publ/d101a.pdf, Available from:, [Accessed 30 November 2016]; Bitcoin Developer Guide, , https://bitcoin.org/en/developer-guide, Available from:, [Accessed 4 December 2016]; Burton, B., Willis, D., Gartner's 2016 Hype Cycles Highlight Digital Business Ecosystems, , http://www.gartner.com, Available from:, [Accessed 30 November 2016]; Byrne, P.J., Against Tokens (and Token Crowdsales), , https://prestonbyrne.com/2016/08/12/against-crowdsales/, [Accessed 1 December 2016]. The Back of the Envelope (a blog); Carney, M., Enabling the FinTech Transformation: Revolution, Restoration, or Reformation?, , http://www.bankofengland.co.uk/publications/Documents/speeches/2016/speech914.pdf, (Speech that was to have been given by Mark Carney, Governor of the Bank of England at the Lord Mayor's Banquet for Bankers and Merchants of the City of London at the Mansion House, London). Available from:, [Accessed 29 November 2016]; Embracing Disruption: Tapping the Potential of Distributed Ledgers to Improve the Post-Trade Landscape, , http://www.dtcc.com/news/2016/january/25/blockchain-white-paper, Available from:, [Accessed 29 November 2016]; Eha, B.P., MUFG Aims to use bitcoin to improve cross-border payments (2016) American Banker; Policy on Payment System Risk, , https://www.federalreserve.gov/paymentsystems/files/psr_policy.pdf, Available from:, [Accessed 30 November 2016]; Francois, C., The Mozilla Cybersecurity Delphi 1.0: Towards a User-Centric Policy Framework, , https://blog.mozilla.org/netpolicy/files/2015/07/Mozilla-Cybersecurity-Delphi-1.0.pdf, Available from:, [Accessed 1 December 2015]; Giancarlo, J.C., Regulators and the Blockchain: First, Do No Harm, , http://www.cftc.gov/PressRoom/SpeechesTestimony/opagiancarlo-13, (Special Address of CFTC Commissioner J. Christopher Giancarlo Before the Depository Trust & Clearing Corporation 2016 Blockchain Symposium). Available from:, [Accessed 29 November 2016]; Kaminska, I., Blockchain and the holy real-time settlement grail (2016) Financial Times, , https://ftalphaville.ft.com/2016/02/26/2154510/blockchain-and-the-holy-real-time-settlement-grail/, [online]. Available from:, [Accessed 1 December 2016]; Kiran, M., Stannett, M., Bitcoin risk analysis, , http://www.nemode.ac.uk/wp-content/uploads/2015/02/2015-Bit-Coin-risk-analysis.pdf, NEMODE, [Accessed 1 December 2016]; Nyman, L., (2015) Understanding Code Forking in Open Source Software: An Examination of Code Forking, Its Effect on Open Source Software, and How It is Viewed and Practiced by Developers, , Ph.D. Thesis, Hanken School of Economics; Perlroth, N., Corkery, M., Details emerge on global bank heists by hackers (2016) The New York Times, , http://www.nytimes.com/2016/05/14/business/dealbook/details-emerge-on-global-bank-heists-by-hackers.html?_r=0, Available from:, [Accessed 29 November 2016]; Peters, G.W., Opening discussion on banking sector risk exposures and vulnerabilities from virtual currencies: an operational risk perspective, , https://arxiv.org/ftp/arxiv/papers/1409/1409.1451.pdf, arXiv.org. Available from:, [Accessed 1 December 2016]; Bank of England FinTech Accelerator partners with PWC on distributed ledger Proof of Concept, , http://pwc.blogs.com/press_room/2016/06/bank-of-england-fintech-accelerator-partners-with-pwc-on-distributed-ledger-proof-of-concept-.html, Available from:, [Accessed 29 November 2016]; Quentson, A., Miners to attack ethereum classic after poloniex's listing (2016) Cryptocoins News, , https://www.cryptocoinsnews.com/miners-attack-ethereum-classic-polonixs-listing/, Available from:, [Accessed 1 December 2016]; Rapier, G., Yellen reportedly urges central banks to study blockchain, bitcoin (2016) American Banker; Rizzo, P., Linux, IBM share bold vision for hyperledger project, a blockchain fabric for business (2016) CoinDesk, , http://www.coindesk.com/linux-ibm-hyperledger-blockchain-business/, Available from:, [Accessed 29 November 2016]; Thomas, S., The Subtle Tyranny of Blockchain, , https://medium.com/@justmoon/the-subtle-tyranny-of-blockchain-91d98b8a3a65, Available from:, [Accessed 1 December 2016]; Walch, A., The bitcoin blockchain as financial market infrastructure: a consideration of operational risk (2015) NYU Journal of Legislation & Public Policy, 18 (4), pp. 837-893; West, J., O'Mahony, S., The role of participation architecture in growing open sponsored open source communities (2008) Industry and Innovation, 15 (2), pp. 145-168; Wheeler, D.A., Khakimov, S., Open Source Software Projects Needing Security Investments, , https://www.coreinfrastructure.org/sites/cii/files/pages/files/pub_ida_lf_cii_070915.pdf, (White Paper of the Institute for Defense Analysis and the Linux Foundation). Available from:, [Accessed 1 December 2016]; White, M.J., Opening Remarks at the Fintech Forum, , https://www.sec.gov/news/statement/white-opening-remarks-fintech-forum.html, (Public Remarks delivered by SEC Chair at SEC Fintech Forum). Available from:, [Accessed 1 December 2016]}, correspondence_address1={Walch, A.; St. Mary's University School of LawUnited States}, publisher={Elsevier Inc.}, isbn={9780128122990; 9780128122822}, language={English}, abbrev_source_title={Handb. of Blockchain, Digit. Financ., and Incl.}, document_type={Book Chapter}, source={Scopus}, } @CONFERENCE{Neng2017561, author={Neng, H.}, title={Construction of High-Availability Bank System in Virtualized Environments}, journal={Proceedings - 2017 IEEE 2nd International Conference on Data Science in Cyberspace, DSC 2017}, year={2017}, pages={561-568}, doi={10.1109/DSC.2017.66}, art_number={8005532}, note={cited By 0; Conference of 2nd IEEE International Conference on Data Science in Cyberspace, DSC 2017 ; Conference Date: 26 June 2017 Through 29 June 2017; Conference Code:129877}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85034213969&doi=10.1109%2fDSC.2017.66&partnerID=40&md5=6a8b49444caebd2163788ab65b4c856b}, affiliation={Science and Technology Service Center, Fujian Rural Credit Union, Fuzhou, Fujian, China}, abstract={With the development of mobile Internet and FinTech (Financial Technology), clients are raising their expectations for online banking systems. They now expect bank information system to provide sustained services with high quality and require the online banking system to manage various operational risks. Existing research on the construction of highly available systems mainly solves the problems how achieve High Availability of devices, system software, some particular systems, or how build an availability evaluation model. However, seldom schemes are designed to solve 2 problems: (1) the relationships between devices and businesses or between different businesses; (2) applications based on strong data consistency and integrity. This paper has a quick look at services, information system, and IT structure as well as data center infrastructure of the bank's online information system. Moreover, it proposes a scheme for highly available online banking system. We then designed a framework for the data center to reach High Availability under virtualized circumstances. Finally, both the experiment and industrial practices results show the effectiveness and efficiency of our proposed scheme. © 2017 IEEE.}, author_keywords={Emergency Plan; high-availability; maintenance.; redundancy; virtualization}, keywords={Availability; Computers; Information systems; Maintenance; Online systems; Redundancy; Virtual reality; Virtualization, Effectiveness and efficiencies; Emergency plans; Evaluation modeling; High availability; Highly available systems; Industrial practices; Online information systems; Virtualized environment, Information management}, funding_text 1={ACKNOWLEDGMENT This work is supported by the Operation and Maintenance team of Science and Technology Service Center, Fujian Rural Credit Union, Fujian.}, references={http://www.snia.org/education/dictionary/h, [2017-01-16]; Xinsheng, Y., Tao, P., Design of Redundant System with High Availability Based on CPCI Hot Swap Technology [J] (2016) Computer Engineering, 11, pp. 89-94; Gui, H., Ming-Qiang, Z., Scalable distributed storage of OceanBase[J] (2014) Journal of East China Normal University(Natural Science), 5, pp. 164-172; Fei, Y., Zhi-Xiang, Z., Xiao-Jiang, L., Design and Implementation of a High Availability Cluster Based on Ceph Object Storage[J] (2016) Microelectronics & Computer, 1, pp. 60-64; Jia-Jia, C., Jin-Wei, G., Bo-Zhong, L., Chen-Dong, Z., Weining, Q., On the distributed consensus protocol in high-availability database systems [J] (2016) Journal of East China Normal University (Natural Science), 5, pp. 1-9 and 35; Zhen-Hui, Z., Cheng-Shen, H., Min-Qi, Z., Ao-Ying, Z., Fault-tolerance in distributed in-memory database systems [J] (2016) Journal of East China Normal University (Natural Science), 5, pp. 27-35; Jiang, Z., Weiping, W., Dan, M., Can, M., Xiaoyan, G., Jie, J., Key Technology in Distributed File System Towards Big Data Analysis[J] (2014) Journal of Computer Research and Development, 2, pp. 382-394; Ya-Meng, B., Yue-Peng, Z., Jin-Zhen, P., Distributed power management system based on cloud computing [J] (2017) Chinese Journal of Power Sources, 2, pp. 310-311; Yi-Ming, W., Ke, Z., Long, C., Design and Realization of Highavailable Controlling Integrated Double-redundant Ethernet Scheme[J] (2014) Computer Science, 5, pp. 97-101; Chuan-Hui, Y., High availability solution of OceanBase[J] (2014) Journal of East China Normal University(Natural Science), 5, pp. 173-179; Wei-Jian, H., Ming-Ai, Z., Research and optimization of high availability for MapReduce[J] (2014) Computer Engineering and Design, 11, pp. 4044-4048; Chen-Dong, Z., Jin-Wei, G., Bo-Zhong, L., Jia-Jia, C., Min-Qi, Z., Wei-Ning, Q., High availability implementation based on Raft[J] (2015) Journal of East China Normal University(Natural Science), 5, pp. 172-184; Jian, S., Xiao-She, D., Xing-Jun, Z., Mixed Availability Model on High-availability Heterogeneous Fault-tolerant System [J] (2015) Science Technology and Engineering, 30, pp. 40-44 and 57; Hui-Qiang, W., Xiu-Hao, D., Hong-Wu, L., Jun-Yu, L., Review and Prospect of Server Monitoring Technology[J] (2016) Computer Science, 8, pp. 1-6 and 18; Electrotechnical Terminology: Dependability and Quality of Service, , National Standards of the People's Republic of China GB/T 2900.13 2008 /IEC 60050(191) 1900; Information Technology-Vocabulary-Part 14:Reliability, Maintainability and Availability, , National Standards of the People's Republic of China GB/T 5271.14 2008/ISO/IEC 2382-14:1997; Piedad, F., Hawkins, M.W., (2000) High Availability: Design, Techniques and Processes[M], pp. 58-62. , Prentice Hall; Gray, J., Siewiorek, D.P., High-Availability Computer Systems[J] (1991) Computer, 24 (9), pp. 39-48; Beyer, B., Jones, C., Petoff, J., Murphy, N.R., (2016) Site Reliability Engineering: How GOOGLE Runs Production Systems[M], , U. 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Pa-tent}, correspondence_address1={Neng, H.; Science and Technology Service Center, Fujian Rural Credit UnionChina; email: Hn1014@163.com}, sponsors={CAE; Cybersecurity Association of China (CSAC); et al.; IEEE; IEEE Computer Society; IEEE TCSC}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538615997}, language={English}, abbrev_source_title={Proc. - IEEE Int. Conf. Data Sci. Cyberspace, DSC}, document_type={Conference Paper}, source={Scopus}, } @BOOK{Hoontrakul20171, author={Hoontrakul, P.}, title={Economic transformation and business opportunities in Asia}, journal={Economic Transformation and Business Opportunities in Asia}, year={2017}, pages={1-369}, doi={10.1007/978-3-319-58928-2}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85035108376&doi=10.1007%2f978-3-319-58928-2&partnerID=40&md5=8efe8e342342ac725977a898a9b63a00}, affiliation={Vimanmak Noi Co., Ltd, Bangkok, Thailand}, abstract={This book examines the uneven economy in Asia, showing how the pace of economic transformation affects prosperity and the emerging middle class. Using the Lewis turning point and the long run cycle of the rise and fall of nations as a framework, it demonstrates how demographic trends, digitization rates and consumer preferences creates business opportunities in a disruptive and uncertain world. This includes moves toward promoting Eurasian integration, restructuring of state-owned enterprises, green economy, and the digital economies - ecommerce, fintech and sharing economy. Vanity capital, longevity and leisure economies are also discussed. The author explains what drives creative disruption, technical innovation and their effect on manufacturing, consumers, businesses, and sustainability. It is essential reading for students, academics, executives, and business persons wanting in-depth coverage of the economic landscape in Asia. © The Author(s) 2018. 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JP Morgan, 19 September 2016 (2016), p. 28; Wangkiat, P., Getting the Green Light on Electric Cars (2016), http://www.bangkokpost.com/news/special-reports/1122645/getting-the-green-light-on-electric-cars, Bangkok Post, October 30}, correspondence_address1={Hoontrakul, P.; Vimanmak Noi Co., LtdThailand}, publisher={Springer International Publishing}, isbn={9783319589282; 9783319589275}, language={English}, abbrev_source_title={Econ. Transform. and Bus. Oppor. in Asia}, document_type={Book}, source={Scopus}, } @CONFERENCE{Hsueh201730, author={Hsueh, S.-C. and Kuo, C.-H.}, title={Effective matching for P2P lending by mining strong association rules}, journal={ACM International Conference Proceeding Series}, year={2017}, volume={Part F130952}, pages={30-33}, doi={10.1145/3133811.3133823}, note={cited By 0; Conference of 3rd International Conference on Industrial and Business Engineering, ICIBE 2017 ; Conference Date: 17 August 2017 Through 19 August 2017; Conference Code:130952}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85037728494&doi=10.1145%2f3133811.3133823&partnerID=40&md5=ed9d3252c5bcf38a3499698ac6b7ef12}, affiliation={Department of Information Management, Chaoyang University of Technology, Taichung, Taiwan}, abstract={Disrupting traditional financial models and businesses, FinTech integrates both finance and technology, provides an array of innovative business services, and leads the revolution of global economy. Nowadays, main business models in FinTech are thirdparty payment, peer-to-peer (P2P) lending, and crowd-funding. P2P lending is the work of lending money to individuals or small and medium-sized enterprises through online services that match lenders and borrowers directly within websites. The matching considers risks and requirements of both lenders and borrowers, offers lenders with attractive return rates and credit worthy borrowers, and provides the service more cheaply than traditional financial institutions with lower overhead and threshold. Hence, P2P lending is the key and an important trend of Fintech. However, without financial institutions, P2P lending will cause risk management problems including credit risk, business risk, and market risk. Unfortunately, no adequate regulation are provided to protect the unsecure personal loan due to the rapid progress and beyond the laws. Still, P2P lending platforms enable borrowers to propose expected interest rates and lenders to reduce transaction risks, and greatly improve matching efficiency. Therefore, this study mines the association rules from the famous P2P lending website Zopa by analyzing basic member data and past transactions. The discovered associations and distributions can further be used in suggesting the optimal decisions for the borrowers so that the matching will be more effective. In this paper, the borrowers' data in the P2P platform is targeted, factors including the total number of payments, interest collected, terms, lending rate, latest status, and postcode are extracted to assist matching the suitable borrowers so that both parties may have higher transaction satisfaction. © 2017 Association for Computing Machinery.}, author_keywords={Association rules; Data mining; FinTech; P2P lending}, keywords={Association rules; Data mining; Risk assessment; Risk management; Websites, Effective matching; Financial institution; FinTech; Management problems; P2p lending; Small and medium sized enterprise; Third-party payments; Transaction risks, Finance}, references={Carmen, L., Barney, T., Xiao, X., Ter, F., Tan, C., Yuan, S., Nurturing a fintech ecosystem: The case of a youth microloan startup in China (2017) International Journal of Information Management, 37, pp. 92-97. , April; Venkat, K., Barry, B.L., Does my contribution to your crowdfunding project matter? (2017) Journal of Business Venturing, 32, pp. 72-89. , January; Paul, B., Thomas, L., Armin, S., Crowdfunding: Tapping the right crowd (2014) Journal of Business Venturing, 29, pp. 585-609. , September; Haifeng, L., Yuejin, Z., Ning, Z., Hengyue, J., Detecting the abnormal lenders from P2P lending data (2016) Procedia Computer Science, 91, pp. 357-361; Dongyu, C., Chaodong, H., A comparative study of online P2P lending in the USA and China (2012) Journal of Internet Banking and Commerce, 17 (2), pp. 1-15. , August; Yanhong, G., Wenjun, Z., Chunyu, L., Chuanren, L., Hui, X., Instance-based credit risk assessment for investment decisions in P2P lending (2016) European Journal of Operational Research, 249, pp. 417-426; Andreas, M., Martin, W., Jurgen, W., How low can you go? - Overcoming the inability of lenders to set proper interest rates on unsecured peer-to-peer lending markets (2015) Journal of Business Research, 68, pp. 1291-1305. , June; Jennifer, X.J., Yong, L., Mchael, C., P2P lending fraud detection: A big data approach (2015) Intelligence and Security Informatics, 9074, pp. 71-81. , May; Lauri, P., Jeffrey, T.E., Hannele, W., Jyrki, W., Borrower decision aid for people-to-people lending (2010) Decision Support System, 49, pp. 52-60. , April; (2017), https://www.zopa.com, from}, sponsors={Waseda University}, publisher={Association for Computing Machinery}, isbn={9781450353519}, language={English}, abbrev_source_title={ACM Int. Conf. Proc. Ser.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Alexander2017177, author={Alexander, L. and Das, S.R. and Ives, Z. and Jagadish, H.V. and Monteleoni, C.}, title={Research Challenges in Financial Data Modeling and Analysis}, journal={Big Data}, year={2017}, volume={5}, number={3}, pages={177-188}, doi={10.1089/big.2016.0074}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85049007652&doi=10.1089%2fbig.2016.0074&partnerID=40&md5=01e648b8d7496c3664bb249f5200aeb8}, affiliation={Nomura, New York, NY, United States; Department of Finance, Leavey School of Business, Santa Clara University, Santa Clara, CA 95053, United States; Department of Computer and Information Science, University of Pennsylvania, Philadelphia, PA, United States; Department of Electrical Engineering and Computer Science, University of Michigan, Ann Arbor, MI, United States; Department of Computer Science, George Washington University, Washington, DC, United States}, abstract={Significant research challenges must be addressed in the cleaning, transformation, integration, modeling, and analytics of Big Data sources for finance. This article surveys the progress made so far in this direction and obstacles yet to be overcome. These are issues that are of interest to data-driven financial institutions in both corporate finance and consumer finance. These challenges are also of interest to the legal profession as well as to regulators. The discussion is relevant to technology firms that support the growing field of FinTech. © Copyright 2017, Mary Ann Liebert, Inc. 2017.}, author_keywords={analytics; applications; big data; finance; integration}, keywords={decision making; financial management; statistical model, Decision Making; Financial Management; Models, Statistical}, funding_details={National Institute of Standards and TechnologyNational Institute of Standards and Technology, NIST}, funding_text 1={For macroprudential monitoring, a public Financial Entity Identification and Information Integration (FEIII) Challenge has been developed by the Office of Financial Research and National Institute of Standards and Technology (NIST) to research technologies for financial datasets (including text) using automated identifier alignment and ER.18 This effort will create a reference knowledge base with prototype tools, connecting collections of heterogeneous entity identifiers from multiple sources to facilitate information integration, using structured data (e.g., regulatory filings) and unstructured data (e.g., news articles, blogs, and social media). 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Boca Raton: Auerbach Publications; Kritzman, M., Li, Y., Page, S., Rigobon, R., Principal components as a measure of systemic risk (2011) J Portfolio Manag, 37, pp. 112-127}, correspondence_address1={Das, S.R.; Department of Finance, Leavey School of Business, Santa Clara UniversityUnited States; email: srdas@scu.edu}, publisher={Mary Ann Liebert Inc.}, issn={21676461}, pubmed_id={28816500}, language={English}, abbrev_source_title={Big Data}, document_type={Article}, source={Scopus}, } @ARTICLE{Nordrum201721, author={Nordrum, A.}, title={Is it time to become a blockchain developer? [Resources-Careers]}, journal={IEEE Spectrum}, year={2017}, volume={54}, number={9}, pages={21}, doi={10.1109/MSPEC.2017.8012232}, art_number={8012232}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85029515366&doi=10.1109%2fMSPEC.2017.8012232&partnerID=40&md5=8e4e17d269207b5853404b104a6e4bae}, abstract={Blockchains-the cryptographically assured ledgers at the heart of cryptocurrencies like Bitcoin-have been suggested as a platform for all kinds of financial instruments. But has the technology matured to the point where there's a significant market for developers who specialize in building on a blockchain? Signs suggest yes, based on what I saw and heard when hundreds of financiers, Wall Street analysts, and C-suite executives gathered in New York City in June. They were there to peer into the future of finance at the CB Insights' Future of Fintech conference, including what role blockchains might play. © 1964-2012 IEEE.}, keywords={Financial markets, Block-chain; In-buildings; New York city; Wall streets, Electronic money}, publisher={Institute of Electrical and Electronics Engineers Inc.}, issn={00189235}, coden={IEESA}, language={English}, abbrev_source_title={IEEE Spectrum}, document_type={Article}, source={Scopus}, } @ARTICLE{Kauffman2017115, author={Kauffman, R.J. and Kim, K. and Lee, S.-Y.T. and Hoang, A.-P. and Ren, J.}, title={Combining machine-based and econometrics methods for policy analytics insights}, journal={Electronic Commerce Research and Applications}, year={2017}, volume={25}, pages={115-140}, doi={10.1016/j.elerap.2017.04.004}, note={cited By 10}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85020108357&doi=10.1016%2fj.elerap.2017.04.004&partnerID=40&md5=fcfecdfc792c2037d3286662a0c95a26}, affiliation={Singapore Management University, Singapore; Izmir University of Economics, Turkey; Hanyang University, South Korea}, abstract={Computational Social Science (CSS) has become a mainstream approach in the empirical study of policy analytics issues in various domains of e-commerce research. This article is intended to represent recent advances that have been made for the discovery of new policy-related insights in business, consumer and social settings. The approach discussed is fusion analytics, which combines machine-based methods from Computer Science (CS) and explanatory empiricism involving advanced Econometrics and Statistics. It explores several efforts to conduct research inquiry in different functional areas of Electronic Commerce and Information Systems (IS), with applications that represent different functional areas of business, as well as individual consumer, social and public issues. Recent developments and shifts in the scientific study of technology-related phenomena and Social Science issues in the presence of historically-large datasets prompt new forms of research inquiry. They include blended approaches to research methodology, and more interest in the production of research results that have direct application to industry contexts. This article showcases the methods shifts and several contemporary applications. They discuss: (1) feedback effects in mobile phone-based stock trading; (2) sustainability of top-rank chart popularity of music tracks; (3) household TV viewing patterns; and (4) household sampling and purchases of video-on-demand (VoD) services. The range of applicability of the ideas goes beyond the scope of these illustrations, to include issues in public services, healthcare, product and service deployment, public opinion and elections, electronic auctions, and travel and tourism services. In fact, the coverage is as broad as for-profit and for-non-profit, private and public, and governmental and non-governmental institutions. © 2017}, author_keywords={Causality; Computational Social Science; Data analytics; E-commerce; Econometrics; Empirical research; Fintech; Fusion analytics; Music popularity; Policy analytics; Stock trading; TV viewing; Video-on-demand (VoD)}, keywords={Economics, Elsevier, Statistics}, references={Abrigo, M.R.M., Love, I., (2015), Estimation of panel vector autoregression in Stata: A package of programs. In: Proc. 2015 Intl. Panel Data Conf., Central Eur. Univ., Budapest, Hungary, June 29–30; Agarwal, R., Dhar, V., Big data, data science, and analytics: the opportunity and challenge for IS research (2014) Inf. Syst. Res., 25 (3), pp. 443-448; Aigner, W., Miksch, S., Muller, W., Schumann, H., Tominski, C., Visual methods for analyzing time-oriented data (2008) IEEE Trans. Vis. Comput. Graphics, 14 (1), pp. 47-60; (1985), Amemiya, T. 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Appl.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Nakashima201732, author={Nakashima, H. and Aoyama, M.}, title={An Automation Method of SLA Contract of Web APIs and Its Platform Based on Blockchain Concept}, journal={Proceedings - 2017 IEEE 1st International Conference on Cognitive Computing, ICCC 2017}, year={2017}, pages={32-39}, doi={10.1109/IEEE.ICCC.2017.12}, art_number={8029220}, note={cited By 3; Conference of 1st IEEE International Conference on Cognitive Computing, ICCC 2017 ; Conference Date: 25 June 2017 Through 30 June 2017; Conference Code:130855}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85032302122&doi=10.1109%2fIEEE.ICCC.2017.12&partnerID=40&md5=7ff18f640b618d2f7a2579a092b3457b}, affiliation={Graduate Program of Software Engineering, Graduate School of Science and Engineering, Nanzan University, Nagoya, Japan}, abstract={As the number of Web APIs is rapidly increasing, it is an urgent issue to discover qualified Web APIs and provide value-added services by orchestrating them. However, most of the interface descriptions of Web APIs are informal, and the Web API SLA contracts, which are a key to quality of services orchestration, require manual operations at the consumers. Meanwhile, applying the blockchain, the distributed ledger technology, to various domains beyond Fintech is attracting attention because of its fault-tolerant and anti-tampering. However, it isn't applied to Web API SLA contracts, yet. In this article, the authors propose a formal specification description of Web APIs together with its associated SLA specifications based on RDF, and an SLA contract method based on the common SLA contract platform built on the blockchain. We implemented the prototype of the SLA contract platform, and applied it to the examples for demonstrating its feasibility. Those experiences prove the feasibility of the proposed Web API SLA contract method and its supporting platform. © 2017 IEEE.}, author_keywords={Blockchin; Ethereum; RDF; SLA; Smart Contract; WebAPI}, keywords={Contracts; Formal specification; Specifications, Blockchin; Ethereum; Fault-tolerant; Interface descriptions; Manual operations; Supporting platform; Value added service; WebAPI, Application programming interfaces (API)}, references={https://github.com/apiaryio/api-blueprint/tree/master/examples, apiaryio,apiaryio/api-blueprint/examples/, (2017-02-02 Accessed; https://apiblueprint.org, 2017-02-02 Accessed; Atzori, M., Blockchain-Based Architectures for the Internet of Things: A Survey, 8p. , University College ofLondon, May 2016; Ballinger, K., (2004) Basic Profile Version 1.0, , http://www.ws-i.org/profiles/BasicProfile-L0-2004-04-16.html; Buterin, V., (2014) A Next Generation Smart Contract and Decentralized Application Platform, Ethereum White Paper, , https://www.weusecoins.com/assets/pdf/library/Ethereum_white_paper-a_next_generation_smart_contract_and_decentralized-application-platform-vitalik-buterin.pdf, 2017-2-20Accessed; Christides, K., Blockchains and smart contracts for the internet ofthings (2016) IEEE Access, 4, pp. 2292-2303; Delmolino, K., Step by step towards creating a safe smart contract, financial cryptography and data security (2016) Proc. of FC 2016, LNCS, 9604, pp. 79-94. , Springer, Feb; ECMA, Standard ECMA-404 the JSON Data Interchange Format, , https://www.ecma-international.org/publications/standards/Ecma-404.htm, 2017-02-02 Accessed; Espinha, T., Web api growing pains: Stories from client developers and their code (2014) Proc. of CSMR-WCRE 2014, IEEE Computer Society, pp. 84-93. , Feb; https://www.ethereum.org, Ethereum Foundation, Ethereum Project, (2017-02-02 Accessed; Hari, A., The internet blockchain: A distributed, tamper-resistant transaction framework for the internet (2016) Proc. of ACM HotNets 2016, ACM, pp. 204-210. , Nov; Harris, S., (2013) SPARQL 1.1 Query Language, , https://www.w3.org/TR/sparql11-query/, Mar; Knublauch, H., (2016) Shapes Constraint Language (SHACL), , https://www.w3.org/TR/shacl/, Aug; Ludwig, H., (2003) Web Service Level Agreement (WSLA) Language Specification, , IBM; Nakamoto, S., Bitcoin: A Peer-to-Peer Electronic Cash System, , https://bitcoin.org/bitcoin.pdf, 2017-02-02 Accessed; OpenAPI Specification, , http://swagger.io/specification/, 2017-02-02 Accessed; https://www.programmableweb.com/, 2017-0202 Accessed; http://raml.org, 2017-02-02 Accessed; Ryman, A.G., (2014) Resource Shape 2.0, , http://www.w3.org/Submission/2014/SUBM-shapes-20140211/; Vukovic, M., Riding and thriving on the api hype cycle (2016) CACM, 59 (3), pp. 35-37. , Mar}, editor={Maglio P.P., Chou W.}, sponsors={}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538620083}, language={English}, abbrev_source_title={Proc. - IEEE Int. Conf. Cogn. Comput., ICCC}, document_type={Conference Paper}, source={Scopus}, } @BOOK{Altenhain2017343, author={Altenhain, T. and Heinemann, C.}, title={Fintech hypes, butwealthy internet savvy investors prefer to stay hybrid}, journal={Digital Marketplaces Unleashed}, year={2017}, pages={343-357}, doi={10.1007/978-3-662-49275-8_330}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85038028546&doi=10.1007%2f978-3-662-49275-8_330&partnerID=40&md5=e8d437a00eb94a030b1053a3cb8ced90}, affiliation={ALTENHAIN Unternehmensberatung GbR, Starnberg, Germany; Christoph Heinemann Vermögensverwaltung GmbH, Munich, Germany}, abstract={Digitalization has changed the way customers interact with their banks and financial advisors. Fintech companies restructure the value chain, re-bundle offerings and create new services that are to be presented and processed digitally - perhaps completely. Nevertheless, recent research with wealthy internet savvy investment customers in Germany shows that this attractive segment can be regarded as hybrid in respect of their demand for digital as well as personal asset management services and products. On the one hand wealthy internet savvy investors indicate a high level of satisfaction with advice and products from their traditional financial services partners. On the other hand they continue to search for better investment opportunities, thus showing significant demand for innovative digital banking/brokerage/advice products. Ultimately, research gives strong evidence for a high need for personal advice and human guidance. This is particularly valid when answering the question which (traditional vs. innovative) partner to choose as the future (exclusive or additional) bank, broker or financial advisor.This paper outlines the world of Fintech start-up companies, presents key findings regarding the attractive and large segment of wealthy internet savvy investors and also explores how the new Fintech conquerors as well as established banks and advisors might embrace this new business environment. © Springer-Verlag GmbH Germany 2018.}, references={Dietz, M., Khanna, S., Olanrewaju, T., Rajgopal, K., Cutting through the noise around financial technology http://www.mckinsey.com/industries/financial-services/our-insights/cutting-through-the-noise-around-financial-technology, [Online]. [Accessed 21 6 2016]; Desai, F., Fintech Startups Face Difficult Market Ahead (2016), http://www.forbes.com/sites/falgunidesai/2016/01/04/fintech-startups-face-difficult-market-ahead/#7831fc9a3145, [Online]. [Accessed 21 6 2016]; Desai, F., The Fintech Boom And Bank Innovation (2016), http://www.forbes.com/sites/falgunidesai/2015/12/14/the-fintech-revolution/#7327008336da, [Online]. [Accessed 21 6 2016]; Kirmße, S., Die Herausforderungen für die etablierten Finanzintermediäre durch die Digitalisierung (2016) Management in Kreditinstituten und Unternehmen-ein Querschnitt aktueller Entwicklungen, pp. 347-358. , Festschrift für Henner Schierenbeck, M. Lister, B. Rolfes and S. Kirmße, Eds., Frankfurt/Main; FINTECH 100-Leading Global FinTech Innovators Report 2015 http://www.fintechinnovators.com/, [Online]. [Accessed 22 6 2016]; Bruene, J., Fintech Unicorn List Q2 2015: An Estimated 46 Have Arrived + 38 On Their Tails http://finovate.com/fintech-unicorn-list-q2-2015-46-arrived-37-closing-in/, 22 6 2015. [Online]. [Accessed 21 6 2016]; The Unicorn List 2016 http://fortune.com/unicorns/, [Online]. [Accessed 21 6 2016]; The Unicorn List: Current Private Companies Valued At $1B And Above https://www.cbinsights.com/research-unicorn-companies, [Online]. [Accessed 21 6 2016]; European Unicorns 2016, suvival of the fittest http://www.gpbullhound.com/wp-content/uploads/2016/06/GP-Bullhound-Research-European-Unicorns-2016-Survival-of-the-fittest.pdf, [Online]. [Accessed 27 6 2016]; Glazer, E., Wells Fargo & Co. is the Earth's Most Valuable Bank http://www.wsj.com/articles/wells-fargo-co-is-the-earths-most-valuablebank-1437538216, 22 7 2016. [Online]. [Accessed 27 6 2016]; The 20 largest banks in Europe by market capitalization (as of March 24, 2015) http://banksdaily.com/topbanks/Europe/market-cap-2015.html, [Online]. [Accessed 22 6 2016]; Rohner, U., Why partnerships are appealing (2016) McKinsey Quarterly, 2, pp. 45-49; The Pulse of Fintech, Q1 2015 https://home.kpmg.com/xx/en/home/insights/2016/03/the-pulse-of-fintech-q1-2016.html, [Online]. [Accessed 22 6 2016]; Search for Keywords https://www.google.com/trends/explore#q=fintech&date=1%2F2009%2084m&cmpt=q&tz=Etc%2FGMT-2, [Online]. [Accessed 22 6 2016]; Altenhain, T., Der digital-aktive Anlagekunde-Erkenntnisse aus einer empirischen Studie (2016) Management in Kreditinstituten und Unternehmen-ein Querschnitt aktueller Entwicklungen, pp. 215-239. , Festschrift für Henner Schierenbeck, M. Lister, B. Rolfes and S. Kirmße, Eds., Frankfurt/Main; Frequency of internet use, 2014 (% of individuals aged 16 to 74) http://ec.europa.eu/eurostat/statistics-explained/index.php/File:Frequency_of_internet_use,_2014_(%25_of_individuals_aged_16_to_74)_YB15-de.png, [Online]. [Accessed 24 6 2016]; Bughin, J., Hazan, E., Labaye, E., Manyika, J., Dahlström, P., Ramaswamy, S., Cochin de Billy, C., Digital Europe: Pushing the Frontier, capturing the Benefits http://www.mckinsey.com/business-functions/digital-mcKinsey/our-insights/digitaleurope-realizing-the-continents-potential?cid=other-eml-alt-mip-mgi-oth-1606, [Online]. [Accessed 1 7 2016]; Individuals using the internet for internet banking, % of individuals aged 16 to 74 http://ec.europa.eu/eurostat/tgm/table.do;jsessionid=Hv-Cqj47pmm_bCiGiZAajUo1LaJ2dmJNEhxao6G3HYYpz5JlW1sj!-1610507484?tab=table&plugin=1&language=en&pcode=tin00099, [Online]. [Accessed 24 6 2016]; Schierenbeck, H., Private Banking: die Herausforderung für den Finanzplatz Schweiz (1998) Tagungsband zum 5, pp. 3-51. , Basler Bankentag 20. November 1997, Bern et. al; Riegler, C.E., Kunden- und ertragsorientierte Ansätze der Preisgestalung für Beratungsleistungen im Private Banking (2005), Bamber; Echterbeck, H., Villiez, C.V., Vertriebssteuerung (2006) Herausforderung Bankmanagement, Entwicklungslinien und Steuerungsansätze, Festschrift zum 60, pp. 325-340. , Geburtstag von Henner Schierenbeck, Frankfurt/Main; Stumpfegger, E., (2015) Social Identity and Financial Investment Decisions, Empirical Insights on German-Turks, Cham; Plickert, P., Deutsche kaum reicher als Euro-Durchschnitt http://www.faz.net/aktuell/wirtschaft/deutsche-sind-laut-ezb-studie-kaum-reicher-als-dereuro-durchschnitt-13867082.html, 20 10 2015. [Online]. [Accessed 24 6 2016]; Ruttmann, R., Bellas, D., Portrait of European Household Wealth (2014), https://www.juliusbaer.com/files/user_upload/your-private-bank/investmentexcellence/research/european-wealth-report/documents/Wealth_Report_Europe.pdf, [Online]. [Accessed 24 6 2016]; Altenhain, T., Ess, K., Sehgal, A., "Nur Bares ist Wahres"-Kundenbindung in Zeiten der Digitalisierung des Retail-Bankgeschäfts (2015), pp. 359-368. , C. Linnhoff-Popien et al., Ed., Berlin Heidelberg; Verhage, J., Robo-Adviser Betterment Sees $700 Million Valuation After New Round of Funding http://www.bloomberg.com/news/articles/2016-03-29/robo-adviser-betterment-sees-700-million-valuation-after-new-round-of-funding, 29 3 2016. [Online]. [Accessed 2 7 2016]; Maccracken, H., How Charles Schwab Fought Back Against The Robo-Adviser Startup Invasion http://www.fastcompany.com/3059565/how-charlesschwab-fought-back-against-the-robo-adviser-startups, 11 5 2016. [Online]. [Accessed 3 7 2016]; Collins, M., The Vanguard Cyborg Takeover-The No. 1 mutual fund company wants to own cheap advice http://www.bloomberg.com/news/articles/2016-03-24/the-vanguard-cyborg-takeover, 24 3 2016. [Online]. [Accessed 3 7 2016]; Das sind die grössten Robo-Advisor http://www.finews.ch/news/banken/22148-fintech-robo-advisor-vanguard-ubs-true-wealth, 29 2 2016. [Online]. [Accessed 3 7 2016]; Echterbeck, H., Provisionen im Publikumsfondsvertrieb unter MIFID II (2016) Management in Kreditinstituten und Unternehmen-ein Querschnitt aktueller Entwicklungen, pp. 241-253. , Festschrift für Henner Schierenbeck, M. Lister, B. Rolfes and S. Kirmße, Eds., Frankfurt/Main; Laukötter, T., Hauck & Aufhäuser übernimmt easyfolio http://www.wallstreet-online.de/nachricht/8568364-hauck-aufhaeuser-uebernimmt-easyfolio, 3 5 2016. [Online]. [Accessed 3 7 2016]; Deutsche Bank launches maxblue robo-advisor https://www.db.com/newsroom_news/2015/medien/deutsche-bank-launchesmaxblue-robo-advisor-en-11366.htm, 7 12 2015. [Online]. [Accessed 3 7 2016]}, correspondence_address1={Altenhain, T.; ALTENHAIN Unternehmensberatung GbRGermany; email: altenhain@gmx.net}, publisher={Springer Berlin Heidelberg}, isbn={9783662492758; 9783662492741}, language={English}, abbrev_source_title={Digit. Marketplaces Unleashed}, document_type={Book Chapter}, source={Scopus}, } @BOOK{Winkler2017371, author={Winkler, N. and Matthies, B.}, title={FinTech and blockchain - Keep bubbling? Or better get real?}, journal={Digital Marketplaces Unleashed}, year={2017}, pages={371-383}, doi={10.1007/978-3-662-49275-8_35}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85038008105&doi=10.1007%2f978-3-662-49275-8_35&partnerID=40&md5=7e1375bad4f50149f71d127d4eaa654c}, affiliation={CoCoNo GmbH, Hamburg, Germany}, abstract={"If I had asked people what they wanted, they would have said faster horses", is a wellknown quote of Henry Ford, the inventor of automobile mass production. And, it is a commonly used opening phrase for tech start-up investor presentations. Being "disruptive" and "innovative" are key ingredients for such pitch decks and are inflationary buzzwords in today's venture scene. What's often left out is being visionary and having the goal to create something substantial, something that generates a positive cash flow, building a lasting and leading business. Buzz has replaced reason in so many cases and cause has been replaced with reach, which is the usually the aim of businesses, rather than creating value. When we take a look under the hood of FinTech, we can try to see whether it is actually something - or perhaps just a way of categorizing start-ups of a specific industry. And, as FinTech is very often associated with the omnipresent discussion about crypto currencies and blockchain, we'll take a look at that too. In discussions and in keynotes the word blockchain is also used as a buzzword. Everyone else seems to hop on the same train, leaving it pretty unclear what it actually means or does - what blockchain is. Hype bears the risk of blindness for the risks and limitations there might be. It appears as if everything in IT could be replaced by blockchain these days, yet it is reasonable to believe that might not be the case at all. To start off, we will take a look at how trends have developed in digital business in recent times. © Springer-Verlag GmbH Germany 2018.}, references={https://en.wikipedia.org/wiki/Financial_technology, [Online]. [Accessed 20 07 2016]; http://www.forbes.com/sites/nicolefisher/2015/04/22/are-ma-replacing-rdin-pharma/#35e69441cb57, [Online]. [Accessed 22 04 2015]; http://seedcamp.com/creating-a-startup-ecosystem/b, [Online]. [Accessed 20 07 2016]; http://de.statista.com/statistik/daten/studie/171479/umfrage/geldinstitutebei-denen-gehalts--bzw-girokonto-gefuehrt-wird/, [Online]. [Accessed 20 07 2016]; http://finovate.com/, [Online]; https://consumerist.com/2016/06/07/currentc-ends-beta-tests-willdeactivate-accounts-later-this-month/, [Online]. [Accessed 07 06 2016]; https://en.wikipedia.org/wiki/Robo-advisor, [Online]. [Accessed 19 09 2016]; https://en.wikipedia.org/wiki/Harry_Markowitz, [Online]. [Accessed 12 10 2016]; http://FinTechist.com/lack-of-innovation-could-turn-FinTech-intoanother-buzzword/, [Online]. [Accessed 03 10 2016]; http://de.e-fundresearch.com/markets/artikel/28271-FinTech-hype-versustod-der-persoenlichen-beratung-, [Online]. [Accessed 19 07 2016]; https://www.hottopics.ht/stories/finance/what-is-FinTech-and-why-itmatters/, [Online]. [Accessed 19 07 2016]; www.coinmarketcap.com, [Online]. [Accessed 13 08 2016]; http://www.investopedia.com/terms/b/blockchain.asp, [Online]. [Accessed 19 07 2016]; http://www.ibtimes.com/bitcoins-big-problem-transaction-delays-renewblockchain-debate-2330143, [Online]. [Accessed 04 03 2016]; https://blockchain.info/pools, [Online]. [Accessed constantly updated]; https://medium.com/octskyward/the-resolution-of-the-bitcoinexperiment-dabb30201f7#.73c2ty6p9, [Online]. [Accessed 14 01 2016]; http://www.coindesk.com/making-sense-smart-contracts/, [Online]. [Accessed 17 10 2016]; https://www.cryptocoinsnews.com/davos-elites-talk-bitcoin/, [Online]. [Accessed 22 01 2016]; http://www3.weforum.org/docs/WEF_GAC15_Technological_Tipping_Points_report_2015.pdf#page=24, [Online]. [Accessed 13 08 2016]; http://www.cnbc.com/2016/04/11/big-banks-shift-a-strategy.html, [Online]. [Accessed 11 04 2016]}, correspondence_address1={Winkler, N.; CoCoNo GmbHGermany; email: nils@winkler-online.org}, publisher={Springer Berlin Heidelberg}, isbn={9783662492758; 9783662492741}, language={English}, abbrev_source_title={Digit. Marketplaces Unleashed}, document_type={Book Chapter}, source={Scopus}, } @BOOK{Linnhoff-Popien20171, author={Linnhoff-Popien, C. and Schneider, R. and Zaddach, M.}, title={Digital marketplaces unleashed}, journal={Digital Marketplaces Unleashed}, year={2017}, pages={1-935}, doi={10.1007/978-3-662-49275-8}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85038021496&doi=10.1007%2f978-3-662-49275-8&partnerID=40&md5=28bdea06a6c600f0aebffe489ac34787}, affiliation={Institut für Informatik, LMU München, Munich, Germany; Allianz SE, Munich, Germany; Munich Airport, Munich, Germany}, abstract={This collection of different views on how digitalization is influencing various industrial sectors addresses essential topics like big data and analytics, fintech and insuretech, cloud and mobility technologies, disruption and entrepreneurship. The technological advances of the 21st century have been massively impacted by the digital upheaval: there is no future without digitalization. The sale of products and services has left the classical point of sale and now takes place on a variety of channels. Whether in the automotive industry, travel and traffic, in cities, or the financial industry - newly designed ecosystems are being created everywhere; data is being generated and analyzed in real time; and companies are competing for mobile access channels to customers in order to gain knowledge about their individual contexts and preferences. In turn, customers can now publicly share their opinions, experiences and knowledge as User Generated Content, allowing them to impact the market and empowering them to build or destroy trust. © Springer-Verlag GmbH Germany 2018. All rights reserved.}, correspondence_address1={Linnhoff-Popien, C.; Institut für Informatik, LMU MünchenGermany}, publisher={Springer Berlin Heidelberg}, isbn={9783662492758; 9783662492741}, language={English}, abbrev_source_title={Digit. Marketplaces Unleashed}, document_type={Book}, source={Scopus}, } @ARTICLE{Moon201710167, author={Moon, W.Y. and Kim, S.D.}, title={Adaptive fraud detection framework for fintech based on machine learning}, journal={Advanced Science Letters}, year={2017}, volume={23}, number={10}, pages={10167-10171}, doi={10.1166/asl.2017.10412}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85039451017&doi=10.1166%2fasl.2017.10412&partnerID=40&md5=0163fd9bbe55e5a6bb329bc629258a2e}, affiliation={Department of Computer Science, Soongsil University, 369 Sangdo-ro, Seoul, South Korea}, abstract={FinTech, refers to new applications, processes, products or business models in the financial services industry, all of which would bring increased values and innovation in financial services. In recent years, the fraud of mobile and financial is growing. For finding these frauds, there are many fraud detection method, algorithms and systems. However, there are well known problems on the fraud detection system. One is too difficult to create an appropriate model for discovering fraud and the other is difficult to detect new types of fraud in the emerging fintech services. In this paper, we will present technical challenge, functionality of fraud detection framework and adaptive algorithm for framework based on a machine learning algorithms. At last, we will present experiment result for validating applicability and practicability of our proposal. © 2017 American Scientific Publishers All rights reserved.}, author_keywords={Adaptive fraud detection algorithm; Framework for fintech; Machine learning}, references={Moon, W.Y., Kim, S.D., (2016) A Payment Mediation Platform for Heterogeneous Fintech Schemes, Advanced Information Management, Communicates, Electronic and Automation Control Conference, pp. 511-516. , IMCEC), IEEE; (2016), http://www.kount.com/thanks/white-papers/mobile-payments-report-2016-alt, Mobile Payment and Fraud: 2016 Report, [Online], Accessed: June; Chaudhary, K., Yadav, J., Mallick, B., (2012) International Journal of Computer Applications, 45, p. 39; Nahar, A., Roy, S., Hasan, S.S., (2016) Int. J. Of Applied Information Systems (IJAIS), p. 10; Ngai, E.W.T., Hu, Y., Wong, Y.H., Chen, Y., Sun, X., (2011) Decision Support Systems, 50, p. 559; Chintalapati, S., Jyotsna, G., (2013) Int J. Adv. Research in Computer Sci. Softw. Eng., 3, p. 717; Kokkinaki, A.I., On a typical database transactions identification of probable frauds using machine learning for user profiling (1997) IEEE Knowledge and Data Engineering Exchange Workshop (KDEX), pp. 107-113; Iain, B., Christopher, M., (2012) Expert Systems with Applications, 39, p. 3446}, correspondence_address1={Kim, S.D.; Department of Computer Science, Soongsil University, 369 Sangdo-ro, South Korea}, publisher={American Scientific Publishers}, issn={19366612}, language={English}, abbrev_source_title={Adv. Sci. Lett.}, document_type={Article}, source={Scopus}, } @ARTICLE{Minto2017428, author={Minto, A. and Voelkerling, M. and Wulff, M.}, title={Separating apples from oranges: Identifying threats to financial stability originating from FinTech}, journal={Capital Markets Law Journal}, year={2017}, volume={12}, number={4}, pages={428-465}, doi={10.1093/cmlj/kmx035}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85032008794&doi=10.1093%2fcmlj%2fkmx035&partnerID=40&md5=42f9ef2d0df63a7180f39ba1756f38a4}, affiliation={Utrecht University, School of Law, Ca' Foscari University of Venice, Business School, Netherlands; Deutsche Bundesbank, Directorate General Financial Stability, Stay at Deutsche Bundesbank in Frankfurt, Germany}, funding_details={University Research Committee, University of Hong KongUniversity Research Committee, University of Hong Kong, 2016/035 5https}, funding_text 1={14 For policy-makers and regulators, the challenge of regulating rapidly transforming financial systems means increasing the use of and reliance on RegTech. Whilst the principal regulatory objectives (eg financial stability, prudential safety and soundness, consumer protection and market integrity, and market competition and development) remain, their means of application are becoming increasingly inadequate. RegTech developments are leading towards a paradigm shift necessitating the reconceptualization of financial regulation: see inter alia DW Arner, JN Barberis and RP Buckley, ‘FinTech, RegTech and the Reconceptualization of Financial Regulation’ (2016) University of Hong Kong Faculty of Law Research Paper No 2016/035 5https://ssrn.com/ abstract¼2847806>accessed 22 June 2017; JA Maupin, ‘Mapping the Global Legal Landscape of Blockchain Technologies’ (2017) 5https://ssrn.com/abstract¼2930077> accessed 22 June 2017. 15 G Barbiroli, The Dynamics of Technology: A Methodological Framework for Techno-Economic Analyses (Kluwer Academic 1997) 58. 16 See, in general, E Avgouleas, ‘International Credit Markets: Players, Financing Techniques, Instruments and Regulation’ in H Bigdoli (ed), The Handbook of Technology Management (Wiley & Sons 2009) 675–92. 17 AWA Boot and AV Thakor, ‘Commercial Banking and Shadow Banking. The Accelerating Integration of Banks and Markets and its Implications for Regulation’ in AN Berger, P Molyneux and JOS Wilson (eds), The Oxford Handbook of Banking (2nd edn, OUP 2015) 47–76.}, funding_text 2={76 This varies greatly from jurisdiction to jurisdiction; eg cryptocurrencies are regulated in the US under inter alia the Security Act 1933 and Commodity Exchange Act 1936, whereas in Denmark, cryptocurrencies are not found to be encompassed by the existing financial regulation, see Danish Financial Supervisory Authority, ‘Warning against Solomon-Layb’ (17 December 2013) 5www.finanstilsynet.dk/da/Nyheder-og-Presse/Pressemeddelelser/Arkiv/Presse-2013/Advarsel-mod-virtuelle-valutaer-bitcom-mfl-2013> accessed 22 June 2017.}, references={(2016), https://www.pwc.com/gx/en/advisory-services/FinTech/pwc-fintech-global-report.pdf, Price Waterhouse Coopers (PWC) PWC Global FinTech Survey accessed 22 June 2017; Frame, W.S., White, L.J., Technological change, financial innovation, and diffusion in banking (2015) The Oxford Handbook of Banking 2nd Edn, pp. 271-311. , in AN Berger, P Molyneux, and JOS Wilson (eds) OUP; 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Acharya, V., Is the international convergence of capital adequacy regulation desirable (2003) Journal of Finance, 58 (6), pp. 2745-2781. , (for cross-border competition of banking supervisors in a regime of harmonized capital regulation); Choi, S.J., Guzman, A., National Laws, International Money: Regulation in a global capital market (1997) Fordham Law Review, 65 (5), pp. 1855-1908; Oates, W.E., Schwab, R.M., Economic competition among jurisdictions enhancing or distortion inducing (1988) Journal of Public Economics, 35, pp. 333-354; Lundy, L., Burke, J., Van Ammers, A., (2016) All You Need to Know about Initial Coin Offerings, , http://www.the-blockchain.com/docs/InitialCoinOfferingsOutlierVenturesResearch.pdf, Outlier Ventures Research, London accessed 22 June; http://cryptovalley.swiss/4, accessed 23 August 2017}, publisher={Oxford University Press}, issn={17507219}, language={English}, abbrev_source_title={Cap. Mark. Law J.}, document_type={Article}, source={Scopus}, } @ARTICLE{Dingli2017118, author={Dingli, A. and Fournier, K.S.}, title={Financial time series forecasting - a deep learning approach}, journal={International Journal of Machine Learning and Computing}, year={2017}, volume={7}, number={5}, pages={118-122}, doi={10.18178/ijmlc.2017.7.5.632}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85035056992&doi=10.18178%2fijmlc.2017.7.5.632&partnerID=40&md5=e1437833f03c6f5df40481ce9ac800e9}, affiliation={Department of Artificial Intelligence, University of Malta, Malta}, abstract={This paper is intended as a follow up to a previous study of ours - Financial Time Series Forecasting - A Machine Learning Approach. The aforementioned study evaluates traditional machine learning techniques for the task of financial time series forecasting. In this paper, we attempt to make use of the same base dataset, with the difference of making use of a novel branch of machine learning techniques known as Deep Learning. These techniques have been introduced with the objective of moving Machine Learning closer to one of its original goals: Artificial Intelligence. These deep architectures are known to excel in tasks such as image and text recognition, but have not been exploited as much in the field of finance. In particular, for this study we will be making use of Convolutional Neural Networks (CNNs) to forecast the next period price direction with respect to the current price. We achieve an accuracy of 65% when forecasting the next month price direction and 60% for the next week price direction forecast. Whilst these results are anything but random, we are not able to match or surpass results obtained by industry leading techniques such as Logistic Regression and Support Vector Machines.}, author_keywords={Data science; Deep learning; Fintech; Machine learning; Stock market}, references={(2017) Deep MNIST for experts, , https://www.tensorflow.org/versions/r0.9/tutorials/mnist/pros/index.htm, (February); LeCun, Y., (1998) 'Gradient-based learning applied to document recognition, ', , IEEE; LeCun, Y., (2013) 'Convolutional neural networks (LeNet), deep learning 0.1 documentation, ', , University of Montreal; Siripurapu, A., (2014) 'Convolutional Networks for Stock Trading', , Stanford University Department of Computer Science; Kim, K.H., 'Predicting the success of bank telemarketing using deep convolutional neural network, ' (2015) Proc. 7th International Conference of Soft Computing and Pattern Recognition (SoCPaR), , Fukuoka; Ding, X., 'Deep learning for event-driven stock prediction, ' (2015) Proc. the Twenty-Fourth International Joint Conference on Artificial Intelligence; Tang, Y., (2013) 'Deep Learning Using Linear Support Vector Machines', , Department of Computer Science, University of Toronto, Toronto, Ontario, Canada; Glassman, B., (2017) Currency's impact on your portfolio: Five things you need to know now, , https://www.forbes.com/sites/advisor/2012/10/03/currencys-impact-on-your-portfolio-five-things-you-need-to-know-now/#71d3bdec5dcb, (February); (2017) Index, , http://www.investopedia.com/terms/i/index.asp, (January)}, publisher={International Association of Computer Science and Information Technology}, issn={20103700}, language={English}, abbrev_source_title={Int. J. Mach. Learn. Comput.}, document_type={Article}, source={Scopus}, } @ARTICLE{Li2017249, author={Li, G. and Dai, J.S. and Park, E.-M. and Park, S.-T.}, title={A study on the service and trend of Fintech security based on text-mining: focused on the data of Korean online news}, journal={Journal of Computer Virology and Hacking Techniques}, year={2017}, volume={13}, number={4}, pages={249-255}, doi={10.1007/s11416-016-0288-9}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85009285071&doi=10.1007%2fs11416-016-0288-9&partnerID=40&md5=3e509a715d83e50a4a14365c4b49212f}, affiliation={Department of Management Information Science and Information System, Kunming University of Science and Technology, No. 68, Wenchang Road, 121 Street, Kunming, Yunnan Province 650093, China; Department of Business Administration, Kyungpook National University, 80 Daehak-ro, Buk-Gu, Daegu 41566, South Korea; Department of Management Information Systems, Chungbuk National University, Seong Taek Park, 1 Chungdae-ro, Seonwon-Gu, Cheongju, Chungbuk 28644, South Korea}, abstract={The purpose of this research is to draw the direction and tasks for Korean Fintech industry taking into considerations of the importance of successful operation of Fintech and security. News data from Naver the most famous Korean portal site have been collected and analyzed and 20 most frequently used keyword were ranked both in 2015 and 2016. Payment, platform, banking, etc of Fintech service has become keywords since Fintech started its service in earnest in 2015, and security, enterprise, support, finance etc. are the keywords in 2016. The results show the difference in terms of importance. The results of this research also provide guidelines of security principles for enterprises who provide Fintech services. © 2017, Springer-Verlag France.}, author_keywords={Crawling; Fintech; Keyword network; Security; Text-mining}, keywords={Computer science; Computers, Crawling; Fintech; Keyword networks; Security; Text mining, Data mining}, references={Payment using behavioral findings and implications (2014) Financing payment report, 2015, pp. 2011-2015; Noh, K.S., Kim, E.C., Moon, Y.E., Park, S.T., Lee, S.H., Lim, K.H., Jung, K.H., (2015) E-commerce, , Life and Power Press, Gyeonggi; Trade, U.K., (2014) Investment, , Fintech the UK’s unique environment for growth, Business is Great; Luh, R., Marschalek, S., Kaiser, M., Janicke, H., Schrittwieser, S., Semantics-aware detection of targeted attacks: a survey (2016) J. Comput. Virol. Hacking Tech; Bouffard, G., Lanet, J., Reversing the operating system of a Java based smart card (2014) J. Comput. Virol. Hacking Tech, 10 (4), pp. 239-253; Kim, D.Y., Li, G., Park, S.T., Ko, M.H., A study on effects of security risks on acceptance of enterprise cloud service: moderating of employment and non-employment using PLS multiple group analysis (2016) J. Comput. Virol. Hacking Tech, 12 (3), pp. 151-161; David, B., Larget, D., Scherrer, T., The security of databases: the Access case (2013) J. Comput. Virol. Hacking Tech, 9 (2), pp. 95-107; Level, B., Index, , http://breachlevelindex.com; Moon, S.T., Kim, K.N., An analysis of Fintech service technology and security trend (2015) Rev. Korean Soc. Internet Inf, 16 (2), pp. 23-32; Park, J.O., Jin, B.W., A study on authentication method for secure payment in Fintech environment (2015) J. Inst. Internet Broadcast Commun, 15 (4), pp. 25-31; Park, J.K., Kim, I.J., Countermeasure and security vulnerability of Fintech services (2015) Korea Inf. Process. Soc. Rev, 22 (5), pp. 36-45; Ahn, J.K., Yoon, Y.J., Ahn, E.H., Kim, H.U., (2016) A comparative study of domestic Fintech trend and pay service using social media mining: focused on Kakao pay and Samsung pay the Korea Society of Management Information System, , In:, Collection of Conference Dissertations; Choi, D.S., AI and Fintech security (2016) Rev. KIISC, 26 (2), pp. 35-38; Cho, J.S., Choi, H.N., Kim, S.Y., Kim, H.S., Security analysis on mobile finance apps (2016) Commun. Korean Inst. Inf. Sci. Eng, 34 (4), pp. 34-41; Go, W., Oh, S.T., Lee, T.J., Fintech security standardization trend (2016) Commun. Korean Inst. Inf. Sci. Eng, 34 (4), pp. 13-19; Park, E.M., Seo, J.H., Ko, M.H., The effects of leadership by types of soccer instruction on big data analysis (2016) Cluster Comput; Ko, M.H., Kim, B.S., Kim, D.Y., Park, S.T., Comparison between transition year in Irelans versus self-direction learning semester in Korea through online news data analysis (2016) Indian J. Sci. Technol, 9 (24), pp. 1-7}, correspondence_address1={Park, S.-T.; Department of Management Information Systems, Chungbuk National University, Seong Taek Park, 1 Chungdae-ro, Seonwon-Gu, South Korea; email: solpherd@cbnu.ac.kr}, publisher={Springer-Verlag France}, issn={22638733}, language={English}, abbrev_source_title={J. Comput. Virol. Hacking Tech.}, document_type={Article}, source={Scopus}, } @ARTICLE{Sinha20176, author={Sinha, S.}, title={FinTech: The New Frontier}, journal={IEEE Potentials}, year={2017}, volume={36}, number={6}, pages={6-7}, doi={10.1109/MPOT.2017.2739218}, art_number={8103070}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85034969003&doi=10.1109%2fMPOT.2017.2739218&partnerID=40&md5=b833d3d1fca022b886c837ee34239c7b}, affiliation={School of Computer Science and Engineering, Nanyang Technological University, Singapore}, abstract={This issue of IEEE Potentials focuses on the theme of financial technology (FinTech). Computers have played an increasing role in the field of finance for a long time. The development of automated teller machines and accounting software accounts for some of the early technological solutions that made the delivery of financial services easier, more convenient, and affordable. Significant investments have been made by banks and other financial service companies over the years to reach out to their customers, including individual and corporate clients. © 2017 IEEE.}, keywords={Education; Electrical engineering, Automated teller machines; Corporate clients; Financial service; Technological solution, Finance}, references={(2017) Cryptocurrency, , https://en.wikipedia.org/wiki/Cryptocurrency, Aug. 22 [Onl ine]; (2017) Singapore FinTech Festival., , http://www.fintechfestival.sg/, [Online]; (2017) Hackcelerator at Singapore FinTech Festival, , http://www.fintechfestival.sg/hackcelerator/, [Online]}, correspondence_address1={Sinha, S.; School of Computer Science and Engineering, Nanyang Technological UniversitySingapore; email: sharad_sinha@ieee.org}, publisher={Institute of Electrical and Electronics Engineers Inc.}, issn={02786648}, coden={IEPTD}, language={English}, abbrev_source_title={IEEE Potentials}, document_type={Article}, source={Scopus}, } @ARTICLE{Sinha201720, author={Sinha, S.}, title={A Glimpse into the World of FinTech Accelerators - The Open Vault at OCBC}, journal={IEEE Potentials}, year={2017}, volume={36}, number={6}, pages={20-23}, doi={10.1109/MPOT.2017.2737238}, art_number={8103073}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85034966754&doi=10.1109%2fMPOT.2017.2737238&partnerID=40&md5=8151276b3463f4f9acf094188fbfe5d0}, affiliation={Computer Science and Engineering, Nanyang Technological University, Singapore, Singapore}, abstract={Financial technology (FinTech) has been garnering increased attention in recent years. The financial services industry that provides various types of financial, banking, and insurance services to customers (both individual or corporate) is showing more interest in adopting technology to innovate and grow. Technology, especially information systems, is not alien to this industry. According to the work of Garbade and Silber, telecommunication was first introduced into bank markets back in 1846. This helped reduce stock price differentials between New York and geographically dispersed regional stock markets. Similarly, the introduction of the transatlantic cable in 1866 enabled a securities trade originating from the United Kingdom and destined for the U.S. market to be completed in one day rather than the usual six. © 2017 IEEE.}, keywords={Commerce; Finance; Insurance, Financial services industries; New York; Stock price; United kingdom, Financial markets}, references={Garbade, K.D., Silber, W.L., Technology, communications and the performance of financial markets: 1840-1975 (1978) J. Finance, 33 (3), pp. 819-832; (2017) Chat with "Emma", , http://www.ocbc.com/personal-banking/loans/home-loan-hdb-and-private-property.html, Aug. 24 [Online]}, correspondence_address1={Sinha, S.; Computer Science and Engineering, Nanyang Technological UniversitySingapore; email: sharad_sinha@ieee.org}, publisher={Institute of Electrical and Electronics Engineers Inc.}, issn={02786648}, coden={IEPTD}, language={English}, abbrev_source_title={IEEE Potentials}, document_type={Article}, source={Scopus}, } @ARTICLE{Larios-Hernández2017865, author={Larios-Hernández, G.J.}, title={Blockchain entrepreneurship opportunity in the practices of the unbanked}, journal={Business Horizons}, year={2017}, volume={60}, number={6}, pages={865-874}, doi={10.1016/j.bushor.2017.07.012}, note={cited By 10}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85029477219&doi=10.1016%2fj.bushor.2017.07.012&partnerID=40&md5=077c5d1cea1117d9a04710914c7ba1e3}, affiliation={Universidad Anáhuac México, Av. Universidad Anáhuac, 46, Col. Lomas Anáhuac, HuixquilucanEDOMEX. 52786, Mexico}, abstract={Two billion people in developing economies have limited or no access to formal financial services, creating cause for substantial research interest in financial inclusion as a complex multidimensional phenomenon. Digital finance technologies, including blockchain, have empowered a type of crescive entrepreneurship that seeks opportunities in relation to financially excluded individuals. This article hypothesizes that nonmonetary causal factors and informal financial practices play a major role in habits of the financially excluded, which would favor blockchain's disintermediation features over the incumbent approach. After applying fuzzy-set Qualitative Comparative Analysis (fsQCA) to determine the conditions related to financial practice and motivations that explain the absence of a formal bank account, I prescribe five sensitivities that blockchain entrepreneurs need to consider when targeting this segment. The value of this article's approach extends well beyond traditional unisystemic views for financial inclusion, as blockchain-based entrepreneurial opportunities emerge to reveal alternative forms of disintermediated financial services, which we exemplify in startups modeling informal practices. Blockchain entrepreneurship can generate semi-formal financial services that bring financial aspirations closer to people. My perspective is relevant to blockchain entrepreneurs who aim to understand the practices of the unbanked as source information for the development of innovative solutions. © 2017 Kelley School of Business, Indiana University}, author_keywords={Blockchain; Financial entrepreneurship; Financial inclusion; Fintech; fsQCA; Informal finance}, references={Alonso, J., https://www.bbvaresearch.com/wp-content/uploads/migrados/WP_1320_tcm348-390783.pdf, Fernández de Lis, S., Hoyo, C., López-Moctezuma, C., & Tuesta, D. (2013, June). Mobile banking in Mexico as a mechanism for financial inclusion: Recent developments and a closer look into the potential market (Working Paper No. 13/20). BBVA Research. Available at; Back, A., Corallo, M., Dashjr, L., Friedenbach, M., Maxwell, G., Miller, A., (2014), https://blockstream.com/technology/sidechains.pdf, Enabling blockchain innovations with pegged sidechains. 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In Proceedings of the 13th USENIX Symposium on Networked Systems Design and Implementation (pp. 45–59). Berkeley, CA: USENIX Association; George, G., McGahan, A.M., Prabhu, J., Innovation for inclusive growth: Towards a theoretical framework and a research agenda (2012) Journal of Management Studies, 49 (4), pp. 661-683; Hayes, A., Decentralized banking: Monetary technocracy in the digital age (2016) Banking beyond banks and money: A guide to banking services in the twenty-first century, pp. 121-131. , P. Tasca T. Aste L. Pelizzon N. Perony Springer Cham, Switzerland; http://documents.worldbank.org/curated/en/825661468143367966/pdf/936240WP0Box380terprises0Jun2702014.pdf, IEG World Bank. (2014, June 27). Financial inclusion — A foothold on the ladder toward prosperity? An IEG evaluation of World Bank Group support for financial inclusion for low-income households and microenterprises (Approach Paper No. 93624). 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Available at; Morabito, V., The future of digital business innovation: Trends and practices (2016), Springer Cham, Switzerland; https://www.blockchainangels.eu/startups/browse/, Outlier Ventures. (2017). The blockchain startup tracker. Available at; Packin, N.G., Lev-Aretz, Y., Big data and social netbanks: Are you ready to replace your bank? (2015) Houston Law Review, 53 (5), pp. 1211-1287; Peña, X., Hoyo, C., Tuesta, D., https://www.bbvaresearch.com/publicaciones/determinantes-de-la-inclusion-financiera-en-mexico-a-partir-de-la-enif-2012/, (2014, June 18). Determinantes de la inclusión financiera en México a partir de la ENIF 2012 (No. 14/14). BBVA Research Mexico. Available at; Pickens, M., https://openknowledge.worldbank.org/bitstream/handle/10986/9488/567240BRI0CGAP1le1Money1Philippines.pdf?sequence=1, (2009, December). Window on the unbanked: Mobile money in the Philippines (Brief No. 56724). CGAP. Available at; Scott, B., http://www.unrisd.org/brett-scott, (2016, February). How can cryptocurrency and blockchain technology play a role in building social and solidarity finance? (Working Paper No. 2016-1). UNRISD. Available at; Serrano-Cinca, C., Gutiérrez-Nieto, B., Microfinance, the long tail, and mission drift (2014) International Business Review, 23 (1), pp. 181-194; Tapscott, D., Tapscott, A., Blockchain revolution: How the technology behind Bitcoin is changing money, business, and the world (2016), Penguin Random House New York; Vázquez, A., Determinantes para participar en el mercado formal de productos financieros: El caso del ahorro y del crédito en México (2015) Estudios Económicos CNBV, 3, pp. 73-108; http://www3.weforum.org/docs/WEF_The_future_of_financial_infrastructure.pdf, World Economic Forum. (2016, August). The future of financial infrastructure: An ambitious look at how blockchain can reshape financial services. Available at}, publisher={Elsevier Ltd}, issn={00076813}, coden={BHORA}, language={English}, document_type={Article}, source={Scopus}, } @CONFERENCE{Kostin201771, author={Kostin, G.A. and Pokrovskaia, N.N. and Ababkova, M.U.}, title={Master-chain as an intellectual governing system for producing and transfer of knowledge}, journal={Proceedings of 2017 IEEE 2nd International Conference on Control in Technical Systems, CTS 2017}, year={2017}, pages={71-74}, doi={10.1109/CTSYS.2017.8109491}, art_number={8109491}, note={cited By 2; Conference of 2nd IEEE International Conference on Control in Technical Systems, CTS 2017 ; Conference Date: 25 October 2017 Through 27 October 2017; Conference Code:132505}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85040520994&doi=10.1109%2fCTSYS.2017.8109491&partnerID=40&md5=88a394a4dd2e94076010fa048991b883}, affiliation={Saint-Petersburg University of Management Technologies and Economics, St. Petersburg, Russian Federation; Research in Neuro-technologies for Education at APR Dept, Peter the Great St. Petersburg Polytechnic University, St. Petersburg, Russian Federation}, abstract={Economy of knowledge is built on the ground of intellectual production. The efficiency of knowledge economy relies on the intellectual assets market and regulation that requires smart solutions providing information security of the data processing. The blockchain technology as a secure tool is already wide-spread within the individual contracting in the finance, management and governance. The Russian government discusses the possibilities to introduce this basic tool into public administration to assure the data safety, especially, to the creation and management of the State Registers, the Russian Association for Financial Technologies (FinTech Association) is established to help the digitalization process in the country. The FinTech Association produced the White Paper for Masterchain as a public resource for smart contracts can be used as an efficient tool not only for financial transactions or real estate register, but especially as a tool of the fast and secure processing of intellectual assets and exchange of ideas, providing high level of confidence for the knowledge transfer. The paper includes the theoretical exploration of digital economy concept with the new tools of cloud and fog computing, Masterchain and crypto-currencies, the regulation of knowledge within the new context. © 2017 IEEE.}, author_keywords={blockchain; digital environment; intellectual assets; masterchain; transfer of knowledge}, keywords={Data handling; Economics; Finance; Public administration; Security of data, Block-chain; Digital environment; Intellectual assets; masterchain; Transfer of knowledge, Knowledge management}, references={Biba, E., The jet engines with " digital twins": How manufacturers act as on-ground mechanics for jet engines in the air (2017) BBC, , www.bbc.com/autos/story/20170214-how-jet-engines-are-made, 14 Feb; Grieves, M.W., (2011) Virtually Perfect: Driving Innovative and Lean Products Through Product Lifecycle Management, p. 133. , Cocoa Beach Florida: Space Coast Press; Nonaka, I., Takeuchi, H., (1995) The Knowledge-Creating Company: How Japanese Companies Create the Dynamics of Innovation, , N.Y.: Oxford University press; Porter, M.E., Heppelmann, J.E., How smart, connected products are transforming companies (2015) Harvard Business Review, 92 (11), pp. 64-88. , October; Ababkova, M.U., Pokrovskaia, N.N., Communication policies and intellectual property transfer: Efficiency and security in the post-modern information society (2016) Conf. 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Strategies; Rifkin, J., (2014) The Zero Marginal Cost Society: The Internet of Things, the Collaborative Commons, and the Eclipse of Capitalism, , Palgrave McMillan; Pokrovskaia, N.N., Tax, financial and social regulatory mechanisms within the knowledge-driven economy: Blockchain algorithms and Fog computing for the efficient regulation (2017) Proceedings of 20th IEEE International Conference on Soft Computing and Measurements, SCM 2017, , St-Petersurg; Golohvastov, D.V., Pokrovskaia, N.N., Snisarenko, S.O., Institutional confidence and economic intelligence for the performance at macro and micro networks (2016) 4th Conf. on Management, Leadership and Governance ICMLG 2016 Host, 528, pp. 255-263. , Reading, UK: Academic Conferences and Publishing; Pokrovskaia, N.N., Neuro-communication and reverse rule of payment in the digital economy: The monetary evaluation of experience (2016) 2th Conf. Technological Perspective Within the Eurasian Space, New Markets and Economic Growth Points, pp. 271-275. , St-Petersburg: Asterion; Alexankov, A.M., Aascenzo, F., Pokrovskaia, N.N., The management for Cyber-physical systems in the context of Industry 4.0 and regulatory mechanisms (2017) XXI Int. Conf. "systems Analysis in Engineering and Control" (SAEC-2017), , St.-Petersburg Polytechnic University; Porter, M.E., Heppelmann, J.E., How Smart, Connected Products Are Transforming Competition (2014) Harvard Business Review, 92 (11), pp. 64-88. , November}, editor={Shaposhnikov S.}, sponsors={}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538607770}, language={English}, abbrev_source_title={Proc. IEEE Int. Conf. Control in Technical Syst., CTS}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Haupert2017, author={Haupert, V. and Maier, D. and Müller, T.}, title={Paying the price for disruption: How a FinTech Allowed Account Takeover}, journal={ACM International Conference Proceeding Series}, year={2017}, doi={10.1145/3150376.3150383}, art_number={a7}, note={cited By 0; Conference of 1st Reversing and Offensive-Oriented Trends Symposium, ROOTS 2017 ; Conference Date: 16 November 2017 Through 17 November 2017; Conference Code:133806}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85041822124&doi=10.1145%2f3150376.3150383&partnerID=40&md5=7714bd2e125649498bcc7f903bb790d4}, affiliation={Friedrich-Alexander University, Erlangen-Nürnberg, Germany; TU Berlin, Germany}, abstract={This paper looks at N26, a pan-European banking startup and the poster child for young FinTech companies. We assess how security is treated by startups that provide disruptive technologies in the financial sector. In an area that has been committed to security, we find that FinTech companies have modern designs and outstanding user experience as their main priority. This strategy is rewarded by a rapidly increasing customer base but reveals a flawed understanding of security.We analyzed all aspects of security of N26, including the frontend, backend, protocols, human factors, and underlying design concepts, and found issues in all of them. We succeeded in leaking customer data, manipulating and carrying transactions and even could have entirely taken over foreign accounts. We reported these findings to N26 and did not disclose them before they were fixed. By publishing this case study, we hope to raise awareness about security considerations in the critical banking sector, especially for other FinTech startups. © 2017 Copyright held by the owner/author(s). Publication rights licensed to Association for Computing Machinery.}, author_keywords={2FA; FinTech; Mobile Banking; PSD2; Security Breach}, keywords={Computer programming, Disruptive technology; Financial sectors; FinTech; Mobile bankings; PSD2; Security breaches; Security considerations; User experience, Computer applications}, references={Bai, X., Zhou, Z., Wang, X., Li, Z., Mi, X., Zhang, N., Li, T., Zhang, K., Picking up my tab: Understanding and mitigating synchronized token lifting and spending in mobile payment (2017) 26th USENIX Security Symposium (USENIX Security 17), pp. 593-608. , https://www.usenix.org/conference/usenixsecurity17/technical-sessions/presentation/bai, USENIX Association, Vancouver, BC; Benenson, Z., Gassmann, F., Landwirth, R., Unpacking spear phishing susceptibility (2017) Targeted Attacks (Financial Cryptography and Data Security Workshops) (FC '17), pp. 1-17. , Springer; (2016) Shut Up and Take My Money!, 30 (12). , https://fahrplan.events.ccc.de/congress/2016/Fahrplan/events/7969.html, Chaos Computer Club, 2016. 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Technical Report. Canary Wharf, London, UK; (2016) EBA Consults on Strong Customer Authentication and Secure Communications under PSD2, , European Banking Authority. Technical Report. Canary Wharf, London, UK; (2017) EBA Paves the Way for Open and Secure Electronic Payments for Consumers under the PSD2, , https://www.eba.europa.eu/-Zeba-paves-the-way-for-open-and-secure-electronic-payments-for-consumers-under-the-psd2, European Banking Authority. Technical Report. Canary Wharf, London, UK; Fernandes, E., Jung, J., Prakash, A., Security analysis of emerging smart home applications (2016) 2016 IEEE Symposium on Security and Privacy (SP), pp. 636-654. , https://doi.org/10.1109/SP.2016.44; Fernandes, E., Rahmati, A., Eykholt, K., Prakash, A., Internet of things security research: A rehash of old ideas or new intellectual challenges? 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Finding flawed implementations of third-party in-app payment in android apps (2017) 24th Annual Network and Distributed System Security Symposium, NDSS, 2017}, sponsors={TU Wien}, publisher={Association for Computing Machinery}, isbn={9781450353212}, language={English}, abbrev_source_title={ACM Int. Conf. Proc. Ser.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Chen2017, author={Chen, P.-W. and Jiang, B.-S. and Wang, C.-H.}, title={Blockchain-based payment collection supervision system using pervasive Bitcoin digital wallet}, journal={International Conference on Wireless and Mobile Computing, Networking and Communications}, year={2017}, volume={2017-October}, doi={10.1109/WiMOB.2017.8115844}, art_number={8115844}, note={cited By 5; Conference of 13th IEEE International Conference on Wireless and Mobile Computing, Networking and Communications, WiMob 2017 ; Conference Date: 9 October 2017 Through 11 October 2017; Conference Code:132700}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85041389897&doi=10.1109%2fWiMOB.2017.8115844&partnerID=40&md5=988f05c618debedfd3fbfca29c2a0f50}, affiliation={School of Software and Microelectronics, Peking University, 24th Jinyuan Road Daxing Industrial District, Beijing, 102600, China; Department of Computer Science, Information Engineering, Ming Chuan University, No. 5 De Ming Rd. Gui Shan District, Taoyuan City, 333, Taiwan}, abstract={After years of tremendous development and research in digital currency, the most famous Bitcoin industry chain has been gradually completed including mining, exchange, currency exchange, ATM, pervasive digital wallet design and so on. Especially, its blockchain technology has become FinTech organizations' emerging business and research directions, also been applied in the interdisciplinary medical science, supply chain and Internet of things. Digitizing currency can solve many problems in physical currency, such as the rampant counterfeit banknotes. Thus, not only the transparency can be cost-effectively preserved in store's ledger, but also customer's rights and interests can be protected while using the digital wallet. For the government, the regulation and auditing of financial transaction can be made simpler and more convenient for tax collection issue. Digitized transaction details can be much easier to audit by any computing device than manually audit the conventional ledger books. Furthermore, to make merchandise store to use digitized currency much easier, in this paper, we propose and deploy a Bitcoin collection supervision system called BPCSS based on blockchain technology with cloud databases for customers and merchandise stores. The preliminary experimental results via the well-known pervasive digital wallet of Testnet Bitcoin demonstrate the proposed BPCSS can cost-effectively collect payment and supervise the transactions between customer and merchandise store running the implemented NFC-enabled Android Apps. © 2017 IEEE.}, author_keywords={Android App; Bitcoin; Blockchain; Cloud database; NFC; Pervasive digital wallet}, keywords={Android (operating system); Mobile computing; Near field communication; Sales; Supply chains, Bitcoin; Block-chain; Cloud database; Currency exchange; Digital wallets; Financial transactions; Payment collection; Supervision systems, Electronic money}, references={Nakamoto, S., (2008) Bitcoin: A Peer-to-peer Electronic Cash System, p. 28. , http://s3.amazonaws.com/academia.edu.documents/32413652/BitCoin_P2P_electronic_cash_system.pdf?AWSAccessKeyId=AKIAIWOWYYGZ2Y53UL3A&Expires=1501401070&Signature=QmIcxT%2FIEHKCgRvMhxWwqbFEkc0%3D&responsecontentdisposition=inline%3B%20filename%3DBitcoin_A_Peer-to-Peer_Electronic_Cash-S.pdf; Grinberg, R., (2011) Bitcoin: An Innovative Alternative Digital Currency, , http://www.bitcointrading.com/pdf/bitcoinbyreubengrinberg.pdf; Gilbert, H., Handschuh, H., Security analysis of SHA-256 and sisters (2004) Selected Areas in Cryptography, , Springer Berlin/Heidelberg; Anoop, M.S., Elliptic curve cryptography (2007) An Implementation Guide, , https://pdfs.semanticscholar.org/c392/80642a84f3067f5ced358122f552a4769fbc.pdf?_ga=2.1902578.216214653.1501397973-747388919.1501397973; Fox, G., Peer-to-peer networks (2001) Computing in Science & Engineering, 3 (3), pp. 75-77; Peter, B.Z., Maksha Wajiga, G., Cryptographic algorithms for secure data communication (2011) International Journal of Computer Science and Security (IJCSS), 5 (2), pp. 227-243; Stapleton, J., Spencer Poore, R., Tokenization and other methods of security for cardholder data (2011) Information Security Journal: A Global Perspective, 20 (2), pp. 91-99; Swan, M., (2015) Blockchain: Blueprint for A New Economy, , O'Reilly Media, Inc; Sensson, J., Johan, Z., Proof-of-Work, , http://www.csc.kth.se/utbildning/kth/kurser/DD143X/dkand12/Group5Mikael/report/JonatanSvensson_JohanZeeck.pdf; Szydlo, M., Merkle tree traversal in log space and time (2004) International Conference on the Theory and Applications of Cryptographic Techniques, , Springer Berlin Heidelberg; Guadamuz, G.A., PayPal: The legal status of C2C payment systems (2004) Computer Law & Security Review, 20 (4), pp. 293-299; Lifan, Q., Something about Privacy Leak of Alipay Platform, , http://d.wanfangdata.com.cn/Periodical/ranj-jyxdh201606466; Preibusch, S., Shopping for privacy: Purchase details leaked to PayPal (2016) Electronic Commerce Research and Applications, 15, pp. 52-64; Antonopoulos, A.M., (2014) Mastering Bitcoin: Unlocking Digital Cryptocurrencies, , O'Reilly Media, Inc; Garzik, J., (2015) Making Decentralized Economic Policy; https://www.rambus.com/blogs/what-is-a-tokenvault/, Token Vault; https://www.apple.com/apple-pay/, Apple Pay; https://www.android.com/pay/, Android Pay; Mathieu, F., Mathee, R., (2017) Blocktix: Decentralized Event Hosting and Ticket Distribution Network, , https://blocktix.io/public/doc/blocktix-wp-draft.pdf; Tian, F., An agri-food supply chain traceability system for China based on RFID & blockchain technology (2016) Service Systems and Service Management (ICSSSM), 2016 13th International Conference On. IEEE; Lamport, L., Shostak, R., Pease, M., The Byzantine general's problem (1982) ACM Transactions on Programming Languages and Systems (TOPLAS), 4 (3), pp. 382-401; Gervais, A., Is Bitcoin a decentralized currency? (2014) IEEE Security & Privacy, 12 (3), pp. 54-60; Buterin, V., Bitcoin network shaken by blockchain fork (2013) Bitcoin Magazine, 12; Christidis, K., Devetsikiotis, M., Blockchains and smart contracts for the internet of things (2016) IEEE Access, 4, pp. 2292-2303; Buterin, V., (2013) Ethereum White Paper, , https://github.com/ethereum/wiki/wiki/White-Paper; Ali, M., Blockstack: A global naming and storage system secured by blockchains (2016) USENIX Annual Technical Conference.; Noether, S., Review of CryptoNote White Paper, , http://monero.cc/downloads/whitepaper_review.pdf; Larimer, D., Scott, N., Zavgorodnev, V., Johnson, B., Calfee, J., Vandeberg, M., (2016) Steem: An Incentivized Blockchain-based Social Media Platform, , https://steem.io/SteemWhitePaper.pdf; Wiki, B., (2011) Testnet, , https://en.bitcoin.it/wiki/Testnet; Kuzuno, H., Karam, C., Blockchain explorer: An analytical process and investigation environment for bitcoin (2017) 2017 APWG Symposium on Electronic Crime Research (ECrime), pp. 9-16. , Scottsdale, AZ; Enrique, O.C., An introduction to near-field communication and the contactless communication API (2008) Oracle Sun Developer Network, , Retrieved on Jun 30 2010; Ghassan, K.O., Androulaki, E., Capkun, S., Double-spending fast payments in bitcoin (2012) Proceedings of the 2012 ACM Conference on Computer and Communications Security. ACM}, sponsors={}, publisher={IEEE Computer Society}, issn={21619646}, isbn={9781538638392}, language={English}, abbrev_source_title={Int. Conf. Wirel. Mob. Comput. Netw. Commun.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Li2017, author={Li, Y. and Spigt, R. and Swinkels, L.}, title={The impact of FinTech start-ups on incumbent retail banks’ share prices}, journal={Financial Innovation}, year={2017}, volume={3}, number={1}, doi={10.1186/s40854-017-0076-7}, art_number={26}, note={cited By 3}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85056129204&doi=10.1186%2fs40854-017-0076-7&partnerID=40&md5=96534dbc2e2fdc6763371a6ebb15da4e}, affiliation={Erasmus University Rotterdam, Burgemeester Oudlaan, Rotterdam, 50, Netherlands}, abstract={Background: This study aims to clarify the role of FinTech digital banking start-ups in the financial industry. We examine the impact of the funding of such start-ups on the stock returns of 47 incumbent US retail banks for 2010 to 2016. Methods: To capture the importance of FinTech start-ups, we use data on both the dollar-volume of funding and number of deals. We relate these to the stock returns with panel data regression methods. Results: Our results indicate a positive relationship exists between the growth in FinTech funding or deals and the contemporaneous stock returns of incumbent retail banks. Conclusions: Although these results suggest complementarity between FinTech and traditional banking, we note that our results at the banking industry level are not statistically significant, and that the coefficient signs for about one-third of the banks are negative, but not statistically significant. Since the FinTech industry is young and our sample period short, we cannot rule out that our findings are spurious. © 2017, The Author(s).}, author_keywords={Banks; Digital banking; Finance; FinTech; Innovation; Retail banks; Start-ups; Stock returns; Technology; Venture capital}, references={Aaker, D., Keller, K., Consumer Evaluations of Brand Extensions (1990) Journal of Marketing, pp. 27-41; Afuah, A., Utterback, J., Responding to Structural Industry Changes: A Technological Evolution Perspective (1997) Industrial and Corporate Change, pp. 183-202; Benner, M., The incumbent discount: Stock market categories and response to radical technological change (2007) Academy of Management Review, pp. 703-720; Blitz, D., Hanauer, M., van Vliet, P., (2016) Five Conerns with the Five-Factor Model, , https://ssrn.com/abstract=2862317, Retrieved from; Buchack, G., Matvos, G., Piskorski, T., Seru, A., (2017) Fintech, Regulatory Arbitrage, and the Rise of Shadow Banks, , NBER Working Paper 23288; Cannon, S., Summers, L., (2014) How Uber and the Sharing Economy Can Win over Regulators, , October 13, Harvard Business Review; Chishti, S., Barberis, J., (2016) The FinTech Book, , Wiley, New York; Christensen, C., (1997) The innovator's dilemma: when new technologies cause great firms to fail, , Harvard Business Review Press, Boston; Davila, A., Foster, G., Gupta, M., Venture capital financing and the growth of startup firms (2003) Journal of Business Venturing, pp. 689-708; Davis, J.L., Fama, E.F., French, K.R., Characteristics, Covariances, and Average Returns: 1929 to 1997 (2000) The Journal of Finance, pp. 389-406; Dean, B., Giglierano, J., Multistage financing of technical start-up companies in silicon valley (1990) Journal of Business Venturing, pp. 375-389; Demos, T., (2016) Loans for Weddings: Fintech Learns to Focus, , April 20, The Wall Street Journal; Dickerson, J., Masood, S., Skan, J., (2015) The Future of Fintech and Banking: Digitally disrupted or reimagined?, , Accenture, London; Dunkley, E., (2015) Lending services revolution piles pressure on banks as fintech sector grows, , http://www.ft.com/intl/cms/s/0/653d64b2-77ce-11e5-a95a-27d368e1ddf7.html#axzz41waAnOyv, December 8, Retrieved March 6, 2016, from Financial Times; Ernst, Young, (2014) Landscaping UK Fintech, , Ernst and Young LLP, London; Fama, E.F., French, K.R., Common risk factors in the returns on stocks and bonds (1993) Journal of Financial Economics, pp. 3-56; Fama, E.F., French, K.R., The Capital Asset Pricing Model: Theory and Evidence (2004) The Journal of Economic Perspectives, pp. 25-46; Fama, E.F., French, K.R., A five-factor asset pricing model (2015) Journal of Financial Economics, pp. 1-22; Ferrari, R., FinTech Impact on Retail Banking – From a Universal Banking Model to Banking Verticalization (2016) The FinTech Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries, pp. 248-252. , Chishti S, Barberis J, (eds), Wiley, London; Frank, R., (2009) Microeconomics and Behavior, , McGraw-Hill Education, Boston; Goh, K., Kauffman, R., Firm strategy and the Internet in U.S. commercial banking (2013) Journal of Management Information Systems, pp. 9-40. , &; Hannan, T.H., McDowell, J.M., The Determinants of Technology Adoption: The Case of the Banking Firm (1984) The RAND Journal of Economics, pp. 328-335; Hayashi, Y., Consumer Watchdog Chief Sees Role for Fintech in Payday Lending (2016) The Wallstreet Journal, , April 7; Huang, D., (2015) Banks and Fintech Firms’ Relationship Status: It’s Complicated, , http://www.wsj.com/articles/banks-and-fintech-firms-relationship-status-its-complicated-1447842603, November 18, Retrieved March 5, 2016, from Wall Street Journal; Jegadeesh, N., Titman, S., Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993) The Journal of Finance, pp. 65-91; Juengerkes, B.E., FinTechs and Banks – Collaboration is Key (2016) The FinTech Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries, pp. 179-182. , Chishti S, Barberis J, (eds), Wiley, London; Jun, J., Yeo, E., Entry of FinTech Firms and Competition in the Retail Payments Market (2016) Asia-Pacific Journal of Financial Studies, pp. 159-184; Kauffman, R., Liu, J., Ma, D., Competition, Cooperation and Regulation: Understanding the Evolution of the Mobile Payments Technology Ecosystem (2015) Electronic Commerce Research and Applications, pp. 372-391; Kaul, A., Technology and Corporate Scope: Firm and Rival Innovation as Antecedents of Corporate Transactions (2012) Strategic Management Journal, pp. 347-367; (2016) The Pulse of Fintech, 2015 in Review, , KPMG, London; Laven, M., Bruggink, D., How FinTech is transforming the way money moves around the world: An interview with Mike Laven (2016) Journal of Payments Strategy & Systems, pp. 6-12; Lin, Z., Whinston, A., Fan, S., Harnessing Internet finance with innovative cyber credit management (2015) Financial Innovation, 1 (5); Liu, K., Miller, D., (2014) Creative Destruction: Evidence From Initial Public Offerings, , Academy of Management Proceedings; Mina, A., Lahr, H., Hughes, A., The demand and supply of external finance for innovative firms (2013) Industrial and Corporate Change, pp. 869-901; Peters, G.W., Panayi, E., (2015) Understanding Modern Banking Ledgers Through Blockchain Technologies: Future of Transaction Processing and Smart Contracts on the Internet of Money, , http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2692487, November 18, Retrieved from Social Science Research Network; PwC, (2016) Blurred lines: How FinTech is shaping Financial Services, , PwC, London; Sharpe, W.F., Capital asset prices: A theory of market equilibrium under conditions of risk (1964) The Journal of Finance, pp. 425-442; Sood, A., Tellis, G., Do Innovations Really Pay Off? Total Stock Market Returns to Innovation (2009) Marketing Science, pp. 442-456; Sorkin, A., (2016) Fintech Firms are Taking on The Big Banks, but Can they Win? The New York Times, , April 6; The Fintech Revolution (2015) The Economist, , May 9; Why fintech won't kill banks (2015) The Economist, , June 16; Wang, H., Chen, K., Zhu, W., Song, Z., A process model on P2P lending (2015) Financial Innovation, 1 (3); Wang, P., Zheng, H., Chen, D., Ding, L., Exploring the critical factors influencing online lending intentions (2015) Financial Innovation, 1 (8); Wood, G., Buchanen, A., Advancing Egalitarianism (2015) Chuen, Handbook of Digital Currency: Bitcoin, Innovation, Financial Instruments, and Big Data, pp. 385-401. , Lee Kuo D, (ed), Elsevier, London; Yan, J., Yu, W., Zhao, J., How signaling and search costs affect information asymmetry in P2P lending: The economics of big data (2015) Financial Innovation, 1 (19)}, correspondence_address1={Swinkels, L.; Erasmus University Rotterdam, Burgemeester Oudlaan, Netherlands; email: lswinkels@ese.eur.nl}, publisher={SpringerOpen}, issn={21994730}, language={English}, abbrev_source_title={Financial Innov.}, document_type={Article}, source={Scopus}, } @ARTICLE{Chen2017, author={Chen, Z. and Li, Y. and Wu, Y. and Luo, J.}, title={The transition from traditional banking to mobile internet finance: an organizational innovation perspective - a comparative study of Citibank and ICBC}, journal={Financial Innovation}, year={2017}, volume={3}, number={1}, doi={10.1186/s40854-017-0062-0}, art_number={12}, note={cited By 5}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85055742065&doi=10.1186%2fs40854-017-0062-0&partnerID=40&md5=18ca0a79f43d2c3424c4cc761fb29745}, affiliation={Sun Yat-sen Business School, Guangzhou, China}, abstract={The development of Financial Technology (FinTech) in areas such as mobile Internet, cloud computing, big data, search engines, and blockchain technology have significantly changed the financial industry. FinTech is expected to overturn the traditional banking business model, forcing banks to upgrade and transform. This study adopts a comparative case study method to contrast and analyze the Industrial and Commercial Bank of China (ICBC) and Citibank. It analyzes the strategies, organizations, HR systems, and product innovations adopted by these two banks in response to the impact of FinTech. This paper proposes an “electric vehicle” mode for ICBC and an “airplane mode” for Citibank. Further, it describes the difficulties encountered by the Chinese banking industry and proposes some feasible ways to upgrade. “Technology power” will become the core competitive concept for the financial institutions of the future. © 2017, The Author(s).}, author_keywords={Mobile Internet finance; Organizational innovation; Technology power; Traditional banks; Upgrade and transformation}, funding_details={Sun Yat-sen UniversitySun Yat-sen University}, funding_text 1={This manuscript has sponsored by (531-541009), from the Advanced Institute of Finance, Sun Yat-sen University.}, references={(2014) The Everyday Bank: A New Vision for the Digital Age; Ceyhan, S., Shi, X., Leskovec, J., Dynamics of bidding in a P2P lending service: effects of herding and predicting loan success (2011) International Conference on World Wide Web, pp. 547-556; Chen, Z., Zhu, H., Guo, Q., Research on Mobile Internet Banking Organizational Innovation(Chinese) (2016) Outstanding Paper of the 14Th International Academic Conference on Financial Systems Engineering and Risk Management (FSERM'2016) 8, Harbin; Citi, G.P.S., (2016) Global Perspectives & Solutions, Digital Disruption - How FinTech is Forcing Banking to a Tipping Point, , www.citi.com/citigps, www.citi.com/citigps; The Digital Revolution - Financial Technology is Forcing Banking to a Tipping Point; Herzenstein, M., Dholakia, U.M., Andrews, R.L., Strategic Herding Behavior in Peer-to-Peer Loan Auctions (2011) J Inter Mark, 25 (1), pp. 27-36; Hu, T., Yang, J., Cross - border Mergers and Acquisitions and Transformation of Commercial Banks (2014) Wuhan Finance (Chinese), pp. 57-59. , Issue 5; Krumme, K., Herrerolopez, S., Do Lenders Make Optimal Decisions in a Peer-to-Peer Network? (2009) IEEE/WIC/ACM International Joint Conferences on Web Intelligence & Intelligent Agent Technologies, 1, pp. 124-127; Lee, E., Lee, B., Herding behavior in online P2P lending: An empirical investigation (2012) Electron Commerce Res Appli, 11 (5), pp. 495-503; McKinsey, (2016) Full Impact of Financial Technology on banking and the Strategies of Banks, p. 5; McKinsey, (2016) Leading Innovation, Are China's Banks Ready?, p. 5; Momparler, A., Lassala, C., Ribeiro, D., Efficiency in banking services: a comparative analysis of Internet-primary and branching in the US (2013) Serv Bus, 7, pp. 641-663; Wei, Y., Huang, X., Zhang, W., Digital Transformation of Commercial Banks in Big Data Era (2017) The Chinese Banker (Chinese), (2), pp. 128-131; Xie, P., Zou, Z., Research on Internet Banking Model (2012) Financial Research (Chinese), pp. 11-22. , Issue 12; Xie, P., Zou, Z., Liu, H., Basic Theory of Internet Finance (2015) Financial Research (Chinese), pp. 1-12. , Issue 8}, correspondence_address1={Chen, Z.; Sun Yat-sen Business SchoolChina; email: chenzhuming@vip.sina.com}, publisher={SpringerOpen}, issn={21994730}, language={English}, abbrev_source_title={Financial Innov.}, document_type={Article}, source={Scopus}, } @ARTICLE{MartinKim201777, author={Martin Kim, M.H.}, title={Blockchain technology and the fintech revolution}, journal={Turkish Online Journal of Educational Technology}, year={2017}, volume={2017}, number={December Special Issue ITEC}, pages={77-82}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85057640853&partnerID=40&md5=ca1ec6c72648da0d865cdc30b2529f3e}, affiliation={Korea International School, Pangyo, Gyonggido, South Korea}, abstract={The question of the role of Blockchain Technology, a decentralized and distributed digital ledger, in the Financial Services Market is only now being addressed with the technology in its infancy. Subsequent work primarily focused on the cryptocurrency, bitcoin, because its creator, programmer Satoshi Nakamoto first published a white paper and coded what is now known as blockchain technology to solve the double spending problem. More recently, Blockchain Technology has made significant advances in the fields of insurance, medical records, and the internet of things (IoT). However, the power of Blockchain Technology to solve problems in and serve as a replacement ledger of transactions in Financial Services will fundamentally transform the finance industry. This paper attempts to address the challenges that Blockchain Technology will encounter by focusing on the methodology of using Blockchain Technology to solve problems in the Financial Services Market with special attention to the use of Decentralization and Peer-to-Peer Transactions. Specifically, this project will be examining the use of Blockchain Technology to drive the changes in the field of Financial Services. This paper will also discuss the future role of Blockchain Technology in teaching the various fields of Finance, and juxtapose them against traditional teaching methods in Finance, in order to reveal the increasing role that Blockchain Technology will play in the 21st-century Financial Services curriculum. This paper argues that indeed, Blockchain Technology will be able to increasingly affect how we solve various Financial Services problems and that this development will profoundly change the way the Finance curriculum is taught in the classroom. In conclusion, this project, by closely examining the role of Blockchain Technology, sheds new light on the rapidly developing changes in the Financial Services field. © The Turkish Online Journal of Educational Technology.}, references={Ammous, S., (2016) Can cryptocurrencies fulfil the functions of money?, , http://capitalism.columbia.edu/files/ccs/workingpage/2017/ammous_cryptocurrencies_and_the_functions_of_money.pdf, Columbia University Center on Capitalism and Society; Harpaz, J., (2016) Will Blockchain Become the Internet of Finance?, , Forbes, May 31; https://www.forbes.com/sites/joeharpaz/2016/05/31/will-blockchain-become-the-internet-offinance/#5c4e245e3b5c; Iansiti, M., Lakhani, K.R., (2017) The Truth About Blockchain, , https://hbr.org/2017/01/the-truth-about-blockchain, Harvard Business Review, February 1; (2016) How Blockchain Technology Will Disrupt Financial Service Firms, , http://knowledge.wharton.upenn.edu/article/blockchaintechnology-will-disrupt-financial-services-firms/, Wharton University of Pennsylvania, May 24; Levin, D., (2016) 10 Things To Know about the Future of Blockchain in Education, , https//www.edtechstrategies.com/blog/future-blockchain-education/, EdTech Strategies, March 10, 2016; Luckin, R., Holmes, W., Griffiths, M., Forcier, L.B., (2016) Intelligence Unleashed an argument for AI in Education, , https://www.pearson.com/content/dam/corporate/global/pearson-dotcom/files/innovation/Intelligence-Unleashed-Publication.pdf; Somerville, H., (2017) London startup Blockchain raises $40 million in fresh funding, , http://www.reuters.com/article/us-blockchain-funding-idUSKBN19D2OQ, Reuters, June 23; (2015) The Promise of the Blockchain- The Trust Machine, , https://www.economist.com/news/leaders/21677198-technology-behind-bitcoin-could-transform-howeconomy-works-trust-machine, The Economist, October 31; Tapscott, A., Tapscott, D., How Blockchain is Changing Finance (2017) Harvard Business Review, , https://hbr.org/2017/03/how-blockchain-is-changing-finance, March 1; Williams-Grut, O., (2016) GOLDMAN SACHS: 5 practical uses for blockchain - From Airbnb to stock markets, , http://uk.businessinsider.com/goldman-blockchain-beyond-the-hype-practical-uses-2016-5/#sharingeconomy-building-trust-on-platforms-like-airbnb-1, UK Business Insider, May 28; Yang, S., Is Bitcoin Becoming More Stable than Gold? (2016) The Wall Street Journal, , https://blogs.wsj.com/moneybeat/2016/04/19/is-bitcoin-becoming-more-stable-than-gold/, April 19}, correspondence_address1={Martin Kim, M.H.; Korea International SchoolSouth Korea; email: 248minhyuk@gmail.com}, publisher={Sakarya University}, issn={21467242}, language={English}, abbrev_source_title={Turk. Onl. J. Edu. Tech.}, document_type={Article}, source={Scopus}, } @ARTICLE{Wonglimpiyarat201755, author={Wonglimpiyarat, J.}, title={FinTech Crowdfunding of Thailand 4.0 Policy}, journal={Journal of Private Equity}, year={2017}, volume={21}, number={1}, pages={55-63}, doi={10.3905/jpe.2017.21.1.055}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85041632039&doi=10.3905%2fjpe.2017.21.1.055&partnerID=40&md5=a61d9d76f764d8e0f172ac1fa46ec19f}, affiliation={College of Innovation, Thammasat University, Bangkok, Thailand}, references={Bygrave, W.D., Timmons, J.A., (1992) Venture Capital at The Crossroads, , Boston: Harvard Business School Press; Carlsson, B., Internationalization of Innovation Systems: A survey of the Literature (2006) Research Policy, 35 (1), pp. 55-67. , ); Cordova, A., Dolci, J., Gianfrate, G., The Determinants of Crowdfunding Success: Evidence from Technology Projects (2015) Procedia Social and Behavioral Sciences, 181, pp. 115-124. , ); Cornelli, F., Yosha, O., (2001) Stage Financing and The Role of Convertible Securities, , IFA working paper 253-1997, London Business School; David, P.A., Hall, B.H., Toole, A.A., Is Public R&D a Complement or Substitute for Private R&D? 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(2017) Ecological Economics, 139, pp. 150-157. , ); Tsai, F.-S., Hsieh, L.H.Y., Fang, S.-C., Lin, J.L., The Co-Evolution of Business Incubation and National Innovation Systems in Taiwan (2009) Technological Forecasting and Social Change, 76 (5), pp. 629-643. , ); Unger, B., Greiman, V.A., Leybourne, S.A., A Study of Postinvestment Monitoring Practices in Life Science Venture Capital Firms (2010) Journal of Transnational Management, 15, pp. 3-25. , )}, correspondence_address1={Wonglimpiyarat, J.; College of Innovation, Thammasat UniversityThailand; email: jaruneew@tu.ac.th}, publisher={Institutional Investor, Inc}, issn={10965572}, language={English}, abbrev_source_title={J. Priv. Equity}, document_type={Article}, source={Scopus}, } @ARTICLE{Dorfleitner201756, author={Dorfleitner, G. and Rad, J. and Weber, M.}, title={Pricing in the online invoice trading market: First empirical evidence}, journal={Economics Letters}, year={2017}, volume={161}, pages={56-61}, doi={10.1016/j.econlet.2017.09.020}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85033575321&doi=10.1016%2fj.econlet.2017.09.020&partnerID=40&md5=bdb7593cfff3b2821f920d1458e84c2b}, affiliation={Department of Finance, University of Regensburg, Germany}, abstract={In recent years, online invoice trading has gained importance in providing SMEs with short-term financing. In this paper, we present first empirical evidence concerning the question whether the risk of payment difficulties is appropriately reflected in the pricing variables. To this end, we investigate predictors of default of online invoice trading platforms. We analyze both the probability of default and the loss rate and find that the interest rate, the duration and the percentage funded have good predictive power. Furthermore, we show that the pricing mechanism (auction vs. fixed prices) helps to explain defaults on online invoice trading platforms. © 2017 Elsevier B.V.}, author_keywords={Auction; Efficiency; Factoring; FinTech; Invoice trading; MarketInvoice; PD forecast}, references={Chen, J., Chen, X., Song, X., Comparison of the group-buying auction and the fixed pricing mechanism (2007) Decis. Support Syst., 43, pp. 445-459; Chen, N., Ghosh, A., Lambert, N.S., Auctions for social lending: A theoretical analysis (2014) Games Econom. Behav., 86, pp. 367-391; Dorfleitner, G., Priberny, C., Schuster, S., Stoiber, J., Weber, M., de Castro, I., Kammler, J., Description-text related soft information in peer-to-peer lending — Evidence from two leading European platforms (2016) J. Bank. Financ., 64, pp. 169-187; Duarte, J., Siegel, S., Young, L., Trust and credit: The role of appearance in peer-to-peer lending (2012) Rev. Financ. Stud., 25, pp. 2455-2484; Einav, L., Farronato, C., Levin, J., Sundaresan, N., Auctions versus posted prices in online markets (2017) J. Political Econ., , (forthcoming); Emekter, R., Tu, Y., Jirasakuldech, B., Lu, M., Evaluating credit risk and loan performance in online peer-to-peer (P2P) lending (2015) Appl. Econ., 47 (1), pp. 54-70; Franks, J., Serrano-Velarde, N., Sussman, O., (2016) Marketplace Lending, Information Aggregation, and Liquidity, SSRN Working Paper; Hammond, R.G., A structural model of competing sellers: Auctions and posted prices (2013) Eur. Econ. Rev., 60, pp. 52-68; Hornuf, L., Schwienbacher, A., Market mechanisms and funding dynamics in equity crowdfunding (2017) J. Corp. Financ., , (forthcoming); Huang, G., (2017) Multiunit Uniform-Price Open Auctions Vs. Posted Price: The Timing of Bids and Transaction Efficiency, SSRN Working Paper; Klapper, L., The role of factoring for financing small and medium enterprises (2006) J. Bank. Financ., 30, pp. 3111-3130; Lin, M., Prabhala, N.R., Viswanathan, S., Judging borrowers by the company they keep: Friendship networks and information asymmetry in online peer-to-peer lending (2013) Manag. Sci., 59 (1), pp. 17-35; (2016), MarketInvoice Limited. INVESTOR GUIDE: Frequently Asked Questions; (2017), https://learn.marketinvoice.com/article/how-do-you-calculate-the-weighted-average-annualised-yields/, MarketInvoice Limiteda. 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Sci., , Published online in Articles in Advance 07 Sep 2016; Zhang, B., Baeck, P., Ziegler, T., Bone, J., Garvey, K., (2016) Pushing Boundaries: The 2015 UK Alternative Finance Industry Report, , Cambridge Centre for Alternative Finance}, correspondence_address1={Weber, M.; Department of Finance, University of RegensburgGermany; email: martina.weber@ur.de}, publisher={Elsevier B.V.}, issn={01651765}, coden={ECLED}, language={English}, abbrev_source_title={Econ. Lett.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Ali201713, author={Ali, A.A. and El-Dessouky, I.A. and Abdallah, M.M. and Nabih, A.K.}, title={The quest for fully smart autonomous business networks in iot platforms}, journal={ACM International Conference Proceeding Series}, year={2017}, pages={13-18}, doi={10.1145/3178298.3178301}, note={cited By 0; Conference of 3rd Africa and Middle East Conference on Software Engineering, AMECSE 2017 ; Conference Date: 12 December 2017 Through 13 December 2017; Conference Code:138524}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85052645617&doi=10.1145%2f3178298.3178301&partnerID=40&md5=d64fa201f6b5175aec366b0d197b0f82}, affiliation={SECC-ITIDA,MCIT, Giza, Egypt}, abstract={The evolution of the business networks is fostering the demand for more connected devices to execute tangled and sophisticated business operations. This leverages complicated business networks space to include scalable network layers, more devices, and platforms relying on Internet of Things (IoT) solutions. Despite the fact that traditional IoT platforms usually target the technical side for IoT applications, they are not prepared enough to be easily integrated with pluggable and executable business logic or smart contracts. This makes it difficult to control a collection of shared business network resources in a standard and decentralized manner. With the rise of FinTech due to blockchain technology, it becomes possible to seamlessly engage business networks with financial digital assets. Consequently, combining IoT platforms with blockchain will drive new ways for better services consuming, transparency and products that depend on crowd-based economy[12]. In this paper, Sitechain is proposed as a new architecture to integrate IoT platforms with blockchain technology. The proposed architecture is not locked to specific IoT platforms but it can be extended to support different platforms in a standard, systematic and easy way. Sitechain is demonstrated by integrating Sitewhere and FIWAREIoT platforms with Hyperledger Fabric as a private blockchain network manager. Moreover a modeling language supported by Hyperledger composer is used to easily develop smart contracts and generate RESTful APIs, therefore any smart contract transaction events can bemapped into actions on remote devices.The system testing is performed using a large set of connected shared devices that are deployed as part of private business networks. The results are recorded in the conclusion section. © 2017.}, author_keywords={Blockchain; Consensus; Distributed ledger; Hyperledger; Internet of things; IoT platforms; Smartcontracts}, keywords={Blockchain; Modeling languages; Network architecture; Network layers; Software engineering; Space platforms, Consensus; Distributed ledger; Hyperledger; IoT platforms; Smartcontracts, Internet of things}, references={Mazhelis, O., Ainen, P.T., A framework for evaluating internet-of-things platforms: Application provider viewpoint (2014) 2014 IEEE World Forum on Internet of Things (WF-IoT); Kelaidonis, Dimitris, Virtualization and cognitive management of real world objects in the internet of things (2012) 2012 IEEE International Conference; Brunner, Andra, Trade finance disrupted: A blockchain use case (2017) Journal of Financial Transformation, 45, pp. 41-78; Buterin, V., (2014) A Next-generation Smart Contract and Decentralized Application Platform, , White paper; Bahga, A., Madisetti, V.K., Blockchain platform for industrial Internet of Things (2016) J. Softw. Eng. Appl, 9 (10), p. 533; Gervais, A., Karame, G.O., Wust, K., Glykantzis, V., Ritzdorf, H., Capkun, S., On the security and performance of proof of work blockchains (2016) Proceedings of the 2016 ACM SIGSAC Conference on Computer and Communications Security, pp. 3-16. , October. . ACM; Popov, S., (2016) The Tangle, , http://iotatoken.com/IOTA, Retrieved from; (2017) Hyperledger Composer, , https://hyperledger.github.io/composer/, Retrieved from; Castro M, L.B., Practical Byzantine fault tolerance and proactive recovery (2002) ACM Transactions on Computer Systems (TOCS), 20 (4), pp. 398-461. , Nov 1; Cachin, C., Schubert, S., Vukolic, M., (2016) Non-determinism in Byzantine Fault- Tolerant Replication, , arXiv preprint arXiv:1603.07351. Mar 23; https://docs.openstack.org/swift/latest/, Swift's documentation. Retrieved from; Nekaj, Ludvik, E., The crowd economy: From the crowd to businesses to public administrations and multinational companies (2017) Crowdfunding for Sustainable Entrepreneurship and Innovation, pp. 1-19. , IGI Global; Cachin, Christian, Architecture of the hyperledger blockchain fabric (2016) Workshop on Distributed Cryptocurrencies and Consensus Ledgers; Abowd, G.D., Dey, A.K., Brown, P.J., Davies, N., Smith, M., Steggles, P., Towards a better understanding of context and context awareness (1999) Proceedings of the 1st International Symposium on Handheld and Ubiquitous Computing, Ser. HUC '99, pp. 304-307. , London, UK: Springer-Verlag; Jara, A., Bocchi, Y., Genoud, D., Social internet of things: The potential of the internet of things for defining human behaviours (2014) Intelligent Networking and Collaborative Systems (INCoS), pp. 581-585. , 2014 International Conference on, Sept; Wust, K., Gervais, A., Do you need a blockchain? (2017) IACR Cryptology EPrint Archive, p. 375; http://www.ibm.com/internet-of-Things/iot-news/announcements/private-blockchain/, Explore Watson IoT with Blockchain. Retrieved from; Nakamoto, S., (2008) Bitcoin: A Peer-To-peer Electronic Cash System; https://github.com/aabdulwahed/Sitechain_paper_performanceAnalysis, Sitechain Performance Analysis. Retrieved from; http://hyperledger-cello.readthedocs.io/en/latest/, Hyperledger Cello. Retrieved from}, sponsors={Careem; IBM; Microsoft; Orange}, publisher={Association for Computing Machinery}, isbn={9781450355124}, language={English}, abbrev_source_title={ACM Int. Conf. Proc. Ser.}, document_type={Conference Paper}, source={Scopus}, } @BOOK{Alam20171, author={Alam, N. and Gupta, L. and Shanmugam, B.}, title={Islamic finance: A practical perspective}, journal={Islamic Finance: A Practical Perspective}, year={2017}, pages={1-481}, doi={10.1007/978-3-319-66559-7}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054614027&doi=10.1007%2f978-3-319-66559-7&partnerID=40&md5=5f2c77e1d2f8c6759d24c6feb3d2c244}, affiliation={University of Reading Malaysia, Johor Bahru, Malaysia; RM Applications, Kuala Lumpur, Malaysia; Federation University Malaysia, Petaling Jaya, Malaysia}, abstract={This book provides a comprehensive and practical guide to Islamic finance. It covers a broad range of important topics including Islamic banking, capital markets, Takaful, wealth management, Fintech in Islamic finance, compliance and governance issues. It begins by introducing Islamic banking, covering its objectives, principles and evolution, before moving on to discuss the religious foundations of Islamic finance. The prohibition of Riba and Gharar and Islamic contracts are explored, before Islamic deposits, and financing are discussed in practice. A comparative analysis is provided between Islamic banking products and services in a range of counties throughout the world. Information technology including fintech, payment and settlement networks, opportunities and challenges are also addressed. Corporate governance, Islamic capital markets, and Islamic insurance (Takaful) are all explored, before concluding with a chapter on wealth management and Islamic investment funds. It features case studies based on the authors' own experiences consulting with Islamic financial institutions. Ideal for those looking to improve their understanding of practical Islamic financing models, contracts, product structures and product features, this book will appeal to both students and practitioners in Islamic finance and banking, those based in Islamic financial institutions, and those based in conventional financial institutions who may be looking to enter the Islamic financial market. © The Editor(s) (if applicable) and The Author(s) 2017. All rights reserved.}, references={http://www.aibim.com.my/aibim/dsp_page.cfm?pageid=230; http://www.mymoneyskills.com/visa/my/en_US/banking_services/islamic.shtml; http://www.worldbank.org/fandd/english/0697/articles/0140697.htm; http://islam.about.com/library/weekly/aa022200a.htm; http://www.islamibankbd.com/page/ih_2.htm; Ali, M., Sarkar, A.A., Islamic banking: Principles and operational methodology (1995) July-December Thoughts on Economics, 5 (3-4). , Islamic Economics Research Bureau, Dhaka; Ali, A.M., The state and future of Islamic bank on the world economic scene (2002), September 30 Islamic Development Bank Staff Papers, Washington; Ariff, M., Islamic banking (1988) Asian-Pacific Economic Literature, 2 (2), pp. 46-62. , September; Lewis, M.K., Algaoud, L.M., Islamic banking (2001), Cheltenham, UK: Edward Elgar Publishing; van Schaik, D., Islamic banking (2001) The Arab Bank Review, 3 (1), pp. 45-52. , April; http://www.ipislam.edu.my/index.php/artikel/read/1316/ISLAMICFACTS-Refuting-the-Allegations-against-Islam-P1; http://srikandeh.blogspot.my/2009/05/preservation-of-holy-quran.html; http://www.onislam.net/english/syariah/contemporary-issues/islamicthemes/459269-objectives-of-syariah.html; http://www.onislam.net/english/syariah/syariah-and-humanity/syariah-andlife/457642-islamic-syariah-bringing-value-to-our-lives.html?Life; http://www.muslimphilosophy.com/ma/works/maqasid.pdf; http://www.onislam.net/english/syariah/contemporary-issues/islamicthemes/459269-objectives-of-syariah.html; http://www.muslimphilosophy.com/ma/works/maqasid.pdf; http://kulsanofersyedthajudeen.blogspot.com/2012/11/maqasid-al-syariahdefined.html; http://www.islam4theworld.net/eBooks/IslamicFact/1_4.htm; http://www.bloomberg.com/news/2013-10-29/islamic-finance-can-save-theworld.html; Al-Allaf, M., Islamic divine law (Syariah), the objectives (Maqasid) of the Islamic divine law or Maqasid theory ; World Islamic banking competitiveness report 2013 growing beyond DNA of successful transformation (2012), December Ernst & Young; Haron, S., Shanmugam, B., Islamic banking system: Concept & applications (2001), Petaling Jaya: Pelanduk Publications; Khan, I., Islamic finance: Relevance and growth in the modern financial age (2007) Founding ex-CEO, HSBC Amanah, , February London School of Economics; http://www.submission.org/islam/faq1.html; http://www.witness-pioneer.org/vil/Books/M_foi/ch3top12.html; http://www.jamaat.org/islam/sources.html; http://islamic-finance.net/research/riba-forum.html; Hannan, S.A., Usul al-Fiqh http://www.ymofmd.com/books/uaf/; Harun, Z., Principles of Islamic finance, investment and banking http://www.islamonline.com/cgi-bin/news_service/fatwah_story.asp?service:id=199, Wisdom behind prohibition of riba; http://www.gulfnews.com/Articles/news.asp?ArticleID=101049; http://www.bnm.gov.my/index.php?ch=174&pg=469&ac=387; http://www.ambg.com.my/is_concepts.asp; Bakar, M.D., Contracts in Islamic commercial and their application in modern Islamic financial system ; Billah, M.M., Modern financial transactions under Syariah ; Islamic Law of Contract http://islamic-finance.net/siber/lib2/law-2.html; Nyazee, I.A.K., Outlines of Islamic jurisprudence ; Sarker, M.A.A., Islamic business contracts, agency problem and the theory of the Islamic firm International Journal of Islamic Financial Services, 1 (2); Usmani, M.I.A., MEEZANBANK's guide to Islamic banking ; http://www.takaful-malaysia.com/page.php?file=./Internet/mudh/index.htm; http://www.islamic-banking.com/shariah/sr_mudarabah.php; http://www.basis.wisc.edu/live/rfc/cs_06b.pdf; http://www.ruf.rice.edu/~elgamal/files/mutualize.pdf; http://imf.org/external/pubs/ft/mfs/manual/pdf/mmfsap2.pdf; http://www.iiff.com/index.cfm?page=news_details&category=1&id=163&menuid=2; http://www.southernbank.com.my/content/publish_frameset/en/main_pfs_ib_20040924174849.html; http://www.maybank2u.com.my/business/other_services/islamic_banking/maybank/mudharabah_rates.shtml; http://www.rhbislamicbank.com.my/rates_savings.htmlhttp://www.hlib.com.my/; http://www.commerce-tijari.com.my/; http://www.muamalat.com.my/index.php?pg=consumer_deposits&ac=1; http://www.pbebank.com/en/en_content/personal/islamic/content.html; http://www.ambg.com.my/personal/rates/savingsacct.asp#SAV_Savings; http://www.affinbank.com.my/rates/ratesib.htm; http://www.bnm.gov.my/index.php?ch=116&pg=350&ac=1/www.bankinginfo.com.my/; www.eoncap-islamicbank.com.my; http://www.malaysianislamicfinance.com/monthly/mifsupplement/article5.html; Abod, S.G.S., Agil, S.O.S., Ghazali, A.H., An introduction to Islamic economics & finance (2005), Kuala Lumpur: CERT Publications Sdn Bhd; Agil, S.O.S., Ghazali, A.H., Readings in the concept and methodology of Islamic economics (2005), Kuala Lumpur: CERT Publications Sdn Bhd; Money and banking in Malaysia. 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Stanton, D., Islamic equity funds see rapid growth (2008), http://www.arabianbusiness.com/511518-islamic-equityfunds-see-rapid-growth, February 18; Online, S., Estates worth RM 60bil left unclaimed (2016), http://www.thestar.com.my/metro/community/2016/02/03/estates-worthrm60bil-left-unclaimed/#Os5sQPf49EBkYduQ.99; Online, S., Malaysia launches Islamic fund and wealth management blueprint (2017), http://www.thestar.com.my/business/businessnews/2017/01/12/malaysia-launches-islamic-fund-and-wealth-management-blueprint/#doo6jpQp4Z23gsT3.99); Salim, N., Wealth management (2006) Islamic Finance News, 3 (42). , November 24; Tapping global high net worth individuals KFH research (2008) Islamic Finance News, 5 (21). , May 30; Tayar, E.A., Islamic investment funds and their role in developing savings (2006) Islamic Finance News Guide 2006, pp. 70-71; Wilson, R., Islamic finance in Europe (2008) Islamic Finance News, 5 (10). , March 14; USD95 trillion of Muslims wealth remain outside the global Islamic financial industry (2016), https://www.zawya.com/story/US95_trillion_of_Muslims_Wealth_Remain_Outside_the_Global_Islamic_Financial_Industry-ZAWYA20160210072608/}, correspondence_address1={Alam, N.; University of Reading MalaysiaMalaysia}, publisher={Springer International Publishing}, isbn={9783319665597; 9783319665580}, language={English}, abbrev_source_title={Islam. Financ.: A Pract. Perspect.}, document_type={Book}, source={Scopus}, } @CONFERENCE{Mannaro20171, author={Mannaro, K. and Pinna, A. and Marchesi, M.}, title={Crypto-Trading: Blockchain-oriented energy market}, journal={2017 AEIT International Annual Conference: Infrastructures for Energy and ICT: Opportunities for Fostering Innovation, AEIT 2017}, year={2017}, volume={2017-January}, pages={1-5}, doi={10.23919/AEIT.2017.8240547}, note={cited By 12; Conference of 2017 AEIT International Annual Conference, AEIT 2017 ; Conference Date: 20 September 2017 Through 22 September 2017; Conference Code:134043}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85042692500&doi=10.23919%2fAEIT.2017.8240547&partnerID=40&md5=9a19a27c98e1238fbaf593c66f08c04a}, affiliation={Department of Electric and Electronic Engineering, DIEE University of Cagliari, Piazza d'Armi, Cagliari, Italy; Department of Mathematics and Computer Science, University of Cagliari, Via ospedale 72, Cagliari, Italy}, abstract={Bloekehain-software technology used for peer-To-peer transaction platforms-is being increasingly applied to alternative opportunities for a variety of industries and use cases such as also in the energy sector. As of now all energy related to blockchain applications are still in a concept stage. This paper aims to present the preliminary ideas of a research project that we have launched in collaboration with a small Fintech company: The Crypto-Trading project. From a research perspective we have explored how a blockchain-based system integrating smart contract functionality can be used to share energy in order to promote smart grids for the management of electricity in the Sardinia Region. From a technical perspective the project will implement a modular blockchain-based software platform for extending the features of cryptocurrency exchanges to the renewable Energy Market, including a robo-Advisor which will suggest prosumers the best selling strategy. Blockchain technology shows a lot of promise. In our opinion this might boost the growth of renewable energy production and consequently also have a positive effect on the regional economy. © 2017 AEIT.}, author_keywords={blockchain; Energy Market; renewable energy; smart contracts; Smart Grid}, keywords={Blockchain; Commerce; Electric power transmission networks; Energy policy; Power markets; Regional planning; Software engineering, Energy markets; Renewable energies; Renewable energy markets; Selling strategies; Smart contracts; Smart grid; Software platforms; Software technology, Smart power grids}, references={Nakamoto, S., (2009) Bitcoin: A Peer-To-Peer Electronic Cash System, , http://www.bitcoin.org/bitcoin.pdf; Ouaddah, A., Abou Elkalam, A., Ait Ouahman, A., FairAccess: A new Blockchain-based access control framework for the Internet of Things (2017) Security and Communication Networks, , http://dx.doi.org/10.1002/sec.1748SCN-16-0184; Mihaylov, M., Jurado, S., Van Moffaert, K., Avellana, N., Nowé, A., (2014) NRG-X-Change: A Novel Mechanism for Trading of Renewable Energy in Smart Grids. in Proc. of the 3rd International Conference on Smart Grids and Green IT Systems (SmartGreens, , Barcelona, Spain; Mihaylov, M., Jurado, S., Avellana, N., Van Moffaert, K., De Abril, I.M., Nowe, A., NRGcoin: Virtual currency for trading of renewable energy in smart grids (2014) European Energy Market (EEM) 2014 11th International Conference on the, pp. 1-6. , May IEEE; Johnson, L.P., Isam, A., Gogerty, N., Zitoli, J., (2015) Connecting the Blockchain to the Sun to Save the Planet, , https://ssrn.com/abstract=2702639; Tapscott, D., Tapscott, A., (2016) Blockchain Revolution: How the Technology behind Bitcoin Is Changing Money, Business and the World, , Penguin UK; Prisco, G., (2016) An Energy Blockchain for European Prosumers, , https://bitcoinmagazine.com/articles/an-energy-blockchain-for-european-prosumers-1462218142/, Bitcoinmagazine; Mengelkamp, E., Notheisen, B., Beer, C., Dauer, D., Weinhardt, C., A blockchain-based smart grid: Towards sustainable local Energy Markets (2017) Computer Science-Research and Development, pp. 1-8; Cocco, L., Pinna, A., Marchesi, M., Banking on Blockchain: Costs Savings Thanks to the Blockchain Technology (2017) Future Internet, 9 (3), p. 25; O'Dwyer, K.J., Malone, D., (2014) 25th IET Irish Signals & Systems Conference 2014 and 2014 China-Ireland International Conference on Information and Communications Technologies (ISSC 2014/CIICT; Seg, H.A., (2017) Wit Goes Live: Why Bitcoin's Big Upgrade Is A Blockchain Game-Changer, , https://www.coindesk.com/50-blocks-segwit-bitcoins-coming-upgrade-blockchain-game-changer/, Coindesk; Wright Craig, S., (2017) The Illusion of Scale in Segregated Witness, , https://ssrn.com/abstract=2993315, SSRN; Harald, V., Sustainability of bitcoin and blockchains (2017) Current Opinion in Environmental Sustainability, 28, pp. 1-9; Glaser, F., Bezzenberger, L., (2015) Beyond Cryptocurrencies-A Taxonomy of Decentralized Consensus Systems. In: European Conference on Information Systems (ECIS 2015), , Association for information systems (AIS), AIS electronic library; Goldfeder, S., Kalodner, H., Reisman, D., Narayanan, A., (2017) When the Cookie Meets the Blockchain: Privacy Risks of Web Payments Via Cryptocurrencies, , arXiv preprint arXiv:1708 04748; Aitzhan, N.Z., Svetinovic, D., Security and privacy in decentralized energy trading through multi-signatures, blockchain and anonymous messaging streams (2016) IEEE Transactions on Dependable and Secure Computing; Stocchi, M., Lunesu, I., Ibba, S., Baralla, G., Marchesi, M., (2016) The Future of Bitcoin: A Synchrosqueezing Wavelet Transform to Predict Search Engine Query Trends, , 2nd international workshop on Knowledge Discovering on the Web (KDWEB; Jiang, Z., Liang, J., (2016) Cryptocurrency Portfolio Management with Deep Reinforcement Learning, , arXiv preprint arXiv:1612 01277; Pinna, A., A Petri net-based model for investigating disposable addresses in Bitcoin system (2016) 2nd International Workshop on Knowledge Discovering on the Web (KDWEB); Moslehi, K., Kumar, R., A reliability perspective of the smart grid (2010) IEEE Transactions on Smart Grid, 1 (1), pp. 57-64; Rendina, R., Guarniere, M.R., Niccolai, R., Pazienza, G., Gualano, A., Malgarotti, S., Persico, A., The realization and commissioning of the500 kV 1000 MW HVDC link Sardinia island-Italian peninsula (SAPEI) (2012) CIGRE Paper B1-101, pp. 1-11; Christidis, K., Devetsikiotis, M., Blockchains and smart contracts for the internet of things (2016) IEEE Access, 4, pp. 2292-2303; Porru, S., Pinna, A., Marchesi, M., Tonelli, R., Blockchain-oriented software engineering: Challenges and new directions (2017) Proceedings of the 39th International Conference on Software Engineering Companion, pp. 169-171. , IEEE Press; Xu, X., Pautasso, C., Zhu, L., Gramoli, V., Ponomarev, A., Tran, A.B., Chen, S., The blockchain as a software connector (2016) Software Architecture (WICSA 2016 13th Working IEEE/IFIP Conference on, pp. 182-191. , IEEE; Nguyen, Q.K., Blockchain-A financial technology for future sustainable development (2016) Green Technology and Sustainable Development (GTSD), International Conference on, pp. 51-54. , IEEE}, sponsors={}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9788887237375}, language={English}, abbrev_source_title={AEIT Int. Annu. Conf.: Infrastructures Energy ICT: Oppor. Foster. Innov., AEIT}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Zalan2017415, author={Zalan, T. and Toufaily, E.}, title={The promise of fintech in emerging markets: Not as disruptive}, journal={Contemporary Economics}, year={2017}, volume={11}, number={4}, pages={415-430}, doi={10.5709/ce.1897-9254.253}, note={cited By 3}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85039929089&doi=10.5709%2fce.1897-9254.253&partnerID=40&md5=12aa24448cfb92989d5e0a5f1ad870ab}, affiliation={American University of Dubai, United Arab Emirates}, abstract={Fintech innovations-innovations by financial services providers based on digital technology-are widely believed to have a disruptive effect on the financial services industry. The purpose of the paper is to investigate how financial services industry participants perceive the effect of digital disruption as well as to explore what strategies are being adopted by incumbents in the face of potential disruption from fintech challengers. Based on an exploratory study with stakeholders from the financial ecosystem in the Middle East and North Africa (MENA), the findings show that the fintech sector is still nascent, but is likely to be disruptive in selected product and customer segments. Multiple regulatory, structural, and cultural obstacles stand in the way of fintech adoption. Incumbents’ preferred strategy to face the future disruption is the bank-fintech collaboration, which will create new value for ecosystem partners and speed up innovation. Our study adds useful insights to the body of knowledge related to disruptive innovations in general and fintech in emerging markets in particular. Specifically, the collaborative response is inconsistent with the strategies usually recommended for incumbents in disruptive innovation theory. We hypothesize that our participants’ preference for partnering can be explained in the light of the distinctive characteristics of the digital economy. We propose a framework for creating a financial services platform embedded in a broader ecosystem to facilitate the bank-fintech collaboration. © 2017, University of Finance and Management in Warsaw. All rights reserved.}, author_keywords={Banks; Disruptive innovation; Emerging markets; Financial services industry; Fintech}, funding_text 1={The authors are grateful to the School of Business Administration at the AUD for a research grant.}, references={Adner, R., Kapoor, R., Value creation in innovation ecosystems: How the structure of technological interdependence affects firm performance in new technology generations (2010) Strategic Management Journal, 31 (3), pp. 306-333; Adner, R., Kapoor, R., Right tech, wrong time: How to make sure your ecosystem is ready for the newest technology (2016) Harvard Business Review, pp. 60-67; Allison, T.H., Davis, B.C., Short, J.C., Webb, J.W., Crowdfunding in a prosocial microlending environment: Examining the role of intrinsic versus extrinsic cues (2015) Entrepreneurship Theory and Practice, 39 (1), pp. 53-73; Arner, D.W., Barberis, J.N., Buckley, R.P., (2015) The Evolution of Fintech: A New Post-Crisis Paradigm?, , (Research Paper No. 47). 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(2016) Digiworld Economic Journal, 103 (3), pp. 177-184; Teece, D., Profiting from technological innovation: Implications for integration, collaborations, licensing and public policy (1986) Research Policy, 15, pp. 285-306; Trieu, H.N., (2015) Will Google and Amazon Enter Financial Services?, , https://medium.com/@Huynguyentrieu/willgoogle-and-amazon-enter-financial-services-183a368bd703#.ttja0nc9p, December; Van Alstyne, M., Parker, G., Choudary, S.P., Pipelines, platforms, and the new rules of strategy (2016) Harvard Business Review, pp. 5-11. , April; (2015) Improving the Quality of Financial Intermediation in the Gulf Cooperation Council (GCC) Countries, , http://documents.worldbank.org/curated/en/665641467998781808/pdf/97222-WP-PUBLIC-Box391472B-GCC-Engagament-Note-Final.pdf, June; Zetzsche, D., Buckley, R., Arner, D., Barberis, J., From FinTech to TechFin: The regulatory challenges of data-driven finance (2017) New York University Journal of Law and Business, , Manuscript in preparation}, correspondence_address1={Zalan, T.; American University of DubaiUnited Arab Emirates; email: tzalan@aud.edu}, publisher={University of Finance and Management in Warsaw}, issn={20840845}, language={English}, abbrev_source_title={Contemp. Econ.}, document_type={Article}, source={Scopus}, } @ARTICLE{Soloviev2018377, author={Soloviev, V.I.}, title={Fintech ecosystem and landscape in Russia}, journal={Journal of Reviews on Global Economics}, year={2018}, volume={7}, number={Special Issue}, pages={377-390}, doi={10.6000/1929-7092.2018.07.32}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064006132&doi=10.6000%2f1929-7092.2018.07.32&partnerID=40&md5=c1a86d1194a9064948d1597aab7d1757}, affiliation={Department of Data Analysis, Decision Making, and Financial Technology, Financial University under the Government of the Russian Federation, Moscow, Russian Federation}, abstract={Fintech is today not only a hot mass media discussion of the future of the financial sector, but also real projects that change banking and financial services. The paper describes features and characteristics of contemporary Russian fintech landscape and ecosystem. The examples of innovative financial services in Russia, including online banking and accounting, new payments and transfers services, platforms for crowdfunding and peer-to-peer lending, blockchain initiatives, etc. are discussed. It is shown that fintech initiatives have not yet led to a radical transformation of the financial sector in Russia because participants of the fintech ecosystem have different points of view on fintech. Russian banks are now developing fintech initiatives within themselves, encouraging technology companies and fintech startups to focus their efforts on innovations that are aimed at improving processes, rather than opening new markets. The Government directs the main efforts to initiatives related to regulation of cryptocurrencies circulation and to introduction of blockchain in regtech and cybersecurity. Customers are interested in new and more convenient functionality in mobile applications, and they are waiting for new value propositions, including fast international money transfers, roboadvising, personal financial management, peer-to-peer lending. © 2018 Vladimir I. Soloviev.}, author_keywords={Digital banking; Fintech; Fintech business models; Fintech infrastructure; Fintech landscape}, references={(2018), https://ag.mos.ru/blockchain; Alekseevskikh, A., (2018) "Crowdfunding market has grown by 83%.", , https://iz.ru/724772/anastasiia-alekseevskikh/rynok-kraudfandinga-vyros-na-83, Izvestia, March 28 2018; (2018) Draft Federal Law of the Russian Federation "On Digital Financial Assets", , https://www.cbr.ru/Content/Document/File/36003/cfa_project.pdf, January 25 2018; (2018) Draft Federal Law of the Russian Federation "On Alternative Methods of Capital Raising (Crowdfunding)", , https://www.cbr.ru/analytics/standart_acts/others/20180125_02.pdf, January 25 2018; (2017) Sound Practices: Implications of Fintech Developments for Banks and Bank Supervisors: Consultative Document, , https://www.bis.org/bcbs/publ/d415.pdf; Diemers, D., Lamaa, A., Salamat, J., Steffens, T., (2015) Developing a FinTech ecosystem in the GCC, p. 16. , http://www.strategyand.pwc.com/media/file/Developinga-FinTech-ecosystem-in-the-GCC.pdf, Dubai: Strategy; (2017) Financial Stability Implications from FinTech, Supervisory and Regulatory Issues that Merit Authorities' Attention, , http://www.fsb.org/wp-content/uploads/R270617.pdf, June 27 2017; Gaidayev, V., (2018) "Intelligence could be artificial but brain should be human.", , https://www.kommersant.ru/doc/3580435, Commersant, March 28 2018; (2017) 2017 Fintech 100: Leading Global Fintech Innovators, , https://home.kpmg.com/content/dam/kpmg/it/pdf/2018/03/H2-Fintech-Innovators-2017.pdf; Lee, I., Shin, Y.S., "Fintech: Ecosystem, business models, investment decisions, and challenges." (2018) Business Horizons, 61 (1), pp. 35-46. , http://www.sciencedirect.com/science/article/pii/S0007681317301246; (2017), http://markswebb.ru/efinance/mobile-bankig-rank-2017/; Nielsen, J.F., "Internet technology and customer linking in Nordic banking." (2002) International Journal of Service Banking, 13 (2), pp. 475-496. , https://www.emeraldinsight.com/doi/abs/10.1108/09564230210447940; (2018), https://business.potok.digital/; (2018) The Map of the Russian Fintech Market, , https://rb.ru/fintech/; Saltykova, M., USA and Europe: Regtech instead of blockchain (2018) Why do banks invest in finteh, but avoid the blocking party, , https://rb.ru/analytics/banki-fintech-blockchain/, Rusbase, March 1 2018; Sathye, M., "Adoption of internet banking by Australian consumers: An empirical investigation." (1999) The International Journal of Bank Marketing, 17 (7), pp. 324-339. , https://www.emeraldinsight.com/doi/abs/10.1108/02652329910305689; (2018) Financial Technology Startup Highlights-Q1 2018, , https://www.venturescanner.com/financial-technology, 30 April 2018; (2018) Blockchain Technology Sector Overview-Q1 2018, , https://www.venturescanner.com/blockchain-technology, 22 April 2018; Walchek, S., (2015) "The unbundling of finance.", , https://techcrunch.com/2015/05/29/theunbundling-of-finance/, TechCrunch, May 29 2015; (2013) Crowdfunding's Potential for the Developing World, p. 103. , http://documents.worldbank.org/curated/en/409841468327411701/pdf/840000WP0Box380crowdfunding0study00.pdf, Washington, DC: World Bank}, correspondence_address1={Soloviev, V.I.49 Leningradsky Prospect, Russian Federation; email: vsoloviev@fa.ru}, publisher={Lifescience Global}, issn={19297092}, language={English}, abbrev_source_title={J. Rev. Glob. Econ.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Qi2018, author={Qi, W. and Huang, K.-W.}, title={Exploring the Fintech jobs-skills fit of financial and information technology professionals: Evidence from linkedIn}, journal={International Conference on Information Systems 2018, ICIS 2018}, year={2018}, note={cited By 0; Conference of 39th International Conference on Information Systems, ICIS 2018 ; Conference Date: 13 December 2018 Through 16 December 2018; Conference Code:145376}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062531049&partnerID=40&md5=b98b59f60f4f29c3c632b82760e08411}, affiliation={School of Computing, National University of Singapore, 15 Computing Drive, Singapore, 117418, Singapore}, abstract={Utilizing LinkedIn resumes of Singapore employees in 2016, this paper not only investigates what kind of work experiences and education training best fit FinTech job roles, but also examines the differences of FinTech job roles between FinTech startups and FinTech incumbent firms. The preliminary results suggest that professionals with financial job title or work experiences in finance industry are more likely to switch to a FinTech job. Meanwhile, the finance or computing major also has a positive effect on switching to a FinTech job. Further analysis shows that FinTech professionals in FinTech startups and FinTech incumbent firms exhibit significant different human capital characteristics, which indicates that startups put more attention to IT workers's leadership and prior startup experience while FinTech incumbent firms focus more on IT techniques and IT educational background when hiring employees. More interestingly, both of the FinTech startups and incumbent firms prefer hiring professionals with either specialized finance or computing background rather than those with both financial and computing backgrounds. Our findings are expected to have important implications for both researchers and practitioners. © International Conference on Information Systems 2018, ICIS 2018.All rights reserved.}, author_keywords={FinTech incumbent firm; FinTech job; FinTech startup; IT professional; LinkedIn}, keywords={Employment; Information systems; Information use; Personnel training; Social networking (online), Computing majors; Education training; Finance industries; FinTech incumbent firm; FinTech job; Information technology professionals; IT professional; LinkedIn, Finance}, references={Ahlers, G.K., Cumming, D., Günther, C., Schweizer, D., Signaling in equity crowdfunding (2015) Entrepreneurship Theory and Practice, 39 (4), pp. 955-980; Belleflamme, P., Lambert, T., Schwienbacher, A., Crowdfunding: Tapping the right crowd (2014) Journal of Business Venturing, 29 (5), pp. 585-609; Buchak, G., Matvos, G., Piskorski, T., Seru, A., Fintech, regulatory arbitrage, and the rise of shadow banks (2017) National Bureau of Economic Research; Dencker, J.C., Gruber, M., Shah, S.K., Individual and opportunity factors influencing job creation in new firms (2009) Academy of Management Journal, 52 (6), pp. 1125-1147; Downey, J.P., McMurtrey, M.E., Zeltmann, S.M., Mapping the MIS curriculum based on critical skills of new graduates: An empirical examination of IT professionals (2008) Journal of Information Systems Education, 19 (3), p. 351; Gallagher, K.P., Kaiser, K.M., Simon, J.C., Beath, C.M., Goles, T., The requisite variety of skills for IT professionals (2010) Communications of the ACM, 53 (6), pp. 144-148; Gallivan, M.J., Examining IT professionals' adaptation to technological change: The influence of gender and personal attributes (2004) ACM SIGMIS Database: The DATABASE for Advances in Information Systems, 35 (3), pp. 28-49; Ge, C., Huang, K.W., Png, I.P., Engineer/scientist careers: Patents, online profiles, and misclassification bias (2016) Strategic Management Journal, 37 (1), pp. 232-253; Gomber, P., Koch, J.-A., Siering, M., Digital Finance and FinTech: Current research and future research directions (2017) Journal of Business Economics, 87 (5), pp. 537-580; Huang, A.H., Lehavy, R., Zang, A.Y., Zheng, R., Analyst information discovery and interpretation roles: A topic modeling approach (2018) Management Science, 64 (6), pp. 2833-2855; Joseph, D., Ang, S., Slaughter, S.A., Turnover or turnaway? Competing risks analysis of Male and female IT professionals' job mobility and relative pay gap (2015) Information Systems Research, 26 (1), pp. 145-164; Joseph, D., Boh, W.F., Ang, S., Slaughter, S.A., The career paths less (or more) traveled: A sequence analysis of IT career histories, mobility patterns, and career success (2012) MIS Quarterly, 36 (2), pp. 427-452; Kosba, A., Miller, A., Shi, E., Wen, Z., Papamanthou, C., Hawk: The blockchain model of cryptography and privacy-preserving smart contracts (2016) Security and Privacy (SP), 2016 IEEE Symposium on: IEEE, pp. 839-858; Leitheiser, R.L., Mis Skills for the 1990s: A survey of MIS managers' perceptions (1992) Journal of Management Information Systems, 9 (1), pp. 69-91; Mackenzie, A., The Fintech revolution (2015) London Business School Review, 26 (3), pp. 50-53; McMurtrey, M.E., Downey, J.P., Zeltmann, S.M., Friedman, W.H., Critical skill sets of entry-level IT professionals: An empirical examination of perceptions from field personnel (2008) Journal of Information Technology Education: Research, 7, pp. 101-120; Philippon, T., Has the US finance industry become less efficient? On the theory and measurement of financial intermediation (2015) American Economic Review, 105 (4), pp. 1408-1438; Schueffel, P., Taming the beast: A scientific definition of Fintech (2016) Journal of Innovation Management, 4 (4), p. 32; Tambe, P., Big data investment, skills, and firm value (2014) Management Science, 60 (6), pp. 1452-1469; Todd, P.A., McKeen, J.D., Gallupe, R.B., The evolution of IS job skills: A content analysis of IS job advertisements from 1970 to 1990 (1995) MIS Quarterly, 19 (1), pp. 1-27; Wade, M.R., Parent, M., Relationships between job skills and performance: A study of webmasters (2002) Journal of Management Information Systems, 18 (3), pp. 71-96}, sponsors={Auburn University; et al.; Georgia State University, J. Mack Robinson College of Business; Oklahoma State University; Prospect Press; The University of Arizona}, publisher={Association for Information Systems}, isbn={9780996683173}, language={English}, abbrev_source_title={Int. Conf. Inf. Syst., ICIS}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Herrador-Alcaide2018187, author={Herrador-Alcaide, T.-C. and Hernández-Solís, M.}, title={Topics of disclosure on the websites: An empirical analysis for fintech companies}, journal={Springer Proceedings in Mathematics and Statistics}, year={2018}, volume={224}, pages={187-203}, doi={10.1007/978-3-319-74086-7_9}, note={cited By 1; Conference of 4th International Conference on Dynamics, Games and Science: Decision Models in a Complex Economy, DGS IV 2016 and 8th Berkeley Bioeconomy Conference: The Future of Biofuels, 2015 ; Conference Date: 14 June 2016 Through 17 June 2016; Conference Code:213279}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85046279399&doi=10.1007%2f978-3-319-74086-7_9&partnerID=40&md5=17b8120d35dee737fc796539348d0b98}, affiliation={UNED, Madrid, Spain}, abstract={This paper examines the disclosure of information provided by FinTech companies (FTC) on the website in order to identify the main topics disclosed. Furthermore, the study analyses if the type of service and the geographical area could have some effect on the level of disclosure. The diversity of issues disclosed on the Internet is categorized in items grouped in self-constructed indices in order to identify the structure of the financial and non-financial information reported and furthermore to quantify the volume of disclosure. The empirical study is based on the analysis of the information reported by companies included in two FinTech top-list. Thus, the sample includes 91 businesses from Europe, Asia and North America. The results of the indices indicate that the total volume of information provided on the website is less than the amount reported in other sectors and other type of businesses. The findings also suggest that there are not any effects due to the type of service or the geographical area, effects traditionally associated in the literature with a major or a minor level of disclosure. © 2018, Springer International Publishing AG, part of Springer Nature.}, author_keywords={Digital financial services; Disclosure indices; FinTech; FinTech disclosure; FinTech information; FinTech market}, keywords={Finance, Disclosure indices; Financial service; FinTech; FinTech disclosure; FinTech information, Websites}, references={Aksu, M., Kosedag, A., Transparency and disclosure scores and their determinants in the istanbul stock exchange (2006) Corp. Gov. Int. Rev., 14 (4), pp. 277-296; Ashbaugh, H., Johnstone, K.M., Warfield, T.D., Corporate reporting on the internet (1999) Account. Horiz., 13 (3), pp. 241-257; Barrett, M.E., The extent of disclosure in annual reports of large companies in seven countries (1977) Int. J. Account., 12 (2), pp. 1-25; Bonsón Ponte, E., Escobar Rodríguez, T., A survey on voluntary disclosure on the internet: Empirical evidence from 300 European union companies (2002) Int. J. Digit. Account. Res, 2 (1), pp. 27-51; Craven, B.M., Otsmani, B., Social and environmental reporting on the internet by leading UK companies (1999) 22nd Congress of the European Accounting Association, , France; Debreceny, R., Rahman, A., Firm-specific determinants of continuous corporate disclosures (2005) Int. J. Account., 40 (3), pp. 249-278; Depoers, F., A cost benefit study of voluntary disclosure: Some empirical evidence from French listed companies (2000) Eur. Account. Rev., 97 (2), pp. 245-263; Eng, L.L., Mak, Y.T., Corporate governance and voluntary disclosure (2003) J. Account. Public Policy, 22 (4), pp. 325-345; Firth, M., A study of the consensus of the perceived importance of disclosure of individual items in corporate annual reports (1978) Int. J. 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Res., 13 (49), pp. 11-20; Nikolaj Bukh, P., Nielsen, C., Gormsen, P., Mouritsen, J., Disclosure of information on intellectual capital in Danish IPO prospectuses (2005) Account. Audit. Account. J., 18 (6), pp. 713-732; Park, J.K., Lee, H.S., Kim, S.J., Park, J.P., A study on secure authentication system using integrated user authentication service (2015) Indian J. Sci. Technol., 8, pp. 1-6; Pérez, G.R., Factores explicativos de la revelación voluntaria de información sobre fuentes de ventaja competitiva empresarial (2004) Span. J. Financ. Account., (122), pp. 705-739; Pirchegger, B., Wagenhofer, A., Financial information on the Internet: A survey of the homepages of Austrian companies (1999) Eur. Account. Rev., 8 (2), pp. 383-395; Raffournier, B., The determinants of voluntary financial disclosure by Swiss listed companies: A reply (1997) Eur. Account. Rev., 6 (3), pp. 493-496; Schadewitz, H.J., Blevins, D.R., Voluntary interim disclosures, unexpected earnings, and spreads: International evidence (1997) Int. Adv. Econ. Res., 3 (3), pp. 327-327; Urquiza, F.B., Navarro, M.C.A., Trombetta, M., Disclosure index design: Does it make a difference? (2009) Revista De Contabilidad, 12 (2), pp. 253-277; Xiao, J.Z., Jones, M.J., Lymer, A., A conceptual framework for investigating the impact of the internet on corporate financial reporting (2005) Int. J. Digit. Account. Res., 5 (10), pp. 131-169}, correspondence_address1={Herrador-Alcaide, T.-C.; UNEDSpain; email: therrador@cee.uned.es}, editor={Pinto A.A., Zilberman D.}, sponsors={}, publisher={Springer New York LLC}, issn={21941009}, isbn={9783319740850}, language={English}, abbrev_source_title={Springer Proc. Math. Stat.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Lee201835, author={Lee, I. and Shin, Y.J.}, title={Fintech: Ecosystem, business models, investment decisions, and challenges}, journal={Business Horizons}, year={2018}, volume={61}, number={1}, pages={35-46}, doi={10.1016/j.bushor.2017.09.003}, note={cited By 12}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85030678021&doi=10.1016%2fj.bushor.2017.09.003&partnerID=40&md5=ff1d6747487cfc0a876e9d6f0e0b0650}, affiliation={School of Computer Sciences, Western Illinois University, Macomb, IL 61455-1390, United States; Hankyong National University, Anseong, 17579, South Korea}, abstract={Fintech brings about a new paradigm in which information technology is driving innovation in the financial industry. Fintech is touted as a game changing, disruptive innovation capable of shaking up traditional financial markets. This article introduces a historical view of fintech and discusses the ecosystem of the fintech sector. We then discuss various fintech business models and investment types. This article illustrates the use of real options for fintech investment decisions. Finally, technical and managerial challenges for both fintech startups and traditional financial institutions are discussed. © 2017 Kelley School of Business, Indiana University}, author_keywords={Business models; Disruptive innovation; Financial startups; Fintech; Online banking; Real options}, references={https://newsroom.accenture.com/news/global-FinTech-investment-growth-continues-in-2016-driven-by-europe-and-asia-accenture-study-finds.htm, Accenture. (2016a). Global FinTech investment growth continues in 2016 driven by Europe and Asia, Accenture study finds. Available at; https://www.accenture.com/us-en/insight-FinTech-evolving-landscape, Accenture. (2016b). FinTech and the evolving landscape. Available at; , 415 (8937), p. 11. , Ask the algorithm: Human wealth advisers are going out of fashion. (2015). The Economist; Black, F., Scholes, M., The pricing of options and corporate liabilities (1973) Journal of Political Economy, 81 (3), pp. 637-654; https://www.bnymellon.com/_global-assets/pdf/our-thinking/innovation-in-payments-the-future-is-FinTech.pdf, BNY Mellon. (2015). Innovation in payments: The future is FinTech. Available at; Consumer Financial Protection Bureau, http://www.consumerfinance.gov/about-us/newsroom/lendup-enforcement-action/, (2016, September 27). CFPB orders LendUp to pay $3.63 million for failing to deliver promised benefits. Available at; Copeland, T., Antikarov, V., Real options: A practitioner's guide (2003), Cengage Learning New York, NY; Cox, J., Ross, S., Rubinstein, M., Option pricing: A simplified approach (1979) Journal of Financial Economics, 7 (3), pp. 229-263; Diemers, D., Lamaa, A., Salamat, J., Steffens, T., (2015), http://www.strategyand.pwc.com/media/file/Developing-a-FinTech-ecosystem-in-the-GCC.pdf, Developing a FinTech ecosystem in the GCC. Strategy&. Available at; Drummer, D., Jerenz, A., Siebelt, P., Thaten, M., (2016), https://www.mckinsey.de/files/160525_FinTech_english.pdf, FinTech—Challenges and opportunities: How digitization is transforming the financial sector. McKinsey & Co. Available at; Hayashi, Y., (2016, March 2). CFPB fines FinTech firm Dwolla over data-security practices. The Wall Street Journal, p. C4; http://hollandFinTech.com/the-future-of-finance-the-socialization-of-finance/, Holland FinTech. (2015, March 20). The future of finance: The socialization of finance. Available at; International Trade Administration, http://trade.gov/topmarkets/pdf/Financial_Technology_Executive_Summary.pdf, (n.d.). 2016 top markets report: Financial technology. Available at; KPMG, https://home.kpmg.com/xx/en/home/insights/2015/12/ventures-kpmg-FinTech-fs.html, (2015, December 14). H2 Ventures KPMG FinTech 100: Announcing the world's leading FinTech innovators for 2015. Available at; Lee, I., Lee, K., The internet of things (IoT): Applications, investments, and challenges for enterprises (2015) Business Horizons, 58 (4), pp. 431-440; Li, P., Current and future years of e-commerce (2016) Encyclopedia of e-commerce development, implementation, and management, pp. 1031-1044. , I. Lee IGI Global Hershey, PA; Mollick, E., The dynamics of crowdfunding: An exploratory study (2014) Journal of Business Venturing, 29 (1), pp. 1-16; Nielsen, J.F., Internet technology and customer linking in Nordic banking (2002) Internal Journal of Service Banking, 13 (2), pp. 475-496; https://www.pwc.de/de/newsletter/finanzdienstleistung/assets/insurance-inside-ausgabe-4-maerz-2016.pdf, PwC. (2016, March). Blurred lines: How FinTech is shaping financial services. Available at; https://www.yahoo.com/news/singapore-electronic-payment-regulations-FinTech-drive-050555942–sector.html, Reuters. (2016, August 19). Singapore to update electronic payment regulations in FinTech drive. Yahoo News. Available at; Sanicola, L., http://www.cnbc.com/2016/05/25/will-FinTech-help-or-hurt-traditional-advisors.html, (2016, May 26). Will FinTech help or hurt traditional advisors? CNBC. Available at; Sathye, M., Adoption of internet banking by Australian consumers: An empirical investigation (1999) The International Journal of Bank Marketing, 17 (7), pp. 324-339; Smith, J., Nau, R., Valuing risky projects: Option pricing theory and decision analysis (1995) Management Science, 41 (5), pp. 795-816; , 415 (8937), p. 13. , The FinTech revolution: A wave of startups is changing finance—for the better. (2015). The Economist; Walchek, S., https://techcrunch.com/2015/05/29/the-unbundling-of-finance/, (2015, May 29). The unbundling of finance. TechCrunch. Available at; Williams-Grut, O., http://www.businessinsider.com/deloitte-report-marketplace-lending-not-significant-players-peer-to-peer-2016-5, (2016, May 23). Deloitte just trashed the hype around a $180 billion FinTech market. Business Insider. Available at; Yang, S., http://www.businessinsider.com/wall-street-invests-in-FinTech-startups-2015-3, (2015, March 20). Why Wall Street is pouring money into companies that want to eat its lunch. Business Insider. Available at; Zhu, R., Dholakia, U.M., Chen, X., Algesheimer, R., Does online community participation foster risky financial behavior? (2012) Journal of Marketing Research, 49 (3), pp. 394-407}, correspondence_address1={Shin, Y.J.; Hankyong National UniversitySouth Korea; email: yjshin@hknu.ac.kr}, publisher={Elsevier Ltd}, issn={00076813}, coden={BHORA}, language={English}, abbrev_source_title={Bus. Horiz.}, document_type={Article}, source={Scopus}, } @ARTICLE{Abdullah2018110, author={Abdullah, E.M.E. and Rahman, A.A. and Rahim, R.A.}, title={Adoption of financial technology (Fintech) in mutual fund/ unit trust investment among Malaysians: Unified Theory of Acceptance and Use of Technology (UTAUT)}, journal={International Journal of Engineering and Technology(UAE)}, year={2018}, volume={7}, number={2}, pages={110-118}, doi={10.14419/ijet.v7i2.29.13140}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85047787061&doi=10.14419%2fijet.v7i2.29.13140&partnerID=40&md5=95ceece90711bdbab7cdbc0bd882d76d}, affiliation={Faculty of Economics and Management, National University of Malaysia, Malaysia}, abstract={Disruptive innovation is related to financial technology and known as FinTech. It includes design, delivery, and provider of financial investment services such as payments, real estate, investment, insurance/ takaful, deposits, financing, banking, saving and capital market. This study is about Adoption of Financial Technology (FinTech) in mutual fund/ unit trust investment among Malaysians: Unified Theory of Acceptance and Use of Technology (UTAUT). The study aims to identify the level of financial technology consumption in mutual fund/ unit trust among investors in Malaysia. The objectives of this research are: 1) to determine the level of awareness on FinTech application in mutual fund/ unit trust investment; 2) to examine the adoption of FinTech in mutual fund/ unit trust investment. The objectives will explore on how FinTech changes the customers in terms of to what extent Malaysians have adopted FinTech so far. The research methodology in an adoption of FinTech service in mutual fund/ unit trust was conducted through questionnaires survey. This study assists participants in financial service management to take advantage of the opportunities offered by FinTech services. Developing the effective and systematic framework is a must for FinTech service especially in mutual fund/ unit trust investment. Implementation of FinTech will provide service improvement and transformation for investment management services in future. © 2018 Authors.}, author_keywords={Financial technology (FinTech); Mutual fund; Unified Theory of Acceptance and Use Technology (UTAUT); Unit trust}, references={Yuen, Y.Y., Yeow, H.P., Lim, N., Internet banking acceptance in the United State and Malaysia: Cross cultural examination (2015) Marketing Intelligence and Planning, 28 (3), pp. 443-448; Islam, J.U., Rahman, Z., Awareness and willingness toward Islamic banking among Muslims-An Indian perspective (2017) International Journal of Islamic and Middle Eastern Finance and Management, 10 (1), pp. 92-101; Abu, D., A questionnaire approach based on the technology acceptance model for mobile tracking on patient progress applications (2013) Journal of Computer Science, 9 (6), pp. 763-770; Baron, S., Patterson, A., Harris, K., Beyond technology acceptance: Understanding consumer practice (2006) International Journal of Service Industry Management, 17 (2), pp. 111-135; Williams, M.D.R.P.N., Dwidedi, Y.K., The unified theory of acceptance and use technology: A literature review (2015) Journal of Enterprise Information Managment, 28 (3), pp. 443-448; Venkatesh, V., Morris, M.G., Davis, G.B., Davis, F.D., User acceptance of information technology: towards a Unified views (2003) Management Information System Research Center, 27 (3), pp. 425-478; Abushanab, E., Pearson, J.M., Internet Banking in Jordan: The unified theory of acceptance and use technology perspective (2007) Journal of Syestem and Information Technology, 9 (1), pp. 78-79; Tarhini, A., El-Masri, M., Ali, M., Serrano, A., Extending the UTAUT model to understand the customer's acceptance and use of internet banking in Lebanon: A structual equation modeling approach (2016) Information Technology and People, 29 (4), pp. 830-849; Eriksson, K., Kerem, K., Nilsson, D., Customer acceptance of internet banking in Estonia (2005) International Journal of Bank Marketing, 23 (2), pp. 200-2016; Kim, S., Lee, K.H., Hwang, H., Yoo, S., Analysis of the factors influencing healthcare professionals' adoption of mobile electronic medical record (EMR) using the unified theory of acceptance and use of technology (UTAUT) in a tertiary hospital (2016) BMC medical informatics and decision making, 16, p. 12; Jamaludin, N., Edith, M.S., Gerrans, P., Mutual fund selection criteria: Evidence from Malaysia (2012) Asian Review of Accounting, 20 (2), pp. 140-151; Juwaheer, T.D., Pudaruth, S., Ramdin, P., Factors influencing the adoption of internet banking-A case study of commercial bank in Mauritius (2012) World Journal of Science, Technology and Sustainable Development, 9 (3), pp. 204-234; Kaur, I., Kaushik, K.P., Determinants of investment behaviour of investors towards mutual funds (2016) Journal of Indian Business Research, 8 (1), pp. 19-42}, correspondence_address1={Abdullah, E.M.E.; Faculty of Economics and Management, National University of MalaysiaMalaysia; email: engkumohamad@gmail.com}, publisher={Science Publishing Corporation Inc}, issn={2227524X}, language={English}, abbrev_source_title={Int. J. Eng. Technol.}, document_type={Article}, source={Scopus}, } @ARTICLE{Huei2018166, author={Huei, C.T. and Cheng, L.S. and Seong, L.C. and Khin, A.A. and Leh Bin, R.L.}, title={Preliminary study on consumer attitude towards fintech products and services in malaysia}, journal={International Journal of Engineering and Technology(UAE)}, year={2018}, volume={7}, number={2}, pages={166-169}, doi={10.14419/ijet.v7i2.29.13310}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85047785402&doi=10.14419%2fijet.v7i2.29.13310&partnerID=40&md5=abff2c308edab4498ce0414ef6c66349}, affiliation={Universiti Tunku Abdul Rahman, Kajang, Malaysia}, abstract={"FinTech" or a compound term of Financial Technology refers as a newly emerged industry that utilizes IT-centered technologies which aims to boost the efficiency of the financial ecosystem. Since its inception, FinTech has successfully established its presence in the global financial industry due to the benefits and advantages of the system. However, the research studies that highlight the importance of FinTech are scarce. Specifically, the consumers' attitude towards FinTech products in the context of Malaysia remain unexplored by most of the studies. This preliminary study proposed the extension of Technology Acceptance Model (TAM) as to identify the potential factors that influence consumers' intention to adopt FinTech products and services in Malaysia. This study reviewed five factors as independent variables, namely the usefulness, ease of use, competitive advantage, perceived risk, and perceived cost; in line with the mediating effect of attitude towards using FinTech products and intention to adopt FinTech products served as the dependent variable. This study attempts to create new knowledge geared towards behaviour to utilize FinTech products in Malaysia. © 2018 Authors.}, author_keywords={Consumers attitude; Financial services; FinTech; Technology; Technology Acceptance Model}, references={Al-Fahim, N.H., An Examination Factors Influencing The Intention To Adopt Internet Banking Among Smes In Yemen: Us-ing An Extension Of The Technology Acceptance Model (Tam) (2016) Journal Of Internet Banking And Commerce, 21, p. 1; Bagozzi, F.D.D.R.P., Warshaw, P.R., User Acceptance Of Computer Technology: A Comparison Of Two Theoretical Models (1989) Management Science, 35 (8); Chuang, L.-M., Liu, C.-C., Kao, H.-K., The adoption of fintech service: TAM perspective (2016) Int J Manag Adm Sci, 3, pp. 1-15; Cox, D.F., Rich, S.U., Perceived risk and consumer de-cision-making: The case of telephone shopping (1964) Journal of market-ing research, pp. 32-39; Kim, Y., Park, Y.-J., Choi, J., Yeon, J., An Empirical Study on the Adoption of "Fintech" Service: Focused on Mobile Payment Services (2015) Advanced Science and Technology Letters, 114 (26), pp. 136-140; Kleijnen, M., Wetzels, M., De Ruyter, K., Consumer ac-ceptance of wireless finance (2004) Journal of financial services market-ing, 8 (3), pp. 206-217; Krishanan, D., Khin, A.A., Teng, K.L.L., Attitude to-wards using mobile banking in Malaysia: a conceptual framework (2015) methods, 11, p. 12; Kuo, Y.-F., Yen, S.-N., Towards an understanding of the behavioral intention to use 3G mobile value-added services (2009) Com-puters in human behavior, 25 (1), pp. 103-110; Lee, M.-C., Factors influencing the adoption of internet banking: An integration of TAM and TPB with perceived risk and perceived benefit (2009) Electronic commerce research and applications, 8 (3), pp. 130-141; Lee, S., User Behavior of Mobile Enterprise Applications (2016) KSII Transactions on Internet & Information Systems, 10 (8); Lu, Y., Yang, S., Chau, P.Y., Cao, Y., Dynamics be-tween the trust transfer process and intention to use mobile payment services: A cross-environment perspective (2011) Information & Man-agement, 48 (8), pp. 393-403; Luarn, P., Lin, H.-H., Toward an understanding of the behavioral intention to use mobile banking (2005) Computers in human behavior, 21 (6), pp. 873-891; Martins, C., Oliveira, T., Popovic, A., Understanding the Internet banking adoption: A unified theory of acceptance and use of technology and perceived risk application (2014) International journal of information management, 34 (1), pp. 1-13; Muk, A., Chung, C., Applying the technology acceptance model in a two-country study of SMS advertising (2015) Journal of Busi-ness Research, 68 (1), pp. 1-6; Shih, Y.-Y., Fang, K., The use of a decomposed theory of planned behavior to study Internet banking in Taiwan (2004) Internet re-search, 14 (3), pp. 213-223; Singapore, F., (2017) Top 10 Fintech (Startups) in Malaysia, , http://fintechnews.sg/7899/malaysia/top-10-fintech-startups-malaysia/, Jan 13; (2017) Potential users for FinTech product in Malay-sia, , https://www.statista.com/outlook/295/122/fintech/malaysia#; Tan, M., Teo, T.S., Factors influencing the adoption of Internet banking (2000) Journal of the AIS, 1 (1), p. 5. , ES; Tarhini, A., Hassouna, M., Abbasi, M.S., Orozco, J., Towards the Acceptance of RSS to Support Learning: An empirical study to validate the Technology Acceptance Model in Lebanon (2015) Electronic Journal of e-Learning, 13 (1), pp. 30-41; Venkatesh, V., Davis, F.D., A theoretical extension of the technology acceptance model: Four longitudinal field studies (2000) MANAGEMENT SCIENCE, 46 (2), pp. 186-204; Wu, J.-H., Wang, S.-C., What drives mobile commerce?: An empirical evaluation of the revised technology acceptance mod-el (2005) Information & Management, 42 (5), pp. 719-729; Yiu, C.S., Grant, K., Edgar, D., Factors affecting the adoption of Internet Banking in Hong Kong-implications for the banking sector (2007) International journal of information management, 27 (5), pp. 336-351}, correspondence_address1={Cheng, L.S.; Universiti Tunku Abdul RahmanMalaysia; email: lowsc@utar.edu.my}, publisher={Science Publishing Corporation Inc}, issn={2227524X}, language={English}, abbrev_source_title={Int. J. Eng. Technol.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Roeder20181221, author={Roeder, J. and Cardona, D.R. and Palmer, M. and Werth, O. and Muntermann, J. and Breitner, M.H.}, title={Make or break: Business model determinants of FinTech venture success}, journal={MKWI 2018 - Multikonferenz Wirtschaftsinformatik}, year={2018}, volume={2018-March}, pages={1221-1232}, note={cited By 0; Conference of Multikonferenz Wirtschaftsinformatik, MKWI 2018 - Multiconference on Business Informatics, MKWI 2018 ; Conference Date: 6 March 2018 Through 9 March 2018; Conference Code:135376}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85048554505&partnerID=40&md5=26366d0e408c0633765338627b46b382}, affiliation={University of Goettingen, Department of Business Administration, Goettingen, Germany; Leibniz Universität Hannover, Information Systems Institute, Hannover, Germany}, abstract={In recent years, the phenomenon of rapidly proliferating FinTech companies along diverse segments of the financial services value chain has attracted considerable interest in academic research and practice. So far, various factors of FinTech venture success have been explored, but there is little empirical insight through the lens of business model theory. To close this gap, we build on a FinTech business model taxonomy and examine 221 FinTech companies in order to statistically infer crucial business model determinants responsible for FinTech venture success. Our findings show that the business model component "Product/Service Offering" is the most important determinant for the success of a FinTech venture. © 2018 Universitatsverlag Gottingen. All rights reserved.}, author_keywords={Business model; FinTech; Taxonomy; Venture success}, keywords={Academic research; Business modeling; Financial service; FinTech; Through the lens; Venture success, Taxonomies}, references={Eickhoff, M., Muntermann, J., Weinrich, T., What do FinTechs actually do? - A taxonomy of fintech business models 38th International Conference on Information Systems. 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Venturing, 1, pp. 119-128}, editor={Drews P., Funk B., Niemeyer P., Xie L.}, sponsors={DELL EMC; SENACOR; Volkswagen Financial Services; Werum Korber Solutions}, publisher={Leuphana Universitat Luneburg}, isbn={9783935786720}, language={English}, abbrev_source_title={MKWI - Multikonferenz Wirtschaftsinformatik}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Stewart2018109, author={Stewart, H. and Jürjens, J.}, title={Data security and consumer trust in FinTech innovation in Germany}, journal={Information and Computer Security}, year={2018}, volume={26}, number={1}, pages={109-128}, doi={10.1108/ICS-06-2017-0039}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85044286793&doi=10.1108%2fICS-06-2017-0039&partnerID=40&md5=da62a579efd83044ff630844c7d1ea9e}, affiliation={Information Technology, Univeril, Germany; Institute for Software Technology IST, Universität Koblenz-Landau, Koblenz, Germany; Fraunhofer-Institute for Software and Systems Engineering ISST, Dortmund, Germany}, abstract={Purpose: The purpose of this study is to empirically analyse the key factors that influence the adoption of financial technology innovation in the country Germany. The advancement of mobile devices and their usage have increased the uptake of financial technology (FinTech) innovation. Financial sectors and startups see FinTech as a gateway to increase business opportunities, but mobile applications and other technology platforms must be launched to explore such opportunities. Mobile application security threats have increased tremendously and have become a challenge for both users and FinTech innovators. In this paper, the authors empirically inspect the components that influence the expectations of both users and organizations to adopt FinTech, such as customer trust, data security, value added, user interface design and FinTech promotion. The empirical results definitely confirm that data security, customer trust and the user design interface affect the adoption of FinTech. Existing studies have used the Technology Acceptance Model (TAM) to address this issue. The outcomes of this study can be used to improve the performance of FinTech strategies and enable banks to achieve economies of scale for global intensity. Design/methodology/approach: In this paper, the authors empirically consider factors that influence the expectations of both users and organizations in adopting FinTech, such as customer trust, data security, value added, the user design interface and FinTech promotion. The results confirm that customer trust, data security and the user design interface affect the adoption of FinTech. This research proposes a model called “Intention to adopt FinTech in Germany,” constructs of which were developed based on the TAM and five additional components, as identified. The outcomes of this study can be used to improve the performance of FinTech strategies and enable banks to achieve economies of scale for global intensity. Findings: The authors demonstrated that the number of mobile users in Germany is rapidly increasing; yet the adoption of FinTech is extremely sluggish. It is intriguing to reckon that 99 per cent of respondents had mobile devices, but only 10 per cent recognized FinTech. Further, it is significantly discouraging to perceive that only 10 of the 209 respondents had ever used FinTech services, representing under 1 per cent of the surveyed respondents. It is obvious that the FinTech incubators and banks offering FinTech services need to persuade their customers regarding the usefulness and value added advantages of FinTech. This study has been carried out to determine the key factors that influence and provoke FinTech adoption. Research limitations/implications: There are a few limitations in this study. Initially, this study focuses on FinTech implementation in Germany and not the whole of Europe. In addition, demographic and regional factors could be consolidated to inspect their particular impact on the intention to use FinTech services, particularly among younger users with a high interest in technology. Without these constraints, the authors could have gathered additional data for a more robust result and obtained new knowledge to further upgrade polices to enhance the FinTech adoption process. Future analysts can assist exploration of this topic by altering determinants in the unified theory of acceptance and use of technology model. Additionally, because the cluster sampling technique was used, the reported outcomes are not 100 per cent generalized to the German population. To accomplish a complete generalization, a basic random sampling strategy for the whole population is essential. The authors could also alleviate some limitations by examining how online vendors are performing with regard to FinTech to satisfy the needs of customers via case studies. Practical implications: This study was conducted in Germany and might have produced different results if held in other countries, as technology acceptance is different in a different environment. For instance, the authors suspect that the results would be somewhat different, were the research to be conducted in the United Kingdom, where take-up of FinTech appears to be far greater than in Germany. Therefore, the authors’ results are only generalized for the country of Germany and not other geographical areas. Furthermore, respondents may have been influenced by past experiences about FinTech usage which might have led them to neglect to answer some questions. In spite of this, this study did not consider the influence of moderating variables such as age, education and FinTech services experience. The authors also neglected social impact and control factors, as their corresponding items disregarded the instrument dependability. Accordingly, the authors could not quantify social impact and control factors on FinTech use. Social implications: The outcomes of this study can be used to improve the performance of FinTech strategies and enable banks to accomplish economies of scale for global intensity. The authors do hope that this paper will serve to encourage FinTech innovators in their approach to FinTech and enable FinTech researchers to use past work with more prominent certainty, resulting in rigid hypothesis improvement in the future. Originality/value: A considerable amount of revenue has been invested in the information technology (IT) infrastructure of banks to enhance their performance, but investment in IT remains a substantial risk regarding the return on investment (Carlson, 2015). Most banks and financial organizations around the globe are engaging in an extreme pressure from their customers and competitors to enhance IT. © 2018, Emerald Publishing Limited.}, author_keywords={Cyber security; Data security; FinTech; Information security; Mobile banking}, keywords={Customer satisfaction; Economics; Finance; Investments; Mobile computing; Mobile devices; Mobile security; Mobile telecommunication systems; Sales; Security of data; User interfaces, Cyber security; Design/methodology/approach; FinTech; Information technology infrastructure; Mobile application securities; Mobile bankings; Technology acceptance model; Unified theory of acceptance and use of technology, Economic and social effects}, references={Ajzen, I., The theory of planned behavior: organizational behavior and human decision processes (1991) Organizational Behavior and Human Decision Processes, 50 (2), pp. 179-211; Ajzen, I., Fishbein, M., (1980) Understanding Attitudes and Predicting Social Behavior, , Prentice Hall, Englewood Cliffs, NJ; Allen, M.J., Yen, W.M., (2002) Introduction to Measurement Theory, , Waveland Press, Long Grove, IL; Amoroso, D.L., Hunsinger, D.S., Understanding consumers’ acceptance of online purchasing (2009) Journal of Information Technology Management, 10 (1), pp. 15-41; Anderson, J.C., Gerbing, D.C., Structural equation modeling in practice: a review and recommended two-step approach (1988) Psychological Bulletin, 103 (3), pp. 411-423; Ashley, P., Boyd, P., Quantitative and qualitative approaches to research in environmental management (2006) Australasian Journal of Environmental Management, 13 (2), pp. 70-78; Berger, J.R., Sasse, M.A., (2001) Trustbuilders and trustbusters: the role of trust cues in interface to e-commerce applications, , www.cs.ucl.ac.uk/staff/J.Riegelsberger/trustbuilders_and_trustbusters.htm, (accessed: 17 August 2016; Bland, J.M., Altman, D.G., Statistics notes: Cronbach’s alpha (1997) BMJ, 314 (7080). , http://dx.doi.org/10.1136/bmj.314.7080.572; Burns, N., Grove, S.K., (2001) The Practice of Nursing Research: Conduct, Critique, and Utilization, , Saunders, Philadelphia, PA; Carlson, J.W., (2015) Testimony on behalf of the Fin. 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(2004) Journal of Financial Services Marketing, 9 (1), pp. 49-56; Whitman, M., Mattord, H., (2009) Principles of Information Security, , ed., 3rd, Course Technology, Boston, MA; Yang, K.C., Exploring factors affecting the adoption of mobile commerce in Singapore (2005) Telematics and Informatics, 22 (3), pp. 257-277; Yao, J.E., Lu, J., Yu, C.S., Liu, C., Technology acceptance model for wireless internet (2003) Internet Research, 13 (3), pp. 206-222; Yeniman, Y., Ebru, G., Aytac, S., Bayram, N., Factors influencing information security management in small-and medium-sized enterprises: a case study from Turkey (2011) International Journal of Information Management, 31 (4), pp. 360-365; Yousafzai, S.Y., Pallister, J.G., Foxall, G.R., Strategies for building and communicating trust in electronic banking: a field experiment (2005) Psychology and Marketing, 22 (2), pp. 181-201; Zhang, Y., Lee, W., Huang, Y.A., Intrusion detection techniques for mobile wireless networks (2003) Wireless Networks, 9, pp. 545-556}, correspondence_address1={Stewart, H.; Information TechnologyGermany; email: stewart@harrisonstewart.net}, publisher={Emerald Group Publishing Ltd.}, issn={20564961}, language={English}, abbrev_source_title={Inf. Comput. Security}, document_type={Article}, source={Scopus}, } @CONFERENCE{Kartawijaya20183318, author={Kartawijaya, R. and Hamsal, M.}, title={FinTech as innovative technology in banking services process}, journal={Proceedings of the International Conference on Industrial Engineering and Operations Management}, year={2018}, volume={2018-March}, pages={3318-3318}, note={cited By 0; Conference of 8th International Conference on Industrial Engineering and Operations Management, IEOM 2018 ; Conference Date: 6 March 2018 Through 8 March 2018; Conference Code:138293}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85051555627&partnerID=40&md5=0497d3b05ffb9ac84b098a4f3138667e}, affiliation={Binus University, Jakarta, Indonesia}, abstract={A phenomenon of FinTech has been in Indonesia since early of 1990s, but in the last 3 years, has grown up tremendously, but the players are different. There are 142 start-up companies work in FinTech sectors and very few of them has acknowledgement from Central Bank of Indonesia, as well as from Indonesia Financial Services Authority (OJK). Most of the work in "payment system" sector, very few are working on "lending, deposit and capital raising" sector. This paper will discuss about the phenomena and study the business model of "start-up company" to work on "lending, deposit and capital raising". Many articles discuss about FinTech and business model has been widely spread, however, no articles discuss on business model of FinTech Start-up companies in Indonesia. FinTech phenomena has been widely accepted by Indonesian, and users comes from all generation. But the risk created by FinTech considers as medium to high rank, which make Indonesia Financial Services Authority (OJK) issued regulation number 77/POJK.01/2016 on Information Technology-Based Lending Services (LPMUBTI). Primary data will come from major Entrepreneur FinTech start-ups and users. © IEOM Society International.}, author_keywords={Bank Indonesia (Central Bank); Business model; FinTech; OJK; Start-up companies}, correspondence_address1={Kartawijaya, R.; Binus UniversityIndonesia}, sponsors={Eaton; INFORMS (Institute for Operations Research and Management Sciences); Siemens}, publisher={IEOM Society}, issn={21698767}, isbn={9781532359446}, language={English}, abbrev_source_title={Proc. Int. Conf. Ind. Eng. Oper. Manage.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Ng2018, author={Ng, E. and Muthukannan, P. and Tan, B. and Leong, C.}, title={Fintech Platform Development: A Revelatory Case Study of a Chinese Microloan Startup}, journal={ICIS 2017: Transforming Society with Digital Innovation}, year={2018}, note={cited By 0; Conference of 38th International Conference on Information Systems: Transforming Society with Digital Innovation, ICIS 2017 ; Conference Date: 10 December 2017 Through 13 December 2017; Conference Code:133354}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85041729299&partnerID=40&md5=0ff653fc0ae9a4ad0871daad6138b834}, affiliation={University of Sydney, University of Sydney, Rm 4069 H70 Abercrombie BuildingNSW 2006, Australia; University of Sydney, University of Sydney, Rm 4069 H70 Abercrombie BuildingNSW 2006, Australia; University of Sydney, University of Sydney, Rm 4074 H70 Abercrombie BuildingNSW 2006, Australia; University of New South Wales, University of New South Wales, Rm 2109 Quadrangle BuildingNSW 2052, Australia}, abstract={Financial Technology (Fintech) is effecting a revolution in the global financial market, pushing industry incumbents to collaborate and integrate with the Fintech startups to provide more efficient solutions and improve customer experience. Most of the Fintech firms tend to be platform-based businesses, but yet, the process of Fintech Platform Development has not been studied to a significant degree. Toward tackling this knowledge gap, this research-in-progress paper presents an ongoing case study that is investigating the development of a Fintech platform that provides instalment-based retail services and microloans to students and youths in China. From our findings to date, a preliminary process model is presented that suggests that the process of Fintech Platform Development can traverse across three sequential stages: Value Definition, Stakeholder Empowerment and Co-Evolution. Each of the stages are marked by the employment of various platform development strategies, which in turn, leads to a number of distinct platform configurations.}, author_keywords={Case study; Fintech; Platform development; Tech startup}, keywords={Co-evolution; Customer experience; Fintech; Knowledge gaps; Platform development; Process Modeling; Retail services}, references={Adler, P.S., Kwon, S.-W., Social capital: Prospects of a new concept (2002) Academy of Management Review, 27 (1), pp. 17-40; Arner, D.W., Barberis, J., Buckley, R.P., The evolution of fintech: A new post-crisis paradigm? 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Soc. Digit. Innov.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Sybirianska201883, author={Sybirianska, Y. and Dyba, M. and Britchenko, I. and Ivashchenko, A. and Vasylyshen, Y. and Polishchuk, Y.}, title={Fintech platforms in sme’s financing: eu experience and ways of their application in Ukraine}, journal={Investment Management and Financial Innovations}, year={2018}, volume={15}, number={3}, pages={83-96}, doi={10.21511/imfi.15(3).2018.07}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054105129&doi=10.21511%2fimfi.15%283%29.2018.07&partnerID=40&md5=c5b70c58621bd4136edea622040adac0}, affiliation={Kyiv National Economic University named after, Vadym Hetman, Ukraine; State Higher Vocational School Memorial of Prof. Stanislaw, Tarnowski, Poland}, abstract={The main aim of the given research is to develop an appropriate approach for creation of information FinTech platform with the EU standards compliance mainly for SMEs in order to support innovativeness of SMEs, improve their access to finance and simplify different financial processes. The authors defined the main features of FinTech platforms underlining types of FinTech, its participants and the most influential factors. The main trends of FinTech platforms development in the EU countries, such as the level of investment, impact of EU FinTech platforms on the global scale, features of investments into B2B FinTech, were determined. It was considered that in Ukraine, some positive changes in legislation were adopted, but the challenges like lack of finance, slow adoption of innovations in the financial market, not sufficient clarity of legislation remain among the main constraints for further development of FinTech platforms in Ukraine. The conducted analysis on the level of FinTech types performance by Ukrainian platforms showed only the great share of digital payments and money transfers, while other modern innovative FinTech instruments should not be underestimated for proper FinTech application in Ukraine. For this purpose, the authors have developed the Information Platform on Support for SMEs’ Innovations that consolidates interests of both SMEs and scientists. To determine both the SMEs’ opinion about the necessity of a particular Internet platform for them and the types of services that could be provided by the sme-sci.com platform, the authors conducted a survey in which 374 medium-sized and 380 small businesses took part. The results of the survey that are presented in the article confirm the necessity of the Information Platform on Support for SMEs’ Innovations and demand for it from the SMEs. Finally, the result of the research proves that such a unique informational platform as sme-sci. com that will serve as an interactive field for exchanging ideas and information of both representatives of scientific and business world is of great importance. © Alla Ivashchenko, Igor Britchenko, Mykhailo Dyba, Yevheniia Polishchuk, Yuliia Sybirianska, Yurii Vasylyshen, 2018}, author_keywords={Crowdfunding; Equity funding; FinTech platforms; Information platforms; New technologies; P2P lending}, funding_details={Ministry of Education and Science of UkraineMinistry of Education and Science of Ukraine}, funding_text 1={As a result of implementation of the young scholars’ research project “The new paradigm of financial support of innovations in small and medium enterprises” (it is funded by the Ministry of Science of Ukraine), the Information Platform on Support for SME Innovation (sme-sci.com) was developed. This platform is aimed at consolidating the interests of both SMEs and scientists and fostering their activity to meet the needs of consumers. Here scientists can offer their projects for SMEs, and SMEs can make their orders from scientists.}, references={Antoniuk, L., Barriers and opportunities for hi-tech innovative small and medium enterprises development in the 4th industrial revolution era (2017) Problems and Perspectives in Management, 15 (4), pp. 100-113. , https://doi.org/10.21511/ppm.15(4).2017.09; Arner, D.W., Barberis, J.N., Buckley, R.P., (2015) The Evolution of Fintech: A New Post-Crisis Paradigm?, , http://dx.doi.org/10.2139/ssrn.2676553, University of Hong Kong Faculty of Law Research Paper, 2015/047; UNSW Law Research Paper 2016-62; Arner, D.W., Barberis, J.N., Buckley, R.P., Regtech and the reconceptualization of financial regulation (2016) Northwestern Journal of International Law & Business, , https://ssrn.com/abstract=2847806, Forthcoming; University of Hong Kong Faculty of Law Research Paper 2016/035); Caytas, J., Developing blockchain real-time clearing and settlement in the EU, U.S., and Globally (2016) Columbia Journal of European Law: Preliminary Reference, , https://ssrn.com/abstract=2807675, June 22, 2016); (2018) Crowdfunding for SMEs, , www.smedevelopment.info/searchfinance/3/, Retrieved from; Dhar, V., Stein, R., (2016) FinTech Platforms and Strategy, pp. 5183-5216. , http://dx.doi.org/10.2139/ssrn.2892098, MIT Sloan Research Paper; He, D., (2017) Fintech and Financial Services: Initial Considerations; Dorfleitner, G., Hornuf, L., Schmitt, M., Weber, M., (2016) The Fintech Market in Germany, , http://dx.doi.org/10.2139/ssrn.2885931, Springer International Publishing; (2017) EY FinTech Adoption Index (Report), , http://www.ey.com/Publication/vwLUAs-sets/ey-fintech-adoption-index-2017/$FILE/ey-fintech-adoption-index-2017.pdf, Ernst and Young; (2018) FinTech Action Plan: For A More Competitive and Innovative European Financial Sector (Report), , https://ec.europa.eu/info/publications/180308-action-plan-fintech_en, European Commission; Fenwick, M., McCahery, J., Vermeulen, E., Fintech and the financing of entrepreneurs: From crowdfunding to marketplace lending (2017) Lex Research Topics in Corporate Law & Economics Working, , http://dx.doi.org/10.2139/ssrn.2967891, TILEC Discussion Paper 2017-25; ECGI – Law Working Paper 369/2017; Paper 2017-3; (2018) FinTech Action Plan: For A More Competitive and Innovative European Financial Sector, , http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52018DC0109, Retrieved from; (2017) State of European FinTech: Current Trends & Prediction, , https://www.slideshare.net/innovatefinance/state-of-european-fintech-current-trends-prediction-2017, FinTech Growth Forum; Haddad, C., Hornuf, L., (2016) The Emergence of The Global Fintech Market: Economic and Technological Determinants, , https://ssrn.com/abstract=2830124, CESifo Working Paper Series 6131). Retrieved from SSRN: or http://dx.doi. org/10.2139/ssrn.2830124; Information Platform on Support for SME Innovation, , https://sme-sci.com/; Ivaschenko, A., Sybirianska, Y., Polischuk, Y., Information and communication platform as a complex approach for solving information asymmetry problems (2017) 13th International Conference “ICT in Education, Research, and Industrial Applications: Integration, Harmonization, and Knowledge Transfer, pp. 111-126. , http://ceurws.org/Vol-1844/10000111.pdf, ICTERI 2017 ; Jaksic, M., Marinc, M., The future of banking: The role of information technology (2015) Bancni Vestnik: BANKING SECTOR AT THE CROSSROADS: CHALLENGES FOR THE FUTURE, , https://ssrn.com/abstract=2656388, Forthcoming; (2017) Dynamics of Internet Usage in Ukraine, , http://www.kiis.com.ua/?lang=eng&cat=reports&id=705&page=1, Kiev International Institute of Sociology; Mills, K., McCarthy, B., (2016) The State of Small Business Lending: Innovation and Technology and The Implications for Regulation, pp. 17-042. , http://dx.doi.org/10.2139/ssrn.2877201, Harvard Business School Entrepreneurial Management Working Paper, 17-042; Harvard Business School General Management Unit Working Paper; (2018) Enhancing SME Access to Diversified Financing Instruments, , https://www.oecd.org/cfe/smes/ministerial/documents/2018-SME-Ministerial-Conference-Plenary-Session-2.pdf, OECD Discussion paper); (2017) Global State of FinTech (Report), , https://www.pwc.com/jg/en/publications/pwc-global-fintech-report-17.3.17-final.pdf; (2017) The State of FinTech (Report), , https://www.pwc.com/sg/en/publications/assets/fintech-startupbootcamp-state-of-fintech-2017.pdf; Bank, S.V., (2015) Investment Trends in FinTech (FinTech Report 2015), , https://www.svb.com/News/Company-News/2015-Fintech-Report--Investment-Trends-in-Fintech/, Retrieved from; Sloboda, L., Dunas, N., Limański, A., Contemporary challenges and risks of retail banking development in Ukraine (2018) Banks and Bank Systems, 13 (1), pp. 88-97. , https://doi.org/10.21511/bbs.13(1).2018.09; (2018) Overview of The Fintech Sector in The Greater Stockholm Region (Stockholm Fintech Report), , https://www.hhs.se/contentassets/88eee8ea2b664a58bc652cb84aadded3/stockholmfin-techreport2018v2.3.pdf, Stockholm School of Economics; (2018) FINTECH IN Ukraine: Trends, Market Overview and Catalogue, , http://data.unit.city/fintech/fgt34ko67mok/fin-tech_in_Ukraine_2018_en.pdf; (2015) The Future of FinTech A Paradigm Shift in Small Business Finance (Report), , http://www3.weforum.org/docs/IP/2015/FS/GAC15_The_Fu-ture_of_FinTech_Paradigm_Shift_Small_Business_Finance_re-port_2015.pdf, World Economic Forum}, publisher={LLC CPC Business Perspectives}, issn={18104967}, language={English}, abbrev_source_title={Investm. Manange. Financ. Innov.}, document_type={Article}, source={Scopus}, } @ARTICLE{La20181545, author={La, H.J. and Kim, S.D.}, title={A machine learning framework for adaptive FinTech security provisioning}, journal={Journal of Internet Technology}, year={2018}, volume={19}, number={5}, pages={1545-1553}, doi={10.3966/160792642018091905026}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054994307&doi=10.3966%2f160792642018091905026&partnerID=40&md5=48186810e9c25411758340cff9c21157}, affiliation={Workday, Inc., Pleasonton, United States; School of Software, Soongsil University, South Korea}, abstract={FinTech services bring an elevated level of security concerns due to the non-conventional characteristics such as diverse and evolving transaction models. Hence, conventional financial security provisioning approaches have limited applicability, rather, it requires more effective, intelligent, and reactive anomaly management for FinTech transactions. We present a comprehensive framework for managing FinTech transactions which utilizes machine learning-based intelligence in deriving anomaly detection models and adaptive FinTech security provision. And, we define a formal model of the anomaly management, and present a software framework implementing the model. © 2018 Taiwan Academic Network Management Committee. All Rights Reserved.}, author_keywords={Adaptive security; FinTech; Machine learning; Transaction anomaly}, keywords={Artificial intelligence; Computer programming, Adaptive security; Anomaly detection models; Financial security; FinTech; Security Provisioning; Software frameworks; Transaction anomaly; Transaction model, Learning systems}, funding_details={National Research Foundation of KoreaNational Research Foundation of Korea}, funding_details={National Research Foundation of KoreaNational Research Foundation of Korea}, funding_text 1={This work was supported by the National Research Foundation of Korea(NRF) grant funded by the Korea}, references={Schueffel, P., Taming the best: A scientific definition of fintech (2016) Journal of Innovation Management, 4 (4), pp. 32-54. , October; Adaballah, A., Maarof, M.A., Zainal, A., Fraud detection system: A survey (2016) Journal of Network and Computer Applications, 68, pp. 90-113. , June; Ahmed, M., Mahmood, A.N., Islam, M.R., A survey of anomaly detection techniques in financial domain (2016) Future Generation Computer Systems, 55, pp. 278-288. , February; Khac, N.A.L., Kechadi, M.-T., Application of data mining for anti-money laundering detection: A case study (2010) 2010 IEEE International Conference on Data Mining Workshops, pp. 577-584. , Sydney, Australia; Chang, W.-H., Chang, J.-S., Using clustering techniques to analyze fraudulent behavior changes in online auctions (2010) 2010 International Conference on Networking and Information Technology, pp. 34-38. , Manila, Philippines; Glancy, F.H., Yadav, S.B., A computation model for financial reporting fraud detection (2011) Decision Support System, 50 (3), pp. 595-601. , February; Torgo, L., Lopes, E., Utility-based fraud detection (2011) 22th International Joint Conference on Artificial Intelligence, pp. 1517-1522. , Barcelona, Spain; West, J., Bhattacharya, M., Intelligent financial fraud detection: A comprehensive review (2016) Computers & Security, 57, pp. 47-66. , March; Bhattacharyya, S., Jha, S., Tharakunnel, K., Westland, J.C., Data mining for credit card fraud: A comparative study (2011) Decision Support Systems, 50 (3), pp. 602-613. , February; Chang, J.-S., Chang, W.-H., A cost-effective method for early fraud detection in online auctions (2012) 10th International Conference on ICT and Knowledge Engineering, pp. 182-188. , Bangkok, Thailand; Behera, T.K., Panigrahi, S., Credit card fraud detection: A hybrid approach using fuzzy clustering and neural network (2015) 2nd International Conference on Advances in Computing and Communication Engineering, pp. 494-499. , Dehradun, India; Sahin, Y., Duman, E., Detecting credit card fraud by ann and logistic regression (2011) 2011 International Symposium on Innovations in Intelligent Systems and Applications, pp. 315-319. , Istanbul, Turkey; Yaram, S., Machine learning algorithms for document clustering and fraud detection (2016) IEEE 2016 International Conference on Data Science and Engineering, pp. 1-6. , Kochin, India; Friend, S.O., Cooper, R., Finlay, H., Standard deviation: The new standard for out-of-pattern transaction analysis (2009) ACAMS Today, 8 (1). , January/February; Chandola, V., Banerjee, A., Kumar, V., Anomaly detection: A survey (2009) ACM Computing Surveys, 41 (3). , July; Hodge, V.J., Austin, J., A survey of outlier detection methodologies (2004) Artificial Intelligence Review, 22 (2), pp. 85-126. , October}, correspondence_address1={Kim, S.D.; School of Software, Soongsil UniversitySouth Korea; email: sdkim777@gmail.com}, publisher={Taiwan Academic Network Management Committee}, issn={16079264}, language={English}, abbrev_source_title={J. Internet Technol.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Siqueira2018, author={Siqueira, E.S. and Diniz, E.H. and Albino, R.D.}, title={Social fintech: Definition, categorization and empirical illustration [Fintech social: Definição, categorização e ilustrações empíricas]}, journal={Americas Conference on Information Systems 2018: Digital Disruption, AMCIS 2018}, year={2018}, note={cited By 0; Conference of 24th Americas Conference on Information Systems 2018: Digital Disruption, AMCIS 2018 ; Conference Date: 16 August 2018 Through 18 August 2018; Conference Code:139332}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054288844&partnerID=40&md5=eed03d247fd2e84e6a31d36911f09724}, affiliation={EAESP/FGV, Brazil; FEA/USP, Brazil}, abstract={Improving the financial market in order to include more people is a way to combat social inequalities and poverty. We have identified that both Social Enterprises (e.g Grameen Bank) and Fintech have performed such tasks. Acronym for "Financial Tecnhology", Fintech are new entrants to the financial market, comprising a universe of startups operating on digital platforms. This article defines SocialTech as organizations that represent the intersection between Social Enterprises and Fintech. As Fintech's classifications exclude the social dimension and categorizations of social entrepreneurship activities exclude the dimension of technology, we propose a SocialTech classification that considers both technological aspects and social entrepreneurship activity. We present four empirical illustrations, one for each type of SocialTech identified, in order to evaluate the classification model. © 2018 Association for Information Systems. All rights reserved.}, author_keywords={Digital platforms; Fintech; Social enterprise; Socialtech}, keywords={Commerce; Financial markets; Information use, Classification models; Digital platforms; Fintech; Social enterprise; Social entrepreneurship; Social inequalities; Socialtech; Technological aspects, Information systems}, references={Alvord, A.S., Brown, D., Letts, C.W., Social entrepreneurship and societal transformation (2004) Journal of Applied Behavioral Science, 40 (3), pp. 260-282; Arner, D.W., Barberis, J., Buckley, R.P., The evolution of fintech: A new post-crisis paradigm (2015) Georgetown Journal of International Law, 47, p. 1271; Baron, J., O'Mahony, A., Manheim, D., Dion-Schwarz, C., (2015) National Security Implications of Virtual Currency: Examining the Potential for Non-state Actor Deployment, , RAND Corporation-NDRI Santa Monica United States; Batterink, L., Kampers, E., Van Der Veer, J., Doing it together. Studying the implementation of new social currency in the Netherlands (2017) International Journal of Community Currency Research, 21. , (Winter); Battilana, J., Dorado, S., Building sustainable hybrid organizations: The case of commercial microfinance organizations (2010) Academy of Management Journal, 53, pp. 1419-1440; Bonjean, B., (2015) TedTalks Mauá, , https://www.ted.com/tedx/events/15649; Buckley, R.P., Webster, S., Fintech in developing countries: Charting new customer journeys (2016) Journal of Financial Transformation, 44, pp. 151-159; Bull, M., Challenging tensions: Critical, theoretical and empirical perspectives on social enterprise (2008) International Journal of Entrepreneurial Behavior & Research, 14 (5), pp. 268-275; Carraher, S.M., Welsh, D.H.B., Svilokos, A., Validation of a measure of social entrepreneurship (2016) European Journal of International Management, 16 (4), pp. 386-402; (2017) CCIA - Community Currencies in Action, , http://communitycurrenciesinaction.eu/qoin/, Partner: Qoin, The Netherlands; Chetkovich, C., Kunreuther, F., (2007) From the Ground Up: Grassroots Organizations Making Social Change, , Ithaca, NY: Cornell University Press; Chiu, I.H., Fintech and disruptive business models in financial products, intermediation and markets-policy implications for financial regulators (2016) Journal of Technology Law & Policy, 21, p. 55; Čižinská, R., Krabec, T., Venegas, P., FieldsRank: The network value of the firm (2016) International Advances in Economic Research, 22 (4), pp. 461-463; Creswell, J., (2012) Qualitative Inquiry and Research Design Choosing Among Five Approaches, , Sage Publications; Dart, R., The legitimacy of social enterprise (2005) Nonprofit Management & Leadership, 14 (4), pp. 411-424; Demirgüç-Kunt, A., Singer, D., Financial inclusion and inclusive growth: A review of recent empirical evidence (2017) Policy Research Working Paper No. 8040, , Washington, DC: World Bank; Demirgüç-Kunt, A., Klapper, L.F., Singer, D., Van Oudheusden, P., The global findex database 2014: Measuring financial inclusion around the world (2015) Policy Research Working Paper 7255, , Washington, DC: World Bank; Dhar, V., Stein, R.M., Fintech platforms and strategy (2017) Communications of the ACM, 60 (10), pp. 32-35; Diniz, E.H., Siqueira, E.S., Van Heck, E., Taxonomy for understanding digital community currencies: Digital payment platforms and virtual community feelings (2016) Proceedings of SIG GlobDev Nineth Annual Workshop; Fainshmidt, S., Judge, W.Q., Aguilera, R.V., Smith, A., Varieties of institutional systems: A contextual taxonomy of understudied countries (2016) Journal of World Business; Galera, G., Borzaga, C., Social enterprise: An international overview of its conceptual evolution and legal implementation (2009) Social Enterprise Journal, 5 (3), pp. 210-228; Gnirck, M., Visser, G., Singapore, the FinTech hub for Southeast Asia (2016) The FinTech Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries, pp. 58-60; Gomber, P., Koch, J., Siering, M., Digital finance and FinTech: Current research and future research directions (2017) Journal of Business Economics, pp. 1-44; Gonzalez, L., Cernev, A.K., Diniz, E.H., O desafio da inclusão financeira e a promessa das Fintechs (2016) Sistema Financeiro Nacional: O que Fazer?, 1, pp. 157-168. , A. 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National Bureau of Economic Research; Kazan, E., Damsgaard, J., Towards a market entry framework for digital payment platforms (2016) CAIS, 38, p. 37; Kennedy, M., Lietaer, B.A., Rogers, J., (2012) People Money: The Promise of Regional Currencies, , Triarchy Press Limited; Kursh, S.R., Gold, N.A., Adding FinTech and blockchain to your curriculum (2016) Business Education Innovation Journal, 8 (2); Langley, P., Leyshon, A., Capitalizing on the crowd: The monetary and financial ecologies of crowdfunding (2017) Environment and Planning A, 49, pp. 1019-1039; Lee, D.K.C., Teo, E.G.S., Emergence of fintech and the lasic principles (2015) Journal of Financial Perspective, , Forthcoming in; Leong, C., Tan, B., Xiao, X., Tan, F.T.C., Sun, Y., Nurturing a FinTech ecosystem: The case of a youth microloan startup in China (2017) International Journal of Information Management, 37 (2), pp. 92-97; Mair, J., Martí, I., Social entrepreneurship research: A source of explanation, prediction, and delight (2006) Journal of World Business, 41 (1), pp. 36-44; Mair, J., Battilana, J., Cardenas, J., Organizing for society: A typology of social entrepreneuring models (2012) Journal of Business Ethics; Marshall, R.S., Conceptualizing the international for-profit social entrepreneur (2011) Journal of Business Ethics, 98 (2), pp. 183-198; Mersland, R., Randøy, T., Strøm, R.O., The impact of international influence on microbanks' performance: A global survey (2011) International Business Review, 20 (2), pp. 163-176; (2016) Digital Finance for All: Powering Inclusive Growth in Emerging Economies; Micu, I., Micu, A., Financial technology (Fintech) and its implementation on the Romanian non-banking capital market (2016) SEA-Practical Application of Science, (11), pp. 379-384; Neck, H., Brush, C., Allen, E., The landscape of social entrepreneurship (2009) Business Horizons, 52, pp. 13-19; Orlikowski, W.J., Yates, J., It's about time: Temporal structuring in organizations (2002) Organization Science, 13 (6), pp. 684-700; Randøy, T., Strøm, R.O., Mersland, R., The impact of entrepreneur-CEOs in microfinance institutions: A global survey (2015) Entrepreneurship Theory & Practice, 39 (4), pp. 927-953; Rotheroe, N., Richards, A., Social return on investment and social enterprise: Transparent accountability for sustainable development (2007) Social Enterprise Journal, 3 (1), pp. 31-48; Schueffel, P., Taming the beast: A scientific definition of fintech (2017) Journal of Innovation Management, 4 (4), pp. 32-54; Siqueira, E.S., Diniz, E.H., Pozzebon, M., Hernandes, E., A digital community bank: Mapping negotiation mechanisms in its consolidation as an alternative to commercial banks (2017) IV Conferencia Internancional de Monedas Sociales, , Barcelona. Em publicação; Sironi, P., (2016) Fintech Innovation: From Robo-advisors to Goal Based Investing and Gamification, , Chichester: John Wiley & Sons; Spear, R., Social entrepreneurship: A different model? (2006) International Journal of Social Economics, 33 (5), pp. 399-410; Sun, R., Gregor, S., Keating, B., Information technology platforms: Definition and research directions (2016) Proceedings of Australasian Conference on Information Systems; Tatar, J., (2017) The Death and Rebirth of Auroracoin, , https://www.thebalance.com/the-death-and-rebirth-of-auroracoin-4055691; Valenzuela, J., (2016) Auroracoin Foundation Debuts Iceland's First Cryptocurrency Exchange, , https://cointelegraph.com/news/auroracoin-foundation-debuts-icelands-first-cryptocurrency-exchange; Ventura, A., Koenitzer, M., Stein, P., Tufano, P., Drummer, D., (2015) The Future of Fintech: A Paradigm Shift in Small Business Finance, , Geneva: World Economic Forum, Global Agenda Council on the Future of Financing and Capital; Zahra, S.A., Gedajlovic, E., Neubaum, D.O., Shulman, J.M., A typology of social entrepreneurs: Motives, search processes and ethical challenges (2009) Journal of Business Venturing, 24 (5), pp. 519-553; Zavolokina, L., Dolata, M., Schwabe, G., The fintech phenomenon: Antecedents of financial innovation perceived by the popular press (2016) Financial Innovation, 2 (1), p. 16}, sponsors={Louisiana State University (LSU), College of Business}, publisher={Association for Information Systems}, isbn={9780996683166}, language={Portuguese}, abbrev_source_title={Am. Conf. Info. Syst.: Digit. Disrupt., AMCIS}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Ryu2018541, author={Ryu, H.-S.}, title={What makes users willing or hesitant to use Fintech?: the moderating effect of user type}, journal={Industrial Management and Data Systems}, year={2018}, volume={118}, number={3}, pages={541-569}, doi={10.1108/IMDS-07-2017-0325}, note={cited By 5}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85044574741&doi=10.1108%2fIMDS-07-2017-0325&partnerID=40&md5=b45e6252250147e33b494d8500d32bd3}, affiliation={Software College, Sungkyunkwan University, Suwon, South Korea}, abstract={Purpose: The purpose of this paper is to better understand why people are willing or hesitant to use Financial technology (Fintech) as well as to determine whether the effect of perceived benefits and risks of continuance intention differs depending on user types. Design/methodology/approach: Original data were collected via a survey of 243 participants with Fintech usage experience. The partial least squares method was used to test the proposed model. Findings: The results reveal that legal risk had the most negative effect on the Fintech continuance intention, while convenience had the strongest positive effect. Differences in specific benefit and risk impacts are found between early and late adopters. Originality/value: This empirical study contributes to the novel understanding of the benefit and risk factors affecting the Fintech continuance intention. © 2018, Emerald Publishing Limited.}, author_keywords={Continuance intention; Fintech; Net valence framework; Perceived benefit; Perceived risk; User type}, keywords={Surveys; Usability engineering, Continuance intentions; Fintech; Net valence framework; Perceived benefits; Perceived risk; User type, Least squares approximations}, funding_details={Ministry of EducationMinistry of Education, MOE}, funding_details={National Research Foundation of KoreaNational Research Foundation of Korea, NRF, NRF-2016S1A5A8017092}, funding_details={Ministry of Science, ICT and Future PlanningMinistry of Science, ICT and Future Planning, MSIP, IITP}, funding_text 1={This work was supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea (NRF-2016S1A5A8017092) and by the Ministry of Science, ICT and Future Planning of the Republic of Korea under the National Program for Excellence in Software (R2215−16−1005) supervised by the Institute for Information and communications Technology Promotion (IITP).}, references={Abramova, S., Böhme, R., Perceived benefit and risk as multidimensional determinants of Bitcoin use: a quantitative exploratory study (2016) Proceedings in International Conference on Information Systems, pp. 1-20. , Dublin; 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(2016) Proceedings in International Conference on Information Systems, pp. 1-19. , Dublin; Zavolokina, L., Dolata, M., Schwabe, G., FinTech transformation: how IT-enabled innovations shape the financial sector (2016) Proceedings in International Workshop on Enterprise Applications and Services in the Finance Industry, pp. 75-88; Zhou, T., An empirical examination of continuance intention of mobile payment services (2013) Decision Support Systems, 54 (2), pp. 1085-1091; Diamantopoulos, A., Riefler, P., Roth, K.P., Advancing formative measurement models (2008) Journal of Business Research, 61 (12), pp. 1203-1218; Moore, G.C., Benbasat, I., Development of an instrument to measure the perceptions of adopting an information technology innovation (1991) Information Systems Research, 2 (3), pp. 192-222; Straub, D., Limayem, M., Karahanna-Evaristo, E., Measuring system usage: implications for IS theory testing (1995) Management Science, 41 (8), pp. 1328-1342}, correspondence_address1={Ryu, H.-S.; Software College, Sungkyunkwan UniversitySouth Korea; email: hyunsun.ryu3@gmail.com}, publisher={Emerald Group Publishing Ltd.}, issn={02635577}, coden={IMDSD}, language={English}, abbrev_source_title={Ind Manage Data Sys}, document_type={Article}, source={Scopus}, } @ARTICLE{Wonglimpiyarat201898, author={Wonglimpiyarat, J.}, title={Challenges and dynamics of FinTech crowd funding: An innovation system approach}, journal={Journal of High Technology Management Research}, year={2018}, volume={29}, number={1}, pages={98-108}, doi={10.1016/j.hitech.2018.04.009}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85046142841&doi=10.1016%2fj.hitech.2018.04.009&partnerID=40&md5=b8f61543f0841ebe01badad73a1eeb6e}, affiliation={College of Innovation, Thammasat University, Anekprasong 3 Bldg., Prachan Rd, Bangkok, 10200, Thailand}, abstract={FinTech crowd funding mechanism has gained popularity as an alternative of entrepreneurial financing worldwide. This paper reviews the challenges and dynamics of FinTech crowd funding platforms in the continents of USA, Europe and Asia. The case study analysis of Thailand, an emerging Asian country, under the policy direction of “Thailand 4.0” provides interesting results that can be applied to other developing economies with regard to start-up financing. The findings point out the barriers both at the policy and operation levels underlying the Thai entrepreneurial innovation system. The paper provides lessons and implications to strengthen the FinTech crowd funding platform. © 2018 Elsevier Inc.}, author_keywords={Crowd funding; Entrepreneurship; FinTech; Innovation system; Technology-based start-ups}, keywords={Computer applications; Information systems, Crowd funding; Entrepreneurship; FinTech; Innovation system; Technology-based, Finance}, references={Bygrave, W.D., Timmons, J.A., Venture capital at the crossroads (1992), Harvard Business School Press Boston, M.A; Carlsson, B., Internationalization of innovation systems: A survey of the literature (2006) Research Policy, 35 (1), pp. 55-67; Cordova, A., Dolci, J., Gianfrate, G., The determinants of crowdfunding success: Evidence from technology projects (2015) Procedia - Social and Behavioral Sciences, 181, pp. 115-124; Cornelli, F., Yosha, O., Stage Financing and the Role of Convertible Securities (2001), (IFA Working Paper No. 253-1997) London Business School; David, P.A., Hall, B.H., Toole, A.A., Is public R&D a complement or substitute for private R&D? 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EBRD's experience with small- and medium-sized businesses in central and eastern Europe (1999) Journal of Business Venturing, 14 (5-6), pp. 519-539; Schmidt, K.M., Convertible securities and venture capital finance (2002), Mimeo, Stanford University and University of Munich; Schwienbacher, A., Larralde, B., Crowdfunding of small entrepreneurial ventures (2012) The Oxford Handbook of Entrepreneurial Finance, , D.J. Cumming Oxford University Press Oxford, UK; Shim, Y., Shin, D.H., Analyzing China's Fintech industry from the perspective of actor–network theory (2017) Telecommunications Policy, 40 (2-3), pp. 168-181; Thompson, B.S., Can financial technology innovate benefit distribution in payments for ecosystem services and REDD+ (2017) Ecological Economics, 139, pp. 150-157; Tsai, F.-S., Hsieh, L.H.Y., Fang, S.-C., Lin, J.L., The co-evolution of business incubation and national innovation systems in Taiwan (2009) Technological Forecasting and Social Change, 76 (5), pp. 629-643; Unger, B., Greiman, V.A., Leybourne, S.A., A study of postinvestment monitoring practices in life science venture capital firms (2010) Journal of Transnational Management, 15, pp. 3-25}, publisher={Elsevier Ltd}, issn={10478310}, coden={JTMRE}, language={English}, abbrev_source_title={J. High Technol. Manage. Res.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Abi-Lahoud2018, author={Abi-Lahoud, E. and Raoul, P.-E. and Muckley, C.}, title={Linking data to understand the fintech ecosystem}, journal={CEUR Workshop Proceedings}, year={2018}, volume={2044}, note={cited By 0; Conference of Posters and Demos Track of the 13th International Conference on Semantic Systems SEMANTiCS, SEMPDS 2017 ; Conference Date: 11 September 2017 Through 14 September 2017; Conference Code:135792}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045884009&partnerID=40&md5=9a446b6f301c1b5f839dec27df6e0765}, affiliation={School of Business, University College Dublin, Ireland}, abstract={The fintech ecosystem is a highly dynamic environment. Venture investment in fintech grew by 11% to $17.4 billion in 2016 according to Forbes and Pitchbook . Having a clear picture of this ecosystem at a given point in time is much needed to inform policy activities as evidenced by the European Commission call for tenders SMART 2016/0042. This paper describes our approach to integrating, enriching and presenting data about the fintech ecosystem. It presents FintechBrowser , a demonstrator of an integrated set of dashboards and a graph explorative-browsing tool. � 2018 CEUR-WS. All rights reserved.}, author_keywords={Data visualisation; Design science research; Financial technology; Fintech Regtech; Graph; Knowledge representation; Linked open data; Ontology; RDF; Semantic web; SPARQL}, keywords={Data visualization; Ecosystems; Knowledge representation; Linked data; Ontology, Browsing tools; Design-science researches; Dynamic environments; European Commission; Fintech Regtech; Graph; SPARQL; Venture investment, Semantic Web}, funding_details={Enterprise IrelandEnterprise Ireland}, funding_details={University College DublinUniversity College Dublin}, funding_text 1={This work is supported by Enterprise Ireland and IDA Ireland under the Government of Ireland Technology Centre Programme. It is also supported by University College Dublin, College of Business Research Support scheme 2017.}, references={https://jena.apache.org/, project website. 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(02)}, editor={Hellmann S., Fernandez J.D.}, sponsors={}, publisher={CEUR-WS}, issn={16130073}, language={English}, abbrev_source_title={CEUR Workshop Proc.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Gupta2018215, author={Gupta, A. and Xia, C.}, title={A paradigm shift in banking: Unfolding asia’s fintech adventures}, journal={International Symposia in Economic Theory and Econometrics}, year={2018}, volume={25}, pages={215-254}, doi={10.1108/S1571-038620180000025010}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85066991245&doi=10.1108%2fS1571-038620180000025010&partnerID=40&md5=344c24a41284dcfe88ad8867657fa14d}, affiliation={Goldman Sachs, London, United Kingdom; Noah Holdings Group, Shanghai, China; The Faculty of Business and Economics, The University of Hong Kong, Hong Kong}, abstract={The chapter studies the role of Financial Technology (FinTech) in disrupting the existing traditional banking system. It identifies FinTech’s evolution in Asia across Deposits & lending, Capital Raising, Investment Management, Market provisioning, Payments, and Insurance. This technology revolution allows us to have a banking system based on values that serve customers better, reduce risk to the society and improve returns for the shareholders. Data on unbanked population, smartphone penetration, and Internet penetration has led to retail side innovations such as Mobile Wallets, P2P Payments, and Real-time Payments in the most of Asia (except China). A total of 49% of Global Investments in FinTech are in Asia and the Chinese dragon alone accounts for 46%. India is witnessing a strong amount of FinTech deals in 2017 and it is being driven by payment and lending solutions. ASEAN FinTech industry is dominated by m-wallets and online payments; this is followed by retail investment and financial comparison. The chapter dives into the challenges Asian banks are facing because of this disruption. Now more than ever, is the important role governments and central banks of each nation play to assess the path these start-ups are headed on and this will unfold the landscape of banking in Asia a few years down the lane. © 2018 by Emerald Publishing Limited. All rights reserved.}, author_keywords={Asia; Digital banking; Financial institutions; FinTech; M-wallets; P2P payments; Regulations; Startups}, references={Abhishek, V., Geng, D., Li, B., Zhou, M., When the bank comes to you: Branch network and customer omni-channel banking behavior (2017) Working Paper, , Singapore Management University, Singapore; Ali, S.S., Kaur, R., An empirical approach to customer perception of mobile banking in Indian scenario (2015) International Journal of Business Innovation and Research, 9 (3), pp. 272-294; Ali, S.M.S., Akhtar, M.W., Safiuddin, S.K., Digital payments for rural India Challenges and opportunities (2017) International Journal of Management and Applied Science (IJMAS), 3 (6), pp. 35-40; Arner, D., Barberis, J., Buckley, R.P., The evolution of Fintech: A new post-crisis paradigm (2016) Georgetown Journal of International Law, 47, pp. 1271-1273; Chan, B.H., How to build new competitive competencies in transaction banking (2017) Journal of Digital Banking, 2 (1), pp. 13-21; Chen, J., Lam, K., How to prepare for Asia's digital-banking boom (2014) Mckinsey and Company, , www.mckinsey.com/insights/financial_services/how_to_prepare_for_asias_digital_banking_boom, Accessed in August 2017; Datta, S.K., Acceptance of e-banking among adult customers: An empirical investigation in India (2010) Journal of Internet Banking and Commerce, 15 (2), p. 1; de Jesus, F.L.B., Torres, E.A., Analysis of the ASEAN Banking Integration Framework: The Philippines as a looking glass for consumer preference (2017) Journal of Global Entrepreneurship Research, 7 (1), p. 24; Hui, G.T.E., Kiesha, O., Structural reforms in ASEAN-5 economies: Past successes and future challenges (2016) Policy, 8, p. 10; Jamaludddin, D.N., E-banking: Challenges and opportunities in India (2014) Apeejay Journal of Management Sciences and Technology, 2 (3); Kaur, G., Threats to the rights of consumers in E-banking in India: An overview (2017) IPE Journal of Management, 7 (1); Lifen Zhao, A., Koenig-Lewis, N., Hanmer-Lloyd, S., Ward, P., Adoption of internet banking services in China: Is it all about trust? 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(2013) Tech in Asia, , https://www.techinasia.com/is-southeast-asia-ready-for-online-payments, Retrieved from, Accessed in March 2018; Nitsure, R.R., E-banking: Challenges and opportunities (2003) Economic and Political Weekly, 38 (51-52), pp. 5377-5381; Rathi, V., India amidst digital banking and financial inclusion A review (2016) International Journal of Management and Social Sciences (IJMSS), 6 (1), pp. 24-28; (2007) Issuance and Operation of Pre-Paid Payment Instruments in India Consolidated Revised Policy Guidelines, , https://rbidocs.rbi.org.in/rdocs/content/pdfs/PPICC280314_A.pdf, Retrieved from, Accessed in March 2018; Sharma, S., A detail comparative study on e-banking VS traditional banking (2016) International Journal of Advanced Research, 2, pp. 302-307; Shukla, U.N., An empirical study on future of mobile-wallets in India: A gateway for cashless payments (2017) Arthshastra: Indian Journal of Economics & Research, 6 (6), pp. 51-62; Singh, N., Sinha, N., A study on mobile banking and its impact on custo-mer's banking transactions: A comparative analysis of public and private sector banks in India (2016) FIIB Business Review, 5 (2), pp. 57-70; Singh, S., Srivastava, R.K., Factors influencing the adoption of mobile banking in India (2014) International Journal of E-Services and Mobile Applications (IJESMA), 6 (4), pp. 1-15; (2016) M-Wallet: Scenario Post Demonetization, , http://www.assocham.org/upload/docs/M-Wallet_Report_press.pdf, Accessed in March 2018; (2015) The Future of Financial Services, , http://www3.weforum.org/docs/WEF_The_future__of_financial_services.pdf, Accessed in March 2018; Yang, J., Cheng, L., Luo, X., A comparative study on e-banking services between China and USA (2009) International Journal of Electronic Finance, 3 (3), pp. 235-252; Yee-Loong Chong, A., Ooi, K.B., Lin, B., Tan, B.I., Online banking adoption: An empirical analysis (2010) International Journal of Bank Marketing, 28 (4), pp. 267-287; Yen, N.D.H., Factors influencing mobile banking adoption in Ho Chi Minh city based on the technology acceptance model (2017) For Young Researchers in Economics and Business, 2017 (1), p. 110; Yuan, X., Present and future of internet banking in China (2010) Journal of Internet Banking and Commerce, 15 (1), p. 1; Zhou, T., An empirical examination of initial trust in mobile banking (2011) Internet Research, 21 (5), pp. 527-540; Agarwal, S., Chomsisengphet, S., Qian, W., Xu, W., (2017) Tax Differential and Cross-Border Shopping: Evidence from Singapore, , https://ssrn.com/abstract=2262070, http://dx.doi.org/10.2139/ssrn.2262070; Allen, F., Qian, J., Qian, M., China's financial system: Past, present, and future (2007) China's Great Economic Transformation, , L. 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Symp. Econ. Econom. Theory Econom.}, document_type={Book Chapter}, source={Scopus}, } @CONFERENCE{Muthukannan2018, author={Muthukannan, P. and Tan, F.T.C. and Tan, B. and Leong, C.}, title={The Concentric Development of the Financial Technology (Fintech) Ecosystem in Indonesia}, journal={ICIS 2017: Transforming Society with Digital Innovation}, year={2018}, note={cited By 1; Conference of 38th International Conference on Information Systems: Transforming Society with Digital Innovation, ICIS 2017 ; Conference Date: 10 December 2017 Through 13 December 2017; Conference Code:133354}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85041711284&partnerID=40&md5=2529a80f125dba53772bda97e06a0e24}, affiliation={University of Sydney, H70 Abercrombie Building, SydneyNSW 2006, Australia; University of New South Wales, Quadrangle BuildingNSW 2052, Australia; University of Sydney, H70 Abercrombie Building, SydneyNSW 2006, Australia; University of New South Wales, Quadrangle BuildingNSW 2052, Australia}, abstract={The proliferation of Fintech Ecosystems in underbanked societies is rapidly and profoundly disrupting conventional financial service systems. And yet, there remains a dearth of research on how these ecosystems may be developed, as well as the economic and social benefits that they can generate. Toward addressing this gap, this research-in-progress paper documents our ongoing work on a case study of the Fintech Ecosystem in Indonesia that is radically transforming the lives of the underbanked in the country. We will present a preliminary process model based on the data we have currently collected to reveal the key drivers, inhibitors, nature and outcomes of ecosystem development across three distinct phases. In doing so, we hope that our study will serve as a foundation for developing a holistic and empirically supported theoretical framework for Fintech Ecosystem Development, and provide academia and practice with insights into unlocking the revolutionary potential of the technology.}, author_keywords={Case Study; Ecosystem Development; Fintech; Indonesia; Startup}, keywords={Ecology; Reactor startup, Economic and social benefits; Ecosystem development; Financial service; Fintech; Indonesia; Paper documents; Process Modeling; Theoretical framework, Ecosystems}, references={Adner, R., Ecosystem as structure (2017) Journal of Management, 43 (1), pp. 39-58; Annie, T., Fintech is struggling in Indonesia, but startups are doing something about it (2016) Techinasia, , https://www.techinasia.com/fintech-indonesia-event; Arner, D.W., Barberis, J.N., Buckley, R.P., (2015) The Evolution of FinTech: A New Post-Crisis Paradigm?, , http://hub.hku.hk/handle/10722/221450; Arsana, I.G.P., Alibhai, A.S., (2016) Women Entrepreneurs in Indonesia: A Pathway to Increasing Shared Prosperity, , http://documents.worldbank.org/curated/en/738881467782741648/Women-entrepreneurs-in-Indonesia-a-pathway-to-increasing-shared-prosperity; Bakker, E., (2016) Here'S Everything You Need to Know About The Fintech Ecosystem, , http://www.businessinsider.com.au/fintech-ecosystem-overview-2016-1; Bakos, Y., Katsamakas, E., Design and ownership of two-sided networks: Implications for internet platforms (2008) Journal of Management Information Systems, 25 (2), pp. 171-202; Biernacki, P., Waldorf, D., Snowball sampling: Problems and techniques of chain referral sampling (1981) Sociological Methods & Research, 10 (2), pp. 141-163; Chan, R., Asian regulators seek fintech balance (2015) FinanceAsia, , http://www.financeasia.com/News/401588,asian-regulators-seek-fintech-balance.aspx; Charleston, L.-J., Why Fintech Is The Most Important Industry Right Now (2015) The Huffington Post, , http://www.huffingtonpost.com.au/2015/10/01/fintech-our-most-importantindustry_n_8219360.html; Cusumano, M.A., Gawer, A., The elements of platform leadership (2002) MIT Sloan Management Review, 43 (3), p. 51; Dapp, T.F., (2015) Fintech Reloaded – Traditional Banks as Digital Ecosystems, , https://www.dbresearch.com/PROD/DBR_INTERNET_DEPROD/PROD0000000000356835/Fintech+reloaded+%E2%80%93+Traditional+banks+as+digital+ec.PDF; Diemers, D., Lamaa, A., Salamat, J., Steffens, T., Developing a FinTech ecosystem in the GCC (2015) Strategy&, , http://www.strategyand.pwc.com/reports/developing-fintech-ecosystemgcc; Dietz, M., Khanna, S., Olanrewaju, T., Rajgopal, K., (2015) Cutting Through The Noise Around Financial Technology, , http://www.mckinsey.com/industries/financial-services/ourinsights/cutting-through-the-noise-around-financial-technology; Dinardo, F., (2016) The Rise of Alternative Finance, , http://tesi.cab.unipd.it/53120/1/Dinardo_Francesca.pdf; Doz, Y.L., Kosonen, M., Embedding strategic agility: A leadership agenda for accelerating business model renewal (2010) Long Range Planning, 43 (2), pp. 370-382; Eisenhardt, K.M., Building Theories from Case Study Research (1989) The Academy of Management Review, 14 (4), pp. 532-550; Eisenmann, T., Parker, G., Van Alstyne, M.W., Strategies for two-sided markets (2006) Harvard Business Review, 84 (10), pp. 92-101; Eisenmann, T., Parker, G., Van Alstyne, M.W., Platform envelopment (2011) Strategic Management Journal, 32 (12), pp. 1270-1285; Finkle, V., (2017) Issue: Fintech Fintech, , http://businessresearcher.sagepub.com; Glaser, B., Strauss, A., (1967) The Discovery Ofgrounded Theory, 24 (25), pp. 288-304. , London: Weidenfeld and Nicholson; The Future of Finance (2015) Goldman Sachs, , http://www.planet-fintech.com/file/167061/; Hochstein, M., BankThink Fintech (the Word, That Is) Evolves (2015) American Banker, , https://www.americanbanker.com/opinion/fintech-the-word-that-is-evolves; Iansiti, M., Levien, R., (2004) Keystones and Dominators: Framing Operating and Technology Strategy in A Business Ecosystem; Iansiti, M., Levien, R., Strategy as ecology (2004) Harvard Business Review, 82 (3), pp. 68-78; Jones, C.O., Fintech – Where financial services and tech combine (2015) Strategies for Growth, , http://www.strategiesforgrowth.com/innovate/fintech-where-financial-services-andtech-combine/; Keane, J., IDG Connect (2015) Indonesia Is Priming Itself for A Fintech Future, , http://www.idgconnect.com/abstract/10696/indonesia-priming-fintech-future; Kelly, E., (2015) Introduction: Business Ecosystems Come of Age, , https://dupress.deloitte.com/dup-us-en/focus/business-trends/2015/business-ecosystems-come-ofage-business-trends.html, Deloitte University Press (; Kobie, N., Fintech firms are taking on the 1%, but can they fix finance? 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Sage: Thousand Oaks, CA; Tan, B., Pan, S.L., Lu, X., Huang, L., The Role of IS Capabilities in the Development of Multi-Sided Platforms: The Digital Ecosystem Strategy of Alibaba. Com (2015) Journal of The Association for Information Systems, 16 (4), p. 248; Teece, D.J., Explicating dynamic capabilities: The nature and microfoundations of (sustainable) enterprise performance (2007) Strategic Management Journal, 28 (13), pp. 1319-1350; Thyil, V., Fintech Ecosystem: Innovation, Disruption and Collaboration (2015) Startup Commons, , http://www.startupcommons.org/blog/fintech-ecosystem-innovation-disruption-andcollaboration; Tiwana, A., Konsynski, B., Bush, A.A., Platform evolution: Coevolution of platform architecture, governance, and environmental dynamics (2010) Information Systems Research, 21 (4), pp. 675-687; Vichitkulwongsa, P., (2016) There Are 438m ‘Unbanked’ People in Southeast Asia. Here’S How Fintech Can Help, , https://www.techinasia.com/talk/438m-unbanked-southeast-asia-fintech; Walsham, G., Interpretive case studies in IS research: Nature and method (1995) European Journal of Information Systems, 4 (2), pp. 74-81; Wareham, J., Fox, P.B., Giner, J.L.C., Technology ecosystem governance (2014) Organization Science, 25 (4), pp. 1195-1215; Weick, K.E., The generative properties of richness (2007) Academy of Management Journal, 50 (1), pp. 14-19; Yeoh, P., (2016) Innovations in Financial Services: Regulatory Implications, , http://www.kluwerlawonline.com/document.php?id=BULA2016035&PHPSESSID=p43dj2gprmbjj9i9kc385hg2d0}, sponsors={Bibigo; Dongwon F and B; et al.; Mario Outlet; MIT CISR; Seoul Tourism Organization}, publisher={Association for Information Systems}, language={English}, abbrev_source_title={ICIS: Transform. Soc. Digit. Innov.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Ku-Mahamud20182074, author={Ku-Mahamud, K.R. and Bakar, N.A.A. and Omar, M.}, title={Blockchain, cryptocurrency and Fintech market growth in Malaysia}, journal={Journal of Advanced Research in Dynamical and Control Systems}, year={2018}, volume={10}, number={14}, pages={2074-2082}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062364401&partnerID=40&md5=069874992ec5f5139bba69d5a95a10cb}, affiliation={School of Computing, Universiti Utara Malaysia, Malaysia}, abstract={Blockchain has emerged as a popular digital technology aimed at ensuring that financial transactions can be secured and trusted. The expansion of FinTech industry has encouraged the use of blockchain technology and cryptocurrencies. A study has been conducted to assess the blockchain, cryptocurrency and FinTech market growth. This paper provides empirical evidence on the factors influencing the market growth in Malaysia and highlights the factors that could spur and hinder its future use. A survey of 304 blockchain users and industry players in Malaysia was conducted and quantitative results revealed that privacy is the most significant barrier to the adoption of blockchain technology and cryptocurrency ecosystem. Other barriers include those related to legality, cost, security, and stability, as well as difficulties in switching to a new technology. Thus, government regulation is needed to provide guidelines for ensuring the sustainability and growth of this technology in the near future. In addition, results demonstrate that the banking sector is going to be the most affected by the FinTech industry. This current trend may assist the decision makers in evaluating the potential usage of this technology, allowing them to make strategic decisions to improve business and services. © 2018, Institute of Advanced Scientific Research, Inc.. All rights reserved.}, author_keywords={Bitcoin; Blockchain technology; Cryptocurrency; Digital technology; FinTech}, funding_text 1={This research was supported by BC Ventura Sdn. Bhd. (Grant number: S/O code: 13792).}, references={Lewenberg, Y., Sompolinsky, Y., Zohar, A., Inclusive Block Chain Protocols (2015) Lecture Notes Computer Sciences (Including Subser. Lect. Notes Artif. Intell. Lect. Notes Bioinformatics), pp. 528-557; Garay, J., Kiayias, A., Leonardos, N., The Bitcoin Backbone Protocol: Analysis and Applications (2015) Advances in Cryptology – EUROCRYPT, pp. 281-310; Tschorschbeyond, F.B., A Technical Survey on Decentralized Digital Currencies (2016) IEEE Communication Surveys and Tutorials, 18 (3), pp. 2084-2123; Kosba, A., Miller, A., Shi, E., Wen, Z., Papamanthou, C.H., The Blockchain Model of Cryptography and Privacy-Preserving Smart Contracts (2016) IEEE Symposium on Security and Privacy (SP), pp. 839-858; Bonneau, J., Miller, A., Clark, J., Narayanan, A., Kroll, J.A., Felten, E.W., SoK: Research Perspectives and Challenges for Bitcoin and Cryptocurrencies (2015) In IEEE Symposium on Security and Privacy, pp. 104-121; Sharples, M., Domingue, J., The Blockchain and Kudos: A Distributed System for Educational Record, Reputation and Reward (2016) Adaptive and Adaptable Learning, pp. 490-496; Roman, B., Jacob, S.C., Nikolaj, L., Simon, M., Blockchain – The Gateway To Trust-Free Cryptographic Transactions (2016) 24Th European Conference on Information System, pp. 1-14; Kraft, D., Difficulty control for blockchain-based consensus systems (2016) Peer-To-Peer Networking and Applications, 9 (2), pp. 397-413; Delmolino, K., Arnett, M., Kosba, A., Miller, A., Shi, E., Step by Step Towards Creating a Safe Smart Contract: Lessons and Insights from a Cryptocurrency Lab (2016) International Conference on Financial Cryptography and Data Security, pp. 79-94; Stejskal, J., Hajek, P., Prokop, V., Collaboration and innovation models in information and communication crea-tive industries – the case of Germany (2018) Journal of Information and Communication Technology, 17 (2), pp. 191-208; Reyna, A., Martín, C., Chen, J., Soler, E., Díaz, M., On blockchain and its integration with IoT. Challenges and opportunities (2018) Future Generation Computer System, 88, pp. 173-190; Woodside, J.M., Giberson, F.K.A., Jr., Woodside, J.M., Blockchain Technology Adoption Status and Strategies (2017) Journal of International Technology and Information Management, 26 (2), pp. 65-93; Giungato, P., Rana, R., Angela, T., Caterina, T., Current trends in sustainability of bitcoins and related blockchain technology (2017) Sustainability, 9 (12), pp. 1-11; Haddad, C., Hornuf, L., The emergence of the global fintech market: Economic and technological determinants (2018) Small Business Economics, pp. 1-25; Geranio, M., Fintech in the exchange industry: Potential for disruption? (2016) Masaryk University Journal of Law and Technology, 11 (2), pp. 245-266; Creswell, J.W., (2013) Research Design: Qualitative, Quantitative, and Mixed Methods Approaches, , Sage Publications; Sekaran, U., Bougie, R., (2013) Research Methods for Business: A Skill Building Approach, , 6th Ed, Wiley. London; Christoph, B., Andreas, K., Philipp, R., Jens, W., (2017) Blockchain in the Energy Transition. a Survey among Decision-Makers in the German Energy Industry; Pallant, J., (2010) SPSS Survival Manual: A Step by Step Guide to Data Analysis Using SPSS, , 4th Ed.). Buckingham: Open University Press; Hinkin, T.R., A Brief Tutorial on the Development of Measures for Use in Survey Questionnaires (1998) Organizational Research Methods, pp. 104-121}, correspondence_address1={Ku-Mahamud, K.R.; School of Computing, Universiti Utara MalaysiaMalaysia; email: ruhana@uum.edu.my}, publisher={Institute of Advanced Scientific Research, Inc.}, issn={1943023X}, language={English}, abbrev_source_title={J. Adv. Res. Dyn. Control. Syst.}, document_type={Article}, source={Scopus}, } @ARTICLE{Shaydullina2018171, author={Shaydullina, V.K.}, title={Review of institutional and legal issues for the development of the Fintech industry}, journal={European Research Studies Journal}, year={2018}, volume={21}, pages={171-178}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063183558&partnerID=40&md5=6bc3937a132c1f4d88728c1de715af0a}, affiliation={Department of Legal Regulation of Economic Operations, Federal State-Funded Educational Institution of Higher Education, Financial University under the Government of the Russian Federation, Russian Federation}, abstract={The aim of the study is to identify institutional and legal methods for the development of the FinTech industry on the basis of a critical analysis of foreign experience in the implementation and practical application of the latest financial technologies. The subject of the study is a complex of relationships associated with the emergence of new financial products, primarily on the basis of the technology of distributed registry (blockchain-technologies) and the transformation of the financial sector in the conditions of dissemination of digital technologies. The methodology of system analysis, the dialectical method and its derivatives, primarily the methods and principles of determinism, induction, deduction and hypothesis, the principle of contradiction as a source of development and the principle of integrity in unity and diversity, were used to study the object of scientific research and to achieve its goals. To systematize the obtained data the methods of functional and institutional classification, statistical analysis, methods of the current and prospective analysis and synthesis of theoretical and practical material were applied. The result of the study is the development of a system of institutional and legal methods for the development of the FinTech sector on the basis of analysis of the best foreign experience. © 2018 International Strategic Management Association. All Rights Reserved.}, author_keywords={Banking; Blockchain-technologies; Financial technologies; FinTech-branch; Investments}, references={(2017) The Treasury, , http://FinTech.treasury.gov.au/australias-FinTechpriorities/, Backing Australian FinTech. Australia’s FinTech priorities; Cuccuro, P., Beyond bitcoin: An early overview on smart contracts (2017) International Journal of Law and Information Technology, 25 (3), pp. 179-195; (2017) Discussion Paper DP17/3: Discussion Paper on Distributed Ledger Technology, , https://www.fca.org.uk/publication/discussion/dp17-03.pdf; (2016) Financial Services and Markets Amendment Regulations, , http://adgm.complinet.com/net_file_store/new_rulebooks/f/i/Financial_Services_and_Markets_Amendment_Regulations_2016.pdf; (2016) The Bank of England, , http://www.bankofengland.co.uk/Pages/FinTech/default.aspx; (2016) FinTech Regulatory Sandbox Guidelines, , http://www.mas.gov.sg/~/media/Smart%20Financial%20Centre/Sandbox/FinTech%20Regulatory%20Sandbox%20Guidelines.pdf; Gabor, D., Brooks, S., The digital revolution in financial inclusion: International development in the FinTech era (2017) New Political Economy, 22 (4), pp. 423-436; (2017) Federal Ministry of Finance, , http://www.bundesfinanzministerium.de/Content/EN/Pressemitteilungen/2017/2017-03-22-german-finance-ministry-establishes-FinTech-coucil.html; (2018) Insurance Technological Zone, , https://www.ia.org.hk/tc/aboutus/insurtech_corner.html; (2017) OICU-IOSCO, , https://www.iosco.org/library/pubdocs/pdf/IOSCOPD554.pdf; (2018) Smart Financial Centre, , http://www.mas.gov.sg/Singapore-Financial-Centre/Smart-Financial-Centre.aspx; Samitsu, A., (2017) Structure of P2P Lending and Investor Protection: Analyses Based on An International Comparison of Legal Arrangements, , https://www.boj.or.jp/en/research/wps_rev/lab/lab17e06.htm/; (2016) FinTech Sandbox, , http://FinTechsandbox.org/what-weoffer; Zubairi, A., (2017) Boston’S FinTech Sandbox Expands to Ontario to Help Startups Scale with Access to Data, , https://betakit.com/bostons-FinTech-sandbox-expandsto-ontario-to-help-startups-scale-with-access-to-data//}, correspondence_address1={Shaydullina, V.K.; Department of Legal Regulation of Economic Operations, Federal State-Funded Educational Institution of Higher Education, Financial University under the Government of the Russian FederationRussian Federation; email: vk.shaydullina@gmail.com}, publisher={International Strategic Management Association}, issn={11082976}, language={English}, abbrev_source_title={Eur. Res. Stud.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Rudskaya20182337, author={Rudskaya, I. and Goncharova, N.L. and Temirhanova, M.}, title={Review of the Russian Fintech market}, journal={Proceedings of the 31st International Business Information Management Association Conference, IBIMA 2018: Innovation Management and Education Excellence through Vision 2020}, year={2018}, pages={2337-2343}, note={cited By 0; Conference of 31st International Business Information Management Association Conference: Innovation Management and Education Excellence through Vision 2020, IBIMA 2018 ; Conference Date: 25 April 2018 Through 26 April 2018; Conference Code:143853}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85060798727&partnerID=40&md5=af1988cdc1ff65902a690ee20fc0cdb5}, affiliation={Graduate School of Public Administration and Financial Management, Peter the Great Saint-Petersburg Polytechnic University, St. Petersburg, Russian Federation}, abstract={The financial technology market is one of the most interesting and dynamic segments of the financial market in the Russian Federation. Even though the market size is much smaller than that of Europe or the USA, statistics show that Russians are far more open to new technology both in terms of personal and corporate finances. In this situation it seems interesting to look at the Russian financial technology market, which is done in this paper. What is important is that in this article the FinTech market is considered as an integral ecosystem, rather than just a set of individual products. In the conclusion the prospects of the Russian financial technology market are reviewed and forecast is made about its development. © 2018 Elsevier Ltd. All rights reserved.}, author_keywords={Crypto currency; FinTech; Money transfer; Online service}, keywords={Finance; Information management, Corporate finance; Dynamic segments; FinTech; Market sizes; Money transfers; On-line service; Russian federation, Commerce}, references={Ernst & Young Global Limited, , http://www.ey.com/, Online, Retrieved January 17, 2018; (2016) UK FinTech on the Cuttingedge. An Evaluation of the International Fintech Sector, , http://www.ey.com/Publication/vwLUAssets/EY-UKFinTech-On-the-cutting-edge/%24FILE/EY-UK-FinTech-On-the-cutting-edge.pdf, Online, Retrieved Junuary 19, 2018; Rudskaia, I., Rodionov, D., Regional foresight as a technology for development of the regional innovation system (2017) Proceedings of the 29th International Business Information Management Association Conference - Sustainable Economic Growth Education Excellence and Innovation Management Through Vision 2020 IBIMA 2017, , ISBN: 3-4 May 2017, Vienna, Austria; Rodionov, D., Nikolova, L., Velikova, M., Kalubi, R.D.M., Competitive strength of a concession integration model of labour market to education market interaction (2016) Proceedings of the 28th International Business Information Management Association Conference - Vision 2020: Innovation Management, Development Sustainability, and Competitive Economic Growth, , ISBN: 9-10 November 2016, Seville, Spain; Lines, B., (2016) How FinTech Is Shaping Financial Services, , https://www.pwc.ru/en/banking/publications/fintech-global-report-eng.pdf, Online, Retrieved January 16, 2018; http://rkn.gov.ru/, Roskomnadzor, Online, Retrieved January 17, 2018; http://www.ndrc.ie/, Centre. Online, Retrieved January 18, 2018}, editor={Soliman K.S.}, publisher={International Business Information Management Association, IBIMA}, isbn={9780999855102}, language={English}, abbrev_source_title={Proc. Int. Bus. Inf. Manag. Assoc. Conf., IBIMA: Innov. Manag. Educ. Excell. Vis.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Breidbach2018, author={Breidbach, C.F. and Ranjan, S.}, title={How do Fintech Service Platforms Facilitate Value Co-Creation? An Analysis of Twitter Data}, journal={ICIS 2017: Transforming Society with Digital Innovation}, year={2018}, note={cited By 0; Conference of 38th International Conference on Information Systems: Transforming Society with Digital Innovation, ICIS 2017 ; Conference Date: 10 December 2017 Through 13 December 2017; Conference Code:133354}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85041720798&partnerID=40&md5=a8d2e0962d5469548b800d0ea4789273}, affiliation={University of Melbourne, Parkville, VIC, Australia; University of Melbourne, Parkville, VIC, Australia}, abstract={How do service platforms facilitate value co-creation processes amongst other interdependent economic actors? An analysis of Twitter data stemming from the official accounts of four peer-to-peer (P2P) lending platforms enables us to identify the practices that intend to facilitate the co-creation of value amongst lenders and borrowers. Our findings indicate that P2P lending platforms align their value facilitating practices to the unique needs of their multiple user groups (i.e., borrowers and lenders), and highlight the purpose, content, and economic actors targeted by each P2P lending platform. We provide a theoretical and empirical contribution in the form of research propositions that advance the discourse around platform-businesses, value co-creation processes, as well as Fintech and the digitization of financial services.}, author_keywords={Fintech; P2P Lending; SD-logic; Service Science; Value Co-Creation}, keywords={Social networking (online), Fintech; P2p lending; SD-logic; Service science; Value co creations, Finance}, references={Bartl, M., Kannan, V., Stockinger, H., A Review and Analysis of Literature on Netnography Research (2016) International Journal of Technology Marketing, 11 (2), pp. 65-76; Braunsberger, K., Buckler, B., What Motivates Consumers to Participate in Boycotts: Lessons from the Ongoing Canadian Seafood Boycott (2011) Journal of Business Research, 64 (1), pp. 96-102; Breidbach, C.F., Brodie, R., Hollebeek, L., Beyond Virtuality: From Engagement Platforms to Engagement Ecosystems (2014) Managing Service Quality, 24 (6), pp. 592-611; Breidbach, C.F., Chandler, J.D., Maglio, P.P., The Duality of Second Screens: A Phenomenological Study of Multi-Platform Engagement and Service Experiences (2015) Proceedings of The 48 th Hawaii International Conference on System Sciences (HICSS), pp. 1432-1441. , Kauai, HI; Breidbach, C.F., Maglio, P.P., A Service Science Perspective on the Role of ICT in Service Innovation (2015) Proceedings of The European Conference on Information Systems (ECIS) 2015, , h6p://aisel.aisnet.org/ecis2015_rip/33, Münster, GER, Paper 33; Breidbach, C.F., Antons, D., Salge, T.O., Seamless Service? 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Available online at: Accessed October 20th 2016}, sponsors={Bibigo; Dongwon F and B; et al.; Mario Outlet; MIT CISR; Seoul Tourism Organization}, publisher={Association for Information Systems}, language={English}, abbrev_source_title={ICIS: Transform. Soc. Digit. Innov.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Eickhoff2018, author={Eickhoff, M. and Muntermann, J. and Weinrich, T.}, title={What do FinTechs actually do? A Taxonomy of FinTech Business Models}, journal={ICIS 2017: Transforming Society with Digital Innovation}, year={2018}, note={cited By 1; Conference of 38th International Conference on Information Systems: Transforming Society with Digital Innovation, ICIS 2017 ; Conference Date: 10 December 2017 Through 13 December 2017; Conference Code:133354}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85041707938&partnerID=40&md5=07ceed489a2ad37dbe0b4f05354b57ca}, affiliation={University of Goettingen, Platz der Goettinger Sieben 5, Goettingen, 37073, Germany; University of Goettingen, Platz der Goettinger Sieben 5, Goettingen, 37073, Germany; University of Goettingen, Platz der Goettinger Sieben 5, Goettingen, 37073, Germany}, abstract={FinTechs are companies that combine technological and financial attributes in their business models. In recent years, the rise of FinTechs has attracted much attention since they challenge incumbent financial service companies including the traditional banking model. In this paper, we aim to contribute to a better understanding of this phenomenon. Therefore, we develop a taxonomy of FinTech business models following a theoretically grounded and empirically validated approach for identifying and defining underlying business model elements. After developing our taxonomy, we use a clustering-based approach to identify business model archetypes on which to showcase our results, reexamine the assumptions made during taxonomy development, and validate the presented findings. Based on the gained insights, we discuss implications for research, practice and policy makers, as well as directions for future research.}, author_keywords={Digital business model; Digital transformation; E-finance; Financial technology; FinTech; Taxonomy}, keywords={Finance, Business modeling; Business models; Digital business; Digital transformation; E finances; Financial service; FinTech; Policy makers, Taxonomies}, references={Alt, R., Puschmann, T., The Rise of Customer-Oriented Banking - Electronic Markets Are Paving the Way for Change in the Financial Industry (2012) Electronic Markets, 22 (4), pp. 203-215; Alt, R., Zimmermann, H.-D., Introduction to Special Section - Business Models (2001) Electronic Markets, 11 (1), pp. 1019-6781; Arner, D.W., Barberis, J.N., Buckley, R.P., (2015) The Evolution of Fintech: A New Post-Crisis Paradigm?, p. 2676553. , SSRN; Avizienis, A., Laprie, J.-C., Randell, B., Landwehr, C., Basic Concepts and Taxonomy of Dependable and Secure Computing (2004) IEEE Transactions on Dependable and Secure Computing, 1 (1), pp. 11-33; Bajorat, A.M., (2016) German Fintech Overview, , http://paymentandbanking.com/german-fintech-overview-unbundling-banks/, Retrieved 11/08/2016, from; Bakos, Y., The Emerging Role of Electronic Marketplaces on the Internet (1998) Communications of The ACM, 41 (8), pp. 35-42; Benner, M.J., Ranganathan, R., Offsetting Illegitimacy? 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Soc. Digit. Innov.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Serrano2018537, author={Serrano, W.}, title={Fintech Model: The Random Neural Network with Genetic Algorithm}, journal={Procedia Computer Science}, year={2018}, volume={126}, pages={537-546}, doi={10.1016/j.procS.2018.07.288}, note={cited By 0; Conference of 22nd International Conference on Knowledge-Based and Intelligent Information and Engineering Systems, KES 2018 ; Conference Date: 3 September 2018 Through 5 September 2018; Conference Code:141492}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85056659751&doi=10.1016%2fj.procS.2018.07.288&partnerID=40&md5=7c16cff9aa93c2940a249e81ec307c1e}, affiliation={Intelligent Systems and Networks Group, Imperial College London, London, United Kingdom}, abstract={This paper proposes the Random Neural Network with a new learning algorithm based on the genome model. Following genetics, where information is transmitted in the combination of genes rather than the genes themselves, the proposed genetic model transmits information to future generations in the network weights rather than the neuronS. The innovative genetic algorithm is implanted in a complex Deep Learning structure that emulates the human brain: Reinforcement Learning takes fast local current decisions, Deep Learning Clusters provide identity and memory, Deep Learning Management Clusters take final strategic decisions and finally Genetic Learning transmits the information learned to future generationS. The presented algorithm and Deep Learning structure has been applied and validated in a Fintech Model; a Smart Investment application where an Intelligent Bankers are specialised in Buy and sell decisions on several Assets, Markets and RiskS. The obtained results are promising; the proposed model combines human brain and genetics with Deep Learning structure based on the Random Neural Network model where biology; similar as Artificial Intelligence is learning gradually and continuously while adapting to the environment. © 2018 The Author(s).}, author_keywords={Deep Learning Clusters; Fintech; Genetic Learning; Random Neural Network; Reinforcement Learning; Smart Investment}, keywords={Brain; Clustering algorithms; Deep learning; Genes; Genetic algorithms; Information management; Knowledge based systems; Neural networks; Reinforcement learning, Fintech; Future generations; Genetic learning; Learning managements; Learning structure; Network weights; Random neural network; Strategic decisions, Learning algorithms}, references={Kirschner, M., Gerhart, J., (2005) The Plausibility of Life Resolving Darwin's Dilemma, , Yale University Press; Parter, M., Kashtan, N., Alon, U., Facilitated Variation: How Evolution Learns from Past Environments to Generalize to New Environments, , Department of Molecular Cell Biology, Weizmann Institute of science; Hinton, G., Nowlan, S., How learning can guide evolution (1996) Adaptive Individuals in Evolving Populations, pp. 447-454; Arifovic, J., Genetic algorithms and inflationary economies (1995) Journal of Monetary Economics, 36, pp. 219-243; Kim, K., Han, I., Genetic algorithms approach to feature discretization in artificial neural networks for the prediction of stock price index (2000) Expert Systems with Applications, 19, pp. 125-132; Ticona, W., Figueiredo, K., Vellasco, M., Hybrid model based on genetic algorithms and neural networks to forecast tax collection: Application using endogenous and exogenous variables (2017) International Conference on Electronics, Electrical Engineering and Computing, pp. 1-4; Hossain, D., Capi, G., Genetic Algorithm Based Deep Learning Parameters Tuning for Robot Object Recognition and Grasping (2017) International Scholarly and Scientific Research & Innovation, 11, pp. 629-633. , 3; Tirumala, S., Implementation of Evolutionary Algorithms for Deep Architectures (2014) Artificial Intelligence and Cognition, pp. 164-171; David, O., Greental, I., Genetic algorithms for evolving deep neural networks (2014) ACM Genetic and Evolutionary Computation Conference, pp. 1451-1452; Leshno, M., Spector, Y., Neural network prediction analysis: The bankruptcy case (1996) Neurocomputing, 10, pp. 125-147. , 2; Chen, W., Du, Y., Using neural networks and data mining techniques for the financial distress prediction model (2009) Expert Systems with Applications, 36, pp. 4075-4086; Kara, Y., Acar, M., Kaan, Ö., Predicting direction of stock price index movement using artificial neural networks and support vector machines: The sample of the Istanbul stock Exchange (2011) Expert Systems with Applications, 38, pp. 5311-5319; Guresen, E., Kayakutlu, G., Daim TugrulU., Using artificial neural network models in stock market index prediction (2011) Expert Systems with Applications, 38, pp. 10389-10397; Zhang, G., Hu, M., Patuwo, B., Indro, D., Artificial neural networks in bankruptcy prediction: General framework and cross-validation analysis (1999) European Journal of Operational Research, 116, pp. 16-32; Kohara, K., Ishikawa, T., Fukuhara, Y., Nakamura, Y., Stock Price Prediction Using Prior Knowledge and Neural Networks (1997) Intelligent Systems in Accounting, Finance and Management, 6, pp. 11-22; Sheta, A., Ahmed, S., Faris, H., A Comparison between Regression, artificial Neural Networks and support Vector Machines for Predicting stock Market Index (2015) International Journal of Advanced Research in Artificial Intelligence, 4, pp. 55-63. , 7; Khuat, T., Le, M., An Application of Artificial Neural Networks and Fuzzy Logic on the stock Price Prediction Problem (2017) International Journal on Informatics Visualization, 1, pp. 40-49. , 2; Naeini, M., Taremian, H., Hashemi, H., Stock market value prediction using neural networks (2010) International Conference on Computer Information Systems and Industrial Management Applications, pp. 132-136; Iuhasz, G., Tirea, M., Negru, V., Neural Network Predictions of stock Price Fluctuations (2012) International Symposium on Symbolic and Numeric Algorithms for Scientific Computing, pp. 505-512; Nicholas, A., Zapranis, A., Francis, G., Stock performance modeling using neural networks: A comparative study with regression models (1994) Neural Networks, 7, pp. 375-388. , 2; Gelenbe, E., Random Neural Networks with Negative and Positive Signals and Product Form solution (1989) Neural Computation, 1, pp. 502-510; Gelenbe, E., Learning in the Recurrent Random Neural Network (1993) Neural Computation, 5, pp. 154-164; Gelenbe, E., A class of genetic algorithms with analytical solution (1997) Robotics and Autonomous Systems, 22 (1), pp. 59-64. , 10 November; Gelenbe, E., Steady-state solution of probabilistic gene regulatory networks (2007) Physical Review e, 76 (1), p. 031903. , also in Virtual Journal of Biological Physics Research, september 15, 2007; Gelenbe, E., Yin, Y., Deep learning with random neural networks (2016) International Joint Conference on Neural Networks, pp. 1633-1638; Gelenbe, E., G-Networks: A Unifying Model for Neural Nets and Queueing Networks (1993) Modelling Analysis and Simulation of Computer and Telecommunications Systems, pp. 3-8; Fourneau, J., Gelenbe, E., Suros, R., G-Networks with Multiple Class Negative and Positive Customers (1994) Modelling Analysis and Simulation of Computer and Telecommunications Systems, pp. 30-34; Gelenbe, E., Timotheou, S., Random Neural Networks with synchronized Interactions (2008) Neural Computation, 20 (9), pp. 2308-2324; Serrano, W., Gelenbe, E., The Deep Learning Random Neural Network with a Management Cluster (2017) International Conference on Intelligent Decision Technologies, pp. 185-195; Kasun, L., Zhou, H., Huang, G., Representational learning with extreme learning machine for big data (2013) IEEE Intelligent Systems, 28, pp. 31-34. , 6}, correspondence_address1={Serrano, W.; Intelligent Systems and Networks Group, Imperial College LondonUnited Kingdom; email: G.serrano11@imperial.ac.uk}, editor={Toro C., Hicks Y., Howlett R.J., Jain L.C., Jain L.C.}, publisher={Elsevier B.V.}, issn={18770509}, language={English}, abbrev_source_title={Procedia Comput. Sci.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Serrano2018297, author={Serrano, W.}, title={The random neural network with a genetic algorithm and deep learning clusters in fintech: Smart investment}, journal={IFIP Advances in Information and Communication Technology}, year={2018}, volume={519}, pages={297-310}, doi={10.1007/978-3-319-92007-8_26}, note={cited By 2; Conference of 14th IFIP WG 12.5 International Conference on Artificial Intelligence Applications and Innovations, AIAI 2018 ; Conference Date: 25 May 2018 Through 27 May 2018; Conference Code:215159}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85049558731&doi=10.1007%2f978-3-319-92007-8_26&partnerID=40&md5=5b89ce9884bdef292a796620e686d427}, affiliation={Intelligent Systems and Networks Group, Electrical and Electronic Engineering, Imperial College London, London, United Kingdom}, abstract={This paper presents the Random Neural Network in a Deep Learning Cluster structure with a new learning algorithm based on the genetics according to the genome model, where information is transmitted in the combination of genes rather than the genes themselves. The proposed genetic model transmits information to future generations in the network weights rather than the neurons. The innovative genetic algorithm is implanted in a complex deep learning structure that emulates the human brain: Reinforcement Learning takes fast local current decisions, Deep Learning Clusters provide identity and memory, Deep Learning Management Clusters take final strategic decisions and finally Genetic Learning transmits the information learned to future generations. This proposed structure has been applied and validated in Fintech; a Smart Investment application: an Intelligent Banker that performs Buy and Sell decisions on several Assets with an associated market and risk. Our results are promising; we have connected the human brain and genetics with Machine Learning based on the Random Neural Network model where biology; similar as Artificial Intelligence is learning gradually and continuously while adapting to the environment. © IFIP International Federation for Information Processing 2018 Published by Springer International Publishing AG 2018. All Rights Reserved.}, author_keywords={Deep learning clusters; Genetic learning; Random neural network; Reinforcement learning; Smart investment fintech}, keywords={Brain; Clustering algorithms; Deep learning; Genes; Genetic algorithms; Information management; Investments; Neural networks; Reinforcement learning, Cluster structure; Future generations; Genetic learning; Learning managements; Learning structure; Random neural network; Smart investment fintech; Strategic decisions, Learning algorithms}, references={Kirschner, M., Gerhart, J., (2005) The Plausibility of Life Resolving Darwin’s Dilemma, , Yale University Press, New Haven; Parter, M., Kashtan, N., Alon, U., Facilitated Variation: How Evolution Learns from past Environments to Generalize to New Environments, , Department of Molecular Cell Biology, Weizmann Institute of Science; Hinton, G., Nowlan, S., How learning can guide evolution (1996) Adaptive Individuals in Evolving Populations, pp. 447-454; Pellegrini, M., Marcotte, E., Thompson, M., Eisenberg, D., Yeates, T., Assigning protein functions by comparative genome analysis: Protein phylogenetic profiles (1999) Proc. Natl. Acad. Sci. USA, 96, pp. 4285-4288; Suzuki, M., A framework for the DNA protein recognition code of the probe helix in transcription factors: The chemical and stereo chemical rules (1994) Structure, 2 (4), pp. 317-326; Smith, D., Bullmore, E., Small-World brain networks (2007) Neuroscientist, 12, pp. 512-523; Sporns, O., Chialvo, D., Kaiser, M., Hilgetag, C., Organization, development and function of complex brain networks (2004) Trends Cogn. Sci, 8 (9), pp. 418-425; Leshno, M., Spector, Y., Neural network prediction analysis: The bankruptcy case (1996) Neurocomputing, 10 (2), pp. 125-147; Chen, W., Du, Y., Using neural networks and data mining techniques for the financial distress prediction model (2009) Expert Syst. Appl, 36, pp. 4075-4086; Kara, Y., Acar, M., Kaan, Ö., Predicting direction of stock price index movement using artificial neural networks and support vector machines: The sample of the Istanbul Stock Exchange (2011) Expert Syst. Appl, 38, pp. 5311-5319; Guresen, E., Kayakutlu, G., Daim, T.U., Using artificial neural network models in stock market index prediction (2011) Expert Syst. Appl, 38, pp. 10389-10397; Zhang, G., Hu, M., Patuwo, B., Indro, D., Artificial neural networks in bankruptcy prediction: General framework and cross-validation analysis (1999) Eur. J. Oper. Res, 116, pp. 16-32; Kohara, K., Ishikawa, T., Fukuhara, Y., Nakamura, Y., Stock price prediction using prior knowledge and neural networks (1997) Intell. Syst. Account. Fin. Manag, 6, pp. 11-22; Sheta, A., Ahmed, S., Faris, H., A comparison between regression, artificial neural networks and support vector machines for predicting stock market index (2015) Int. J. Adv. Res. Artif. Intell, 4 (7), pp. 55-63; Khuat, T., Le, M., An application of artificial neural networks and fuzzy logic on the stock price prediction problem (2017) Int. J. Inform. Visual, 1 (2), pp. 40-49; Naeini, M., Taremian, H., Hashemi, H., Stock market value prediction using neural networks (2010) International Conference on Computer Information Systems and Industrial Management Applications, pp. 132-136; Iuhasz, G., Tirea, M., Negru, V., Neural network predictions of stock price fluctuations (2012) International Symposium on Symbolic and Numeric Algorithms for Scientific Computing, pp. 505-512; Nicholas, A., Zapranis, A., Francis, G., Stock performance modeling using neural networks: A comparative study with regression models (1994) Neural Netw, 7 (2), pp. 375-388; Bahrammirzaee, A., A comparative survey of artificial intelligence applications in finance: artificial neural networks, expert system and hybrid intelligent systems (2010) Neural Comput. Appl, 19, pp. 1165-1195; Coakley, J., Brown, C., Artificial neural networks in accounting and finance: modeling issues (2000) Int. J. Intell. Syst. Account. Fin. Manag, 9, pp. 119-144; Fadlalla, A., Lin, C., An analysis of the applications of neural networks in finance (2001) Interfaces, 31 (4), pp. 112-122; Huang, W., Lai, K., Nakamori, Y., Wang, S., Yu, L., Neural networks in finance and economics forecasting (2007) Int. J. Inf. Technol. Decis. Mak, 6 (1), pp. 113-140; Li, Y., Jiang, W., Yang, L., Wu, T., On neural networks and learning systems for business computing (2018) Neurocomputing, 275, pp. 1150-1159; Duarte, V., Macro, Finance, and Macro Finance: Solving Nonlinear Models in Continuous Time with Machine Learning. Massachusetts Institute of Technology (2017) Sloan School of Management, pp. 1-27; Stefani, J., Caelen, O., Hattab, D., Bontempi, G., Machine learning for multi-step ahead forecasting of volatility proxies (2017) Workshop on Mining Data for Financial Applications, pp. 1-12; Fischer, T., Krauss, C., Deep learning with long short-term memory networks for financial market predictions (2017) FAU Discussion Papers in Economics, 11, pp. 1-32; Hasan, A., Kalıpsız, O., Akyokuş, S., Predicting financial market in big data: Deep learning (2017) International Conference on Computer Science and Engineering, pp. 510-515; Arifovic, J., Genetic algorithms and inflationary economies (1995) J. Monetary Econ, 36, pp. 219-243; Kim, K., Han, I., Genetic algorithms approach to feature discretization in artificial neural networks for the prediction of stock price index (2000) Expert Syst. Appl, 19, pp. 125-132; Ticona, W., Figueiredo, K., Vellasco, M., Hybrid model based on genetic algorithms and neural networks to forecast tax collection: Application using endogenous and exogenous variables (2017) International Conference on Electronics, Electrical Engineering and Computing, pp. 1-4; Hossain, D., Capi, G., Genetic algorithm based deep learning parameters tuning for robot object recognition and grasping (2017) Int. Sch. Sci. Res. Innov, 11 (3), pp. 629-633; Tirumala, S., Implementation of evolutionary algorithms for deep architectures (2014) Artificial Intelligence and Cognition, pp. 164-171; David, O., Greental, I., Genetic algorithms for evolving deep neural networks (2014) ACM Genetic and Evolutionary Computation Conference, pp. 1451-1452; Gelenbe, E., Random neural networks with negative and positive signals and product form solution (1989) Neural Comput, 1, pp. 502-510; Gelenbe, E., Learning in the recurrent random neural network (1993) Neural Comput, 5, pp. 154-164; Gelenbe, E., G-Networks with triggered customer movement (1993) J. Appl. Probab, 30, pp. 742-748; Gelenbe, E., A class of genetic algorithms with analytical solution (1997) Robot. Auton. Syst, 22 (1), pp. 59-64; Gelenbe, E., Steady-state solution of probabilistic gene regulatory networks (2007) Phys. Rev., E 76 (1). , Also in Virtual Journal of Biological Physics Research, 15 September 2007; Gelenbe, E., Liu, P., Laine, J., Genetic algorithms for route discovery (2006) IEEE Trans. Syst. Man Cybern. B, 36 (6), pp. 1247-1254; Gelenbe, E., Dealing with software viruses: A biological paradigm (2007) Inf. Secur. Tech. Rep, 12, pp. 242-250; Gelenbe, E., Network of interacting synthetic molecules in equilibrium (2008) Proc. Royal Soc. a (. Phys. Sci.), 464, pp. 2219-2228; Kim, H., Gelenbe, E., Anomaly detection in gene expression via stochastic models of gene regulatory networks (2009) BMC Genom, 10, p. S26. , https://doi.org/10.1186/1471-2164-10-S3-S26; Kim, H., Gelenbe, E., Stochastic gene expression modeling with hill function for switch-like gene responses (2012) IEEE/ACM Trans. Comput. Biol. Bioinform, 9 (4), pp. 973-979. , https://doi.org/10.1109/tcbb.2011.153; Kim, H., Gelenbe, E., Reconstruction of large-scale gene regulatory networks using Bayesian model averaging (2012) IEEE Trans. Nanobiosci, 11 (3), pp. 259-265. , https://doi.org/10.1109/tnb.2012.221; Gelenbe, E., Natural computation (2012) Comput. J, 55 (7), pp. 848-851; Kim, H., Park, T., Gelenbe, E., Identifying disease candidate genes via large- scale gene network analysis (2014) IJDMB, 10 (2), pp. 175-188; Gelenbe, E., Yin, Y., Deep learning with random neural networks (2016) International Joint Conference on Neural Networks, pp. 1633-1638; Yin, Y., Gelenbe, E., Deep Learning in Multi-Layer Architectures of Dense Nuclei (2016) Corr Abs/1609.07160, pp. 1-10; Yin, Y., Gelenbe, E., Single-cell based random neural network for deep learning (2017) International Joint Conference on Neural Networks, pp. 86-93; Gelenbe, E., G-Networks: A unifying model for neural nets and queueing networks (1993) Modelling Analysis and Simulation of Computer and Telecommunications Systems, pp. 3-8; Fourneau, J., Gelenbe, E., Suros, R., G-Networks with multiple class negative and positive customers (1994) Modelling Analysis and Simulation of Computer and Telecommunications Systems, pp. 30-34; Gelenbe, E., Timotheou, S., Random neural networks with synchronized interactions (2008) Neural Comput, 20-9, pp. 2308-2324; Serrano, W., Gelenbe, E., An intelligent internet search assistant based on the random neural network (2016) AIAI 2016. IAICT, 475, pp. 141-153. , https://doi.org/10.1007/978-3-319-44944-9_13, Iliadis, L., Maglogiannis, I. (eds.), Springer, Cham; Serrano, W., A big data intelligent search assistant based on the random neural network (2017) INNS 2016. AISC, 529, pp. 254-261. , https://doi.org/10.1007/978-3-319-47898-2_26, Angelov, P., Manolopoulos, Y., Iliadis, L., Roy, A., Vellasco, M. (eds.), Springer, Cham; Serrano, W., Gelenbe, E., Intelligent search with deep learning clusters (2017) Intelligent Systems Conference, pp. 254-267; Serrano, W., Gelenbe, E., The deep learning random neural network with a management cluster (2018) IDT 2017. SIST, 73, pp. 185-195. , https://doi.org/10.1007/978-3-319-59424-8_17, Czarnowski, I., Howlett, Robert J., Jain, Lakhmi C. (eds.), Springer, Cham; Kasun, L., Zhou, H., Huang, G., Representational learning with extreme learning machine for big data (2013) IEEE Intell. Syst, 28 (6), pp. 31-34}, correspondence_address1={Serrano, W.; Intelligent Systems and Networks Group, Electrical and Electronic Engineering, Imperial College LondonUnited Kingdom; email: g.serrano11@imperial.ac.uk}, editor={Maglogiannis I., Plagianakos V., Iliadis L.}, publisher={Springer New York LLC}, issn={18684238}, isbn={9783319920061}, language={English}, abbrev_source_title={IFIP Advances in Information and Communication Technology}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Iman2018296, author={Iman, N.}, title={Assessing the dynamics of fintech in Indonesia}, journal={Investment Management and Financial Innovations}, year={2018}, volume={15}, number={4}, pages={296-303}, doi={10.21511/imfi.15(4).2018.24}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85061947420&doi=10.21511%2fimfi.15%284%29.2018.24&partnerID=40&md5=abe57d76a2ab812ef26d24d4652bbaca}, affiliation={Department of Management, Faculty of Economics and Business, University Gadjah Mada, Indonesia}, abstract={Financial technology or commonly known as fintech is relatively a new thing in Indonesia. This article is attempting to capture the dynamics of such technology in Indonesia. This paper was aimed to help researchers and academics who are interested in studying the phenomenon of fintech more broadly. This study is descriptive and exploratory by nature. Data were gathered from secondary sources, as well as interviews with practitioners, policy makers, and users. Data were collected during the period from 2016 to 2018, which was divided into several different stages. The results of the study show that fintech is more than just a phenomenon, it cannot be compared to other start-ups, and has the potential to fundamentally change the business and economic landscape. © Nofie Iman, 2018}, author_keywords={Adoption; Financial services; Financial technology; Innovation}, references={Bryman, A., Bell, E., (2007) Business Research Methods, , New York: Oxford University Press; Cassell, C., Symon, G., (2004) Essential Guide to Qualitative Methods in Organizational Research, , London: SAGE Publications; Christensen, C., (1997) The Innovator’S Dilemma: When New Technologies Cause Great Firms to Fail, , Boston, MA: Harvard Business School Press; Coase, R., The nature of the firm (1937) Economica, 4 (16), pp. 386-405. , https://doi.org/10.1111/j.1468-0335.1937.tb00002.x; Creswell, J.W., (2003) Qualitative, Quantitative and Mixed Methods Approaches, , London: SAGE Publications Ltd; Denzin, N.K., Lincoln, Y.S., (1994) Handbook of Qualitative Research, , Thousand Oaks, CA: Sage; (2017) Mobile Phones in Indonesia, , www.euromonitor.com/mobile-phones-in-indonesia/report, Retrieved from accessed on August 5, 2018; (2017) A Definition by FinTech Weekly, , https://www.fintechweekly.com/fintech-definition, Retrieved from accessed on March 29, 2017; Gawer, A., Cusumano, M., (2002) Platform Leadership: How Intel, Microsoft, and Cisco Drive Industry Innovation, , Boston, MA: Harvard Business School Press; (2014) The Global Findex Database: Indonesia, , http://datatopics.worldbank.org/financialinclusion/country/indonesia, Retrieved from accessed on August 5, 2018; Hung, J.L., Luo, B., Fintech in Taiwan: A case study of a Bank’s strategic planning for an investment in a FinTech company (2016) Financial Innovation, 2 (1), pp. 1-15. , https://doi.org/10.1186/s40854-016-0037-6; Jensen, M.C., Meckling, W.H., Theory of the firm: Managerial behavior, agency costs and ownership structure (1976) Journal of Financial Economics, 3 (4), pp. 305-360. , https://doi.org/10.1016/0304-405X(76)90026-X; Katz, M., Shapiro, S., Network externalities, competition and compatibility (1985) American Economic Review, 75, pp. 424-440. , http://idv.sinica.edu.tw/kongpin/teaching/io/KatzShapiro1.pdf, Retrieved from; Liebowitz, S.J., Margolis, S.E., Network externality: An uncommon tragedy (1994) The Journal of Economic Perspectives, 8, pp. 133-150. , https://doi.org/10.1257/jep.8.2.133; Riemer, K., Hafermalz, E., Roosen, A., Boussand, N., El Aoufi, H., Mo, D., Kosheliev, A., (2017) The Fintech Advantage: Harnessing Digital Technology, Keeping The Customer in Focus, , https://www.capgemini.com/au-en/wp-content/uploads/sites/9/2017/08/the_fintech_ad-vantage.pdf, University of Sydney, Business School and Capgemini; Rochet, J.-C., Tirole, J., Platform competition in two-sided markets (2003) Journal of The European Economic Association, 1 (4), pp. 990-1029. , https://doi.org/10.1162/154247603322493212; (2017) Definition of Fintech in English by Oxford Dictionaries, , https://en.oxforddictionaries.com/definition/fintech, Retrieved from accessed on March 29, 2017; (2017) Digital in Southeast Asia in 2017, , https://wearesocial.com/special-reports/digital-southeast-asia-2017, Retrieved from accessed on March 4, 2018; Williamson, O.E., Transaction cost economics: The governance of contractual relations (1979) Journal of Law and Economics, 22 (2), pp. 233-261. , http://dx.doi.org/10.1086/466942; Williamson, O.E., The economics of organization: The transaction cost approach (1981) American Journal of Sociology, 87 (3), pp. 548-577. , https://doi.org/10.1086/227496; Zavolokina, L., Dolata, M., Schwabe, G., FinTech – What’s in a name? (2016) Proceedings of The 37th International Conference on Information Systems, , https://aisel.aisnet.org/icis2016/DigitalInno-vation/Presentations/12/, Dublin}, correspondence_address1={Iman, N.; Department of Management, Faculty of Economics and Business, University Gadjah MadaIndonesia}, publisher={LLC CPC Business Perspectives}, issn={18104967}, language={English}, abbrev_source_title={Investm. Manange. Financ. Innov.}, document_type={Article}, source={Scopus}, } @BOOK{Chuen20181, author={Chuen, D.L.K.}, title={Inclusive fintech: Blockchain, cryptocurrency and Ico}, journal={Inclusive Fintech: Blockchain, Cryptocurrency and Ico}, year={2018}, pages={1-523}, doi={10.1142/10949}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85058282870&doi=10.1142%2f10949&partnerID=40&md5=0c5d9d7361f9228fd712dc352e74933e}, affiliation={Singapore University Of Social Sciences, Singapore}, abstract={Cryptocurrency market has been growing fast since its emergence in recent years. Moreover, digital finance has forged the convergence of profit motives with social objectives creating a class of large FinTech companies. In addition, the underlying technology innovation may be applied to a wide range of industries, not limited to financial sector. Yet, few researches have been done to study these phenomena. Hence, it is the task of this book to shed light on the introduction and trends in FinTech, blockchain and token sales. Richly illustrated with original lecture slides taught by the authors, Inclusive FinTech: Blockchain, Cryptocurrency and ICO hopes to dispel the many misconceptions about blockchain and cryptocurrencies (especially bitcoin, Initial Crypto-Token Offering or ICO), as well as the idea that businesses can be sustainable without a social dimension going forward. With comprehensive coverage given to the FinTech scene in Asia, it is targeted at those who are searching for business opportunities. Most important of all, this book seeks to change the mindset of a whole new generation that is familiar with digital economy and yearns for a more just and equitable world. © 2018 by World Scientific Publishing Co. Pte. Ltd. All rights reserved.}, references={Merle, R., (2017) Once Considered the Titans of Wall Street, Hedge Fund Managers are in Trouble, , https://www.washingtonpost.com/business/economy/once-considered-the-titans-of-wall-street-hedge-fund-managers-are-in-trouble/2017/05/29/61049f1e-34ce-11e7-b373-418f6849a004sto ry.html?noredirect=on$utmterm=.5eccc0655a44, May 20; (2015) The Future of Fintech and Banking: Digitally Disrupted Or Reimagined?, , http://www.FinTechinnovationlablondon.net/media/730274/Accenture-The-Future-of-FinTech-and-Banking-digitallydisrupted-or-reima-.pdf; Alt, R., Puschmann, T., The rise of customer-oriented banking — electronic markets are paving the way for change in the financial industry (2012) Electronic Markets, 22 (4), pp. 203-215; http://www.boc.cn/en; https://www.cbinsights.com/; http://ca.go.ke/index.php/statistics; Demirrguc-Kunt, A., Klapper, L., (2012) Measuring Financial Inclusion: The Global Findex Database. Policy Research Working Paper 6025, The World Bank Development Research Group, , http://documents.worldbank.org/curated/en/453121468331738740/pdf/WPS6025.pdf; (2016) Defining Fintech, , https://FinTechauscensus.ey.com/Home/Defining-FinTech; (2016) UK Fintech: On the Cutting Edge, , https://www.gov.uk/government/uploads/system/uploads/attachmentdata/file/502996/UKFinTech-Onthecuttingedge-ExecSummary.pdf; https://www.fidor.com; Lee, D.K.C., (2015) Handbook of Digital Currency, , Elsevier; Lee, D.K.C., (2015) Handbook of Digital Currency: Bitcoin, Innovation, Financial Instruments, and Big Data, , http://store.elsevier.com/Handbook-of-Digital-Currency/isbn-9780128021170, Academic Press 0128023511, 9780128023518; Lee, D.K.C., On the edge of disruption (2015) Asian Management Insights, 2 (2), pp. 78-83. , http://www.emeraldgrouppublishing.com/learning/ami/vol2iss2/disruption.pdf; Lee, D.K.C., (2017) Decentralisation and Distributed Innovation. 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Fintechnews Singapore, , http://fintechnews.sg/6726/blockchain/first-bank-southeast-asia-use-blockchain-technology-payment-services/, November 14; https://www.tenx.tech/whitepaper/tenxwhitepaperdraftv04.pdf; Cihak, M., Mare, D., Melecky, M., (2016) The Nexus of Financial Inclusion and Financial Stability: A Study of Trade-Offs and Synergies, , http://documents.worldbank.org/curated/en/138991467994676130/pdf/WPS7722.pdf, Policy Research Papers, World Bank Group; de Soto, H., (2000) The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else, , New York: Basic Books; http://fintechnews.sg/; Lagua, T.B.D., (2017) Financial Inclusion and Financial Stability. Businessworld Online, , http://www.bworldonline.com/content.php?section=Opinion$title=financial-inclusion-and-financial-stability$id=139313; Mariano, T., How Bitcoin is disrupting Southeast Asia’s remittance industry (2016) Inc. Southeast Asia, , http://inc-asean.com/editor-picks/bitcoin-disrupting-southeast-asias-remittance-industry/?utmsource=newsletter$utmmedium=email$utmcampaign=newsletterfintech, August 22; (2017) The Global Fintech Report 2016 in Review, , February 15}, correspondence_address1={Chuen, D.L.K.; Singapore University Of Social SciencesSingapore}, publisher={World Scientific Publishing Co.}, isbn={9789813238640; 9789813238633}, language={English}, abbrev_source_title={Inclusive Fintech: Blockchain, Cryptocurrency and Ico}, document_type={Book}, source={Scopus}, } @ARTICLE{Karakas2018106, author={Karakas, C. and Stamegna, C.}, title={Defining A Eu-framework for financial technology (Fintech): Economic perspectives and regulatory challenges}, journal={Law and Economics Yearly Review}, year={2018}, volume={7}, pages={106-129}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85057333186&partnerID=40&md5=8038e6fe6dfd3d23e0a39cfa7843ef9c}, affiliation={European Parliamentary Research Service (EPRS), United Kingdom}, abstract={The term Financial Technology (FinTech) refers to firms that use technology-based systems either to provide financial services and products directly, or to make them more efficient. Examples include internet banking, mobile payments, crowdfunding, robo-advice and virtual currencies. These applications show that the digital revolution is irreversibly changing the way people live, including the way they interact with the financial system. The rapidly growing FinTech sector has its rewards and challenges (e.g. data and consumer protection issues, risk of exacerbating financial volatility and cybercrime) and has been increasingly attracting political attention at the supranational level. Thus, the fundamental question of this paper is: how is the European Union dealing with FinTech? Due to the broad scope of FinTech, EU regulators face a dilemma: on the one hand, rule-based regulatory frameworks set out compliance obligations clearly, but these are often expensive from a start-up perspective and could be an obstacle to innovation and job creation. On the other hand, principle-based regulation is more flexible, but could create some uncertainty as to what exactly is expected in terms of compliance. A possible middle ground could be found by evolving towards a more dialectic supervisory model. © 2018 Fondazione Gerardo Capriglione Onlus. All Rights Reserved.}, references={Gates, B., (1994) Principal Founder of Microsoft, Early; Peer-to-peer (P2P) Lending Is A Method of Debt Financing Without the Use of An Official Financial Institution As An Intermediary, , It is also described as 'social lending'; Goldman Sachs Is A Tech Company, 12 April 2015, , Business Insider UK}, publisher={Fondazione Gerardo Capriglione Onlus}, issn={20509014}, language={English}, abbrev_source_title={Law Econ. Yrly. Rev.}, document_type={Article}, source={Scopus}, } @ARTICLE{Petrushenko2018332, author={Petrushenko, Y. and Kozarezenko, L. and Glinska-Newes, A. and Tokarenko, M. and But, M.}, title={The opportunities of engaging FinTech companies into the system of crossborder money transfers in Ukraine}, journal={Investment Management and Financial Innovations}, year={2018}, volume={15}, number={4}, pages={332-344}, doi={10.21511/imfi.15(4).2018.27}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059261484&doi=10.21511%2fimfi.15%284%29.2018.27&partnerID=40&md5=6d49169584b4f5a4ea7e2de8f8fca53c}, affiliation={International Economics, Education and Research Institute for Business Technologies UAB, Sumy State University, Ukraine; Department of Finance, Kyiv National University of Trade and Economics, Ukraine; Department of Organizational Behavior and Marketing, Nicolaus Copernicus University, Poland; Education and Research Institute for Business Technologies UAB, Sumy State University, Ukraine}, abstract={Despite the increasing role of cross-border payments within the globalization processes and rapid growth of venture sector, an issue of its implementation remains to be a debatable point for many countries. The paper identifies disruptive challenges for financial institutions need to adapt. The research investigates the value and the investment flows structure as most obvious indicators of FinTech and describes types of payments relationships there. The paper considers relationships between enterprises, financial institutions and individuals, which are formed in digital payments. To understand the difference between regular cross-border money transfers and P2P crossborder money transfers with TransferWise, both mechanisms were researched and the benefits underlined. For Ukraine, the improvement of existing cross-border payments system with FinTech is a crucial challenge. That is why it is important to focus on providing knowledge for people, supporting start-ups in the sector and learning the best implementation practices. A great example of cross-border payments of FinTech in Ukraine is TransferWise. The difference between regular cross-border money transfers and peer-to-peer (P2P) money transfers appears in its benefits, such as lower and more expectable transfer fee, mid-market exchange rate, less transaction period. By transforming existing cost structures and mitigating market imperfections, they provide innovative services that meet the users' needs for speed, trust, low cost, usability, security and transparency. The results show high potential of FinTech for cross-border payment processing. © Yuriy Petrushenko.}, author_keywords={Digital economy; Financial innovations; Financial services; Financial sphere; Financial technologies; Payment methods; Start-up; Venture}, references={(2017) Top 10 Trends in Financial Services, , https://aitegroup.com/sites/default/files/storage_0/20170105_Top%2010%20Trends%20in%20Financial%20Services%202017.pdf, Retrieved December 28, 2017 from; Arner, D.W., Barberis, J.N., Buckley, R.P., (2015) The Evolution of Fintech: A New PostCrisis Paradigm?; Barr, M., Klifford, K., Klein, A., (2018), https://www.brookings.edu/wp-content/uploads/2018/04/es_20180413_fintech_access.pdf, The Brookings Institution. 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Retrieved December 30, 2017 from; Lu, K., (2015) P2P, P2C, O2O, B2C, B2B, Ecommerce Terms Explained, , http://www.webhostpark.com/p2p-p2c-o2o-b2c-b2becommerce-terms-explained, WebHostPark. Retrieved January 4, 2018; McDermott, K., (2016) The Mobile Payments Report 2016: An Omnichannel Evolution, , https://www.payvision.com/themobile-payments-report-2016-anomnichannel-evolution, Payvision. Retrieved January 4, 2018 from; Park, Y.S., (2006) The Inefficiencies of Cross-Border Payments: How Current Forces Are Shaping the Future., , http://euro.ecom.cmu.edu/resources/elibrary/epay/crossborder.pdf, George Washington University. Retrieved February 16, 2018 from; Price, R., (2015) How TransferWise Works, , http://uk.businessinsider.com/howtransferwise-works-2015-1, Business Insider UK. Retrieved January 5, 2018 from; (2015) PryvatBanky TransferWise Zapustyly Vyhidni Perekazy v Ukrainu, , https://privatbank.ua/news/privatbanktransferwise-zapustili-vig-dnperekazi-v-ukrajinu, Retrieved January 6, 2018 from; (2016) Blurred Lines: How FinTech Is Shaping Financial Services - Global FinTech Report, , https://www.pwc.com/gx/en/advisory-services/FinTech/pwcfintech-global-report.pdf, Retrieved December 28, 2017 from; (2017) X-border Payments Optimization Tracker: An Update on the Trends and Players Driving Cross-border Payments, , https://www.pymnts.com/x-border-payments-optimization, Retrieved January 5, 2018 from; Ravishankar, A., (2018) Crossborder Money Transfer Using Blockchain - Enabled by Big Data, , https://www.infosys.com/industries/cards-and-payments/resources/Documents/cross-border-money-transfer.pdf, Retrieved September 3, 2018 from; Tarasyuk, M.V., Koscheyev, A.A., Innovations in the global digital financial sector: Estimation of transformations (2017) Actual Problems of International Relations, 131, pp. 94-110. , http://journals.iir.kiev.ua/index.php/apmv/article/download/3167/2842, Retrieved January 2, 2018 from; (2018) FinTech in Ukraine, , http://data.unit.city/fintech/fgt34ko67mok/fintech_in_Ukraine_2018_ua.pdf, USAID Financial Sector Transformation Project, UNIT. City. Retrieved June 5, 2018 from; Varga, D., Fintech, the new era of financial services (2017) Vezetéstudomány | Budapest Management Review, , https://www.researchgate.net/publication/321208233_Fintech_the_new_era_of_financial_services, Retrieved June 28, 2018 from; Zherdetska, L.V., Horodynskyi, D.I., (2018) Development of Financial Technologies: Threats and Opportunities for Banks., , http://www.economyandsociety.in.ua/journal/10_ukr/101.pdf, Retrieved January 6, 2018 from}, publisher={LLC CPC Business Perspectives}, issn={18104967}, language={English}, abbrev_source_title={Investm. Manange. Financ. Innov.}, document_type={Article}, source={Scopus}, } @ARTICLE{Coetzee2018, author={Coetzee, J.}, title={Strategic implications of fintech on South African retail banks}, journal={South African Journal of Economic and Management Sciences}, year={2018}, volume={21}, number={1}, doi={10.4102/sajems.v21i1.2455}, art_number={a2455}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85055731462&doi=10.4102%2fsajems.v21i1.2455&partnerID=40&md5=5e031e4845cb5cdd4a6311fc3bd16269}, affiliation={Department of Economics and Finance, University of the Free State, South Africa}, abstract={Background: Since the global financial crisis, banks have been exposed to new opportunities and threats unprecedented in history driven fundamentally by technology. So-called ‘Fintech disruptors’ are aggressively tapping into their service delivery chain to offer clients a better (cheaper, more convenient or efficient) value proposition. As banks have subsequently been forced to think more strategically about how to conduct themselves due to the imminent use of, for example, virtual reality, artificial intelligence, biometrics and big data, regulators have simultaneously had to ensure that the pervasiveness of technological disruption does not threaten the soundness of banks and the stability of economies. Aim: To identify the strategic implications of Fintech on South African retail banks. Setting: The study is conducted in the South African retail banking industry. Methods: A post-positivist paradigm approach that is qualitative in nature. Results: There are several main findings: firstly, technology-based skills are becoming mandatory for staff and regulators alike; secondly, interaction policy is migrating clients towards a remote-based distribution strategy; thirdly, the bank of the future will not rely as heavily on brick-and-mortar branches as it has in the past; fourthly, new competitors are entering the fray and offer competitive digital-only solutions; finally, given the innovation and growth shown by these disruptors, financial sector regulators will have to find ways to hold them accountable. Conclusion: By adapting to the Fintech revolution, South African retail banks are hoping to become strategically pre-emptive rather than merely proactive. This will allow them not only to identify opportunities first, but also to offer solutions before competitors are able to do either of these. © 2018. 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email: coetzj@ufs.ac.za}, publisher={AOSIS (pty) Ltd}, issn={10158812}, language={English}, abbrev_source_title={S. Afr. J. Econ. Manage Sci.}, document_type={Article}, source={Scopus}, } @ARTICLE{Lu2018118, author={Lu, W.}, title={Blockchain technology and its applications in FinTech}, journal={Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)}, year={2018}, volume={11317 LNCS}, pages={118-124}, doi={10.1007/978-3-030-03712-3_10}, note={cited By 0; Conference of 2nd International Conference on Intelligent, Secure and Dependable Systems in Distributed and Cloud Environments, ISDDC 2018 ; Conference Date: 28 November 2018 Through 30 November 2018; Conference Code:221309}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85057835124&doi=10.1007%2f978-3-030-03712-3_10&partnerID=40&md5=ae49eb005fb531a058fca08e1ab8ca24}, affiliation={Department of Computer Science, Keene State College, USNH, Durham, United States; Peter T. Paul College of Business and Economics, University of New Hampshire, Durham, NH, United States}, abstract={In this short paper we introduce the basics of blockchain technology including its many advantages and why and how they possess a number of attractive attributes for the banking and financial-services industry to simplify business processes while maintaining safe, trustworthy records of business agreement and transactions. In particular, some typical examples of applying blockchain in Financial Technology (FinTech) are discussed, including such as applying Bitcoin to drive various new business services, and implementing smart contracts based on blockchain technology to oversee the execution of legal transactions in real time. In addition, a pioneer effort of building up a distributed-ledger consortium model is addressed in the near future work. © Springer Nature Switzerland AG 2018.}, keywords={Artificial intelligence; Computer science; Computers, Bitcoin; Business agreement; Business Process; Business service; Financial services industries; ITS applications; Real time; Smart contracts, Blockchain}, references={Merkle, R.C., A digital signature based on a conventional encryption function (1988) CRYPTO 1987. LNCS, 293, pp. 369-378. , https://doi.org/10.1007/3-540-48184-2_32, Pomerance, C. (ed.), Springer, Heidelberg; Nakamoto, S., Bitcoin: A Peer-to-Peer Electronic Cash System (2008) Bitcoin, , https://bitcoin.org/bitcoin.pdf, Accessed 6 July 2018; The Economist, , https://www.economist.com/leaders/2015/10/31/the-trust-machine, 31 October 2015, Accessed 6 July 2018; Hines, P., Dwyer, J., Beyond the Buzz: Exploring Distributed Ledger Technology Use Cases in Capital Markets and Corporate Banking, , https://www.slideshare.net/BjornGeelhoed/beyond-the-buzz-blockchain-white-paper-by-celent-and-misys, Technical report. 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Notes Comput. Sci.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Singapurwoko20183296, author={Singapurwoko, A.}, title={Analyzing the impact of financial technology startup's emergence (peer-to-peer lending) on incumbent firm's performance in Indonesia}, journal={Proceedings of the 32nd International Business Information Management Association Conference, IBIMA 2018 - Vision 2020: Sustainable Economic Development and Application of Innovation Management from Regional expansion to Global Growth}, year={2018}, pages={3296-3307}, note={cited By 0; Conference of 32nd International Business Information Management Association Conference, IBIMA 2018 ; Conference Date: 15 November 2018 Through 16 November 2018; Conference Code:145733}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063051701&partnerID=40&md5=3595433b4d67ad8179d267b8ad764c5a}, affiliation={Universitas Islam Indonesia, Yogyakarta, Indonesia}, abstract={This study aims to investigate if the emergence of fintech startups gives disruption for incumbent firms. The disruption is in the form of loan distribution and profits gained by incumbent firms' business. This study is a pioneer study investigating the impact of fintech startups on incumbent firms' performance. Incumbent firms involved in this study are rural bank, commercial bank, and multi-finance institutions which principally run peer-to-peer lending business. Loan distribution was assessed by employing net loan to assets while profit was assessed by employing return on assets. This study was conducted in Indonesia by involving all incumbent firms registered in Indonesia Stock Exchange and Financial Service Authority. This study employed paired sample t-test to examine if net loans to assets and return on assets received differences before and after fintech startup emerged. The study reveals that fintech startup disrupts incumbent firms' business because incumbent firms' total of net loans to assets and total of return on assets decrease. However, this condition only occurs in rural bank and multi-finance institutions. Business threat of fintech startup does not occur in commercial bank. Copyright © 2018 International Business Information Management Association (IBIMA).}, author_keywords={Fintech; Incumbent firm; Performance; Startup}, keywords={Information management; Profitability; Reactor startup, Financial service authorities; Fintech; Firms' performance; Incumbent firm; Paired-sample t-test; Peer-to-peer lending; Performance; Technology start-up, Finance}, references={Acs, Z., Introduction: The startup process (2008) Estudios De Economía, 35 (2), pp. 121-132; Alt, R., Puschmann, T., The rise of customer-oriented banking-electronic markets are paving the way for change in the financial industry (2012) Electronic Markets, 22 (4), pp. 203-215; Arner, D.W., Barberis, J., Buckley, R.P., The evolution of Fintech: A new post-crisis paradigm (2015) Geo. J. 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(2016) Contemporary Issues in Finance: Current Challenges from Across Europe, pp. 21-35. , Emerald Group Publishing Limited; Santos, J., Spector, B., Van Der Heyden, L., Toward a theory of business model innovation within incumbent firms (2009) INSEAD, , Fontainebleau, France; Shim, Y., Shin, D.H., Analyzing China's fintech industry from the perspective of actor- Network theory (2016) Telecommunications Policy, 40 (2-3), pp. 168-181; Soulé, M., Is Fintech eating the world of financial services, one API after another? (2016) Communications & Strategies, 103, p. 177; Surijanto, J., The impact of diversification to risk and return of a finance company (2016) Business and Entrepreneurial Review (BER), 6 (1), pp. 16-26; Temelkov, Z., Fintech firms opportunity or threat for banks? (2018) International Journal of Information, Business and Management, 10 (1), pp. 137-143; Yasav, S., The impact of digital technology on consumer purchase behavior (2015) Journal of Financial Perspectives, 3 (3), pp. 166-171; Zervas, G., Proserpio, D., Byers, J.W., The rise of the sharing economy: Estimating the impact of Airbnb on the hotel industry (2017) Journal of Marketing Research, 54 (5), pp. 687-770}, correspondence_address1={Singapurwoko, A.; Universitas Islam IndonesiaIndonesia; email: arif_singa@uii.ac.id}, editor={Soliman K.S.}, publisher={International Business Information Management Association, IBIMA}, isbn={9780999855119}, language={English}, abbrev_source_title={Proc. Int. Bus. Inf. Manag. Assoc. Conf., IBIMA - Vis.: Sustain. Econ. Dev. Appl. Innov. Manag. Reg. Expans. Glob. Growth}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Wang2018, author={Wang, M. and Chang, Y.}, title={Technology Leadership, Brand Equity, and Customer Loyalty towards Fintech Service Providers in China}, journal={Americas Conference on Information Systems 2018: Digital Disruption, AMCIS 2018}, year={2018}, note={cited By 0; Conference of 24th Americas Conference on Information Systems 2018: Digital Disruption, AMCIS 2018 ; Conference Date: 16 August 2018 Through 18 August 2018; Conference Code:139332}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054220613&partnerID=40&md5=3ac59c43e0623c47ab5ba3bba33ea1ac}, affiliation={BNU-HKBU, United International College, Hong Kong; Beijing Institute of Technology, China}, abstract={China claims the world's largest mobile payments market and serves as the global benchmark for other markets to pursue. As the battle over the Chinese mobile wallet market wages on, the gap between leading players WeChat Pay (owned by Tencent) and Alipay remains narrow. Based on brand equity theory and symbolic value theory, a research model is proposed to investigate the relationship between Fintech's technology leadership, brand equity, and customer loyalty. The results show that Alipay provides more innovative and diversified financial services and outperforms WeChat Pay in technology leadership. The study confirms that technology leadership positively affects brand equity, which in turn positively affects customer loyalty. The boundary condition for different type of customers is considered and implications for theory and practice are also discussed. © 2018 Association for Information Systems. All rights reserved.}, author_keywords={Brand equity; Customer loyalty; Technology leadership}, keywords={Electronic money; Information systems; Information use, Brand equity; Customer loyalty; Financial service; Mobile payment; Research models; Service provider; Technology leadership; Theory and practice, Sales}, funding_details={University of Illinois at ChicagoUniversity of Illinois at Chicago, 201831}, funding_text 1={This project is supported by the UIC Research Grant 201831.}, references={Ajzen, I., The theory of planned behavior (1991) Organizational Behavior and Human Decision Processes, 50 (2), pp. 179-211; Arbore, A., Soscia, I., Bagozzi, R.P., The role of signaling identity in the adoption of personal technologies (2014) Journal of the Association for Information Systems, 15 (2), pp. 86-110; Chung, N., Kwon, S.J., Effect of trust level on fintech satisfaction: A multi-group analysis of information system success instruments (2009) Behaviour & Information Technology, 28 (6), pp. 549-562; Cornaggia, J., Mao, Y., Tian, X., Wolfe, B., Does banking competition affect innovation? 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Zhou, T., An empirical examination of initial trust in fintech (2011) Internet Research, 21 (5), pp. 527-540; Zhou, T., An empirical examination of continuance intention of mobile payment services (2013) Decision Support Systems, 54 (2), pp. 1085-1091; Zhou, T., Lu, Y., Wang, B., Integrating TTF and UTAUT to explain fintech user adoption (2010) Computers in Human Behavior, 26 (4), pp. 760-767}, sponsors={Louisiana State University (LSU), College of Business}, publisher={Association for Information Systems}, isbn={9780996683166}, language={English}, abbrev_source_title={Am. Conf. Info. Syst.: Digit. Disrupt., AMCIS}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Ali2018407, author={Ali, W. and Muthaly, S. and Dada, M.}, title={Adoption of Shariah compliant peer-to-business financing platforms by smes: A conceptual strategic framework for fintechs in Bahrain}, journal={International Journal of Innovative Technology and Exploring Engineering}, year={2018}, volume={8}, number={2 Special Issue 2}, pages={407-412}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064182993&partnerID=40&md5=88499f335e16a460fe79e631d17880cb}, affiliation={Asia Pacific University of Technology &Innovation, Malaysia}, abstract={FinTechs (Financial Technology Firms) are affecting the financial industry, especially that there are many customers moving away from traditional banks and going to FinTech solutions to fulfil their financial needs. These FinTechs provide financial products and services using different technologies covering various financial areas including lending/ financing. For instance, Peer-to-Business (P2B) financing platforms are one of FinTech solutions which has been growing rapidly in the past few years making many governments setting regulations to cater this trend.Bahrain is one of the countries that has issued number of regulations for FinTech activities including for Shariah Compliant P2B financing platforms. These types of platforms shall provide Islamic financing solutions for SMEs. However, as a new financial solution in the market it is expected to face some challenges in term SMEs adoption. Therefore, this research aims at building a conceptual framework for the strategic framework for FinTechs in Bahrain. The framework is built based on different sources of academic literature in domain space of Islamic Finance and FinTech (Islamic FinTech), in addition to theories like Technology Acceptance Model and Unified Theory of Acceptance and Use of Technology. The framework variables will be examined through mixed research method approach covering case study, semi-structured interviews, and an online survey. The research outcome shall be a strategic framework for FinTechs in Bahrain to ensure the adoption of SMEs to these platforms. © BEIESP.}, author_keywords={FinTech; Islamic Finance; P2B lending; SMEs}, references={(2015) Concept of Waqf under Muslim Law, , https://www.lawctopus.com/academike/concept-waqf-muslim-law/, online, Accessed 5 Sep; Achsien, I., Purnamasari, D., Islamic Crowd-funding as The Next Financial Innovation in Islamic Finance: Potential and Anticipated Regulation in Indonesia (2016) European Journal of Islamic Finance, , http://www.ojs.unito.it/index.php/EJIF/article/view/1771/1611, [Accessed 5 Sep. 2017]; Al Kindy, A., Shah, I., Jusoh, A., Consideration and Methodological Approaches in Studying Transformational Leadership Impact on Work Performance Behaviors (2016) International Journal of Advanced Research, 4 (1). , http://www.journalijar.com/uploads/755_IJAR-8565.pdf, online, Accessed 1 Jul. 2017; Al-Hamidy, A., ARAB MONETARY FUND STATMENT (2017) G-24 Ministerial Meeting, , https://www.g24.org/wp-content/uploads/2017/04/DG-statement_G24.pdf, [online] ARAB MONETARY FUND, [Accessed 16 Aug. 2017]; Cann, O., Fintech Companies Hold Key to $2 trillion SME Funding Gap (2015) World Economic Forum, , https://www.weforum.org/press/2015/10/fintech-companies-hold-key-to-2-trillion-sme-funding-gap/, online, Accessed 16 Aug. 2017; Cao, W., (2016) Fintech Acceptance Research in Finland-Case Company Plastc, , Masters. 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[online], Accessed 5 Sep. 2017; (2017) Zakat, , https://www.islamichelp.org.uk/zakat/, online, Accessed 5 Sep; Jung, L., The Relationship between Attitude and Satisfaction for Improving Continue User Intention in Fintech (2016) International Journal of IT Business Strategy Management, 2 (1), pp. 29-34; 2016 FINTECH100 Leading Global Fintech Innovators (2016) KPMG and H2 Ventures, , https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2016/10/fintech-100.pdf, [online], Accessed 13 Aug. 2017; Lai, P., THE LITERATURE REVIEW OF TECHNOLOGY ADOPTION MODELS AND THEORIES FOR THE NOVELTY TECHNOLOGY (2017) Journal of Information Systems and Technology Management, 14 (1); Marzban, S., Yeken, M., (2015) Leveraging Islamic Finance for Small and Medium Enterprises (Smes), , http://www.irti.org/English/News/Documents/Islamic%20SMEs%20Finance%20Report%20on%20Leveraging%20Islamic%20Finance%20for%20SMEs.pdf, [online] World Bank Group, Islamic Development Bank, and Islamic Research and Training Institute, Accessed 13 Sep. 2017; Marzban, S., Asutay, M., Boseli, A., Shariah-compliant Crowd Funding: An Efficient Framework for Entrepreneurship Development in Islamic Countries (2014) Harvard Islamic Finance Forum, , https://www.researchgate.net/publication/280612061_Shariah-compliant_Crowd_Funding_An_Efficient_Framework_for_Entrepreneurship_Development_in_Islamic_Countries, online, Accessed 12 Sep. 2017; Mugambe, P., UTAUT Model in Explaining the Adoption of Mobile Money Usage by MSMEs' Customers in Uganda (2017) Advances in Economics and Business, 5 (3), pp. 129-136; Saunders, M., Lewis, P., Thornhill, A., (2009) Research Methods for Business Students, , 5th ed. Pearson; Savolainen, M., (2016) TOUGH CROWD: Consumer Acceptance of Equity Crowdfunding Platforms, , Master. UNIVERSITY OF JYVÄSKYLÄ; The Future of FinTech A Paradigm Shift in Small Business Finance (2015) World Economic Forum, , http://www3.weforum.org/docs/IP/2015/FS/GAC15_The_Future_of_FinTech_Paradigm_Shift_Small_Business_Finance:report_2015.pdf, online, [Accessed 12 May 2017]}, publisher={Blue Eyes Intelligence Engineering and Sciences Publication}, issn={22783075}, language={English}, abbrev_source_title={Int. J. Innov. Technol. Explor. Eng.}, document_type={Article}, source={Scopus}, } @ARTICLE{Jung20181118, author={Jung, Y. and Song, J.}, title={Non-face-to-face digital signature using fingerprint in fintech environment}, journal={Journal of Engineering and Applied Sciences}, year={2018}, volume={13}, number={5}, pages={1118-1123}, doi={10.3923/jeasci.2018.1118.1123}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045836689&doi=10.3923%2fjeasci.2018.1118.1123&partnerID=40&md5=472ff2e8902c6c9f71ad067633783d09}, affiliation={Department of Computer Sciences, Soongsil University, 369 Sangdo-ro, Dongjak-gu, Seoul, South Korea; School of IT Convergence Engineering/Computer Science and Engineering, Shinhan University, 30 Beolmadeul-ro, 40 Beon-gil, Dongducheon-si, Gyeonggi-do, South Korea}, abstract={The advent of FinTech industry had to requiring triggered vibrant research of the biometrics-based non-face-to-face identification and digital signature technologies, especially in the financial industry. The biggest problems of the digital signature technologies are delegation/lending/duplication. In this study, we propose a new approach method which use the TEE area in the smart phones and it based on non-face-to-face identification and digital signature method. Suggested method is requiring no specific device except smart phones. The biometric information and personal data of the user are stored in the safe TEE within the smart phone. In our method, the key generation and digital signature are also, conducted in TEE, we can prevent to various types of attack including sniffing and man-in-the-middle attack. Also, because all of the processes are conducted in TEE, the all transactions can be protected against malicious users. © Medwell Journals, 2018.}, author_keywords={Biometrics; FIDO; Fingerprint digital signature; TEE; Transactions}, references={(2016) Excavating research areas of FinTech through the analysis of its relevant technologies and policy trends at home and abroad, , Korea Internet & Security Agency, South Korea; (2016) Implementation guideline for safe usage of accredited certificate bio information in smart phone, , Korea Internet & Security Agency, South Korea; Inyeob, J., Chun, K.M., Digital currency and inflation hedge: Evidence from Bitcoin (2016) Korea Assoc. Telecommun. Policies, 1, pp. 31-51; Jeong-Hyo, P., (2016) A non-password secure biometric digital signature method for mobile device, , Master Thesis, Soongsil University, Seoul, South Korea; Lee, H.W., Park, Y.J., A design and implementation of user authentication system using biometric information (2010) J. Korea Acad. Ind. Cooperation Soc, 11, pp. 3548-3557; Li, W., Mitchell, C.J., Security Issues in OAuth 2.0 SSO Implementations (2014) In: Information Security, pp. 529-541. , Chow, S.S.M., J. Camenisch, L.C.K. Hui and S.M. Yiu (Eds.). Springer, Switzerland; Lindemann, R., Baghdasaryan, D., Tiffany, E., (2014) FIDO UAF protocol specification v1.0, , FIDO Alliance Proposed Standard, USA; Murukutla, P., Shet, K.C., Single sign on for cloud (2012) Proceedings of the 2012 International Conference on Computing Sciences, pp. 176-179. , September 14-15, 2012, IEEE, Washington, USA; Park, J.G., Fintech and information security (2015) Commun. Korean Inst. Inf. Sci. Eng, 20, pp. 23-32; Srinivas, S., Balfanz, D., Tiffany, E., Czeskis, A., (2015) Universal 2nd Factor (U2F) overview, , FIDO Alliance Proposed Standard, USA}, correspondence_address1={Song, J.; School of IT Convergence Engineenng/Computer Science and Engineering, Shmhan University, 30 Beolmadeul-ro, 40 Beon-gil, South Korea}, publisher={Medwell Journals}, issn={1816949X}, language={English}, abbrev_source_title={J. Eng. Appl. Sci.}, document_type={Article}, source={Scopus}, } @ARTICLE{Karkkainen20187, author={Karkkainen, T. and Panos, G.A. and Broby, D. and Bracciali, A.}, title={On the Educational Curriculum in Finance and Technology}, journal={Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)}, year={2018}, volume={10750 LNCS}, pages={7-20}, doi={10.1007/978-3-319-77547-0_1}, note={cited By 0; Conference of 4th International Conference on Internet Science, INSCI 2017 co-located with IFIN, DATA ECONOMY, DSI, and CONVERSATIONS 2017 ; Conference Date: 22 November 2017 Through 24 November 2017; Conference Code:212059}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85044439235&doi=10.1007%2f978-3-319-77547-0_1&partnerID=40&md5=70de1d2eba0d54bb722bd79beab2d0c8}, affiliation={Adam Smith Business School, University of Glasgow, Glasgow, United Kingdom; Business School, University of Strathclyde, Glasgow, United Kingdom; Computing Sciences and Mathematics, University of Stirling, Stirling, United Kingdom}, abstract={Recent technological developments have enabled a wide array of new applications in financial markets, e.g. big data, cloud computing, artificial intelligence, blockchain, cryptocurrencies, peer-to-peer lending, crowdfunding, and robo-advising, inter alia. While traditionally comprising of computer programs and other technology used to support or enable banking and financial services, the new fintech sector is often seen as enabling transformation of the financial industry. A more moderate and critical view suggests that for the full transformative potential of fintech to be enabled, there is a need for an updated educational curriculum that balances knowledge and understanding of finance and technology. A curriculum that provides a skill portfolio in the two core components and complements them with applied knowledge can support the enabling forces which will render fintech as a true opportunity for the financial service industry and for society as a whole. We attempt a scholarship inquiry into the educational curriculum in finance and technology, aiming to inform this modern educational agenda. We review skills shortages, as identified by firms and experts, and examine the state-of-the art by some of the first educational programs in fintech. © 2018, Springer International Publishing AG, part of Springer Nature.}, author_keywords={Educational curriculum; Finance; Financial technology; Fintech}, keywords={Big data; Curricula; Distributed computer systems; Peer to peer networks, Educational program; Financial industry; Financial service; Fintech; New applications; Peer-to-peer lending; State of the art; Technological development, Finance}, funding_details={European Cooperation in Science and TechnologyEuropean Cooperation in Science and Technology}, funding_details={IC1406}, funding_details={Horizon 2020 Framework ProgrammeHorizon 2020 Framework Programme, H2020, 687895}, funding_text 1={Acknowledgements. Panos gratefully acknowledges funding from the PROFIT project. Project PROFIT has received funding from the European Union’s Horizon 2020 Framework Programme for Research and Innovation under grant agreement no. 687895. Bracciali based his contribution to the paper upon work from COST Action IC1406 cHiPSET, supported by COST (European Cooperation in Science and Technology). All authors have benefited from participation and knowledge exchange taking place as part of the Scottish Business School Forum.}, references={Butcher, D., (2017) Fintech is about to Become a Big Part of the CFA Exams, , This is what you should know. Efinancialcareers; Chartered Financial Analyst (CFA) Institute: Practice Analysis Trends (2017); Harris, M., The fintech revolution. The Alumni Magazine of NYU Stern School of Business (2016) Spring; Bresnahan, T., Brynjolfsson, E., Hitt, L., Information technology, workplace organization and the demand for skilled labor: A firm-level evidence. Quart (2002) J. Econ, 117, pp. 339-376; The future of jobs: Employment, skills and workforce strategy for the fourth industrial revolution (2016) Global Challenge Insight Report; Ahead of the curve: Confronting the big talent challenges in financial services (2017) 20Th CEO Survey; Skills, qualifications and jobs in the EU: The making of a perfect match? Evidence from Cedefop’s European skills and jobs survey (2015) Cedefop Reference Series, 103. , Publications Office, Luxembourg; (2016) Skills & Demand in Industry: 2016 Survey, , http://www.theiet.org/factfiles/education/skills2016-page.cfm?type=pdf; Butcher, D., (2017) Fintech is about to Become a Big Part of the CFA Exams, , This is what you should know. Efinancialcareers; Pouliakas, K., What are the Skills of the Future? Skills Panorama Blog, , 5th July 2016; Briefing Note: Skill Mismatch in Europe, June 2010; Skill mismatch: The role of the enterprise (2012) Research Paper No, p. 21; Skill shortages and gaps in European enterprises: Striking a balance between vocational education and training and the labour market (2015) Cedefop Reference Series, 102. , Publications Office, Luxembourg; Panos, G.A., Pouliakas, K., Zangelidis, A., Multiple job holding, skill diversification and mobility. Indust. Relat. J (2013) Econ. Soc, 53 (2), pp. 223-272; Butcher, D., (2017) Fintech is about to Become a Big Part of the CFA Exams, , This is what you should know. Efinancialcareers; Shaw, K.L., Occupational change, employer change, and the transferability of skills (1987) South. Econ. J., 53 (3), pp. 702-719; Rosen, S., Specialization and human capital (1983) J. Labor Econ, 1 (1), pp. 43-49; Lazear, E.P., Firm-specific human capital: A skill-weights approach (2009) J. Polit. Econ., 117 (5), pp. 914-940; Geel, R., Mure, J., Backes-Gellner, U., Specificity of occupational training and occupational mobility: An empirical study based on Lazear’s skill-weights approach (2011) Educ. Econ., 19 (5), pp. 519-535; Butcher, D., (2017) Fintech is about to Become a Big Part of the CFA Exams, , This is what you should know. Efinancialcareers; Tinbergen, J., Substitution of graduate by other labour (1974) Kyklos, 27 (2), pp. 217-226; Aedo, C., Hentschel, J., Luque, J., Moreno, M., From occupations to embedded skills: A cross-country comparison (2013) Background Paper for the World Development Report; Butcher, D., (2017) Fintech is about to Become a Big Part of the CFA Exams, , This is what you should know. Efinancialcareers; UK fintech on the cutting edge (2016) Commissioned by HM Treasury; Smith-Ducoffe, S., Tromley, C., Tucker, M., Interdisciplinary, team-taught, undergraduate business courses: The impact of integration (2006) J. Manag. Educ., 30 (2), pp. 276-294; Navarro, P., The MBA core curricula of top-ranked U.S. business schools: A study in failure? (2008) Acad. Manag. Learn. Educ., 7, pp. 108-123; Li, T., Greenberg, B.A., Nicholls, J.A.F., Teaching experiential learning: Adoption of an innovative course in an MBA marketing curriculum (2007) J. Mark. Educ., 29, pp. 25-33; Fichman, R.G., Dos Santos, B., Zheng, Z., Digital innovation as a fundamental and powerful concept in the information systems curriculum (2014) MIS Q, 38 (2), pp. 329-343; Catalini, C., Gans, J.S., (2017) Some Simple Economics of the Blockchain. Rotman School of Management Working Paper No. 2874598; Böhme, R., Brenner, M., Moore, T., Smith, M., Financial cryptography and data security (2014) FC 2014 Workshops, BITCOIN and WAHC, p. 2014. , Christ Church, Barbados, Revised Selected Papers; Szabo, N., Formalizing and securing relationships on public networks (1997) First Monday, 2 (9); Where have you been all my life? How the financial services industry can unlock the value in Big Data (2013) Pwc FS Viewpoint; McAfee, A., Brynjolfsson, E., Big data: The management revolution (2012) Harvard Bus. Rev., 90 (10), pp. 51-68; Constantinou, I.D., Kallinikos, J., New games, new rules: Big data and the changing context of strategy (2015) J. Inf. Technol., 30 (1), pp. 44-57; Markus, L., New games, new rules, new scoreboards: The potential consequences of big data (2015) J. Inf. Technol., 30 (1), pp. 58-59; Lam, J.W., (2016) Robo-Advisers: A Portfolio Management Perspective, , Senior thesis, Yale College}, correspondence_address1={Panos, G.A.; Adam Smith Business School, University of GlasgowUnited Kingdom; email: Georgios.Panos@glasgow.ac.uk}, editor={Vafopoulos M., Folstad A., Vilarinho T., Diplaris S., Satsiou A.}, sponsors={}, publisher={Springer Verlag}, issn={03029743}, isbn={9783319775463}, language={English}, abbrev_source_title={Lect. Notes Comput. Sci.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Chen2018279, author={Chen, K.}, title={Financial innovation and technology firms: A smart new world with machines}, journal={International Symposia in Economic Theory and Econometrics}, year={2018}, volume={25}, pages={279-292}, doi={10.1108/S1571-038620180000025012}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85067059328&doi=10.1108%2fS1571-038620180000025012&partnerID=40&md5=d40230a06237593446ea09ad2f9c9f0e}, affiliation={New York University & Horizon Financial, United States}, abstract={There has been a financial revolution lead by technology firms over the past decade. Many large established technology giants, from Google, Apple to Amazon in the US are entering the financial service industry. Smaller start-ups, in particular robotic advisors, a.k.a. Robo-Advisors, have been taking market shares from traditional asset management firms. In China, firms like Tencent and Alibaba have created a whole new field of online finance. At the center of our study is a critical examination of the key components of the financial innovation over the past 10 years. Mobile banking was the beginning, followed by trading, investment, and insurance business. We study innovation through several cases. Due to the size and number o firms in Financial technology (FinTech) space, the US and China are the focus of the chapter. Artificial intelligence (AI) and machine learning are included for discussion in this chapter. We emphasize a market approach in our study, albeit, incorporating the historical and cultural perspectives in our analysis. Our goal is to develop a thorough understanding of the art and science of financial innovation, from both bottom-up market indicators and a top-down holistic view. We want to demonstrate that the technological changes are just the beginning of a new world of financial services. Unprecedented changes are still yet to come and it is crucially important to be prepared and even embrace the changes. A special discussion was devoted to the phenomenon of FinTech boom in Asia. Lastly, many new technologies are being developed to combat fraudulent activities in the FinTech space. © 2018 by Emerald Publishing Limited. All rights reserved.}, author_keywords={Artificial intelligence; Asia; Crypto-currencies; FinTech; Investment; Machine learning; Robo-advisor}, references={Arner, D.W., Barberis, J.N., Buckley, R.P., The Evolution of Fintech: A New Post-Crisis Paradigm?, , October 1, 2015, University of Hong Kong Faculty of Law Research Paper No. 2015/047; UNSW Law Research Paper No. 2016-62; Bholat, D.M., Atz, U., (2016) Peer-To-Peer Lending and Financial Innovation in the United Kingdom, , April 29, Bank of England Working Paper No. 598; Bromberg, L., Godwin, A., Ramsay, I., Fintech sandboxes: Achieving a balance between regulation and innovation (2017) Journal of Banking and Finance Law and Practice, 28 (4), pp. 314-336. , 2017; Buchak, G., Matvos, G., Piskorski, T., Seru, A., Fintech, Regulatory Arbitrage, and the Rise of Shadow Banks (2017) Columbia Business School Research Paper, pp. 17-39. , September; Umsatzsteuerliche Behandlung von Bitcoin und anderen sog (2018) Virtuellen Wa¨ Hrungen, , February, EuGH-Urteil vom 22. Oktober 2015, C-264/14, Hedqvist; Caruana, J., Warsh, K.M., Long-Term Issues for Central Banks, , August 2017, BIS Paper No. 92; (2017) The Beginner's Guide to Bitcoin Futures, , CBOE Publications; Dhar, V., Stein, R.M., FinTech Platforms and Strategy (2016) MIT Sloan Research Paper, pp. 5183-5216. , December 14; Gomber, P., Koch, J.-A., Siering, M., Digital finance and fintech: Current research and future research directions (2017) Journal of Business Economics, , January 10,, Forthcoming; Guild, J., Fintech and the Future of Finance (2017) Asian Journal of Public Affairs, 2017, , August 18, Lee Kuan Yew School of Public Policy Research Paper No. 17-20; Haddad, C., Hornuf, L., (2016) The Emergence of the Global Fintech Market: Economic and Technological Determinants, , August 25, CESifo Working Paper Series No. 6131; Higginson, M., Lorenz, J.-T., Munstermann, B., Olesen, P.B., (2017) The Promise of Blockchain, , McKinsey Publication; Ibm, B., (2017) Industrial and Business Use Cases, , https://www.ibm.com/blockchain/, Retrieved from; Jagtiani, J., Lemieux, C., (2017) Fintech Lending: Financial Inclusion, Risk Pricing, and Alternative Information, , 07-18, Working Paper No. 17-17. Federal Reserve Bank of Philadelphia; King, M., (2016) The End of Alchemy: Money, Banking, and the Future of the Global Economy, , W. W. Norton & Company; Kuo, C., Lee, D., Teo, E.G.S., Emergence of fintech and the lasic principles (2015) Journal of Financial Perspective, 3 (3). , September 30; Ma, B., Nahal, S., Tran, F., Data Capital Global Big Data and AI Primer (2017) Bank of America Merrill Lynch Analytics, , August 2017; Malkiel, B., (1973) A Random Walk down Wall Street, , W. W. Norton & Company, Inc; Stanley, M., (2017) Bitcoin: A New Technology and A Controversial Asset, , Published in December; Nakamoto, S., (2009) Bitcoin: A Peer-To-Peer Electronic Cash System, , Bitcoin.Org; Philippon, T., The Fintech Opportunity, , August 2017). BIS Working Paper No. 655; Schindler, J.W., Fintech and Financial Innovation: Drivers and Depth, , 2017-08-10, Federal Reserve Broad System Working Paper No. 2017-081; Sironi, P., (2016) Fintech Innovation: From Robo-Advisors to Goal Based Investing and Gamification, , The Wiley Finance Series; Walch, A., The bitcoin blockchain as financial market infrastructure: A consideration of operational risk (2015) NYU Journal of Legislation and Public Policy, p. 837; Zetzsche, D.A., Buckley, R.P., Arner, D.W., (2017) The Distributed Liability of Distributed Ledgers: Legal Risks of Blockchain, , (August 13, 2017). University of Illinois Law Review, 2018, Forthcoming; University of Luxembourg Law Working Paper No. 007/2017; enter for Business & Corporate Law (CBC) Working Paper 002/2017; University of Hong ong Faculty of Law Research Paper No. 2017/020; UNSW Law Research Paper No. 52; uropean Banking Institute Working Paper Series14}, correspondence_address1={Chen, K.; New York University & Horizon FinancialUnited States; email: kc105@nyu.edu}, publisher={Emerald Group Publishing Ltd.}, issn={15710386}, language={English}, abbrev_source_title={Int. Symp. Econ. Econom. Theory Econom.}, document_type={Book Chapter}, source={Scopus}, } @ARTICLE{Ashimbayev201844, author={Ashimbayev, T. and Tashenova, S. and Sadvakassov, Y. and Karshalova, A.}, title={Trends in developing financial innovations in the course of the economic development in Russia}, journal={Journal of Social Sciences Research}, year={2018}, volume={2018}, number={Special Issue 3}, pages={44-51}, doi={10.32861/jssr.spi3.44.51}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059001473&doi=10.32861%2fjssr.spi3.44.51&partnerID=40&md5=b7cd3e900ed29bf13d71e795bc389710}, affiliation={ADAM University, Bishkek Academy Financial and Economics, Bul. Young Guard, Bishkek city, 720010, Kyrgyzstan; Central Asian University, Zhandosov Street, 60, Almaty, 050090, Kazakhstan; Kainar Academy, Satpaev str. 7A, Almaty, 050013, Kazakhstan; S Narxoz University, Zhandossov ave. 55, Almaty, 050035, Kazakhstan}, abstract={This article is devoted to studying trends in developing financial innovations in the Russian Federation, which represent implementation and promotion of the financial system with improved financial products, services and new processes to create a new financial structure, which ultimately accelerates the sustainable economic growth. The results obtained during this study show that four most promising segments can be identified in the long-term run, which should be taken into consideration while planning the development of financial innovations: payments and remittances, alternative financing, insurance and capital management. In Russia, the development of the above segments will depend on the creation and effective functioning of its financial technological (FinTech) ecosystem. This may be achieved by developing technologies and increasing demand for new services and innovative financial products through a set of measures aimed at providing capital to financial innovation companies, as well as improving the regulatory environment and developing human intellectual capital. This study has identified key initiatives that should be implemented to support the development of financial innovations and FinTech segments in Russia. © 2018 Academic Research Publishing Group.}, author_keywords={Economic development; Financial innovations; Financial products and services; FinTech ecosystem; Innovative banking technologies}, references={Allen, F., Presidential address do financial institutions matter? (2001) J Finance, 56 (4), pp. 1165-1175; Armstrong, M., Cornut, G., Delacôte, S., Lenglet, M., Millo, Y., Muniesa, F., Pointier, A., Tadjeddine, Y., Towards a practical approach to responsible innovation in finance new product committees revisited (2012) J Financial Regulation and Compliance, 20 (2), pp. 147-168; Battilana, J., Dorado, S., Building sustainable hybrid organizations The case of commercial microfinance organizations (2010) Acad Manag J, 3 (2), pp. 1419-1440; Boz, E.G.M.E., Financial innovation, the discovery of risk, and the US credit crisis (2014) J Monet Econ, 62, pp. 1-22; Diaz-Rainey, I., Ibikunle, G., A taxonomy of the =dark side' of financial innovation: the cases of high frequency trading and exchange traded funds (2012) Int J Entrep Innov Manag, 16 (1-2), pp. 51-72; Duasa, J., Financial development and economic growth The experiences of selected oic countries (2014) Int J Econ Manage, 8 (1), pp. 215-228; (2015) Apparel Top Russian Ecommerce Market, , https://mresearcher.com/2015/09/emarketer-electronics-apparel-top-russian-ecommerce-market.html; (2018) Russian market growth prospects, , http://investinrussia.com/news/12729-focus-on-fintech-russian-market-growth; (2018) Fortune 500 Tech Investment and M&A Report, , https://www.cbinsights.com/research/report/fortune-500-tech-investment/; Grudzewski, W.M.I.H.A.S.M.W., (2010) Sustainability w biznesie czyli przedsiebiorstwo przyszlosci, , MT Biznes: Warszawa; (2017) InsurTech-a Technological Breakthrough in the Financial Sector, , https://teamprospect.ru/2017/06/26/insurtech/; Kyophilavong, P., Uddin, G.S., Shahbaz, M., The nexus between financial development and economic growth in lao pdr (2016) Glob Bus Rev, 17 (2), pp. 303-317; McGuire, P., Conroy, J., Fostering financial innovation for the poor. The policy and regulatory environment (2013) Private Finance for Human Development, USA, , In: A. W.a. J.D.V. Pischke (eds), The Foundation for Development Cooperation; Morgan Stanley, , https://www.morganstanley.com/what-we-do/research; Ozcan, Y.A., (2008) Health care benchmarking and performance evaluation 'an assessment using data envelopment analysis (DEA), p. 214. , Springer: New York; Raffaelli, R., Glynn, M.A., Institutional innovation: Novel, useful and legitimate (2015) In the oxford handbook of creativity, innovation, and entrepreneurship, , Oxford University Press: Oxford; Sabandi, M., Noviani, L., The effects of trade liberalization, financial development and economic crisis on economic growth in indonesia (2015) J Econ Sustain Dev, 6 (24), pp. 120-128; Shaughnessy, H., (2015) Innovation in financial services, The elastic innovation index report, p. 21. , INNOTRIBE; Sood, V., Ranjan, P., Financial innovation in india an empirical study (2015) J Econ Bus Rev, 10 (1), pp. 1-20; (2017) The Global Fintech Report, Q, , https://www.cbinsights.com/research/report/fintech-trends-q1-2017/, CB Insights; Uddin, K.M.K., Rahman, M.M., Quaosar, G.M.A.A., Causality between exchange rate and economic growth in bangladesh (2014) Eur Sci J, 10 (31), pp. 11-26}, correspondence_address1={Ashimbayev, T.; ADAM University, Bishkek Academy Financial and Economics, Bul. Young Guard, Kyrgyzstan}, publisher={Academic Research Publishing Group}, issn={24136670}, language={English}, abbrev_source_title={J. Soc. Sci. Res.}, document_type={Article}, source={Scopus}, } @ARTICLE{Gusev2018696, author={Gusev, A.A.}, title={Public opinions impacts on cryptocurrency valuation: A view from behavioral finance perspective}, journal={Journal of Reviews on Global Economics}, year={2018}, volume={7}, number={Special Issue}, pages={696-702}, doi={10.6000/1929-7092.2018.07.63}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059296898&doi=10.6000%2f1929-7092.2018.07.63&partnerID=40&md5=0a916f1b24924cbe9144781df4e1895f}, affiliation={Department of corporate finance and corporate governance, Finance University under the Government of the Russian Federation, Moscow, 49 Leningradsky Prospect, Moscow, 125993, Russian Federation; IBS Department, The Russian Presidential Academy of National Economy and Public Administration (RANEPA), 82 Prospect Vernadskogo, Moscow, 119571, Russian Federation}, abstract={Many fintech start-ups participant companies and cryptocurrencies have experienced phenomenal growth in value during the past several years. Many specialists would like to know the reasons for such success. In this article we investigate the predictive power of public opinions. This is one of the few works that using quantitative analysis connects social media and internet users' activities with cryptocurrency valuations. © 2018 Andrey A. Gusev.}, author_keywords={Behavioral finance; Cryptocurrency; Cryptoeconomy; Fintech; Predictive power; Valuation}, references={Akerlof, G.A., Shiller, R.J., (2009) "Animal Spirits How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism.", , Princeton University Press; Bikhchandani, S., "A theory of fads, fashion, custom, and cultural change as informational cascades." (1992) J. Polit. Econ, 100, pp. 992-1026; Fama, E., Fisher, L., "The adjustment of stock prices to new information." (1969) International Economic Review, 10, pp. 1-21; Franco, P., (2014) "Understanding Bitcoin: Cryptography, Engineering and Economics.", , John Wiley & Sons Incorporated; Fuchs, C., (2015) "Culture and Economy in the Age of Social Media.", , Routledge; Grossman, S., Stiglitz, J., "Information and competitive systems." (1976) Am. Econ. Rev, pp. 246-253; Gusev, A.A., "Value Factors Management to Enhance the Efficiency of Innovative Startups in Russia." (2017) Russian Presidential Academy of National Economy and Public Administration (RANEPA), , Working Paper No AAAA-A17-117013150012-6; Gusev, A.A., "Value Creation Practice in Russian Fintech Firms: Analysis." (2018) Financial Management, DiS, p. 1; Hitchner, J.R., (2011) "Financial Valuation: Applications and Models.", , John Wiley & Sons Incorporated; Kelly, B., (2014) "The Bitcoin Big Bang: How Alternative Currencies Are about to Change the World.", , John Wiley & Sons Incorporated; Kolb, R.W., Baker, H.K., (2010) "Behavioral Finance: Investors, Corporations, and Markets.", , John Wiley & Sons Incorporated; Shiller, R.J., (2016) "Irrational Exuberance." Revised and Expanded Third Edition, , Princeton University Press; Thaler, R.H., (2015) "Misbehaving: The Making of Behavioral Economics.", , New York: W. W. Norton & Company}, correspondence_address1={Gusev, A.A.; Department of Corporate Finance and Corporate Governance, Finance University under the Government of the Russian Federation, Moscow, 49 Leningradsky Prospect, Russian Federation; email: gusevaa@yandex.ru}, publisher={Lifescience Global}, issn={19297092}, language={English}, abbrev_source_title={J. Rev. Glob. Econ.}, document_type={Article}, source={Scopus}, } @BOOK{Migliorelli2018231, author={Migliorelli, M.}, title={Cooperative banking in Europe today: Conclusions}, journal={New Cooperative Banking in Europe: Strategies for Adapting the Business Model Post Crisis}, year={2018}, pages={231-242}, doi={10.1007/978-3-319-93578-2_10}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063463405&doi=10.1007%2f978-3-319-93578-2_10&partnerID=40&md5=83f1be5d7e2b1772a4d5aeab29b2bc3e}, affiliation={IAE Université Paris 1 Panthéon-Sorbonne, Sorbonne Business School, Paris, France}, abstract={This chapter summarises the main trends that have affected cooperative banks from the beginning of the crisis, in particular as concerns tightening regulation, structural low return on traditional banking services and increasing digitalisation. While underlying the necessity to restore profitability as a fundamental prerequisite to sustain their way of doing banking, a few elements are also discussed in the light of further adapting the cooperative banks’ business models. In this respect, it is argued that a structured discussion should be launched as concerns the possibility to (1) rethink the concept of proximity, (2) embrace the policy movement supporting sustainability, (3) improve the way the cooperative difference in banking is communicated and (4) seize the possibilities of digitalisation and not leave the lead to fintech. © The Author(s) 2018.}, author_keywords={Cooperative banking brands; Cooperative banks evolution; Cooperative difference; Fintech; Proximity; Sustainability}, references={Anselmsson, J., Bondesson, N.V., Johansson, U., Brand Image and Customers’ Willingness to Pay a Price Premium for Food Brands (2014) Journal of Product and Brand Management, 23 (2), pp. 90-102; Ayadi, R., De Groen, P.W., Sassi, I., Mathlouthi, W., Rey, H., Aubry, O., (2016) Banking Business Models Monitor 2015 Europe.; Ayadi, R., Llewellyn, D., Schmidt, R.H., Arbak, E., De Groen, P.W., (2010) Investigating Diversity in the Banking Sector in Europe: Key Developments, Performance and Role of Cooperative Banks., , CEPS Paperbacks; Berger, A., Klapper, A., Udell, G., The Ability of Banks to Lend to Informationally Opaque Small Businesses (2001) Journal of Banking and Finance, 25, pp. 2127-2167; Bolton, P., Freixas, X., Gambacorta, L., Mistrulli, P.E., (2013) Relationship and Transaction Lending in a Crisis., , BIS Working Papers, No. 417; Boot, A.W.A., Relationship Banking: What Do We Know? (2000) Journal of Financial Intermediation, 9, pp. 7-25; De Ory, J.-N., Serres, A., Jaegger, M., Comment Résister à l’Effet de Normalisation des Banques Coopératives? (2012) La Revue des Sciences de Gestion, 258, pp. 69-82; Ferri, G., Kalmi, P., Kerola, E., Does Bank Ownership Affect Lending Behavior? Evidence from the Euro Area (2014) Journal of Banking and Finance, 48, pp. 194-209; Migliorelli, M., Brunelli, S., The Transmission of the Monetary Policy in the Euro Area: The Role of the Banks’ Business Model (2016) Annals of Public and Cooperative Economics, 88 (3), pp. 303-322; Migliorelli, M., Dessertine, P., Time for New Financing Instruments? A Market-Oriented Framework to Finance Environmentally Friendly Practices in EU Agriculture (2017) Journal of Sustainable Finance and Investment, 8 (1), pp. 1-25; Richez-Battesti, N., Leseul, G., Cooperative Banks in France: Emergence, Mutations and Issues (2016) Credit Cooperative Institutions in European Countries., , S. Karofolas (Ed.), New York: Springer; Zhang, Y., The Impact of Brand Image on Consumer Behavior: A Literature Review (2015) Open Journal of Business and Management, 3, pp. 58-62}, correspondence_address1={Migliorelli, M.; IAE Université Paris 1 Panthéon-Sorbonne, Sorbonne Business SchoolFrance}, publisher={Palgrave Macmillan}, isbn={9783319935782; 9783319935775}, language={English}, abbrev_source_title={New Cooperative Bank. in Europe: Strategies for Adapting the Bus. Model Post Crisis}, document_type={Book Chapter}, source={Scopus}, } @ARTICLE{Jeong201861, author={Jeong, Y.J. and Jeon, H.M. and Ock, Y.S. and Jeong, S.C.}, title={A study on the acceptance factors to use mobile easy remittance service}, journal={ICIC Express Letters, Part B: Applications}, year={2018}, volume={9}, number={1}, pages={61-67}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85037836798&partnerID=40&md5=d38c6b4f0de8c8245f50fd44dce0c127}, affiliation={Department of Management, School of Business Administration, Ulsan National Institute of Science and Technology (UNIST), 50 UNIST-Gil, Ulsan, 44919, South Korea; Department of e-Business, College of Commerce and Economics, Dong-Eui University, 176 Eomgwang-ro, Busanjin-Gu, Busan, 47340, South Korea; Graduation School of Management of Technology, Pukyung National University, 365 Sinseon-ro, Nam-gu, Busan, 48547, South Korea}, abstract={As Fintech technology has been developed, innovative financial services are being offered. Among them, mobile easy remittance service is spreading in a vast speed. The mobile easy remittance service is a service that simplifies the remittance process by replacing the id, password, certificate, and secret card authentication procedures required for the conventional online or mobile remittance service with fingerprint recognition. De-spite the convenience of the mobile easy remittance service, the number of ongoing users is low and the users are limited to the 20s. In this study, the acceptance factors of mobile easy remittance service are analyzed using TAM (Technology Acceptance Model) model for 193 mobile easy remittance service users. As a result, perceived usefulness has been found to be the most influential factor in the acceptance of the mobile easy remittance service. Perceived ease of use and social influence also have been found to be acceptance factors to use the service. © 2018 ICIC International.}, author_keywords={Acceptance factors; Fintech; Mobile easy remittance service; Technology acceptance model (TAM)}, funding_details={Dong-Eui UniversityDong-Eui University}, funding_text 1={This work was supported by Dong-Eui University Foundation Grant}, references={Merritt, C., (2010) Mobile Money Transfer Services: The Next Phase in The Evolution of Person-To-Person Payments, , Federal Reserve Bank of Atlanta, Retail Payments Risk Forum White Paper; (2016) Korea’s Electronic Payment Service Usage during the Third Quarter of 2016, , The Bank of Korea; O2O Trend Analysis of the Mobile Market in Korea (2016) Finance Part -TOSS, , http://lab.appa.pe/ko/2016-09/korea-o2o-toss.html, App Ape Laboratory; Davis, F.D., Perceived usefulness, perceived ease of use, and acceptance of information technology (1989) MIS Quarterly, 1 (3), pp. 319-339; Paul, L., Ingham, J., Collerette, P., Why do people use information technology? A critical review of the technology acceptance model (2003) Information & Management, 40 (3), pp. 191-204; Lai, P., The literature review of technology adoption models and theories for the novelty technology (2017) Journal of Information Systems and Technology Management, 14 (1), pp. 21-38; Jiang, G., Peng, L., Liu, R., Mobile game adoption in China: The role of TAM and perceived entertainment, cost, similarity and brand trust (2015) International Journal of Hybrid Information Technology, 8 (4), pp. 213-232; Jeong, B.K., Yoon, T.E., An empirical investigation on consumer acceptance of mobile banking services (2013) Business and Management Research, 2 (1), pp. 31-40; Jeong, S.C., Byun, J.S., Jeong, Y.J., The effect of user experience and perceived similarity of smartphone on acceptance intention for smartwatch (2016) ICIC Express Letters, 10 (7), pp. 1613-1619; Liébana-Cabanillas, F., Luna, I.R., MontoroRíos, F., Intention to use new mobile payment systems: A comparative analysis of SMS and NFC payments (2017) Economic Research -Ekonomska Istraˇzivanja, 30 (1), pp. 892-910; Liu, G.S., Tai, P.T., A study of factors affecting the intention to use mobile payment services in Vietnam (2016) Economic World, 4 (6), pp. 249-273; Lule, I., Omwansa, T.K., Waema, T.M., Application of technology acceptance model (TAM) in m-banking adoption in Kenya (2012) International Journal of Computing and ICT Research, 6 (1), pp. 31-43; Yang, C., Kim, M.H., A study on individual, technical and social characteristics on acceptance intention of the mobile payment application (2017) Asia-Pacific Journal of Multimedia Services Convergent with Art, 7 (1), pp. 45-59. , Humanities, and Sociology; Yu, C.S., Factors affecting individuals to adopt mobile banking: Empirical evidence from the UTAUT model (2012) Journal of Electronic Commerce Research, 13 (2), pp. 104-121; Oakey, R.P., Open innovation and its relevance to industrial research and development: The case of high-technology small firms (2013) International Small Business Journal, 31 (3), pp. 41-48; Jeong, S.C., Kim, S.H., Park, J.Y., Choi, B., Domain-specific innovativeness and new product adoption: A case of wearable devices (2017) Telematics and Informatics, 34 (5), pp. 399-412; Ram, S., A model of innovation resistance (1987) Advances in Consumer Research, 14 (1), pp. 208-212; Ajzen, I., The theory of planned behavior (1991) Organization Behavior and Human Decision Processes, pp. 179-211. , Academic Press, Inc; Fornell, C., Lacker, D.F., Evaluating structural equation models with unobservable variables and measurement error (1981) Journal of Marketing Research, 18 (1), pp. 39-50}, correspondence_address1={Jeong, S.C.; Department of e-Business, College of Commerce and Economics, Dong-Eui University, 176 Eomgwang-ro, Busanjin-Gu, South Korea; email: scjeong@deu.ac.kr}, publisher={ICIC Express Letters Office}, issn={21852766}, language={English}, abbrev_source_title={ICIC Express Lett Part B Appl.}, document_type={Article}, source={Scopus}, } @ARTICLE{Azarenkova2018229, author={Azarenkova, G. and Shkodina, I. and Samorodov, B. and Babenko, M. and Onishchenko, I.}, title={The influence of financial technologies on the global financial system stability}, journal={Investment Management and Financial Innovations}, year={2018}, volume={15}, number={4}, pages={229-238}, doi={10.21511/imfi.15(4).2018.19}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063180055&doi=10.21511%2fimfi.15%284%29.2018.19&partnerID=40&md5=140edb5825174ebca471d10da6302483}, affiliation={Department of Finance, Banking and Insurance, Kharkiv Educational and Scientific Institute of SHEI “Banking University”, Ukraine; Department of International Business and Economics, V. N. Karazin Kharkiv National University, Ukraine; Kharkiv Educational and Scientific Institute of SHEI “Banking University”, Ukraine; SHEI “Banking University”, Ukraine}, abstract={The analysis of the financial technologies introduction has proved that their application over-complicates the institutional structure of the global financial system. As a result, usual functional relationships cease to operate, new institutes and interdependencies appear, and systemic risks increase. In this context, the system instability increases, resulting in a transition to a new institutional status. The analysis of the financial technologies impact on the stability of financial system shows that the lack of institutional support for new financial technologies is the most important catalyst for the financial industry destabilization and the formation of financial bubbles in various market segments. The ways to reduce the negative impact of financial technologies on the financial system stability (such as development of international prudential standards; revision of the licensing regime for financial companies; “regulatory sandboxes”, which test new technologies, business models and algorithms underlying the Fintech innovations; legal regulation of ownership of digital tokens; and clear definition of the blockchain technology in various areas of life, etc.) have been proposed. © The author(s) 2019.}, author_keywords={Cryptocurrencies; Digital economy; Economic bubbles; FinTech}, references={Abadi, J., Brunnermeier, M., (2018) Blockchain Economics, , https://scholar.princeton.edu/sites/default/files/markus/files/blockchain_paper_v3g.pdf, Retrieved from; Barrdear, J., Kumhof, M., (2016) The Macroeconomics of Central Bank Issued Digital Currencies, , https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2016/the-macroeconomics-of-central-bank-issued-digital-currencies.pdf?la=en&hash=341B602838707E5D6FC26884588C912A721B1DC1, Bank of England Staff Working Paper 605); Bloomberg: Business and Markets News, Data, Analysis, , https://www.bloomberg.com, Retrieved from; Bouveret, A., (2018) Cyber Risk for The Financial Sector: A Framework for Quantitative Assessment, , https://ssrn.com/abstract=3203026, Retrieved from; Business Insider Intelligence, , https://intelligence.businessinsider.com; (2017) The Global Fintech Landscape: How Countries Around The World Are Embracing Digital Disruption in Financial Services, , http://www.businessinsider.com/the-global-fintech-landscape-report-2017-10, Retrieved from; Dong, H., Ross, B.L., Haksar, V.-K., Griffoli, T.M., Jenkinson, N., Kashima, M., Khiaonarong, T., Tourpe, H., (2017) Fintech and Financial Services: Initial Considerations, , https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2017/06/16/Fintech-and-Financial-Services-Initial-Considerations-44985, Retrieved from; Dong, H., Monetary policy in the digital age (2018) Finance & Development, 55 (2). , http://www.imf.org/external/pubs/ft/fandd/2018/06/central-bank-monetary-policy-and-cryptocurrencies/he.htm, June; (2017) Will The “Black Boxes” Cause The Next Financial Crisis?, , https://latest.13d.com/will-the-black-boxes-cause-the-next-financial-crisis-algorithmic-revolution-asset-management-d8827c29b537, Retrieved from; Foley, S., Karlsen, Jonathan, R., Putniņš, T.J., (2018) Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed Through Cryptocurrencies?, , https://ssrn.com/abstract=3102645, Retrieved from; Galbraith, J.K., (1994) A Short History of Financial Euphoria, , https://epdf.tips/a-short-history-of-financial-euphoria-whittle.html, 130 р.). Penguin Business; Chavez-Dreyfuss, G., Grebler, D., (2018) About $1.2 Billion in Cryptocurrency Stolen since 2017: Cybercrime Group, , https://www.reuters.com/article/us-crypto-currency-crime/about-1-2-billion-in-cryptocurrency-sto-len-since-2017-cybercrime-group-idUSKCN1IP2LU, Retrieved from; Lai, R.N., Order, V., Robert, A., (2017) Fintech Finance and Financial Fragility – Focusing on China, , https://ssrn.com/abstract=3075043, Retrieved from; (2017) Global FinTech Report 2017, , https://www.pwc.com/jg/en/publications/pwc-global-fintech-report-17.3.17-final.pdf, Retrieved from; Evans, R., Willmer, S., Baker, N., Koch-kodin, B., (2017) Black Rockand Vanguard Are Less Than A Decade Away from Managing $20 Trillion, , https://www.bloomberg.com/news/features/2017-12-04/blackrock-and-vanguard-s-20-trillion-future-is-closer-than-you-think, Retrieved from; Kocianski, S., (2017) The Global Fintech Landscape: How Countries Around The World Are Embracing Digital Disruption in Financial Services, , http://www.businessinsider.com/the-global-fintech-landscape-report-2017-10, Retrieved from; Shkodina, I., Timoshenkov, I., Nashchekina, O., The impact of financial technology on the transformation of the financial system (2018) Financial and Credit Activity: Problems of Theory and Practice, 1 (24), pp. 417-424; (2017) Blockchain Technology Market-Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024, , https://www.transparencymarketresearch.com/blockchain-technology-market.html, Retrieved from; (2018) Recession in 2020 Is The Base Case, , https://upfina.com/recession-in-2020-is-the-base-case, Retrieved from; Martin, W., (2018) This Chart Shows Every Major Technological Innovation in The Last 150 Years – and How They Have Changed The Way We Work, , http://uk.businessinsider.com/barclays-how-technol-ogy-has-changed-the-world-2018-4?utm_source=feedly&utm_medium=referral&r=US&IR=T, Retrieved from}, publisher={LLC CPC Business Perspectives}, issn={18104967}, language={English}, abbrev_source_title={Investm. Manange. Financ. Innov.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Bataev2018102, author={Bataev, A.V. and Gorovoy, A.A. and Mottaeva, A.}, title={Digital transformation of the financial sector in Russia and the world}, journal={Proceedings of the 32nd International Business Information Management Association Conference, IBIMA 2018 - Vision 2020: Sustainable Economic Development and Application of Innovation Management from Regional expansion to Global Growth}, year={2018}, pages={102-114}, note={cited By 0; Conference of 32nd International Business Information Management Association Conference, IBIMA 2018 ; Conference Date: 15 November 2018 Through 16 November 2018; Conference Code:145733}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063064351&partnerID=40&md5=70c879955e3a48fd1bebcdca7d4558e4}, affiliation={Great St. Petersburg Polytechnic University, St. Petersburg, Russian Federation; Saint Petersburg National Research University of Information Technologies, St. Petersburg, Russian Federation; Moscow State University of Civil Engineering, Moscow, Russian Federation}, abstract={Today the world is going through great economic and social transformation. Along with this process, technologies occupy the most important position. The dynamic development of information and communication technologies transformed the entire global economy. The worldwide economic growth and competitiveness are closely linked to the digital economy. The digital technology allow optimizing costs, improving the profitability of existing assets and increasing the efficiency of investments. In the near future, the company's competitiveness will be determined by the level of digitalization. Understanding it, the leading players actively implement digital instruments in the most different sectors of economy. The digital transformation became "a new reality" for the companies representing various sectors of economy and fundamentally changed the customary principles of the modern business operation. In particular, in the financial sector there is an increase in competition, the entry of new players to the market, including the emergence of a large number of financial and technological companies and so-called alternative banks. The paper analyzes the perspectives for the digital transformation of the world and Russian financial sectors. The assessment of dynamics and development rates of investments into innovative information and communication technologies is carried out. The advancement the global and Russian market of digital financial technologies is analyzed. The areas of the financial market that are most affected by FinTech are identified. Investments into the global financial technology market are estimated and the trends of the digital transformation of the financial branch are examined. Copyright © 2018 International Business Information Management Association (IBIMA).}, author_keywords={Digital economy; Financial institutions; FinTech; Information technology management; Investments}, keywords={Commerce; Competition; Information management, Digital economy; Digital technologies; Digital transformation; Financial institution; FinTech; Information and Communication Technologies; Information technology management; Social transformation, Investments}, funding_details={Council on grants of the President of the Russian FederationCouncil on grants of the President of the Russian Federation, NSH – 3792.2018.6}, funding_text 1={This article is prepared with the support of the Russian Federation President Grant (project NSH – 3792.2018.6)}, references={Bataev, A.V., Analysis of the use of cloud services and assessment the possibilities of introducing in Russian financial institutions (2017) Proceedings of the 29th International Business Information Management Association Conference - Education Excellence and Innovation Management Through Vision 2020: From Regional Development Sustainability to Global Economic Growth; 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Nikolova, L.V., Rodionov, D.G., Bahauovna, M.A., Securitization of bank assets as a source of financing the innovation activity (2016) International Journal of Economics and Financial Issues; Rodionov, D., Rudskaia, I., Degtereva, V., Regional foresight as a technology for development of the regional innovation system (2017) Proceedings of the 29th International Business Information Management Association Conference - Education Excellence and Innovation Management Through Vision 2020: From Regional Development Sustainability to Global Economic Growth; Veselovsky, M.Y., Nikonorova, A.V., Bitkina, I.V., Stepanov, A.A., The development of innovative startups in Russia: The regional aspect (2017) Journal of Internet Banking and Commerce, 22 (S7), p. 1; Walker, M., Seven signs of over-hyped Fintech (2017) LSE Business Review; What the Future of Work Will Mean for Jobs, Skills, and Wages, , https://www.mckinsey.com, Online, Retrieved March 19, 2018}, editor={Soliman K.S.}, publisher={International Business Information Management Association, IBIMA}, isbn={9780999855119}, language={English}, abbrev_source_title={Proc. Int. Bus. Inf. Manag. Assoc. Conf., IBIMA - Vis.: Sustain. Econ. Dev. Appl. Innov. Manag. Reg. Expans. Glob. Growth}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{NoAuthor2018113, title={Transaction platforms: Fintech platforms}, journal={Advances in E-Business Research Series}, year={2018}, volume={2018-May}, number={May}, pages={113-133}, doi={10.4018/978-1-5225-5457-8.ch005}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85065778562&doi=10.4018%2f978-1-5225-5457-8.ch005&partnerID=40&md5=d3dbfcdb16391109994c6e21b80aa076}, abstract={In this chapter the author gets involved with transaction platforms or multisided platforms that facilitate transactions between different types of actors. Transaction platforms are usually platform intermediaries. All platforms are digital: They capture, transmit, and monetize data over the internet and other networks, but they may as well have some physical elements included in the product offering. The author provides a platform innovation taxonomy that is a conceptualization and formalization of elements, relationships, vocabulary, and semantics of different dimensions of transaction platform innovations. © 2019 Advances in E-Business Research Series. All rights reserved.}, references={Anderson, J., M-banking in developing markets: Competitive and regulatory implications (2010) Info, 12 (1), pp. 18-25; (2015) European Commission Digital Single Market. Bringing Down Barriers to Unlock Online Opportunities, , http://ec.europa.eu/priorities/digital-single-market/, Digital Single Market. Retrieved July 20, 2015; Eisenmann, T., (2007) Platform-Mediated Networks: Definitions and Core Concepts, , Harvard Business School, HBS 807-049; Evans, P.C., Gawer, A., (2016) The Rise of the Platform Enterprise A Global Survey, , http://www.thecge.net/wp-content/uploads/2016/01/PDFWEBPlatform-Survey_01_12.pdf, New York: Center for Global Enterprise. 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Mention & M. Torkkeli (Eds.), Cambridge Scholars Publishing; Yablonsky, S., Intermediaries in e-commerce (2016) Encyclopedia of E-Commerce Development, Implementation, and Management, pp. 48-73. , IGI Global}, publisher={IGI Global}, issn={19352700}, language={English}, abbrev_source_title={Adv. E-Business Res. Ser.}, document_type={Book Chapter}, source={Scopus}, } @ARTICLE{Moccia20186, author={Moccia, S. and Passerini, K. and Tomic, I.}, title={Fintech: Challenges, drivers, and future opportunities}, journal={Cutter business technology journal}, year={2018}, volume={31}, number={11-12}, pages={6-11}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064404797&partnerID=40&md5=e3909c43b06c2bb469d7f0f08d2c1ec0}, affiliation={Department of Strategic Management, International University of la Rioja, Spain; College of Professional Studies, St. John's University, United States; Department of Economics, Peter J. Tobin College of Business, St. John's University, United States}, references={Martin, W., Fewer than 10% of people in Norway use cash - And a senior official thinks it could disappear completely in a decade (2018) Business Insider Nordic, , https://www.businessinsider.com/norway-first-cashless-society-2018-4, 25 April; Friedman, Z., Personal loans now fastest growing consumer debt (2018) Forbes, , https://www.forbes.com/sites/zackfriedman/2018/07/11/personal-loans-consumer-debt/, 11 July; Mnuchin, S.T., Phillips, C.S., A financial system that creates economic opportunities: Nonbank financials, fintech, and innovation (2018) Report to President Donald J. 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Department of Information Science and Technology, Missouri University of Science and Technology, United States}, references={(2018) 2018 Is Already a Record Year for Global FinTech Investment, , http://fintech.global/2018-is-already-a-record-year-for-global-fintech-investment, FinTech Global, 11 July; (2015) The Fight for the Customer: McKinsey Global Banking Annual Review 2015., , https://www.interest.co.nz/sites/default/files/embedded_images/McKinsey_Global%20Banking%20Annual%20Review_2015.pdf, McKinsey & Company; Mearian, L., CW@50: Data storage goes from $1m to 2 cents per gigabyte (+ video) (2017) Computerworld, , https://www.computerworld.com/article/3182207/data-storage/cw50-data-storage-goes-from-1m-to-2-cents-per-gigabyte.html, 23 March; The four v's of big data (2018) IBM Big Data & Analytics Hub, , https://www.ibmbigdatahub.com/infographic/four-vs-big-data; Ravindran, S.K., Nah, F., Prescriptive analytics: A game changer for business (2017) Cutter Business Technology Journal, 30 (10-11). , https://www.cutter.com/article/prescriptive-analytics-game-changer-business-497826; 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Blockchain Workbench, , https://azure.microsoft.com/en-us/features/blockchain-workbench, Microsoft Azure; Beach, D., The fintech budget 2018: Infographic (2018) Bobs Guide, , https://www.bobsguide.com/guide/news/2018/Jul/13/the-fintech-budget-2018-infographic, 13 July; 2018 PACE Insights, , https://www.fisglobal.com/pace, FIS Global}, correspondence_address1={Kasthuri, M.; IT Division of Swiss Universal BankingGermany; email: magesh.kasthuri@wipro.com}, publisher={Cutter Consortium}, issn={24753742}, language={English}, abbrev_source_title={Cutter business technology journal}, document_type={Article}, source={Scopus}, } @ARTICLE{Andriole201846, author={Andriole, S.}, title={The fintech arms race}, journal={Cutter business technology journal}, year={2018}, volume={31}, number={11-12}, pages={46-51}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064377445&partnerID=40&md5=c21e120b20fdfa9e60450d79750a5d13}, affiliation={Department of Business Technology, Villanova University, United States}, funding_details={Defense Advanced Research Projects AgencyDefense Advanced Research Projects Agency}, funding_details={Defense Advanced Research Projects AgencyDefense Advanced Research Projects Agency}, funding_text 1={Stephen J. Andriole is a Fellow with Cutter Consortium’s Business Technology & Digital Transformation Strategies and Data Analytics & Digital Technologies practices and the Thomas G. Labrecque Professor of Business Technology at Villanova University. Dr. Andriole was the Director of the Cybernetics Technology Office of the Defense Advanced Research Projects Agency (DARPA); the CTO and Senior VP of Safeguard Scientifics, Inc.; and the CTO and Senior VP for Technology Strategy at Cigna Corporation. His most recent books include Ready Technology: Fast Tracking New Business Technologies and The Innovator’s Imperative: Emerging Technology for Digital Transformation. He has published articles in MIT Sloan Management Review, Communications of the ACM, IEEE IT Professional, and European Business Review, among others. He can be reached at sandriole@cutter.com.}, references={Fintech, , https://www.investopedia.com/terms/f/fintech.asp, Investopedia; Gulamhuseinwala, I., Hatch, M., Lloyd, J., EY fintech adoption index 2017: The rapid emergence of fintech (2017) Ernst & Young (EY), , https://www.ey.com/Publication/vwLUAssets/ey-fintech-adoption-index-2017/$FILE/ey-fintech-adoption-index-2017.pdf; Knight, W., China wants to shape the global future of artificial intelligence (2018) MIT Technology Review, , https://www.technologyreview.com/s/610546/china-wants-to-shape-the-global-future-of-artificial-intelligence/, 16 March; The automation readiness index: Who is ready for the coming wave of automation? (2018) The Economist Intelligence Unit Report, , http://www.automationreadiness.eiu.com/static/download/PDF.pdf; Huang, dinglong, and matt scott (2018) Who Will Win the AI Race? if Countries Work Together, Then the Answer Could Be All of Us, , https://www.weforum.org/agenda/2018/06/ai-arms-race-global-collaboration/, World Economic Forum, 21 June; (2018) 2018 AI Predictions: 8 Insights to Shape Business Strategy., , https://www.pwc.com/us/en/advisory-services/assets/ai-predictions-2018-report.pdf, PwC; (2018) 17 Blockchain Applications That Are Transforming Society., , https://blockgeeks.com/guides/blockchain-applications/, Blockgeeks; The New Middle-Man? Blockchain & Smart Contracts in Asia (2018) Jardine Lloyd Thompson (JLT) Asia, , https://www.asia.jlt.com/our-insights/thought-leadership/the-new-middle-man, 13 July; New blockchain-based smart legal contracts for australian businesses (2018) Commonwealth Scientific and Industrial Research Organisation (CSIRO), , https://www.csiro.au/en/News/News-releases/2018/New-blockchain-based-smart-legal-contracts, 29 August; Krystle, M., Blockchain adoption becomes a priority in eu parliament for trade and business (2018) BitcoinExchangeGuide, , https://bitcoinexchangeguide.com/blockchain-adoption-becomes-a-priority-in-eu-parliament-for-trade-and-business/, 14 December; Katalyse, I., Blockchain adoption in government (2018) Medium CryptoDigest, , https://cryptodigestnews.com/blockchain-adoption-in-government-509398692184, 30 April; (2018) An Overview of Latin America's Blockchain Adoption., , https://www.nasdaq.com/article/an-overview-of-latin-americas-blockchain-adoption-cm980712, Nasdaq, 20 June; Freuden, D., Every week more governments are announcing blockchain adoption (2018) Medium Hacker Noon, , https://hackernoon.com/every-week-governments-are-announcing-blockchain-adoption-69e73adfe716, 29 August; Bajpai, R., (2018) Countries Where Bitcoin Is Legal & Illegal (DISH, OTSK), , https://www.investopedia.com/articles/forex/041515/countries-where-bitcoin-legal-illegal.asp, Investopedia, 11 October; Shnurenko, G., (2018) 10 Bitcoin-Friendly Countries That Legalized Cryptocurrency, , https://u.today/10-bitcoin-friendly-countries-that-legalized-cryptocurrency, U.Today, 18 December; Baller, S., Dutta, S., Lanvin, B., The global information technology report 2016: Innovating in the digital economy (2016) World Economic Forum, , http://www3.weforum.org/docs/GITR2016/WEF_GITR_Full_Report.pdf, 6 July; Digital planet 2017: How competitiveness and trust in digital economies vary across the world (2017) The Fletcher School, , https://sites.tufts.edu/digitalplanet/dei17/, Tufts University; Yoo, T., De Wysocki, M., Cumberland, A., (2018) Country Digital Readiness: Research to Determine a Country's Digital Readiness and Key Interventions., , https://www.cisco.com/c/dam/assets/csr/pdf/Country-Digital-Readiness-White-Paper-US.pdf, Cisco, May}, correspondence_address1={Andriole, S.; Department of Business Technology, Villanova UniversityUnited States; email: sandriole@cutter.com}, publisher={Cutter Consortium}, issn={24753742}, language={English}, abbrev_source_title={Cutter business technology journal}, document_type={Article}, source={Scopus}, } @ARTICLE{Sundelin2018219, author={Sundelin, A. and Gonzalez-Huerta, J. and Wnuk, K.}, title={Test-driving fintech product development: An experience report}, journal={Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)}, year={2018}, volume={11271 LNCS}, pages={219-226}, doi={10.1007/978-3-030-03673-7_16}, note={cited By 0; Conference of 19th International Conference on Product-Focused Software Process Improvement, PROFES 2018 ; Conference Date: 28 November 2018 Through 30 November 2018; Conference Code:221089}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85057259234&doi=10.1007%2f978-3-030-03673-7_16&partnerID=40&md5=02673c4141f56fde40320f3e67dcbe92}, affiliation={Blekinge Institute of Technology, Karlskrona, Sweden; Ericsson AB, Karlskrona, Sweden}, abstract={In this paper, we present experiences from eight years of developing a financial transaction engine, using what can be described as an integration-test-centric software development process. We discuss the product and the relation between three different categories of its software and how the relative weight of these artifacts has varied over the years. In addition to the presentation, some challenges and future research directions are discussed. © Springer Nature Switzerland AG 2018.}, author_keywords={Software craftsmanship; Test-driven development; Testing architecture}, keywords={Process engineering; Software testing, Centric softwares; Experience report; Financial transactions; Future research directions; Relative weights; Test driven development; Test drivings, Software design}, references={Beck, K., (1999) Extreme Programming Explained: Embrace Change, , Addison-Wesley Longman Publishing Co., Inc., Boston; Beck, K., (2002) Test Driven Development: By Example, , Addison-Wesley Longman Publishing Co., Inc., Boston; Blakstad, S., Allen, R., (2018) Fintech Revolution, , https://doi.org/10.1007/978-3-319-76014-8.https://books.google.se/books?id=0VeDwAAQBAJ, Springer, Cham; Cohn, M., (2009) Succeeding with Agile: Software Development Using Scrum, , 1st edn. Addison-Wesley Professional, Boston; Erdogmus, H., Morisio, M., Torchiano, M., On the effectiveness of the test-first approach to programming (2005) IEEE Trans. Soft Eng., 31 (3), pp. 226-237; Fucci, D., Erdogmus, H., Turhan, B., Oivo, M., Juristo, N., A dissection of the test-driven development process: Does it really matter to test-first or to test-last? (2017) IEEE Trans. Softw. Eng., 43 (7), pp. 597-614. , https://doi.org/10.1109/TSE.2016.2616877; Gai, K., Qiu, M., Sun, X., A survey on FinTech (2018) J. Netw. Comput. Appl., 103, pp. 262-273. , https://doi.org/10.1016/j.jnca.2017.10.011; Haugset, B., Hanssen, G.K., Automated acceptance testing: A literature review and an industrial case study (2008) Agile 2008 Conference, Toronto, Canada, pp. 27-38; Lee, I., Shin, Y.J., Fintech Ecosystem, business models, investment decisions, and challenges (2018) Bus. Horiz, 61 (1), pp. 35-46. , https://doi.org/10.1016/j.bushor.2017.09.003; Maximilien, E.M., Williams, L., Assessing test-driven development at IBM (2003) 25Th International Conference on Software Engineering, Portland, OR USA, 6, pp. 564-569; Melnik, G.I., (2007) Empirical Analyses of Executable Acceptance Test Driven Development. Ph.D. Thesis, University of Calgary, , Calgary, Canada; Nagappan, N., Maximilien, E.M., Bhat, T., Williams, L., Realizing quality improvement through test driven development: Results and experiences of four industrial teams (2008) Empir. Soft Eng., 13 (3), pp. 289-302; Pugh, K., (2010) Lean-Agile Acceptance Test Driven Development: Better Software through Collaboration, , Addison-Wesley, Boston}, correspondence_address1={Sundelin, A.; Ericsson ABSweden; email: anders.sundelin@ericsson.com}, editor={Ciolkowski M., Hebig R., Kuhrmann M., Pfahl D., Tell P., Amasaki S., Kupper S., Schneider K., Klunder J.}, publisher={Springer Verlag}, issn={03029743}, isbn={9783030036720}, language={English}, abbrev_source_title={Lect. Notes Comput. Sci.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Mooney20181, author={Mooney, C.W., Jr.}, title={Fintech and secured transactions systems of the future}, journal={Law and Contemporary Problems}, year={2018}, volume={81}, number={1}, pages={1-20}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85046938186&partnerID=40&md5=af60cc021fb23d74f621f195175b6951}, affiliation={University of Pennsylvania Law School, United States}, references={LoPucki, L.M., Computerization of the Article 9 Filing System: Thoughts on Building the Electronic Highway (1992) LAW & CONTEMP. PROBS, 55, p. 5. , Summer; Kozolchyk, B., The Paperless Letter of Credit and Related Documents of Title (1992) LAW & CONTEMP. PROBS, 55, p. 39. , Summer; Nimmer, R.T., Krauthaus, P.A., Information as a Commodity: New Imperatives of Commercial Law (1992) LAW & CONTEMP. PROBS, 55, p. 103. , Summer; http://www.unidroit.org/instruments/capitalmarkets/geneva-convention; Walker, G., Financial Technology Law-A New Beginning and a New Future (2017) INT'L LAW, 50, pp. 137-137; Castellano, G.G., Dubovec, M., Credit Creation: Reconciling Legal and Regulatory Incentives (2018) LAW & CONTEMP. PROBS, 81 (1), p. 63; Schwarcz, S.L., Secured Transactions and Financial Stability: Regulatory Challenges (2018) LAW & CONTEMP. PROBS, 81 (1), p. 45; de las Heras Ballell, T.R., Digital Technology-Based Solutions for Enhanced Effectiveness of Secured Transactions Law: The Road To Perfection? (2018) LAW & CONTEMP. PROBS, 81 (1), p. 21; Mooney, C.W., Jr., Property, Credit, and Regulation Meet Information Technology: Clearance and Settlement in the Securities Markets (1992) LAW & CONTEMP. PROBS, 55, pp. 131-158. , Summer; Mooney, C.W., Jr., United States Sovereign Debt: A Thought Experiment on Default and Restructuring (2012) IS U.S. GOVERNMENT DEBT DIFFERENT?, pp. 169-171. , Franklin Allen et al. eds; Jetsons, T., https://en.wikipedia.org/wiki/The_Jetsons, WIKIPEDIA(last visited Aug. 17, 2017); Beam Me up, , https://en.wikipedia.org/wiki/Beam_me_up,_Scotty, Scotty, WIKIPEDIA(last visited Aug. 17, 2017); Mooney, C.W., Jr., Choice-Of-Law Rules for Secured Transactions: An Interest-Based and Modern Principles-Based Framework for Assessment (2017) UNIF. LAW REV, 22, pp. 842-847; Status of the Convention on International Interests in Mobile Equipment, , http://www.unidroit.org/status-2001capetown, (last visited July 1, 2017); Winn, J.K., The Cape Town Convention's International Registry: Decoding the Secrets of Success in Global Electronic Commerce (2012) CAPE TOWN CONVENTION J, 1, p. 25; http://www.aviareto.aero, (last visited Sept. 1, 2017); INT'L REGISTRY OF MOBILE ASSETS, , https://www.internationalregistry.aero/, (last visited Nov. 13, 2017); https://www.internationalregistry.aero/, (last visited Nov. 13, 2017); Saiken Ho, D.K., [Electronically Recorded Monetary Claims Act], , http://www.fsa.go.jp/common/law/ele01.pdf, Law No. 102 of 2007, art. 1, translated in Financial Services Agency; A List of Corporations Designated as an Electronic Monetary Claim Recording Institution, , http://www.fsa.go.jp/menkyo/menkyoj/denshisaiken.pdf, FINANCIAL SERVICES AGENCY (Japan); Inujima, N., Shimizu, K., The Electronically Recorded Monetary Claims Act (2008) INT'L FIN. L. REV, , http://www.iflr.com/Article/2075188/The-Electronically-Recorded-Monetary-Claims-Act.html, Dec. 1; http://www.japaneselawtranslation.go.jp/law/detail/?id=2035&vm=04&re=02; (2017) LEGISLATIVE GUIDE ON INTERMEDIATED SECURITIES, , http://www.unidroit.org/english/governments/councildocuments/2017session/cd-96-05-e.pdf; Castellano, G.G., Reforming Non-Possessory Secured Transactions Laws: A New Strategy? (2015) MOD. L. REV, 78, pp. 611 and 618-22; Mooney, C.W., Jr., The Mystery and Myth of "Ostensible Ownership" and Article 9 Filing: A Critique of Proposals to Extend Filing Requirements to Leases (1988) ALA. L. REV, 39, pp. 683 and 725-43; White, J.J., Revising Article 9 to Reduce Wasteful Litigation (1993) LOY. L.A. L. REV, 26, pp. 823 and 823-26; Harris, S.L., Mooney, C.W., Jr., How Successful was the Revision of UCC Article 9?: Reflections of the Reporters (1999) CHI. KENT L. REV, 74, pp. 1357-1364; Plank, T.E., Article 9 of the UCC: Reconciling Fundamental Property Principles and Plain Language (2013) BUS. LAW, 68, p. 505. , 439, 444-45, 448, 469-73, 479, 493; http://www.unidroit.org/instruments/securityinterests/rail-protocol; http://www.unidroit.org/english/conventions/mobile-equipment/registry-rail/draft-regulations-20160222.pdf; Goode, S.R., Asset Identification Under the Cape Town Convention and Protocols (2018) LAW & CONTEMP. PROBS, 81 (1), p. 135; http://www.unidroit.org/english/documents/2017/study72k/cge02/s-72k-cge02-02-e.pdf; https://www.iso.org/about-us.html, (last visited Nov. 26, 2017); Kravitt, J., Massimo Capretta & Michael Gaffney, The Blockchain Moves Fast; the Law Less So (2017) SECURED LENDER, 73, p. 12. , Mar 17; LaChance, C., Nature v. Nurture: Evolution, Path Dependence and Corporate Governance (2001) ARIZ. J. INT'L & COMP. L, 18, p. 279; Roe, M.J., Chaos and Evolution in Law and Economics (1996) HARV. L. REV, 109, p. 641; Mooney, C.W., Jr., United States of America: Reconsidering the Transaction Document Filing Requirement for National Registry (2017) IMPLEMENTING THE CAPE TOWN CONVENTION AND THE DOMESTIC LAWS ON SECURED TRANSACTIONS, pp. 197-200. , Souichirou Kozuka ed; Wild, J., Arnold, M., Stafford, P., (2015) Technology: Banks Seek the Key to Blockchain, , https://www.ft.com/content/eb1f8256-7b4b-11e5-a1fe-567b37f80b64, FINANCIAL TIMES Nov. 1}, correspondence_address1={Mooney, C.W.; University of Pennsylvania Law SchoolUnited States}, publisher={Duke Law Publications}, issn={00239186}, language={English}, abbrev_source_title={Law Contemp. Probl.}, document_type={Article}, source={Scopus}, } @ARTICLE{Ferretti2018, author={Ferretti, F.}, title={Not-so-big and big credit data between traditional consumer finance, FinTechs, and the banking union: Old and new challenges in an enduring EU policy and legal conundrum}, journal={Global Jurist}, year={2018}, volume={18}, number={1}, doi={10.1515/gj-2017-0020}, art_number={20170020}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85037860969&doi=10.1515%2fgj-2017-0020&partnerID=40&md5=a51744f0c7a166078a24cf373bdd34be}, affiliation={Brunel University London, Kingston Lane, Uxbridge, UB8 3PH, United Kingdom}, abstract={This paper discusses the role and usage of traditional and non-traditional consumer data in the retail financial markets of the European Union in the context of the economic theories, policies, and law within which they work. Across Europe there is no common practice of using the credit data of consumers, which can be exploited for several purposes. Traditionally, they are used by the lending industry as a risk-management tool to underwrite borrowing decisions or price risks, but they can also be used as a practice of creditworthiness assessment. In some Member States, consumer data are part of a broader information centralisation system for the prudential supervision of banks and the financial system as a whole. Within this already complex picture, emerging technologies and the processing of new generations of personal data are starting to give way to new business models that can transform retail financial markets (Fintechs). Whatever the function the data perform, their source, type, breath, and depth differ greatly from country to country. Unlike for the harmonisation of EU rules on credit to consumers for the creation of the internal market, the underlying consumer data infrastructure remains fragmented at national level, failing to achieve univocal, common, or defined policy objectives under a harmonised legal framework. Likewise, the establishment of the Banking Union and the prudential supervision of the Euro-area demand standardisation and convergence of the data used to measure debt levels, arrears, and delinquencies. The many functions and different usages of credit data suggest that the policy goals to be achieved should inform the design and structure of the databases, as well as the role, legal, and institutional framework of the organisations managing the data system (the Data Brokers). This is also because fundamental rights and consumer protection concerns arise from the dissemination and sharing of traditional and non-traditional data, as well as from their expanding uses. This is an area of the EU internal market that demands the attention of the EU legislator without further delays. © 2018 Walter de Gruyter GmbH, Berlin/Boston.}, author_keywords={Consumer law and policy; Credit data & big data; EU market integration; Fundamental rights; Retail financial markets}, references={Facilitating Access to Finance - Discussion Paper on Credit Information Sharing, , https://www1.oecd.org/globalrelations/45370071.pdf; Should the availability of UK credit data be improved? 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April; De Almeida, A.M., Damia, V., Challenges and prospects for setting-up a European Union shared system on credit (2014) IFC Bulletin No. 37, , January; Damia, V., Israel, J.M., Standardised granular credit and credit risk data (2014) Seventh IFC Conference on Indicators to Support Monetary and Financial Stability Analysis: Data Sources and Statistical Methodologies, , 4th/5th September; Sitzung des Finanzausschusses des Deutschen Bundestags Am 13.01.2016, , https://www.bundesbank.de/Redaktion/DE/Downloads/Service/Meldewesen/176; Opinion of 7th August 2015 on the Draft Regulation of the ECB Concerning the Collection of Granular Credit and Credit Risk Data (2015/C 261/01), , European Commission}, correspondence_address1={Ferretti, F.; Brunel University London, Kingston Lane, United Kingdom; email: federico.ferretti@brunel.ac.uk}, publisher={Walter de Gruyter GmbH}, issn={19342640}, language={English}, abbrev_source_title={Global Jurist}, document_type={Article}, source={Scopus}, } @ARTICLE{Kim2018296, author={Kim, D. and Hong, J. and Jeong, Y. and Suk, J. and Kim, K.O. and Hwang, H.}, title={Opinion mining on internet primary bank with online news and social data}, journal={Communications in Computer and Information Science}, year={2018}, volume={852}, pages={296-301}, doi={10.1007/978-3-319-92285-0_41}, note={cited By 0; Conference of 20th International Conference on HCI, HCI International 2018 ; Conference Date: 15 July 2018 Through 20 July 2018; Conference Code:223529}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85061557625&doi=10.1007%2f978-3-319-92285-0_41&partnerID=40&md5=f3589abacccf8afaa1379c62b86e6025}, affiliation={Sungkyunkwan University, Seoul, South Korea}, abstract={With the thriving smartphone industry, Fintech has spread worldwide due to the convergence of information technology and the finance industry. Among Fintech, internet primary banking is a fast-growing area of business that attracts consumers with convenience and cost-saving. An internet primary bank is a bank that has no branches at all. Thus, this bank has some obvious advantages such as no branch maintenance, fewer personnel costs, and no time and place limitations. This study explores the issue of and reaction to internet primary banking through online text from major newspapers and social data in Korea. Online text data for 2017 were collected with Trendup 3.0, a platform of a major data analysis company in Korea. This study analyzes positive and negative opinions about internet primary banks by opinion mining, making it possible to analyze internet primary banks from consumer and mass-media perspectives and seek the subsequent implications. © Springer International Publishing AG, part of Springer Nature 2018.}, author_keywords={Big data analysis; Internet primary bank; Opinion mining}, keywords={Big data; Costs; Data handling; Sentiment analysis, Banking IS; Cost saving; Finance industries; Mass media; Online news; Opinion mining; Personnel costs; Social datum, Data mining}, references={Christopher, B., Thrift to offer services on the internet (1996) FDIC Bank. Rev., 8 (3); Yom, C., Limited-purpose banks: Their specialties, performance, and prospects. FDIC (2005) Bank. Rev., 17 (1), p. 19; Lee, D., Expectations and challenges of internet-primary bank (2017) Korea Inst. Financ. Wkly. Fin. Brief, 26 (18), pp. 3-8; Liu, B., (2011) Web Data Mining: Exploring Hyperlinks, Contents, and Usage Data, , https://doi.org/10.1007/978-3-642-19460-3, 2nd edn. Springer Science & Business Media, Heidelberg}, correspondence_address1={Kim, K.O.; Sungkyunkwan UniversitySouth Korea; email: kokim@skku.edu}, editor={Stephanidis C.}, publisher={Springer Verlag}, issn={18650929}, isbn={9783319922843}, language={English}, abbrev_source_title={Commun. Comput. Info. Sci.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Yashin2018112, author={Yashin, S.N. and Yashina, N.I. and Poyushcheva, E.V. and Malysheva, E.S. and Pronchatova-Rubtsova, N.N. and Kashina, O.I.}, title={Evaluating the effectiveness of public health financing based on financial and non-financial indicators in terms of the knowledge economy}, journal={European Research Studies Journal}, year={2018}, volume={21}, pages={112-123}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063182767&partnerID=40&md5=1b68f025d49d74c562622a9a570ba4fb}, affiliation={Lobachevsky State University of Nizhni, Novgorod, Russian Federation; Federal State Budget Educational Institution of Higher Education, "Privolzhsky Research Medical University" of the Ministry of Health of the Russian Federation, Russian Federation}, abstract={In conditions of the knowledge economy human capital, human value are the main factors of economic growth and prosperity of the state. Qualitative characteristics of human capital are indicators of public health. Therefore, one of the most important tasks of the state is to assess the effectiveness of financing public health expenditures. The methodological base of the research was the methods of system and economic analysis, mathematical statistics and decision optimization, which resulted in the identification of factors influencing the resource supply, availability and quality of public health. The formation of a comprehensive indicator of the effectiveness of the public health system based on the system of financial and non-financial indicators will allow to form numerically an assessment of the effectiveness of investments in public health and draw conclusions about the resources' provision, level of development, accessibility and quality of public health. The obtained results can be used in making effective public financial decisions, which allow to achieve an increase of accessibility and quality of health care, focusing on the human capital in conditions of knowledge economy. © 2018 International Strategic Management Association. All Rights Reserved.}, author_keywords={Banking; Blockchain-technologies; Financial technologies; Fintech; Fintech-branch; Investments}, references={Alfonso, A., Miguel, S., Non-parametric Approaches to Education and Health Efficiency in OECD Countries (2005) Journal of Applied Economics, 8 (2), pp. 227-246; Anderson, G., Poullier, J., Health spending, access, and outcomes: Trends in industrialized countries (1999) Health Affairs, 18 (3), pp. 178-192; Arrow, K., Uncertainty and the welfare economics of medical care (1963) The American Economic Review, 53 (5), pp. 941-973; Berger, M., Messer, J., Public financing of health expenditures, insurance, and health outcomes (2002) Applied Economics, 34 (17), pp. 2105-2114; Bitran, R., (2012) Universal Health Coverage Reforms: Patterns of Income, Spending and Coverage in Four Developing Countries, , https://www.r4d.org/resources/universal-health-coverage-reforms-patterns-income-spending-coverage-four-developing-countries/; Bhalotra, S., Spending to save? 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(2012) Health Economics, 21 (2), pp. 1-140; Chakraborty, L., Singh, Y., Jacob, J., (2013) Analyzing Public Expenditure Benefit Incidence in Health Care: Evidence from India, , http://www.levyinstitute.org/pubs/wp_748.pdf; Gerdtham, U., Jonsson, B., International comparison of health expenditure: Theory, data and econometric analysis (2000) Handbook of Health Economics, 1, pp. 11-53; Getzen, T., Health care is an individual necessity and a national luxury: Applying multilevel decision models to the analysis of health care expenditures (2000) Health Economics, 19 (2), pp. 259-270; Kadyrov, F.N., Petrikov, I.P., (1995) Medical and Economic Problems of Public Health at The Present Stage, , St.-Peterburg, Riviera; Kornilov, D., Yashina, N., Pronchatova-Rubtsova, N., Kashina, O., Research of public financing efficiency of social well-being in the Russian federations’ regions (2017) Proceedings of The 14th International Scientific Conference: European Financial Systems 2017, pp. 366-374. , Brno, Masaryk University; Kulkarni, L., Health inputs, health outcomes and public health expenditure: Evidence from the BRICS countries (2016) International Journal of Applied Economics, 31 (1), pp. 72-84; Manukhina, E.V., Artemyeva, G.B., Role of standards in the increase of healthcare efficiency and medical aid quality (2012) Social Aspects of Public Health, 5 (27). , http://vestnik.mednet.ru/content/view/431/30/lang,ru/; Novignon, J., Olakojo, S., Nonvignon, J., The effects of public and private health care expenditure on health status in sub-Saharan Africa: New evidence from panel data analysis (2012) Health Economics Review, 2 (22), pp. 1-18; Rajkumar, A., Swaroop, V., Public spending and outcomes: Does governance matter? (2008) Journal of Development Economics, 86, pp. 96-111; Rebba, V., (2014) The Long-Term Sustainability of European Health Care Systems, , https://ideas.repec.org/p/pad/wpaper/0191.html; Stabile, M., Thomson, S., The changing role of government in financing health care: An international perspective (2014) Journal of Economic Literature, 52 (2), pp. 480-518; Matt, S., Nikolova, S., Boaden, R., Lester, H., McDonald, R., Roland, M., Reduced mortality with hospital pay for performance in England (2012) New England Journal of Medicine, 367 (19), pp. 1821-1828; Tae, K., Shannon, R., Government health expenditure and public health outcomes: A comparative study among 17 countries and implications for US health care reform (2013) American International Journal of Contemporary Research, 3 (9), pp. 8-13; Thomson, S., Foubister, T., Mossialos, E., (2009) Financing Health Care in The European Union, , http://www.euro.who.int/__data/assets/pdf_file/0009/98307/E92469.pdf; Yashina, N., Petrov, S., Pronchatova-Rubtsova, N., Kashina, O., Effectiveness of financing the public expenditures on health care (2017) Proceedings of The 14th International Scientific Conference: European Financial Systems 2017, pp. 474-482. , Brno: Masaryk University}, publisher={International Strategic Management Association}, issn={11082976}, language={English}, abbrev_source_title={Eur. Res. Stud.}, document_type={Article}, source={Scopus}, } @ARTICLE{Saiti2018469, author={Saiti, B. and Musito, M.H. and Yucel, E.}, title={Islamic Crowdfunding: Fundamentals, Developments and Challenges}, journal={Islamic Quarterly}, year={2018}, volume={62}, number={3}, pages={469-485}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062840918&partnerID=40&md5=c90f190a304de6e7479ea5f3171b4af7}, affiliation={Istanbul Sabahattin Zaim University, Istanbul, Turkey; Global University of Islamic Finance, INCEIF, Malaysia; Department of Islamic Economics and Finance, Istanbul Sabahattin Zaim University, Istanbul, Turkey}, abstract={As financial activities bccome more sophisticated, financial markets bccome more sensitive to shocks resulting in unpredictable impacts on the real sector. Banks, the leading player in the financial system, use their financial strength to make economies volatile due to excessive risk transfer and money creation. To stabilise markets, Islamic finance offers an alternative model of a financial market and economy with its Shariali concepts and adoption of Fintech innovation, which in this case is crowdfunding. © 2018 Islamic Cultural Centre. All rights reserved.}, references={Statistical interactive database (2012) Interactive Database, , http://www.bankofengland.co.uk/boeapps/iadb/, Bank of England. ", ", March 20th 2017; (2015) The 2015 UK Alternative Finance Industry Report, , Cambridge Centre for Alternative Finance and Nesta. Pushing Boundaries, London: Nesta and Cambridge University; Cortese, A., (2011) Locavesting: The Revolution in Local Investing and How to Profit from It, , New Jersey: John Wiley & Sons Inc; Cowen, T., (2011) The Great Stagnation, , New York: Penguin Group; (2016) Equity Crowdfunding: Considering Potential Risks and Liabilities as the Industry Grows and Matures, , CrowdfiindingHub. ", " AIG, March 14th 2017; https://www.aig.co.uk/content/dam/aig/emea/unitedkingdom/documents/Insights/equitv-crowdfunding-thought-leadershipoctl6.pdf; (2015) Opinion of the European Banking Authority on Lending-based Crowdfunding, , European Banking Authority. Brussels: European Banking Authority; Gompers, P., Lerner, J., (2004) The Venture Capital Cycle, , Cambridge: MIT Press; Ismal, R., (2013) Islamic Banking in Indonesia, , Singapore: John Wiley & Sons Inc; Boost, K., Islamic crowdfunding as a solution for smes (2016) Kapital Boost Blog, , https://kapitalboost.com/blog/islamiccrowdfunding-as-a-solution-for-smes, April 22nd 2017; (2015) Crowdfunding Industry Report, , Massolution. Los Angeles: Massolution; Milne, A., Parboteeah, P., (2016) The Business Models and Economics of Peer-to-Peer Lending, , https://www.ceps.eu/svstem/files/ECRi%20RR17%20P2P%20Lending.pdf, ECRI Research Report No 17, March HO 17; Mollick, E., The dynamics of crowdfunding: An exploratory study (2014) Journal of Business Venturing, 29, pp. 1-16; Schwienbacher, A., Benjamin, L., Crowdfunding of small entrepreneurial ventures (2010) Handbook of Entrepreneurial Finance, pp. 368-391. , ed. Douglas Cumming, Oxford: Oxford University Press; (2017) Islamic Fund and Wealth Management Blueprint, , Security Commission Malaysia. Kuala Lumpur: Security Commission Malaysia; (2013) Crowdfunding's Potential for the Developing World., , The World Bank. Washington DC: info Dev/The World Bank; Turner, A., (2016) Between Debt and the Devil, , Oxford: Princeton University Press; Zhang, B., Collins, L., Baeck, P., (2014) Understanding Alternative Finance: The UK Alternative Finance Report 2014, , London: Nesta and Cambridge University}, correspondence_address1={Yucel, E.; Department of Islamic Economics and Finance, Istanbul Sabahattin Zaim UniversityTurkey}, publisher={Islamic Cultural Centre}, issn={00211842}, language={English}, abbrev_source_title={Islam. Q.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Shangguan2018, author={Shangguan, W. and Wang, S. and Chen, X. and Leung, A.C.M.}, title={Mining the value of network structure on stock performance}, journal={Americas Conference on Information Systems 2018: Digital Disruption, AMCIS 2018}, year={2018}, note={cited By 0; Conference of 24th Americas Conference on Information Systems 2018: Digital Disruption, AMCIS 2018 ; Conference Date: 16 August 2018 Through 18 August 2018; Conference Code:139332}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054285503&partnerID=40&md5=911c6927986f0ccbb62e8604ddf4def1}, affiliation={Zhejiang University, China; Zhejiang University, Alibaba-Zhejiang University Joint Institute of Frontier Technologies, China; City University of Hong Kong, Hong Kong}, abstract={We propose a novel Fintech application which models investors' co-attention to diversified stocks as networks by utilizing visitors' online correlated searches for a set of stocks. We adopt a sliding-window procedure to capture the dynamics of the co-search networks and develop panel-data models to examine the impact of the network structure on individual stock performance. By arguing the heterogeneous information flows transmitting through the network matter for an ego's future performance, we explicitly divide the alters of an ego stock into two distinct groups based on their historical return trends. Our empirical results suggest an increase of network centrality and closure among historical winners can positively contribute to an ego's future return whereas that among historical losers can exert significant and negative impact. We also find a higher level of centrality is associated with a lower level of future volatility. © 2018 Association for Information Systems. All rights reserved.}, author_keywords={Centrality; Closure; Co-search; Network structure; Return; Stock performance; Volatility}, keywords={Information systems, Centrality; Closure; Network structures; Return; Stock performance; Volatility, Information use}, funding_details={Natural Science Foundation of Zhejiang ProvinceNatural Science Foundation of Zhejiang Province}, funding_details={National Natural Science Foundation of ChinaNational Natural Science Foundation of China, 91546107}, funding_text 1={This work is supported by the National Natural Science Foundation of China (Nos. 91546107) and Zhejiang Natural Science Foundation (Nos. LR16G020001). The authors are grateful to the editor and reviewers for their valuable and insightful comments that have greatly helped to improve this work.}, references={Allcott, B.H., Karlan, D., Möbius, M.M., Rosenblat, T.S., Szeidl, A., Community size and network closure (2007) The American Economic Review, 97 (2), pp. 80-85; Antweiler, W., Frank, M.Z., Is all that talk just noise? The information content of internet stock message boards (2004) The Journal of Finance, 59 (3), pp. 1259-1294; Arner, D.W., Barberis, J.N., Buckley, R.P., (2015) The Evolution of Fintech: A New Post-Crisis Paradigm?; Baker, M., Wurgler, J., Investor sentiment in the stock market (2007) The Journal of Economic Perspectives, 21 (2), pp. 129-151; Birz, G., Lott, J.R., The effect of macroeconomic news on stock returns: New evidence from newspaper coverage (2011) Journal of Banking & Finance, 35 (11), pp. 2791-2800; Bogan, V., Stock market participation and the internet (2008) Journal of Financial and Quantitative Analysis, pp. 191-211; Borgatti, S.P., Mehra, A., Brass, D.J., Labianca, G., Network analysis in the social sciences (2009) Science, 323 (5916), pp. 892-895; Brown, G.W., Cliff, M.T., Investor sentiment and the near-term stock market (2004) Journal of Empirical Finance, 11 (1), pp. 1-27; Burt, R.S., Closure as social capital (2001) Social Capital: Theory and Research, pp. 31-56; Burt, R.S., The social capital of structural holes (2002) The New Economic Sociology: Developments in an Emerging Field, pp. 148-190; Burt, R.S., (2005) Brokerage and Closure: An Introduction to Social Capital, , Oxford University Press; Chen, H., De, P., Hu, Y.J., Hwang, B.-H., Wisdom of crowds: The value of stock opinions transmitted through social media (2014) Review of Financial Studies, 27 (5), pp. 1367-1403; Coleman, J.S., Social capital in the creation of human capital (1988) American Journal of Sociology, (94), pp. S95-S120; Coleman, J.S., (1994) Foundations of Social Theory, , Harvard university press; Da, Z., Engelberg, J., Gao, P., In search of attention (2011) The Journal of Finance, 66 (5), pp. 1461-1499; Da, Z., Liu, Q., Schaumburg, E., A closer look at the short-term return reversal (2014) Management Science, 60 (3), pp. 658-674; De Nooy, W., Mrvar, A., Batagelj, V., (2011) Exploratory Social Network Analysis with Pajek, , Cambridge University Press; DeJordy, R., Halgin, D., Introduction to ego network analysis (2008) Academy of Management Boston College and the Winston Center for Leadership Ethics; Dewan, S., Ren, F., Risk and return of information technology initiatives: Evidence from electronic commerce announcements (2007) Information Systems Research, 18 (4), pp. 370-394; Dimpfl, T., Jank, S., Can internet search queries help to predict stock market volatility? (2016) European Financial Management, 22 (2), pp. 171-192; Elsinger, H., Lehar, A., Summer, M., Risk assessment for banking systems (2006) Management Science, 52 (9), pp. 1301-1314; Fama, E.F., French, K.R., A five-factor asset pricing model (2015) Journal of Financial Economics, 116 (1), pp. 1-22; Fang, L., Peress, J., Media coverage and the cross-section of stock returns (2009) The Journal of Finance, 64 (5), pp. 2023-2052; Hong, H., Lim, T., Stein, J.C., Bad news travels slowly: Size, analyst coverage, and the profitability of momentum strategies (2000) The Journal of Finance, 55 (1), pp. 265-295; Hu, D.N., Zhao, J.L., Hua, Z.M., Wong, M.C.S., Network-based modeling and analysis of systemic risk in banking systems (2012) Mis Quarterly, 36 (4), pp. 1269-1291; Ibarra, H., Network centrality, power and innovation involvement: Determinants of technical and administrative roles (1993) The Academy of Management Journal, 36 (3); Leung, A.C.M., Agarwal, A., Konana, P., Kumar, A., Network analysis of search dynamics: The case of stock habitats (2016) Management Science; Luo, X., Zhang, J., Duan, W., Social media and firm equity value (2013) Information Systems Research, 24 (1), pp. 146-163; Nofsinger, J.R., Sias, R.W., Herding and feedback trading by institutional and individual investors (1999) The Journal of Finance, 54 (6), pp. 2263-2295; Peng, G., Dey, D., Research note - A dynamic view of the impact of network structure on technology adoption: The case of oss development (2013) Information Systems Research, 24 (4), pp. 1087-1099; Peng, L., Xiong, W., Investor attention, overconfidence and category learning (2006) Journal of Financial Economics, 80 (3), pp. 563-602; Sabherwal, S., Sarkar, S.K., Zhang, Y., Do internet stock message boards influence trading? Evidence from heavily discussed stocks with no fundamental news (2011) Journal of Business Finance & Accounting, 38 (9-10), pp. 1209-1237; Tantaopas, P., Padungsaksawasdi, C., Treepongkaruna, S., Attention effect via internet search intensity in Asia-Pacific stock markets (2016) Pacific-Basin Finance Journal, (38), pp. 107-124; Vozlyublennaia, N., Investor attention, index performance, and return predictability (2014) Journal of Banking & Finance, (41), pp. 17-35; Wang, X.L., Shi, K., Fan, H.X., Psychological mechanisms of investors in Chinese stock markets (2006) Journal of Economic Psychology, 27 (6), pp. 762-780; Watts, D.J., Strogatz, S.H., Collective dynamics of 'Small-world'networks (1998) Nature, 393 (6684), pp. 440-442; Zhang, X.Q., Zhang, L.H., How does the internet affect the financial market? An equilibrium model of internet-facilitated feedback trading (2015) Mis Quarterly, 39 (1), p. 17}, sponsors={Louisiana State University (LSU), College of Business}, publisher={Association for Information Systems}, isbn={9780996683166}, language={English}, abbrev_source_title={Am. Conf. Info. Syst.: Digit. Disrupt., AMCIS}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Shin2018132, author={Shin, J.-H. and Choi, S.-H.}, title={A study on personal information protection behavior in easy payment service: Focused on protection motivation theory}, journal={International Journal of Engineering and Technology(UAE)}, year={2018}, volume={7}, number={2}, pages={132-135}, doi={10.14419/ijet.v7i2.12.11108}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85044993045&doi=10.14419%2fijet.v7i2.12.11108&partnerID=40&md5=f69e7989af777bf9193c270f43fbecf8}, affiliation={Dept. of Information Security, Chungdae-ro 1, Seowon-Gu, Cheongju, Chungbuk, 28644, South Korea; Dept. of Management Information System, Chungdae-ro 1, Seowon-Gu, Cheongju, Chungbuk, 28644, South Korea}, abstract={Background/Objectives: This paper deals with the easy payment service among fin-Tech, a hot market worldwide.'Fintech' refers to a service that combines 'finance' and 'technology' as it is called, or a company that conducts such services. Methods/Statistical analysis: In order to understand the behavior of users of personal information in the simple payment service centered on twenties, I conducted empirical studies using the theory of protection motivation. Findings: The perceived vulnerability of the possibility of personal information infringement and the self - efficacy related to self - confi-dence of being able to keep personal information were found to have a positive effect on privacy behavior. However, the variables of perceived severity did not have a significant effect on privacy behavior. Improvements/Applications: it is necessary to conduct research on people of various age groups in future research and to carry out research by selecting detailed items within the simple payment service framework. © 2018 Jae-Hoon Shin Sang-Hyun Choi.}, author_keywords={Easy payment; Fin-Tec; Personal information protection behavior; Privacy behaviour; Protection motivation theory}, references={Oh, E., Kim, T.-S., A Study on Security and Use Intention of Easy-to-use Mobile Payment (2015) The Korean Institute of Communica-tions and Information Sciences, (1), pp. 54-55; It's been a year since I first became a Fin-tech boom-Easy payment service, easy (2015) AppStory, p. 11; Park, C., Lee, S.-W., A study of the User Privacy Protec-tion Behavior in Online Environment: Based on Protection Motiva-tion Theory (2014) Journal of Internet Computing and Services, (2), pp. 59-71; Boer, H., Seydel, E.R., (1996) Protection motivation theory; Kim, Y., An Empirical Study on the Adoption of "Fintech" Service: Focused on Mobile Payment Services (2015) Advanced Science and Technology Letters, 114 (26), pp. 136-140; Lakshminarayanan, D., (2014) Mobile payment ser-vices, , U. S. Patent; Dinev, T., Hart, P., PRIVACY CONCERNS AND IN-TERNET USE-A MODEL OF TRADE-OFF FACTORS (2003) Acad-emy of Management Proceedings, pp. D1-D6. , Academy of Management; Li, Y.-H., Huang, J.-W., Applying theory of perceived risk and technology acceptance model in the online shopping channel (2009) World Academy of Science, Engineering and Technology, 53 (1), pp. 919-925; Lee, G.-Y., Factors Affecting the Use of Mobile Payment System-Focused on the Payment Authentication System using Mobile Phone (2005) Management Research, 20 (4), pp. 93-119; http://biz.cho-sun.com/site/data/html_dir/2014/11/12/2014111200024.html?Dep0=twitter}, correspondence_address1={Shin, J.-H.; Dept. of Information Security, Chungdae-ro 1, South Korea; email: hoon2915@gmail.com}, publisher={Science Publishing Corporation Inc}, issn={2227524X}, language={English}, abbrev_source_title={Int. J. Eng. Technol.}, document_type={Article}, source={Scopus}, } @BOOK{Goglio2018183, author={Goglio, S. and Catturani, I.}, title={The way forward for cooperative banks}, journal={New Cooperative Banking in Europe: Strategies for Adapting the Business Model Post Crisis}, year={2018}, pages={183-200}, doi={10.1007/978-3-319-93578-2_8}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063421270&doi=10.1007%2f978-3-319-93578-2_8&partnerID=40&md5=e85a2e1efb939a4f594857dace341642}, affiliation={University of Trento, Trento, Italy; Euricse, Trento, Italy}, abstract={At their birth, cooperative banks were considered an innovation in the banking market. They have been able not only to supply credit to those considered as not creditworthy, but they also proposed a new vision of the social and economic structure. Today, this innovative energy seems lost. Cooperative banks mostly borrow innovation from outside, both in terms of products and organizations (e.g. from other banks or financial institutions). Instead, true Schumpeterian innovation is today needed to correct existing hazards and imbalances. Those innovations imply a strategic view of the productive and the redistributive orientation to favour the first at the expense of the second. Capitals are indeed necessary, but cooperative banks should also create value and worthy relations to enhance a sustainable process of development. © The Author(s) 2018.}, author_keywords={Banking innovation; Cooperative banking; Cooperative banks evolution; Fintech; Great crisis; Redistributive orientation}, references={Alessandrini, P., Fratianni, M., Papi, L., Zazzaro, A., (2016) The Asymmetric Burden of Regulation: Will Local Banks Survive?, p. 125. , Mofir Working Paper; Alexopoulos, Y., Goglio, S., Financial Cooperatives: Problems and Challenges in the Post-Crisis Era (2011) Journal of Rural Cooperation, 39 (1), pp. 35-48; Alexopoulos, Y., Catturani, I., Goglio, S., Searching for a Model of Governance in Cooperative Banking (2013) “Genossenschaften im Fokus einer neuen Wirtschaftspolitik Bericht der XVII”, Internationalen Genossenschaftswissenschaftlichen Tagung (IGT) 2012 in Wien, , J. Brazda, M. Dellinger, and D. Rößl (a cura di) (Ed.), (pp. 707-731). Im Auftrag der Arbeitsgemeinschaft Genossenschaftswissenschaftlicher Institute (AGI). Wien, Austria: Forschung und Wissenschaft; D’Italia, B., (2017) Fintech In Italia. Indagine conoscitiva sull’adozione delle innovazioni tecnologiche applicate ai servizi finanziari., , Roma: Banca d’Italia; D’Italia, B., (2018) Canale FinTech., , Banca d’Italia, consultato il 26 febbraio 2018; Birchall, J., (2017) Co-operation as Co-ordination Mechanism and Co-operative Governance., , Presented at EURICSE International Workshop on “Co-operation as Coordination Mechanism: Consequences on the Interpretation of the Cooperative Enterprise”, Trento, 4-5 December 2017; Goglio, S., Sistemi Locali, Nazione Economica e Nazione Politica (1998) Sviluppo locale, 8, pp. 47-74; Goglio, S., Catturani, I., Cooperazione di Credito (2016) Cooperazione Di Credito, 218-219, pp. 161-189; Goglio, S., Catturani, I., (2017) Local Public Goods and Social Entrepreneurship., , Presented at Euricse International Workshop on Co-operation as Coordination Mechanism: Consequences on the Interpretation of the Cooperative Enterprise”, Trento, 4-5 December 2017; Hofmann, G., (2016) Challenges and Opportunities for Co-operative Banks in a World of Change., , XV National Congress of Credito Cooperativo, 15th May 2016, Milan; Mulgan, G., (2013) The Locust and the Bee. Predators and Creators in Capitalism’s Future., , Princeton: Princeton University Press}, correspondence_address1={Goglio, S.; University of TrentoItaly; email: silvio.goglio@unitn.it}, publisher={Palgrave Macmillan}, isbn={9783319935782; 9783319935775}, language={English}, abbrev_source_title={New Cooperative Bank. in Europe: Strategies for Adapting the Bus. Model Post Crisis}, document_type={Book Chapter}, source={Scopus}, } @CONFERENCE{Nebolsina20183509, author={Nebolsina, E.V.}, title={Peculiarities of insurtech development in the USA, the UK, China and Russia}, journal={Proceedings of the 32nd International Business Information Management Association Conference, IBIMA 2018 - Vision 2020: Sustainable Economic Development and Application of Innovation Management from Regional expansion to Global Growth}, year={2018}, pages={3509-3516}, note={cited By 0; Conference of 32nd International Business Information Management Association Conference, IBIMA 2018 ; Conference Date: 15 November 2018 Through 16 November 2018; Conference Code:145733}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063065207&partnerID=40&md5=8ab8b81d88ff1eb13b42cdb4375acaac}, affiliation={Moscow State Institute of International Relations (MGIMO-University), Moscow, Russian Federation}, abstract={As the process of digitization rapidly develops and the number of sectors involved increases, the players of financial sphere work out and adopt best practices in disruptive technology. Digital innovations have reached and started revolutionizing insurance displacing existing business models. Insurtech startups that pursue technology-driven and customer-oriented business models, emerge at a fast pace in different parts of the world. The research outlines the most noticeable participants in insurtech which are the USA, the UK and China, and covers the Russian market where innovative products already have a transformative effect on insurance industry. Given the need for bringing modern customers more cost-efficiency and effectiveness, the paper points out a few game-changing insurtech services. The study provides the results of investigating the launched initiatives and main trends in developing innovative insurance online platforms in the countries stated and highlights major challenges and prospects for this segment in response to the factors of the world and national economies. Copyright © 2018 International Business Information Management Association (IBIMA).}, author_keywords={Disruptive technology; Fintech; Insurance accelerator; Insurance supervision; Insurtech}, keywords={Binary alloys; Economics; Information management, Digital innovations; Disruptive technology; Fintech; Innovative product; Insurance industry; Insurtech; National economy; Online platforms, Insurance}, references={(2018) Fearless Innovation: Insurtech as the Catalyst for Change Within Insurance Fear, , https://insuranceblog.accenture.com/wpcontent/uploads/2018/03/Fearless-Innovation-Insurtech-Report.pdf, Online, Retrieved June 05, 2018; (2017) Bilateral Agreement between the United States of America and the European Union on Prudential Measures Regarding Insurance and Reinsurance, , https://www.treasury.gov/initiatives/fio/reports-andnotices/Documents/US_EU_Covered_Agreement_Signed_September_17.pdf, U.S. Department of the Treasury. Online, Retrieved July 12, 2018; Cappiello, A., Technology and the insurance industry (2018) Palgrave Pivot, p. 119; (2017) Insurance Tech Startups Raise $1.7B Across 173 Deals in 2016, , https://www.cbinsights.com/research/2016-insurance-tech-funding/, CB Insights Online, Retrieved June 20, 2018; (2017) Resolution No. 1632-R, , http://static.government.ru/media/files/9gFM4FHj4PsB79I5v7yLVuPgu4bvR7M0.pdf, Digital Economy of the Russian Federation Online, Retrieved May 14, 2018; (2017) Regulatory Sandbox Lessons Learned Report, , https://www.fca.org.uk/publication/research-and-data/regulatorysandbox-lessons-learned-report.pdf, Financial Conduct Authority Online, Retrieved March 26, 2018; Gilberth, S., The world's top insurtech companies by website traffic (2017) BoughtByMany, , https://boughtbymany.com/news/article/insurtech-companies-towatch-website-traffic/, Online, Retrieved June 01, 2018; Guidelines for Financial Technologies Development for 2018-2020 (2018), the Central Bank of Russia, , http://www.cbr.ru/Content/Document/File/35816/ON_FinTex_2017.pdf27, Online. Retrieved February; McGee, S., Lloyd's launches sandbox for tech talent (2018) InsuranceTimes, , https://www.insurancetimes.co.uk/lloyds-launches-sandbox-for-techtalent/1427375.article, Online, Retrieved June 15, 2018; Nicoletti, B., (2017) The Future of FinTech, p. 328. , Palgrave Macmillan; Wyman, O., (2016) China Insuretech', , http://www.oliverwyman.com/content/dam/oliverwyman/global/en/2016/oct/OliverWyman_ChinaInsuretech.pdf, Online, Retrieved April 10, 2018; Re, S., (2017) Global Insurance Review 2017 and Outlook 2018 /19, , http://institute.swissre.com/research/library/Topic_Insurtech_in_China.html, Online, Retrieved March 25, 2018; VanderLinden, S.L.B., Millie, Sh.M., Anderson, N., Chishti, S., (2018) The Insurtech Book: The Insurance Technology Handbook for Investors, Entrepreneurs and FinTech Visionaries, p. 328. , Chichester, United Kingdom: John Wiley & Sons; Weinland, D., China's Zhongan sees scope for offbeat insurance (2016) Financial Times, , https://www.ft.com/content/bee51a52-accd-11e6-9cb3-bb8207902122, Online, Retrieved February 17, 2018; Watson, W.T., (2018) Quarterly InsurTech Briefing Q1 2018, , https://www.willistowerswatson.com/-/media/WTW/PDF/Insights/2018/05/quarterlyinsurtech-briefing-q1-2018.pdf, Online, Retrieved June 17, 2018}, correspondence_address1={Nebolsina, E.V.; Moscow State Institute of International Relations (MGIMO-University)Russian Federation; email: e.nebolsina@inno.mgimo.ru}, editor={Soliman K.S.}, publisher={International Business Information Management Association, IBIMA}, isbn={9780999855119}, language={English}, abbrev_source_title={Proc. Int. Bus. Inf. Manag. Assoc. Conf., IBIMA - Vis.: Sustain. Econ. Dev. Appl. Innov. Manag. Reg. Expans. Glob. Growth}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Qiao2018, author={Qiao, M. and Huang, K.-W.}, title={Hierarchical accounting variables forecasting by deep learning methods}, journal={International Conference on Information Systems 2018, ICIS 2018}, year={2018}, note={cited By 0; Conference of 39th International Conference on Information Systems, ICIS 2018 ; Conference Date: 13 December 2018 Through 16 December 2018; Conference Code:145376}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062493875&partnerID=40&md5=6128dfb4e3f0c1510e797f915b05d201}, affiliation={Department of Information Systems, National University of Singapore, Singapore}, abstract={Many real-world financial time series forecasting problems share a unique property: the focal variable of interests can be decomposed into a large number of accounting component variables. For example, company earnings are calculated from total revenue minus total costs and each variable can be further decomposed into several accounting items. This property leads to a relatively new research problem. When the dependent variable for prediction has a hierarchical structure, which level of aggregation may be the optimal choice for prediction? Is it possible to use the information from the predictions of all component variables to enhance the prediction accuracy of the focal variable of interests? To solve this problem, this paper designs a novel forecasting method-Hierarchical Stacking of LSTM (HSL)-by using various data mining techniques. Our proposed solution consists of two stages. In the first phase, by LSTM-RNN, the proposed method makes predictions of the dependent variable given different candidate decompositions. Meanwhile, we devise a method creative use of Genetic algorithm to search for the top-performing decompositions of the dependent variable. In the second stage, the ensemble learning method by Stacking is applied to aggregate several predictions from top-performing decompositions. An empirical evaluation on earning forecast of public companies illustrates that HSL can outperform other existing methods. © International Conference on Information Systems 2018, ICIS 2018.All rights reserved.}, author_keywords={Deep Learning; Fintech; Forecast; Hierarchical Accounting Variables}, keywords={Data mining; Financial data processing; Forecasting; Genetic algorithms; Information systems; Information use; Long short-term memory; Problem solving, Dependent variables; Empirical evaluations; Financial time series forecasting; Fintech; Forecasting methods; Hierarchical Accounting Variables; Hierarchical structures; Prediction accuracy, Deep learning}, references={Baesens, B., Bapna, R., Marsden, J.R., Vanthienen, J., Zhao, J.L., Transformational issues of big data and analytics in networked business (2016) MIS Quarterly, 40 (4); Bao, Y., Datta, A., Simultaneously discovering and quantifying risk types from textual risk disclosures (2014) Management Science, 60 (6), pp. 1371-1391; Bell, E.T., Exponential polynomials (1934) Annals of Mathematics, pp. 258-277; Bengio, Y., Simard, P., Frasconi, P., Learning long-term dependencies with gradient descent is difficult (1994) IEEE Transactions on Neural Networks, 5 (2), pp. 157-166; Cao, Q., Parry, M.E., Neural network earnings per share forecasting models: A comparison of backward propagation and the genetic algorithm (2009) Decision Support Systems, 47 (1), pp. 32-41; Che, J., Optimal sub-models selection algorithm for combination forecasting model (2015) Neurocomputing, 151, pp. 364-375; Chen, H., Chiang, R.H., Storey, V.C., Business intelligence and analytics: From big data to big impact (2012) MIS Quarterly, pp. 1165-1188; Donahue, J., Anne Hendricks, L., Guadarrama, S., Rohrbach, M., Venugopalan, S., Saenko, K., Darrell, T., Long-term recurrent convolutional networks for visual recognition and description (2015) Proceedings of the IEEE Conference on Computer Vision and Pattern Recognition, pp. 2625-2634; Falkenauer, E., (1998) Genetic Algorithms and Grouping Problems, , Wiley New York; Hamilton, J.D., (1994) Time Series Analysis, , Princeton university press Princeton; Harvey, D.S., Leybourne, S.J., Newbold, P., Tests for forecast encompassing (1998) Journal of Business & Economic Statistics, 16 (2), pp. 254-259; Hochreiter, S., Schmidhuber, J., Long short-term memory (1997) Neural Computation, 9 (8), pp. 1735-1780; Holland, J.H., Adaptation in natural and artificial systems (1975) An Introductory Analysis with Application to Biology, Control, and Artificial Intelligence, pp. 439-444. , Ann Arbor, MI: University of Michigan Press; Huang, A.H., Zang, A.Y., Zheng, R., Evidence on the information content of text in analyst reports (2014) The Accounting Review, 89 (6), pp. 2151-2180; Hyndman, R.J., Ahmed, R.A., Athanasopoulos, G., Shang, H.L., Optimal combination forecasts for hierarchical time series (2011) Computational Statistics & Data Analysis, 55 (9), pp. 2579-2589; Hyndman, R.J., Lee, A.J., Wang, E., Fast computation of reconciled forecasts for hierarchical and grouped time series (2016) Computational Statistics & Data Analysis, 97, pp. 16-32; Laboissiere, L.A., Fernandes, R.A., Lage, G.G., Maximum and minimum stock price forecasting of Brazilian power distribution companies based on artificial neural networks (2015) Applied Soft Computing, 35, pp. 66-74; Özsu, M.T., Valduriez, P., (2011) Principles of Distributed Database Systems, , Springer Science & Business Media; Pai, P.-F., Lin, C.-S., A hybrid ARIMA and support vector machines model in stock price forecasting (2005) Omega, 33 (6), pp. 497-505; Qiu, L., Bhattacharya, P., Phan, T., Battling diabetes through food photography: An image-based utility maximization framework for diet diagnostics (2017) International Conference of Information Systems, , Seoul, South Korea; Ruskey, F., Simple combinatorial gray codes constructed by reversing sublists (1993) International Symposium on Algorithms and Computation, pp. 201-208. , Springer; Smith, J., Wallis, K.F., A simple explanation of the forecast combination puzzle (2009) Oxford Bulletin of Economics and Statistics, 71 (3), pp. 331-355; Taieb, S.B., Yu, J., Barreto, M.N., Rajagopal, R., Regularization in hierarchical time series forecasting with application to electricity smart meter data (2017) AAAI, pp. 4474-4480; Wolpert, D.H., Stacked generalization (1992) Neural Networks, 5 (2), pp. 241-259; Zhang, W., Cao, Q., Schniederjans, M.J., Neural network earnings per share forecasting models: A comparative analysis of alternative methods (2004) Decision Sciences, 35 (2), pp. 205-237; Zhou, Z.-H., Wu, J., Tang, W., Ensembling neural networks: Many could be better than all (2002) Artificial Intelligence, 137 (1-2), pp. 239-263}, sponsors={Auburn University; et al.; Georgia State University, J. Mack Robinson College of Business; Oklahoma State University; Prospect Press; The University of Arizona}, publisher={Association for Information Systems}, isbn={9780996683173}, language={English}, abbrev_source_title={Int. Conf. Inf. Syst., ICIS}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Rivas2018, author={Rivas, A.G. and Tsyganova, M. and Mik, E.}, title={Smart contracts and their identity crisis}, journal={International Conference on Information Systems 2018, ICIS 2018}, year={2018}, note={cited By 0; Conference of 39th International Conference on Information Systems, ICIS 2018 ; Conference Date: 13 December 2018 Through 16 December 2018; Conference Code:145376}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062493527&partnerID=40&md5=9761a12e6a22a0c883328fbba083c9fc}, affiliation={Department of Information Systems and Analytics, National University of Singapore, 15 Computing Drive, Singapore, 117418, Singapore; School of Law, Singapore Management University, 55 Armenian Street, Singapore, 179943, Singapore}, abstract={Many expect Smart Contracts (SC's) to disrupt the way contracts are done implying that SC have the potential to affect all commercial relationships. SC's are automatization tools; therefore, proponents claim that SC's can reduce transaction costs through disintermediation and risk reduction. This is an over-simplification of the role of relationships, contract law, and risk. We believe there is a gap in the understanding of the capabilities of SC's. With that in mind we seek to define an amorphous term and clarify the capabilities of SC's, intending to facilitate future SC research. We've examined the legal, technical, and IS views from an academic and practitioner's perspective. We conclude that SC's have taken many forms, becoming a suitcase word for any sort of code stored on a blockchain, including the embodiment of contractual terms; and that the immutable nature of SC's is a barrier to their adoption in uncertain and multi-contextual environments. © International Conference on Information Systems 2018, ICIS 2018.All rights reserved.}, author_keywords={Applications; Blockchain; Contract; Definition; Ethereum; Execution; Fintech; LawTech; LegalTech; Self-Execution; Smart Contract}, keywords={Applications; Blockchain; Ethereum; Information systems; Information use, Definition; Execution; Fintech; LawTech; LegalTech; Self-Execution, Contracts}, references={(1981) Restatement of the Law Second, Contracts, , American Law Institute, 2d May, 1979 American Law Institute Publishers, St Paul; Brogden v Metropolitan Rly Co (1877) App Cas, 2, p. 666. , HL; Buterin, V., (2014) A Next-Generation Smart Contract and Decentralized Application Platform, , https://bitcoinmagazine.com/articles/ethereum-next-generation-cryptocurrency-decentralizedapplication-platform-1390528211/Etherum1-36; Goldsmith, J., Wu, T., (2006) Who Controls the Internet? 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(2017) Computing in Science & Engineering, 19, pp. 92-95; Schultze, U., Avital, M., Designing interviews to generate rich data for information systems research (2011) Information and Organization; Stark, J., How close are smart contracts to impacting real-world law? (2016) Coindesk, , Www.coindesk.com/blockchain-smarts-contracts-real-world-law/, 11 April 2016; Surden, H., Computable contracts (2012) UC Davis Law Review, 46, p. 635; Swanson, T., (2014) Great Chain of Numbers: A Guide to Smart Contracts, Smart Property and Trustless Asset Management, p. 11. , https://s3-us-west2.amazonaws.com/chainbook/Great+Chain+of+Numbers+A+Guide+to+Smart+Contracts%2C+Smart+Property+and+Trustless+Asset+Management+-+Tim+Swanson.pdf, 16; Szabo, N., (1994) Smart Contracts, , http://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.best.vwh.net/smart.contracts.html; Understanding the DAO Attack, , https://www.coindesk.com/understanding-dao-hack-journalists/; Urquhart, C., Lehmann, H., Myers, M.D., Putting the 'theory' back into grounded theory: Guidelines for grounded theory studies in information systems (2010) Information Systems Journal, 20 (4), pp. 357-381; (2017) What Is Ethereum?, , http://etherscripter.com/what_is_ethereum.html; Wood, G., (2015) Ethereum: A Secure Decentralised Generalised Transaction Ledger, , http://gavwood.com/paper.pdf; Zhang, F., Cecchetti, E., Croman, K., Juels, A., Shi, E., Town Crier: An authenticated data feed for smart contracts (2016) Proceedings of the 23rd ACM Conference on Computer and Communications Security, CCS 2016, pp. 270-282}, sponsors={Auburn University; et al.; Georgia State University, J. Mack Robinson College of Business; Oklahoma State University; Prospect Press; The University of Arizona}, publisher={Association for Information Systems}, isbn={9780996683173}, language={English}, abbrev_source_title={Int. Conf. Inf. Syst., ICIS}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Gozman2018, author={Gozman, D. and Hedman, J. and Sylvest, K.}, title={Open banking: Emergent roles, risks & opportunities}, journal={26th European Conference on Information Systems: Beyond Digitization - Facets of Socio-Technical Change, ECIS 2018}, year={2018}, note={cited By 0; Conference of 26th European Conference on Information Systems, ECIS 2018 ; Conference Date: 23 June 2018 Through 28 June 2018; Conference Code:143975}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85061318856&partnerID=40&md5=8103b21976d50a00717a9c7c7cf25275}, affiliation={University of Sydney, Australia; Copenhagen Business School, Denmark; Danske Bank, Denmark}, abstract={The phenomenon of financialization has received increasing attention, especially following the global financial crisis. We broaden the scope of research on financialization by investigating Open Banking initiatives. Such initiatives aim to enhance the banks' ability to personalise customer experiences. Consumers and businesses can now easily share their data with banks and third parties to manage personal accounts and compare banking services. Such initiatives raise important questions regarding the future role of banks as well challenges and opportunities inherent in the new Open Banking landscape. We empirically investigate five Open Banking initiatives through twenty-five interviews conducted with users of Open Banking APIs as well as those managing the various initiatives. From these interviews, we develop a taxonomy and identify four open banking roles: integrator, producer, distributor, and platform. A further contribution is made by identifying related challenges and opportunities faced by fintechs and incumbents in the shifting landscape of retail banking. The challenges identified include risk of disintermediation, loss of reputation and transformational failure while the opportunities identified include enhanced service innovation and risk mitigation. Overall, the study provides first insights into how the retail banking industry will adapt to new service innovations and increased collaboration with third party fintechs. © 26th European Conference on Information Systems: Beyond Digitization - Facets of Socio-Technical Change, ECIS 2018. All Rights Reserved.}, author_keywords={Financialization; FinTech; Open API; Open banking}, keywords={Information systems; Information use, Banking services; Customer experience; Financialization; FinTech; Global financial crisis; Open API; Open banking; Service innovation, Sales}, references={Aitamurto, T., Lewis, S.C., Open innovation in digital journalism: Examining the impact of Open APIs at four news organizations (2013) New Media & Society, 15 (2), pp. 314-331; Benamati, J.S., Serva, M.A., Fuller, M.A., The productive tension of trust and distrust: The coexistence and relative role of trust and distrust in online banking (2010) Journal of Organizational Computing and Electronic Commerce, 20 (4), pp. 328-346; Brodsky, L., Oakes, L., (2017) Data Sharing and Open Banking, , McKinsey on Payments July 2017; Clemons, E.K., Croson, D.C., Weber, B.W., Market dominance as a precursor of a firm's failure: Emerging technologies and the competitive advantage of new entrants (1996) Journal of Management Information Systems, 13 (2), pp. 59-75; (2017) Open Banking Revolution Moves Closer, , https://www.gov.uk/government/news/open-banking-revolution-moves-closer; Currie, W., Gozman, D., Seddon, J., Calculative tensions in the pre - and post - Crisis financial markets: A longitudinal study of regulatory technology Journal of Information Technology; Currie, W.L., Lagoarde-Segot, T., Financialization and information technology: Themes, issues and critical debates (2017) Journal of Information Technology, 32 (3), pp. 211-217; (2017) How to Flourish in an Uncertain Future: Open Banking and PSD2, , Deloitte Deloitte; Eaton, B., Hallingby, H.K., Nesse, P.-J., Hanseth, O., Achieving payoffs from an industry cloud ecosystem at bankid (2014) MISQ Executive, 13 (4), pp. 223-235; Eaton, B., Hedman, J., Medaglia, R., Three different ways to skin a cat: Financialization in the emergence of national e-ID solutions (2018) Journal of Information Technology, 33 (1), pp. 70-83; (2016) Understanding the Business Relevance of Open APIs and Open Banking for Banks, , EBA Information Paper version 1.0, Euro Banking Association, EBA Working Group on Electronic and Alternative Payments, May 2016; Eisenhardt, K.M., Building theories from case study research (1989) The Academy of Management Review, 14 (4), pp. 532-550; Eisenhardt, K.M., Graebner, M.E., Theory building from cases: Opportunities and challenges (2007) Academy of Management Journal, 50 (1), pp. 25-32; Epstein, G.A., (2005) Financialization and the World Economy, , Cheltenham, UK: Edward Elgar; Erturk, I., Solari, S., Banks as continuous reinvention (2007) New Political Economy, 12 (3), pp. 369-388; (2015) Payment Services (PSD 2) - Directive (EU) 2015/2366, , https://ec.europa.eu/info/law/payment-services-psd-2-directive-eu-2015-2366_en; Fielding, R., Representational state transfer (2000) Architectural Styles and the Design of Netowork-Based Software Architecture, pp. 76-85; Fligstein, N., Habinek, J., (2013) Sucker Punched by the Invisible Hand: The World Financial Markets and the Globalization of the US Mortgage Crisis; Fligstein, N., Shin, T., The shareholder value society: Changes in working conditions and inequality in the U.S., 1975-2000 (2004) Social Inequality, pp. 401-432. , K. 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(2016) Communications & Strategies, 103, pp. 177-184; Spiggle, S., Analysis and interpretation of qualitative data in consumer research (1994) Journal of Consumer Research, 21 (3), pp. 491-503; Stake, R.E., (2013) Multiple Case Study Analysis, , Guilford Press; Symon, G., Cassell, C., (2012) Qualitative Organizational Research: Core Methods and Current Challenges, , Sage; Tilson, D., Lyytinen, K., Sørensen, C., Research commentary-Digital infrastructures: The missing IS research agenda (2010) Information Systems Research, 21 (4), pp. 748-759; Waldo, J., Remote procedure calls and Java remote method invocation (1998) IEEE Concurrency, 6 (3), pp. 5-7; Yin, R.K., (1984) Case Study Research: Design and Methods, , 1st ed.). Beverly Hills, CA:: Sage; Yoo, Y., Henfridsson, O., Lyytinen, K., Research commentary-The new organizing logic of digital innovation: An agenda for information systems research (2010) Information Systems Research, 21 (4), pp. 724-735; Zachariadis, M., Ozcan, P., (2016) The API Economy and Digital Transformation in Financial Services: The Case of Open Banking; Zwan, N., Making sense of financialization (2014) Socio-Economic Review, 12 (1), pp. 99-129}, editor={Frank U., Kautz K., Bednar P.M.}, publisher={Association for Information Systems}, language={English}, abbrev_source_title={Eur. Conf. Inf. Syst.: Beyond Digitization - Facets Socio-Tech. Change, ECIS}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Schmidt2018, author={Schmidt, J. and Drews, P. and Schirmer, I.}, title={Charting the emerging business ecosystem of fintechs and banks: Seven types of collaborative business models}, journal={26th European Conference on Information Systems: Beyond Digitization - Facets of Socio-Technical Change, ECIS 2018}, year={2018}, note={cited By 0; Conference of 26th European Conference on Information Systems, ECIS 2018 ; Conference Date: 23 June 2018 Through 28 June 2018; Conference Code:143975}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85061308766&partnerID=40&md5=d55034ef088a7575de86be83fc4d268a}, affiliation={University of Hamburg, Hamburg, Germany; Leuphana University of Lüneburg, Lüneburg, Germany}, abstract={The competition and the collaboration of established banks and challenging fintechs are expected to dramatically change the future financial services business ecosystem. An ecosystem's ability to attract new firms and to continuously evolve is of strategic importance for incumbent companies as well as for those who decide to join the ecosystem. In our study, we analyzed the business models of 286 international fintechs and banks. Based on this analysis, we present seven types of business models in which fintechs and banks collaborate. With these types, we contribute to research on fintechs by providing novel insights on how the ecosystem moves from competition among banks towards coopetition between banks and fintechs. © 26th European Conference on Information Systems: Beyond Digitization - Facets of Socio-Technical Change, ECIS 2018. All Rights Reserved.}, author_keywords={Bank; Business ecosystem; Business model canvas; Collaborative business model; Fintech}, keywords={Ecosystems; Information systems; Information use, Bank; Business ecosystem; Business modeling; Business models; Co-opetition; Financial service; Fintech; Incumbent companies, Competition}, references={Van Alstyne, M., The state of network organization: A survey in three frameworks (1997) Journal of Organizational Computing and Electronic Commerce, 7 (2-3), pp. 83-151; Annanperä, E., Liukkunen, K., Markkula, J., Managing emerging business ecosystems-a knowledge management viewpoint (2016) Proceedings of AMCIS 2016, , San Diego; Baghbadorani, M.F., Harandi, A., A conceptual model for business ecosystem and implications for future research (2012) International Proceedings of Economics Development & Research, 52, pp. 82-86; Berghaus, S., Back, A., Stages in digital business transformation: Results of an empirical maturity study (2016) MCIS Proceedings, , Paper 22; Bharadwaj, A., El Sawy, O.A., Pavlou, P.A., Venkatraman, N., Digital business strategy: Toward a next generation of insights (2013) MIS Quarterly, 37 (2), pp. 471-482; Birkinshaw, J.M., Hagström, P., (2000) The Flexible Firm: Capability Management in Network Organizations, , New York: Oxford University Press; Chan, Y., Ahuja, S., Digital ecodynamics in small firms: Using information technology to compete (2015) Proceedings of ICIS 2015, , Fort Worth; Dapp, T.F., Fintech reloaded- Traditional banks as digital ecosystems (2015) Deutsche Bank Research, , https://www.dbresearch.com/PROD/DBR_INTERNET_DE-PROD/PROD0000000000354505/Fintech+reloaded+%E2%80%93+Die+Bank+als+digitales+%C3%96kosyste.pdf, visited on 07/10/2017; Eaton, B.D., Elaluf-Calderwood, S., Sørensen, C., Yoo, Y., Distributed tuning of boundary resources: The case of apple's ioS service system (2015) MIS Quarterly, 39 (1), pp. 217-243; Flyvbjerg, B., Five misunderstandings about case-study research (2006) Qualitative Inquiry, 12 (2), pp. 219-245; Gorod, A., Sauser, B., Boardman, J., System-of-systems engineering management: A review of modern history and a path forward (2008) IEEE Systems Journal, 2 (4), pp. 484-499; Graupner, E., Melcher, F., Demers, D., Maedche, A., Customers' intention to use digital services in retail banking - An information processing perspective (2015) Proceedings of ECIS 2015, , Münster; Hannan, M., Freeman, J., The population of ecology of organizations (1977) American Journal of Sociology, 82; Hartmann, P.M., Zaki, M., Feldmann, N., Neely, A., (2014) Big Data for Big Business? 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(2016) Proceedings of ECIS 2016, , Istanbul; Yoo, Y., Boland, R.J., Lyytinen, K., Majchrzak, A., Organizing for innovation in the digitized world (2012) Organization Science, 23 (5), pp. 1398-1408; Zavolokina, L., Dolata, M., Schwabe, G., Fintech-What's in a name? (2016) Proceedings of ICIS 2016, , Dublin; Zott, C., Amit, R., Massa, L., The business model: Recent developments and future research (2011) Journal of Management, 37 (4), pp. 1019-1042}, editor={Frank U., Kautz K., Bednar P.M.}, publisher={Association for Information Systems}, language={English}, abbrev_source_title={Eur. Conf. Inf. Syst.: Beyond Digitization - Facets Socio-Tech. Change, ECIS}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Kuhlmann2018, author={Kuhlmann, M. and Roth, F.M. and Becker, C. and Theissen, E.}, title={FinCare - A digital spending conscience or "do you really need a flamethrower?"}, journal={Americas Conference on Information Systems 2018: Digital Disruption, AMCIS 2018}, year={2018}, note={cited By 0; Conference of 24th Americas Conference on Information Systems 2018: Digital Disruption, AMCIS 2018 ; Conference Date: 16 August 2018 Through 18 August 2018; Conference Code:139332}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054227454&partnerID=40&md5=719af4e6db208b3834455c59e24be3cc}, affiliation={University of Mannheim, Germany}, abstract={Cashless payments are on the rise as technology advancements enable new and more convenient ways of payment. With the decrease in cash payments and an increased ease of paying online or by credit card, consumers do not feel the "pain of paying" anymore. Certain situations might tempt consumers to adverse impulse purchases. Many applications already leverage user profiles to create individual experiences tailored to the user. Knowing the user's current context can be used by a system to detect anomalies in behavior and warn the user. We propose a family of systems that evaluate purchase intentions based on the current user situation. The user will be notified about adverse impulse purchases and unusual behavior, so that s/he can cancel these transactions. The paper illustrates a possible system design along with corresponding use cases. © 2018 Association for Information Systems. All rights reserved.}, author_keywords={Context-awareness; FinCare; FinTech; Spending behavior}, keywords={Information systems; Information use, Context- awareness; FinCare; FinTech; Impulse purchase; Purchase intention; Spending behavior; Technology advancement; Unusual behaviors, Sales}, references={(2013) European Payments Strategy Report; http://money.cnn.com/2018/02/01/technology/flamethrower-elon-musk-boring-company-sold-out/index.html, (accessed on 02/23/18); Dey, A.K., Understanding and using context (2001) Personal and Ubiquitous Computing, 5 (1), pp. 4-7; Epstein, D.A., Ping, A., Fogarty, J., Munson, S.A., A lived informatics model of personal informatics (2015) Proceedings of the 2015 ACM International Joint Conference on Pervasive and Ubiquitous Computing, pp. 731-742; Gregor, S., Jones, D., The anatomy of a design theory (2007) Journal of the Association for Information Systems, 8 (5), pp. 312-335; Gu, T., Pung, H.K., Zhang, D.Q., A service-oriented middleware for building context-aware services (2005) Journal of Network and Computer Applications, 28 (1), pp. 1-18; Perera, C., Zaslavsky, A., Christen, P., Georgakopoulos, D., Context aware computing for the internet of things: A survey (2014) IEEE Communications Surveys & Tutorials, 16 (1), pp. 414-454; Puschmann, T., Fintech (2017) Business & Information Systems Engineering, pp. 69-76; Rick, S.I., Cryder, C.E., Loewenstein, G., Tightwads and spendthrifts (2007) Journal of Consumer Research, 34 (6), pp. 767-782; Schueffel, P., Taming the beast: A scientific definition of fintech (2016) Journal of Innovation Management, 4 (4), pp. 32-54; Shah, A.M., Eisenkraft, N., Bettman, J.R., Chartrand, T.L., 'Paper or plastic?': How we pay influences post-transaction connection (2016) Journal of Consumer Research, 42 (5), pp. 688-708; Su, X., Tong, H., Ji, P., Activity recognition with smartphone sensors (2014) Tsinghua Science and Technology, 19 (3), pp. 235-249; Van Der Horst, F., Matthijsen, E., The irrationality of payment behaviour (2013) Proceedings of International Cash Conference, pp. 263-329; Wheatley, A., Cash is dead, long live cash (2017) Finance & Development, 54 (2), pp. 32-35}, sponsors={Louisiana State University (LSU), College of Business}, publisher={Association for Information Systems}, isbn={9780996683166}, language={English}, abbrev_source_title={Am. Conf. Info. Syst.: Digit. Disrupt., AMCIS}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Jin2018, author={Jin, B.-H. and Li, Y.-M. and Li, Z.-W.}, title={Study on crowdfunding patterns and factors in different phases}, journal={Americas Conference on Information Systems 2018: Digital Disruption, AMCIS 2018}, year={2018}, note={cited By 0; Conference of 24th Americas Conference on Information Systems 2018: Digital Disruption, AMCIS 2018 ; Conference Date: 16 August 2018 Through 18 August 2018; Conference Code:139332}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054219771&partnerID=40&md5=903000864cac32272f0ca8f485f1a02c}, affiliation={Tunghai University, Taiwan; National Chiao Tung University, Taiwan}, abstract={In recent years, crowdfunding is an emerging way to raise capital for an innovative project. We demonstrate the funding pattern of a crowdfunding campaign, and examine the relationship between three factors proposed by researchers and pledged fund in three periods. Besides the full model, we sorted samples into successful and unsuccessful project by funded or not, and product-reward and non-product reward projects by reward-type. Data is extracted from Kickstarter which contain project-related factors of 1, 154 projects. Study shows that a crowdfunding campaign has three phases, and the funding pattern is S-shaped. Previous backers significantly affect the following contributions all the time. Updates are significantly affect the pledged fund for 1 to 3 periods. But it is negatively affect the pledged fund in unsuccessful projects. After understanding the funding pattern and the critical factors in different periods, creators can break through the bottleneck of each funding phase and improve the success rate of crowdfunding projects. © 2018 Association for Information Systems. All rights reserved.}, author_keywords={Crowdfunding; Factors; Fintech; Patterns; Social networks}, keywords={Information systems; Information use; Social networking (online), Critical factors; Crowdfunding; Factors; Fintech; Innovative projects; Patterns; Related factors; Three phasis, Finance}, references={Burtch, G., Ghose, A., Wattal, S., An empirical examination of the antecedents and consequences of contribution patterns in crowd-funded markets (2013) Information Systems Research, 24 (3), pp. 499-519; Cabral, L., (2012) Reputation on the Internet, pp. 343-354. , The Oxford Handbook of the Digital Economy; Cardon, M.S., Sudek, R., Mitteness, C., The impact of perceived entrepreneurial passion on angel investing (2009) Frontiers of Entrepreneurship Research, 29 (2), p. 1; Devenow, A., Welch, I., Rational herding in financial economics (1996) European Economic Review, 40 (3), pp. 603-615; Duan, W., Gu, B., Whinston, A.B., Informational cascades and software adoption on the internet: An empirical investigation (2009) Mis Quarterly, pp. 23-48; Galinsky, M., (2010) The Kickstarter Effect: Fundraising as Game Theory, , http://www.documentary.org/content/kickstarter-effect-fundraising-game-theory, (accessed October 7, 2013); Greenberg, M.D., Pardo, B., Hariharan, K., Gerber, E., Crowdfunding support tools: Predicting success & failure (2013) CHI'13 Extended, , April; Hsiao, C., (2014) Analysis of Panel Data (No. 54), , Cambridge University Press; Hui, J.S., Gerber, E., Greenberg, M., (2012) Easy Money? The Demands of Crowdfunding Work, , Northwestern University, Segal Design Institute; Kuppuswamy, V., Bayus, B.L., Crowdfunding creative ideas: The dynamics of project backers in kickstarter (2015) UNC Kenan-Flagler Research Paper, (2013-15); Merton, R.K., Priorities in scientific discovery: A chapter in the sociology of science (1957) American Sociological Review, 22 (6), pp. 635-659; Mollick, E., The dynamics of crowdfunding: An exploratory study (2014) Journal of Business Venturing, 29 (1), pp. 1-16; Muller, M., Geyer, W., Soule, T., Daniels, S., Cheng, L.T., Crowdfunding inside the enterprise: Employee-initiatives for innovation and collaboration (2013) Proceedings of the SIGCHI Conference on Human Factors in Computing Systems, pp. 503-512. , April ACM; Nelson, S., (2013) The Kickstarter Effect (Or How i Learned to Stop Worrying and Love Crowdfunding), , http://www.kickstartadventure.com/home/the-kickstarter-effect-or-how-i-learned-to-stop-worrying-andlove-crowdfunding, (accessed October 7, 2013); Ordanini, A., Crowd funding: Customers as investors (2009) The Wall Street Journal, 23 (3); Ordanini, A., Miceli, L., Pizzetti, M., Parasuraman, A., Crowd-funding: Transforming customers into investors through innovative service platforms (2011) Journal of Service Management, 22 (4), pp. 443-470; Thomas, A., Williams, G.R., A strategy to provide retirement benefits for international transferees in a global company (1991) Benefits and Compensation International, 21 (3), pp. 2-7; Wooldridge, J.M., (2010) Econometric Analysis of Cross Section and Panel Data, , MIT press; Xu, A., Yang, X., Rao, H., Fu, W.T., Huang, S.W., Bailey, B.P., Show me the money!: An analysis of project updates during crowdfunding campaigns (2014) Proceedings of the SIGCHI Conference on Human Factors in Computing Systems, pp. 591-600. , April}, sponsors={Louisiana State University (LSU), College of Business}, publisher={Association for Information Systems}, isbn={9780996683166}, language={English}, abbrev_source_title={Am. Conf. Info. Syst.: Digit. Disrupt., AMCIS}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Khabrieva2018459, author={Khabrieva, T.Y.}, title={Counteraction to the legalization (Laundering) of proceeds from crime and the financing of terrorism in the context of the digitization of economy: Strategic objectives and legal solutions}, journal={Russian journal of criminology}, year={2018}, volume={12}, number={4}, pages={459-467}, doi={10.17150/2500-4255.2018.12(4).459-467}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85053845840&doi=10.17150%2f2500-4255.2018.12%284%29.459-467&partnerID=40&md5=f0aa5f26230b645bdee93b8afc8fcd94}, affiliation={The Institute of Legislation and Comparative Law under the Government of the Russian Federation, Moscow, Russian Federation}, abstract={Issues of counteracting the legalization of proceeds from crime (money laundering) and the financing of terrorism (CML / FT) are urgent in the context of crime control. The inflow of money from criminal activities has a destructive impact on the state and the society, poses a threat to the economy and the social sphere. This negative process results in the disruption of market economy mechanisms, the criminalization of the production and trade sectors, the emergence of financial imbalances and the increase in the inflation pressure. The problem is urgent for Russia as well, so the development of effective solutions, including legal ones, is one of the priorities for researchers. In the mod ern context, the digitization of economy creates new opportunities for criminal groups, who use virtual technologies, crypto-currencies and other opportunities of the digital environment to finance terrorism and legalize criminal proceeds. The article presents the results of studying the condition and dynamics of legal regulation in the sphere of CML / FT. They include the qualitative description of the legal basis for CML / FT in Russia, doctrinal conclusions regarding the structure and key features of the Russian model of legal regulation of CML / FT, modern trends and the direction of its future development, predictions regarding the legal basis for CML / FT, setting fundamental and practical goals of the legal doctrine to provide scientific support for CML / FT, as well as legal solutions developed by the author. Besides, the author outlines and supports specific directions of reforming the Russian legislation with the goal of brining it in accord with the challenges of the digitization of economy and the emergence of new types of crime. © 2018, Baikal National University of Economics and Law. All rights reserved.}, author_keywords={Crime; Cryptocurrency; Cyclic legal arrays; Digital economy; Financial technologies (FINTECH); Financing of terrorism; Legalization (laundering) of proceeds; Legislation; Regulatory technologies (REGTECH)}, references={Khabrieva, T.Y., Pryanishnikov, E.A., Vlasenko, N.A., Lafitskii, V.I., Pryanishnikov, E.A., (2015) Stranitsy Istorii I Ocherki O Nauchnykh Shkolakh Instituta zakonodatel’stva I sravnitel’nogo Pravovedeniya Pri Pravitel’stve Rossiiskoi Federatsii [Pages of the History and Essays about Scientific Schools the Institute of Legislation and Comparative Law under the Government of the Russian Federation], p. 568. , Moscow, The Institute of Legislation and Comparative Law under the Government of the Russian Federation Publ; Lafitskii, V.I., Tsirin, A.M., Povetkina, N.A., Tsirina, M.A., Lafitskii, V.I., Tsirina, M.A., (2014) Prozrachnost’ Yuridicheskikh Lits I Obrazovanii: Puti Snizheniya Riskov Otmyvaniya Deneg I Finansirovaniya Terrorizma [Transparency of Legal Entities and Legal Formations: Ways of Reducing Risks of Ml/Ft], p. 416. , Moscow, The Institute of Legislation and Comparative Law under the Government of the Russian Federation Publ; Vlasov, I.S., Vlasova, N.V., Golovanova, N.A., Kapustin, A.Y., Tsirin, A.M., (2017) Otvetstvennost’ Za Otmyvanie (Legalizatsiyu) Korruptsionnykh Dokhodov Po zakonodatel’stvu Zarubezhnykh Gosudarstv [Responsibility for Laundering (Legalisation) of Corruption Revenues under the Legislation of Foreign Countries, p. 312. , Moscow, Infra-M Publ; Khabrieva, T.Y., Chikhanchin, Y.A., (2015) Sistema Finansovoi Bezopasnosti Rossiiskoi Federatsii: kontseptual’nye Podkhody I Resheniya. [Financial Security System of the Russian Federation: Conceptual Approaches and Solutions], p. 50. , Moscow, Nauka Publ; Chestnov, I.L., Principles of law in the post-classical dimension (2015) Printsipy Prava: Sbornik Statei [Principles of Law], pp. 4-23. , Pashentsev D. A., Chernyavskii A. G. (eds.), Moscow, RuSains Publ, (In Russian); Hulsman, L., Critical Criminology and the Concept of Crime (1986) Contemporary Crisis, 10, pp. 63-80; Gilinskii, Y.I., (2009) The Social Construction of Deviance: «problematisation» of Problem. Peterburgskaya Sotsiologiya Segodnya = Saint Petersburg Sociology Today, 1, pp. 327-334; Tereshchenko, L.K., Modernizatsiya informatsionnykh otnoshenii i informatsionnogo zakonodatel’stva (2013) Modernization of Informational Relationships and Informational Legislation, 227p. , Moscow, Infra-M Publ; Singh, K., The New Wild West: Preventing Money Laundering in the Bitcoin (2015) Northwestern Journal of Technology and Intellectual Property, 13 (1), pp. 327-344; Bukarev, V.B., Truntsevskii, Y.V., Shulepov, N.A., (2007) Foreign Experience in the Sphere of Legal Regulation of Counteracting the Legalization (Laundering) of Criminal Proceeds. Mezhdunarodnoe Publichnoe I Chastnoe Pravo = Public International and Private International Law, (4), pp. 53-55; Naryshkin, S.E., Khabrieva, T.Y., Abramova, A.I., Khabrieva, T.Y., Tikhomirov, Y.A., (2015) Nauchnye Kontseptsii Razvitiya Rossiiskogo zakonodatel’stva [Scientific Concept of Development of the Russian Legislation], p. 536. , Moscow, Yurisprudentsiya Publ; Polenina, S.V., Complex legal institutes and the formation of new branches of law (1975) Izvestiya Vysshikh Uchebnykh Zavedenii. Pravovedenie = Proceedings of Higher Education Institutions, (3), pp. 71-79. , Pravovedenie, (In Russian); Khabrieva, T.Y., Chernogor, N.N., The Law in the Conditions of Digital Reality (2018) Zhurnal Rossiyskogo Prava = Russian Law Journal, (1), pp. 85-102; Khabrieva, T.Y., Chernogor, N.N., Current Problems of the Strengthening of Rule of Law and Combating Corruption in the Framework of Eurasian Integration (2017) Obshchestvennye Nauki I sovremennost’ = Social Science and Modernity, (1), pp. 5-19; Bitcoin, M.T., Its Legal Classification and its Regulatory Framework (2016) Journal of Business & Securities Law, 15 (2), pp. 158-211; Krohn-Grimberghe, A., Sorge, C., Practical Aspects of the Bitcoin System, , http://cryptome.org/2013/09/bitcoin-practical-aspects.pdf, The Computing Research Repository, 2013; Pohjanpalo, K., (2014) Bitcoin Judged Commodity in Finland after failing Money Test, , https://www.bloomberg.com/news/articles/2014-01-19/bitcoin-becomes-commodity-in-finland-after-failing-currency-test, Bloomberg; Truntsevskii, Y.V., Efremov, A.A., (2018) Digital Integration as a Road to the Future. Mezhdunarodnoe Publichnoe I Chastnoe Pravo = Public International and Private International Law, (1), pp. 6-12; Tikhomirov Yu, A., Predictions and Risks in the Legal Sphere (2014) Zhurnal Rossiyskogo Prava = Russian Law Journal, (3), pp. 5-16. , In Russian}, correspondence_address1={Khabrieva, T.Y.; The Institute of Legislation and Comparative Law under the Government of the Russian FederationRussian Federation; email: office@izak.ru}, publisher={Baikal National University of Economics and Law}, issn={25004255}, language={Russian}, abbrev_source_title={Rus. J. of crim.}, document_type={Article}, source={Scopus}, } @ARTICLE{Sloboda201888, author={Sloboda, L. and Dunas, N. and Limański, A.}, title={Contemporary challenges and risks of retail banking development in Ukraine}, journal={Banks and Bank Systems}, year={2018}, volume={13}, number={1}, pages={88-97}, doi={10.21511/bbs.13(1).2018.09}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85053134376&doi=10.21511%2fbbs.13%281%29.2018.09&partnerID=40&md5=3918952fcac464aac5e279f3dd24db92}, affiliation={Lviv Banking Institute of Banking University, Ukraine; Department of Finance, Banking and Insurance, Lviv Banking Institute of Banking University, Ukraine; Department of Management, Faculty of Pedagogy and Psychology, University of Silesia, Poland}, abstract={Retail banking is an essential part of the financial services, accounting for a large part of all banking revenues and capital raising. This business line is designing the vital sphere to apply the adequate decision making approach for customer engagement, sustain profitability and increase competitive advantages. The modern trends in retail banking globally are based on digital innovations, bionic transformation and new regulatory issues. Ukrainian banks have also taken the first step to apply on-line platforms and cashless methods in banking. However, problems occur in the implementation of current global trends in the domestic retail market, which need to be solved. The authors have identified the key objectives of market changes in retail banking operational processes, which have significant impact on the banking ecosystem creation of retail banking in Ukraine. The review part of the article studied the modern challenges and advantages of retail banking development in Ukraine with comparative analyses of current global and regional issues, based on digital technologies and innovations in financial industry. The results of the analyses investigate the state of retail banking, and prospects of revenue growth, explain the key performance indicators of retail banking services, present insights of the key drivers of the Ukrainian’s banking efficiency gap. Based on operational risks and productivity analyses, the authors estimated the negative issues in Ukrainian retail banking. The results enable existing banks to determine the financial and operational risks, and increase the effectiveness of applying digital innovations in domestic retail banking sector. The recommendations for the enforcement of the market and regulatory changes of retail banking landscape in the case of Ukraine are suggested. © Larysa Sloboda, Nataliia Dunas, Andrzej Limański, 2018.}, author_keywords={Banks; Business models; Digital services; Fintech banking; On-line banking; Retail banking; Risks}, references={Chordas, L., Making it mobile (2014) Best’S Review, , http://www.ambest.com/bestreview/201402.html, Retrieved from; Demtchenko, A.M., Ekonomichna sutnist riteilu v bankivskomu sektori ekonomiky Ukrainy ta mozhlyvosti yogo vdoskonalennia (2015) Regionalna Ekonomika, 3, pp. 101-108; Dupas, M., Grebe, M., De T’serclaes, J.-W., Vasy, B., Walsh, I., (2017) Global; (2016) Pobiediteli V Nominatsii “Internet Banking, , http://banksrating.com.ua/top-50-2016/pobediteli-v-nominatsii-internet-banking/, Победители в номинации “Интернет банкинг; (2017) Strategic Review of Retail Banking Business Models: Purpose and Scope, , https://www.fca.org.uk/publication/multi-firm-reviews/strategic-review-retail-banking-business-models-scope.pdf, Retrieved from; Ganguli, S., Roy, S.K., Generic technology‐based service quality dimensions in banking: Impact on customer satisfaction and loyalty (2011) European Journal of Marketing, 29 (2), pp. 168-189. , http://www.emer-aldinsight.com/doi/abs/10.1108/02652321111107648?journalCode=ijbm, Retrieved from; Herington, C., Weaven, S., E-Retailing by banks: E-Service Quality and its Importance to Customer satisfaction (2009) European Journal of Marketing, 43 (9), pp. 1220-1231. , http://www.emeraldinsight.com/doi/pdfplus/10.1108/03090560910976456, Retrieved from; Kozmenko, S., Vasyl’yeva, T., Specialized innovative investment banks in Ukraine (2008) Banks and Bank Systems, 3 (1), pp. 48-56. , http://uabs.edu.ua/images/stories/docs/K_M/BBS_en_2008_1,%20Serhiy%20Kozmenko.pdf, Retrieved from; (2016) A New Landscape. Challenger Banking Annual Results, , https://home.kpmg.com/content/dam/kpmg/pdf/2016/05/challenger-banking-report-2016.PDF, Retrieved from; Kwapisz, J.R., Weiss, G.M., Moore, S.A., Cell phone-based biometric identification (2010) IEEE Fourth International Conference on Biometrics: Theory, Applications and Systems, , http://www.cis.fordham.edu/wisdm/includes/files/btas10.pdf, USA, Washington, DC; Manzhos, S., The situation of bank lending in Ukraine: Current problems and prospects of recovery (2016) Economics and Management, 8 (3), pp. 89-97. , http://jem.pb.edu.pl/data/magazine/article/519/en/manzhos.pdf, Retrieved from; (2016) Raising Ukraine’S Productivity: Banking Sector as An Engine for Growth, , https://www.mckinsey.com/industries/financial-services/our-insights/rais-ing-ukraines-productivity-banking-sector-as-an-engine-for-growth, Retrieved from; (2017) Mono Bank (Universal Bank) – The First Mobile Bank in Ukraine Without Branches, , https://www.monobank.com.ua/about?lang=uk, Retrieved from; (2017) Financial Stability Report, 3. , https//bank.gov.ua/doccatalog/document;jsessionid=FDDB0109D65689A595A91ED37BDDBA50?id=51942355, Retrieved from; Pearson, M., Innovation in retail banking 2016 (2016) The Emergence of New Banking Business Models, , https://www.efma.com/study/detail/21891, Retrieved from; (2004) Retail Banking Strategies in Europe, , https://economics.rabobank.com/Documents/2004/Augustus/RetailBankingStrategiesi-nEurope_20040801.pdf, Economic research Department The strategic vision of Rabobank Group; Savenko, S., (2017) За Ними Майбутнє [Za Nymy Maibutnie], , https://news.finance.ua/ua/news/-/416199/za-nymy-majbutnye, Retrieved from; Serbyna, O., Internet banking: Ukrainska praktyka ta svitovyi dosvid (2014) Molodyi Vchenyi, 4 (7), pp. 122-125. , http://molodyvcheny.in.ua/files/journal/2014/4/34.pdf; Slav’yuk, R., Shkvarchuk, L., Kondrat, I., Financial market imbalance: Reasons and peculiarities of occurrence in Ukraine (2017) Investment Management and Financial Innovations, 14 (1), pp. 227-235. , https://businessperspectives.org/media/zoo/applications/publishing/templates/article/assets/js/pdfjs/web/viewer.php?file=/pdfproxy.php?item_id:8720, Retrieved from; Srinivas, V., Friedman, S., Eckenrode, J., Mobile financial services (2014) Raising The Bar on Customer Engagement, , https://www2.deloitte.com/insights/us/en/in-dustry/banking-securities/mobile-financial-services.html, New York: Deloitte University Press; Retail Banking 2017: Accelerating Bionic Transformation, , http://image-src.bcg.com/Images/BCG-Acceler-ating-Bionic-Transformation-July-2017_tcm9-164949.pdf; Zeman, Z., Gacsi, R., Lukacs, J., Hajos, L., Management control system in banks (2013) Bank Controlling, 6, pp. 14-17. , https://www.nbs.sk/_img/Documents/_PUBLIK_NBS_FSR/Biatec/Rok2013/06-2013/04_bi-atec13-6_zeman.pdf, Retrieved from}, publisher={LLC CPC Business Perspectives}, issn={18167403}, language={English}, abbrev_source_title={Banks Bank Syst.}, document_type={Article}, source={Scopus}, } @ARTICLE{Chan2018212, author={Chan, T.R. and Chan, K.-W. and Luk, S. and Lee, C.-H.}, title={A high winning opportunities intraday volatility trading method using artificial immune systems}, journal={Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)}, year={2018}, volume={10868 LNAI}, pages={212-218}, doi={10.1007/978-3-319-92058-0_20}, note={cited By 0; Conference of 31st International Conference on Industrial, Engineering and Other Applications of Applied Intelligent Systems IEA/AIE 2018 ; Conference Date: 25 June 2018 Through 28 June 2018; Conference Code:214509}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85049010990&doi=10.1007%2f978-3-319-92058-0_20&partnerID=40&md5=f0ee14781d193cb38185baa90cd7f20e}, affiliation={Chan’s Research Company Limited, Hong Kong}, abstract={This paper introduces a quantitative forecasting trading mechanism which captures intraday volatility and at the same time enjoying the Index directional trading profit. The method applies Artificial Immune Network (AIN) to adjust the Index Equilibrium Point Forecasting (IEPF) and Mean Reversion Grid Trading (MRGT) method to maximize its winning opportunity. In practice, a system has been developed over the Hang Seng China Enterprises Index (HSCEI) Futures market. We have applied 9-years real market historical data, approximately 160 Terabytes Bid-Ask and Done Trade full book records, to training up the AIN to enhance the index forecasting result. The performance of the proposed method in backward test appear to be promising, and therefore, a real-time intraday trading system is currently under deployment for a further pilot experiment with the real market trading test. © 2018, Springer International Publishing AG, part of Springer Nature.}, author_keywords={AIS; Artificial immune system; Financial forecasting; FinTech; Optimization; Stock future market}, keywords={Artificial intelligence; Forecasting; Immune system; Intelligent systems; Optimization, Artificial immune networks; Artificial Immune System; Equilibrium point; Financial forecasting; FinTech; Pilot experiment; Trading mechanism; Volatility trading, Commerce}, references={Dasgupta, D., (1999) Artificial Immune Systems and Their Applications, , https://doi.org/10.1007/978-3-642-59901-9, Springer, Heidelberg; Farmer, J.D., Packard, N.H., Perelson, A.S., The immune system, adaptation, and machine learning (1986) Phys. D, 2 (1-3), pp. 187-204; Forrest, S., Self-nonself discrimination in a computer (1994) Proceedings of 1994 IEEE Computer Society Symposium on Research in Security and Privacy, , IEEE; Burnet, F.M., (1959) The Clonal Selection Theory of Acquired Immunity, , Cambridge Univeristy Press, Cambridge; Pastukhov, S.V., On some probabilistic-statistical methods in technical analysis (2005) Theor. Probab. Appl., 49 (2), pp. 245-260; Harris, L., Sofianos, G., Shapiro, J.E., Program trading and intraday volatility (1994) Rev. Financ. Stud., 7 (4), pp. 653-685; Brock, W.A., Kleidon, A.W., Periodic market closure and trading volume (1992) A Model of Intraday Bids and Asks. J. Econ. Dyn. Control, 16 (3), pp. 451-489; Bailey, W., Stulz, R.M., The pricing of stock index options in a general equilibrium model (2009) J. Financ. Quant. Anal., 24 (1), pp. 1-12; Foster, F.D., Viswanathan, S., Variations in trading volume, return volatility, and trading costs: Evidence on recent price formation models (1993) J. Finan., 48 (1), pp. 187-211; Day, T.E., Lewis, C.M., The behavior of the volatility implicit in the prices of stock index options (1988) J. Finan. Econ., 22 (1), pp. 103-122; Manaster, S., Rendleman, R.J., Option prices as predictors of equilibrium stock prices (1982) J. Finan., 37 (4), pp. 1043-1057; Butler, M., Kazakov, D., Modeling the behavior of the stock market with an Artificial Immune System (2010) IEEE Congress on Evolutionary Computation; Gunasekaran, M., Ramaswami, K.S., Evaluation of artificial immune system with artificial neural network for predicting Bombay stock exchange trends (2011) J. Comput. Sci., 7 (7), pp. 967-972; (2016) Index Methodology for Managing the Hang Seng China Enterprises Index, Hong Kong; Hart, E., Bersini, H., Santos, F., Tolerance vs intolerance: how affinity defines topology in an idiotypic network (2006) ICARIS 2006. LNCS, 4163, pp. 109-121. , https://doi.org/10.1007/11823940_9, Bersini, H., Carneiro, J. (eds.), Springer, Heidelberg; Castro, L.N.D., Timmis, J., An artificial immune network for multimodal function optimization (2002) Proceedings of the Congress on Evolutionary Computation, CEC; Chen, J., Mahfouf, M., A population adaptive based immune algorithm for solving multi-objective optimization problems (2006) ICARIS 2006. LNCS, 4163, pp. 280-293. , Bersini, H., Carneiro, J. (eds.), Springer, Heidelberg, https://doi.org/10.1007/11823940_22; Coelho, G.P., von Zuben, F.J., Omni-aiNet: An immune-inspired approach for omni optimization (2006) ICARIS 2006. LNCS, 4163, pp. 294-308. , https://doi.org/10.1007/11823940_23, Bersini, H., Carneiro, J. (eds.), Springer, Heidelberg}, correspondence_address1={Chan, T.R.; Chan’s Research Company LimitedHong Kong; email: theo.chan@cnfe.com}, editor={Ait Mohamed O., Mouhoub M., Sadaoui S., Ali M.}, sponsors={}, publisher={Springer Verlag}, issn={03029743}, isbn={9783319920573}, language={English}, abbrev_source_title={Lect. Notes Comput. Sci.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Brammertz201876, author={Brammertz, W. and Mendelowitz, A.I.}, title={From digital currencies to digital finance: the case for a smart financial contract standard}, journal={Journal of Risk Finance}, year={2018}, volume={19}, number={1}, pages={76-92}, doi={10.1108/JRF-02-2017-0025}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85044244460&doi=10.1108%2fJRF-02-2017-0025&partnerID=40&md5=dfb0c2ec18b05aae327f3538fd27240a}, affiliation={ACTUS Users Association, Rockville, MD, United States; Ariadne Business Analytics, Naenikon, Switzerland; ACTUS Financial Research Foundation, Rockville, MD, United States}, abstract={Purpose: This paper aims to demonstrate the importance of a cash flow generating standard for individual financial contract level data and the ability to create such a standard. Design/methodology/approach: The authors analyze the importance for such a standard of software that turns natural language contracts into cash flow generating algorithms; a data dictionary that standardizes contract terms; and access to variables that represent the state of the world (e.g. market risk, counterparty risk, etc.) that affect contractual obligations. Findings: The ability to realize benefits from the use of such a contract level algorithmic standard depends on the following: making the standard’s software open source; fully testing the software to have complete confidence in its accuracy; and enabling the software to use of a wide range of models of various sources of risk (market, credit and behavior risk) to support forward-looking analysis. Such a standard would solve the disconnect that exists in financial firms between the representation of financial contracts for transaction processing and analysis. The ACTUS Financial Research Foundation is building, testing and making available such a standard that represents almost all financial contracts extant in markets. Practical implications: The adoption of such a standard would reduce the costs of operations of financial firms, provide the computational infrastructure for more effective regulatory oversight, reduce regulatory reporting costs and improve financial market transparency. It would also enable the assessment of systemic risk by directly quantifying the interconnectedness of firms. Originality/value: This is a new approach to financial analytics that clearly separates the deterministic components of finance, which can be standardized from the stochastic elements that cannot be standardized. © 2018, Emerald Publishing Limited.}, author_keywords={Block-Chain; Complete contracts; Fintech; Smart contract; Smart financial contracts; Standardization}, funding_text 1={ACTUS Financial Research Foundation, Rockville, Maryland, USA}, funding_text 2={Purpose – This paper aims to demonstrate the importance of a cash flow generating standard for individual financial contract level data and the ability to create such a standard. Design/methodology/approach – The authors analyze the importance for such a standard of software that turns natural language contracts into cash flow generating algorithms; a data dictionary that standardizes contract terms; and access to variables that represent the state of the world (e.g. market risk, counterparty risk, etc.) that affect contractual obligations. Findings – The ability to realize benefits from the use of such a contract level algorithmic standard depends on the following: making the standard’s software open source; fully testing the software to have complete confidence in its accuracy; and enabling the software to use of a wide range of models of various sources of risk (market, credit and behavior risk) to support forward-looking analysis. Such a standard would solve the disconnect that exists in financial firms between the representation of financial contracts for transaction processing and analysis. The ACTUS Financial Research Foundation is building, testing and making available such a standard that represents almost all financial contracts extant in markets. Practical implications – The adoption of such a standard would reduce the costs of operations of financial firms, provide the computational infrastructure for more effective regulatory oversight, reduce regulatory reporting costs and improve financial market transparency. It would also enable the assessment of systemic risk by directly quantifying the interconnectedness of firms. Originality/value – This is a new approach to financial analytics that clearly separates the deterministic components of finance, which can be standardized from the stochastic elements that cannot be standardized.}, funding_text 3={The ACTUS Financial Research Foundation is building exactly the type of CLFG algorithmic standard discussed in this paper. In fact, the effort has already programmed 18 contract types ( (CTs), which is the ACTUS terminology for the standard’s CFLG algorithms). The completed CTs represent close to 90 per cent of the contracts outstanding in the world of banking. More details about this effort can be found at the ACTUS website[6].}, references={Brammertz, W., Akkizidis, I., Breymann, W., Entin, R., Rustomann, M., (2009) Unified Financial Analysis: The Missing Links of Finance, , John Wiley & Sons; Coppola, F., A painful lesson for the ethereum community (2016) Forbes.com, , 21 July 2016; Sellers, W., A system of screw threads and nuts (1864) Journal of the Franklin Institute, 47, p. 344}, correspondence_address1={Brammertz, W.; ACTUS Users AssociationUnited States; email: willi.brammertz@ariadne.swiss.com}, publisher={Emerald Group Publishing Ltd.}, issn={15265943}, language={English}, abbrev_source_title={J. Risk Financ.}, document_type={Article}, source={Scopus}, } @ARTICLE{Mamonov201865, author={Mamonov, S. and Malaga, R.}, title={Success factors in Title III equity crowdfunding in the United States}, journal={Electronic Commerce Research and Applications}, year={2018}, volume={27}, pages={65-73}, doi={10.1016/j.elerap.2017.12.001}, note={cited By 4}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85038018743&doi=10.1016%2fj.elerap.2017.12.001&partnerID=40&md5=9ece026595f751f41f25fc26c09d8140}, affiliation={Montclair State University, Montclair, NJ, United States}, abstract={The financial industry is seeing rapid introduction of new technologies and new business models that are challenging established practices. Recent changes in financial regulation in the United States have spurred evolution of equity crowdfunding as a potential alternative to traditional sources of venture capital. To address the relative lack of knowledge about success factors, we focus on Title III equity crowdfunding platforms in the United States that are open to non-accredited investors. We draw on traditional venture finance research and we examine the effects of market, execution and agency risks in equity crowdfunding under Title III. We collect data on 133 ventures that attracted more than $11 million in funding commitments across sixteen Title III equity crowdfunding platforms. We find that all three types of risks can affect the likelihood of successful fundraising under Title III. We discuss the implications of these findings for entrepreneurs, investors, crowdfunding platforms and policy makers. © 2017}, author_keywords={Crowdfunding; Equity crowdfunding; Fintech innovation; JOBS Act; Risk capital; Title III}, keywords={Finance, Crowdfunding; Equity crowdfunding; JOBS Act; Risk capital; Title III, Investments}, references={Agrawal, A., Catalini, C., Goldfarb, A., Some simple economics of crowdfunding (2013), National Bureau of Economic Research Cambridge, MA; Agrawal, A., Catalini, C., Goldfarb, A., Are syndicates the killer app of equity crowdfunding? (2014) Calif. Manage. Rev., 58, pp. 111-125; Ahlers, G.K.C., Cumming, D., Günther, C., Schweizer, D., Signaling in equity crowdfunding (2015) Entrep. Theory Pract., 39, pp. 955-980; Alabi, K., Digital blockchain networks appear to be following Metcalfe's Law (2017) Electron. Commer. Res. Appl., 24, pp. 23-29; (2017), https://assob.com.au/about.asp?page=1, About ASSOB [WWW Document]. URL; Belleflamme, P., Lambert, T., Schwienbacher, A., Crowdfunding: Tapping the right crowd (2014) J. Bus. Ventur., 29, pp. 585-609; Butticè, V., Colombo, M.G., Wright, M., Serial crowdfunding, social capital, and project success (2017) Entrep. Theory Pract., 41, pp. 183-207; Carpentier, C., Suret, J.M., Angel group members’ decision process and rejection criteria: A longitudinal analysis (2015) J. Bus. Ventur., 30, pp. 808-821; Casamatta, C., Haritchabalet, C., Experience, screening and syndication in venture capital investments (2007) J. Financ. Intermediation, 16, pp. 368-398; Catalini, C., Fazio, C., Murray, F., Can equity crowdfunding democratize access to capital and investment opportunities? (2016) SSRN, pp. 1-16; Chen, X.-P., Yao, X., Kotha, S., Entrepreneur passion and preparedness in business plan presentations: a persuasion analysis of venture capitalists’ funding decisions (2009) Acad. Manag. 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Ventur., 31, pp. 468-484; National Park Service, Joseph Pulitzer (2016), www.nps.gov/stli/learn/historyculture/joseph-pulitzer.htm, Available at; Noe, T.H., Rebello, M.J., Asymmetric information, managerial opportunism, financing, and payout policies (1996) J. Finance, 51, pp. 637-660; Ralcheva, A., Roosenboom, P., (2016), On the road to success in equity crowdfunding. Available SSRN 2727742; Runnemark, E., Hedman, J., Xiao, X., Do consumers pay more using debit cards than cash? (2015) Electron. Commer. Res. Appl., 14, pp. 285-291; Ryu, S., Kim, Y.G., A typology of crowdfunding sponsors: Birds of a feather flock together? (2016) Electron. Commer. Res. Appl., 16, pp. 43-54; (2013), www.investor.gov/news-alerts/investor-bulletins/investor-bulletin-accredited-investors., Investor bulletin: Accredited investors. SEC Office of Investor Education and Advocacy, Washington, DC, September 23. Available at; (2015), www.sec.gov/spotlight/jobs-act.shtml, SECa. Jumpstart Our Business Startups (JOBS) Act. Securities Exchange Commission, Washington, DC. Available at; (2015), www.sec.gov/news/pressrelease/2015-249.html, SEC, SEC adopts rules to permit crowdfunding. Securities Exchange Commission, Washington, DC, October 30. Available at; (2016), www.sec.gov/oiea/investor-alerts-bulletins/ib_crowdfunding-.html, Investor bulletin: Crowdfunding for Investors. Invest. Alerts Bulletin, Security Exchange Commission, Washington, DC, May 10. Available at; Siegel, B.P., Title III of the Jobs Act: Using unsophisticated wealth to crowdfund small business capital or fraudsters’ bank accounts? (2013) Hofstra Law Rev., 41, pp. 777-809; Sudek, R., Angel investment criteria (2006) J. Small Bus. Strategy, 17, p. 89; Tian, X., The role of venture capital syndication in value creation for entrepreneurial firms (2011) Rev. Financ., 16, pp. 245-283; Vismara, S., Equity retention and social network theory in equity crowdfunding (2016) Small Bus. Econ., 46, pp. 579-590; Vismara, S., Information cascades among investors in equity crowdfunding (2016), Theory Pract Entrep in press; Zhang, K., Chen, X., Herding in a P2P lending market: Rational inference or irrational trust? (2017) Electron. Commer. Res. Appl., 23, pp. 45-53; Zhang, J., Liu, P., Rational herding in microloan markets (2012) Manage. Sci., 58 (5), pp. 892-912}, correspondence_address1={Mamonov, S.; Montclair State UniversityUnited States; email: stanislav.mamonov@montclair.edu}, publisher={Elsevier B.V.}, issn={15674223}, language={English}, abbrev_source_title={Elect. Commer. Res. Appl.}, document_type={Article}, source={Scopus}, } @ARTICLE{Herbain2018930, author={Herbain, C.A.}, title={ECJ confirms function-based approach to the VAT exemption of transactions concerning payments and transfers}, journal={Intertax}, year={2018}, volume={46}, number={11}, pages={930-933}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85057278334&partnerID=40&md5=1912ba5afe708bf8969ac9e1f2df17e4}, affiliation={Université du Luxembourg, Luxembourg; Catholic University of Louvain, Belgium}, abstract={On 25 July 2018, the Court of Justice of the European Union (ECJ or the Court) rendered its judgment in the DPAS1 case, in which it examined the concept of 'transaction concerning payments or transfers' and the VAT exemption applicable thereto.2 While VAT exemptions have existed since the inception of VAT in the Union3 and the scope of VAT exemptions - in particular, that applicable to transactions concerning payments or transfers - has been explored by the ECJ on many occasions,4 this referral shows that doubts linger. With the advent of the Revised Payment Services Directive,5 new service providers, especially financial technology (FinTech) businesses, operating outside the banking system render services connected to transfer and payment; and make this case a timely one. This case note identifies and reflects upon the criterion used by the Court to reject the classification as 'transaction concerning payments or transfers' within the meaning of the VAT exemption provided by the VAT Directive. It also highlights significant points (some which were ignored by the ECJ) and evaluates these findings, thereby calling into question the correctness of the conclusion reached by the ECJ. © 2018 Kluwer Law International BV, The Netherlands.}, references={de la Feria, R., Krever, R., Ending VAT Exemptions: Learning from Experience, Towards a Post-Modern VAT (2013) VAT Exemptions: Consequences and Design Alternatives, 1 (1), p. 01. , (Rita de la Feria ed., Kluwer Law International); de la Feria, R., (2009) The EU VAT System and the Internal Market, 4. , (IBFD)}, correspondence_address1={Herbain, C.A.; Université du LuxembourgLuxembourg; email: charlene.herbain@pwc.com}, publisher={Kluwer Law International}, issn={01652826}, language={English}, abbrev_source_title={Intertax}, document_type={Article}, source={Scopus}, } @ARTICLE{Rodrigues2018163, author={Rodrigues, B. and Bocek, T. and Stiller, B.}, title={The Use of Blockchains: Application-Driven Analysis of Applicability}, journal={Advances in Computers}, year={2018}, volume={111}, pages={163-198}, doi={10.1016/bs.adcom.2018.03.011}, note={cited By 4}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85046730791&doi=10.1016%2fbs.adcom.2018.03.011&partnerID=40&md5=4a7d8d0529700edc9e4de3e97d4cf01d}, affiliation={Communication Systems Group (CSG), Department of Informatics (IfI), Universität Zürich (UZH), Zürich, Switzerland}, abstract={Bitcoin paved the way for a highly successful FinTech (Financial Technology) application on the basis of a newer technology termed blockchain. As this technology has evolved very recently beyond the financial market, gaining more public attention, other promising blockchain applications areas and use cases are emerging. However, it is still not a straightforward in which application areas and use cases blockchains do provide an advantage beyond distributed databases and decentralized systems. Through a decentralized and immutable data storage blockchains enable the enforcement and verification of exchange assets, while disrupting potentially existing business models by promoting the disintermediation of processes involving multiple stakeholders. While having no mediator or a third party controlling the operation, less operational costs and a higher business agility are targeted at. However, the adoption of blockchains requires not only overcoming its technical challenges, but it also implies to reach the ability to understand and handle the impact on existing business models, processes, and legal compliances. This chapter will overview the main blockchain application areas by providing examples and by discussing from the technical perspective on how and under which conditions the use of blockchains can be useful for a successful use case. © 2018 Elsevier Inc.}, author_keywords={Application areas; Blockchain; Decentralized; Smart contract; Use cases}, references={Satoshi, N., Bitcoin: A Peer-to-peer Electronic Cash System.: 28 (2008), https://bitcoin.org/bitcoin.pdf, URL; Bocek, T., Rodrigues, B., Strasser, T., Stiller, B., (2017) Blockchains Everywhere—A Use-Case of Blockchains in the Pharma Supply-Chain, IFIP/IEEE Symposium on  Integrated Network and Service Management (IM 2017), pp. 772-777. , Lisbon, Portugal; Karl, W., Gervais, A., Do You Need a Blockchain? 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URL; Hall, B., 5 Identity Problems That Blockchain Does Not Solve (2017), https://blog.id.me/identity/fintech/5-identity-problems-blockchain-doesnt-solve/, URL; Ali, M., Nelson, J., Shea, R., Freedman, M.J., Blockstack: A Global Naming and Storage System Secured by Blockchains (2016), USENIX Annual Technical Conference Denver, CO; E-Resident, Republic of Estonia—e-Residency (2018), https://e-resident.gov.ee/, URL; Martinovic, I., Blockchains: Design Principles, Applications, and Case Studies (2017), http://egov.ee/media/1374/martinovic-blockchains-design-principles-applications-and-case-studies.pdf, Working Paper No. 7 (Draft). URL; Liu, Y., Wang, Q., An E-Voting Protocol Based on Blockchain (2017), https://eprint.iacr.org/2017/1043.pdf, URL; Loibl, A., Naab, J., Namecoin. Seminar Innovative Internettechnologien und Mobilkommunikation SS2014 (2014), https://www.net.in.tum.de/fileadmin/TUM/NET/NET-2014-08-1/NET-2014-08-1_14.pdf, URL; Goertzel, B., Giacomelli, S., Hanson, D., Pennachin, C., Argentieri, M., SingularityNET: A Decentralized, Open Market and Inter-Network for AIs (2017), https://public.singularitynet.io/whitepaper.pdf, URL; Science Matters, The Next-Generation Science Publishing Platform (2018), https://www.sciencematters.io/, URL; Yap, B., New EU Payment Services Rules Spur New Regulation in Japan (2017), https://searchworks.stanford.edu/articles/bah__121561457, International Financial Law Review 3/6/2017, p. 7. URL; Realizing the Potential of Blockchain. A Multistakeholder Approach to the Stewardship of Blockchain and Cryptocurrencies (2017), http://www3.weforum.org/docs/WEF_Realizing_Potential_Blockchain.pdf, Whitepaper URL; FINMA, Guidelines for Enquiries Regarding the Regulatory Framework for Initial Coin Offerings (ICOs) (2018), https://www.finma.ch/en/news/2018/02/20180216-mm-ico-wegleitung/, URL; Buterin, V., Chain Interoperability (2016), http://www.r3cev.com/s/Chain-Interoperability-8g6f.pdf, URL; Rodrigues, B.B., Bocek, T., Stiller, B., (2017) Blockchain Signaling System (BloSS): Enabling a Cooperative and Multi-Domain DDoS Defense, 42nd Annual IEEE Conference on Local Computer Networks (LCN 2017, Demo Track). Singapore}, editor={Raj P., Deka G.C.}, publisher={Academic Press Inc.}, issn={00652458}, isbn={9780128138526}, language={English}, abbrev_source_title={Adv. Comput.}, document_type={Book Chapter}, source={Scopus}, } @BOOK{Migliorelli20181, author={Migliorelli, M.}, title={New cooperative banking in Europe: Strategies for adapting the business model post crisis}, journal={New Cooperative Banking in Europe: Strategies for Adapting the Business Model Post Crisis}, year={2018}, pages={1-242}, doi={10.1007/978-3-319-93578-2}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063526534&doi=10.1007%2f978-3-319-93578-2&partnerID=40&md5=efa5f1cf0191ed69278eab0d8dadd262}, affiliation={IAE Université Paris 1 Panthéon-Sorbonne, Sorbonne Business School, Paris, France}, abstract={This edited volume showcases how the European cooperative banks have continued to evolve amid a new competitive scenario that resulted from the Global Financial Crisis started in Europe in 2008. The cooperative banking paradigm has been put under an unprecedented pressure as a consequence of factors such as the exceptionally low interest rates set by the European Central Bank, low profitability generated by traditional banking services-which are the backbone of the cooperative banking business-and the entrance of fintech companies into the banking market. Furthermore, tightening regulation since the beginning of the crisis has produced an increased capital and liquidity burden which in some cases have forced cooperative banks to reduce lending to their members and customers, putting under question the traditional countercyclical role of cooperative banks in periods of crisis. For these reasons, it is of the utmost value to observe and analyse how cooperative banks have been reacting in the attempt to preserve their unique business model and, at the same time, to keep providing credit to the economy. A number of scholars active in the cooperative banking sector have been involved in this edited volume as contributors. © The Editor(s) (if applicable) and The Author(s) 2018.}, correspondence_address1={Migliorelli, M.; IAE Université Paris 1 Panthéon-Sorbonne, Sorbonne Business SchoolFrance}, publisher={Palgrave Macmillan}, isbn={9783319935782; 9783319935775}, language={English}, abbrev_source_title={New Cooperative Bank. in Europe: Strategies for Adapting the Bus. Model Post Crisis}, document_type={Book}, source={Scopus}, } @ARTICLE{Mun201811, author={Mun, H.J. and Han, K.-H.}, title={Tetris security keypads design with higher security using alignment and padding}, journal={International Journal of Engineering and Technology(UAE)}, year={2018}, volume={7}, number={2}, pages={11-14}, doi={10.14419/ijet.v7i2.33.13838}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85048230696&doi=10.14419%2fijet.v7i2.33.13838&partnerID=40&md5=7544367a0db28584bceb4869b6ba2fcc}, affiliation={Dept. of Information and Communication Engineering, Sungkyul University, Anyang-city, 14097, South Korea; Dept. of Information Communication and Engineering, Baekseok University, Cheonan-city, 31065, South Korea}, abstract={Background/Objectives: With the development of ICT, there has been a rapid increase of demand on convenient services for users to make financial transactions on smartphone. User authentication is made by inputting password on smartphone. Methods/Statistical analysis: Banks or fintech service providers receive password using a security keypads, but attackers take a peep at passwords by various ways such as Google Glass or shoulder surfing attack. Because the locations of keypads are almost fixed and the size of keypads is almost the same, they are vulnerable to attacks using the touched location or shoulder surfing attacks. Findings: To protect security and safety from various attacks such as the stealing of touched location using Google Glass, shoulder surfing attack, or malware, this study proposes to diversify the size of keypads, connect the keys as a Tetris game but randomly align them to left or right, and add paddings in-between the keypads so that it is difficult to infer a password by the information of touched location. Improvements/Applications: Since a different letter is entered even if the same key is touched, it will be difficult for the attacker to infer the password through this proposed technique. It will be possible to block the attacker from peeping at a user's touched location information or the shoulder surfing attack. © 2018 Hyung Jin Mun, Kun-Hee Han.}, author_keywords={Password; Password guess attack; Secure keypads; Shoulder surfing attack; Tetris form keypads; Virtual keypads}, references={https://www.av-test.org/en/, Antivirus & Security Software & AntiMal-ware Reviews; Date accessed: 11/29/2017; Roland, M., Langer, J., Scharinger, J., Practical Attack Scenarios on Secure Element-Enabled Mobile Devices (2012) 4th International Work-shop on Near Field Communication, pp. 19-24; Kim, Y., Park, Y.J., Choi, J., Yeon, J., An Empirical Study on the Adoption of "Fintech" Service: Focused on Mobile Payment Ser-vices (2015) Advanced Science and Technology Letters, 114 (26), pp. 136-140; Kang, B.S., Lee, K.H., 2-Channel authentication technique using cardiac impulse based OTP (2016) Journal of Computer Virology and Hacking Techniques, 12 (3), pp. 163-167; Park, J.O., Jin, B.W., A study on authentication method for secure payment in Fintech environment. The Journal of the Institute of In-ternet (2015) Broadcasting and Communication, 15 (4), pp. 25-31; Kim, D.R., A Study on the OTP Generation Algorithm for User Authentication (2015) Journal of the Korea Convergence Society, 13 (1), pp. 283-288; Lee, D.H., Bae, D.H., Yoo, S.L., Chae, J.Y., Lee, Y.H., Yang, H.G., Analysis of safety in secure keypads for smartphone (2011) REVIEW OF KIISC, 21 (7), pp. 30-37. , http://www.ndsl.kr/ndsl/search/detail/article/articleSearchResultDetail.do?cn=JAKO201111436232012, Date accessed: 11/29/2017; Pak, W.G., Yeo, S.K., Cha, Y.R., A Secure Virtual Keypad for Mo-bile devices (2015) Proceeding of Korea Information Science Society, pp. 875-876. , http://www.dbpia.co.kr/Journal/ArticleDetail/NODE06602558, Date accessed: 11/29/2017; Seo, H.J., Kim, H.W., Design of Security Keypad Against Key Stroke Inference Attack (2016) Journal of the Korea Institute of Infor-mation Security & Cryptology, 26 (1), pp. 41-47; Mun, H.-J., Virtual Keypads based on Tetris with Resistance for Attack using Location Information (2017) Journal of the Korea Conver-gence Society, 8 (6), pp. 37-44; Kim, S.H., Park, M.S., Kim, S.J., Shoulder Surfing Attack Modeling and Security Analysis on Commercial Keypad Schemes (2014) Journal of the Korea Institute of Information Security & Cryptology, 24 (6), pp. 1159-1174; Lee, Y.H., An Analysis on the Vulnerability of Secure Keypads for Mobile Devices (2013) Journal of Korean Society for Internet Infor-mation, 14 (3), pp. 15-21}, correspondence_address1={Mun, H.J.; Dept. of Information and Communication Engineering, Sungkyul UniversitySouth Korea; email: jinmun@gmail.com}, publisher={Science Publishing Corporation Inc}, issn={2227524X}, language={English}, abbrev_source_title={Int. J. Eng. Technol.}, document_type={Article}, source={Scopus}, } @ARTICLE{Zalan201819, author={Zalan, T.}, title={Born global on blockchain}, journal={Review of International Business and Strategy}, year={2018}, volume={28}, number={1}, pages={19-34}, doi={10.1108/RIBS-08-2017-0069}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85043321677&doi=10.1108%2fRIBS-08-2017-0069&partnerID=40&md5=7380eb2d31a4ba288ebb5f278eec97dd}, affiliation={School of Business Administration, American University in Dubai, Media City, Dubai, United Arab Emirates}, abstract={Purpose: The purpose of this paper is to alert international business (IB) and international entrepreneurship (IE) researchers of a new phenomenon and novel research opportunities arising as a result of digital innovations brought about by the new, decentralized internet popularly known as “blockchain”. The paper contains a general overview of the blockchain technology and maps connections with the IB/IE literature, focusing on explaining accelerated internationalization of firms that are born global on blockchain. Design/methodology/approach: The paper is a viewpoint based on the author’s ongoing research on blockchain and fintech and reflections on the born global literature. The paper has benefited from the author’s insights through her involvement in the global blockchain community as an investor and advisor. Findings: The author argues for establishing a theoretical link between the born global literature and the literature on the economics of information goods and platform economics to explain the pace of international growth in the context of blockchain start-ups. Research limitations/implications: The author urges IB/IE researchers to pay attention to research opportunities in the blockchain area, especially those related to explaining rapid internationalization of digital start-ups and a new organizational form for organizing cross-border activities known as decentralized autonomous organization. Originality/value: Three factors are shown to contribute to a rapid internationalization of blockchain start-ups: network effects, solving the chicken-and-egg problem and building an ecosystem around the evolving technology. © 2018, Emerald Publishing Limited.}, author_keywords={Blockchain; Born global firm; Information goods; Internationalization}, references={Adner, R., Kapoor, R., Value creation in innovation ecosystems: how the structure of technological interdependence affects firm performance in new technology generations (2010) Strategic Management Journal, 31 (3), pp. 306-333; (2017), www.altcointoday.com/bitcoin-ethereum-two-googles-popular-searches-week/, (accessed: 10 August 2017; Antonopoulos, A., (2015) Mastering Bitcoin, , O’Reilly Media, Sebastopol; Arthur, B., Increasing returns and the new world of business (1996) Harvard Business Review, pp. 100-109. , July-August; Atziori, M., (2015) Blockchain technology and decentralized governance: is the state still necessary?, , www.the-blockchain.com/docs/Blockchain%20Technology%20and%20Decentralized%20Governance%20-%20Is%20the%20State%20Still%20Necessary.pdf, (accessed: 21 July 2017; Benkler, Y., Coase’s penguin, or, Linux and” the nature of the firm (2002) Yale Law Journal, 112 (3), pp. 369-446; Buterin, V., (2014) A next generation smart contract and decentralized application platform, , www.the-blockchain.com/docs/Ethereum_white_paper-a_next_generation_smart_contract_and_decentralized_application_platform-vitalik-buterin.pdf, (accessed: 15 May 2017; Buterin, V., (2017) Change the incentives, change the world, , www.cato-unbound.org/2017/06/16/vitalik-buterin/change-incentives-change-world, (accessed: 23 June 2017; Caillaud, B., Jullien, B., Chicken & egg: competition among intermediation service providers (2003) RAND Journal of Economics, 34 (2), pp. 309-328; Campbell, R., (2017) Social messaging app kik will bring crypto tokens to teen market, , bitcoinmagazine.com/articles/social-messaging-app-kik-will-bring-crypto-tokens-teen-market/, (accessed: 25 August 2017; Cavusgil, S.T., Knight, G., The born global firm: an entrepreneurial and capabilities perspective on early and rapid internationalization (2015) Journal of International Business Studies, 46 (1), pp. 3-16; Chesbrough, H.W., (2006) Open Innovation: The New Imperative for Creating and Profiting from Technology, , Harvard Business Press, Boston; Choudary, S.P., (2015) Platform Scale, , Platform Thinking Labs; (2017), www.coindesk.com/ico-tracker/, (accessed: 11 August 2017; Coviello, N., The network dynamics of international new ventures (2006) Journal of International Business Studies, 37 (5), pp. 713-731; Davidson, S., De Filippi, P., Potts, J., (2016) Economics of Blockchain, , http://dx.doi.org/10.2139/ssrn.2744751, or (accessed: 17 March 2017; Delios, A., The death and rebirth (?) of international business research (2017) Journal of Management Studies, 54 (3), pp. 391-397; Doh, J., Phenomenon-based research in international business: making IB relevant again (2017) AIB Insights, 17 (2), pp. 14-16. , http://documents.aib.msu.edu/publications/insights/v17n2/v17n2_Article4.pdf; Dougherty, D., Dunne, D.D., Organizing ecologies of complex innovation (2011) Organization Science, 22 (5), pp. 1214-1223; Dow, D., Born globals and accidental internationalists: has Hennart (2014) opened a can of worms? 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(2017) PloS One, 12 (1). , e0169556; (2017) Blockchain commons: the end of all corporate business models, , https://medium.com/peerism/blockchain-commons-the-end-of-all-corporate-business-models-3178998148ba, (accessed: 19 July 2017; Weerawardena, J., Mort, G.S., Liesch, P.W., Knight, G., Conceptualizing accelerated internationalization in the born global firm: a dynamic capabilities perspective (2007) Journal of World Business, 42 (3), pp. 294-306; (2015) Deep shift: technology tipping points and societal impact, , www3.weforum.org/docs/WEF_GAC15_Technological_Tipping_Points_report_2015.pdf,7, (accessed: 20 June 2017; Zander, I., McDougall-Covin, P., Rose, E., Born globals and international business: evolution of a field of research (2015) Journal of International Business Studies, 46 (1), pp. 27-35; Panchevre, I., (2015) Techno-tyranny: introducing the decentralized autonomous organization, , www.academia.edu/25274595/Techno-_Tyranny_Introducing_the_Decentralized_Autonomous_Organization, (accessed: 2 July 2017; (2018), www.venturescanner.com/bitcoin}, correspondence_address1={Zalan, T.; School of Business Administration, American University in DubaiUnited Arab Emirates; email: tatianazalan@me.com}, publisher={Emerald Group Publishing Ltd.}, issn={20596014}, language={English}, abbrev_source_title={Rev. Int. Bus. Strategy}, document_type={Article}, source={Scopus}, } @ARTICLE{Mathew201854, author={Mathew, S.A. and Md, A.Q.}, title={Evaluation of Blockchain in Capital Market Use-Cases}, journal={International Journal of Web Portals}, year={2018}, volume={10}, number={1}, pages={54-76}, doi={10.4018/IJWP.2018010105}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85042134465&doi=10.4018%2fIJWP.2018010105&partnerID=40&md5=48fa87a6a46f58bf742586cbca6ed2ee}, affiliation={VIT University, Chennai, India; VIT University, Chennai, India}, abstract={This article describes the “Blockchain” which is an upcoming technology in the current leading world and which serves as a capital market use-cases for many of the global Fintech industries across the world, is a distributed ledger of economic transactions which not only used for recording financial transactions but mostly everything of value in this world. In the current world, mostly all the transactions are done through online which mainly includes the bank as a “middle man,” which could be untrustworthy at times. Blockchain comes into the picture which eliminates the need of a middle man or third party between the users who are involved in the transactions. Represents a financial ledger entry of data structure which consists of record of transactions which is digitally signed and cannot be tampered as authenticity is ensured in which the ledger is considered to be of high integrity. One of the leading and highly valued platform of blockchain is “Hyperledger Fabric” which is meant for securing transactions and serves a powerful container technology for smart contract development in the global capital firms. The potential of Blockchain and DLT in capital markets in this upcoming world could remove many of the inefficiencies and costs inherent in the global capital markets across the world and could be considered as a viable technology which enable to settlement. Copyright © 2018, IGI Global. Copying or distributing in print or electronic forms without written permission of IGI Global is prohibited.}, author_keywords={Blockchain; Hyperledger Fabric; Ledger; Smart Contract}, references={Crosby, M., Pattanayak, P., Verma, S., Kalyanaraman, V., Blockchain technology: Beyond bitcoin (2016) Applied Innovation, 2, pp. 6-10; Wyman, O., Blockchain in capital markets: The prize and the journey (2016) Euroclear, , Februar)y; Condos, J., Sorrell, W.H., Donegan, S.L., (2016) Blockchain Technology: Opportunities and Risks, p. 15. , ). Vermont, January; Swartz, L., Blockchain Dreams: Imagining Techno-Economic Alternatives After Bitcoin (2017) Another Economy Is Possible: Culture and Economy in A Time of Crisis, pp. 82-105. , Cambridge: Polity; Buehler, K., Chiarella, D., Heidegger, H., Lemerle, M., Lal, A., Moon, J., Beyond the Hype: Blockchains in Capital Markets (2015), ). (Working Papers on Corporate & Investment Banking). McKinsey; Backlund, L., (2016) A Technical Overview of Distributed Ledger Technologies in The Nordic Capital Market; Mougayar, W., (2016) The Business Blockchain: Promise, Practice, and Application of The Next Internet Technology, , John Wiley & Sons; Peters, G.W., Panayi, E., Understanding modern banking ledgers through blockchain technologies: Future of transaction processing and smart contracts on the internet of money (2016) Banking Beyond Banks and Money, pp. 239-278. , ). In Springer International Publishing; Swanson, T., (2015) Consensus-as-A-Service: A Brief Report on The Emergence of Permissioned, , distributed ledger systems; Underwood, S., Blockchain beyond bitcoin (2016) Communications of The ACM, 59 (11), pp. 15-17; Paech, P., (2016) The Governance of Blockchain Networks in Financial Markets; Morabito, V., Smart Contracts and Licensing (2017) Business Innovation Through Blockchain, pp. 101-124. , Springer International Publishing; Mainelli, M., Milne, A., The impact and potential of blockchain on securities transaction lifecycle (2016); Hull, R., Batra, V.S., Chen, Y.M., Deutsch, A., Heath, F.F.T., III, Vianu, V., Towards a shared ledger business collaboration language based on data-aware processes (2016) Proceedings of The International Conference on Service-Oriented Computing, pp. 18-36. , October). 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In Springer Berlin Heidelberg; Delmolino, K., Arnett, M., Kosba, A., Miller, A., Shi, E., Step by step towards creating a safe smart contract: Lessons and insights from a cryptocurrency lab (2016) Proceedings of The International Conference on Financial Cryptography and Data Security, pp. 79-94. , February). In Springer Berlin Heidelberg; Zhang, F., Cecchetti, E., Croman, K., Juels, A., Shi, E., Town crier: An authenticated data feed for smart contracts (2016) Proceedings of The 2016 ACM SIGSAC Conference on Computer and Communications Security, pp. 270-282. , October). In ACM; Fairfield, J.A., Smart contracts, Bitcoin bots, and consumer protection (2014) Washington and Lee Law Review Online, 71 (2), p. 36; Vukolić, M., The quest for scalable blockchain fabric: Proof-of-work vs. BFT replication (2015) Proceedings of The International Workshop on Open Problems in Network Security, pp. 112-125. , October). In Springer; Cachin, C., Architecture of the Hyperledger blockchain fabric (2016) Proceedings of The Workshop on Distributed Cryptocurrencies and Consensus Ledgers, , July). In; Morabito, V., (2017) Business Innovation Through Blockchain; Leinonen, H., Virtual currencies and distributed ledger technology: What is new under the sun and what is hyped repackaging? (2016) Journal of Payments Strategy & Systems, 10 (2), pp. 132-152; Yeoh, P., Innovations in Financial Services: Regulatory Implications (2016) Business Law Review, 37 (5), pp. 190-196; Androulaki, E., Cachin, C., De Caro, A., Kind, A., Osborne, M., Cryptography and Protocols in Hyperledger Fabric, , n.d; Vukolić, M., Rethinking Permissioned Blockchains (2017) Proceedings of The ACM Workshop on Blockchain, Cryptocurrencies and Contracts, pp. 3-7. , April). In ACM; Li, W., Sforzin, A., Fedorov, S., Karame, G.O., Towards scalable and private industrial blockchains (2017) Proceedings of The ACM Workshop on Blockchain, Cryptocurrencies and Contracts, pp. 9-14. , April). In ACM; Cachin, C., Blockchain-From the Anarchy of Cryptocurrencies to the Enterprise (Keynote Abstract) (2017) LIPIcs-Leibniz International Proceedings in Informatics, 70. , Schloss Dagstuhl-Leibniz-Zentrum fuer Informatik; Red, V.A., PracticalcomparisonofdistributedledgertechnologiesforIoT (2017) InDisruptiveTechnologies in Sensors and Sensor Systems, 10206, p. 102060G. , May). ( ). International Society for Optics and Photonics; Elsman, M., Henglein, F., Ross, O., (2017) Automated Execution of Financial Contracts on Blockchains; Dinh, T.T.A., Wang, J., Chen, G., Liu, R., Ooi, B.C., Tan, K.L., BLOCKBENCH: A Framework for Analyzing Private Blockchains (2017) Proceedings of The 2017 ACM International Conference on Management of Data, pp. 1085-1100. , May). In ACM}, publisher={IGI Global}, issn={19380194}, language={English}, abbrev_source_title={Int. J. Web Portals}, document_type={Article}, source={Scopus}, } @ARTICLE{Olsen201826, author={Olsen, R. and Battiston, S. and Caldarelli, G. and Golub, A. and Nikulin, M. and Ivliev, S.}, title={Case study of Lykke exchange: architecture and outlook}, journal={Journal of Risk Finance}, year={2018}, volume={19}, number={1}, pages={26-38}, doi={10.1108/JRF-12-2016-0168}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85044200434&doi=10.1108%2fJRF-12-2016-0168&partnerID=40&md5=317c35ccdd9e6c5f59285e613d5bea6b}, affiliation={Lykke Corp, Zurich, Switzerland; Department of Banking and Finance, Zurich, Switzerland; IMT Alti Studi Lucca, Lucca, Italy; Department of Economics, Perm State University, Perm, Russian Federation}, abstract={Purpose: This paper aims to explain the architecture and design choices of the exchange. Lykke is a FinTech company based in Zurich that has launched the global marketplace for all asset classes and instruments digitized on the blockchain. The authors discuss how the exchange will evolve over time. They explore the macroeconomic benefits of the new blockchain technology. The Lykke exchange is compatible with any type of public blockchain. Design/methodology/approach: The authors present the architecture of an exchange for colored coins. By colored coins, they mean issuer-backed securities on the Bitcoin blockchain. Orders are collected and matched by a semi-trusted exchange. Matched orders are settled on the Bitcoin blockchain, where each successful trade between parties appears as a set atomic-colored coins swap transactions. Unfilled and expired orders are discarded. The exchange does not take possession of the traded coins, but needs to be trusted to match trades correctly. Findings: Lykke has launched the exchange initially for the main currencies, cryptocurrencies and Lykke coin (entitlement to the shares of Lykke company). Perspective asset classes include futures and options on digital assets, crowd-funded loans for retail and private equity financing for small and medium-sized enterprises, contracts for difference, zero coupon bonds and other fixed income and natural capital bonds. Originality/value: Lykke exchange and all its tools and services are open source; the transparency of technology is ideal for research. The paper provides a high-level overview of the exchange and concludes with a research agenda. © 2018, Emerald Publishing Limited.}, author_keywords={Alternative trading systems; Blockchain; Coloured coins}, references={Nakamoto, S., (2008) Bitcoin: a peer-to-peer electronic cash system, , https://bitco.in/pdf/bitcoin.pdf; Poon, J., Dryja, T., (2016) The Bitcoin lightning network: scalable off-chain instant payments, , https://lightning.network/lightning-network-paper.pdf; Rosenfeld, M., (2012) Overview of colored coins, , https://bitcoil.co.il/BitcoinX.pdf; Swanson, T., (2015) Watermarked tokens and pseudonymity on public blockchains, , www.ofnumbers.com/wp-content/uploads/2015/11/Watermarked-tokens-and-pseudonymity-on-public-blockchains-Swanson.pdf}, correspondence_address1={Ivliev, S.; Department of Economics, Perm State UniversityRussian Federation; email: ivliev@gmail.com}, publisher={Emerald Group Publishing Ltd.}, issn={15265943}, language={English}, abbrev_source_title={J. Risk Financ.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Tsaih2018124, author={Tsaih, R.-H. and Hsu, C.C.}, title={Artificial intelligence in smart tourism: A conceptual framework}, journal={Proceedings of the International Conference on Electronic Business (ICEB)}, year={2018}, volume={2018-December}, pages={124-133}, note={cited By 0; Conference of 18th International Conference on Electronic Business, ICEB 2018 ; Conference Date: 2 December 2018 Through 6 December 2018; Conference Code:145276}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85061917966&partnerID=40&md5=f336935311b82ea30b642b3f4bf63ff9}, affiliation={National Chengchi University, Taiwan}, abstract={Smart tourism destination as: an innovative tourist destination, built on an infrastructure of state-of-the-art technology guaranteeing the sustainable development of tourist areas, accessible to everyone, which facilitates the visitor's interaction with and integration into his or her surroundings, increases the quality of the experience at the destination, and improves residents' quality of life. Lopez de Avila (2015). Smart tourism involves multiple components and layers of "smart" include (1) Smart Destinations which was special cases of smart cities integration of ICT's into physical infrastructure, (2) Smart experience which specifically focus on technology-mediated tourism experience and their engagement through personalization, context-awareness and real-time monitoring, (3) Smart business refer to the complex business ecosystem that creates and supports the exchange of touristic resource and the co-creation of tourism experience. Gretzel et al, (2015). Smart tourism also clearly relies on the ability to not only collect enormous of data but to intelligently store, process, combine, analyze and use big data to inform business innovation, operations and services by artificial intelligence and big data technique. The rapid development of information communication technology (ICT) such as artificial intelligent, cloud computing, mobile device, big data mining and social media cause computing, storage and communication relevant software and hardware popular. Facebook, Amazon, Apple, Microsoft and Google have risen rapidly since 2000. In recent years, Emerging technologies such as Artificial Intelligence, Internet of Thing, Robotic, Cyber Security, 3D printer and Block chain also accelerate the development of industry toward digital transformation trend such as Fintech, e-commerce, smart cities, smart tourism, smart healthcare, smart manufacturing⋯. This study proposes a conceptual framework that integrates (1) artificial intelligence/machine learning, (2) institution/organizational and (3) business processes to assist smart tourism stake holder to leverage artificial intelligence to integrate cross-departmental business and streamline key performance metrics to build a business-level IT Strategy. Artificial intelligence as long as the function includes (1) Cognitive engagement to (voice/pattern recognition function) (2) Cognitive process automation (Robotic Process Automation) (3) Cognitive insight (forecast, recommendation). © 2018 International Consortium for Electronic Business. All rights reserved.}, author_keywords={Artificial intelligence; Digital transformation and big data; Smart cities; Smart tourism}, keywords={3D printers; Artificial intelligence; Big data; Data mining; Digital storage; Electronic commerce; Metadata; Process control; Robotics; Smart city; Social networking (online), Artificial intelligent; Conceptual frameworks; Digital transformation; Emerging technologies; Information communication technology; Smart tourism; Software and hardwares; State-of-the-art technology, Intelligent robots}, references={AnnaLee, S., Julie, S., Milind, T., Astro, T., Artificial intelligence and life in 2030 (2016) One Hundred Year Study on Artificial Intelligence: Report of the 2015-2016 Study Panel, , http://ai100.stanford.edu/2016-report, Stanford University, Stanford, CA, September 2016. Doc Accessed: September 6; Bharadwaj, A., El Sawy, O.A., Pavlou, P.A., Venkatraman, N., Digital business strategy: Toward a next generation of insights (2013) MIS Q, 37 (2), pp. 471-482; Cognitive Robotic Process Automation-Current Applications and Future Possibilities, , https://www.techemergence.com/cognitive-robotic-process-automation-current-applications-and-future-possibilities/, Accessed: September 6; Drnevich, P.L., Croson, D.C., Information technology and business-level strategy: Toward an integrated theoretical perspective (2013) MIS Quarterly, 37 (2), pp. 483-509; Ivars, J.A., Celdrán, M.A., Mazón, J., Perles, A., Towards an ICT roadmap for smart tourism destinations based on prospective analysis (2017) E-Rev. Tourism Res., 8, pp. 1-5; Kotsiantis, S.B., Zaharakis, I.D., Pinelas, P.E., Machine learning: A review of classification and combining techniques (2006) Artificial Intelligence Review, 26, pp. 159-190; Gretzel, U., Sigala, M., Xiang, Z., Koo, C., Smart tourism: Foundations and developments (2015) Electron Mark, 25 (3), pp. 179-188; Yunpeng, L., Clark, H., Chao, H., Liqiong, D., The concept of smart tourism under the context of tourism information service (2014) Tourism Tribune, 29 (5), pp. 106-115; Nam, T., Pardo, T.A., Conceptualizing smart city with dimensions of technology, people, and institutions (2011) The 12th Annual International Conference on Digital Government Research, , 12-15 June 12-15 College Park, MD; Davenport, T.H., Ronanki, R., Artificial intelligence for the real world (2018) Harvard Business Review HBR, , Jan.-Feb; Mills, T., (2018) Enterprise AI is About Cognitive Engagement, , https://www.forbes.com/sites/forbestechcouncil/2018/02/01/enterprise-ai-is-about-cognitive-engagement/#4c89d6c3513d, Feb 1 Accessed: September 6; Bahrammirzaee, A., A comparative survey of artificial intelligence applications in finance: Artificial neural networks, expert system and hybrid intelligent systems (2010) Neural Computing and Applications, 19 (8), pp. 1165-1195; Buhalis, D., Marketing the competitive destination of the future (2000) Tourism Management, 21, pp. 97-116; Buhalis, D., Amaranggana, A., Smart tourism destinations (2014) Information and Communication Technologies in Tourism 2014, pp. 553-564. , Z. Xiang & I. Tussyadiah (Eds.) Dublin: Springer; Bakker, M., Twining-Ward, L., (2018) Tourism and the Sharing Economy: Policy and Potential of Sustainable Peer-to-Peer Accommodation; Chui, M., Francisco, S., (2017) Artificial Intelligence the Next Digital Frontier?, p. 47. , McKinsey and Company Global Institute; Domingos, P., (2015) The Master Algorithm: How the Quest for the Ultimate Learning Machine Will Remake our World, , Basic Books; Forsyth, P., Dwyer, L., Spurr, R., Pham, T., The impacts of Australia's departure tax: Tourism versus the economy? (2014) Tourism Management, 40, pp. 126-136; Géron, A., (2017) Hands-on Machine Learning with Scikit-Learn and TensorFlow: Concepts, Tools, and Techniques to Build Intelligent Systems, , " O'Reilly Media, Inc."; Jasrotia, A., Gangotia, A., Smart cities to smart tourism destinations: A review paper (2018) Journal of Tourism Intelligence and Smartness, 47; Koo, C., Shin, S., Kim, K., Kim, C., Chung, N., Smart tourism of the Korea: A case study (2013) PACIS, p. 138; Li, J., Xu, L., Tang, L., Wang, S., Li, L., Big data in tourism research: A literature review (2018) Tourism Management, 68, pp. 301-323; Li, Y., Hu, C., Huang, C., Duan, L., The concept of smart tourism in the context of tourism information services (2017) Tourism Management, 58, pp. 293-300; Navío-Marco, J., Ruiz-Gómez, L.M., Sevilla-Sevilla, C., Progress in information technology and tourism management: 30 years on and 20 years after the internet-revisiting buhalis & law's landmark study about eTourism (2018) Tourism Management, 69, pp. 460-470; Tkáč, M., Verner, R., Artificial neural networks in business: Two decades of research (2016) Applied Soft Computing, 38, pp. 788-804; Vasavada, M., Padhiyar, Y.J., Smart tourism": Growth for tomorrow (2016) Journal for Research, 1 (12); Wang, X., Li, X.R., Zhen, F., Zhang, J., How smart is your tourist attraction?: Measuring tourist preferences of smart tourism attractions via a FCEM-AHP and IPA approach (2016) Tourism Management, 54, pp. 309-320; Yuan, Y.L., Gretzel, U., Fesenmaier, D.R., The role of information technology use in American convention and visitors bureaus (2006) Tourism Management, 27 (2), pp. 326-341}, correspondence_address1={Hsu, C.C.; National Chengchi UniversityTaiwan; email: 105356507@nccu.edu.tw}, editor={Chang F.-K., Li E.Y., Li E.Y.}, publisher={International Consortium for Electronic Business}, issn={16830040}, language={English}, abbrev_source_title={Proc. Int. Conf. Electron. Bus. (ICEB)}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Gozman2018145, author={Gozman, D. and Liebenau, J. and Mangan, J.}, title={The Innovation Mechanisms of Fintech Start-Ups: Insights from SWIFT’s Innotribe Competition}, journal={Journal of Management Information Systems}, year={2018}, volume={35}, number={1}, pages={145-179}, doi={10.1080/07421222.2018.1440768}, note={cited By 5}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045013722&doi=10.1080%2f07421222.2018.1440768&partnerID=40&md5=b31e0edae40d3c6f6c8c2f74157064c7}, affiliation={University of Sydney, Australia; London School of Economics, United Kingdom; Henley Business School, United Kingdom}, abstract={The emergence of financial technology around the globe is driven by efforts to deconstruct and reimagine business models embedded within financial services. Entrepreneurial endeavours to this end are diverse. Indeed, the propensity toward complexity is considerable, bridging a range of financial services, markets, innovations, industry participants, infrastructures, and technologies. This study aims to improve comprehension of the global fintech landscape. It is based on the analysis of start-ups that participated in SWIFT's Innotribe competition. We used cluster analysis to group 402 fintech start-up firms, and then selected representative cases to create a foundational understanding of the structure of the fintech landscape. The main findings of this work are: (1) the development of fintech clusters to classify core services, business infrastructures, and underlying component technologies, which characterize fintech; (2) an analysis of how fintechs synthesize different technologies to restructure flows of financial information through competitive and cooperative mechanisms of disinter-mediation, extension of access, financialization, hybridization, and personalization; (3) an analysis of related strategies for value creation connected with the competitive and cooperative mechanisms that were identified. Collectively, our results offer new insights into the diversity and range of emergent innovations and technologies that Q2 are transforming the financial services industry worldwide. Copyright © Taylor & Francis Group, LLC.}, keywords={Classification (of information); Cluster analysis, Business infrastructure; Cooperative mechanisms; Financial information; Financial service; Financial services industries; Innovation mechanisms; Representative case; Underlying components, Finance}, funding_text 1={4. Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a global financial messaging infrastructure provider, founded in 1973 and headquartered in Brussels. SWIFT operates the primary digital communications channel for financial institutions engaged in correspondent banking.}, references={Adner, R., Kapoor, R., Value creation in innovation ecosystems: How the structure of technological interdependence affects firm performance in new technology generations (2010) Strategic Management Journal, 31 (3), pp. 306-333; Adomavicius, G., Bockstedt, J.C., Gupta, A., Kauffman, R.J., Making sense of technology trends in the information technology landscape: A design science approach (2008) MIS Quarterly, 32 (4), pp. 779-809; Adomavicius, G., Bockstedt, J.C., Gupta, A., Kauffman, R.J., Technology roles and paths of influence in an ecosystem model of technology evolution (2007) Information Technology and Management, 8 (2), pp. 185-202; Akerlof, G., Spence, A., Stiglitz, J., Markets with asymmetric information (2001) Nobel Prize in Economics, , Stockholm: Sverige Rijksbank,; and; Au, Y.A., Kauffman, R.J., The economics of mobile payments: Understanding stakeholder issues for an emerging financial technology application (2008) Electronic Commerce Research and Applications, 7 (2), pp. 141-164; 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The industry overall, and many fintech start-ups are looking for new pathways to successful business models, the creation of enhanced customer experience, and approaches that result in services transformation. Industry and academic observers believe this to be more of a revolution than a set of less influential changes, with financial services as a whole due for major improvements in efficiency, customer centricity, and informedness. The long-standing dominance of leading firms that are not able to figure out how to effectively hook up with the “Fintech Revolution” is at stake. We present a new fintech innovation mapping approach that enables the assessment of the extent to which there are changes and transformations in four areas of financial services. We discuss: operations management in financial services and the changes occurring; technology innovations that have begun to leverage the execution and stakeholder value associated with payments, cryptocurrencies, blockchain, and cross-border payments; multiple innovations that have affected lending and deposit services, peer-to-peer (P2P) lending, and social media use; issues with respect to investments, financial markets, trading, risk management, robo-advisory and services influenced by blockchain and fintech innovations. Copyright © Taylor & Francis Group, LLC.}, keywords={Blockchain; Commerce; Risk management, Business models; Customer experience; Financial service; Financial services industries; New technologies; Operations management; Stakeholder values; Technology innovation, Finance}, funding_details={Shell United StatesShell United States, Shell}, funding_text 1={research review panels in Canada, Singapore, the Netherlands, Finland, Hong Kong, and the United States.}, references={Abhishek, V., Geng, D., Li, B., Zhou, M., When the bank comes to you: Channel adoption and choice in an omni-channel context (2017) Working paper, , November, Carnegie Mellon University, Pittsburgh:; and; Adams, R.M., Consolidation and merger activity in the United States banking industry from 2000 through 2010 (2012) Working paper 2012-51, , August, Finance and Economics Discussion Series (FEDS), Division of Research & Statistics and Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC; Adomavicius, G., Bockstedt, J., Gupta, A., Kauffman, R.J., Making sense of technology trends in the information technology landscape (2008) MIS Quarterly, 32 (4), pp. 779-809. , December,; and; Adomavicius, G., Bockstedt, J., Gupta, A., Kauffman, R.J., Understanding evolution in technology ecosystems (2008) Communications of the ACM, 51 (10), pp. 117-122. , October,; and; Allsop, P., Summers, B., Veale, J., The evolution of real-time gross settlement: Access, liquidity and credibility (2009) Working paper, , World Bank, Washington, DC:; and; Angelini, P., An analysis of competitive externalities in gross settlement systems (1998) Journal of Banking and Finance, 22, pp. 1-18; Arwas, A., Soleil, K., Robo-advice 2.0: The next generation (2016) Journal of Financial Transformation, 43, pp. 30-36; Au, Y.A., Kauffman, R.J., Should we wait? 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Evidence from a natural experiment (2017) Working paper 17-20, , April, Scheller College of Business, Georgia Institute of Technology, Atlanta: and SSRN 2958916, and; Weber, B.W., Next-generation trading in futures markets: A comparison of open outcry and order matching systems (1999) Journal of Management Information Systems, 16 (2), pp. 29-45. , Fall; Wei, Z., Lin, M., Market mechanisms in online peer-to-peer lending (2016) Management Science, 63 (12), pp. 4236-4257. , December, and; Willison, M., Real-time gross settlement and hybrid payment systems: A comparison (2005) Working paper, , Bank of England, London; How AI and automation will shape finance in the future (2017) Forbes, , November; (2012) Rethinking financial innovation: Reducing negative outcomes while retaining the benefits, , Geneva: Report in collaboration with Oliver Wyman, and Clifford Chance LLP; Xu, J.J., Chau, M., Cheap talk: The impact of lender-borrower communication on P2P lending outcomes (2018) Journal of Management Information Systems, 35. , in press; Xue, M., Hitt, L.M., Harker, P.T., Customer efficiency, channel usage, and firm performance in retail banking (2017) Manufacturing and Service Operations Management, 9 (4), pp. 535-558; Zachariadis, M., Ozcan, P., The API economy and digital transformation in financial services: The case of open banking Working paper, June 2017., , SWIFT Institute, London:, and}, correspondence_address1={Parker, C.; Department of Supply Chain and Information Systems, Smeal College of Business, Pennsylvania State UniversityUnited States; email: chris.parker@psu.edu}, publisher={Routledge}, issn={07421222}, coden={JMISE}, language={English}, abbrev_source_title={J Manage Inf Syst}, document_type={Article}, source={Scopus}, } @ARTICLE{Jiang201886, author={Jiang, Y. and (Chad) Ho, Y.-C. and Yan, X. and Tan, Y.}, title={Investor Platform Choice: Herding, Platform Attributes, and Regulations}, journal={Journal of Management Information Systems}, year={2018}, volume={35}, number={1}, pages={86-116}, doi={10.1080/07421222.2018.1440770}, note={cited By 3}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85044999553&doi=10.1080%2f07421222.2018.1440770&partnerID=40&md5=511f0c5b13fc7f14b02665aa5226e298}, affiliation={School of Management, Harbin Institute of Technology, China; School of Business, George Washington University, United States; Michael G. Foster School of Business, University of Washington, United States}, abstract={Online peer-to-peer (P2P) lending, one of the most successful technology-enabled initiatives in the fintech revolution, has drastically changed the way individual investors and borrowers meet and transact. While prior research has found herding among investors at the listing level, such social behavior has been underexplored at a macro, platform level. In this study, we attempt to fill this gap by examining whether subsequent investors follow their predecessors’ actions when choosing which platform to invest, and if so, how various platform attributes and regulations moderate herding behavior. We collected a novel data set from leading platforms in a large P2P lending market. Our baseline analysis reveals that herding exists at the platform level. Using a multilevel model, we further identify several interesting moderators: the investor’s herding behavior is accentuated by platforms’ market share and the cumulative amount funded, but attenuated by their time in operation. Finally, we find that government regulatory events dampen the magnitude of the herding effect, suggesting that more information disclosure and stricter operation standards reduce the value of observational learning. The results from our analysis provide implications for P2P lending investors, platform designers, and policymakers. Copyright © Taylor & Francis Group, LLC.}, keywords={Commerce; Competition; Regression analysis, Cumulative amount; Herding behaviors; Information disclosure; Multilevel model; Observational learning; Peer to peer; Policy makers; Social behavior, Investments}, funding_details={National Natural Science Foundation of ChinaNational Natural Science Foundation of China, 71729001, 71531013}, funding_text 1={The authors acknowledge support from the National Natural Science Foundation of China (Grant No. 71531013 and No. 71729001).}, references={Agrawal, A., Catalini, C., Goldfarb, A., Some simple economics of crowdfunding (2014) Innovation Policy and the Economy, 14 (1), pp. 63-97; Bachmann, A., Becker, A., Buerckner, D., Hilker, M., Kock, F., Lehmann, M., Tiburtius, P., Funk, B., Online peer-to-peer lending: A literature review (2011) Journal of Internet Banking and Commerce, 16 (2), pp. 1-18; Banerjee, A.V., A simple model of herding behavior (1992) Quarterly Journal of Economics, 107 (3), pp. 797-817; 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Chen, Y.F., Herd behavior in purchasing books online (2008) Computers in Human Behavior, 24 (5), pp. 1977-1992; Cont, R., Bouchaud, J.P., Herd behavior and aggregate fluctuations in financial markets (2000) Macroeconomic Dynamics, 4 (2), pp. 170-196; Duan, W., Gu, B., Whinston, A.B., Informational cascades and software adoption on the internet: An empirical investigation (2009) MIS Quarterly, 33 (1), pp. 23-48; Duarte, J., Siegel, S., Young, L., Trust and credit: The role of appearance in peer-to-peer lending (2012) Review of Financial Studies, 25 (8), pp. 2455-2484; Garg, R., Smith, M.D., Telang, R., Measuring information diffusion in an online community (2011) Journal of Management Information Systems, 28 (2), pp. 11-38; Ge, R., Feng, J., Gu, B., Zhang, P., Predicting and deterring default with social media information in peer-to-peer lending (2017) Journal of Management Information Systems, 34 (2), pp. 401-424; Greiner, M.E., Wang, H., Building consumer-to-consumer trust in e-finance marketplaces: An empirical analysis (2010) International Journal of Electronic Commerce, 15 (2), pp. 105-136; 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Applegate, R.G., DeGross, J.I., Information cascades in the adoption of new technology (2002) Proceedings of the 23th International Conference on Information Systems, pp. 435-443. , Barcelona: Association for Information Systems, and,. In, and, (eds; Wei, Z., Lin, M., Market mechanisms in online peer-to-peer lending (2016) Management Science, , September, and; Welch, I., Herding among security analysts (2000) Journal of Financial Economics, 58 (3), pp. 369-396; Welch, I., Sequential sales, learning, and cascades (1992) Journal of Finance, 47 (2), pp. 695-732; Wooldridge, J.M., (2002) Econometric Analysis of Cross Section and Panel Data, , Cambriage, MA.: MIT Press; Zhang, J., Liu, P., Rational herding in microloan markets (2012) Management Science, 58 (5), pp. 892-912}, correspondence_address1={Yan, X.; School of Management, Harbin Institute of TechnologyChina; email: xbyan@hit.edu.cn}, publisher={Routledge}, issn={07421222}, coden={JMISE}, language={English}, abbrev_source_title={J Manage Inf Syst}, document_type={Article}, source={Scopus}, } @ARTICLE{Burtch2018117, author={Burtch, G. and Hong, Y. and Liu, D.}, title={The Role of Provision Points in Online Crowdfunding}, journal={Journal of Management Information Systems}, year={2018}, volume={35}, number={1}, pages={117-144}, doi={10.1080/07421222.2018.1440764}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045010849&doi=10.1080%2f07421222.2018.1440764&partnerID=40&md5=a99f07cbf790c6155b09ab8b72fff4f9}, affiliation={Carlson School of Management, University of Minnesota, United States; Department of Information Systems, W.P. Carey School of Business, Arizona State University, United States; Carlson School of Management, University of Minnesota, United States}, abstract={Extending recent work on market mechanisms in new fintech offerings, we explore the implications of a key mechanism in online crowdfunding-the use of a provision point. Under a provision point mechanism (otherwise known as all-or-nothing or fixed fundraising scheme), the fundraiser, typically an entrepreneur, only receives funds pledged toward his or her campaign if a preregistered fundraising target is met, rather than keeping everything that is raised. Provision points may weaken contributors' reliance on prior capital accumulation for judging a project's potential for success, by eliminating their concerns about a partial fundraising outcome and by signaling the project or entrepreneur's quality. Yet, provision points may also induce attention to prior capital accumulation, because the materialization of one person's contribution depends explicitly on sufficient contributions from others (a network effect). We assess this tension empirically, leveraging proprietary data from a leading crowdfunding platform that allows entrepreneurs to opt into a provision point. We consider the effects of prior capital accumulation on visitors' conversion and contribution decisions, and the moderating influence of a provision point. We find that provision points weaken the association between prior capital accumulation and visitor contribution, implying a reduction in potential herd behavior. Copyright © Taylor & Francis Group, LLC.}, keywords={All or nothings; Capital accumulation; Herd behaviors; Market mechanisms; Network effects, Knowledge management}, references={Agrawal, A., Catalini, C., Goldfarb, A., Lerner, J., Stern, S., Some simple economics of crowdfunding (2014) Innovation Policy and the Economy, , Chicago: University of Chicago Press,; and,. In, and, (eds; Agrawal, A., Catalini, C., Goldfarb, A., Crowdfunding: Geography, social networks and the timing of investment decisions (2015) Journal of Economics and Management Strategy, 24 (2), pp. 253-274; Agrawal, A., Catalini, C., Goldfarb, A., Are syndicates the killer app of equity crowdfunding? 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(2016) Electronic Commerce Research and Applications, 16, pp. 43-54; Sierling, M., Koch, J., Deokar, A., Detecting fraudulent behavior on crowdfunding platforms: The role of linguistic and content-based cues in static and dynamic contexts (2016) Journal of Management Information Systems, 33 (2), pp. 421-455; Spence, M., Job market signaling (1973) Quarterly Journal of Economics, 87 (3), pp. 355-374; Strausz, R., A theory of crowdfunding: A mechanism design approach with demand uncertainty and moral hazard (2017) American Economic Review, 107 (6), pp. 1430-1476; Thies, F., Wessel, M., Benlian, A., Effects of social interaction dynamics on platforms (2016) Journal of Management Information Systems, 33 (3), pp. 843-873; Varian, H., Public goods and private gifts (2013) Working paper. University of California, , Berkeley; Wei, Z., Lin, M., Market mechanisms in online peer-to-peer lending (2016) Management Science, 63, 12, , 4236–4257, and; Zhang, J., Liu, P., Rational herding in microloan markets (2012) Management Science, 58 (5), pp. 892-912}, correspondence_address1={Burtch, G.; Carlson School of Management, University of MinnesotaUnited States; email: gburtch@umn.edu}, publisher={Routledge}, issn={07421222}, coden={JMISE}, language={English}, abbrev_source_title={J Manage Inf Syst}, document_type={Article}, source={Scopus}, } @CONFERENCE{Marsal-Llacuna20181, author={Marsal-Llacuna, M.-L. and Oliver-Riera, M.}, title={The standards revolution: Who will first put this new kid on the blockchain?}, journal={Proceedings of the 2017 ITU Kaleidoscope Academic Conference: Challenges for a Data-Driven Society, ITU K 2017}, year={2018}, volume={2018-January}, pages={1-7}, doi={10.23919/ITU-WT.2017.8246988}, note={cited By 1; Conference of 9th ITU Kaleidoscope Academic Conference: Challenges for a Data-Driven Society, ITU K 2017 ; Conference Date: 27 November 2017 Through 29 November 2017; Conference Code:134107}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85049593543&doi=10.23919%2fITU-WT.2017.8246988&partnerID=40&md5=1721430fb091481112c024b32a116cb4}, affiliation={Universität Pompeu Fabra, Spain}, abstract={Blockchain is here to stay. Some affirm that it is the next big thing after the Internet. Blockchain is a network-based technology that rewards participants to assemble transactions which will next configure blocks and later be part of a chain. Blockchain guarantees immutability and integrity of data without the need of a third surveilling party. It is therefore a revolution in current systems of trust. It also brings automation and self-execution of processes thanks to its embedded smart contracts functionality. Current standards drafting and development processes can definitively benefit from blockchain technology, and perhaps see the standardization domain revolutionize, like it already happened in the fintech and insurtech arenas [1]. In this paper, we explain what these advantages are. And, before new standard drafting models emerge from the disruptive blockchain community, challenging traditional standard development models-with this paper-, we want to inspire and give tools to established standardization bodies for them to take the lead and initiate a transformation towards 'Blockchained Standards' so that they can keep their authority and leadership in the field going forward. © 2017 ITU.}, author_keywords={accountability systems; adoption mechanisms; Blockchain; Distributed Ledgers; Standards Development}, keywords={Security of data; Standardization, Accountability systems; Development process; Distributed Ledgers; Network-based; Smart contracts; Standard development; Standards development, Blockchain}, references={(2016) Fintech and Sustainable Development-Assessing the Implications, Inquiry: Design of a Financial System, , http://unepinquiry.org/wpcontent/uploads/2016/12/Fintech_and_Sustainable_Development_Assessing_the_Implications_Summary.pdf, UNEP UNEP. 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(2016) Records Management Journal, 26 (2), pp. 110-139}, sponsors={Jiangsu Institute of Communications; Nanjing Fiberhome Starrysky; Nanjing Ironhorse Information Technology; New H3C Technologies}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9789261242916}, language={English}, abbrev_source_title={ITU Kaleidoscope Acad. Conf.: Chall. Data-Driven Soc., ITU K}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Widiantoro2018225, author={Widiantoro, A.D. and Sanjaya, R. and Rahardjo, T. and Djati, R.}, title={Review on the application of financial technology for the Wayang Orang Ngesti Pandowo cultural creative industry}, journal={Proceedings - 2017 4th International Conference on Information Technology, Computer, and Electrical Engineering, ICITACEE 2017}, year={2018}, volume={2018-January}, pages={225-229}, doi={10.1109/ICITACEE.2017.8257707}, note={cited By 1; Conference of 4th International Conference on Information Technology, Computer, and Electrical Engineering, ICITACEE 2017 ; Conference Date: 18 October 2017 Through 19 October 2017; Conference Code:134244}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85050389583&doi=10.1109%2fICITACEE.2017.8257707&partnerID=40&md5=530731bdc14bac594de28a69601d0a9e}, affiliation={Information System Department, Computer Science Faculty, Soegijapranata Catholic University, Centra Jawa, Semarang, Indonesia; Master's Program in Environment and Urban Studies, Soegijapranata Catholic University, Centra Jawa, Semarang, Indonesia; Psychology Department, Soegijapranata Catholic University, Centra Jawa, Semarang, Indonesia}, abstract={Ngesti Pandowo is a wayang orang (traditional Javanese theatre) company, which is trying to preserve this art form. There are many ways to do this. One of them is by utilizing technology to carry out promotion and ticket sales online. Financial technology is an innovation in the field of finance employing modern technology to make financial transactions more practical, easy and secure. © 2017 IEEE.}, author_keywords={fintech; ngestipandowo; online; wayang orang}, keywords={Computer science; Computers; Electrical engineering; Mathematical techniques, Cultural creative industries; Financial transactions; fintech; Modern technologies; ngestipandowo; online; wayang orang, Finance}, references={Burhan, N., Wayang dan pengembangan karakter bangsa (2011) Jurnal Pendidikan Karakter, Fbs Universitas Negeri Yogyakarta Tahun i, 1. , Nomor Oktober; Bedjo, R., Wayang purwa dan tantangan teknologi media baru (2011) Jurnal Desain Komunikasi Visual Nirmana, 13 (1), pp. 5-11. , Januari; Indraswari, K., Gea, O.F.P., Digital image analysis of wayang kulit movements 2016 8th International Conference on Information Technology and Electrical Engineering (ICITEE), , Yogyakarta, Indonesia; Bandem, I.M., Sal, M., (1996) Teater Daerah Indonesia, , Penerbit Kanisius; Soedarsono, (1884) Wayang Wong: The State Ritual Dance Drama in the Court of Yogyakarta, , Gadjah Mada, University Press; Rustopo, M.J., (1895) Orang-orang Tionghoa Dan Kdbudayaan Jawa di Surakarta, , Penerbit Ombak; Sujarno, N.S., Yustina, H., Wayang Orang ngesti pandawa 2001-2015 kajian tentang manajemen seni pertunjukan (2016) Kementrian Pendidikan Dan Kebudayaan Direktorat Jendral Kebudayaan Balai Pelestarian Nilai Budaya di Yogyakarta; Tren Dan Peran Besar Startup Fintech, , https://Www.Hitsss.Com/Tren-Dan-Peran-Besar-Startup-Fintech-Di-Tahun-2016/; Daerah, B., Jati, D., Bangsa, D., (1999) Pemberdayaan Cerita Rakyat Dalam Memasuki Otonomi Daerah Dan Globalisasi, (4), pp. 57-66. , Masyarakat, Kebudayaan Dan Politik, Th XII Oktober; Meutia, F.H.S., Kebudayaan Nasional Indonesia: Penataan Pola Pikir, , https://www.bappenas.go.id/files/6513/5027/4523/meutia2009101509.301022930.doc; Basuki, A., Konsep Ekonomi Kreatif: Peluang Dan Tantangan Dalam Pembangunan di Indonesia, , www.kemenpar.go.id/userfiles/file/Art17-2KonsepEkonomiKreatif.pdf; Gang, P., Jifeng, M., Network structures and online technology adoption (2011) IEEE Transactions on Engineering Management, 58 (2), p. 323. , May; Qi, P., Zheng, N., Wang, G., Analysis on science & technology innovation and its culture in China 2016 Proceedings of PICMET '16: Technology Management for Social Innovation; Qi, P., Zheng, N., Wang, G., Asosiasi fintech Indonesia (2017) Viewed, , https://fintech.id/about-us, Mei 30; Zhu, Z., Matthew, T.L., Loi, H.N., Han, Z.I., E-business online payment and credit card industry development in China (2010) IEEE International Conference on Networking and Digital Society; Chuanjin, J., An Online Third Party Payment Framework in Ecommerce (2010) 2nd International Conference on Advanced Computer Control; (2008) Tentang Informasi Dan Transaksi Elektronik, , Undang-Undang Republik Indonesia Nomor 11 Tahun; Tentang Layanan Pinjam Meminjam Uang Berbasis Teknologi Informasi (LPMUBTI, , Peraturan Otoritas Jasa Keuangan (POJK) Nomor 77/POJK.01/2016; Cong, Y., An empirical study on users' online payment behavior of tourism website (2015) IEEE 12th International Conference on E-Business Engineering; Mehdi, M., Amir, K., Effective factors on the success or failure of the online payment systems, focusing on human factors (2013) IEEE 7th International Conference on E-Commerce in Development Countries with Focus on E-Seurity, , 17-18 April; Sharif, N., Brian, P., APIs for Dummies, Apigee Special Edition, , 2014 Published by John, Wiley & Sons, Inc. Published}, editor={Facta M., Widianto E.D., Eridani D., Riyadi M.A., Prasetijo A.B.}, sponsors={}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538639467}, language={English}, abbrev_source_title={Proc. - Int. Conf. Inf. Technol., Comput., Electr. Eng., ICITACEE}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Gai2018262, author={Gai, K. and Qiu, M. and Sun, X.}, title={A survey on FinTech}, journal={Journal of Network and Computer Applications}, year={2018}, volume={103}, pages={262-273}, doi={10.1016/j.jnca.2017.10.011}, note={cited By 23}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85031996505&doi=10.1016%2fj.jnca.2017.10.011&partnerID=40&md5=4a0774724cac0a69c4e9ba3b46d6a53e}, affiliation={Department of Computer Science, Pace University, New York, NY 10038, United States; College of Computer Science and Software Engineering, Shenzhen University, Shenzhen, 518060, China}, abstract={As a new term in the financial industry, FinTech has become a popular term that describes novel technologies adopted by the financial service institutions. This term covers a large scope of techniques, from data security to financial service deliveries. An accurate and up-to-date awareness of FinTech has an urgent demand for both academics and professionals. This work aims to produce a survey of FinTech by collecting and reviewing contemporary achievements, by which a theoretical data-driven FinTech framework is proposed. Five technical aspects are summarized and involved, which include security and privacy, data techniques, hardware and infrastructure, applications and management, and service models. The main findings of this work are fundamentals of forming active FinTech solutions. © 2017 Elsevier Ltd}, author_keywords={Big data; Cloud computing; Cyber security; Data-driven framework; Financial computing; FinTech}, keywords={Cloud computing; Finance; Surveys, Cyber security; Data driven; Financial computing; Financial industry; Financial service; FinTech; Security and privacy; Technical aspects, Big data}, references={Abawajy, J., Wang, G., Yang, L., Javadi, B., Trust, security and privacy in emerging distributed systems (2016) Future Gener. Comput. Syst., 55, pp. 224-226. , (C); Ahmed, M., Mahmood, A., Islam, R., A survey of anomaly detection techniques in financial domain (2016) Future Gener. Comput. Syst., 55, pp. 278-288. , (C); Asamoah, C., Tao, L., Gai, K., Jiang, N., Powering filtration process of cyber security ecosystem using knowledge graph. 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Big Data, PP, 99, p. 1}, correspondence_address1={Qiu, M.; Department of Computer Science, Pace UniversityUnited States; email: mqiu@pace.edu}, publisher={Academic Press}, issn={10848045}, language={English}, abbrev_source_title={J Network Comput Appl}, document_type={Article}, source={Scopus}, } @ARTICLE{Macchiavello2018662, author={Macchiavello, E.}, title={Financial-return Crowdfunding and Regulatory Approaches in the Shadow Banking, FinTech and Collaborative Finance Era}, journal={European Company and Financial Law Review}, year={2018}, volume={14}, number={4}, pages={662-722}, doi={10.1515/ecfr-2017-0030}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85046288386&doi=10.1515%2fecfr-2017-0030&partnerID=40&md5=c5a0f481f4e821ede8545674cb8e5aae}, affiliation={Banking Law, University of Genoa, Department of Economics and Business, Italy}, abstract={The relationship between financial innovators and regulators has been historically tense, with financial innovators taking advantage of loopholes and regulators desperately trying to keep pace with innovations while dealing with limited resources and long bureaucratic processes. Nonetheless, in recent years, FinTechs - un-regulated start-ups applying technology to finance - have exponentially accelerated such race, making innovative regulatory approaches and new perspectives necessary. The present paper discusses relevant issues pertaining to the regulation of FinTech, using financial-return crowdfunding (FR-crowdfunding) as case study and model, deriving from its FinTech, shadow banking and collaborative economy natures, important indications for regulators. Current trends in regulating FR-crowdfunding in Member States are also analysed, together with related shortcomings and benefits, with the view to proposing a more harmonised regime for the sector, tailored to its risks and features and advancing Capital Markets Union objectives. © 2017 Walter de Gruyter GmbH, Berlin/Boston.}, funding_details={American College of PhysiciansAmerican College of Physicians}, funding_text 1={64 See AMF and ACP, ‘Crowdfunding: a guide for funding platforms and project owners’, (14 May 2013), 4, available at ; Hubert de Vauplane, ‘Les premieres brèches au monopole bancaire’, (2013) 765 Revue Banque 20, 21; Jérôme Lasserre Capdeville, ‘La réforme du crowd-funding en droit français: les aspects du droit bancaire’, (2015) Revue générale du droit, Études et réflexions No. 4, available at . Instead, French Courts have traditionally excluded that the receipt of money for a determined use violate banking monopoly: Anne-Catherine Muller, ‘Le financement participatif sous forme de prêt au regard du monopole et démarchage bancaires’, in Anne-Valérie Le Fur (ed.), Le cadre juridique du crowdfund-ing. Analyses prospectives, (Société de législation comparée 2015), 199.}, funding_text 2={consiste à mettre en relation, au moyen d’un site internet, les porteurs d’un projet déterminé et les personnes finançant ce projet dans les conditions suivantes: [...]» and L548-2 CMF: ‘I.-Sont intermédiaires en financement participatif les personnes qui exercent, à titre habituel, l’intermédiation au sens de l’article L. 548-1 pour les opérations de prêt à titre onéreux ou sans intérêt. Seules les personnes morales peuvent être intermédiaires en financement participatif [...]’; Art. 46 of the Spanish Ley de fomento: ‘Son plataformas de financiación participativa las empresas autorizadas cuya actividad consiste en poner en contacto, de manera profesional y a través de páginas web u otros medios electrónicos, a una pluralidad de personas físicas o jurídicas que ofrecen financiación a cambio de un rendimiento dinerario, denominados inversores, con personas físicas o jurídicas que solici-tan financiación en nombre propio para destinarlo a un proyecto de financiación participa-tiva, denominados promotores’; Art. 2 of the Portuguese Law 102/2015: ‘O financiamento colaborativo é o tipo de financiamento de entidades, ou das suas atividades e projetos, através do seu registo em plataformas eletrónicas acessíveis através da Internet, a partir das quais procedem à angariação de parcelas de investimento provenientes de um ou vários investidores individuais’ and 3 ‘São modalidades de financiamento colaborativo: [...] d) O financiamento colaborativo por empréstimo, através do qual a entidade financiada remu-nera o financiamento obtido através do pagamento de juros fixados no momento da angariação’. See also Art. 36H Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. Spanish law identifies as typical crowdfunding platforms’services the reception, selection and publication of projects and the creation of communication channels between investors and recipients; instead, as permissible auxiliary services: the evaluation of the project promoters, the analysis of projects and of their risk level and other factors affecting investors’ choice, the publication of such information in an objec-tive way, the provision of contract models, the transmission of information from the promoters to the investors, debt collection and other services identified by the Minister of Economics and CNMV (Art. 51 ley de fomento).}, references={Kane, E., Impact of regulation on economic behavior. 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Law Rev.}, document_type={Article}, source={Scopus}, } @ARTICLE{Sinha201894, author={Sinha, S. and Raj Pandey, K. and Madan, N.}, title={Fintech and the demand side challenge in financial inclusion}, journal={Enterprise Development and Microfinance}, year={2018}, volume={29}, number={1}, pages={94-98}, doi={10.3362/1755-1986.17-00016}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85050277842&doi=10.3362%2f1755-1986.17-00016&partnerID=40&md5=62ed528b39cdf18aa4ab555b245b203f}, affiliation={M-CRIL, Gurgaon, India}, abstract={There is a push for digitizing payments across the board in India. This has picked up steam after the demonetization of large currency notes in November 2016. But how ready and willing are low-income Indians (as well as low-income people in other developing countries) to adopt digital payments? This question needs more thought as there is a range of issues around mobile phone penetration, bank account features, acceptance of digital payments across value chains, and the viability of small transactions. © Practical Action Publishing, 2018.}, author_keywords={Digital literacy; Financial inclusion; Fintech}, keywords={advanced technology; demand-side management; financial services; innovation; literacy; microfinance; mobile phone, India}, references={Digital Financial Services, , www.afi-global.org/policy-areas/digital-financial-services, [accessed 19 February 2018]; Aveni, T., Roest, J., (2017) China's Alipay and WeChat Pay: Reaching Rural Users, , CGAP Brief, December, Washington, DC: CGAP; Telecom subscriber base in India grows to 1.18 billion in February: TRAI (2017) The Indian Express, , http://indianexpress.com/article/technology/tech-newstechnology/telecom-subscriber-base-in-india-grows-to-1-18-billion-in-feb-trai-4634264/, [accessed 19 February 2018]}, publisher={Practical Action Publishing}, issn={17551978}, language={English}, abbrev_source_title={Enterp. Dev. Microfinance}, document_type={Article}, source={Scopus}, } @ARTICLE{Huang201863, author={Huang, R.H.}, title={Online P2P Lending and Regulatory Responses in China: Opportunities and Challenges}, journal={European Business Organization Law Review}, year={2018}, volume={19}, number={1}, pages={63-92}, doi={10.1007/s40804-018-0100-z}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85042640199&doi=10.1007%2fs40804-018-0100-z&partnerID=40&md5=90ab822ad47b4d2a8ba2e5a577e2710f}, affiliation={Centre for Financial Regulation and Economic Development, Faculty of Law, Chinese University of Hong Kong, Sha Tin, NT, Hong Kong; Faculty of Law, University of New South Wales, Sydney, Australia}, abstract={As a main form of the Fintech industry, China’s online P2P lending market has undergone a period of explosive growth in the past few years to become the largest in the world, with online lending platforms having mushroomed across the country. This is a consequence of the simultaneous emergence of three key factors, namely deep penetration of internet, large supply of funds and unmet financial needs. The market exhibits several distinctive features in terms of the size of platforms, the level of market concentration and business models. As online lending gathers moment in China, many problems have come into light. China has recently established a relatively complete regulatory regime for online lending, introducing a number of significant changes, such as the restriction on the business model that can be adopted by platforms, registration requirements, custodian requirements, information disclosure requirements and lending limits. The new regime will have far-reaching implications, including a reshuffling of the market and more collaboration between online lending platforms and traditional banks. A comparative analysis of the Chinese experience with those in other jurisdictions such as the US, the UK, Hong Kong and Japan is conducted to examine the extent to which the new regime is likely to achieve a proper balance between its two main objectives, namely facilitating the growth of the online lending market and protecting financial consumers. While the new regime is generally sound, its efficacy will ultimately depend on how it is enforced in practice. © 2018, T.M.C. Asser Press.}, author_keywords={China; Fintech; Internet finance; Online lending; P2P}, funding_text 1={Under Article 5, setting up an online lending platform needs to go through a three-step procedure: first, get a usual business license from the company registry which is the State Administration of Industry and Commerce and its local branches; second, conduct recordation and registration with the local financial regulatory authority at the place where it is based; third, apply for a relevant telecommunications business permit from the competent communications agency, which is the Ministry of Industry and Information Technology and its local branches. The business license in the first step and the business permit in the third step are general in nature and thus are not very difficult to get. The recordation and registration requirement in the second step is specific to the online lending business. However, it does not involve substantive merit review, nor is there any special requirement in terms of minimum registered capital, paid-up capital or capital reserve.}, funding_text 2={Acknowledgements This research was funded under Direct Research Grant at the Chinese University of Hong Kong; Research support was also received under the Hong Kong Research Grants Council Theme Based Research Project ‘Enhancing Hong Kong’s Future as a Leading International Financial Centre’. An earlier version of this paper was presented in symposiums hosted by the China Banking Law Society, the Michigan Law School and the China University of Political Science and Law, and the author wishes to thank the symposium participants for helpful comments, particularly Professors Nicholas Howson, Junhai Liu and Neils Philipsen. 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Behav.}, document_type={Book Chapter}, source={Scopus}, } @ARTICLE{Kapron201868, author={Kapron, Z.}, title={From digital payments to digital finance: how china’s tech companies are redefining banking in asia and soon europe}, journal={Journal of Payments Strategy and Systems}, year={2018}, volume={12}, number={1}, pages={68-73}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059176077&partnerID=40&md5=e2df555a55caa03007adf69a294817f5}, affiliation={Kapronasia Shanghai, Renmin Lu 885, Shanghai, China}, abstract={FinTech has the potential to completely change the way that millions of people handle their daily finances. Nowhere is this more evident than in China, where Alipay and WeChat Pay have changed the nature of retail consumption. This paper looks briefly at the history of the tech giants and their forays into digital finance, and what the future may hold as the giants continue their international expansion. © Henry Stewart Publications, 1750-1806.}, author_keywords={Ali-baba; China; Digital money; Mobile payments; Tencent; Wechat}, correspondence_address1={Kapron, Z.; Kapronasia Shanghai, Renmin Lu 885, China; email: zennon.kapron@kapronasia.com}, publisher={Henry Stewart Publications}, issn={17501806}, language={English}, abbrev_source_title={J. Paym. Strateg. Syst.}, document_type={Article}, source={Scopus}, } @ARTICLE{Docherty2018109, author={Docherty, A.}, title={How should banks manage the strategic risks associated with new regulations and new sources of competition?}, journal={Journal of Risk Management in Financial Institutions}, year={2018}, volume={11}, number={2}, pages={109-124}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059233570&partnerID=40&md5=894a125fbae5abae2757d9614fc36b03}, affiliation={BNP Paribas, 10 Harewood Avenue, London, NW1 6AA, United Kingdom}, abstract={New capital regulations from the Basel Committee and an overhaul of loan accounting standards are leading to a radically different way of assessing the solvency and performance of banks. At the same time, the bases of competition in banking are shifting rapidly, catalysed by the adoption of new technologies. Banks need urgently to adapt to both these sets of strategic changes to preserve short-term shareholder value while maintaining long-term competitiveness and viability. 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(2017) DBS, OCBC Yet to Dip Toes in Corporate VC Pond, , http://www.sgsme.sg/news/startups/dbs-ocbc-yet-dip-toes-corporate-vc-pond, accessed 15th December; (2017) DBS Named Worlds Best Digital bank’, , https://www.dbs.com/newsroom/DBS_named_worlds_best_digital_bank, accessed 15th December; (2017) Funding Circle & Santander Announce Partnership to Support Thousands of UK Businesses, , https://www.fundingcircle.com/blog/2014/06/funding-circle-santander-announce-partnership-support-thousands-uk-businesses/, available at:, (accessed 15th December}, correspondence_address1={Docherty, A.; BNP Paribas, 10 Harewood Avenue, United Kingdom; email: adrian.docherty@bnpparibas.com}, publisher={Henry Stewart Publications}, issn={17528887}, language={English}, abbrev_source_title={J. Risk Mang. Financial Inst.}, document_type={Article}, source={Scopus}, } @ARTICLE{Caron201853, author={Caron, F.}, title={The Evolving Payments Landscape: Technological Innovation in Payment Systems}, journal={IT Professional}, year={2018}, volume={20}, number={2}, pages={53-61}, doi={10.1109/MITP.2018.021921651}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045687113&doi=10.1109%2fMITP.2018.021921651&partnerID=40&md5=7311f4566e1c14c29ad16f42ac2bf58a}, affiliation={KU Leuven, Belgium}, abstract={Established financial institutions and their technology partners are contributing significantly to financial technology innovation in the payments market. This article provides a holistic overview of the technological innovations and challenges in the evolving payments landscape. © 1999-2012 IEEE.}, author_keywords={big data; bitcoin; blockchain; Cryptography; Data analysis; Finance Technology; financial technology; fintech; internet; Payment Schemes; Payment Systems}, keywords={Blockchain; Cryptography; Data reduction; Finance; Internet, Bitcoin; Financial institution; fintech; Payment schemes; Payment systems; Technological innovation; Technology innovation; Technology partners, Big data}, references={(2010) The Payment System: Payments, Securities, Derivatives, and the Role of the Eurosystem, , www.ecb.europa.eu/pub/pdf/other/paymentsystem201009en.pdf, European Central Bank; (2016) CBEST Intelligence-Led Testing: CBEST Implementation Guide, , www.bankofengland.co.uk/-/media/boe/files/financial-stability/financial-sectorcontinuity/cbest-implementation-guide.pdf, Bank of England; (2016) Guidance on Cyber Resilience for Financial Market Infrastructures, , www.bis.org/cpmi/publ/d146.pdf, report, Bank for International Settlements and International Organization of Securities Commissions; (2016) A Blueprint for A New RTGS Service for the United Kingdom, , www.bankofengland.co.uk/-/media/boe/files/payments/a-blueprint-for-a-newrtgs-service-for-the-uk.pdf, report, Bank of England; (2016) The Fed's Resource Center for Adoption of ISO 20022 Payment Messages, , https://fedpaymentsimprovement.org/payments-efficiency/iso-20022, Federal Reserve Banks; (2017) Target Instant Payment Settlement User Requirements, , www.ecb.europa.eu/paym/initiatives/shared/docs/tips_user_requirements_document_final_version.pdf, report, European Central Bank; Roman, R., Key management systems for sensor networks in the context of the internet of things (2011) Computers & Electrical Eng, 37 (2), pp. 147-159. , report, European Banking Authority; Sicari, S., Security, privacy and trust in internet of things: The road ahead (2015) Computer Networks, pp. 146-164; (2017) Regulatory Technical Standards on Strong Customer Authentication and Common and Secure Communication under Article 98 of Directive 2015/2366 (PSD2), , www.eba.europa.eu/documents/10180/1761863/Final+draft+RTS+on+SCA+and+CSC+under+PSD2+%28EBA-RTS-2017-02%29.pdf, report, European Banking Authority}, correspondence_address1={Caron, F.; KU LeuvenBelgium; email: filip.caron@kuleuven.be}, publisher={IEEE Computer Society}, issn={15209202}, coden={IPMAF}, language={English}, abbrev_source_title={IT Prof}, document_type={Article}, source={Scopus}, } @ARTICLE{Tsaih201833, author={Tsaih, R.-H. and Kuo, B.-S. and Lin, T.-H. and Hsu, C.-C.}, title={The Use of Big Data Analytics to Predict the Foreign Exchange Rate Based on Public Media: A Machine-Learning Experiment}, journal={IT Professional}, year={2018}, volume={20}, number={2}, pages={33-40}, doi={10.1109/MITP.2018.021921649}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045681058&doi=10.1109%2fMITP.2018.021921649&partnerID=40&md5=ef1d95ee8a42f9bea61b442068cf1102}, affiliation={National Chengchi University, Lee-Ming Institute of Technology, Taiwan}, abstract={The authors analyze relevant public information provided by new media to predict the movement of the USD/TWD exchange rate and explore whether big data analytics with machine-learning modeling can exceed the random walk mechanism and the notion of market efficiency. © 1999-2012 IEEE.}, author_keywords={big data; big data analysis; big data analytics; financial technologies; FinTech; foreign exchange rate; IT Professional; Machine Learning; Text Mining}, keywords={Artificial intelligence; Data mining; Economics; Finance; Learning systems, Big Data Analytics; FinTech; Foreign exchange rates; IT professional; Text mining, Big data}, references={Meese, R.A., Rogoff, D., Empirical exchange rate models of the seventies: Do they fit out of sample (1983) J. International Economics, 14 (1-2), pp. 3-24; Zhang, D., Simoff, S., Debenham, J., Exchange rate modelling using news articles and economic data (2005) Australasian Joint Conf. on Artificial Intelligence (AI 2005: Advances in Artificial Intelligence), pp. 467-476; Feldman, R., Sanger, J., (2007) The Text Mining Handbook: Advanced Approaches in Analyzing Unstructured Data, , Cambridge Univ. Press; Masud, M.G., Classification and novel class detection in concept-drifting data streams under time constraints (2011) IEEE Trans. Knowledge and Data Engineering, 23 (6), pp. 859-874; Tsaih, R.H., Cheng, T.C., A resistant learning procedure for coping with outliers (2009) Annals of Mathematics and Artificial Intelligence, 57 (2), pp. 161-180; Huang, S.Y., Lin, J.W., Tsaih, R.H., Outlier detection in the concept drifting environment (2016) IEEE 2016 Int'l Joint Conf. 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American Society for Information Science and Technology, 58 (12), pp. 1838-1850}, publisher={IEEE Computer Society}, issn={15209202}, coden={IPMAF}, language={English}, abbrev_source_title={IT Prof}, document_type={Article}, source={Scopus}, } @ARTICLE{Kshetri201811, author={Kshetri, N. and Voas, J.}, title={Blockchain in Developing Countries}, journal={IT Professional}, year={2018}, volume={20}, number={2}, pages={11-14}, doi={10.1109/MITP.2018.021921645}, note={cited By 3}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045668387&doi=10.1109%2fMITP.2018.021921645&partnerID=40&md5=82234e78a99cbfa799ceb042a04c2996}, affiliation={University of North Carolina, Greensboro, United States; IEEE Fellow, United States}, abstract={A large proportion of the population in the developing world can benefit from blockchain. In this article, the authors discuss key concerns that have been raised regarding institutions in the developing world and evaluate the potential role of blockchain to address them. © 1999-2012 IEEE.}, author_keywords={bitcoin; Blockchain; blockchain in Africa; developing countries; financial technologies; fintech}, keywords={Developing countries, Bitcoin; Developing world; fintech, Blockchain}, references={(2017) ICT Facts and Figures 2017, Report, International Telecommunication Union, , www.itu.int/en/ITU-D/Statistics/Documents/facts/ICTFactsFigures2017.pdf; (2011) Corruption Leading to Unequal Access, Use and Distribution of Land-un Report, Report, un News, , https://news.un.org/en/story/2011/12/397982-corruptionleading-unequal-access-use-and-distribution-land-un-report#.WEMpP33QCWl; Kshetri, N., Fostering startup ecosystems in India (2016) Asian Research Policy, 7 (1), pp. 94-103; Hanstand, T., The case for land reform in India (2013) Foreign Affairs, Blog, , www.foreignaffairs.com/articles/india/2013-02-19/untitledcid=soc-twitter-insnapshots-untitled-022013; 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Smyth, P., (2015) Blockchain Technology: 7 Ways Blockchain Technology Could Disrupt the Post-Trade Ecosystem, , www.theblockchain.com/docs/Seven%20ways%20the%20Blockchain%20can%20change%20the%20trade%20system.pdf, white paper, Kynetix; Bheemaiah, K., Block chain 2. 0: The renaissance of money (2015) Wired, Blog, , www.wired.com/insights/2015/01/block-chain-2-0; Mizrahi, A., (2016) A Blockchain-Based Property Ownership Recording System, , https://chromaway.com/papers/A-blockchain-based-property-registry.pdf, ChromaWay; Calandra, M.A., Jr., (2016) Blockchain Technology, Finance and Securitization, Blog, Alston & Bird, , www.alston.com/-/media/files/insights/publications/2016/06/ifinance-and-financial-services-productsadvisory/files/view-advisory-as-pdf/fileattachment/161075-blockchaintechnology2.pdf; Paynter, B., (2017) How Blockchain Could Transform the Way International Aid is Distributed, , www.fastcompany.com/40457354/howblockchain-could-transform-the-way-international-aid-is-distributed, Fast Company, blog; Higgins, S., How bitcoin brought electricity to a south african school (2016) Coindesk, Blog, , www.coindesk.com/south-african-primary-school-blockchain; Mulligan, G., 5 African crowdfunding startups to watch (2015) Disrupt Africa, Blog, , http://disrupt-africa.com/2015/11/5-african-crowdfunding-startups-to-watch; Menezes, N., (2017) UN Uses Ethereum to Distribute Funds to Jordanians, , https://btcmanager.com/un-uses-ethereum-todistribute-funds-to-jordanians, BTCManager. com, blog; Wong, J.I., (2017) The un is Using Ethereum's Technology to Fund Food for Thousands of Refugees, , https://qz.com/1118743/world-food-programmesethereum-based-blockchain-for-syrian-refugees-in-jordan, Quartz, blog}, publisher={IEEE Computer Society}, issn={15209202}, coden={IPMAF}, language={English}, abbrev_source_title={IT Prof}, document_type={Article}, source={Scopus}, } @ARTICLE{Newman201842, author={Newman, R. and Chang, V. and Walters, R.J. and Wills, G.}, title={How to Analyze Data from Unlisted but Rich Firms: From the Perspective of Data and Analysis}, journal={IT Professional}, year={2018}, volume={20}, number={2}, pages={42-52}, doi={10.1109/MITP.2018.021921650}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045649757&doi=10.1109%2fMITP.2018.021921650&partnerID=40&md5=5135a35d205ccf312cce630a0c53882c}, affiliation={University of Southampton, United Kingdom; Xi'An Jiaotong-Liverpool University, China}, abstract={This article illustrates the importance of gathering and analyzing preprocessing data for unlisted but rich firms such as venture capital firms. Using datasets from three major sources, the authors demonstrate how to query and analyze data using both Datastream and SQL. © 1999-2012 IEEE.}, author_keywords={big data; big data analytics; data; data analysis; Datastream; finance; financial data; financial data analysis; financial technologies; fintech}, keywords={Data handling; Data reduction; Finance; Information analysis; Investments, Big Data Analytics; data; Datastream; Financial data; Financial Data Analysis; fintech, Big data}, references={Chang, V., The business intelligence as a service in the cloud (2014) Future Generation Computer Systems, 37, pp. 512-534; Meeker, M., Internet trends 2015-code conference (2015) KPCB, Blog, , www.kpcb.com/blog/2015-internet-trends; Lux, T., Marchesi, M., Volatility clustering in financial markets: A microsimulation of interacting agents (1998) Int'l J. Theoretical and Applied Finance, 3 (4); www.valuewalk.com/wpcontent/uploads/2015/04/pwc-moneytree-q4-full-year-2014-summary.pdf, MoneyTree Report: Q4 2014/Full-year 2014, report, PricewaterhouseCoopers and National Venture Capital Association 2014; Bai, Y., Efficient support for time series queries in data stream management systems (2005) Stream Data Management: Advances in Database Systems, , Springer; Ince, O.S., Porter, R.B., Individual equity return data from thomson datastream: Handle with care! (2006) J. Financial Research, 29 (4), pp. 463-479}, publisher={IEEE Computer Society}, issn={15209202}, coden={IPMAF}, language={English}, abbrev_source_title={IT Prof}, document_type={Article}, source={Scopus}, } @ARTICLE{Gatteschi201862, author={Gatteschi, V. and Lamberti, F. and Demartini, C. and Pranteda, C. and Santamaria, V.}, title={To Blockchain or Not to Blockchain: That Is the Question}, journal={IT Professional}, year={2018}, volume={20}, number={2}, pages={62-74}, doi={10.1109/MITP.2018.021921652}, note={cited By 14}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045649731&doi=10.1109%2fMITP.2018.021921652&partnerID=40&md5=8359a07eeffd2635abf4d1d8192937b6}, affiliation={Politecnico di Torino, Italy; Reale Group, Italy}, abstract={Blockchain has been considered a breakthrough technology-but does your company need it? In this article, the authors discuss the advantages and disadvantages of blockchain technology using examples from the insurance sector, which can be generalized and applied to other sectors. © 1999-2012 IEEE.}, author_keywords={bitcoin; blockchain; blockchain and insurance; cryptocurrency; financial technologies; fintech; insurance; smart contracts}, keywords={Electronic money; Insurance, Bitcoin; Breakthrough technology; fintech; Insurance sectors; Smart contracts, Blockchain}, references={(2016) Gartner: Blockchain and Connected Home Are Almost at the Peak of the Hype Cycle, , https://prwire.com.au/pr/62010/gartner-blockchain-andconnected-home-are-almost-at-the-peak-of-the-hype-cycle, PR Wire, blog; Gilbert, S., (2016) The Hype Cycle of Insurance Disruption, , http://insurancethoughtleadership.com/the-hype-cycle-of-insurance-disruption, InsuranceThoughtLeadership. com, blog; Higgins, S., European insurance firms launch new blockchain consortium (2016) Coindesk, Blog, , www.coindesk.com/europe-insurance-blockchain-consortium; Hurlburt, G., Might the blockchain outlive bitcoin (2016) IT Professional, 18 (2), pp. 12-16; Swan, M., (2015) Blockchain: Blueprint for A New Economy, 3 (3), pp. 38-69. , O'Reilly Media; Tschorsch, F., Scheuermann, B., Bitcoin and beyond: A technical survey on decentralized digital currencies (2016) IEEE Communications Surveys Tutorials, 18 (3), pp. 2084-2123; Christidis, K., Devetsikiotis, M., Blockchains and smart contracts for the internet of things (2016) IEEE Access, Report Deloitte Report, 4, pp. 2292-2303; Mainelli, M., Smith, M., Sharing ledgers for sharing economies: An exploration of mutual distributed ledgers (aka blockchain technology) (2015) J. Financial Perspectives, 3 (3), pp. 38-69. , report, McKinsey & Company Report; Jarrett, A., (2016) Ripple and R3 Team Up with 12 Banks to Trial XRP for Cross-Border Payments, , https://ripple.com/insights/ripple-and-r3-teamup-with-12-banks-to-trial-xrp-for-cross-border-payments, Ripple, blog, Ripple; Higgins, S., IBM reveals proof of concept for blockchain-powered internet of things (2015) Coindesk, Blog, , www.coindesk.com/ibm-reveals-proof-conceptblockchain-powered-internet-things; Greenspan, G., Avoiding the pointless blockchain project (2015) MultiChain, Blog, , www.multichain.com/blog/2015/11/avoiding-pointless-blockchain-project; Zaninotto, F., The blockchain explained to web developers, part 3: The truth (2016) Marmelab, Blog, , https://marmelab.com/blog/2016/06/14/blockchain-for-webdevelopers-the-truth.html; Cooper, A., (2016) Does Digital Identity Need Blockchain Technology, , https://identityassurance.blog.gov.uk/2016/08/15/does-digital-identityneed-blockchain-technology, Gov. UK Verify, blog; Peck, M., The blockchain has a dark side (2016) IEEE Spectrum, 53 (6), pp. 12-13; Let's quit the blockchain magic talk (2016) ZDNet, Blog, , www.zdnet.com/article/lets-quit-the-blockchain-magic-talk; The March of financial services giants into bitcoin and blockchain startups in one chart (2017) CBInsights, Blog, , www.cbinsights.com/research/financial-servicescorporate-blockchain-investments; Shelkovnikov, A., (2016) Blockchain Applications in Insurance, , www2.deloitte.com/content/dam/Deloitte/ch/Documents/innovation/ch-en-innovationdeloitte-blockchain-app-in-insurance.pdf, report, Deloitte; (2016) Blockchain in Insurance-Opportunity or Threat, , www.mckinsey.com/industries/financial-services/our-insights/blockchain-ininsurance-opportunity-or-threat, report, McKinsey & Company; (2016) Blockchain Technology As A Platform for Digitization-Implications for the Insurance Industry, , www.ey.com/Publication/vwLUAssets/EYblockchain-technology-as-a-platform-for-digitization/$FILE/EY-blockchaintechnology-as-a-platform-for-digitization.pdf, report, Ernst & Young; (2012) Voice of the Customer-Time for Insurers to Rethink Their Relationships, , www.ey.com/Publication/vwLUAssets/Global_Consumer_Insurance_Survey_2012_-_The_Americas/$FILE/EY_GIR-AMERICAS-SML.pdf, report, Ernst & Young}, publisher={IEEE Computer Society}, issn={15209202}, coden={IPMAF}, language={English}, abbrev_source_title={IT Prof}, document_type={Article}, source={Scopus}, } @ARTICLE{Marsal-Llacuna2018226, author={Marsal-Llacuna, M.-L.}, title={Future living framework: Is blockchain the next enabling network?}, journal={Technological Forecasting and Social Change}, year={2018}, volume={128}, pages={226-234}, doi={10.1016/j.techfore.2017.12.005}, note={cited By 8}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85037724576&doi=10.1016%2fj.techfore.2017.12.005&partnerID=40&md5=3e154076a008005ce79967c662868053}, affiliation={Universitat Pompeu Fabra, ICT Engineering Department, Tànger 122-140, Barcelona, 08018, Spain}, abstract={Blockchain is not the first -and certainly will not be the last- network fever we will experience. This paper shows how blockchain networks will disrupt the urban context as well, similarly to what it is happening in the fintech and insurtech spaces, among many other emerging application domains. We put forward the Future Living Framework as the meta use case of a wider research called Blockchain4Cities. In this use case, which uses UN's New Urban Agenda (NUA) as exemplifying model, we show the benefits of using blockchain in the urban field and we do so by breaking down the NUA in policies, planning, regulations and standards and dissecting these further into Quito's Implementation Plan (QIP) themes and scopes. Use case results confirm that blockchain will disrupt urban networks, like Cybernetics did in 1948, Ekistics a decade later, and the Metabolists and Webbists in the late sixties. The Ubiquitous Computing arrived later, in the seventies, and disrupted all the previous network efforts, lasting until the current Internet of Things (IoT) and its sister concept Smart Cities, when IoT is used in an urban context. Blockchain is here to take on and be the next network for cities. © 2017 Elsevier Inc.}, author_keywords={Blockchain; New urban agenda; Quito implementation plan; Smart cities; Urban networks; Urban technologies}, keywords={Internet of things; Smart city; Ubiquitous computing, Emerging applications; Internet of Things (IOT); New urban agenda; Quito implementation plan; Urban context; Urban networks; Use-case, Blockchain, Internet; network analysis; smart city; standard (regulation); technology adoption; urban planning; urban policy}, references={Brovelli, M.A., Zamboni, G., Muñoz, C.A., From paper maps to the digital earth and the internet of places (2015) Rendeconti Lincei-Scienze Fisiche e Naturali, 26, pp. 97-103; Dioxadis, C.A., Ekistics: An Introduction to the Science of Urban Settlements (1968), Oxford University Press New York; Frantz, C., Nowostawski, M., From institutions to code: towards automated generation of smart contracts (2016) Proceedings of the 1st IEEE International Workshop on Foundations and Applications of Self-* Systems (FAS-W), Augsburg (Germany), Sep 12–16, pp. 210-215; Friedman, I., Pour une Arquitecture Scientifique (1971), Pierre Belfont Paris; Friedman, I., La arquitectura movil (1978), Poseidón Barcelona; Fuller, R.B., Nine Chains to the Moon (1963), Southern Illinois University Press. 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Change}, document_type={Article}, source={Scopus}, } @ARTICLE{Gejke2018148, author={Gejke, C.}, title={A new season in the risk landscape: Connecting the advancement in technology with changes in customer behaviour to enhance the way risk is measured and managed}, journal={Journal of Risk Management in Financial Institutions}, year={2018}, volume={11}, number={2}, pages={148-155}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059232073&partnerID=40&md5=82bed4fde9a1c0132f20d7bf8334414a}, affiliation={Former Head of Stress Testing, Group Market and Counterparty Credit Risk, Nordea, PO Box 850, Copenhagen C, 0900, Denmark}, abstract={The risk management puzzle is becoming more multifaceted with increased focus on geopolitical risks, regulatory changes and new participants entering the financial markets, including Fintech and non-regulated bank-like entities. Customers are also changing their behaviour with the evolving market environment and launch of new financial products and applications. In parallel, the technology scene and IT capabilities have advanced significantly, providing opportunities to create tools that can enhance the way risk is measured and managed. In this new and highly dynamic environment, how can banks best manage risk? A complex challenge is present with numerous paths and buzzwords such as Blockchain, machine learning and robotic process automation (RPA) to navigate. The industry, including the risk management function, needs to embrace the technical environment and recognise both its potential and its limitations. Technology enhancements benefit from a holistic view, combining subject matter expertise across multiple areas. Even the smartest cognitive system requires oversight to ensure relevance of data and the patterns observed to make business decisions. Market movements and concentrations may be ascribed to artificial intelligence and machine learning models going forward, and risk managers need to be able to navigate this space and manage the underlying risk factors. Connecting the dots and recognising that risk comes in multiple shapes and form, it can still be identified along with preventative actions. © Henry Stewart Publications 1752-8887 (2018).}, author_keywords={Behavioural modelling; Blockchain; Cognitive technology; Interest rate risk in the banking book (IRRBB); Liquidity}, references={(2017) Sensitivity Analysis of IRRBB – Stress-Test 2017, , https://www.bankingsupervision.europa.eu/press/pr/date/2017/html/ssm.pr171009.en.html, October, accessed 30th January, 2018; (2017) Sound Practices: Implications of Fintech Developments for Banks and Bank Supervisor, , https://www.bis.org/bcbs/publ/d415.htm, August, accessed 30th January, 2018; (2017) The Prize in Economic Sciences 2017, , http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2017/, December, accessed 30th January, 2018; (2017) Richard H. 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Norton & Company; Thaler, R.H., Mental accounting and consumer choice (1985) Marketing Science, 4, pp. 199-214; Thaler, R.H., Mental accounting matters (1999) Journal of Behavioral Decision Making, 12, pp. 183-206; (2017) Artificial Intelligence and Machine Learning in Financial Services, , http://www.fsb.org/2017/11/artificial-intelligence-and-machine-learning-in-financial-service/, November, accessed 30th January, 2018; (2017) Distributed Ledger Technology in Payment, Clearing and Settlement, , http://www.bis.org/cpmi/publ/d157.htm, February, accessed 30th January, 2018; Thaler, R.H., Sunstein, C.R., (2008) Nudge: Improving Decisions about Health, Wealth, and Happiness, , Yale University Press, New Haven}, correspondence_address1={Gejke, C.; Former Head of Stress Testing, Group Market and Counterparty Credit Risk, Nordea, PO Box 850, Denmark; email: info@gejke.com}, publisher={Henry Stewart Publications}, issn={17528887}, language={English}, abbrev_source_title={J. Risk Mang. Financial Inst.}, document_type={Article}, source={Scopus}, } @ARTICLE{Qiu2018, author={Qiu, M. and Gai, K. and Zhao, H. and Liu, M.}, title={Privacy-preserving smart data storage for financial industry in cloud computing}, journal={Concurrency Computation}, year={2018}, volume={30}, number={5}, doi={10.1002/cpe.4278}, art_number={e4278}, note={cited By 3}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85041388900&doi=10.1002%2fcpe.4278&partnerID=40&md5=453d1ea35989b3a43142d07fe4cd9743}, affiliation={Department of Computer Science, Pace University, New York City, NY 10038, United States; Software School, Henan University, Kaifeng, 47500, China; College of Electrical Engineering, Zhejiang University, Hangzhou, ZJ 310027, China}, abstract={The recent booming development of cloud computing has enabled a dramatical revolution for current enterprises to create values. Numerous benefits of utilizing cloud services are enhancing the efficiency of improving or creating new businesses. This trend is also associated with the rapid growth of the wireless networks, such as 5G. However, the great increase of deploying clouds also leads to new concerns in data security. One of the major concerns is private leakage that derives from insiders' malicious operations or attacks. This problem has raised a great restriction for financial firms to execute cloud applications. Focusing on this issue, we propose a new solution, entitled Privacy-Preserving Smart Storage (PS2) model that targets at solving the privacy leakage problems within the existing threat models. The proposed approach uses a novel distributed data storage method to prevent financial enterprises from insiders' massive data mining-based attacks. Copyright © 2017 John Wiley & Sons, Ltd.}, author_keywords={cloud computing; cloud storage; data security; FinTech; privacy}, keywords={Cloud computing; Data mining; Data storage equipment; Digital storage; Finance; Security of data, Cloud applications; Cloud storages; Distributed data storages; Financial enterprise; Financial industry; FinTech; Privacy leakages; Privacy preserving, Data privacy}, references={Hernandez, P., (2016) Microsoft, Bank of America announce Blockchain collaboration, , http://www.eweek.com/cloud/microsoft-bank-of-america-announce-blockchain-collaboration.html, Retrieve from; Darrow, B., (2016) Pssst, amazon cloud is not really new to banks, , http://fortune.com/2016/02/25/yes-banks-do-use-aws/; Gai, K., Qiu, M., Zhao, H., Tao, L., Zong, Z., Dynamic energy-aware cloudlet-based mobile cloud computing model for green computing (2016) J Network Comput Appl, 59, pp. 46-54; Gai, K., Qiu, M., Hassan, H., Secure cyber incident analytics framework using Monte Carlo simulations for financial cybersecurity insurance in cloud computing (2016) Concurrency Comput: Pract Experience, 29 (7), pp. 1-13; 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Xu, B., Li, D., Cai, H., Xie, C., Hu, J., Bu, F., Ubiquitous data accessing method in IoT-based information system for emergency medical services (2014) IEEE Trans Ind Inf, 10 (2), pp. 1578-1586; Tuncer, D., Charalambides, M., Clayman, S., Pavlou, G., Adaptive resource management and control in software defined networks (2015) IEEE Trans Network Serv Manage, 12 (1), pp. 18-33; Qiu, M., Zhong, M., Li, J., Gai, K., Zong, Z., Phase-change memory optimization for green cloud with genetic algorithm (2015) IEEE Trans Comput, 64 (12), pp. 3528-3540; Li, Y., Dai, W., Ming, Z., Qiu, M., Privacy protection for preventing data over-collection in smart city (2015) IEEE Trans Comput, 65 (5), pp. 1339-1350; Alcaraz, C., Lopez, J., Zhou, J., Roman, R., Secure SCADA framework for the protection of energy control systems (2011) Concurrency Comput: Pract Experience, 23 (12), pp. 1431-1442; Zhang, Z., Chau, K., Qiu, C., Liu, C., Energy encryption for wireless power transfer (2015) IEEE Trans Power Electron, 30 (9), pp. 5237-5246; Fei, X., Li, K., Yang, W., Li, K., Practical parallel AES algorithms on cloud for massive users and their performance evaluation (2015) Concurrency Comput: Pract Experience, 28 (16), pp. 4246-4263; Alahmadi, A., Abdelhakim, M., Ren, J., Li, T., Defense against primary user emulation attacks in cognitive radio networks using advanced encryption standard (2014) IEEE Trans Inf Forensics Secur, 9 (5), pp. 772-781; Masoumi, M., Rezayati, M., Novel approach to protect advanced encryption standard algorithm implementation against differential electromagnetic and power analysis (2015) IEEE Trans Inf Forensics Secur, 10 (2), pp. 256-265; Zaiceanu, A., Hlaciuc, E., Lucan, A., Methods for risk identification and assessment in financial auditing (2015) Procedia Econ Finance, 32, pp. 595-602; Sikka, P., The corrosive effects of neoliberalism on the UK financial crises and auditing practices: a dead-end for reforms (2015) Accounting Forum, 39 (1), pp. 1-18; Gai, K., Qiu, M., Elnagdy, S., A novel secure big data cyber incident analytics framework for cloud-based cybersecurity insurance (2016) In The 2nd IEEE International Conference on Big Data Security on Cloud, pp. 171-176. , New York, USA}, correspondence_address1={Qiu, M.; Department of Computer Science, Pace UniversityUnited States; email: mqiu@pace.edu}, publisher={John Wiley and Sons Ltd}, issn={15320626}, coden={CCPEB}, language={English}, abbrev_source_title={Concurr. Comput.}, document_type={Conference Paper}, source={Scopus}, } @BOOK{Blomstrom20181, author={Blomstrom, D.}, title={Emotional banking: Fixing culture, leveraging FinTech, and transforming retail banks into brands}, journal={Emotional Banking: Fixing Culture, Leveraging FinTech, and Transforming Retail Banks into Brands}, year={2018}, pages={1-159}, doi={10.1007/978-3-319-75653-0}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045786735&doi=10.1007%2f978-3-319-75653-0&partnerID=40&md5=a2be9a8cbb03c978473f868e06f3ad86}, affiliation={Emotional Banking, London, United Kingdom}, abstract={Banking is under threat. Despite access to fast-paced technology known as FinTech, an antiquated business model and internal organizational paralysis do not allow for the creation of a truly beloved brand and are stifling change. To survive and thrive when their competition is catching up, banks must understand the principles behind Emotional Banking-a cultural change concept that brings the consumer to the center of rethinking banking products and delivery. This book starts with a history of the space then moves into an overview of what FinTech is. After discussing the state of banking today including stories from the biggest names in the industry, the concept of Emotional Banking and Brand are introduced as an answer to the problems outlined above. It concludes with examples of best practices and a hands-on approach on how to change the inertia, become a brand and make customers fall in love with their bank. Some of the questions this book tackles include: · Why don't banks "care"? · How many banks will survive? · What is FinTech and why does it matter? · Can Banks become beloved brands and find their way to the consumer's heart? · Why is there a disconnect between what we say and what we do in the industry? · Is inertia in banking a result of broken internal culture? · Which big brand or challenger will be at the top in 5 years? © The Editor(s) (if applicable) and The Author(s) 2018. All rights reserved.}, references={Rodis, N., The Pigeon Fanciers (2013), https://widerimage.reuters.com/story/the-pigeon-fanciers; Blomstrom, D., Everyone Is FinTech, Get Over It (2017), https://duenablomstrom.com/?s=everyone+is+fintech; Financial Technology (2017), https://en.wikipedia.org/wiki/Financial_technology; Blomstrom, D., The FinTech Gold Rush and BEs (2015), https://duenablomstrom.com/?s=gold+rush; Blomstrom, D., 2017-The Year Data Made Bank (2017), https://duenablomstrom.com/?s=data; Blomstrom, D., Holy Bank Paralysis Batman (2016), https://duenablomstrom.com/?s=Holy+Bank+Paralysis+Batman; Challenger Banking (2016), http://burnmark.com/wp-content/uploads/2016/10/Burnmark%20Report%20Oct2016.pdf; Marous, J., The Challenger Bank Battlefield (2018), https://www.digitalbankingreport.com/dbr/dbr247/; Skinner, C., Forget GAFA, the Real Threat Is FATBAG (2016), http://thefinanser.com/2016/09/forget-gafa-real-threat-fatbag.html/; Blomstrom, D., The First Big Brand Bank: Facebook (2017), https://duenablomstrom.com/2017/01/17/the-first-big-brand-bank-facebook/; Hernaes, C., What Facebook's European Payment License Could Mean for Banks (2017), http://techcrunch.com/2017/01/12/what-facebooks-european-payment-license-could-mean-for-banks/; Laurent, L., Abboud, L., Counting Down to the Bank of Facebook (2016), https://www.bloomberg.com/gadfly/articles/2016-07-25/telefonica-banking-venture-is-latest-tech-threat-to-big-lenders; Truong, A., Tale of Two Chat Apps (2015), https://qz.com/389339/mark-zuckerberg-explains-his-distinct-visions-for-whatsapp-and-messenger/; The Relevance Challenge (2015), http://www.ey.com/gl/en/industries/financial-services/banking---capital-markets/ey-global-consumer-banking-survey-2016; Challenger Banking (2016), http://burnmark.com/wp-content/uploads/2016/10/Burnmark%20Report%20Oct2016.pdf; The Pulse of Fintech Q2 2017 (2017), https://home.kpmg.com/xx/en/home/insights/2017/07/the-pulse-of-fintech-q2-2017.html; Blomstrom, D., Open Letter to the Challenger Bank Part 1 (2015), https://duenablomstrom.com/2015/06/29/an-open-letter-to-the-challengerbank/; Blomstrom, D., Open Letter to the Challenger Bank-Reloaded (2015), https://www.linkedin.com/pulse/open-letter-challenger-bank-reloadedduena-blomstrom/; Introducing Amazon GO (2016), https://www.amazon.com/b?node=16008589011; Jones, R., Once It Was Touch and Go, Now Contactless Is a New-Wave Revolution (2016), https://www.theguardian.com/money/2016/sep/10/contactless-cards-wave-pay-oyster-london-use; Press Release: 4 out of 10 Adults Are Not in Control of Their Finances (2015), https://www.moneyadviceservice.org.uk/en/corporate/four-out-of-10-adults-are-not-in-control-of-their-finances-new-strategylaunched-to-improve-uks-financial-capability; Blomstrom, D., It Has to Fit in the Box on the Front (2015), https://duenablomstrom.com/2015/04/23/it-has-to-fit-in-the-box-on-the-front/; King, B., When HSBC Closes Your Account Without Telling You (2013), https://www.huffingtonpost.com/brett-king/when-hsbc-closesyour-ban_b_4362504.html; Marous, J., 5 Ways Banks Fail When Serving Start-up Businesses (2017), https://thefinancialbrand.com/68074/small-business-bankingsatisfaction-trends/; Skinner, C., Internet Banking for Dummies (2009), https://thefinanser.com/2008/11/internet-bankin.html/; Blomstrom, D., Goodbye Santander. The End of a Banking Love Affair (2016), https://duenablomstrom.com/2016/10/19/goodbye-santander-the-end-of-a-banking-love-affair/; Godin, S., Define: Brand (2009), http://sethgodin.typepad.com/seths_blog/2009/12/define-brand.html; Blomstrom, D., Irrational Loyalty, Banks and the Accidental Brand (2015), https://duenablomstrom.com/2015/08/10/irrationalbank-loyalty-part-1/; Staender, F., Good Guy Amazon (2016), https://imgur.com/gallery/rYY6A; Shankman, P., The Greatest Customer Service Story Ever Told, Staring Morton's Stakehouse (2011), https://www.shankman.com/the-greatest-customer-service-story-ever-told-starring-mortons-steakhouse/; Nayak, N., Trom, K., Introducing the Love Index: A Fresh Approach to Driving Digital Affinity (2015), https://www.fjordnet.com/conversations/introducing-the-love-index-a-fresh-approach-to-driving-digital-affinity/; Blomstrom, D., Hey Bank Wanna Be an Airport? (2015), https://duenablomstrom.com/2015/10/19/hey-bank-wanna-be-an-airport/; Reich, J., One Year with Our Customers (2013), https://www.simple.com/company/one-year-with-simple; Walton, M., Update (2017), https://www.linkedin.com/feed/update/urn:li:activity:6334495246939885568/; Brown, K.M., BrandZ™ Strong Brands Outperforms the S&P 500 (2014), http://www.millwardbrown.com/brandz/top-global-brands/2014/brandz-strong-brands; Blomstrom, D., Are Consumers Emotionally Connected with Your Brand? 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(2015), https://www.forbes.com/sites/sap/2015/05/10/what-is-design-thinking/#73db85ad471f; Haller, H.E., Steve Jobs: The Ultimate Intrapreneur (2003), http://www.intrapreneurshipinstitute.com/intrapreneurship-case-studies/steve-jobsthe-ultimate-intrapreneur-and-entrepreneur/; Nicols, J.P., Serial intrapreneur (2017), https://provoke.fm/show/serial-intrapreneur/; Duhigg, C., What Google Learned from Its Quest to Build the Perfect Team (2016), https://www.nytimes.com/2016/02/28/magazine/whatgoogle-learned-from-its-quest-to-build-the-perfect-team.html; Green, E., The Origins of Office Speak (2014), https://www.theatlantic.com/business/archive/2014/04/business-speak/361135/; MacLachlan, M., It's Time to Speak Clearly and Ditch the Jargon! (2016), https://www.communicaid.com/communication-skills/blog/communication-skills/speak-clearly-ditch-jargon/; Johnston, M.R., Bio (2007), http://writing.rocks/marcia-riefer-johnston-bio/; Johnston, M.R., Word Up! (2013), Northwest Brainstorms Publishing}, correspondence_address1={Blomstrom, D.; Emotional BankingUnited Kingdom}, publisher={Springer International Publishing}, isbn={9783319756530; 9783319756523}, language={English}, abbrev_source_title={Emot. Bank.: Fixing Cult., Leveraging FinTech, and Transform. Retail Banks into Brand.}, document_type={Book}, source={Scopus}, } @ARTICLE{Zhang2018774, author={Zhang, X. and Wu, C.}, title={Continuous Cash Flow Payment: Theories and Practice Framework}, journal={Emerging Markets Finance and Trade}, year={2018}, volume={54}, number={4}, pages={774-782}, doi={10.1080/1540496X.2016.1241706}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85033399672&doi=10.1080%2f1540496X.2016.1241706&partnerID=40&md5=0ae752090ed49e23356ec5cc01e43385}, affiliation={Agricultural Information Institute of Chinese Academy of Agricultural Sciences, Beijing, China; Renmin University of China, National Academy of Development and Strategy, Beijing, China}, abstract={Continuous cash flow payment is the key element to complete the payment framework. While discrete cash flow payment matches the event of exchange of goods, continuous cash flow payment can closely match the process of exchange of services. We discovered that by embedding continuous cash flow models into a settlement system, continuous cash flow payment is doable under recent FinTech environment. This article constructs this novel continuous cash flow payment framework and theorizes payment practices into a unified framework. Copyright © Taylor & Francis Group, LLC.}, author_keywords={continuous cash flow; discrete cash flow; FinTech; payment; settlement}, references={Bolt, W., Schmiedel, H., SEPA, efficiency, and payment card competition (2010) ECB Working Paper No. 1140. Available at SSRN:, , https://ssrn.com/abstract=1522027; Chi, E., Evaluation of micropayment schemes (1997) HP Labs Technical Reports No. HPL-97-14. 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In}, correspondence_address1={Zhang, X.; Agricultural Information Institute of Chinese Academy of Agricultural SciencesChina; email: zhangxia01@caas.cn}, publisher={Routledge}, issn={1540496X}, language={English}, abbrev_source_title={Emerg. Mark. Financ. Trade}, document_type={Article}, source={Scopus}, } @CONFERENCE{Mathur20181, author={Mathur, N. and Karre, S.A. and Mohan, S.L. and Reddy, Y.R.}, title={Analysis of fintech mobile app usability for geriatric users in India}, journal={ACM International Conference Proceeding Series}, year={2018}, volume={Part F137694}, pages={1-11}, doi={10.1145/3205946.3205947}, note={cited By 0; Conference of 4th International Conference on Human-Computer Interaction and User Experience in Indonesia, CHIuXiD 2018 ; Conference Date: 23 March 2018 Through 29 March 2018; Conference Code:137694}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85053684825&doi=10.1145%2f3205946.3205947&partnerID=40&md5=f525b0ef34febb6b7af374198cf92ca7}, affiliation={Software Engineering Research Center, IIIT Hyderabad, India}, abstract={There has been a significant rise in FinTech mobile app offerings in India for the past 3-4 years. These mobile apps have become disruptive means of managing daily financial transactions. Given the variety of offerings, the usability of these FinTech applications across different age groups is still unclear. In this paper, we explore the usability of FinTech mobile apps across different age groups through a quantitative survey and a more focused study on factors impacting the geriatric population on adopting FinTech mobile apps in India. In addition, we propose a framework called UMETRIX to evaluate the usability of mobile apps to determine the adoption rate among geriatric population. © 2018 Copyright is held by the owner/author(s). Publication rights licensed to ACM.}, author_keywords={Fintech mobile apps; Geriatric population; Mobile adoption; Usability}, keywords={Geriatrics; Usability engineering, Age groups; Financial transactions; Mobile adoption; Mobile app; Mobile apps; Usability, Human computer interaction}, references={(2011) Census of India: Age Structure and Marital Status, , Technical Report. Govt. of India; (2017) FinTech in India-A Global Growth Story.Technical Report, , KPMG & NASSCOM; Al-Razgan, M.S., Al-Khalifa, H.S., Al-Shahrani, M.D., Heuristics for evaluating the usability of mobile launchers for elderly people (2014) Esign, User Experience, and Usability. Theories, Methods, and Tools for Designing the User Experience, pp. 415-424. , Aaron Marcus (Ed) Springer International Publishing, Cham; (2014) Financial Inclusion Data/Global Findex-China, , http://bit.ly/2eJfVE1, World Bank jan 2014; Belgavi, V., Belgavi, V., FinTech Trends Report-India 2017, A Deep Drive into What?s Driving the FinTech Revolution in India, , Technical Report. PwC India & StartUpBootCamp; Sushmitha, D., (2016) Influence of Design Elements in Mobile Applications on User Experience of Elderly People, , MS Thesis. Blekinge Institute of Technology, Karlskrona, Sweden; Leora klapper eric duflos (2015) New Accounts in China Drive Global Financial Inclusion Figures, , http://bit.ly/1Hzy62X, may 2015; Matthias schmitt martina weber gregor dorfleitner (2017) Definition of FinTech and Description of the FinTech Industry, , Lars Hornuf. Springer International Publishing; Griffichs, S., (2015) Mobile App UX Principles-Improving User Experience and Optimizing Conversion 2015, , Technical Report. Google, April; Hamano, Y., Nishiuchi, N., Usability evaluation of text input methods for smartphone among the elderly (2013) 2013 International Conference on Biometrics and Kansei Engineering, pp. 277-280; Jakkaew, P., Hongthong, T., Requirements elicitation to develop mobile application for elderly (2017) 2017 International Conference on Digital Arts, Media and Technology (ICDAMT, pp. 464-467; José-Manuel, D., Moreno, L., Accessibility to mobile interfaces for older people (2014) Procedia Computer Science, 27, pp. 57-66. , 2014. 5th International Conference on Software Development and Technologies for Enhancing Accessibility and Fighting Info-exclusion, DSAI 2013; Mathur, N., Anirudh Karre, S., UMETRIX Source Code Repository 2017, 2017. , https://github.com/neerajmathur/UMETRIX; Medhi, I., Patnaik, S., Brunskill, E., Gautama, S.N.N., Thies, W., Toyama, K., Designing mobile interfaces for novice and low-literacy users (2011) ACM Trans. Comput.-Hum. Interact, 18 (1), p. 28. , Article 2 May 2011; Mohan, L., Mathur, N., Raghu Reddy, Y., Mobile app usability index (maui) for improving mobile banking adoption (2015) 2015 International Conference on Evaluation of Novel Approaches to Software Engineering (ENASE, pp. 313-320; Mohan, L., Mathur, N., Raghu Reddy, Y., Improving mobile banking usability based on sentiments (2016) Evaluation of Novel Approaches to Software Engineering, Leszek A, pp. 180-194. , Maciaszek and Joaquim Filipe (Eds) Springer International Publishing, Cham; Nielsen, J., Budiu, R., (2015) User Experience for Mobile Applications and Websites-Design Gudielines for Improving the Usability of Mobile Sites and Apps, , Technical Report. 3rd Edition; (2018) India: Age Distribution from 2006 to 2016, , http://bit.ly/2m9GDXf, Statista jan 2018; Suri, Y., (2016) Demonetization-An Opportunity to Curtail Black Money and Promote Digital Payments (NITI Aayog, Govt. of India) 2016, , https://goo.gl/1mBE76; Faisal, M., Yusof, M., Romli, N., Yusof, M.F.M., Article: Design for elderly friendly: Mobile phone application and design that suitable for elderly (2014) International Journal of Computer Applications, 95 (3), pp. 28-31. , June 2014}, editor={Kurniawan Y., Tedjasaputra J.A., Sari E.}, sponsors={moz:lla}, publisher={Association for Computing Machinery}, isbn={9781450364294}, language={English}, abbrev_source_title={ACM Int. Conf. Proc. Ser.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Raikwar20181, author={Raikwar, M. and Mazumdar, S. and Ruj, S. and Sen Gupta, S. and Chattopadhyay, A. and Lam, K.-Y.}, title={A Blockchain Framework for Insurance Processes}, journal={2018 9th IFIP International Conference on New Technologies, Mobility and Security, NTMS 2018 - Proceedings}, year={2018}, volume={2018-January}, pages={1-4}, doi={10.1109/NTMS.2018.8328731}, note={cited By 7; Conference of 9th IFIP International Conference on New Technologies, Mobility and Security, NTMS 2018 ; Conference Date: 26 February 2018 Through 28 February 2018; Conference Code:135563}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85050972987&doi=10.1109%2fNTMS.2018.8328731&partnerID=40&md5=a46f6a978cf2d9dd3a38c56f75139ae5}, affiliation={School of Computer Science and Engineering, Nanyang Technological University, Singapore, 639798, Singapore; Indian Statistical Institute, 203 Barrackpore Trunk Road, Kolkata, 700 108, India}, abstract={We design a distributed platform with blockchain as a system service for supporting transaction execution in insurance processes. The insurance industry is heavily dependent on multiple processes between transacting parties for initiating, maintaining and closing diverse kind of policies. Transaction processing time, payment settlement time and security protection of the process execution are major concerns. Blockchain technology, originally conceived as an immutable distributed ledger for detecting double spending of cryptocurrencies, is now increasingly used in different FinTech systems to address productivity and security requirements. The application of blockchain in FinTech processing requires a deep understanding of the underlying business processes. It supports automated interactions between the blockchain and existing transaction systems through the notion of smart contracts. In this paper, we focus on the design of an efficient approach for processing insurance related transactions based on a blockchain-enabled platform. An experimental prototype is developed on Hyperledger fabric, an open source permissioned blockchain design framework. We discuss the main design requirements, corresponding design propositions, and encode various insurance processes as smart contracts. Extensive experiments were conducted to analyze performance of our framework and security of the proposed design. © 2018 IEEE.}, keywords={Insurance, Distributed platforms; Experimental prototype; Insurance industry; Security protection; Security requirements; Transaction execution; Transaction processing; Transaction systems, Blockchain}, references={Vukolić, Marko, Rethinking permissioned blockchains (2017) Proceedings of the ACM Workshop on Blockchain, Cryptocurrencies and Contracts, Ser. BCC '17, , New York, NY, USA: ACM; Clack, C.D., Bakshi, V.A., Braine, L., (2016) Smart Contract Templates: Essential Requirements and Design Options; Christidis, K., Devetsikiotis, M., Blockchains and smart contracts for the internet of things (2016) IEEE Access, 4, pp. 2292-2303; Nath, I., Data exchange platform to fight insurance fraud on blockchain (2016) 2016 IEEE 16th International Conference on Data Mining Workshops (ICDMW), pp. 821-825. , Dec; Li, W., Sforzin, A., Fedorov, S., Karame, G.O., Towards scalable and private industrial blockchains (2017) Proceedings of the ACM Workshop on Blockchain, Cryptocurrencies and Contracts, pp. 9-14. , ACM; Watanabe, H., Fujimura, S., Nakadaira, A., Miyazaki, Y., Akutsu, A., Kishigami, J., Blockchain contract: Securing a blockchain applied to smart contracts (2016) Consumer Electronics (ICCE), 2016 IEEE International Conference on, pp. 467-468. , IEEE; Lamberti, F., Gatteschi, V., Demartini, C., Pranteda, C., Santamaria, V., Blockchain or not blockchain, that is the question of the insurance and other sectors (2017) IT Professional, PP (99), p. 1; Christian, C., (2017) Blockchain, Cryptography, and Consensus; (2016) Architecture of the Hyperledger Blockchain Fabric, , Cachin and Christian; Androulaki, E., Cachin, C., De Caro, A., Kind, A., Osborne, M., (2017) Cryptography and Protocols in Hyperledger Fabric, , 6 January; Sankar, L.S., Sindhu, M., Sethumadhavan, M., Survey of consensus protocols on blockchain applications (2017) 2017 4th International Conference on Advanced Computing and Communication Systems (ICACCS), pp. 1-5. , Jan; Sukhwani, H., Martnez, J.M., Chang, X., Trivedi, K.S., Rindos, A., Performance modeling of pbft consensus process for permissioned blockchain network (hyperledger fabric) (2017) 2017 IEEE 36th Symposium on Reliable Distributed Systems (SRDS), pp. 253-255. , Sept}, sponsors={}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538636626}, language={English}, abbrev_source_title={IFIP Int. Conf. New Technol., Mobil. Secur., NTMS - Proc.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Allon2018223, author={Allon, F.}, title={Money after Blockchain: Gold, Decentralised Politics and the New Libertarianism}, journal={Australian Feminist Studies}, year={2018}, volume={33}, number={96}, pages={223-243}, doi={10.1080/08164649.2018.1517245}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054190547&doi=10.1080%2f08164649.2018.1517245&partnerID=40&md5=40796ca5e2012f3b16e773e5958c365c}, affiliation={Department of Gender and Cultural Studies, Faculty of Arts and Social Sciences, The University of Sydney, Sydney, Australia}, abstract={Blockchain technologies are central to what has been described as a new ‘smart social contract’. With blockchain, individual cryptographic identity becomes the basis for new forms of money and for a whole suite of restructured social, political and financial transactions. But what do these developments signal for feminist engagements with the money economy? The transparency and pseudonymity that the blockchain provides has been welcomed as a ‘feminist weapon’. But the decentralised technology also legitimises many longstanding assumptions of libertarianism, especially competitive individualism, naturalised social inequality and the stability of value associated with the gold standard. Drawing on popular culture texts, Goldfinger and The Mandibles, this article considers this history, examining the gendered, racialised and sexualised discursive practices that attend representations of gold along with the ‘metallism’ surrounding blockchain-based cryptocurrencies in the contemporary conjuncture. By claiming to represent non-negotiable certainty derived from technology/nature rather than social convention, the fantasy of fundamental value returns, together with related associations of essentialism and authenticity, but anchored in this new context in the technocratic authoritarianism of FinTech. This is part of the background for the ‘new libertarianism’ whose ascendency now overshadows the neoliberalism that has been the focus of critical attention for some decades. © 2018, © 2018 Informa UK Limited, trading as Taylor & Francis Group.}, author_keywords={Bitcoin; Blockchain; decentralisation; gold; gold standard; libertarianism}, references={Adkins, L., What Can Money Do? Feminist Theory in Austere Times (2015) Feminist Review, 109 (1), pp. 31-48; Aysgarth, J., (2016), http://forklog.net/bitcoin-as-feminist-weapon/, Bitcoin as a Feminist Weapon. Forklog.net. 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Accessed April 1, 2018; O’Dwyer, R., Blockchains and their Pitfalls (2017) Ours to Hack and to Own, pp. 228-232. , Scholz T., Schneider N., (eds), New York: OR Books,. edited by; O’Malley, M., (2012) Face Value: The Entwined Histories of Money & Race in America, , Chicago, IL: University of Chicago Press; Pateman, C., (1989) The Disorder of Women: Democracy, Feminism and Political Theory, , Stanford, CA: Stanford University Press; Popper, N., (2015) Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money, , New York: Harper Collins; Prasad, M., (2006) The Politics of Free Markets: The Rise of Neoliberal Economic Policies in Britain, France, Germany, and the United States, , Chicago, IL: University of Chicago Press; Redshaw, T., Bitcoin Beyond Ambivalence: Popular Rationalization and Feenberg’s Technical Politics (2017) Thesis Eleven, 138 (1), pp. 46-64; Reijers, W., Coeckelbergh, M., The Blockchain as a Narrative Technology: Investigating the Social Ontology and Normative Configurations of Cryptocurrencies (2018) Philosophy and Technology, 31 (1), pp. 103-130; Rickards, J., (2011) Currency Wars: The Making of the Next Global Crisis, , New York: Portfolio/Penguin; Rickards, J., (2016) The New Case for Gold, , New York: Portfolio/Penguin; Salmon, F., (2015) Mother Jones, , https://www.motherjones.com/kevin-drum/2015/04/bitcoin-women-problem/, Bitcoin’s Problem with Women. 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(blog), January 12; Scott, B., (2016) How Can Cryptocurrency and Blockchain Technology Play a Role in Building Social and Solidarity Finance?, , http://www.unrisd.org/brett-scott, London: United Nations Research Institute for Social Development; Sedgwick, E.K., Paranoid Reading and Reparative Reading; or, You’re So Paranoid, You Probably Think This Introduction is about You (1997) Novel Gazing: Queer Readings in Fiction, pp. 1-37. , Sedgwick E.K., (ed), Durham, NC: Duke University Press,. edited by; Shriver, L., (2016) The Mandibles: A Family, 2029–2047, , London: Borough Press; Shriver, L., (2016) New York Times, , https://www.nytimes.com/2016/02/09/opinion/campaign-stops/i-am-not-a-kook.html, I am not a Kook. February 9. Accessed September 1, 2017; Swan, M., (2015) Blockchain: Blueprint for a New Economy, , Sebastopol, CA: O’Reilly Media; Swartz, L., Blockchain Dreams: Imaging Techno-Economic Alternatives After Bitcoin (2017) Another Economy is Possible: Culture and Economy in a Time of Crisis, pp. 82-105. , Castells M., (ed), Cambridge: Polity,. edited by; Swartz, L., What was Bitcoin, what will it Be? The Techno-economic Imaginaries of a New Money Technology (2018) Cultural Studies, 32 (4), pp. 623-650; Terranova, T., Fumagalli, A., Financial Capital and the Money of the Common: The Case of Commoncoin (2015) Moneylab Reader: An Intervention in Digital Economy, pp. 150-157. , Lovink G., Tkacz N., de Vries P., (eds), Amsterdam: Institute of Network Cultures, and,. edited by; Zimmer, Z., Bitcoin and Potosí Silver: Historical Perspectives on Cryptocurrency (2017) Technology and Culture, 58 (2), pp. 307-334}, correspondence_address1={Allon, F.; Department of Gender and Cultural Studies, Faculty of Arts and Social Sciences, The University of SydneyAustralia; email: fiona.allon@sydney.edu.au}, publisher={Routledge}, issn={08164649}, language={English}, abbrev_source_title={Aust. Fem. Stud.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Kudryavtseva2018636, author={Kudryavtseva, T.J. and Skhvediani, A.E. and Bondarev, A.A.}, title={Digitalization of banking in Russia: Overview}, journal={International Conference on Information Networking}, year={2018}, volume={2018-January}, pages={636-639}, doi={10.1109/ICOIN.2018.8343196}, note={cited By 0; Conference of 32nd International Conference on Information Networking, ICOIN 2018 ; Conference Date: 10 January 2018 Through 12 January 2018; Conference Code:136093}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85047009782&doi=10.1109%2fICOIN.2018.8343196&partnerID=40&md5=f55c2c41df69204d878a0bc8001e78c5}, affiliation={Graduate School of Public and Financial Management, Peter the Great St. Petersburg Polytechnic University, St.-Petersburg, Russian Federation}, abstract={This paper focuses on revealing the impact of digitalization of the banking sphere in Russia. It shorty describes the main terms of digital economy; latest tendencies of digital technologies in Russian banks; overviews regulatory challenges in the development of the aforementioned technologies. It is identified that banking in Russia currently lags behind the international competition. The main reasons for that are underwhelming law policy, low impact of ICTs on business models and insufficient investment. © 2018 IEEE.}, author_keywords={Banks; Digital disruption; Digitalization; Fintech; Networked world; Russia}, keywords={Competition, Banks; Digital disruption; Digitalization; Fintech; Networked world; Russia, Investments}, funding_details={Russian Science FoundationRussian Science Foundation, 14-38-00009}, funding_text 1={The paper is based on research carried out with the financial support of the grant of the Russian Science Foundation (Project No. 14-38-00009. The program-targeted management of the Russian Arctic zone development). Peter the Great St. Petersburg Polytechnic University.}, references={Aptekman, A., (2017) Digital Russia: A New Reality, , http://www.tadviser.ru/images/c/c2/Digital-Russiareport.pdf, July; Augustson, (2017) Digital Pulse: 2017 Outlook & Perspectives from the Market, , http://www.russellreynolds.com/insights/thought-leadership/digitalpulse-2017-outlook-perspectives-from-the-market, March 13; Baller, S., Dutta, S., Lanvin, B., (2016) The Global Information Technology Report 2016, pp. 1-307. , World Economic Forum, Geneva; Bataev, A.V., Analyzing the use of cloud services and assessing the possibilities of introducing them to Russian financial institutions (2017) Proceedings of the 29th International Business Information Management Association Conference-Education Excellence and Innovation Management Through Vision 2020: From Regional Development Sustainability to Global Economic Growth, IBIMA, pp. 25-35; Bataev, A.V., Implementing cloud automated banking systems innovative way of financial institutions (2017) Proceedings of the 29th International Business Information Management Association Conference-Education Excellence and Innovation Management Through Vision 2020: From Regional Development Sustainability to Global Economic Growth, pp. 36-43; Blocker, C.P., Flint, D.J., Myers, M.B., Slater, S.F., Proactive customer orientation and its role in creating customer value in global markets (2011) Journal of the Academy of Marketing Science, 39 (2), pp. 216-233; Christensen, C.M., Bower, J.L., (1995) Disruptive Technologies: Catching the Wave Harvard Business Review, , Issue January-February; Didenko, V., The effect of digitalization era on banking business models (2016) Russian Journal of Retail Management, 3 (2), pp. 183-194; (2017) Digitalization Definition, , http://www.gartner.com/it-glossary/digitalization/; Ezhov, M., RegTech or Technology for Regulators: Why (2017) Wolves. 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Conf. Inf. Networking}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Konrad201831, author={Konrad, A.}, title={Fintech's happy plumbers}, journal={Forbes}, year={2018}, volume={201}, number={3}, pages={31-34}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85047609017&partnerID=40&md5=b88e44045b4a5bbd86f4fd8bbb7adaed}, publisher={Forbes Magazine}, issn={00156914}, language={English}, abbrev_source_title={Forbes}, document_type={Article}, source={Scopus}, } @ARTICLE{Giudici2018160, author={Giudici, P.}, title={Financial data science}, journal={Statistics and Probability Letters}, year={2018}, volume={136}, pages={160-164}, doi={10.1016/j.spl.2018.02.024}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85044313772&doi=10.1016%2fj.spl.2018.02.024&partnerID=40&md5=8cc966035cf00354935aff969b897028}, affiliation={University of Pavia, Italy}, abstract={Data science can be defined as the interaction between computer programming, statistical learning, and one of the many possible domains where it can be applied. In the paper we provide a description of Financial data science, which involves the application of data science to technologically enabled financial innovations (FinTech), often driven by data science itself. We show that one of the most important data science models, correlation networks, can play a significant role in the advancements of Fintech developments. © 2018 Elsevier B.V.}, author_keywords={Data science; Financial technologies; Graphical models; Network models}, references={Abedifar, P., Giudici, P., Hashem, S., Heterogeneous market structure and systemic risk: evidence from dual banking systems (2017) J. Financ. Stab., 33, pp. 96-119; Acharya, V.V., Engle, R., Richardson, M., Capital shortfall: a new approach to ranking and regulating systemic risks (2012) Am. Econ. Rev.: Pap. Proc., 3, pp. 59-64; Adrian, T., Brunnermeier, M.K., (2016) Am. Econ. 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Finance, , (in press); Giudici, P., Spelta, A., Graphical network models for international financial flows (2016) J. Bus. Econom. Statist., 34 (1), pp. 126-138; Giudici, P., Stanghellini, Bayesian inference for facror analysis models (1999) Psychometrika, 66 (4), pp. 577-591; Guo, Y., Zhou, W., Luo, C., Liu, C., Xiong, H., Instance-based credit risk assessment for investment decisions in P2P lending (2016) European J. Oper. Res., 246, pp. 417-426; Lorenz, J., Battiston, S., Schweitzer, F., Systemic risk in a unifying framework for cascading processes on networks (2009) Eur. Phys. J. B, 71 (4), pp. 441-460; Madigan, D., Raftery, A., Model selection and accounting for model uncertainty in graphical models using Occam's window (1994) J. Am. Stat. Assoc. Financ. Econ., 89 (428), pp. 1535-1546; Giudici, P., Applied Data Mining (2003), Wiley London; Lauritzen, S., Graphical Models (1996), Oxford University Press Oxford}, publisher={Elsevier B.V.}, issn={01677152}, coden={SPLTD}, language={English}, document_type={Article}, source={Scopus}, } @ARTICLE{Rastogi201893, author={Rastogi, C.}, title={M-Kopa solar: Lighting up the dark continent}, journal={South Asian Journal of Business and Management Cases}, year={2018}, volume={7}, number={2}, pages={93-103}, doi={10.1177/2277977918774648}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85048128725&doi=10.1177%2f2277977918774648&partnerID=40&md5=dc1d90fc4b64770fb707400f4c2fe7ac}, affiliation={Symbiosis International (Deemed University), Pune, India; Finance & Economics, Indian School of Business, Hyderabad, India}, abstract={M-Kopa Solar is a pay-as-you-go provider of solar home systems, catering to low-income, off-grid customers in East Africa. The company goes by the tagline, ‘Power for Everyone’. Using mobile payments system and an innovative approach to energy delivery, M-Kopa succeeded in building a business which solved a grave problem for the poorest of the poor and has the potential to become a billion dollar enterprise. The case begins with a description of the background in which M-Kopa is operating. It goes on to explain how M-Kopa used the infrastructure gap in sub-Saharan Africa as an opportunity and propagated solar power as an alternative to traditional energy. Finally, it lays out the challenges M-Kopa may face on its expansion spree. © 2018 Birla Institute of Management Technology.}, author_keywords={Disruptive financial innovations; Fintech; Leapfrog the grid; M-Kopa Solar; Mobile technology; Pay as you go}, funding_details={Swiss Re FoundationSwiss Re Foundation}, funding_text 1={M-Kopa received a funding grant from the reinsurer Swiss Re in 2015 to assess whether it was possible to use its system to collect weather data from M-Kopa’s solar devices (Swiss Re Foundation, 2016). Likewise, M-Kopa experimented with adding instruments that measure other weather-related metrics such as barometric pressure, humidity, temperature and rainfall. With this, the company proved that its solar units could be turned into mini weather stations which can collect and relay weather-and climate-related data at a significantly lower cost than conventional weather stations. Even though there is a long way to commercialization of these data due to regulatory hurdles, this could potentially have a ripple effect by benefitting the region’s farmers, insurance firms providing weather-related index insurance, meteorological planners and environmental agencies.}, references={(2017) PEG Africa—Ghana and Cote d’Ivoire’s Moment in the Sun, , https://www.ashden.org/winners/peg-africa#continue, June 16; Beegle, K., Christiaensen, L., Dabalen, A., Gaddis, I., (2016) Poverty in a Rising Africa, , Washington, DC: World Bank Publications; (2016) Solar Startup M-KOPA Leapfrogs Africa’s Electricity Grid. Techcrunch, , https://techcrunch.com/2016/04/28/solar-startup-m-kopa-leapfrogs-africas-electricity-grid/, April 29; Castellano, A., Kendall, A., Nikomarov, M., Swemmer, T., (2015) Brighter Africa: The Growth Potential of The Sub-Saharan Electricity Sector (Mckinsey Report), , http://www.mckinsey.com/insights/energy_resources_materials/powering_africa; Faris, S., (2015) The Solar Company Making a Profit on Poor Africans, pp. 1-11. , https://www.bloomberg.com/features/2015-mkopa-solar-in-africa/, December 2, Bloom. Businessweek; (2017), https://www.gsma.com/mobilefordevelopment/wp-content/uploads/2017/01/Lessons-from-the-use-of-mobile-in-utility-pay-as-you-go-models.pdf; Hubert, C., (2017) Africa Going off the Grid. Global Risk Insights, , https://globalriskinsights.com/2017/01/africa-going-off-grid/, January 11; Jackson, T., (2016) Solar Freedom Africa is Another PAYG Energy Startup Making Waves. Disrupt Africa, , http://disrupt-africa.com/2016/10/solar-freedom-africa-is-another-payg-energy-startupmaking-waves/, October 21; Krause, K., (2016), http://kai.sub.blue/en/africa.html; (2017) 50 Smartest Companies 2017, , https://www.technologyreview.com/lists/companies/2017/intro/#m-kopa, June 27; https://www.funderbeam.com/startups/m-kopa/funding?ref=teleport; (2016) Battle for the Solar Market. Newsafrica, , https://www.newsafrica.net/2016052027/business-economy/battle-for-the-solar-market, May 20; Oloyede, O., (2017) Jumia Unveils Its Third White Paper on Nigerian Mobile Trends 2017, , https://blog.jumia.com.ng/jumia-unveils-third-white-paper-nigerian-mobile-trends-2017/, Jumia Lounge; (2015) Accelerating Access to Electricity in Africa with Off-Grid Solar, Country Briefing: Zambia, , http://www.energynet.co.uk/webfm_send/1688; Stanislaw, J., Yergin, D., (2003), Boston, MA: WGBH Boston Video; (2016) Solar-Powered Data Gathering, , https://www.swissrefoundation.org/our-work/focus-area/society/M-Kopa.html; (2017) D.Light Takes on Former Client M-Kopa Solar with a Robust Home Solar System with a 19” Digital TV, , https://techmoran.com/d-light-takes-former-client-m-kopa-solar-robusthome-solar-system-19-digitial-tv/, June 27, TechMoran; (2016) Power Hungry, , https://www.economist.com/news/middleeastand-africa/21685504-electrification-plans-are-stalling-because-distributors-wont-pay-power-hungry, January 7; (2014) Sustainable Energy for All (SE4ALL) Database, , https://data.worldbank.org/indicator/EG.ELC.ACCS.ZS; (2017) Vodafone Marks 10 Years of the world’s Leading Mobile Money Service, M-Pesa, , http://www.vodafone.com/content/index/media/vodafone-group-releases/2017/m-pesa-10.html#}, correspondence_address1={Rastogi, C.E-802, Aparna Towers, Kondapur, India; email: charurastogi1@gmail.com}, publisher={SAGE Publications Ltd}, issn={22779779}, language={English}, abbrev_source_title={South Asian J. Bus. Manag. Econ.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Koç20181, author={Koç, A.K. and Yavuz, E. and Çabuk, U.C. and Dalkiliç, G.}, title={Towards secure e-voting using ethereum blockchain}, journal={6th International Symposium on Digital Forensic and Security, ISDFS 2018 - Proceeding}, year={2018}, volume={2018-January}, pages={1-6}, doi={10.1109/ISDFS.2018.8355340}, note={cited By 5; Conference of 6th International Symposium on Digital Forensic and Security, ISDFS 2018 ; Conference Date: 22 March 2018 Through 25 March 2018; Conference Code:136277}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85050969775&doi=10.1109%2fISDFS.2018.8355340&partnerID=40&md5=cae1c5b02220669c9c44818679d91487}, affiliation={Computer Engineering Dept., Dokuz Eylul University, Izmir, Turkey; Electrical-Electronics Engineering Dept., Erzincan University, Erzincan, Turkey}, abstract={There is no doubt that the revolutionary concept of the blockchain, which is the underlying technology behind the famous cryptocurrency Bitcoin and its successors, is triggering the start of a new era in the Internet and the online services. While most people focus only at cryptocurrencies; in fact, many administrative operations, fintech procedures, and everyday services that can only be done offline and/or in person, can now safely be moved to the Internet as online services. What makes it a powerful tool for digitalizing everyday services is the introduction of smart contracts, as in the Ethereum platform. Smart contracts are meaningful pieces of codes, to be integrated in the blockchain and executed as scheduled in every step of blockchain updates. E-voting on the other hand, is another trending, yet critical, topic related to the online services. The blockchain with the smart contracts, emerges as a good candidate to use in developments of safer, cheaper, more secure, more transparent, and easier-to-use e-voting systems. Ethereum and its network is one of the most suitable ones, due to its consistency, widespread use, and provision of smart contracts logic. An e-voting system must be secure, as it should not allow duplicated votes and be fully transparent, while protecting the privacy of the attendees. In this work, we have implemented and tested a sample e-voting application as a smart contract for the Ethereum network using the Ethereum wallets and the Solidity language. Android platform is also considered to allow voting for people who do not have an Ethereum wallet. After an election is held, eventually, the Ethereum blockchain will hold the records of ballots and votes. Users can submit their votes via an Android device or directly from their Ethereum wallets, and these transaction requests are handled with the consensus of every single Ethereum node. This consensus creates a transparent environment for e-voting. In addition to a broad discussion about reliability and efficiency of the blockchain-based e-voting systems, our application and its test results are presented in this paper, too. © 2018 IEEE.}, author_keywords={blockchain; e-voting; ethereum; smart-contracts}, keywords={Android (operating system); Computer crime; Data privacy; Digital forensics; Electronic crime countermeasures; Electronic money; Mobile security; Voting machines, Android devices; Android platforms; Bitcoin; E-Voting; E-voting systems; ethereum; On-line service; Smart contracts, Blockchain}, funding_text 1={ACKNOWLEDGMENT This study is a part of a broader research related to e-voting systems, conducted by the Security Research Group at Dokuz Eylul University Computer Engineering Department, and has been supported by Ericsson AraútÕrma Geliútirme ve Biliúim Hizmetleri Aù.}, references={Nakamoto, S., Bitcoin: A Peer-to-peer Electronic Cash System, , https://bitcoin.org/bitcoin.pdf, [Online]; Wood, G., Ethereum: A secure decentralised generalised transaction ledger (2014) Ethereum Project Yellow Paper, 151, pp. 1-32; Clack, C.D., Bakshi, V.A., Braine, L., (2017) Smart Contract Templates: Foundations, Design Landscape and Research Directions, , Mar; Maaten, E., Towards remote e-voting: Estonian case (2004) Electronic Voting in Europe-Technology, Law, Politics and Society, 47, pp. 83-100; Çabuk, U.C., Çavdar, A., Demir, E., E-Demokrasi: Yeni Nesil Doǧrudan Demokrasi Ve türkiye'Deki Uygulanabilirliǧi, , https://www.researchgate.net/profile/Umut_Cabuk/publication/308796230_E-Democracy_The_Next_Generation_Direct_Democracy_and-Applicability-in-Turkey/links/5818a6d408aee7cdc685b40b/E-Democracy-The-Next-Generation-Direct-Democracy-and-Applicability-in-Turkey.pdf, [Online]; (2014) Final Report: Study on EGovernment and the Reduction of Administrative Burden (SMART 2012/0061), , https://ec.europa.eu/digital-single-market/en/news/finalreport-study-egovernment-and-reduction-administrative-burdensmart-20120061, [Online]; Hao, F., Ryan, P.Y.A., (2017) Real-World Electronic Voting: Design, Analysis and Deployment, pp. 143-170. , CRC Press; Braun, N., Chancellery, S.F., West, B., E-voting: Switzerland's projects and their legal framework-in a european context (2004) Electronic Voting in Europe: Technology, Law, Politics and Society. Gesellschaft Für Informatik, pp. 43-52. , Bonn; (2010) E-voting System, , https://www.valimised.ee/sites/default/files/uploads/eng/General_Description_E-Voting_2010.pdf, Estonian National Electoral Committee [Online]; McCorry, P., Shahandashti, S.F., Hao, F., A smart contract for boardroom voting with maximum voter privacy (2017) International Conference on Financial Cryptography and Data Security, pp. 357-375. , Springer, Cham; Takabatake, Y., Kotani, D., Okabe, Y., (2016) An Anonymous Distributed Electronic Voting System Using Zerocoin, pp. 127-131. , IEICE Technical Report; Çabuk, U.C., Senocak, T., Demir, E., Çavdar, A., A Proposal on initial remote user enrollment for IVR-based voice authentication systems (2017) Int. J. of Advanced Research in Computer and Communication Engineering, 6, pp. 118-123. , July; Hao, F., Ryan, P.Y.A., Zielinski, P., Anonymous voting by tworound public discussion (2010) IET Information Security, 4, pp. 62-67. , June}, editor={Varol A., Karabatak M., Varol C.}, sponsors={IEEE Society}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538634493}, language={English}, abbrev_source_title={Int. Symp. Digit. Forensic Secur., ISDFS - Proc.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Kim20181, author={Kim, J. and Lee, J. and Park, Y. and Yoon, J. and Cho, J. and Bae, K. and Lee, D. and Kim, S.}, title={Highly functionalized EMC package materials for fingerprint sensors}, journal={China Semiconductor Technology International Conference 2018, CSTIC 2018}, year={2018}, pages={1-3}, doi={10.1109/CSTIC.2018.8369309}, note={cited By 0; Conference of 2018 China Semiconductor Technology International Conference, CSTIC 2018 ; Conference Date: 11 March 2018 Through 12 March 2018; Conference Code:136803}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85048889996&doi=10.1109%2fCSTIC.2018.8369309&partnerID=40&md5=5d136a62f46f7b1150e1238c6baf2785}, affiliation={Development 1 Group, Development 1 Team, Electronic Material Division, Samsung SDI, 130, Samsung-ro, Suwon-si, Gyeonggi-do, 16678, South Korea}, abstract={The current trends of chip packaging technologies are moving towards providing the functional solutions for modules, where chips cannot fully perform their roles without the support of functionalized packaging materials. Functionalized EMC specialized for future capacitive fingerprint sensors and further wearable, Fintech, and IoT technologies requires following functions or properties: high dielectric constant (Dk: >21 or28), flexibility (Modulus at 25°C: < 10Mpa), flow-ability (spiral flow: > 60 inch) and uniformity of appearance (Defection rate by black stains: <0.02%). Here, we present the state of the art achievements on those functions and properties of functionalized EMC. © 2018 IEEE.}, keywords={Capacitive sensors; Chip scale packages; Packaging materials; Semiconductor device manufacture, Capacitive fingerprint sensors; Chip packaging technologies; Fingerprint sensors; Functional solution; Functionalized; High dielectric constants; Package materials; State of the art, Wearable sensors}, references={Schwab, K., (2017) The Fourth Industrial Revolution, , Crown Business; Gubbi, Buyya, J., Marusic, R., Palaniswami, M.S., Internet of Things (IoT): A vision, architectural elements, and future directions (2013) Future Generation Computer Systems, 29 (7), pp. 1645-1660; Saniee, Kamat, I., Prakash, S., Weldon, M.S., Will productivity growth return in the new digital era An analysis of the potential impact on productivity of the fourth industrial revolution (2017) Bell Labs Technical Journal; Chahid, Benabdellah, Y., Azizi, A.M., Internet of things security (2017) 2017 International Conference on Wireless Technologies, Embedded and Intelligent Systems (WITS), pp. 1-6; Bughin, Chui, M.J., The internet of things: Assessing its potential and identifying the enablers needed to capture the opportunity (2017) The Internet of Things in the Modern Business Environment, pp. 111-125; Sadeghi, Wachsmann, A.R., Waidner, M.C., Security and privacy challenges in industrial internet of things (2015) Design Automation Conference (DAC), 52nd ACM/EDAC/IEEE, pp. 1-6; Jain, Hong, A., Pankanti, S.L., Biometric identification (2000) Communications of the ACM, 43, pp. 91-98; Juniper, W.H., Securing public faith in biometrics (2016) Biometric Technology Today, 9, pp. 7-9; Bhattacharyya, D., Ranjan, R., Alisherov, F., Choi, M., Biometric authentication: A review (2009) International Journal of U-and E-Service, Science and Technology, 2, pp. 13-28; Lu, D., Wong, C.P., (2016) Materials for Advanced Packaging, , Springer US; Tabei, J., Sasajima, H., Mori, T., Epoxy molding compound for fingerprint sensor (2016) Electronics Packaging (ICEP), pp. 553-559; Joshua, J., (2017) Universal 3D Wearable Fingerprint Targets: Advancing Fingerprint Reader Evaluations, , arXiv preprint arXiv 1705. 07972; Sheu, Tsao, L.J.M.L., A sub-fF capacitive fingerprint sensor with neighbor pixel difference sensing (2016) 2016 5th International Symposium on Next-Generation Electronics (ISNE), pp. 1-2}, correspondence_address1={Kim, J.; Development 1 Group, Development 1 Team, Electronic Material Division, Samsung SDI, 130, Samsung-ro, South Korea; email: junghwa0.kim@samsung.com}, editor={Wu H., Song P., Lin Q., Wang Y., Claeys C., Lung H.-L., Zhang Y., Liang S., Shi Y., Huang R., Guo Z., Lai K.}, sponsors={}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538653081}, language={English}, abbrev_source_title={China Semicond. Technol. Int. Conf. , CSTIC}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Tran20181731, author={Tran, T.A. and Han, K.S. and Yun, S.Y.}, title={Factors influencing the intention to use mobile payment service using fintech systems: Focused on Vietnam}, journal={Asia Life Sciences}, year={2018}, volume={SUPPLEMENT 15}, number={3}, pages={1731-1747}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054564435&partnerID=40&md5=e4adc53f95b150c262a9f42e235004ba}, affiliation={Department of Business Administration, Soongsil University, Seoul, South Korea; School of Business Administration, Soongsil University, Seoul, South Korea; Department of IT Policy and Management, Soongsil University, Seoul, South Korea}, abstract={The rapid development of Fintech services and a growing number of smart devices is changing the face of the payments world. Nowadays, the financial services are accessed by almost anyone, anywhere, anytime via smartphones or tablets. This article aims to investigate the effects of technology, personal and environment on intention towards the intention to use mobile payment system in Vietnam, based on a technology acceptance model (TAM) and Technology, Personal and Environment (TPE) framework. The proposed model consists three technical factors, three personal factors, and one environmental factor. Users’ perceived ease of use is the strongest influenced by mobile payment knowledge, whereas personal innovativeness is the most influential factor to the usefulness of mobile payment. Interestingly, the results indicate that perceived cost and compatibility have insignificant effects over the perceived usefulness. Moreover, the relationships between the variables are influenced by gender and occupation. © Rushing Water Publishers Ltd. 2018.}, author_keywords={Fintech; Intention to use; Mobile payment system; TAM; TPE framework; Vietnam}, references={Adams, D.A., Nelson, R.R., Todd, P.A., Perceived usefulness, ease of use, and usage of information technology: A replication (1992) MIS Quarterly, 16, pp. 227-247; Ajzen, I., Fishbein, M., (1980) Understanding Attitudes and Predicting Social Behavior, , Prentice-Hall, Englewood Cliffs, NJ, USA; Au, Y.A., Kauffman, R.J., The economics of mobile payments: Understanding stakeholder issues for an emerging financial technology application (2008) Electronic Commerce Research and Applications, 7, pp. 141-164; Burnham, T.A., Frels, J.K., Mahajan, V., Consumer switching costs: A typology, antecedents and consequences (2003) Journal of the Academy of Marketing Science, 31 (2), pp. 109-126; Chang, M., Cheung, W., Lai, V., Literature derived reference models for the adoption of online shopping (2005) Information & Management, 42 (4), pp. 543-559; Chau, P.Y., Tam, K.Y., Factors affecting the adoption of open systems: An exploratory study (1997) MIS Quarterly, pp. 1-24; Cheng, T.C.E., Lam, D.Y.C., Yeung, C.L., Adoption of internet banking: An empirical study in Hong Kong (2006) Decision Support Systems, 42, pp. 1558-1572; Dahlberg, T., Mallat, N., Öörni, A., (2003) Trust Enhanced Technology Acceptance Modelconsumer Acceptance of Mobile Payment Solutions, pp. 22-23. , Paper presented at The 2nd Mobility Roundtable, Stockholm, Sweden; Dahlberg, T., Mallat, N., Ondrus, J., Zmijewska, A., Past, present and future of mobile payments research: A literature review (2008) Electronic Commerce Research and Applications, 7, pp. 165-181; Davis, F.D., Perceived usefulness, perceived ease of use, and user acceptance (1989) MIS Quarterly, 13 (3), pp. 319-340; Featherman, M.S., Pavlou, P.A., Predicting e-services adoption: A perceived risk facets perspective (2003) International Journal of Human-Computer Studies, 59 (4), pp. 451-474; Gastal, F., year? 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International Journal of Smart Business and Technology (2013) Gvschoolpub, 1 (1), pp. 1-16; Slade, E.L., Williams, M.D., Dwivedi, Y.K., Extending UTAUT2 to explore consumer adoption of mobile payments (2013) In: Proceedings of the UK Academy for Information Systems Conference, , Oxford, UK; Sohn, S.Y., Kim, Y., Searching customer patterns of mobile service using clustering and quantitative association rule (2008) Expert Systems with Applications, 34 (2), pp. 1070-1077; Starbuck, W.H., (1976) Organizations and Their Environments, , Rand McNally, Chicago, Illinois, USA; Tan, G.W.H., Ooi, K.B., Chong, S.C., Hew, T.S., NFC Mobile Credit Card: The Next Frontier of Mobile Payment? (2013) Telematics and Informatics; Tornatzky, L.G., Fleischer, M., The Processes of Technological Innovation (1990) Lexington Books, , Lexington, MA, USA; Venkatesh, V., Davis, F.D., A theoretical extension of the technology acceptance model: Four longitudinal field studies (2000) Management Science, 46 (2), pp. 186-204; Venkatesh, V., Morris, M.G., Davis, G.B., Davis, F.D., User acceptance of IT: Toward a unified view (2003) MIS Quarterly, 27 (3), pp. 425-478; Vikas, M., Wagner, A.K., Satisfaction, repurchase intent, and repurchase behavior: Investigating the moderating effect of customer characteristics (2001) Journal of Marketing Research, 38 (1), pp. 131-142; Yang, S., Lu, Y., Gupta, S., Cao, Y., Zhang, R., Mobile payment services adoption across time: An empirical study of the effects of behavioral beliefs, social influences, and personal traits (2012) Computers in Human Behavior, 28, pp. 129-142; Yi, M.Y., Jackson, J.D., Park, J.S., Probst, J.C., Understanding information technology acceptance by individual professionals: Toward an integrative view (2006) Information & Management, 43 (3), pp. 350-363}, correspondence_address1={Han, K.S.; School of Business Administration, Soongsil UniversitySouth Korea; email: kshan@ssu.ac.kr}, publisher={Rushing Water Publishers Ltd.}, issn={01173375}, language={English}, abbrev_source_title={Asia Life Sci.}, document_type={Article}, source={Scopus}, } @ARTICLE{Döderlein2018122, author={Döderlein, D.}, title={What is the optimal mix between banks and fintechs in the payments architecture?}, journal={Journal of Payments Strategy and Systems}, year={2018}, volume={12}, number={2}, pages={122-129}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059057136&partnerID=40&md5=f92faa660be55c48e4ae59ad16d1da17}, affiliation={Auka, Tordenskioldsgate 8-10, Oslo, 0160, Norway}, abstract={The lack of innovation in financial services can be explained by the market domination and regulatory protection that incumbent banks have hitherto enjoyed, meaning that they have not needed to defend disruptive forces from FinTechs, third parties or other banks. However, the era of lightweight innovation and limited advancements in payments technology is coming to an end. The revised Payments Services Directive (PSD2) gives third parties the opportunity to develop, launch and become the preferred payments channel in regions where no alternative exists. Increasing smartphone adoption and internet access will see mobile become the dominant channel for everyday purchases. As payments are commoditised, the value of this channel is no longer limited to transaction fees. Instead, it is derived from user volume and data.Tech giants, such as Facebook, Google and Apple, recognise that data equal power and have made evidential steps toward becoming payment powerhouses. Banks bring formidable strengths to the payments arena. There are considerable benefits and revenue sources available to those that mobilise their long-term payment channels. Partnering with FinTechs allows banks to quickly become agile and launch cost-efficient minimum viable products and to test new ideas. To retain relevance in payments post-PSD2, banks must make mobile payments their top priority. © Henry Stewart Publications, 1750-1806.}, author_keywords={Fintech; Mobile payments; Payment channels; Payments architecture; PSD2; Retail banking}, references={(2017) Mastercard Expands QR Payments Choice, , https://newsroom.mastercard.com/press-releases/mastercard-expands-qr-payments-choice/, accessed 26th April, 2018; Cragg, O., (2018) Google Tez Gains 12 Million Users in India, to Introduce Bill Payments, , https://www.androidauthority.com/google-tez-india-user-stats-bill-payments-820123/, (accessed 26th April, 2018); (2017) PSD2: Turn Compliance into Opportunity, Research Conducted on Behalf of Auka, , http://info.auka.io/get-the-psd2-guide, accessed 26th April, 2018; Denecker, O., Gulati, S., Niederkorn, M., (2014) The Digital Battle that Banks Must Win, , https://www.mckinsey.com/industries/financial-services/our-insights/the-digital-battle-that-banks-must-win, (accessed 26th April, 2018); Dab, S., Badi, M., Desmangles, L., Grealish, A., Muxí, F., Poddar, B., Sampieri, O., van den Berg, P., (2016) Global Payments 2016: Competing in Open Seas, , https://www.bcg.com/publications/2016/financial-institutions-transaction-banking-global-payments-competing-open-seas.aspx, (accessed 27th April, 2018); Denecker, ref 4 above; (2017) Driving the Future of Payments, , https://www.accenture.com/t20171012T092409Z__w__/ca-en/_acnmedia/PDF-62/Accenture-Driving-the-Future-of-Payments-10-Mega-Trends.pdf, (accessed 26th April, 2018); (2017) Redrawing the Lines: Fintech’s Growing Influence on Financial Services, , https://www.pwc.com/jg/en/publications/pwc-global-FinTech-report-17.3.17-final.pdf, Global Fintech Report 2017, accessed 26th April, 2018; Wildau, G., China banks starved of big data as mobile payments rise (2016) Financial Times, , https://www.ft.com/content/8d495ada-6b50-11e6-a0b1-d87a9fea034f, 29th August, (accessed 26th April, 2018); How It All Started, , https://www.mobilepay.dk/da-dk/Pages/The-story-in-English.aspx, MobilePay.com, (accessed 26th April, 2018); Valmot, O.R., (2018) En Rekke Nye Funksjoner I Vipps: Mobilen Overtar for Betalingskort, , https://www.tu.no/artikler/en-rekke-nye-funksjoner-i-vipps-forventer-at-mobilen-overtar-for-betalingskort/433799, (accessed 26th April, 2018); (2018) Sweden — Swish, , https://www.instapay.today/tracker/sweden-swish/, accessed 26th April; Haselton, T., (2018) Google Just Launched Another Answer to Apple Pay, , https://www.cnbc.com/2018/02/20/google-pay-launches-to-take-on-apple-pay.html, (accessed 26th April, 2018); du Toit, G., Cheris, A., (2018) Bankings Amazon moment’, , http://www.bain.com/publications/articles/bankings-amazon-moment.aspx, (accessed 26th April, 2018); Heritage, F., (2017) Facebook Launches UK Mobile Payments Tool via Messenger App, , http://businessadvice.co.uk/procurement/mobile-payments/facebook-launches-uk-mobile-payments-tool-via-messenger-app/, accessed 26th April, 2018; (2017) Apple Pay Cash: A Step in the Right Direction for Mobile Payments?, , https://www.mobilepaymentstoday.com/articles/apple-pay-cash-a-step-in-the-right-direction-for-mobile-payments/, accessed 26th April, 2018; Haselton, ref. 13 above; Chen, C., China’s village people fast to adopt mobile payments (2018) South China Morning Post, , http://www.scmp.com/tech/enterprises/article/2131760/chinas-village-people-fast-adopt-mobile-payments, 3rd February, (accessed 26th April, 2016)}, correspondence_address1={Döderlein, D.; Auka, Tordenskioldsgate 8-10, Norway; email: daniel@auka.io}, publisher={Henry Stewart Publications}, issn={17501806}, language={English}, abbrev_source_title={J. Paym. Strateg. Syst.}, document_type={Article}, source={Scopus}, } @ARTICLE{Zetzsche2018217, author={Zetzsche, D. and Preiner, C.}, title={Cross-Border Crowdfunding: Towards a Single Crowdlending and Crowdinvesting Market for Europe}, journal={European Business Organization Law Review}, year={2018}, volume={19}, number={2}, pages={217-251}, doi={10.1007/s40804-018-0110-x}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85047495924&doi=10.1007%2fs40804-018-0110-x&partnerID=40&md5=05cf92a3abe87f8bc66757a876ffc175}, affiliation={Professor of Law, ADA Chair in Financial Law (Inclusive Finance), Faculty of Law, Economics and Finance, University of Luxembourg, Luxembourg, Luxembourg; Director, Center for Business and Corporate Law, Heinrich-Heine-University, Duesseldorf, Germany; Ph.D. Candidate, University of Zurich, Zurich, Switzerland; Trainee-in-law, Gasser Partner, Vaduz, Liechtenstein}, abstract={Crowdlending and crowdinvesting have experienced rapid growth in some EU Member States. However, these types of crowdfunding have, for the most part, remained a phenomenon of those larger Member States that ‘draw a crowd’, with populations that are large enough to make crowdfunding systems economically feasible. In turn, crowdfunding has remained a mainly national issue, prompting the European Commission to conclude that there is no need for harmonization of crowdfunding rules in Europe. In contrast to the European Commission’s Capital Market Action Plan, this paper takes the view that national limitations on crowdinvesting and crowdlending de facto are the result of limits de iure. Given that no European passport is tailor made or fits crowdfunding, this source of financing is doomed to remain national. Moreover, with different legal requirements in Member States, European law hinders the development of cross-border crowdfunding within the region. This is particularly true for smaller Member States whose populations are too small to constitute ‘a crowd’. This paper details how European regulators could facilitate a Single European Crowdfunding Market. Regulation of the crowdfunding platform based on the ‘MiFID light’ framework could function as the basis for a cross-border crowdfunding manager passport, given the minimum protection it affords both investors and the financial system, and the low costs it imposes on the platform. Following the (1) too-small-to-care, (2) too-large-to-ignore, and (3) too-big-to-fail development path of FinTech business models, we suggest adding a relevance threshold of EUR250,000 in transaction volume to the MiFID light framework and imposing regulation to address systemic risk stemming from very large crowdfunding platforms. © 2018, T.M.C. Asser Press.}, author_keywords={Capital Requirements Directives (CRD IV); Capital Requirements Regulation (CRR); Crowdfunding; Crowdinvesting; Crowdlending; Directive on Alternative Investment Fund Managers (AIFMD); Directive on Undertakings for Collective Investment in Transferable Securities (UCITSD); Equity based crowdfunding; Financial regulation; FinTech; Market in Financial Instruments Directive (MiFID); Markets in Financial Instruments Regulation (MiFIR)}, funding_details={European CommissionEuropean Commission, 2016b, 2015c, 2017a}, funding_details={17/2017}, funding_details={Erzincan ÜniversitesiErzincan Üniversitesi, 600/2014}, funding_details={OJ L173/ 84–148, 648/2012}, funding_details={17/2017}, funding_details={Universiteit StellenboschUniversiteit Stellenbosch}, funding_details={17/2017}, funding_details={CS FundCS Fund, Framework}, funding_details={Erzincan ÜniversitesiErzincan Üniversitesi}, funding_details={L87/500-517}, funding_text 1={3 The related concerns have been addressed by European and international policy bodies, see the review by the European Securities and Markets Authority (ESMA) (2014a), Opinion: Investment Based Crowdfunding, ESMA/2014/1378; European Commission (2016b); European Commission (2015c), Crowdfunding: Mapping EU Markets and Events Study on regulatory frameworks for CF; International Organization of Securities Commissions (IOSCO) (2015b), Statement on Addressing Regulation of Crowdfunding; IOSCO (2015a), Crowdfunding 2015 Survey Responses Report; European Commission (2017a), A more competitive and innovative financial sector; IOSCO (2017), Research Report on Financial Technologies (Fintech).}, funding_text 2={With regard to the traditional distribution of financial instruments, the phenomenon of talking up investments is well known in, and is addressed by, financial law. For instance, for publicly traded assets, Article 14 and Annex I of the Market Abuse Regulation 2014/596/EU prohibit market manipulation by virtue of inadequate information being distributed to the public. Conflict of interest rules imposed by the Market in Financial Instruments Directive (MiFID), the Directive on Alternative Investment Fund Managers (AIFMD)58 and the Directive on Undertakings for Collective Investment in Transferable Securities (UCITSD)59 prevent asset and fund managers from talking up, front running, and dumping assets into funds they manage60—an action which is similar to the fund platform selling unsuccessful business models to the crowd. If crowdfunding is left out of the scope of financial law, potential funders are left vulnerable.}, funding_text 3={72 See CAMAC (2014), pp 21 et seq. (detailing the approaches of the UK, New Zealand, Canada and the US on conflicts of interests). Under the Australian Corporations Act 2001, as amended by the Australian Corporations Amendment (Crowd-sourced Funding) Act 2017 (No. 17/2017), available at https://www. legislation.gov.au/Details/C2017A00017 (accessed 28 September 2017), the conflicts rules applicable to financial intermediaries apply to crowdfunding responsible intermediaries; IOSCO (2017), p 31 § 3.4.(i)2. IOSCO emphasizes risks regarding to retail trading over investment platforms, in particular risks resulting from conflicts of interest and insufficient cost and fee transparency.}, funding_text 4={Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No. 648/2012 (MiFIR) [2014] OJ L173/ 84–148.}, funding_text 5={113 See CAMAC (2014), pp 21 et seq. (detailing the approaches in New Zealand, Canada, and the US) as well as § 738 J et seq. of the Australian Corporations Act 2001, as amended by the Australian Corporations Amendment (Crowd-sourced Funding) Act 2017 (No. 17/2017). IOSCO (2017), pp 65 et seq., about FinTech growth in emerging markets/Asia. The regulatory environment for peer-to-peer (P2P) lending platforms and equity crowd funding (ECF) varies considerably across emerging markets. Some}, funding_text 6={Hooghiemstra and de Buysere (2016), pp 153–157; Ferrarini and Machiavello (2017), at 23.30. 119 See § 3 Bundesgesetz über alternative Finanzierungsformen (Alternativfinanzierungsgesetz—AltFG), BGBl. I No. 114/2015, as amended by BGBl. I No. 107/2017 (Version of 28 September 2017); see Rericha and Toman (2015), p 403. 120 See, for instance, s. 738ZC of the Australian Corporations Act 2001, as amended by the Australian Corporations Amendment (Crowd-sourced Funding) Act 2017 (No. 17/2017) (‘The responsible intermediary for a CSF [Common Strategic Framework] offer must reject an application made by a}, funding_text 7={162 See Della Negra (2016), pp 160 et seq.; see recital (15-18) (20), Arts. 9, 10 of Commission Delegated Directive (EU) 2017/593 of 7 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules applicable to the provision or reception of fees, commissions or any monetary or non-monetary benefits [2017] OJ L87/500-517; ESMA (2016); ESMA (2014b), para. 2.7.}, references={Agrawal, A., Catalini, C., Goldfarb, A., Some simple economics of crowdfunding (2014) Innov Pol Econ, 14, pp. 63-97; Arner, D.W., Barberis, J., Buckley, R.P., The evolution of FinTech: a new post-crisis paradigm? 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Bus. Org. Law Rev.}, document_type={Article}, source={Scopus}, } @ARTICLE{Tseng2018, author={Tseng, J.-H. and Liao, Y.-C. and Chong, B. and Liao, S.-W.}, title={Governance on the drug supply chain via gcoin blockchain}, journal={International Journal of Environmental Research and Public Health}, year={2018}, volume={15}, number={6}, doi={10.3390/ijerph15061055}, art_number={1055}, note={cited By 12}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85047510104&doi=10.3390%2fijerph15061055&partnerID=40&md5=7c9e71354f69f2a7a73497d1ba7a97e2}, affiliation={Division of Risk Management, Taiwan Food and Drug Administration, No.161-2, Kunyang St, Nangang District, Taipei City, 11561, Taiwan; Department of Computer Science and Information Engineering, National Taiwan University, No. 1, Sec. 4, Roosevelt Rd, Taipei, 10617, Taiwan; College of Chemistry and Molecular Engineering, Peking University, Beijing, 100871, China}, abstract={As a trust machine, blockchain was recently introduced to the public to provide an immutable, consensus based and transparent system in the Fintech field. However, there are ongoing efforts to apply blockchain to other fields where trust and value are essential. In this paper, we suggest Gcoin blockchain as the base of the data flow of drugs to create transparent drug transaction data. Additionally, the regulation model of the drug supply chain could be altered from the inspection and examination only model to the surveillance net model, and every unit that is involved in the drug supply chain would be able to participate simultaneously to prevent counterfeit drugs and to protect © 2018 by the authors. Licensee MDPI, Basel, Switzerland.}, author_keywords={Blockchain; Drug supply chains; Gcoin}, keywords={botulinum toxin; counterfeit drug; vaccine; prescription drug, currency; drug; supply chain management, Article; drug control; drug cost; drug marketing; drug quality; drug supply chain; electronic commerce; government regulation; human; privacy; public health; purchasing; drug industry; Internet; organization and management; standards; supply and distribution, Drug Industry; Humans; Internet; Prescription Drugs}, chemicals_cas={Prescription Drugs}, references={(2016) Taiwan Food and Drug Administration 2016 Annual Report, p. 31. , Taiwan Food and Drug Administration: Taipei, Taiwan; Lakeisha, W., Ellen, M., The real impact of counterfeit medications (2014) US Pharm, 39, pp. 44-46; (2006) WHO Drug Information: Geneva, 20, pp. 3-4. , Switzerland; Blackstone, E.A., Fuhr, J.P., Jr., Pociask, S., The health and economic effects of counterfeit drugs (2014) Am. 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Manag., 28, pp. 98-113; Szabo, N., (1994) Smart Contracts, , http://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.best.vwh.net/smart.contracts.html, accessed on 28 April 2018}, correspondence_address1={Tseng, J.-H.; Division of Risk Management, Taiwan Food and Drug Administration, No.161-2, Kunyang St, Nangang District, Taiwan; email: 1692tjh@fda.gov.tw}, publisher={MDPI AG}, issn={16617827}, pubmed_id={29882861}, language={English}, abbrev_source_title={Int. J. Environ. Res. Public Health}, document_type={Article}, source={Scopus}, } @BOOK{Mizuno201866, author={Mizuno, Y. and Odake, N.}, title={Case study of a three- part entrepreneurial strategy in a Japanese accounting cloud service}, journal={Multidisciplinary Approaches to Service-Oriented Engineering}, year={2018}, pages={66-95}, doi={10.4018/978-1-5225-5951-1.ch004}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059621561&doi=10.4018%2f978-1-5225-5951-1.ch004&partnerID=40&md5=cc00134cb06f4264f7dbab703c534294}, affiliation={Nagoya Institute of Technology, Japan}, abstract={The purpose of this chapter is to clarify a three-part entrepreneurial strategy in a Japanese accounting cloud service with two-sided markets and freemium. The service provider established its platform as one of industry platform in Fintech and made its initial public offering in five years since its entrepreneurship. The authors studied the service provider and obtained three findings. First, the service provider dares to adopt its cloud platform with single architecture. Second, it builds up its service platform with two business strategies, two marketing strategies, and two management of technology. Third, the integration of these strategies becomes a three-part entrepreneurial strategy, which realizes economies of scale and scope cyclically. Finally, it realizes agglomeration economies in the service platform. Therefore, start-up with two-sided markets and freemium not only dares to design its service platform with single architecture but also should build up the three-part entrepreneurial strategy to formulate service platform as market before building up its business ecosystem. © 2018, IGI Global.}, references={Arthur, W.B., Increasing returns and path dependence in the economy (1994) University of Michigan Press; Bass, F., A New Product Growth Model for Consumer Durables (1969) Management Sciences, (5), p. 15; Burt, R.S., The network structure of social capital (2000) Research in Organizational Behavior, 22, pp. 345-423; Burt, R.S., Structural Holes versus Network Closure as Social Capital (2001) Social Capital: Theory and Research, pp. 31-56. , In N. Lin, K. S. Cook, & R. S. Burt (Eds.) Transaction Publishers; Chesbrough, H., (2003) Open Innovation: The New Imperative for Creating and Profiting from Technology, , Harvard Business Press; Chesbrough, H., (2010) Open services innovation: Rethinking your business to grow and compete in a new era, , John Wiley & Sons; Coleman, J.S., Social capital in the creation of human capital (1988) American Journal of Sociology, 94, pp. S95-S120; Dapp, T.F., (2014) Fintech-The digital (r)evolution in the financial sector: Algorithm-based banking with the human touch, , https://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000345837.pdf, Retrieved 2015/1/6; de la Iglesia, J.L.M., Gayo, J.E.L., Doing business by selling free services (2009) Web 2.0, pp. 1-14. , Springer; Duncan, R.B., The ambidextrous organization: Designing dual structures for innovation (1976) The Management of Organization, 1, pp. 167-188; Eisenhardt, K.M., Building theories from case study research (1989) Academy of Management Review, 14 (4), pp. 532-550; Eisenhardt, K.M., Graebner, M.E., Theory building from cases: Opportunities and challenges (2007) Academy of Management Journal, 50 (1), pp. 25-32; Eisenmann, T., Parker, G., Van Alstyne, M.W., Strategies for two-sided markets (2006) Harvard Business Review, 84 (10), p. 92. , PMID:16649701; Gawer, A., Bridging differing perspectives on technological platforms: Toward an integrative framework (2014) Research Policy, 43 (7), pp. 1239-1249; Gawer, A., Cusumano, M.A., (2002) Platform leadership: How Intel, Microsoft, and Cisco drive industry innovation, , Harvard Business School Press Boston; Gawer, A., Cusumano, M.A., How companies become platform leaders (2008) MIT Sloan Management Review, 49 (2), p. 28; Gibson, C.B., Birkinshaw, J., The antecedents, consequences, and mediating role of organizational ambidexterity (2004) Academy of Management Journal, 47 (2), pp. 209-226; Granovetter, M., The strength of weak ties: A network theory revisited (1983) Sociological Theory, 1 (1), pp. 201-233; Grönroos, C., From scientific management to service management: A management perspective for the age of service competition (1994) International Journal of Service Industry Management, 5 (1), pp. 5-20; Hagiu, A., Merchant or two-sided platform? (2007) Review of Network Economics, 6 (2); Hagiu, A., (2009) Multi-sided platforms: From microfoundations to design and expansion strategies, , Harvard Business School Strategy Unit Working Paper (09-115); Iansiti, M., Levien, R., (2004) The keystone advantage: what the new dynamics of business ecosystems mean for strategy, innovation, and sustainability, , Harvard Business School Press; Kim, P., Aldrich, H., (2005) Social capital and entrepreneurship, , Now Publishers Inc; Kumar, V., Making" freemium" work (2014) Harvard Business Review, 92 (5), pp. 27-29; March, J.G., Exploration and exploitation in organizational learning (1991) Organization Science, 2 (1), pp. 71-87; Mizuno, Y., Odake, N., A Case Study of Progressive Formation of Accounting Cloud Services in JAPAN (2015) International Journal of Service Science, Management, Engineering, and Technology, 6 (1), pp. 1-21; Mizuno, Y., Odake, N., A Case Study of Progressive Formation of Accounting Cloud Service in Japan: The Second Stage (2016) International Journal of Service Science, Management, Engineering, and Technology, 7 (3), pp. 19-37; Mizuno, Y., Odake, N., A Study of Diffusion of Cloud Service with Two-sided Markets Structure and Freemium Business Model (2016) Production management: journal of Japan Society for Production Management, 23 (2), pp. 7-15. , (in Japanese); Mizuno, Y., Odake, N., A Study of Development and Formation of Personal Information Trust Service in Japan (2017) International Journal of Service Science, Management, Engineering, and Technology, 8 (3), pp. 108-129; Moore, J.F., Predators and Prey (1993) Harvard Business Review, 71 (3), pp. 75-83. , PMID:10126156; Ogawa, K., (2014) An Open & Close strategy: Condition of the Japanese company revival, , Tokyo: Shoeisha Publisher. (in Japanese); Rochet, J.C., Tirole, J., Platform competition in two-sided markets (2003) Journal of the European Economic Association, 1 (4), pp. 990-1029; Rogers, E.M., (2003) Diffusion of innovations, , Simon and Schuster; Rosenthal, S.S., Strange, W.C., Evidence on the nature and sources of agglomeration economies (2004) Handbook of regional and urban economics, 4, pp. 2119-2171; Spohrer, J., Service Science, Management, and Engineering and Its Relation to Academic Disciplines (2007) Services science: Fundamentals, challenges and future developments, pp. 11-40. , In B. Stauss, K. Engelmann, A. Kremer, & A. Luhn (Eds.) Springer; Stare, M., Rubalcaba, L.B., Research on Services: From Exploring the "Residual" to Services Science (2007) Services science: Fundamentals, challenges and future developments, pp. 71-78. , In B. Stauss, K. Engelmann, A. Kremer, & A. Luhn (Eds.) Springer; Stauss, B., Engelmann, K., Kremer, A., Luhn, A., (2007) Services science: Fundamentals, challenges and future developments, , Springer; Tatemoto, H., Takanashi, T., Competitive strategies on standardization: Establishing and exploiting consensus standardization [in Japanese] (2010) Journal of Japan Association for Management Systems, 26 (2), pp. 67-81; Vargo, S.L., Lusch, R.F., Evolving to a new dominant logic for marketing (2004) Journal of Marketing, 68 (1), pp. 1-17; (2017) Forecasts the domestic market scale of Fintech Venture Sales volume in Japan, , http://www.yano.co.jp/market_reports/C58122500, Retrieved 2017/11/2 (in Japanese)}, correspondence_address1={Mizuno, Y.; Nagoya Institute of TechnologyJapan}, publisher={IGI Global}, isbn={9781522559528; 1522559515; 9781522559511}, language={English}, abbrev_source_title={Multidiscip. Approaches to Service-Oriented Eng.}, document_type={Book Chapter}, source={Scopus}, } @CONFERENCE{Fermay2018, author={Fermay, A.H. and Santosa, B. and Kertopati, A.Y. and Eprianto, I.M.}, title={The development of collaborative model between Fintech and bank in Indonesia}, journal={ACM International Conference Proceeding Series}, year={2018}, doi={10.1145/3234781.3234783}, note={cited By 0; Conference of 2nd International Conference on E-commerce, E-Business and E-Government, ICEEG 2018 ; Conference Date: 13 June 2018 Through 15 June 2018; Conference Code:139753}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85056296044&doi=10.1145%2f3234781.3234783&partnerID=40&md5=85c1e7a6d23c29d3f15be94c0834530f}, affiliation={Faculty of Economics and Business, University of Trisakti, Department of Management, Kyai Tapa Street Grogol, Jakarta, 11440, Indonesia}, abstract={This paper aims to explore any possibilities or any chance the happening collaborative and disruptive between financial technology (Fintech) and bank with the focus on Peer to Peer (P2P) model. We describe how financial innovations P2P model may have the possibility to disturb the financial system and analyze the collaborative model between bank and Fintech in Indonesia. The method of this study is literature review in which we combine the theoretical perspective, lesson learned from some countries and Indonesia’s experience. We find that the collaboration model is feasible with some requirement. © 2018 Association for Computing Machinery.}, author_keywords={Bank; Financial system; Fintech; P2P}, keywords={Distributed computer systems; Electronic commerce; Finance; Government data processing, Bank; Collaboration models; Collaborative model; Financial innovation; Financial system; Fintech; Literature reviews; Peer to peer (P2P) models, Peer to peer networks}, references={Jun, M., Cai, S., The key determinants of internet banking service quality: A content analysis (2001) International Journal of Bank Marketing, 19 (7), pp. 276-291; Mittal, S., Lloyd, J., (2016) The Rise of FinTech in China: Redefining Financial Services, , www.ey.com/Publication/vwLUAssets/ey-the-rise-of-fintech-in-china/$FILE/ey-the-rise-of-fintech-in-china.pdf/, accessed 9 March 2018; (2017) Fintech in Emerging ASEAN Trends and Prospect, , BBVA, June; Ferracane, M.F., Lee-Makiyama, H., Diverging incentives for reforming China’s restrictions on digital innovations (2017) Journal of Chinese Economic and Foreign Trade Studies, 10 (3), pp. 259-280. , https://doi.org/10.1108/JCEFTS-06-2017-0016; Wankhede, M.M., Salunkhe, S., (2017) Role of Fin Tech Start-Ups in Lending Services of Indian Financial Sector, 7 (1), pp. 19-23. , Prof; (2016) Financial Stability Report, , Bank of England, November; The pulse of Fintech Q4 2016 (2017) Global Analysis of Fintech, , KPMG, 21 February; Carney, M., The promise of Fintech-something new under the sun? (2017) The Deutsche Bundesbank G20 Conference on Digitizing Finance, Financial Inclusion and Financial Literacy, , speech at Wiesbaden, 25 January; Stern, C., Makinen, M., Qian, Z., FinTechs in China – With a special focus peer to peer lending Journal of Chinese Economic and Foreign Trade Studies, , https://doi.org/10.1108/JCEFTS-06-2017-0015; (2016) Digital Finance for All: Powering Inclusive Growth in Emerging Economies, , McKinsey Global Institute, September; Saksonova, S., Kuzmina-Merlino, I., (2017) Fintech as Financial Innovation - The Possibilities and Problems of Implementation, 20 (3), pp. 961-973; Seriawan, Diah, S.R., (2017) Fintech Investree Raih Penghargaan Tingkat Asia, , htto://ekonomi.kompas.com/read/2017/08/01/184001726/-fintech-investree-raih-penghargaan-tingkat-asia, 1st August; Blurred lines: How Fintech is shaping financial services (2016) Global Fintech Report, , PWc. March; (2016) A Temporary Phenomenon? Marketplace Lending – An Analysis of the UK Market, , Deloitte, May; (2017) The Benefit of Fintech, , Bank Indonesia; Chishti, S., Barberis, J., (2016) The FinTech Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries, , Chichester, UK: John Wiley & Sons Ltd; (2016) The EY Fintech Adoption Index: Exploring a New Financial Services Landscape, , E. Y. January; Jarunee, W., FinTech banking industry: A systemic approach (2017) Foresight, 19 (6), pp. 590-603. , https://doi.org/10.1108/FS-07-2017-0026; Haddad, C., Hornuf, L., (2016) The Emergence of the Global Fintech Market: Economic and Technological Determinants, , CESifo Working Paper No. 6131; Ryu, H.-S., What makes users willing or hesitant to use fintech?: The moderating effect of user type Industrial Management & Data Systems, , https://doi.org/10.1108/IMDS-07-2017-0325; http://bloomberg.com/news/articles/2012-12-01/jpmorgan-working-with-on-deck-capital-for small-business-loans; (2017) Research Report on Financial Technologies (Fintech), , International Organization of Securities Commissions, February; Dapp, T., (2014) FinTech the Digital (R)evolution in the Financial Sector: Algorithm-Based Banking with the Human Touch, , Frankfurt am Main: Deutsche Bank Research; Accenture: Fintech Golden Age: As fintech move to competition to collaboration, Wall Street has a unique opportunity to advance; Morse, A., Peer-to-peer crowdfunding: Information and the potential for disruption in consumer lending (2015) NBER Working Papers, (20899). , January; Santosa, B., Comparative analysis of Indonesian banking efficiency by banks category (2016) International Conference of Banking, Accounting, Management and Economics & Call for Papers (ICOBAME); Revell, J., The impact of technology on bank operations and bank marketing (1987) International Journal of Bank Marketing, 5 (4), pp. 5-14; (2015) The Disruption of Banking, , The Economist; (2015) The Fintech Revolution, , The Economist, 9th May}, publisher={Association for Computing Machinery}, isbn={9781450364904}, language={English}, abbrev_source_title={ACM Int. Conf. Proc. Ser.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Speakman2018, author={Speakman, S. and Sridharan, S. and Markus, I.}, title={Three population covariate shift for mobile phone-based credit scoring}, journal={Proceedings of the 1st ACM SIGCAS Conference on Computing and Sustainable Societies, COMPASS 2018}, year={2018}, doi={10.1145/3209811.3209856}, art_number={3209856}, note={cited By 0; Conference of 1st ACM SIGCAS Conference on Computing and Sustainable Societies, COMPASS 2018 ; Conference Date: 20 June 2018 Through 22 June 2018; Conference Code:137564}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85050454280&doi=10.1145%2f3209811.3209856&partnerID=40&md5=c10aa3ff7e79d89e8e3d5ed0e327ee11}, affiliation={IBM Research, United States}, abstract={Mobile money platforms are gaining traction across developing markets as a convenient way of sending and receiving money over mobile phones. Recent joint collaborations between banks and mobile-network operators leverage a customer’s past mobile phone transactions in order to create a credit score for the individual. In this work, we address the problem of launching a mobile-phone based credit scoring system in a new market without the marginal distribution of features of borrowers in the new market. This challenge rules out traditional transfer learning approaches such as a direct covariate shift. We apply a market-based re-weighting scheme of Original Market Borrowers that accounts for the differences in the original and new markets. The goal of applying this generalized covariate shift to three populations is to understand the repayment behavior of a fourth: New Market Borrowers who will self-select into a loan product when it becomes available. To test the approach we use real-world data sets from two Sub-Saharan countries in Africa consisting of 200,000 customers’ telephone records. Our results demonstrate that the market-based re-weighting scheme improves the credit scoring model in the new market compared to other more direct methods. © 2018 Association for Computing Machinery.}, author_keywords={Covariate shift; Credit scoring; Developing markets; FinTech; Transfer learning}, keywords={Cellular telephones; Commerce; E-learning; Mobile phones; Sustainable development; Telephone sets, Covariate shifts; Credit scoring; Developing markets; FinTech; Transfer learning, Cellular telephone systems}, references={Adams, N., Dataset Shift in Machine Learning (2010) Journal of The Royal Statistical Society: Series A (Statistics in Society), 173 (1), p. 274. , https://doi.org/10.1111/j.1467-985X.2009.00624_10.x, 2010; Bickel, S., Brückner, M., Scheffer, T., Discriminative Learning Under Covariate Shift (2009) Journal of Machine Learning Research, 10, pp. 2137-2155. , https://doi.org/10.1063/1.4771869arXiv:physics/0703039, 2009; Caruana, R., Multitask Learning (1997) Mach. Learn., 28 (1), pp. 41-75. , https://doi.org/10.1023/A:1007379606734, July 1997; Dai, W., Yang, Q., Xue, G.-R., Yu, Y., Boosting for transfer learning (2007) Proceedings of The 24th International Conference on Machine Learning - ICML’07, pp. 193-200. , https://doi.org/10.1145/1273496.1273521, 2007; Donovan, K., Mobile Money for Financial Inclusion (2012) Information and Communications for Development, pp. 61-74. , Chapter 4; Freund, Y., Schapire, R.E., A Decision-Theoretic Generalization of On-Line Learning and an Application to Boosting (1997) J. Comput. System Sci., 55 (1), pp. 119-139. , https://doi.org/10.1006/jcss.1997.1504, 1997; Gong, B., Shi, Y., Sha, F., Grauman, K., Geodesic flow kernel for unsupervised domain adaptation (2012) 2012 IEEE Conference on Computer Vision and Pattern Recognition, pp. 2066-2073. , https://doi.org/10.1109/CVPR.2012.6247911, Providence, RI, USA, June 16-21, 2012; Gretton, A., Smola, A.J., Huang, J., Schmittfull, M., Borgwardt, K.M., Schölkopf, B., (2009) Covariate Shift by Kernel Mean Matching, , https://doi.org/10.7551/mitpress/9780262170055.003.0008, 2009; Henley, W.E., (1997) Statistical Classification Methods in Consumer Credit Scoring: A Review, pp. 523-541. , 1997; Huang, J., Gretton, A., Borgwardt, K.M., Schölkopf, B., Smola, A.J., (2007) Correcting Sample Selection Bias by Unlabeled Data, pp. 601-608. , 2007; Manyika, J., Lund, S., Singer, M., White, O., Berry, C., Digital Finance for All: Powering Inclusive Growth in Emerging Economies (2016) McKinsey Quarterly September, , 2016; Moreno-Torres, J.G., Raeder, T., Alaiz-Rodríguez, R., Chawla, N.V., Herrera, F., A unifying view on dataset shift in classification (2012) Pattern Recognition, 45 (1), pp. 521-530. , https://doi.org/10.1016/j.patcog.2011.06.019, 2012; Pedro, J.S., Proserpio, D., Oliver, N., (2015) MobiScore: Towards Universal Credit Scoring from Mobile Phone Data, pp. 195-207. , https://doi.org/10.1007/978-3-319-20267-9_16, Springer International Publishing, Cham; Ridgeway, G., Generalized Boosted Models: A guide to the gbm package (2007) Compute, 1 (4), pp. 1-12. , https://doi.org/10.1111/j.1467-9752.1996.tb00390.x, 2007; Sugiyama, M., Müller, K.-R., Input-Dependent Estimation of Generalization Error under Covariate Shift (2005) Statistics & Decisions, 279 (2005), pp. 249-279. , https://doi.org/10.1524/stnd.2005.23.4.249, 2005; Sugiyama, M., Müller, K.-R., Model Selection Under Covariate Shift (2005) Artificial Neural Networks: Formal Models and Their Applications âĂŞ ICANN 2005, 3697 (2), pp. 235-240. , https://doi.org/10.1007/11550907_37, 2005; Sugiyama, M., Suzuki, T., Kanamori, T., (2012) Density Ratio Estimation in Machine Learning, , (1st ed.). Cambridge University Press, New York, NY, USA; Suigyama, M., Nakajima, S., Kashima, H., Buenau, P., Kawanabe, M., Sugiyama, M., Nakajima, S., Kawanabe, M., Direct Importance Estimation with Model Selection and Its Application to Covariate Shift Adaptation (2007) Nips, pp. 1-8. , https://doi.org/10.1007/s10463-008-0197-x, 2007; Suri, T., Mobile Money (2017) Annual Review of Economics, 9 (1), pp. 497-520. , https://doi.org/10.1146/annurev-economics-063016-103638, 2017; Wei, D., Ramamurthy, K.N., Varshney, K.R., Health Insurance Market Risk Assessment: Covariate Shift and k-Anonymity (2015) Proceedings of The 2015 SIAM International Conference on Data Mining, pp. 226-234. , https://doi.org/10.1137/1.9781611974010.26, 2015; Weiss, K., Khoshgoftaar, T.M., Wang, D., (2016) A Survey of Transfer Learning, 3, p. 9. , https://doi.org/10.1186/s40537-016-0043-6, Springer International Publishing; Zadrozny, B., Learning and Evaluating Classifiers Under Sample Selection Bias (2004) Proceedings of The Twenty-First International Conference on Machine Learning (ICML’04), p. 114. , https://doi.org/10.1145/1015330.1015425, ACM, New York, NY, USA, -; Zliobait, I., Pechenizkiy, M., Gama, J., (2016) An Overview of Concept Drift Applications, pp. 91-114. , https://doi.org/10.1007/978-3-319-26989-4_4, 2016}, sponsors={Cornell University; et al.; Facebook; Google; ICS; moz:lla}, publisher={Association for Computing Machinery, Inc}, isbn={9781450358163}, language={English}, abbrev_source_title={Proc. ACM SIGCAS Conf. Comput. Sustain. Soc., COMPASS}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Lai20181, author={Lai, W.-C.}, title={Measured near field communication antenna for Fintech innovation}, journal={Proceedings - 2018 7th International Symposium on Next-Generation Electronics, ISNE 2018}, year={2018}, pages={1-3}, doi={10.1109/ISNE.2018.8394672}, note={cited By 0; Conference of 7th International Symposium on Next-Generation Electronics, ISNE 2018 ; Conference Date: 7 May 2018 Through 9 May 2018; Conference Code:137427}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85050220707&doi=10.1109%2fISNE.2018.8394672&partnerID=40&md5=82d91f35ae64b59f79fd28e9f47ca61a}, affiliation={Department of Electrical Engineering, National Taiwan University of Science and Technology, Taiwan}, abstract={This paper propose qualified near field communication antenna by LDS (Laser Direct Structuring) type with a via-hole Balun on mobile or wearable system to support Fintech (Financial technology) application. © 2018 IEEE.}, author_keywords={Balun; Dipole WPAN Antenna; Laser Direct Structuring; NFC of LDS}, keywords={Antenna accessories; Injection molding; Laser applications; Wearable antennas, Balun; Laser direct structuring; NFC of LDS; Via hole; Wearable systems, Near field communication}, references={Qing, X., Ning Chen, Z., Characteristics of a metal-backed loop antenna and its application to a high-frequency RFID smart shelf (2009) IEEE Antennas and Propagation Magazine, 51 (2); Qing, X., Chen, Z.N., Proximity effects of metallic environments on high frequency RFID reader antenna: Study and applications (2007) IEEE Transactions on Antennas and Propagation, 55 (11); Fischer, J., NFC in cell phones: The new paradigm for an interactive world (2009) IEEE Communications Magazine, 47 (6), pp. 22-28; Gebhart, M., Neubauer, R., Warnez, D., Stark, M., Design of 13.56 MHz smartcard stickers with ferrite for payment and authentication (2011) 3rd Int. Workshop on Near Field Communication, pp. 59-64. , Hagenberg, Feb; Lai, W.-C., Huang, J.-F., Integrated RFIC on-chip and GPS antenna with human body for wrist and wearable communication applications (2016) Applied Computational Electromagnetics Society Journal, 31 (9). , Sep}, correspondence_address1={Lai, W.-C.; Department of Electrical Engineering, National Taiwan University of Science and TechnologyTaiwan; email: wenlai@mail.ntust.edu.tw}, sponsors={}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538614457}, language={English}, abbrev_source_title={Proc. - Int. Symp. Next-Gener. Electron., ISNE}, document_type={Conference Paper}, source={Scopus}, } @BOOK{Kim2018189, author={Kim, J.}, title={Leverage the financing role of banks for low-carbon energy transition}, journal={Financing for Low-carbon Energy Transition: Unlocking the Potential of Private Capital}, year={2018}, pages={189-210}, doi={10.1007/978-981-10-8582-6_8}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85053367611&doi=10.1007%2f978-981-10-8582-6_8&partnerID=40&md5=34cd190d5dd2a96f6c4f74182e431eeb}, affiliation={Dankook University, 152 Jukjeon-ro, Suji-gu, Yongin-si, Gyeonggi-do, 16890, South Korea}, abstract={The objective of this chapter is to study in ASEAN context about how to facilitate the financing of banks to the areas of sustainability and low-carbon transition. This chapter reviews the major issues related with low-carbon finance of banks. First, low-carbon finance products of banks are diverse and are categorized into two areas: the retail banking sector as well as corporate and investment banking sectors. Many innovative financial product provided by banks are to introduced in ASEAN context. Second, government can provide several incentives to the private financial sectors. An example of public-private partnership is green certification in Republic of Korea. The leading role of governments is critical. Third, the careful recognition of environment risk for the target projects, banks can provide capital and management incentive to projects with low environment risks effectively. Fourth, in October 2015, UNEP FI released the Positive Impact Menifesto, which calls for a new financing paradigm to bridge the funding gap for sustainable development. Fifth, financial technology or 'fintech' is emerging as a core disruptor of every aspect of today's financial system. UN Environment commissioned an initial landscape review of the potential for fintech to advance sustainable development. Next, the situation of bank finance for low-carbon transition in Republic of Korea was studied in two ways: summarizing the situation of Korean banks during last three governments from 2008 to 2017 and interviewing a Korean expert in low-carbon finance. Based on the theoretical issues and case study of Republic of Korea, the policy recommendations were made for banks in ASEAN countries in four areas: recognition of 'low-carbon' as a new paradigm, leading role of the governments, global linkage of individual banks, and leapfrog by cutting-edge technology. © Springer Nature Singapore Pte Ltd. 2018.}, author_keywords={Environment risk management; Low-carbon finance of bank; Public-private partnership}, references={Aizawa, M., Yang, C., Green credit, green stimulus, green revolution? China's mobilization of banks for environmental cleanup (2010) The Journal of Environment & Development, 19 (2), pp. 119-144; (2013) Low-carbon Green Growth in Asia: Policies and Practices, , Manila: ADB; Bai, Y., Faure, M., Liu, J., The role of China's banking sector in providing green finance (2013) Duke Environmental Law and Policy Forum XXIV, (89), pp. 89-140; Boo, K., Environmental finance products in Japanese banks (2009) The Banker, (JUNE), pp. 40-45; Chuen, D., Teo, E., (2016) Emergence of Fintech and LASIC Principles, , http://ssrn.com/abstract=2668049; (2016) G20 green finance synthesis report.; Kim, J., (2009) Green Growth Policy under APEC, , Seoul: Ministry of Planning and Finance; Kim, J., (2011) Green Finance for Green Growth: Joint Study Reported to the Finance Ministrial Meeting of APEC, , Seoul: Ministry of Planning and Finance; Kim, J., (2012) Public finance policy for green growth in Asia, , Working Paper. Manila: Asia Development Bank; Kim, J.-T., Jin, I., (2013) Green Finance, , Seoul: Seoul Economy and Management; Koo, J., Green finance through banks (2010) Report from Joint Study of Green Finance sponsored by Korean Ministry of Finance, , Seoul: APEC; Lee, J., (2017) Green Finance Disappeared in Korea, , http://mediasr.kr/archives/23242; Li, W., Supporting green industries and companies through banks (2011) Report from Joint Study of Green Finance sponsored by Korean Ministry of Finance, , Seoul: APEC; Qu, D., Lenders liability of commercial banks in environmental tort: Focusing on American law (2010) Journal of Politics and Law, 3 (2), pp. 147-198; Son, J., Lee, J., Kim, S., Policy network analysis of green growth policy in Korea (2015) Technology Innovation Journal, 18 (3), pp. 516-538; (2007) Green Financial Products and Services: Current Trends and Future Opportunities in North America.; (2011) UNEP FI guide to banking sustainability.; (2014) Stability and sustainability in banking reform, , Are environmental risks missing in Basel III?; (2016) Fintech and sustainable development assessing the implications.; (2017) The principles for positive impact finance.}, correspondence_address1={Kim, J.; Dankook University, 152 Jukjeon-ro, Suji-gu, South Korea; email: jkim@dankook.ac.kr}, publisher={Springer Singapore}, isbn={9789811085826; 9789811085819}, language={English}, abbrev_source_title={Financ. for Low-carbon Energy Transit.: Unlocking the Potential of Priv. Cap.}, document_type={Book Chapter}, source={Scopus}, } @BOOK{Brehcist2018335, author={Brehcist, J.}, title={Fintech, between innovation and regulation}, journal={Factors and Actors: A Global Perspective on the Present, Past and Future of Factoring}, year={2018}, pages={335-345}, doi={10.3726/b14098}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85055599290&doi=10.3726%2fb14098&partnerID=40&md5=41a39fd7e10c72e9716f552f02d5f01e}, affiliation={EU Federation for the Factoring and Commercial Finance Industry, Netherlands; Roundwindow Consultancy Services, Netherlands}, correspondence_address1={Brehcist, J.; EU Federation for the Factoring and Commercial Finance IndustryNetherlands}, publisher={Peter Lang AG}, isbn={9782807606845; 9782807606838}, language={English}, abbrev_source_title={Factors and Actors: A Glob. Perspect. on the Present, Past and Future of Factor.}, document_type={Book Chapter}, source={Scopus}, } @ARTICLE{Iman201872, author={Iman, N.}, title={Is mobile payment still relevant in the fintech era?}, journal={Electronic Commerce Research and Applications}, year={2018}, volume={30}, pages={72-82}, doi={10.1016/j.elerap.2018.05.009}, note={cited By 3}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85047612385&doi=10.1016%2fj.elerap.2018.05.009&partnerID=40&md5=af22fddf1cc42393aa785208b894dc88}, affiliation={Department of Management, Faculty of Economics and Business, Universitas Gadjah Mada, Yogyakarta, Indonesia}, abstract={Mobile phones have provided such an enormous opportunity for financial development, and are anticipated to become a common tool for carrying out various financial transactions. Hundreds of mobile payment services have been introduced across the globe. Strikingly, many of these efforts have failed. This study analyzes whether mobile payment is still relevant in the fintech era. I compare three mobile payment projects – Oi Paggo in Brazil, TCASH in Indonesia, and M-PESA in Kenya – as case studies. I argue that mobile payment systems currently operate in such complex and multidimensional networks with shared common infrastructures and compete for producing and providing value to the customers on the basis of these infrastructures. Three attributes of industry and network structure are immediately of interest: (1) cutting the vertical supply chain more finely may encourage large players to extend their domination, (2) the basic platform continues to be governed by multinational operators (MNOs) – telecom firms, and (3) openness may be decreasing or increasing even as the number of independent parties in the supply chain drops. © 2018 Elsevier B.V.}, author_keywords={Case study methods; Developing countries; Financial services; Financial transactions; Fintech; Innovation; Mobile payment; Modularity; Networks; Payment networks; Platforms; Technology ecosystems}, keywords={Developing countries; Finance; Global system for mobile communications; Networks (circuits); Supply chains, Case study methods; Financial service; Financial transactions; Fintech; Mobile payment; Modularity; Platforms; Technology ecosystem, Electronic money}, funding_text 1={Mobile payment systems can be viewed as offering payment capabilities for any kind of products, services, or bills utilizing mobile phone or mobile device by exploiting wireless characteristics as well as other communication features and benefits ( Dahlberg et al., 2008, 2015; Dermish et al., 2012; Evans and Pirchio, 2015 ). Mobile devices, such as smart phones, tablets, etc., can be utilized in numerous scenarios of payment, from purchasing electronic materials, tickets, transport fares, as well as to perform electronic transactions such as paying invoices and other bills ( Au and Kauffman, 2008; van der Boor et al., 2014 ). Purchasing physical products via mobile payment systems is also possible, either from the vending machines, ticketing machines, as well as at any manned point-of-sale (PoS) stations. In addition to that, a lot of payment instruments nowadays and most electronic payment systems have also been mobilized (See Box 1 for additional background.). Box 1 A brief history of mobile payment systems. The relationship between banking (financial institutions) and telecoms (MNOs) is not uncommon ( van der Boor et al., 2014 ). The first commercial utilization of mobile technology in banking was probably in 1995 when Merita Bank of Finland developed SMS alerts to inform balances and other account updates to their customers. This is a producer innovation in which users are not involved in any of those initiatives. In the U.S., PayPal started providing online payments and mobile payments in 1998. Their network grew exponentially after being acquired by eBay. During its inception, PayPal relied on eBay users by providing them person-to-person (P2P) electronic payment. However, the company soon grew beyond eBay users. PayPal has more than 110 million active users in 190 countries by 2012. The introduction of prepaid phone credit began in 1998 in the Philippines. They use SMS technology as a method of passing top-off credits between mobile phone users in exchange for goods or services. Until 1999, the exchange of this airtime credit via SMS was still a free service. Some mobile phone users were transferring airtime and then converting it into cash money, making it a means of transferring purchasing power from the sender to the receiver. It then became a common practice in the Philippines ( Lallana, 2004 ). In Asia and the Middle East, money transfer has existed since a thousand years ago. They use the word hawala , from the Arabic word for transfer, and hawaladar for individuals that formed an informal network to perform wiring services. The transactions were based on trust between one another through hawaladar . When the mobile technologies came, they moved from high-frequency radios or satellite phones to mobile phone network. The changes allow them to perform the transaction quickly and settle the accounts immediately. 1 It is often claimed that as early as 1996 in Afghanistan, Osama Bin Laden as well as his networks utilised mobile phones to perform monetary transactions through his hawaladar ( Fielding and Gadhery 2002 ). 1 In 2006, John Owens from the Rural Bankers Association of the Philippines—Microenterprise Access to Banking Services (RBAP-MABS), was approached by his nanny who complained that she could not send money to other family members. While she was happy that her salary was paid in G-Cash, most of the family members did not own mobile phones and lived in the rural areas ( Mendes et al., 2007 ). He then came to the bank and proposed a solution along with a telecom operator. Globe Telecom then created a kind of optional message field that could be used by rural banks to develop further into mobile banking features. In September 2006, the new mobile banking feature was launched. Developed and managed by Safaricom, M-PESA was launched in 2007 to serve Kenyan unbanked population. By 2012, they have more than 50,000 agents in the country and handle more than US$1 billion money transfers per month. Similar examples can be found in Uganda (MTN), Tanzania (Vodacom), as well as in South Africa (FNM) ( Cobert et al., 2012 ). In 2012, the French Cityzi, established by four MNOs, was able to marketed more than one million phones with near field communication (NFC) features. Several MNOs in Denmark also launched a common mobile payment system to take more active role in providing payment services ( Gupta, 2013 ). Other than P2P payments, government-to-person (G2P) payments are also growing in several developing countries. For example, in Brazil and India, government subsidies are regularly distributed via a network of government institutions in cash. To increase the efficiency and reduce the possibility of leakage or corruption, they began using mobile technology for G2P payments. Indeed, different type of products emerge and appeal to different countries as well as different customer segments. This implies that firms and regulators have to choose their technology, platform, and market carefully ( Pousttchi, 2008 ). Nevertheless, mobile payment systems are not merely a plain and unsophisticated mobilization of the traditional or electronic payment system (i.e., providing a mobile feature to the current electronic payment mechanism), as the context (such as market structures, business models, stakeholder relationships) as well as capabilities (such as end-user technology) are not alike ( Au and Kauffman, 2008; Dahlberg et al., 2015 ). Thus, in the cases, I define mobile payments as: any kind of transaction in which a mobile device is being utilized to start, run, and verify this transaction. 2 Contrary to common stereotype, mobile payment systems actually do not limit themselves only to payments using mobile device (cell phone), but are also to payments using any other electronic device with mobile capabilities, such as a tablet PC, a PDA, a smartphone, a payment terminal, or any device that are capable of starting, performing, and/or validating a payment transaction. In general, however, when we talk about mobile payment or mobile payment system, we usually relate to the type of transaction method through any mobile device with telephone capabilities (e.g., smartphones) rather than through a mobile device with wireless connection in general (such as iPad or tablet PC). I also promote this description, as virtually all current available systems assume this. 2 The field of mobile payment is relatively new and often misunderstood. A mobile phone or any other mobile device is not merely a means of payment. Rather, it is a medium by which financial transactions can be initiated, processed, and/or confirmed. A mobile payment is also not merely about accessing a payment service through internet using a mobile device. Even though the mobile version of the service might have similar functionality, mobile payment design and implementation differs due to the different approaches and contexts ( Karnouskos and Fokus, 2004 ). The terms mobile payments and mobile banking are often used by people interchangeably, yet, they are not the same thing and the difference is important to understand. Mobile payments generally relate to services that are generic and universal, and that can be performed by related service providers other than banks or financial institutions. Mobile banking is usually linked with the bank procedures and tend to be narrower in scope. Thus, mobile banking can be categorized as a sub-domain under the mobile payment umbrella. Many discussions among researchers and business practitioners that highlight the importance of mobile payment systems have occurred. They are perceived to have an important impact in electronic and mobile commerce. Mobile payment systems have been an important driver of socioeconomic development in the emerging economies, for example ( Dahlberg et al., 2015; Duncombe and Boateng, 2009 ). Coupling a global instant payment ability with content management results in a strong combination (e.g., Au and Kauffman, 2008; Dahlberg et al., 2008; Dahlberg et al., 2015; Dermish et al., 2012; Duncombe, 2011; Mallat, 2007; Pousttchi, 2008 ). According to the Group Spécial Mobile Association (GSMA) Mobile Money Deployment Tracker (2015), there are 263 live deployments and 101 planned deployments of mobile money around the world. In a handful of those countries, one or two of the schemes ignited and multiplied explosively, yet most mobile payment schemes have not ignited at all ( Evans and Pirchio, 2015 ). Attributes such as innovations in technology, improvements in socioeconomic environments, as well as the high mobile device penetration rate are pushing mobile payment systems development in developing markets ( Kauffman et al., 2015a ). Mobile payments can promote and encourage a variation of service provisions—in particular, person-to-person transfers (P2PT). They are particularly important for developing countries ( Jenkins, 2008 ). Such technology innovations enable financial services delivery to unbanked, bottom-of-the-pyramid populations ( Kauffman and Riggins, 2012 ). Mobile payment systems have also managed in helping disaster recovery and emergency responses. 3 For example, after the earthquake in Haiti in 2010, Mercy Corps along with Voilà distributed virtual mobile vouchers. They developed a simple and inexpensive mobile phone loaded with $40 TCASH (using a mobile payment system from Indonesia’s largest MNO, Telkomsel), was then given to each earthquake victim. Finally, subsequent aid distributions managed just by utilizing an SMS technology. 3 Several factors encourage mobile payment growth in developing countries: (1) Socioeconomic conditions : Perhaps the most important factor fostering mobile payment growth in emerging economies is the lack alternatives to cash ( Duncombe and Boateng, 2009 ). Most people in emerging economies do not have a checking account nor a credit and debit card. Poorly developed infrastructures combined with high fees for money-transfer services mak meobile payments look attractive ( Evans and Pirchio, 2015 ). In some countries, such as Kenya, Tanzania, and Zimbabwe, people are inclined toward the use mobile banking to avoid getting robbed too. (2) Cost efficiency : Most transactions conducted in developing countries are low in value but high in volume ( World Economic Forum, 2011 ). Opening a bank branch is becoming infeasible since a huge initial investment, equipment, infrastructures, as well as human resources and security officers are needed. Branchless banking looks more appealing because it leverages local resources and utilizes local infrastructures, as well as equipment and human resources, such as mobile phones and agent shops. Thus, mobile payment systems are considered to be beneficial to lower-class families and the bottom-of-the-pyramid, unbanked population ( Jenkins, 2008 ). The cost for a typical mobile payment transfer is about 1%. For example, the cost for transferring money via MTN and Wizzit in South Africa is only about US$0.05. Before MTN and Wizzit, people had to pay US$30–US$50 to deliver cash to their relatives. (3) Diffusion of mobile phones : As mobile phones become cheaper and financial services achieve remain relatively exclusive, mobile payments become more favorable ( Duncombe, 2011 ). In some countries, people can have more than one mobile phones. In sub-Saharan countries, more households have mobile phones connectivity than access to clean water or sustainable electricity. (4) Convenience : In most developing countries, mobile payment is more convenient ( Dermish et al., 2012 ). People do not have to travel far from home to pay in or withdraw money, adding significant time and cost to the already high fees. This is not a problem in developed countries though, since banks and ATMs are just across the street. (5) New initiatives : There are several new initiatives of international organizations and non-governmental organizations (NGOs), such as the International Finance Corporation, World Bank, Gates Foundation, GSMA, and others. They promote and facilitate the adoption of mobile payment systems ( Jenkins, 2008 ). For instance, M-PESA in Kenya was initiated and developed by Safaricom and Vodafone with the support from the United Kingdom’s Department of International Development. Telenor Pakistan (Easypaisa) also received a US$6.5 million donation in 2012 from the Gates Foundation. On the other hand, there are also several factors that are limiting further mobile payment growth. (1) Heavy regulations and restrictions: This is probably the most detrimental factor that challenges the mobile payment growth. Insistence from banks to play a central role in the ecosystems are also limiting mobile payment growth ( Evans and Pirchio, 2015; Liu et al., 2015 ). Unfortunately, most mobile payment-related legislations are moving slowly compared to technological advancement. 4 When M-PESA was introduced, at that time there were no particular regulation on mobile money in Kenya. Safaricom found the loophole and exploited it to ran the operation with no proper banking license as can be regularly seen nowadays. Retail banks in Kenya assumed M-PESA as a Ponzi scheme and request an investigation by the Central Bank of Kenya. Then the audit showed that M-PESA provided “bank-grade security level and controls” ( Duncombe, 2012 ). Meanwhile, CellBazaar in Bangladesh failed to ignite in the market due to a inadequate technical support and lack of policy support for mobile network operators (MNOs) to offer and deliver such mobile payment services in the country. 4 (2) Limited collaboration : In most cases, the lack of collaboration has created a roadblock in the ecosystem ( Au and Kauffman, 2008; Liu et al, 2015 ). For example, it took more than five years for M-PESA to be able to collaborate with commercial banks so that its customers can withdraw money from bank’s ATMs. Collaboration is important since most traditional banks usually do not have supporting tools to deal with mobile payments. (3) An underdeveloped ecosystem : Poor infrastructure, lack of standards, minimum mobile phones features, congestion in the telecommunication network, including outages that have restrained the ignition of mobile payment systems in developing countries ( Duncombe and Boateng, 2009; Liu et al., 2015 ). In some cases, there are also interoperability issues and the need for particular types of intermediaries to solve the trust issues and to help in reducing chicken-and-egg problems. (4) Security problems : Developing countries are more likely to be victims of cybercriminals ( Karnouskos and Fokus, 2004 ). First, developing countries usually do not have adequate legal frameworks and enforcement mechanisms to combat cybercrime. Second, sometimes the customers are not particularly knowledgeable and pay less attention regarding security issues ( Chatain et al., 2008 ). This implies that advanced technologies are probably not appropriate in developing countries. Considering a number of factors that drive and hinder mobile payment growth, it is important for all the key players in the ecosystem to focus on the long-term goal of mobile payment systems ( Karnouskos and Fokus, 2004 ). Obviously, the most important goal of any payment system is to increase efficiency that, in turn, will promote economic growth. As for mobile payment, it not only offers an alternative way of doing financial transactions, but in particular, it also targets micropayments, which are not possible with cash ( Kshetri and Acharya, 2012 ). However, whether the key players developing and implementing this technology are ready to make a full-scale commitment is remains to be seen. Mobile payment systems are fostering the development of a new ecosystem of market participants including MNOs, retailers, banks, card operators, device suppliers, technology vendors, service providers, and trusted service managers ( ). There are several main regulatory considerations that emerge, including electronic money and an electronic payment system, mobile payment services regulation, and consumer data protection, as well as standards and privacy. Liu et al., 2015 ) (see Table 1 The mobile payment systems were deployed mostly in developing countries, notably in Africa and Asia ( Duncombe and Boateng, 2009 ). Mobile payment systems were mostly utilized to perform person-to-person transfers (P2PTs), and also to support small purchases, pay bills and fees, as well as purchase some goods or services. Almost all of the MNOs providing mobile payment systems were also operating in several different countries in their regions, making it easier to do cross-border transactions and remittances. The contractual landscape connecting the main players in the ecosystem is also rapidly emerging, with the main issues including revenue models, technology development, customer ownership, as well as risk and liability, among other consideration ( ). Liu et al., 2015 ). Players that participate in mobile payments have to carefully examine their and others’ roles, along with regulatory factors in establishing and executing their strategy and how to approach contractual consultations. While mobile payment systems have started to take off, they are still at an early stage and fragmented as a product of a huge number of competing platforms that will increase short-run fragmentation (see Table 2 In most cases, mobile payment systems do not have a separate set of legal regulations, particularly in developing countries. On the other hand, however, regulation is deeply layered and pervasive, according to the mobile, payments, retail, and technology types of converging value chains described and classified above ( Evans and Pirchio, 2015 ). The structure of contracts also still is in the inception stage but has been implemented in every field and on each tier of the system. Mobile payment systems are beginning to develop, as technical risks and financial and economic rewards are perceived to be developing. The regulatory issues pertaining to mobile payments are novel at least in two respects. First, in grouping together the previously disparate areas of electronic money, electronic payments, mobile service, data privacy, consumer protection, as well as information and communication technology (ICT) regulation. And second, in the novelty of the specific questions that arise, particularly in relation to interpreting the electronic money and payment system regulation ( Chatain et al., 2008 ). Mobile payments also require a new contractual ecosystem ( Jenkins, 2008 ), where parties entering into these arrangements need to pay particular attention to how their deal fits into that ecosystem, payment flows (for business and regulatory purposes), the intellectual property rights (IPR) position (in particular as to who owns the customer) and liability and risk. Players involved in mobile payments will have to carefully examine their roles and others’, as well as the regulatory aspects in determining their strategy and how to approach contractual discussions. To achieve critical mass, several criteria obviously ought to be met by any mobile payment system provider. The requirements for the mobile payment systems are not only business-based or technology-based, but also economic-based and social or cognitive-based as well ( Chakravorti and Kobor, 2005; Liu et al., 2015 ). I found that MNOs and banks have shown the highest interest in providing mobile payment services. Prior reviews showed that local and standalone schemes usually only have limited success (see, for instance, Dahlberg et al., 2008; Dahlberg et al., 2015; Duncombe, 2012; Evans and Pirchio, 2015 ). However, because mobile payment is actually a payment mechanism, it is the customers that appear to be the most important hub in the chain. They need to decide to use mobile payment rather than other forms of payment, and it is the merchant who has to be ready to accept mobile payments. Other than the key players mentioned above, there are also consortia that are particularly active in the domain of mobile payment systems. They can be driven by MNOs, driven by banks or financial institutions, driven by manufacturers or technology partners and vendors, or cross-industry driven. None of them is widely accepted now. Also, a company can participate in more than one. Finally, the proper legislative framework should be present in order to promote adoption and ignition of mobile payment systems. The case of European Union shows that even though there is a common directive, implementation at the country level remains a challenging work. To make the ecosystem work, critical mass is required on both sides to avoid the chicken and egg problem. Indeed, every mobile payment service must be prepared to fulfil customers’ needs, the merchants’ needs, as well as the needs of financial institutions. Various expectations have emerged among the key economic actors in mobile payment systems (see ). I also found several general requirements and necessities to be important and relevant for any mobile payment project deployment: Table 3 (1) Usability and simplicity: In the developing countries, most people are less knowledgeable and unaware about payment mechanisms. They also usually only have basic mobile phones with limited features ( Duncombe and Boateng, 2009 ). Thus, simplicity and user-friendly interface largely determine whether users will use a mobile payment system. On the other hand, it should also have the ability to personalize the service according to their day-to-day financial activities. (2) Universality: Mobile payment systems should favor the logic of universal payment services, combining person-to-person (P2P), government-to-person (G2P), business-to-consumer (B2C), and business-to-business (B2B) transactions at the local, regional, as well as global coverage levels, for both high-value, low-frequency and low-value, high-frequency payments in a user-transparent fashion ( Jenkins, 2008 ). (3) Interoperability : Standardization is important ito enable network interconnection and make the system cost-effective and technically easy. Every component in mobile payment development should be assembled according to universal standards and open technologies in order to attract other system to interact and join on a broader scale and at multiple levels ( Karnouskos and Fokus, 2004 ). For example, any mobile phone should be able to connect with any PoS device, and any mobile payment application must run smoothly on different kind of mobile phone. Since the number of adoption level is critical, so standardized solutions and plug-and-play modules are mandatory. (4) Cost and speed: Mobile payment systems should be cost-effective compared to other payment alternatives ( Chakravorti and Kobor, 2005 ). They also have to be cost-effective in terms of system maintenance and day-to-day operations. On the other hand, mobile payment systems should also reduce transaction time and automate manual processes to increase delivery. (5) Integrality: It should be possible for mobile payment systems to reuse existing platform and infrastructures ( Pousttchi, 2008 ). This will be particularly relevant to those who are resistant to adapt such as leaders in the traditional banking sectors. Different channels and networks, such as payment card systems, current accounts, online payment platforms, etc., should also be supported. The users should be able to select their own processing partner on a per transaction basis. (6) Security, trust, and privacy: Upon joining a mobile payment scheme, customers are considered to trust the system ( Mallat, 2007 ). Providing access to a banking account to an unknown company is different than granting that access to a verified and trusted company. Thus, people will not use a mobile payment system unless it has been tested and secured appropriately. Furthermore, a mobile payment service provider should also minimize fraud and theft, as well as give some sort of user privacy support. (7) Local market understanding: It is important to attract users to join a system with new incentives ( van der Boor et al., 2014 ). Often, the ability to use mobile devices may not be sufficient. Both users and merchants want to see additional benefits. The understanding of local context becomes particularly important. Additionally, a similar success recipe may not be relevant to other countries due to different socioeconomic conditions. Sometimes, an appreciation of peculiar characteristics on a per-territory or, even better, per-city basis become increasingly necessary. (8) Cross-border payments: To make a mobile payment system broadly acceptable, every provider ought to ensure that any cross-border transfer will run as smoothly as national or local transfer and payments do ( Duncombe, 2012 ). This smooth a transaction should be possible regardless of the customer location (e.g., whether the customer is currently roaming). So any mobile payment system ought to be prepared to manage transactions across different countries in any specific location and in any currency or major currency available. With regard to the industrial aspects, mobile systems rely on investment in infrastructure and radio spectrum, as well as mobile handsets ( Steiner, 2005 ). The mobile industry itself is progressing rapidly, exacerbated by its convergence with computing technologies, and involves a high degree of complexity—including equipment manufacturers, contractors, platforms, retailers, and service providers ( Baldwin, 2007 ). The vertical structure of mobile network operators has been shifting towards greater modularity over time. Before the emergence of mobile telephony, mobile network operators were highly integrated and usually nationally-owned. They bought the equipment and infrastructure from dedicated vendors, implementing network capital, and then reselling the airtime to the customers. In the 1980s, with the cellular technology become apparent, vertical disintegration set in, and maintains the trend via the migration to 3G and 4G technologies. This trend resembles that seen in other industries, such as the PC industry ( Baldwin and Woodard, 2008 ). Modular systems can distribute incentives of ownership through standardized interfaces across a huge number of coordinated firms. Thus, modularity accommodates communication and helps in managing a complex system ( Langlois, 2002 ). Modules, or partitioned pieces, may be hidden or visible. Where information is embedded in the node, the substitution of this hidden module with a better product does not affect system functioning ( Baldwin and Clark, 2000 ). Conversely, a visible module comprises design rules to indicate how other modules can attain system compatibility. Modularity simultaneously benefits from both specialization and economies of scale. Competitive forces are released to develop modular components to complement the value chain when workable interfaces can be achieved at low cost. They allow entry by innovators to participate in providing inputs for which the innovators have comparative advantage ( Brusoni and Prencipe, 2001 ). This is still relevant even when they do not have any or have only a few competences as integrated suppliers of a bigger share of output in the industry. This, however, does not diminish the role of organizations in developing interfaces and coordinating production processes. Thus, a balance between the interests of external suppliers and the system architect must be established. In the international markets, a single national telecom operator used to dominate mobile value systems. Presently, the system has specialized and has been globalized across geographic and business segments ( Steinbock, 2003 ). Firms look for higher profit by constantly exploring and making adjustments. MNOs today are moving in the similar direction implying that market efficiency is fueling the migration. Indeed, institutional differences and cultural distinctions may explain the differences observed in mobile markets. 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Policy, 27 (3-4), pp. 207-235; Steiner, F., Formation and Early Growth of Business Webs: Modular Product Systems in Network Markets (2005), Physica-Verlag Heidelberg; (2013), www.bbc.co.uk/programmes/b01qkmwl, Alternative finance. Interview by Evan Davis with Michael Joseph, Managing Director at Vodaphone, February 18. Available at; van der Boor, P., Oliveira, P., Veloso, F., Users as innovators in developing countries: the global sources of innovation and diffusion in mobile banking services (2014) Res. Policy, 43 (9), pp. 1594-1607; World Economic Forum, The Mobile Financial Services Report 2011 (2011), Cologny Switzerland; Yin, R.K., Case Study Research: Design and Methods (1994), 2nd Ed. Sage Thousand Oaks, CA; Yin, R.K., Case Study Research: Design and Methods (2003), 3rd Ed. Sage Thousand Oaks, CA}, publisher={Elsevier B.V.}, issn={15674223}, language={English}, abbrev_source_title={Elect. Commer. Res. Appl.}, document_type={Article}, source={Scopus}, } @ARTICLE{Ashta2018301, author={Ashta, A. and Biot-Paquerot, G.}, title={FinTech evolution: Strategic value management issues in a fast changing industry}, journal={Strategic Change}, year={2018}, volume={27}, number={4}, pages={301-311}, doi={10.1002/jsc.2203}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85052055890&doi=10.1002%2fjsc.2203&partnerID=40&md5=de9400f6857aae2e4ecec57298d5d4e8}, affiliation={CEREN, EA 7477 Burgundy School of Business, Université Bourgogne Franche-Comté, Dijon, France}, abstract={The FinTech revolution captures the simultaneous attack of a large number of technologies, notably mobile telephones and blockchain, which are ushering in efficiency or outreach to multiple niche markets. The use of mobile telephone technology has expanded Internet reach to the excluded, created possibilities for business where banks were not historically present and is potentially disruptive. The blockchain technology threatens to be even more disruptive as it may pull the carpet from under the monetary system as well as the property rights as we know them today. The proliferation of actors and innovators has created a confused landscape resulting in different possible scenarios, where banks may freeze, fight, form alliances with challengers, or be forced into flight by the BigTech. © 2018 John Wiley & Sons, Ltd.}, references={Abernathy, W.J., (1978) The productivity dilemma: Roadblock to innovation in the automobile industry, , Baltimore, MD, Johns Hopkins University Press; Abernathy, W.J., Utterback, J.M., Patterns of innovation in technology (1978) Technology Review, 80 (7), pp. 40-47; Allayannis, Y., Cartwright, K., Cutting through the fog: Finding a future with FinTech (2016) Dardon Business Publishing University of Virginia, case UV 7225, , Charlootesville, VA, Darden School of Business; Anderson, D.P., Cobb, J., Korpela, E., Lebofsky, M., Werthimer, D., SETI@ home: an experiment in public-resource computing (2002) Communications of the ACM, 45 (11), pp. 56-61; Ashta, A., Why does creative destruction no longer work? 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Harnessing Potential The Asia-Pacific Alternative Finance Benchmarking Report., Centre for Alternative Finance at the Judge Business School at the University of Cambridge and The University of Sydney Business School, Cambridge University, Cambridge}, correspondence_address1={Ashta, A.; CEREN, EA 7477 Burgundy School of Business, Université Bourgogne Franche-ComtéFrance; email: Arvind.ashta@bsb-education.com}, publisher={Wiley-Blackwell Publishing Asia}, issn={10991697}, language={English}, abbrev_source_title={Strateg. Change}, document_type={Article}, source={Scopus}, } @ARTICLE{Irwin2018297, author={Irwin, A.S.M. and Turner, A.B.}, title={Illicit Bitcoin transactions: challenges in getting to the who, what, when and where}, journal={Journal of Money Laundering Control}, year={2018}, volume={21}, number={3}, pages={297-313}, doi={10.1108/JMLC-07-2017-0031}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064218694&doi=10.1108%2fJMLC-07-2017-0031&partnerID=40&md5=db09cbc2bfa4ba780a79fbca805da519}, affiliation={Macquarie University, Sydney, Australia}, abstract={Purpose: The purpose of this paper is to highlight the intelligence and investigatory challenges experienced by law enforcement agencies in discovering the identity of illicit Bitcoin users and the transactions that they perform. This paper proposes solutions to assist law enforcement agencies in piecing together the disparate and complex technical, behavioural and criminological elements that make up cybercriminal offending. Design/methodology/approach: A literature review was conducted to highlight the main law enforcement challenges and discussions and examine current discourse in the areas of anonymity and attribution. The paper also looked at other research and projects that aim to identify illicit transactions involving cryptocurrencies and the darknet. Findings: An optimal solution would be one which has a predictive capability and a machine learning architecture which automatically collects and analyses data from the Bitcoin blockchain and other external data sources and applies search criteria matching, indexing and clustering to identify suspicious behaviours. The implementation of a machine learning architecture would help improve results over time and would be less manpower intensive. Cyber investigators would also receive intelligence in a format and language that they understand and it would allow for intelligence-led and predictive policing rather than reactive policing. The optimal solution would be one which allows for intelligence-led, predictive policing and enables and encourages information sharing between multiple stakeholders from the law enforcement, financial intelligence units, cyber security organisations and fintech industry. This would enable the creation of red flags and behaviour models and the provision of up-to-date intelligence on the threat landscape to form a viable intelligence product for law enforcement agencies so that they can more easily get to the who, what, when and where. Originality/value: The development of a functional software architecture that, in theory, could be used to detected suspicious illicit transactions on the Bitcoin network. © 2018, Emerald Publishing Limited.}, author_keywords={Anonymity; Bitcoin blockchain; Heuristics; Illicit transactions; Law enforcement; Red flag indicators}, funding_details={Austrian Institute of TechnologyAustrian Institute of Technology}, funding_text 1={In 2017, the European Union launched the “Titanium” project, (Tools for Investigation of Transactions in Underground Markets) to develop a technical solution for investigating and combatting criminal and terrorist acts on the internet, which are carried out using virtual currencies and dark marketplaces. The tools, developed and implemented by a partnership between the Austrian Institute of Technology and law enforcement agencies and academic institutions from Germany, The Netherlands, Spain Austria, Finland and the UK, are intended to support the forensic analysis of criminal transactions, identify anomalies in their application and identify ML techniques. Titanium will use data from multiple sources, including online forums, P2P networks on dark marketplaces, virtual currencies and data found on electronic equipment that has been seized from suspects (Darknetmarkets, 2017). 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Money Laund. Control}, document_type={Article}, source={Scopus}, } @CONFERENCE{Tien201899, author={Tien, C.-T. and Hsu, K.C. and Syu, P.-L.}, title={The mediated effect of relationship marketing on the influences of irritation advertising in fintech times}, journal={ACM International Conference Proceeding Series}, year={2018}, pages={99-101}, doi={10.1145/3241748.3241774}, note={cited By 0; Conference of 2nd International Conference on E-Education, E-Business and E-Technology, ICEBT 2018 ; Conference Date: 5 July 2018 Through 7 July 2018; Conference Code:140780}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85056638744&doi=10.1145%2f3241748.3241774&partnerID=40&md5=25b1952659c7bc2add0635c3fc7e6140}, affiliation={Chaoyang University of Technology, 168, Jifeng E. Rd., Wufeng District, Taichung, 41349, Taiwan; Ling Tung University, 1, Ling tung Rd., Taichung, Taiwan; Chaoyang University of Technology, Taiwan, 168, Jifeng E. Rd., Wufeng District, Taichung, 41349, Taiwan}, abstract={Internet being a less cost advertisement and medium, had paved the way for tremendous and intensity of online and on time. However, while the anytime advertisement messages had been delivered, there had been limited studies on key variables such as irritation advertisement, customer complaint behavior, customer loyalty and relationship marketing. This study examines the role of irritation advertisement and compliant behavior on customer loyalty by customers in banks and the mediating role relationship marketing plays in those relationships. In this study, methods used questionnaires, including the irritation advertisement scale, compliant behavior scale, relationship marketing scale, and customer loyalty scale. A total 300 questionnaires were administered in customers of banks in Taiwan. Out of these 300 questionnaires, 265 responses were received, a return rate of 88.34%. After discarding invalid questionnaires, a total of 265 valid questionnaires, the rate of valid samples was 100%. Data had been analyzed using descriptive analysis and structural equation model. Finding that the mediated effect of relationship marketing on the relationships of irritation advertisement, compliant behavior and customer loyalty. Finally there were suggestions and managerial implications had been proposed. © 2018 Association for Computing Machinery.}, author_keywords={Compliant Behavior; Customer Loyalty; Irritation Advertising; Relationship Marketing}, keywords={Electronic commerce; Sales, Compliant behavior; Customer complaints; Customer loyalty; Descriptive analysis; Managerial implications; Mediating roles; Relationship marketing; Structural equation modeling, Surveys}, references={Bruzzone, D.E., Causes of irritation in advertising (1985) Journal of Marketing, 49, pp. 47-57; Aydin, G., Karamehmet, B., A comparative study on attitudes towards SMS advertising and mobile application advertising (2017) International Journal of Mobile Communications, 11 (5), pp. 514-536; Chakrabarty, S., Yulker, R., The effects of ad irritation on brand attitudes (2006) Journal of Promotion Management, 11, pp. 37-48; Ducoffe, R.H., Advertising value and advertising on the web (1996) Journal of Advertising Research, 36 (5), pp. 21-35; Hair, J., Black, W., Babin, B., Anderson, R., Tatham, R., (2007) Multivariate Data Analysis, , 6th Ed.). NY: Pearson; Roberts, K., Varki, S., Brodie, R., Measuring the quality of relationships in consumer services: An empirical study (2003) European Journal of Marketing, 37 (1), pp. 169-196; Rust, R.T., Abd Varki, S., Rising form the Ashes of Advertising (1996) Journal of Business Research, 37 (3), pp. 173-191; Li, H., Edwards, S.M., Lee, J.H., Measuring the intrusiveness of advertisements: Scale development and validation (2002) Journal of Advertising, 31 (2), pp. 37-47}, sponsors={Beijing University of Technology}, publisher={Association for Computing Machinery}, isbn={9781450364812}, language={English}, abbrev_source_title={ACM Int. Conf. Proc. Ser.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Pantielieieva2018508, author={Pantielieieva, N. and Krynytsia, S. and Zhezherun, Y. and Rebryk, M. and Potapenko, L.}, title={Digitization of the economy of Ukraine: Strategic challenges and implementation technologies}, journal={Proceedings of 2018 IEEE 9th International Conference on Dependable Systems, Services and Technologies, DESSERT 2018}, year={2018}, pages={508-515}, doi={10.1109/DESSERT.2018.8409186}, note={cited By 0; Conference of 9th IEEE International Conference on Dependable Systems, Services and Technologies, DESSERT 2018 ; Conference Date: 24 May 2018 Through 27 May 2018; Conference Code:137887}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85050650136&doi=10.1109%2fDESSERT.2018.8409186&partnerID=40&md5=872701a1a7b86c4159849e93f68cad90}, affiliation={Banking University, Cherkasy Institute, Chornovil str., 164, Cherkasy, Ukraine}, abstract={The main directions, challenges, threats of digitization of the national economy of Ukraine have been considered in the paper. The attention is focused on the found weaknesses and the imperfection of the strategy and the state policy of digitization of Ukraine's economy. The authors have proven the potential and new possibilities of solving public finance management problems with the usage of blockchain technology. It has been justified that activation of transformation processes in the real economy sector due to the introduction of Industry 4.0 concept is important for Ukraine. The paper reveals basic principles and technologies, the experience of the European Union, and characterizes Industry 4.0 view in Ukraine. The development of the latest financial technologies-FinTech-has been recognized as the driver of digital transformation of financial services. The types of FinTech innovations, the features of increasing competition between FinTech companies and traditional financial intermediaries, the tendencies of FinTech development in Ukraine have been characterized. © 2018 IEEE.}, author_keywords={AI; Artificial intelligence; BigData; digital divide; digital economy; digital gap; digital transformations; financial innovation; FinTech; Industry 4.0; innovation; Internet of Things; IoT}, keywords={Artificial intelligence; Big data; Economic and social effects; Finance; Food products; Industry 4.0; Internet of things, Digital divide; Digital economy; digital gap; Digital transformation; Financial innovation; FinTech, Industrial economics}, references={Tapscott, D., (2014) The Digital Economy Anniversary Edition: Rethinking Promise and Peril Inthe Age of Networked Intelligence, , New York, NY: McGraw-Hill; D'Souza, C., Williams, D., The digital economy (2017) Bank of Canada Review, pp. 5-18. , Spring; Osborne, M.A., Frey, C.B., (2013) The Future of Employment: How Susceptible Are Jobs to Computerisation Oxford, , UK: Oxford Martin School, University of Oxford; Schwab, K., (2016) The Fourth Industrial Revolution: What It Means, How to Respond, , Geneva, Switzerland: World Economic Forum; Soltan, L., Digital Divide: The Technology Gap between the Rich and Poor, , http://www.digitalresponsibility.org/digital-divide-The-technologygap-between-rich-and-poor; Digital Agenda of Ukraine-2020 (Project), , Hitech office, 2016, 90 p. (in Ukrainian; https://www.internetworldstats.com/stats.htm, World Internet Usage Statistics News and World Population Stats; http://www.speedtest.net/global-index, Speedtest Global Index; Hermann, M., Pentek, T., Otto, B., (2015) Design Principles for Industrie 4.0 Scenarios: A Literature Review, pp. 3-16. , http://www.snom.mb.tudortmund.de/cms/de/forschung/Arbeitsberichte/Design-Principlesfor-Industrie-4-0-Scenarios.pdf, Working Paper Technische Universitat Dortmund, no 01; http://zakon3.rada.gov.ua/laws/show/67-2018-%D1%80, Approval of the Concept for the Development of the Digital Economy and Society of Ukraine for 2018-2020 and approval of the plan of measures for its implementation Cabinet of Ministers of Ukraine, 2018(in Ukrainian); Swan, M., Blockchain: The scheme of the new economy. M (2017) Olimp-Biznes, 240. , in Russian; Rizenko, A., How the digital economy will change Ukraine Economic Truth, , https://www.epravda.com.ua/columns/2018/01/16/633057/, in press(in Ukrainian); Bondar, K., What is in reality industry 4.0 InnovaCima.com, , http://innovacima.com/en/2017/11/09/whatis-industry-4-0; (2014) European Commission. Luxembourg: Publications Office of the European Union, p. 8. , The EU explained: Digital agenda for Europe; Juncker, J.-C., A new start for Europe: My agenda for jobs, growth, fairness and democratic change Opening Statement in the European Parliament Plenary Session. Strasbourg, the European Commission, , http://ec.europa.eu/priorities/docs/pg-en.pdf#page=6, 15 July 2014; Gryntsevytch, S., Industry 4.0 landscape in Ukraine 2017 Industry4-0-Ukraine.com.ua, , https://industry4-0-ukraine.com.ua/2017/09/19/industry-4-0-landscape-ukraine-2017-version-1-0/#more-6893, in Ukrainian; http://www.fsb.org/what-we-do/policydevelopment/additional-policy-areas/monitoring-of-fintech/, Monitoring of FinTech. Financial Stability Board, 2017; https://www.imf.org/external/POS-Meetings/SeminarDetails.aspxSeminarId=269, Fintech-Challenges to Regulation and Central Banking, IMF Seminar, US, October 12, 2017; https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2018/02/pulse-of-fintech-q4-2017.pdf, Report"The Pulse of Fintech-Q4" 2017" KPMG, 2018, 80; https://www.pwc.com/gx/en/financialservices/assets/pdf/technology2020-and-beyond.pdf, Report of Financial Services Technology 2020 and Beyond: Embracing disruption, PwC, 2017, 48; http://data.unit.city/fintech/fgt34ko67mok/fintech-in-Ukraine-2018-ua.pdf, Report of Finteh in Ukraine: Trends, Market Overview and Catalog, 2018, 40(in Ukrainian); https://business.ua/novosti-kompanij/item/2807-na-ukrainefinancial-innovations-day-obgovorili-fintekh-majbutne-ukrajini/, Ukraine Financial Innovations Day: discussing Finteh future of Ukraine Business, in press (in Ukrainian)}, sponsors={}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538659038}, language={English}, abbrev_source_title={Proc. IEEE Int. Conf. Dependable Syst., Serv. Technol., DESSERT}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Son2018, author={Son, I. and Kim, S.}, title={Mobile payment service and the firm value: Focusing on both up- and down-stream alliance}, journal={Sustainability (Switzerland)}, year={2018}, volume={10}, number={7}, doi={10.3390/su10072583}, art_number={2583}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85050409919&doi=10.3390%2fsu10072583&partnerID=40&md5=c83d32d809f39f2875bc4fe33c20547f}, affiliation={Department of Management, Gyeongsang National University, Jinjudae-ro 501, JinJu, 52828, South Korea; Department of Logistics, Korea Maritime and Ocean University, Busan, 49112, South Korea}, abstract={The Fintech business, which was initially focused on the payment sector, is becoming a global issue due to the entry of nonfinancial firms into the banking business. With the advent of the "mobile age in your hand", global ICT companies are actively entering the banking business through alliances and competitions with existing financial companies. Classifying the alliance companies of Apple Pay and Samsung Pay into the downstream alliance and the upstream alliance, this study analyzed the signaling effect of service opening and its impact on the firm value. To analyze the effect of a specific event on firm value, this study adopted the event study. Additionally, ordinary least squares regression analysis was carried out to examine the influence of up- and downstream alliance on the firm value. The result shows that Apple Pay's service launch in the USA. has a positive impact on stock prices of up- and downstream alliance companies, providing new experience and satisfaction to users through active alliance with credit card companies. On the other hand, downstream alliance companies that showed a negative response to the launch of Korean services turned to a positive response to USA service launch because to the difference in the specificity of credit card penetration rate and the portion of premium smartphones. Analyzing the impact of the expansion of the service area toward the payment platform on the firm value, research results provide important implications for establishing technology management strategies to ensure the sustainability in rapidly changing technical advances by comparing the different market response of Apple Pay and Samsung Pay. © 2018 by the authors.}, author_keywords={Apple Pay; Fintech; Mobile payment service; Samsung Pay; Strategic alliance}, keywords={banking; business development; competition (economics); financial system; firm size; mobile phone; strategic approach; sustainability; technological development, United States, Malus x domestica}, references={Schierz, P.G., Schilke, O., Wirtz, B.W., Understanding consumer acceptance of mobile payment services: An empirical analysis (2010) Electron. Commer. Res. Appl, 9, pp. 209-216; Slade, E., Williams, M., Dwivedi, Y., Piercy, N., Exploring consumer adoption of proximity mobile payments (2015) J. Strat. Mark, 23, pp. 209-223; Dahlberg, T., Mallat, N., Ondrus, J., Zmijewska, A., Past, present and future of mobile payments research: A literature review (2008) Electron. Commer. Res. Appl, 7, pp. 165-181; Thomas, R.E., Parker, G., Alstyne, M.V., (2008) Opening Platforms: How, When and Why? Working Paper, , Harvard Business School: Boston, MA, USA, 16 October; Cho, Y.H., Lee, G.G., A study on the impact factors of open innovation performance according to the first-mover companies and the follower companies (2013) J. Inf. Technol. Appl. Manag, 20, pp. 40-56; Huang, B., Li, C., Yin, C., Zhao, X., Cloud manufacturing service platform for small-and medium-sized enterprises (2013) Int. J. Adv. Manuf. Technol, 65, pp. 1261-1272; Park, S.H., Chen, R., Gallagher, S., Firm resources as moderators of the relationship between market growth and strategic alliances in semiconductor start-ups (2002) Acad. Manag. J, 45, pp. 527-545; Rothaermel, F.T., Deeds, D.L., Exploration and exploitation alliance in biotechnology: A system of new product development (2004) Strat. Manag. J, 25, pp. 201-221; Hoang, H., Rothaermel, F.T., Leveraging internal and external experience: Exploration, exploitation, and R&D project performance (2010) Strat. Manag. J, 31, pp. 734-758; Kauppila, O.P., Creating ambidexterity by integrating and balancing structurally separate interorganizational partnerships (2010) Strat. Organ, 8, pp. 283-312; Yang, H., Zheng, Y., Zhao, X., Exploration or exploitation? Small firms' alliance strategies with large firms (2014) Strat. Manag. J, 35, pp. 146-157; Ranganathan, R., Rosenkopf, L., Do ties really bind? The effect of knowledge and commercialization networks on opposition to standards (2014) Acad. Manag. J, 57, pp. 515-540; Kazan, E., Tan, C.W., Lim, E.T.K., Sorensen, C., Damsgaard, J., Disentangling digital platform competition: The case of UK mobile payment platforms (2018) J. Manag. Inf. Syst, 35, pp. 180-219; Yu, J., Hu, W., Zhang, Y., Exploring the development of China's mobile payment from the perspective of resource-based platform strategies In Digital Enablement: The Consumerizational and Transformational Effects of Digital Technology, pp. 179-198. , Pan, S.I., Sandeep, M.S., Eds.;World Scientific Publishing Co. Pte. Ltd.: Singapore, 2018; Chapter 11; Gao, S., Yang, X., Guo, H., Jing, J., An Empirical Study on Users' Continuous Usage Intention of QR Code Mobile Payment Services in China (2018) Int. J. E-Adopt, 10, pp. 18-33; Williams, M.D., Social commerce and the mobile platform: Payment and security perceptions of potential users (2018) Comput. Hum. Behav; Son, I., Kim, S., Does Partner Volatility Have Firm Value Relevance? An Empirical Analysis of Part Suppliers (2018) Sustainability, 10, p. 736; MacKinlay, A.C., Event studies in economics and finance (1997) J. Econ. Lit, 35, pp. 13-39; Hendricks, K.B., Singhal, V.R., Delays in new product introductions and the market value of the firm: The consequences of being late to the market (1997) Manag. Sci, 43, pp. 422-436; Brown, S.J., Warner, J.B., Measuring security price performance (1980) J. Financ. Econ, 8, pp. 205-258; Lev, B., Sougiannis, T., The capitalization, amortization, and value-relevance of R&D (1996) J. Account. Econ, 21, pp. 107-138; Lavie, D., Rosenkopf, L., Balancing exploration and exploitation in alliance formation (2006) Acad. Manag. J, 49, pp. 797-818; Tseng, C.H., Tansuhaj, P., Hallagan, W., McCullough, J., Effects of firm resources and growth in multinationality (2007) J. Int. Bus. Stud, 38, pp. 961-974; Dechow, P.M., Hutton, A.P., Sloan, R.G., An empirical assessment of the residual income valuation model (1999) J. Account. Econ, 26, pp. 1-34; Kang, D., Kim, S., Conceptual Model Development of Sustainability Practices: The Case of Port Operations for Collaboration and Governance (2017) Sustainability, 9, p. 2333}, correspondence_address1={Kim, S.; Department of Logistics, Korea Maritime and Ocean UniversitySouth Korea; email: sihyunkim@kmou.ac.kr}, publisher={MDPI AG}, issn={20711050}, language={English}, abbrev_source_title={Sustainability}, document_type={Article}, source={Scopus}, } @BOOK{Mendes-Da-Silva2018189, author={Mendes-Da-Silva, W. and Rossoni, L. and Francisco, E. and Gattaz, C.C.}, title={Geographic distance and reward crowdfunding donation}, journal={Individual Behaviors and Technologies for Financial Innovations}, year={2018}, pages={189-214}, doi={10.1007/978-3-319-91911-9_9}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063313556&doi=10.1007%2f978-3-319-91911-9_9&partnerID=40&md5=004ef378be41088482deb94fee236ad7}, affiliation={Sao Paulo School of Business Administration (FGV/EAESP), Sao Paulo, SP, Brazil; University of Texas at Austin, Austin, TX, United States; Department of Management, UniGranRio, Rio de Janeiro, RJ, Brazil; Department of Business Economics, Fundação Getulio Vargas at São Paulo (FGV/EAESP), Sao Paulo, SP, Brazil; IC2 Institute/University of Texas at Austin, Austin, TX, United States}, abstract={This chapter describes the analysis of a large crowdfunding platform to examine pledges to music production projects and assess the relation between the fundraising accumulation period, the donor-entrepreneur distance, and the donors' propensity to back projects. Our results suggest a significantly negative association between distance and the value of capital pledged to projects, which is consistent with the notion that the entrepreneur's network of close contacts might play a central role in funding. Furthermore, our results contradict the idea that crowdfunding reduces the inhibiting effect of donor-entrepreneur distance. In addition, the results show that a long project exposure is associated with higher values of pledges. These results suggest practical implications for the study of crowdfunding as a financing platform. This study contributes to the literature on the use of crowdfunding as an alternative funding source in a major emerging market. © Springer International Publishing AG, part of Springer Nature 2019.}, author_keywords={Crowdfunding; Fintech; Fundraising; Social networks}, references={Agrawal, A., Catalini, C., Goldfarb, A., Crowdfunding: Geography, social networks, and the timing of investment decisions (2015) Journal of Economics & Management Strategy, 24 (2), pp. 253-274; Agrawal, A.K., Catalini, C., Goldfarb, A., Some simple economics of crowdfunding (2014) Innovation Policy and the Economy, 14 (1), pp. 63-97. , https://doi.org/10.3386/w19133; Ahlers, G.K., Cumming, D., Günther, C., Schweizer, D., Signaling in equity crowdfunding (2015) Entrepreneurship Theory and Practice, 39 (4), pp. 955-980; Ariely, D., Bracha, A., Meier, S., Doing good or doing well? 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Behav. and Technol. for Financ. Innov.}, document_type={Book Chapter}, source={Scopus}, } @ARTICLE{Gimpel2018245, author={Gimpel, H. and Rau, D. and Röglinger, M.}, title={Understanding FinTech start-ups – a taxonomy of consumer-oriented service offerings}, journal={Electronic Markets}, year={2018}, volume={28}, number={3}, pages={245-264}, doi={10.1007/s12525-017-0275-0}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85033406752&doi=10.1007%2fs12525-017-0275-0&partnerID=40&md5=c6124592a9ca1a8d75463f12439094d2}, affiliation={FIM Research Center, University of Augsburg, Augsburg, 86135, Germany}, abstract={The financial sector is facing radical transformation. Leveraging digital technologies to offer innovative services, FinTech start-ups are emerging in domains such as asset management, lending, or insurance. Despite increasing investments, the FinTech phenomenon is low on theoretical insights. So far, the offerings of FinTech start-ups have been predominantly investigated from a functional perspective. As a functional perspective does not suffice to fully understand the offerings of FinTech start-ups, we propose a taxonomy of non-functional characteristics. Thereby, we restrict our analysis to consumer-oriented FinTech start-ups. Our taxonomy includes 15 dimensions structured along the perspectives interaction, data, and monetization. We demonstrate the applicability of our taxonomy by classifying the offerings of 227 FinTech start-ups and by identifying archetypes via a cluster analysis. Our taxonomy contributes to the descriptive knowledge on FinTech start-ups, enabling researchers and practitioners to analyze the service offerings of FinTech start-up in a structured manner. © 2017, The Author(s).}, author_keywords={Business model; Financial services; Financial technology; FinTech; Services; Taxonomy}, references={Agresti, A., (2007) An introduction to categorical data analysis, , 2, Wiley, New York; (2015) Fintech, , http://www.allenovery.com/SiteCollectionDocuments/Fintech.PDF, Retrieved 1 October 2016. 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(2016) Proceedings of the International Conference on Information Systems, pp. 1-19. , Dublin, Ireland; Zhang, D., Chen, M., Zhou, L., Dynamic and personalized web services composition in E-business (2005) Information Systems Management, 22 (3), pp. 50-65}, correspondence_address1={Rau, D.; FIM Research Center, University of AugsburgGermany; email: daniel.rau@fim-rc.de}, publisher={Springer Verlag}, issn={10196781}, language={English}, abbrev_source_title={Electron. Mark.}, document_type={Article}, source={Scopus}, } @ARTICLE{Ferretti2018476, author={Ferretti, F.}, title={Consumer access to capital in the age of FinTech and big data: The limits of EU law}, journal={Maastricht Journal of European and Comparative Law}, year={2018}, volume={25}, number={4}, pages={476-499}, doi={10.1177/1023263X18794407}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85057540584&doi=10.1177%2f1023263X18794407&partnerID=40&md5=b1f546c3c9a5ce6c0d1cb9128839b7f9}, affiliation={Associate Professor in Economic Law and Financial Markets, University of Bologna, Italy}, abstract={There is much hype about the potential for technological innovation (FinTech) and big data to transform and deliver financial services to consumers. The aim of this paper is to analyse, from the perspective of financial inclusion and consumer protection, the extent to which the current European Union legal framework is prepared to respond to the challenges posed by such innovation in the context of the prospective opportunities and detriment for consumers. Departing from an assessment of the already problematic and jeopardised uses of traditional credit data in the Member States, it concludes that the risks are likely to contrast or outweigh the benefits, but the legal framework does not seem fit for purpose despite the enactment of brand new legislation. © The Author(s) 2018.}, author_keywords={big data; consumers; credit; EU law; FinTech}, correspondence_address1={Ferretti, F.; Associate Professor in Economic Law and Financial Markets, University of BolognaItaly; email: fed.ferretti@libero.it}, publisher={SAGE Publications Ltd}, issn={1023263X}, language={English}, abbrev_source_title={Maastricht J. Eur.Comp. Law}, document_type={Article}, source={Scopus}, } @ARTICLE{Stoeckli2018287, author={Stoeckli, E. and Dremel, C. and Uebernickel, F.}, title={Exploring characteristics and transformational capabilities of InsurTech innovations to understand insurance value creation in a digital world}, journal={Electronic Markets}, year={2018}, volume={28}, number={3}, pages={287-305}, doi={10.1007/s12525-018-0304-7}, note={cited By 3}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85048039671&doi=10.1007%2fs12525-018-0304-7&partnerID=40&md5=05dc8dc3d884daf8438ec4a45526c30f}, affiliation={Institute of Information Management, University of St.Gallen, Müller-Friedberg-Strasse 8, St Gallen, 9000, Switzerland}, abstract={Recent developments in the insurance industry embrace various “Insurance Technology” (InsurTech) innovations. To date, there is a lack of structured assessments of InsurTech. Prior research on FinTech fails (1) to clarify how InsurTech can be characterized and what capabilities are employed, and hence, (2) to reveal implications for value creation on firm and industry level. We address this by inductively building a model of InsurTech innovation adopting the grounded theory method. Our empirical data includes 208 InsurTech innovations from a market analysis based on Twitter data and a multiple-case study. The resulting model comprises 52 characteristics and 14 transformational capabilities and is integrated with extant value networks and intermediation literature. The former explains how InsurTech affects firm-level value creation and suggests that disruptive potentials emerge from aligning the transformational capabilities along three interdependent activities. The latter explains the entrance of digital intermediaries and their roles in the personal insurance market. © 2018, The Author(s).}, author_keywords={Digitalization; FinTech; Insurance; Insurance IT innovations; InsurTech}, references={Allayanniscartwright, G.K., Cutting through the fog: Finding a future with Fintech (2017) Darden Case No. UVA-F-1767, , https://ssrn.com/abstract=2974594, SSRN; Alt, R., Ehrenberg, D., Fintech — Umbruch der Finanzbranche durch IT (2016) Wirtschaftsinformatik & Management, 8 (3), pp. 8-17; Alt, R., Puschmann, T., The rise of customer-oriented banking - electronic markets are paving the way for change in the financial industry (2012) Electronic Markets, 22 (4), pp. 203-215; Arner, D.W., Barberis, J., Buckley, R.P., The evolution of Fintech: A new post-crisis paradigm (2015) Georgetown Journal of International Law, 47 (4), pp. 1271-1320; Autio, E.S., Nambisan, L.D.W., Thomaswright, M., Digital affordances, spatial affordances, and the genesis of entrepreneurial ecosystems (2017) Strategic Entrepreneurship Journal; Ba, S., Pavlou, P.A., Evidence of the effect of trust building technology in electronic markets: price premiums and buyer behavior (2002) MIS Quarterly, 26 (3), pp. 243-268; Ba, S., Stallaert, J., Zhang, Z., Balancing IT with the human touch: Optimal investment in IT-based customer service (2010) Information Systems Research, 21 (3), pp. 423-442; Bailey, J.P., Bakos, Y., An exploratory study of the emerging role of electronic intermediaries (1997) International Journal of Electronic Commerce, 1 (3), pp. 7-20; Bakos, Y., The emerging role of electronic marketplaces on the internet (1998) Communications of the ACM, 41 (8), pp. 35-42; Barrett, M., Davidson, E., Prabhu, J., Vargo, S., Service innovation in the digital age: key contribution and future directions (2015) Management Information Systems Quarterly, 39 (1), pp. 135-154; Birks, D.F., Fernandez, W., Levina, N., Nasirin, S., Grounded theory method in information systems research: its nature, diversity and opportunities (2013) European Journal of Information Systems, 22, pp. 1-8; Bitner, M.J., Brown, S.W., Meuter, M.L., Technology infusion in service encounters (2000) Journal of the Academy of Marketing Science, 28 (1), pp. 138-149; Breidbachranjan, C.S., How do Fintech service platforms facilitate value co-creation? 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Mark.}, document_type={Article}, source={Scopus}, } @ARTICLE{Jung2018367, author={Jung, D. and Dorner, V. and Weinhardt, C. and Pusmaz, H.}, title={Designing a robo-advisor for risk-averse, low-budget consumers}, journal={Electronic Markets}, year={2018}, volume={28}, number={3}, pages={367-380}, doi={10.1007/s12525-017-0279-9}, note={cited By 3}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85035801110&doi=10.1007%2fs12525-017-0279-9&partnerID=40&md5=39ccf5094fd17bf2c4f16a1026253c57}, affiliation={Karlsruhe Institute of Technology (KIT), Institute of Information Systems and Marketing (IISM), Fritz-Erler-Straße 23, Karlsruhe, 76133, Germany}, abstract={Banks have reacted much more enthusiastically to the FinTech revolution than many of their customers. Robo-advisory, automated web-based investment advisory, in particular promises many advantages for both banks and customers - but consumer adoption has been slow so far. Recent studies suggest that this might be due to a mix of low trust in banks, high expectations of transparency and general inability or unwillingness to engage with investment questions. Research in decision support and guidance shows customers’ willingness to interact with a decision support tool depends greatly on its usability. We identify requirements for robo-advisory, derive design principles and evaluate them in two iterations with a real robo-advisor in a controlled laboratory study. The evaluation results confirm the validity of our identified design principles. © 2017, Institute of Applied Informatics at University of Leipzig.}, author_keywords={Robo-advisory; Usability engineering; User-centric design}, references={Alt, R., Puschmann, T., The rise of customer-oriented banking-electronic markets are paving the way for change in the financial industry (2012) Electronic Markets, 22 (4), pp. 203-215; Alt, R., Puschmann, T., (2016) Digitalisierung Der Finanzindustrie: Springer, , Berlin; Charness, G., Gneezy, U., Imas, A., Experimental methods: Eliciting risk preferences (2013) Journal of Economic Behavior & Organization, 87, pp. 43-51; Creswell, J.W., (2013) Research design: Qualitative, quantitative, and mixed methods approaches, , Sage publications, Thousand Oaks; Epperson, T., Hedges, B., Singh, U., Gabel, M., (2015) A.T. 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Mark.}, document_type={Article}, source={Scopus}, } @ARTICLE{Routledge201888, author={Routledge, B.R.}, title={Comments on: Big data in finance and the growth of large firms, by Juliane Begenau & Maryam Farboodi & Laura Veldkamp}, journal={Journal of Monetary Economics}, year={2018}, volume={97}, pages={88-90}, doi={10.1016/j.jmoneco.2018.05.006}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85049513681&doi=10.1016%2fj.jmoneco.2018.05.006&partnerID=40&md5=b954b138a3ba3e68df9624d2954a77cd}, affiliation={Tepper School of Business, Carnegie Mellon University, 5000 Forbes Avenue, Pittsburgh, PA 15217, United States}, abstract={“Big Data in Finance and the Growth of Large Firms” (BFV) investigate how big data is connected to firm size via the impact of bid data on cost of external financing. This short comment notes that big data may impact firm size directly via investment. © 2018 Elsevier B.V.}, author_keywords={Big data; Fintech; Firm size}, references={Ewens, M., Nanda, R., Rhodes-Kropf, M., (2016), Cost of experimentation and the evolution of venture capital. MIT Working Paper; Greenwood, J., Yorukoglu, M., 1974 (1997) Carnegie-Rochester conference series on public policy, 46, pp. 49-95. , Elsevier; Kim, T.W., Routledge, B., (2017), Algorithmic transparency, a right to explanation, and placing trust. Carnegie Mellon University Working Paper}, publisher={Elsevier B.V.}, issn={03043932}, coden={JMOED}, language={English}, abbrev_source_title={J. Monet. Econ.}, document_type={Article}, source={Scopus}, } @ARTICLE{Begenau201871, author={Begenau, J. and Farboodi, M. and Veldkamp, L.}, title={Big data in finance and the growth of large firms}, journal={Journal of Monetary Economics}, year={2018}, volume={97}, pages={71-87}, doi={10.1016/j.jmoneco.2018.05.013}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85049326924&doi=10.1016%2fj.jmoneco.2018.05.013&partnerID=40&md5=9f2800e26c2681ff06bb21788be95821}, affiliation={Graduate School of Business, Stanford University, 655 Knight Way, Stanford, CA 94305, United States; NBER, 1050 Massachusetts Avenue, Cambridge, MA 02138-5398, United States; Bendheim Center for Finance, Princeton University, 26 Prospect Avenue, Princeton, NJ 08540, United States; Leonard N. Stern School of Business, Kaufman Management Center, 44 West Fourth Street, 7-77, New York, NY 10012, United States; Centre for Economic Policy Research, 33 Great Sutton Street, London, EC1V 0DX, United Kingdom}, abstract={Two modern economic trends are the increase in firm size and advances in information technology. We explore the hypothesis that big data disproportionately benefits big firms. Because they have more economic activity and a longer firm history, large firms have produced more data. As processor speed rises, abundant data attracts more financial analysis. Data analysis improves investors’ forecasts and reduces equity uncertainty, reducing the firm's cost of capital. When investors can process more data, large firm investment costs fall by more, enabling large firms to grow larger. © 2018 Elsevier B.V.}, author_keywords={Big data; Fintech; Firm size}, references={Akcigit, U., Kerr, W., (forthcoming). Growth through heterogeneous innovations. J. Polit. Econ; Asriyan, V., Vanasco, V., (2014), Informed intermediation over the cycle. Stanford Stanford Working Paper; Bai, J., Philippon, T., Savov, A., Have financial markets become more informative? (2016) J. Financ. Econ., 122 (35), pp. 625-654; Begenau, J., Salomao, J., (forthcoming). Firm financing over the business cycle. Rev. Financ. Stud; Bernhardt, D., Hollifield, B., Hughson, E., Investment and insider trading (1995) Rev. Financ. Stud., 8 (2), pp. 501-543; Biais, B., Foucault, T., Moinas, S., Equilibrium fast trading (2015) J. Financ. Econ., 116, pp. 292-313; Cooley, T.F., Quadrini, V., Financial markets and firm dynamics (2001) Am. Econ. Rev., 91 (5), pp. 1286-1310; Cover, T., Thomas, J., (1991) Elements of Information Theory, , 1st John Wiley and Sons New York; Davis, S.J., Haltiwanger, J., (2015), Dynamism diminished: the role of credit conditions. Working Paper. University of Chicago; Fang, L., Peress, J., Media coverage and the cross-section of stock returns (2009) J. 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Imperial College Working Paper; Kacperczyk, M., Van Nieuwerburgh, S., Veldkamp, L., A rational theory of mutual funds’ attention allocation (2016) Econometrica, 842, pp. 571-626; Kozeniauskas, N., (2017), Technical change and declining entrepreneurship. Working Paper, New York University; Maksimovic, V., Stomper, A., Zechner, J., Capital structure, information acquisition and investment decisions in an industry framework (1999) Rev. Financ, 2 (3), pp. 251-271; Ozdenoren, E., Yuan, K., Feedback effects and asset prices (2008) J. Finance, 63 (4), pp. 1939-1975; Van Nieuwerburgh, S., Veldkamp, L., Information acquisition and under-diversification (2010) Rev. Econ. Stud., 77 2), pp. 779-805; Veldkamp, L., (2011) Information Choice in Macroeconomics and Finance, , Princeton University Press}, correspondence_address1={Begenau, J.; Stanford University Graduate School of Business, 655 Knight Way, United States; email: begenau@stanford.edu}, publisher={Elsevier B.V.}, issn={03043932}, coden={JMOED}, language={English}, abbrev_source_title={J. Monet. Econ.}, document_type={Article}, source={Scopus}, } @ARTICLE{Sutherland2018123, author={Sutherland, A.}, title={Does credit reporting lead to a decline in relationship lending? Evidence from information sharing technology}, journal={Journal of Accounting and Economics}, year={2018}, volume={66}, number={1}, pages={123-141}, doi={10.1016/j.jacceco.2018.03.002}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85044991324&doi=10.1016%2fj.jacceco.2018.03.002&partnerID=40&md5=1760898069ab6e5c4fc0843fb7ff7606}, affiliation={MIT Sloan School of Management, 100 Main Street, E62-683, Cambridge, MA 02142, United States}, abstract={I examine how credit reporting affects where firms access credit and how lenders contract with them. I use within firm-time and lender-time tests that exploit lenders joining a credit bureau and sharing information in a staggered pattern. I find information sharing reduces relationship-switching costs, particularly for firms that are young, small, or have had no defaults. After sharing, lenders transition away from relationship contracting, in two ways: contract maturities in new relationships are shorter, and lenders are less willing to provide financing to their delinquent borrowers. My results highlight the mixed effects of transparency-improving financial technologies on credit availability. © 2018 Elsevier B.V.}, author_keywords={Credit bureaus; Credit reports; Credit scores; Debt contracts; Entrepreneurial finance; FinTech; Hard and soft information; Information asymmetries; Information economics; Information sharing; Relationship lending; Transactional lending}, references={Admati, A.R., Pfleiderer, P., Forcing firms to talk: financial disclosure regulation and externalities (2000) Rev. Financ. Stud., 13 (3), pp. 479-519; Allee, K.D., Yohn, T.L., The demand for financial statements in an unregulated environment: an examination of the production and use of financial statements by privately held small businesses (2009) Account. 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Econ.}, document_type={Article}, source={Scopus}, } @ARTICLE{Pousttchi2018265, author={Pousttchi, K. and Dehnert, M.}, title={Exploring the digitalization impact on consumer decision-making in retail banking}, journal={Electronic Markets}, year={2018}, volume={28}, number={3}, pages={265-286}, doi={10.1007/s12525-017-0283-0}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85041804773&doi=10.1007%2fs12525-017-0283-0&partnerID=40&md5=090baee2cc455536c2a9320bde3fe773}, affiliation={SAP Endowed Chair of Business Informatics and Digitalization, University of Potsdam, August-Bebel-Strasse 89, Potsdam, 14482, Germany}, abstract={Retail banking has undergone a massive transformation in the last few years. A major aspect is changing consumer behavior. The aim of the paper is to better understand retail banking consumers regarding the impact of digitalization. Consequently, we acquired online consumer review data from Germany, the UK and US. We analyzed the data using coding techniques of grounded theory, supported by interdisciplinary literature to identify and categorize the relevant influence factors. The outcome of the paper is an integrated model of consumer decision-making in today’s retail banking along with four detailed partial models of the respective decision stages. © 2018, Institute of Applied Informatics at University of Leipzig.}, author_keywords={Choice; Consumer behavior; Decision; Digitalization; FinTech; Retail banking}, references={(2014) The banking distribution and marketing revolution, , https://www.accenture.com/t20150714T065455__w__/us-en/_acnmedia/Accenture/Conversion-Assets/DotCom/Documents/Global/PDF/Industries_14/Accenture-Banking-Distribution-Marketing-Revolution.pdf, Retrieved from; (2015) Banking customer 2020, , https://www.accenture.com/t20150710T130243__w__/us-en/_acnmedia/Accenture/Conversion-Assets/DotCom/Documents/Global/PDF/Dualpub_17/Accenture-Banking-Consumer-Pulse.pdf, (a); (2015) The Future of Fintech and Banking, , https://www.accenture.com/us-en/insight-future-fintech-banking, Retrieved from; Ajzen, I., The theory of planned behavior (1991) Organizational Behavior and Human Decision Processes, 50 (2), pp. 179-211; Alcocer, J., Davies, S., Eldridge, A., Fletcher, L., Retail banking 2020: Evolution or revolution? 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Mark.}, document_type={Article}, source={Scopus}, } @ARTICLE{Berger2018322, author={Berger, E.S.C. and Wenzel, M. and Wohlgemuth, V.}, title={Imitation-related performance outcomes in social trading: A configurational approach}, journal={Journal of Business Research}, year={2018}, volume={89}, pages={322-327}, doi={10.1016/j.jbusres.2017.12.016}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85038814515&doi=10.1016%2fj.jbusres.2017.12.016&partnerID=40&md5=5a3c41ecee5d49f73a3fbfe424e67112}, affiliation={University of Hohenheim, Entrepreneurship (570 C), Wollgrasweg 49, Stuttgart, 70599, Germany; European University Viadrina, Chair of Management and Organization, Große Scharrnstraße 59, Frankfurt (Oder), 15230, Germany; HTW Berlin, Business School (FB 3), Treskowallee 8, Berlin, 10318, Germany}, abstract={This paper draws on the resource-based view and risk-related research to examine imitation-related configurations that explain performance outcomes in social trading. The study applies qualitative comparative analysis to examine 16,964 investment observations at eToro, the world's largest social trading platform. The results show that the experience and the imitation of traders, in combination with a low risk level, equifinally explain similar performance outcomes. The findings contribute to the literature on social trading and the resource-based view by exploring imitation as a valuable strategy, conceptualizing and empirically validating the role of risk in social trading, and drawing on qualitative comparative analysis to develop a more complex configurational understanding of the examined phenomenon. © 2017 Elsevier Inc.}, author_keywords={Fintech; Imitation; Online community; Qualitative comparative analysis; Resource-based view; Social trading}, references={Amit, R., Schoemaker, P.J.H., Strategic assets and organizational rent (1993) Strategic Management Journal, 14 (1), pp. 33-46; Barney, J.B., Strategic factor markets: Expectations, luck, and business strategy (1986) Management Science, 32 (10), pp. 1231-1241; Barney, J.B., Firm resources and sustained competitive advantage (1991) Journal of Management, 17 (1), pp. 99-120; Barney, J.B., Ketchen, D.J., Wright, M., The future of resource-based theory: Revitalization or decline? 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Bus. Res.}, document_type={Article}, source={Scopus}, } @ARTICLE{Du2018307, author={Du, K.}, title={Complacency, capabilities, and institutional pressure: understanding financial institutions’ participation in the nascent mobile payments ecosystem}, journal={Electronic Markets}, year={2018}, volume={28}, number={3}, pages={307-319}, doi={10.1007/s12525-017-0267-0}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85029702300&doi=10.1007%2fs12525-017-0267-0&partnerID=40&md5=7c25f44776dd4b157ba30401d292cbb6}, affiliation={College of Management, University of Massachusetts Boston, 100 Morrissey Blvd, Boston, MA 02125, United States}, abstract={As mobile payments become increasingly popular, their ecosystem is also evolving. The participation of financial institutions in this ecosystem, although is rapidly improving, remains relatively low. This paper studies why some financial institutions choose to, or not to, participate in this nascent mobile payments ecosystem. We developed hypotheses for the influence of three factors as aspiration gaps, customer-facing IT capabilities, and institutional pressures based on three theoretical foundations including the threat rigidity thesis, capability-based view, and institutional theory. We then empirically tested our hypotheses by analyzing the diffusion of mobile payments among 3549 U.S. credit unions from 2013 to 2016. Results from our event history analyses provide support to the hypotheses that credit unions experiencing performance gaps, having superior customer-facing IT capabilities, and facing strong institutional pressures are more likely to start providing mobile payment services. © 2017, Institute of Applied Informatics at University of Leipzig.}, author_keywords={Credit union; Ecosystem; FinTech; Mobile payment}, references={Au, Y.A., Kauffman, R.J., The economics of mobile payments: Understanding stakeholder issues for an emerging financial technology application (2008) Electronic Commerce Research and Applications, 7 (2), pp. 141-164; Bang, Y., Lee, D.-J., Han, K., Hwang, M., Ahn, J.-H., Channel capabilities, product characteristics, and the impacts of mobile channel introduction (2013) Journal of Management Information Systems, 30 (2), pp. 101-126; Bharadwaj, A.S., A resource-based perspective on information technology capability and firm performance: An empirical investigation (2000) MIS Quarterly, 24 (1), pp. 169-196; Blossfeld, H.P., Hamerle, A., Mayer, K.U., (2014) Event history analysis: Statistical theory and application in the social sciences, , Psychology Press, New York; Chi, L., Ravichandran, T., Andrevski, G., Information technology, network structure, and competitive action (2010) Information Systems Research, 21 (3), pp. 543-570; Cleves, M., Gould, W.W., Marchenko, Y.V., (2010) An introduction to survival analysis using stata, , 3, Stata Press, College Station; Cooper, R.B., Zmud, R.W., Information technology implementation research: A technological diffusion approach (1990) Management Science, 36 (2), pp. 123-139; Corrocher, N., Internet adoption in italian banks: An empirical investigation (2006) Research Policy, 35 (4), pp. 533-544; Cox, D.R., Regression models and life-tables. 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An institutional and network perspective on the content and consequences of TQM adoption (1997) Administrative Science Quarterly, 42, pp. 366-394; Wheelock, D.C., Wilson, P.W., The evolution of cost-productivity and efficiency among US credit unions (2013) Journal of Banking & Finance, 37 (1), pp. 75-88; Wildau, G., Hook, L., China mobile payments dwarf those in US as FinTech booms, research shows (2017) Financial Times, February, 13, p. 2017. , https://www.ft.com/content/00585722-ef42-11e6-930f-061b01e23655, Retrieved from, Accessed 15 Aug 2017}, correspondence_address1={Du, K.; College of Management, University of Massachusetts Boston, 100 Morrissey Blvd, United States; email: kui.du@umb.edu}, publisher={Springer Verlag}, issn={10196781}, language={English}, abbrev_source_title={Electron. Mark.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Wang2018, author={Wang, H.}, title={Detection of fraudulent users in P2P financial market}, journal={MATEC Web of Conferences}, year={2018}, volume={189}, doi={10.1051/matecconf/201818906004}, art_number={06004}, note={cited By 0; Conference of 2nd International Conference on Material Engineering and Advanced Manufacturing Technology, MEAMT 2018 ; Conference Date: 25 May 2018 Through 27 May 2018; Conference Code:139050}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85053161995&doi=10.1051%2fmatecconf%2f201818906004&partnerID=40&md5=f0028a7ac962e3d2efc18013036d30fb}, affiliation={HC Research, HC Financial Service Group, China}, abstract={Financial fraud detection is one of the core technological assets of Fintech companies. It saves tens of millions of money from Chinese Fintech companies since the bad loan rate is more than 10%. HC Financial Service Group is the 3rd largest company in the Chinese P2P financial market. In this paper we illustrate how we tackle the fraud detection problem at HC Financial. We utilize two powerful workhorses in the machine learning field-random forest and gradient boosting decision tree to detect fraudulent users. We demonstrate that by carefully select features and tune model parameters, we could effectively filter out fraudulent users in the P2P market. © 2018 The Authors, published by EDP Sciences.}, keywords={Adaptive boosting; Commerce; Crime; Decision trees; Learning systems; Manufacture, Financial fraud detections; Financial service; Fraud detection; Gradient boosting; Model parameters; Random forests, Financial markets}, references={Beutel, A., Xu, W., Guruswami, V., Palow, C., Faloutsos, C., CopyCatch: Stopping Group Attacks by Spotting Lockstep Behavior in Social Networks" WWW'13; Cao, Q., Yang, X., Yu, J., Palow, C., Uncovering Large Groups of Active Malicious Accounts in Online Social Networks" CCS'14; Shah, N., Beutel, A., Gallagher, B., Faloutsos, C., Spotting Suspicious Link Behavior with FBox: An Adversarial Perspective" ICDM'14; Prakash, B., Sridharan, A., Seshadri, M., MacHiraju, S., Faloutsos, C., EigenSpokes: Surprising Patterns and Scalable Community Chipping in Large Graphs" PAKDD'10; Vlasselaer, V., Eliassi-Rad, T., Akoglu, L., Snoeck, M., Baesens, B., GOTCHA! Network-based Fraud Detection for Social Security Fraud Management Science'14; https://en.wikipedia.org/wiki/Gradient_boosting}, correspondence_address1={Wang, H.; HC Research, HC Financial Service GroupChina; email: haow85@live.com}, editor={Asnafi N.}, publisher={EDP Sciences}, issn={2261236X}, language={English}, abbrev_source_title={MATEC Web Conf.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Wang2018, author={Wang, H. and Wang, Z. and Zhang, B. and Zhou, J.}, title={Information collection for fraud detection in P2P financial market}, journal={MATEC Web of Conferences}, year={2018}, volume={189}, doi={10.1051/matecconf/201818906006}, art_number={06006}, note={cited By 0; Conference of 2nd International Conference on Material Engineering and Advanced Manufacturing Technology, MEAMT 2018 ; Conference Date: 25 May 2018 Through 27 May 2018; Conference Code:139050}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85053125868&doi=10.1051%2fmatecconf%2f201818906006&partnerID=40&md5=7b90a5afc75d4fde5cf9b6ff77e60452}, affiliation={HC Research, HC Financial Service Group, China; HC DevOps, HC Financial Service Group, China; HC Big Data, HC Financial Service Group, China}, abstract={Fintech companies have been facing challenges from fraudulent behavior for a long time. Fraud rate in Chinese P2P financial market could go as high as 10%. It is crucial to collect sufficient information of the user as input to the anti-fraud process. Data collection framework for Fintech companies are different from conventional internet firms. With individual-based crawling request, we need to deal with new challenges negligible elsewhere. In this paper, we give an outline of how we collect data from the web to facilitate our anti-fraud process. We also overview the challenges and solutions to our problems. Our team at HC Financial Service Group is one of the few companies that are capable of developing full-fledged crawlers on our own. © 2018 The Authors, published by EDP Sciences.}, keywords={Commerce; Crime; Financial markets; Manufacture, Data collection; Financial service; Fraud detection; Fraud process; Individual-based; Information collections, Data acquisition}, references={Beutel, A., Xu, W., Guruswami, V., Palow, C., Faloutsos, C., CopyCatch: Stopping Group Attacks by Spotting Lockstep Behavior in Social Networks WWW'13; Cao, Q., Yang, X., Yu, J., Palow, C., Uncovering Large Groups of Active Malicious Accounts in Online Social Networks CCS'14; Shah, N., Beutel, A., Gallagher, B., Faloutsos, C., Spotting Suspicious Link Behavior with fBox: An Adversarial Perspective ICDM'14; Prakash, B., Sridharan, A., Seshadri, M., MacHiraju, S., Faloutsos, C., EigenSpokes: Surprising Patterns and Scalable Community Chipping in Large Graphs PAKDD'10; Vlasselaer, V., Eliassi-Rad, T., Akoglu, L., Snoeck, M., Baesens, B., GOTCHA! Network-based Fraud Detection for Social Security Fraud Management Science'14; Wang, Y., Yang, J.M., Lai, W., Cui, R., Zhang, L., Ma, W.Y., Exploring Traversal Strategy for Web Forum Crawling SIGIR'08; Ahlers, D., Boll, S., Adaptive Geospatially Focused Crawling CIKM'09}, correspondence_address1={Wang, H.; HC Research, HC Financial Service GroupChina; email: haow85@live.com}, editor={Asnafi N.}, publisher={EDP Sciences}, issn={2261236X}, language={English}, abbrev_source_title={MATEC Web Conf.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Lin201898, author={Lin, C.-Y. and Su, F.-P. and Lai, K.-K. and Shih, H.-C. and Liu, C.-C.}, title={Research and development portfolio for the payment FinTech company - The perspectives of patent statistics}, journal={ACM International Conference Proceeding Series}, year={2018}, pages={98-102}, doi={10.1145/3268808.3268823}, note={cited By 0; Conference of 2nd International Conference on E-Society, E-Education and E-Technology, ICSET 2018 ; Conference Date: 13 August 2018 Through 15 August 2018; Conference Code:140991}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85056705363&doi=10.1145%2f3268808.3268823&partnerID=40&md5=eb67e2b50a4142733de170f10126f359}, affiliation={Department of Business I Administration, Chaoyang University of Technology, No. 168, Jifeng E. Rd., Wufeng District, Taichung, 41349, Taiwan; Department of Marketing and Logistics Management, Chaoyang University of Technology, 168, Jifeng E. Rd., Wufeng District, Taichung, 41349, Taiwan; Department of Business Administration, Chaoyang University of Technology, 168, Jifeng E. Rd., Wufeng District, Taichung, 41349, Taiwan; Department of Applied Foreign Languages, Central Taiwan University of Science and Technology, No. 666, Buzih Road, Beitun District, Taichung City, 40601, Taiwan; Administration, Chaoyang University of Technology, No. 168, Jifeng E. Rd., Wufeng District, Taichung, 41349, Taiwan}, abstract={The manufacturer of Payment FinTech invests in research and development. They absorb the technical knowledge of the competition collaborator, so as to build a combination with the technical skills. Therefore, identifying the technical advantages among competing companies for the research and development, accumulating the technical core competence, as well as maintaining the competitive advantages are the important business topics for the manufacturer of Payment FinTech. From the viewpoint of patent statistics, this study forms the patent data collection after retrieval and analyzes it by using three patent statistics of technical attraction, technical relative position and relative patent advantages, in order to discuss the advantages and disadvantages of the research and development portfolio for the Payment FinTech Company in the industry. © 2018 Association for Computing Machinery.}, author_keywords={Patent statistics; Payment FinTech; Research and development portfolio}, keywords={Competition; Manufacture, Competitive advantage; Core competence; Patent datum; Patent statistics; Payment FinTech; Relative positions; Research and development; Technical skills, Patents and inventions}, references={Chishti, S., Barberis, J., The FinTech book: 86 fintech pioneers in the world. It is the first book to open "What does FinTech do? How to do it? (2016) City State Business Weekly; Ernst, C.-P., Positioning self-etching adhesives: Versus or in addition to phosphoric acid etching? (2004) Journal of Esthetic and Restorative Dentistry, 16 (1), pp. 57-69; Ernst, H., Patent portfolios for strategic R & D planning (1998) Journal of Engineering and Technology Management, 15, pp. 279-308; Lee, H.F., (2016) Enlightenment from British Financial Technology Development and Regulatory Sandbox Mechanism to China, Science & Technology Policy Research and Information Center, , https://portal.stpi.narl.org.tw/index/article/10260; Lai, K.-K., Lin, C.-Y., Chang, Y.-H., Yang, M.-C., Yang, W.-G., A structured approach to explore technological competencies through R & D portfolio of photovoltaic companies by patent statistics (2017) Scientometrics, pp. 1-25; (2015) FINTECH - An IP PERSPECTIVE, , Relecura; Schmoch, U., Evaluation of technological strategies of companies by means of MDS maps (1995) International Journal of Technology Management, 10 (4-6), pp. 426-440}, publisher={Association for Computing Machinery}, isbn={9781450365284}, language={English}, abbrev_source_title={ACM Int. Conf. Proc. Ser.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Ferreira2018, author={Ferreira, F. and Pereira, L.}, title={Success Factors in a Reward and Equity Based Crowdfunding Campaign}, journal={2018 IEEE International Conference on Engineering, Technology and Innovation, ICE/ITMC 2018 - Proceedings}, year={2018}, doi={10.1109/ICE.2018.8436308}, art_number={8436308}, note={cited By 0; Conference of 2018 IEEE International Conference on Engineering, Technology and Innovation, ICE/ITMC 2018 ; Conference Date: 17 June 2018 Through 20 June 2018; Conference Code:138725}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85052500494&doi=10.1109%2fICE.2018.8436308&partnerID=40&md5=472a9bd25bb759c0cd55369e20ebf2f9}, affiliation={ISCTE - Instituto Universitário de Lisboa, ISCTE Business School, Lisbon, Portugal}, abstract={As the world changes, financial sector changes with it, and alternative finance emerge. Crowdfunding is part of this evolution and its use is becoming more widespread day by day. As more entrepreneurs and organizations seek crowdfunding to fund their ventures, and to solve the most important obstacle to achieve a successful crowdfunding campaign, which is not the information available about how to create a successful campaign, but rather its dispersion, it becomes of uttermost importance to create a framework to help them to succeed raising finance. It is, therefore, the main goal of this paper, to provide a valuable guide to help entrepreneurs in the hard task of raising finance through crowdfunding, mainly those using equity and reward crowdfunding. To accomplish the purposed goal, it is important to understand the underlying motivations of those investing in crowdfunding, in order to offer them what they seek and what motivates them. It is also essential to identify which kind of crowdfunding fits better the entrepreneur's goals and which one increases the likelihood of achieving them. Finally, is crucial to understand the specific success factors for a successful crowdfunding campaign. One of the main findings of this work, is that the motivations for investors in equity and reward crowdfunding are similar. This is very important, since it solves the problem of the scarcity of data for the equity model. With similar motivations it is possible to apply the data available for reward crowdfunding to equity crowdfunding, since both campaign can be design to answer the same needs and motivations. © 2018 IEEE.}, author_keywords={Alternative finance; Equity crowdfunding; Fintech; Reward crowdfunding; Startups}, keywords={Investments; Motivation, Equity crowdfunding; Financial sectors; Fintech; Hard task; Reward crowdfunding; Startups; Success factors, Engineering research}, references={Kim, J.-U., (2013) Kim Jong-un Calls for An End to Decades of Conflict with South Korea. Independent.UK Web Site, , http://www.independent.co.uk/news/world/Asia/kim-jongun-calls-foran-end-to-decades-of-conflict-with-south-korea-8434693.html; Bruntje, D., Gadja, O., Crowdfunding in Europe: State of the art in theory and practice (2016) Crowdfunding in Europe: State of the Art in Theory and Practice, , New York, Crown Business; Lukkarinen, A., Teich, J., Wallenius, H., Wallenius, J., Success drivers of online equity crowdfunding campaigns (2016) Decision Support Systems, 87, pp. 26-38; Schwienbacher, A., Larralde, B., Crowdfunding of small entrepreneurial ventures (2010) Handbook of Entrepreneurial Finance, pp. 1-23; Mollick, E., Mollick, E., The dynamics of crowdfunding: An exploratory study (2014) Journal of Business Venturing, 2014, pp. 1-16; Schwienbacher, A., Lambert, T., Belleflamme, P., Individual crowdfunding practices (2012) Louvain School of Management; Schwienbacher, A., Lambert, T., Belleflamme, P., Crowdfunding: Tapping the right crowd (2014) Journal of Business Venturing, 29 (5), pp. 585-609; Kirby, E., Worner, S., Crowd-funding: An infant industry growing fast (2014) Working Paper Unpublished; (2013) Crowdfunding's Potential for the Developing World, , infoDevWorld bank, Washington; (2016) Crowdfunding in the EU Capital Markets Union, , European Commission, Brussels European commission; Andreoni, J., Giving with impure altruism: Applications to charity and ricardian equivalence (1989) The Journal of Political Economy, 97 (6), pp. 1447-1458; Kleemann, F., Gunter, G., Rieder, K., Un(der)paid innovators: The commercial utilization of consumer work through crowdsourcing (2008) Science, Technology & Innovation Studies, (1), pp. 5-26. , 4; Gerber, E., Hui, J., Crowdfunding: Motivations and deterrents for participation (2013) ACM Transactions on Computer-Human Interaction, (6), p. 34. , 20; Ahlers, G., Cumming, D., Gunther, C., Schweizer, D., Signaling in equity crowdfunding (2015) Entrepreneurship Theory and Practice; Kuppuswamy, V., Bayus, B., Crowdfunding creative ideas: The dynamics of project backers in kickstarter (2015) Working Paper, Kenan-Flager Business School; (2018) Kickstarter Handbook, 2 (12). , https://www.kickstarter.com/help/handbook/your-storyref=handbook-index; https://www.seedrs.com/learn/guides/creating-a-campaign, Seedrs guides 12 02 2018; Agrawal, A., Catalini, C., Goldfarb, A., Crowdfunding: Geography, social networks, and the timing of investment decisions (2015) Journal of Economics & Management Strategy, 24 (2), pp. 253-274; Kunda, Z., The case for motivated reasoning (1990) Psychological Bulletin, 108 (3), pp. 480-498; Kopetz, C., Faber, T., Fishbach, A., Kruglanski, A., The multifinality constraints effect: How goal multiplicity narrows the means set to a focal end (2011) Journal of Personality and Social Psychology, 100 (5), pp. 810-826}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538614693}, language={English}, abbrev_source_title={IEEE Int. Conf. Eng., Technol. Innov., ICE/ITMC - Proc.}, document_type={Conference Paper}, source={Scopus}, } @BOOK{Cassis20181, author={Cassis, Y. and Wójcik, D.}, title={International financial centres after the Global Financial Crisis and Brexit}, journal={International Financial Centres after the Global Financial Crisis and Brexit}, year={2018}, pages={1-246}, doi={10.1093/oso/9780198817314.001.0001}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059493412&doi=10.1093%2foso%2f9780198817314.001.0001&partnerID=40&md5=42b1077d8f5241e3ce17649c234205d7}, affiliation={European University Institute, Florence, Italy; School of Geography and the Environment, Oxford University, United Kingdom; St Peters College Oxford, United Kingdom}, abstract={This book gathers leading economic historians, geographers, and social scientists to focus on the developments in key international financial centres following the 2008 Global Financial Crisis and to consider the likely effects of Brexit on these centres. Eleven centres in eight countries are taken into consideration: New York, London, Frankfurt, Paris, Zurich/Geneva, Hong Kong/Shanghai/Beijing, Tokyo, and Singapore. The book addresses three main issues. The first is the hierarchy of international financial centres, in particular whether Asian financial centres have taken advantage of the crisis in the West. The second is the medium-term effects of the crisis, with respect to the volume of business activity (including employment), and the level of regulation, with concerns regarding the risks of regulatory overkill. And the third is the rise of new technology, known as fintech, possibly the most important change in the decade following the crisis, with questions as to whether it will render financial centres, as we know them, unnecessary for the functioning of the global economy, and which cities are likely to emerge as hubs of new financial technology. Finally, the book discusses the likely effects of Brexit on international financial centres, in particular London, Paris, and Frankfurt. The book takes a decidedly interdisciplinary approach, with a general introduction providing a global overview from a historical perspective, and a general conclusion providing a global overview from a geographical perspective. Its focus on the implications for global financial centres is unique among books about the aftermath of the Global Financial Crisis. © Oxford University Press 2018. All rights reserved.}, author_keywords={Asia; Banking, Financial and business services; Brexit; Europe; Financial regulation; Fintech; Global financial crisis; International financial centre; United States of America}, correspondence_address1={Cassis, Y.; European University InstituteItaly}, publisher={Oxford University Press}, isbn={9780198817314}, language={English}, abbrev_source_title={Int. Financ. Cent. after the Glob. Financ. Crisis and Brexit}, document_type={Book}, source={Scopus}, } @CONFERENCE{Marafie201872, author={Marafie, Z. and Lin, K.-J. and Zhai, Y. and Li, J.}, title={Proactive fintech: Using intelligent IoT to deliver positive insurtech feedback}, journal={Proceeding - 2018 20th IEEE International Conference on Business Informatics, CBI 2018}, year={2018}, volume={2}, pages={72-81}, doi={10.1109/CBI.2018.10048}, note={cited By 1; Conference of 20th IEEE International Conference on Business Informatics, CBI 2018 ; Conference Date: 11 July 2018 Through 13 July 2018; Conference Code:139250}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054086296&doi=10.1109%2fCBI.2018.10048&partnerID=40&md5=84bec07d2a6c48137d3cc58e1050d880}, affiliation={Dept. Electrical Engineering and Computer Science, University of California, Irvine, CA, United States; School of Computer Science and Technology, Beijing Institute of Technology, China; School of Management and Economics, Beijing Institute of Technology, China}, abstract={Financial Technology (FinTech) employs technological advancements and sharing economy models to improve financing services. The emergence of the Internet-of-Things (IoT) has changed the way humans interact with the surrounding world. In this paper, we present a proactive FinTech model that uses the IoT intelligence to deliver positive InsurTech feedback. We propose an InsurTech system with three main components: the monitoring and feedback device, the fog analytics engine, and the cloud server. The driving analytics use sensor-recorded data to calculate in real time the driving scores based on current driving patterns and road conditions. The feedback device then communicates with drivers providing helpful feedbacks and potential rewards. Given assertive recommendations offered by a system, the rational-economic model suggests that humans usually respond positively to cost minimizations and rewards maximizations. We have used real user data collected by the MapBar Auto Guard devices deployed in China to show an example of how IoT supports the implementation of the positive feedback paradigm. We believe our proactive FinTech model that speaks of actual costs and potential benefits in real time will offer an attractive service value and customer satisfaction. © 2018 IEEE.}, author_keywords={Feedback; Fintech; InsurTech; UBI}, keywords={Customer satisfaction; Internet of things, Cost minimization; Economic modeling; Fintech; InsurTech; Internet of thing (IOT); Potential benefits; Potential rewards; Technological advancement, Feedback}, references={Lee, I., Shin, Y.J., Fintech: Ecosystem, business models, investment decisions, and challenges (2018) Business Horizons, 61 (1), pp. 35-46; Zavolokina, S.G.L., Dolata, M., Fintech whats in a name? (2017) Thirty Seventh International Conference on Information Systems; Dhar, V., Stein, R.M., Fintech platforms and strategy (2017) Commun. ACM, 60 (10), pp. 32-35. , Sep; Zavolokina, L., Dolata, M., Schwabe, G., The fintech phenomenon: Antecedents of financial innovation perceived by the popular press (2016) Financial Innovation, 2 (1), p. 16. , Dec; Modak, S., (2018) The Fin-ternet of Things: How Iot Affects Financial Services, , http://www.fintech.finance/01-news/the-finternet-of-things-how-iot-affects-financial-services/, [Online; accessed 19-May-2018]; Al-Fuqaha, A., Guizani, M., Mohammadi, M., Aledhari, M., Ayyash, M., Internet of things: A survey on enabling technologies, protocols, and applications (2015) IEEE Communications Surveys Tutorials, 17 (4), pp. 2347-2376. , Fourthquarter; Hung, M., Leading the iot - Gartner insights on how to lead in a connected world (2017) Gartner Research, p. 2; (2017) The Next Industrial Revolution, , https://www.samsolutions.com/blog/how-much-data-will-iot-create-2017/, [Online; accessed 6-March-2018]; Loffler, M., Munstermann, B., Schumacher, T., Mokwa, C., Behm, S., Insurers need to plug into the internet of things or risk falling behind (2016) European Insurance, , August; Oppertunities await: How insurtech is reshaping insurance (2016) Global FinTech Survey, , June; Vander Linden, S.L., Millie, S.M., Anderson, N., Chishti, S., (2018) The INSURTECH Book: The Insurance Technology Handbook for Investors, Entrepreneurs and FinTech Visionaries, , John Wiley & Sons; Zheng, C.H.D.Y.S., The automobile insurance pricing model, combining static premium with dynamic premiumbased on the generalized linear models (2015) World Risk and Insurance Economics Congress (WRIEC); (2018) Usage Based Insurance and Telematics, , National Association for Insurance Commissioners, [Online; accessed 2- April-2018]; Nai, W., Qin, W., Zhang, F., Yu, Y., Dong, D., Contract strategy design in early stage of implementing pay-how-youdrive policy with traditional commercial vehicle insurance coexisted (2015) 2015 12th International Conference on Service Systems and Service Management (ICSSSM), pp. 1-4. , June; (2016) Usage-based Insurance (Ubi) Expected to Grow to 142m Subscribers Globally by 2023, , May [Online; accessed 10- March-2018]; Birnbaum, S., Whats next for usage-based insurance? 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CHI '10, pp. 1999-2008. , New York, NY, USA: ACM; Ma, C., Dai, X., Zhu, J., Liu, N., Sun, H., Liu, M., Drivingsense: Dangerous driving behavior identification based on smartphone autocalibration (2017) Mobile Information Systems, 2017; Paefgen, J., Kehr, F., Zhai, Y., Michahelles, F., Driving behavior analysis with smartphones: Insights from a controlled field study (2012) Proceedings of the 11th International Conference on Mobile and Ubiquitous Multimedia, p. 36. , ACM; Ehsani, J.P., O'Brien, F., Simmons-Morton, B., (2017) Comparing G-force Measurement between a Smartphone App and An Invehicle Accelerometer; Johnson, D.A., Trivedi, M.M., Driving style recognition using a smartphone as a sensor platform (2011) Intelligent Transportation Systems (ITSC), 2011 14th International IEEE Conference on, pp. 1609-1615. , IEEE; Zeeman, A.S., Booysen, M.J., Combining speed and acceleration to detect reckless driving in the informal public transport industry (2013) Intelligent Transportation Systems- (ITSC), 2013 16th International IEEE Conference on, pp. 756-761. , IEEE; Li, Y., Xue, F., Feng, L., Qu, Z., A driving behavior detection system based on a smartphone's built-in sensor (2017) International Journal of Communication Systems, 30 (8); Freematics, , https://freematics.com, Australia; Wiki, P., (2018) 7-inch-1024x600 Capacitive Touch Screen (Extend Two Usb Host Port) Sku: Ep-0085 - 52pi Wiki, , [Online; accessed 1-June-2018]; Acquisti, A., John, L.K., Loewenstein, G., What is privacy worth? (2013) The Journal of Legal Studies, 42 (2), pp. 249-274; García-Alcaraz, J.L., Alor-Hernández, G., Maldonado-Macías, A.A., Sánchez-Ramírez, C., (2018) New Perspectives on Applied Industrial Tools and Techniques, , Springer International Publishing}, editor={Brichni M., Huemer C., Proper H.A., Rozier D., Guerreiro S., Guedria W., Razo-Zapata I., Komarov M.M., Strecker S., Feltus C., Maltseva S.V.}, sponsors={}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538670163}, language={English}, abbrev_source_title={Proceeding - IEEE Int. Conf. Bus. Informatics, CBI}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Cumming2018374, author={Cumming, D.J. and Schwienbacher, A.}, title={Fintech venture capital}, journal={Corporate Governance: An International Review}, year={2018}, volume={26}, number={5}, pages={374-389}, doi={10.1111/corg.12256}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85052931014&doi=10.1111%2fcorg.12256&partnerID=40&md5=84d8d701535648d572ce803b2c032758}, affiliation={DeSantis Distinguished of Finance and Entrepreneurship, College of Business, Florida Atlantic University, 777 Glades Road, Boca Raton, FL 33431, United States; Visiting Birmingham Business School, University of Birmingham, Edgbaston, Birmingham, B15 2TT, United States; Department of Finance and Accounting, SKEMA Business School—Université Côte d'Azur, SKEMA Business School, Avenue Willy Brandt, Lille, F-59777, France}, abstract={Manuscript Type: Empirical Research Question/Issue: Where are fintech venture capital investments taking place around the world? What is the role of institutional factors on the international allocation of fintech venture capital? Research Findings/Insights: We document a notable change in the pattern of fintech venture capital (VC) investments around the world relative to other types of investments after the global financial crisis. We show that fintech venture capital investments are relatively more common in countries with weaker regulatory enforcement and without a major financial center after the financial crisis. Also, we show the fintech boom is more pronounced for smaller private limited partnership venture capitalists that likely have less experience with prior venture capital booms and busts. These fintech VC deals are substantially more likely to be liquidated, especially when located in countries without a major financial center. Theoretical/Academic Implications: We build on the institutions and corporate governance literatures by showing the importance of enforcement in driving relative differences in investment patterns and investor participation. For entrepreneurial startups, regulatory arbitrage drives investment into countries with a dearth of enforcement and regulatory costs. We argue that the spike in fintech venture capital in certain countries is attributable to differential enforcement of financial institution rules amongst startups versus large established financial institutions after the financial crisis. Practitioner/Policy Implications: Regulatory arbitrage in the context of fintech venture capital can spur booms and busts. Less experienced venture capitalists seem more prone to undertake investments that exacerbate boom and bust cycles. National governance is strengthened by the enforcement of regulatory standards, and corporate governance through investor experience and oversight can mitigate these swings, and facilitate better investment outcomes. © 2018 John Wiley & Sons Ltd.}, author_keywords={Corporate Governance; Financial Regulation; Fintech; International Venture Capital; Regulatory Arbitrage}, funding_details={University of San DiegoUniversity of San Diego}, funding_details={Social Sciences and Humanities Research Council of CanadaSocial Sciences and Humanities Research Council of Canada}, funding_text 1={Post‐Crisis (dummy) Fintech Startup (dummy) Post‐Crisis × Fintech Startup Age (in years) VC fund characteristics Financial VC Fund (dummy) Private VC Fund (dummy) Corporate VC Fund (dummy) VC Firm Age (in years) Market conditions GDP (in USD) GDP per Capita (in USD) GDP Growth No. obs. Industry dummies Stage of dev. dummies Startup country dummies}, funding_text 2={The authors owe thanks to Lars Hornuf, Joseph McCahery, Elisa Ughetto, Silvio Vismara, and to the conference participants at McCarthy Tétrault, Toronto, March 2016, the 4th Crowdinvesting Symposium on “Financial Decision Making and the Internet” at the Max Planck Institute for Innovation and Competition, Munich, November 2016, and the CGIR Workshop on “Corporate Governance Implications of New Methods of Entrepreneurial Firm Formation”, University of Bergamo, June 2017, and the 5th Crowdinvesting Symposium on “The Regulation of FinTechs” at the Humboldt University of Berlin, October 2017. Douglas Cumming gratefully acknowledges financial support from the Social Sciences and Humanities Research Council of Canada.}, references={(2015) The future of FinTech and banking: Digitally disrupted or reimagined? 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FBI Law Enforcement Bulletin, May, 1–7; Schwienbacher, A., Venture capital investment practices in Europe and in the United States (2008) Financial Markets and Portfolio Management, 22, pp. 195-217; Sevilir, M., Human capital investment, new firm creation and venture capital (2010) Journal of Financial Intermediation, 19, pp. 483-508; Tykvova, T., When and why do venture capital-backed companies obtain venture lending? (2017) Journal of Financial and Quantitative Analysis, 52, pp. 1049-1080; Tykvova, T., Schertler, A., Does syndication with local venture capitalists moderate the effects of geographical and institutional distance? (2014) Journal of International Management, 20, pp. 406-420; Wang, L., Wang, S., Economic freedom and cross-border venture capital performance (2012) Journal of Empirical Finance, 19, pp. 26-50; Wright, M., Westhead, P., Ucbasaran, D., The internationalization of SMEs and international entrepreneurship: A critique and policy implications (2007) Regional Studies, 41, pp. 1013-1029; Zahra, S.A., Public and corporate governance and young global entrepreneurial firms (2014) Corporate Governance: An International Review, 22, pp. 77-83}, correspondence_address1={Schwienbacher, A.; Department of Finance and Accounting, SKEMA Business School—Université Côte d'Azur, SKEMA Business School, Avenue Willy Brandt, France; email: armin.schwienbacher@skema.edu}, publisher={Blackwell Publishing Ltd}, issn={09648410}, language={English}, abbrev_source_title={Corp. Gov.: Int. Rev.}, document_type={Article}, source={Scopus}, } @ARTICLE{Duma201886, author={Duma, F. and Gligor, R.}, title={Study regarding Romanian students' perception and behaviour concerning the fintech area with a focus on cryptocurrencies and online payments}, journal={Online Journal Modelling the New Europe}, year={2018}, number={27}, pages={86-106}, doi={10.24193/OJMNE.2018.27.04}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85056617402&doi=10.24193%2fOJMNE.2018.27.04&partnerID=40&md5=c70d5e416a38a98d342c8be6bca82b45}, affiliation={Faculty of European Studies, Babeş-Bolyai University, Cluj Napoca, Romania}, abstract={Fintech, which is a shorthand expression for financial technology, is basically referring to all the technological innovations in the financial sector that started to develop exponentially, especially in the second decade of the 21st century, in the era of the mobile internet revolution. The Generation Z, also called Gen Tech, who was growing up using the internet and especially the mobile internet on a daily basis, will probably be the larger adopter and beneficiary of these innovative financial technologies. The current generation of students, born about twenty years ago, is part of this cohort and this is why we decided to initiate a study regarding their perception and behavior concerning the fintech area with the help of a questionnaire applied on some of the students of the Faculty of European Studies from Babeş-Bolyai University. Because the fintech is covering financial innovations from a very broad area (including cryptocurrency, online payments, financial transfers, openbanking, investments, regtech, insurtech, etc.) we decided to focus in this preliminary study, only on the blockchain technology and cryptocurrencies and in relation to these, on the online payments. © 2018 Faculty of European Studies.}, author_keywords={Bitcoin; Blockchain; Cryptocurrencies; Cyber security; Fintech; Online payments}, references={Antonopoulos, A.M., (2017) Mastering Bitcoin, , USA, O'Reilly Media Inc; Badea, L., Virtual Currency-A Viable Alternative To The Classical Currency (2017) Proceedings of the International Conference: Information Society and Sustainable Development, , IVth Edition, April 28-29; Bucovetschi, O., Badea, D., Stanciu, R., (2018) Blockchain technology-a new approach in business environment, , Annual Session of Scientific Papers IMT ORADEA 2018; Cheng, E., (2018) There are now 17 million bitcoins in existence-only 4 million left to 'mine', , https://www.cnbc.com/2018/04/26/there-are-now-17-million-bitcoins-in-existence-only-4-million-left-to-mine.html, CNBC, April 26, 2018 (accessed August 30, 2018); Chishti, S., Barberis, J., (2016) The FINTECH Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries, , John Wiley & Sons; Dimbean-Creta, O., Fintech-already new fashion in finance, but what about the future? 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Case study-Bitcoin (2014) Theoretical and Applied Economics, 21 (1), pp. 103-114. , 2014 (590); Scheau, M., Pop, S., Cybercrime evolution (2018) International conference KNOWLEDGE-BASED ORGANIZATION, 24 (1), pp. 225-229; (2018) Internet Security Threat Report, 23. , 04/18}, publisher={Faculty of European Studies}, issn={22470514}, language={English}, abbrev_source_title={Online J. Model. New Eur.}, document_type={Article}, source={Scopus}, } @ARTICLE{Martínez-Climent2018527, author={Martínez-Climent, C. and Zorio-Grima, A. and Ribeiro-Soriano, D.}, title={Financial return crowdfunding: literature review and bibliometric analysis}, journal={International Entrepreneurship and Management Journal}, year={2018}, volume={14}, number={3}, pages={527-553}, doi={10.1007/s11365-018-0511-x}, note={cited By 4}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045614582&doi=10.1007%2fs11365-018-0511-x&partnerID=40&md5=ea59113e2e72aa0da2addacd902805d1}, affiliation={Universitat de València, València, Spain}, abstract={In the FinTech era, other technological enterprises different from traditional banking are offering financial services (Zalan and Toufaily Zalan et al. Contemporary Economics, 11(4), 2017). Crowdfunding is a materialization of the evolution of entrepreneurial finance, permitting the raising of funds from a crowd of investors through online platforms. Crowdfunding is a rather new phenomenon, so literature is still incipient. This research aims to study crowdfunding as a financial instrument. For this reason, we will focus specifically on crowdfunding that generates a financial return- i.e., peer-to-peer lending (P2P) and equity crowdfunding (EC). This article looks into the documents published in the Tomson Reuters Web of Science on the field of financial return crowdfunding. Conclusions are drawn in terms of relevance of this burgeoning topic and suggestions for future research are put forward. © 2018, Springer Science+Business Media, LLC, part of Springer Nature.}, author_keywords={Bibliometric analysis; Crowdfunding; Equity crowdfunding; Financial return crowdfunding; Financial technology; FinTech; Peer-to-peer lending; Web of science}, references={Afuah, A., Tucci, C.L., Crowdsourcing as a solution to distant search (2012) Academy of Management Review, 37 (3), pp. 355-375; Ahlers, G.K., Cumming, D., Günther, C., Schweizer, D., Signaling in equity crowdfunding (2015) Entrepreneurship Theory and Practice, 39 (4), pp. 955-980; Albort-Morant, G., Ribeiro-Soriano, D., A bibliometric analysis of international impact of business incubators (2016) Journal of Business Research, 69 (5), pp. 1775-1779; Albort-Morant, G., Henseler, J., Leal-Millán, A., Cepeda-Carrión, G., Mapping the field: a bibliometric analysis of green innovation (2017) Sustainability, 9 (6), p. 1011; Andrieş, A.M., Ursu, S.G., Financial crisis and bank efficiency: an empirical study of European banks (2016) Economic research-Ekonomska istraživanja, 29 (1), pp. 485-497; Arner, D.W., Barberis, J., Buckley, R.P., The evolution of Fintech: a new post-crisis paradigm (2015) Geo. 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Rev., 88, p. 1457; Sherman, A.J., Brunsdale, S., The jobs act: its impact on MandA (2013) Journal of Corporate Accounting and Finance, 24 (2), pp. 17-20; Simonsohn, U., Ariely, D., When rational sellers face nonrational buyers: evidence from herding on eBay (2008) Management science, 54 (9), pp. 1624-1637; Spence, M., Signaling in retrospect and the informational structure of markets (2002) Amer. Econom. Rev., 92 (3), pp. 434-459; Stemler, A.R., The JOBS act and crowdfunding: harnessing the power—money—of the masses (2013) Business Horizons, 56 (3), pp. 271-275; (2015) Crowdfunding brings new opportunities for CPAs, , https://www.journalofaccountancy.com/issues/2015/oct/crowdfunding-opportunities-for-cpas.html; Vismara, S., Equity retention and social network theory in equity crowdfunding (2016) Small Business Economics, 46 (4), pp. 579-590; Yum, H., Lee, B., Chae, M., From the wisdom of crowds to my own judgment in microfinance through online peer-to-peer lending platforms (2012) Electronic Commerce Research and Applications, 11 (5), pp. 469-483; Zalan, T., Toufaily, E., The promise of Fintech in emerging markets: Not as disruptive (2017) Contemporary Economics, 11 (4). , https://doi.org/10.5709/ce.1897-9254.253; Zhang, J., Liu, P., Rational herding in microloan markets (2012) Management Science, 58 (5), pp. 892-912}, correspondence_address1={Martínez-Climent, C.; Universitat de ValènciaSpain; email: Carla.Martinez-Climent@uv.es}, publisher={Springer New York LLC}, issn={15547191}, language={English}, abbrev_source_title={Int. Entrep. Manage. J.}, document_type={Article}, source={Scopus}, } @ARTICLE{Deng2018465, author={Deng, H. and Huang, R.H. and Wu, Q.}, title={The Regulation of Initial Coin Offerings in China: Problems, Prognoses and Prospects}, journal={European Business Organization Law Review}, year={2018}, volume={19}, number={3}, pages={465-502}, doi={10.1007/s40804-018-0118-2}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054135701&doi=10.1007%2fs40804-018-0118-2&partnerID=40&md5=8316df35f887a76fa18a8cce382a177c}, affiliation={Jiangxi University of Finance and Economics, Nanchang, China; Legal Department, Budgetary Work Commission, National People’s Congress, Beijing, China; Faculty of Law, The Chinese University of Hong Kong, Hong Kong; Faculty of Law, McGill University, Montreal, Canada; Faculty of Law, JiNan University, Guangzhou, China}, abstract={As a new form of the FinTech industry, initial coin offerings (ICOs) underwent a period of explosive growth in China since the second half of 2016 and were banned in September 2017. However, the outright ban on ICOs may hamper revolutionary technological developments and dampen the growth of this potentially beneficial market. In quest of a solution to meet the regulatory challenges rather than completely stifling the innovation, a comparative analysis has been conducted in some advanced economies, including the US, Canada, Australia, Singapore, Hong Kong, the UK and the EU in order to propose a regulatory framework for ICOs in China. After a thorough analysis of relevant experiences and regulatory measures in overseas jurisdictions, this paper provides a non-exhaustive classification of the legal status of ICOs, namely pre-sale of products or services, offering of shares, issue of debentures, issue of derivatives, collective investment schemes and crowdfunding, as well as a possible regulatory reform of the current ICO ban in China. It is then concluded that except for ICOs that can be regarded as pre-sale of products or services, the other five types of ICOs are highly likely to be considered as financial securities and thus should be subject to securities laws. © 2018, T.M.C. Asser Press.}, author_keywords={Blockchain; China; Cryptocurrency; FinTech; Initial coin offering}, funding_details={National University of SingaporeNational University of Singapore, NUS}, funding_details={Chinese University of Hong KongChinese University of Hong Kong, CUHK}, funding_details={Hong Kong Arts Development CouncilHong Kong Arts Development Council, HKADC}, funding_text 1={This research was funded under a Direct Research Grant of the Chinese University of Hong Kong; research support was also received from the Centre for Asian Legal Studies and the EW Barker Center for Law & Business, Faculty of Law, National University of Singapore; the authors would also like to acknowledge the support provided under the Hong Kong Research Grants Council Theme Based Research Project ‘Enhancing Hong Kong’s Future as a Leading International Financial Centre’.}, funding_text 2={Crowdfunding, which is normally based on the internet, by its very nature, should be a regulated financial activity and subject to securities laws, but there is no relevant law in China to govern such an activity yet. In jurisdictions such as the US, Canada, Australia, the EU and the UK, regulations on crowdfunding have been established but none of them have applied any relevant regulations to ICOs. While there is a very broad academic definition of crowdfunding,149 the Legislative Council of Hong Kong has issued an Information Note on the regulation of crowdfunding, in which four types of crowdfunding are given: donation-based […] for charitable causes; reward-based or presales-based where goods or services are delivered in return for fund contribution; equity crowdfunding where investors acquire shares of a business investment for financial return; and peer-to-peer (‘P2P’) lending where debts are issued to borrowers for interest in return.150}, references={(2017) Notice for Refunds of Allcoin’s ICO Projects, , https://www.allcoin.com/Articles/NoticeDetail/1429/, Accessed 10 November 2017; Bhaskar, Bitcoin, IPO, ETF and crowdfunding (2015) Handbook of digital currency: bitcoin, innovation, financial instruments, and big data, pp. 529-557. , Lee D, (ed), Elsevier, Amsterdam; Bonaiuti, G., Economic issues on M-Payments and Bitcoin (2016) Bitcoin and mobile payments. 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An economic appraisal (2015) Handbook of digital currency, pp. 31-43. , Lee D, (ed), Elsevier, Amsterdam}, correspondence_address1={Huang, R.H.; Faculty of Law, The Chinese University of Hong KongHong Kong; email: robinhuang@cuhk.edu.hk}, publisher={Springer International Publishing}, issn={15667529}, language={English}, abbrev_source_title={Eur. Bus. Org. Law Rev.}, document_type={Article}, source={Scopus}, } @ARTICLE{Bollinger2018251, author={Bollinger, B. and Yao, S.}, title={Risk transfer versus cost reduction on two-sided microfinance platforms}, journal={Quantitative Marketing and Economics}, year={2018}, volume={16}, number={3}, pages={251-287}, doi={10.1007/s11129-018-9198-0}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85046684854&doi=10.1007%2fs11129-018-9198-0&partnerID=40&md5=aec2965f44d1b101b3d297d02794f64a}, affiliation={Marketing at the Fuqua School of Business, Duke University, Durham, NC, United States; Marketing at the Carlson School of Management, University of Minnesota, Minneapolis, MN, United States}, abstract={Microfinance can be an important tool for fighting global poverty by increasing access to loans and possibly lowering interest rates through microlending. However, the dominant mechanism used by online microfinance platforms, in which intermediaries administer loans, has profound implications for borrowers. Using an analytical model of microlending with intermediaries who disburse and service loans, we demonstrate that profit-maximizing intermediaries have an incentive to increase interest rates because much of the default risk is transferred to lenders. Borrower and lender interest rate elasticities can serve as disciplining mechanisms to mitigate this interest rate increase. Using data from Kiva.org, we find that interest rates do not affect lender decisions, which removes one of these disciplining mechanisms. Interest rates are high, around 38% on Kiva. In contrast, on an alternative microfinance platform that does not use intermediaries, Zidisha, interest rates are only around 10%, highlighting the dramatic impact of intermediaries on interest rates. We propose an alternative loan payback mechanism that still allows microfinance platforms to use intermediaries, while removing the incentive to increase interest rates due to the transfer of risk to lenders. © 2018, Springer Science+Business Media, LLC, part of Springer Nature.}, author_keywords={Crowdfunding; FinTech; Lending; Microfinance; Pricing; Risk transfer; Two-sided platforms}, references={Aaker, J., Akutsu, S., Why do people give? (2009) The Role of Identity in Giving, , Stanford University Graduate School of Business Research Paper No. 2027; Agrawal, A.K., Catalini, C., Goldfarb, A., (2011) The geography of crowdfunding, , NBER Working Paper No. 16820; Banerjee, A.V., Duflo, E., Giving credit where it is due (2010) Journal of Economic Perspectives, 24 (3), pp. 61-80; Banerjee, A.V., Microcredit under the microscope: What have we learned in the past two decades, and what do we need to know? (2013) Annual Review of Economics, 5, pp. 487-519; Banerjee, A., Chandrasekhar, A.G., Duflo, E., Jackson, M.O., The diffusion of microfinance (2013) Science, 341, pp. 363-371; Banerjee, A., Duflo, E., Glennerster, R., Kinnan, C., The miracle of microfinance? evidence from a randomized evaluation (2015) American Economic Journal: Applied Economics, 7 (1), pp. 22-53; Banerjee, A., Karlan, D., Zinman, J., Six randomized evaluations of microcredit: Introduction and further steps (2015) American Economic Journal: Applied Economics, 7 (1), pp. 1-21; Burtch, G., Ghose, A., Wattal, S., An empirical examination of the antecedents and consequences of contribution patterns in crowd-funded markets (2013) Information Systems Research, 24 (3), pp. 499-519; Chu, M., Commercial returns at the base of the pyramid (2007) Innovations: Technology, Governance, Globalization, 2 (1-2), pp. 115-146; Dieckmann, R., (2007) Microfinance: an Emerging Investment Opportunity, , Technical report, Deutsche Bank Research; Duarte, J., Siegel, S., Young, L., Trust and credit: The role of appearance in peer-to-peer lending (2012) The Review of Financial Studies, 25 (8), pp. 2455-2484; Flippen, A.R., Hornstein, H.A., Siegal, W.E., Weitzman, E.A., A comparison of similarity and interdependence as triggers for in-group formation (1996) Personality and Social Psychology Bulletin, 22 (9), pp. 882-893; Galak, J., Small, D., Stephen, A.T., Microfinance decision making: A field study of prosocial lending (2011) Journal of Marketing Research, 48 (SPL), pp. S130-S137; Hulme, M.K.C., (2006) Wright Internet Based Social Lending: Past Present and Future, , Technical report, Social Futures Observatory; Iyer, R., Khwaja, A.I., Luttmer, E.F., Shue, K., Screening peers softly: Inferring the quality of small borrowers (2015) Management Science, 62 (6), pp. 1554-1577; Kawai, K., Onishi, K., Uetake, K., (2014) Signaling in Online Credit Markets, , working paper; Kent, D., Dacin, M.T., Bankers at the gate: Microfinance and the high cost of borrowed logics (2013) Journal of Business Venturing, 28, p. 6; Kogut, T., Ritov, I., The “identified victim” effect: an identified group, or just a single individual? (2005) Journal of Behavioral Decision Making, 18 (3), pp. 157-167. , &, (, a; Kogut, T., Ritov, I., The singularity effect of identified victims in separate and joint evaluations (2005) Organizational Behavior and Human Decision Processes, 97 (2), pp. 106-116. , &, (, b; Kogut, T., Ritov, I., One of us”: Outstanding willingness to help save a single identified compatriot (2007) Organizational Behavior and Human Decision Processes, 104 (2), pp. 150-157; Krebs, D., Empathy and altruism (1975) Journal of Personality and Social Psychology, 32 (6), pp. 1134-1146; Lin, M., Prabhala, N.R., Viswanathan, S., Judging borrowers by the company they keep: Friendship networks and information asymmetry in online peer-to-peer lending (2013) Management Science, 59 (1), pp. 17-35; Liu, W., Aaker, J., The happiness of giving:the time-ask effect (2008) Journal of Consumer Research, 35 (3), pp. 543-557; Michels, J., Do unverifiable disclosures matter? evidence from peer-to-peer lending (2012) Accounting Review, 87 (4), pp. 1385-1413; Nevo, A., Measuring market power in the ready-to-eat cereal industry (2001) Econometrica, 69 (2), pp. 307-342. , http://www.jstor.org/stable/2692234; Phillips, R., Optimizing prices for consumer credit (2013) Journal of Revenue and Pricing Management, 12 (4), pp. 360-377; Pope, D.G., Sydnor, J.R., What’s in a picture? evidence of discrimination from prosper.com (2011) Journal Human Resources, 46 (1), pp. 53-92; Ravina, E., (2012) Love & loans: The effect of beauty and personal characteristics in credit markets, , working paper; Rossi, P.E., Invited paper – even the rich can make themselves poor: A critical examination of iv methods in marketing applications (2014) Marketing Science, 33 (5), pp. 655-672; Small, D.A., Simonsohn, U., Friends of victims: Personal experience and prosocial behavior (2008) Journal of Consumer Research, 35 (3), pp. 532-542; Small, D.A., Verrochi, N.M., The face of need: Facial emotion expression on charity advertisements (2009) Journal of Marketing Research, 46 (6), pp. 777-787; Stephen, A., Galak, J., The effects of traditional and social earned media on sales: A study of a microlending marketplace (2012) Journal of Marketing Research, 49 (5), pp. 624-639. , http://www.journals.marketingpower.com/doi/abs/10.1509/jmr.09.0401; Stotland, E., Dunn, R.E., Empathy, self-esteem, and birth order (1963) The Journal of Abnormal and Social Psychology, 66 (6), pp. 532-540; Wei, Y., Yildirim, P., den Bulte, C.V., Dellarocas, C., Credit scoring with social network data (2016) Marketing Science, 35 (2), pp. 234-258; Weining, B., Ni, J., Singh, S., (2017) Informal Lending in Emerging Markets. Forthcoming at Marketing Science; Zephyr, A.M., Money is not enough: Social capital and microcredit (2004) Issues in Political Economy, 13, pp. 1-12; Zhang, J., Lui, P., Rational herding in microloan markets (2012) Management Science, 58 (5), pp. 892-912}, correspondence_address1={Bollinger, B.; Marketing at the Fuqua School of Business, Duke UniversityUnited States; email: bryan.bollinger@duke.edu}, publisher={Springer New York LLC}, issn={15707156}, language={English}, abbrev_source_title={Quant. Mark. Econ.}, document_type={Article}, source={Scopus}, } @ARTICLE{Lui2018267, author={Lui, A. and Lamb, G.W.}, title={Artificial intelligence and augmented intelligence collaboration: Regaining trust and confidence in the financial sector}, journal={Information and Communications Technology Law}, year={2018}, volume={27}, number={3}, pages={267-283}, doi={10.1080/13600834.2018.1488659}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85055326551&doi=10.1080%2f13600834.2018.1488659&partnerID=40&md5=603ec2c4013a8df158c5fc6710540b5a}, affiliation={School of Law, Liverpool John Moores University, Liverpool, United Kingdom}, abstract={Robots and chatbots are sophisticated. Artificial intelligence (AI) is increasingly popular in the financial industry due to its ability to provide customers with cheap, efficient and personalised services. This article uses doctrinal sources and a case study to show that many banks and FinTech start-ups are investing in AI. Yet, there are a number of challenges arising from the use of AI which could undermine trust and confidence amongst consumers. This article features the issue of bias and discrimination in banking. There is evidence that algorithms discriminate against certain races and gender. Legislative gaps in the Equality Act 2010 and the General Data Protection Regime will be analysed. Ultimately, human beings are still needed to input, train and help machines to learn. Fortunately, the FCA are leading in regulating technology, from the launch of regulatory sandboxes to their co-operative collaboration with FinTech start-ups on regulatory matters. Augmented intelligence collaboration is needed to enable industry players and regulators to provide seamless regulation and financial stability. The future of AI regulation is interdisciplinary in approach. © 2018 Informa UK Limited, trading as Taylor & Francis Group.}, author_keywords={Artificial intelligence; Augmented intelligence collaboration; Financial regulation; FinTech; RegTech}, funding_details={Faculty of Arts and SciencesFaculty of Arts and Sciences}, funding_details={Liverpool John Moores UniversityLiverpool John Moores University}, funding_text 1={‘This work was supported by the Faculty of Arts, Professional and Social Studies of Liverpool John Moores University under a qualitative research grant’.}, references={Baum, L.F., The Wonderful Wizard of Oz, , (First published 1900, Chicago: Geo. M. 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Gordon Smith & Christine Hurt eds, Cambridge University Press; Ayres, I., Braithwaite, J., (1992) Responsive Regulation: Transcending the Deregulation Debate; Black, J., Decentering Regulation: Understanding the Role of Regulation and Self-Regulation in a ‘Post-Regulatorys World’ (2001) Current Legal Probs, 54, p. 103}, correspondence_address1={Lui, A.; School of Law, Liverpool John Moores UniversityUnited Kingdom; email: A.Lui@ljmu.ac.uk}, publisher={Routledge}, issn={13600834}, language={English}, abbrev_source_title={Inf. Commun. Technol. Law}, document_type={Article}, source={Scopus}, } @CONFERENCE{Hsu201899, author={Hsu, P.-Y. and Chou, C. and Huang, S.-H. and Chen, A.-P.}, title={A market making quotation strategy based on dual deep learning agents for option pricing and bid-Ask spread estimation}, journal={Proceedings - 2018 IEEE International Conference on Agents, ICA 2018}, year={2018}, pages={99-104}, doi={10.1109/AGENTS.2018.8460084}, art_number={8460084}, note={cited By 0; Conference of 2018 IEEE International Conference on Agents, ICA 2018 ; Conference Date: 28 July 2018 Through 31 July 2018; Conference Code:139775}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054498331&doi=10.1109%2fAGENTS.2018.8460084&partnerID=40&md5=6bd2bbf7fa2e00c59a62a249759d6a74}, affiliation={National Chiao Tung University, Institute of Information Management, Hsinchu, Taiwan; National Chiao Tung University, Department of Information Management and Finance, Hsinchu, Taiwan}, abstract={Traditional professional traders and institutional investors utilized complex statistical models to price various derivative contracts and make trading decisions in the option and future markets. In recent years, with the rapid growth of algorithmic trading and program trading, the advanced information and communication technology has become an indispensable element for high-frequency traders, especially for the market makers. In addition, artificial intelligence and deep learning also plays an important role in novel financial technology (FinTech) research field. In this paper, we proposed a market making quotation strategy based on deep learning structure and practical finance domain knowledge. The proposed dual agents will simultaneously model the option prices and bid-Ask spreads. The experiments demonstrate that our system can precisely estimate the value of options than famous financial engineering models. It also can be extended to develop proper market making quotation strategies to trade the options of Taiwan Stock Exchange Capitalization Weighted Stock Index(TAIEX). © 2018 IEEE.}, author_keywords={Bid-Ask spread; Deep learning; Market makers; Option pricing}, keywords={Commerce; Costs; Electronic trading; Financial markets; Intelligent agents; Investments, Advanced informations; Algorithmic trading; Bid-ask spread; Financial engineering; Institutional investors; Market-maker; Option pricing; Taiwan stock exchanges, Deep learning}, funding_details={106-3114-E-009-015}, funding_details={National Chiao Tung UniversityNational Chiao Tung University}, funding_details={Ministry of Science and Technology of the People's Republic of ChinaMinistry of Science and Technology of the People's Republic of China, MOST 106-3114-E-009-014}, funding_text 1={ACKNOWLEDGEMENT The authors would like to thank the Ministry of Science and Technology of the Republic of China, Taiwan, for partially financially supporting this research under contract number MOST 106-3114-E-009-014 and MOST 106-3114-E-009-015. This work was also supported by the FinTech Innovation Research Center, National Chiao Tung University.}, references={Ball, C.A., Roma, A., Stochastic volatility option pricing (1994) Journal of Financial and Quantitative Analysis, 29 (4), pp. 589-607; Merton, R.C., Option pricing when underlying stock returns are discontinuous (1976) Journal of Financial Economics, 3 (1-2), pp. 125-144; Heston, S.L., A closed-form solution for options with stochastic volatility with applications to bond and currency options (1993) The Review of Financial Studies, 6 (2), pp. 327-343; Bouchaud, J.P., Sornette, D., The black-scholes option pricing problem in mathematical finance: Generalization and extensions for a large class of stochastic processes (1994) Journal de Physique i, 4 (6), pp. 863-881; Anders, U., Korn, O., Schmitt, C., Improving the pricing of options: A neural network approach (1998) Journal of Forecasting, 17 (5-6), pp. 369-388; Krinsky, I., Lee, J., Earnings announcements and the components of the bid-ask spread (1996) The Journal of Finance, 51 (4), pp. 1523-1535; Grossman, S.J., Miller, M.H., Liquidity and market structure (1988) The Journal of Finance, 43 (3), pp. 617-633; Demsetz, H., The cost of transacting (1968) The Quarterly Journal of Economics, 82 (1), pp. 33-53; Stoll, H.R., The supply of dealer services in securities markets (1978) The Journal of Finance, 33 (4), pp. 1133-1151; Glosten, L.R., Milgrom, P.R., Bid, ask and transaction prices in a specialist market with heterogeneously informed traders (1985) Journal of Financial Economics, 14 (1), pp. 71-100; O'Hara, M., Oldfield, G.S., The microeconomics of market making (1986) Journal of Financial and Quantitative Analysis, 21 (4), pp. 361-376; Roll, R., A simple implicit measure of the effective bid-ask spread in an efficient market (1984) The Journal of Finance, 39 (4), pp. 1127-1139; Glosten, L.R., Harris, L.E., Estimating the components of the bid/ask spread (1988) Journal of Financial Economics, 21 (1), pp. 123-142}, sponsors={}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538681800}, language={English}, abbrev_source_title={Proc. - IEEE Int. Conf. Agents, ICA}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{NoAuthor2018, title={Ant and Tencent: As regulators circle, China's fintech giants put the emphasis on tech}, journal={Economist (United Kingdom)}, year={2018}, volume={414}, number={9106}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85053241972&partnerID=40&md5=230b7896886dd3123eeb3b3cf6c9ce4e}, publisher={Economist Newspaper Ltd}, issn={00130613}, language={English}, abbrev_source_title={Economist}, document_type={Article}, source={Scopus}, } @CONFERENCE{Mei2018384, author={Mei, S. and Peiguang, L. and Xiushan, N.}, title={Research on fintech industry development and talent training status}, journal={13th International Conference on Computer Science and Education, ICCSE 2018}, year={2018}, pages={384-387}, doi={10.1109/ICCSE.2018.8468796}, art_number={8468796}, note={cited By 0; Conference of 13th International Conference on Computer Science and Education, ICCSE 2018 ; Conference Date: 8 August 2018 Through 11 August 2018; Conference Code:139984}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85055545846&doi=10.1109%2fICCSE.2018.8468796&partnerID=40&md5=c22a872531d1db7ed9f305e5dc99d5c2}, affiliation={Shandong University of Finance and Economics, School of Public Management, Jinan, Shandong Province, China; Shandong University of Finance and Economics, School of Computre Science and Technology, Jinan, Shandong Province, China}, abstract={With the deep application and development of information technology in the financial field, Fintech (Financial Technology) has become a hot topic in the financial industry and the scientific and technological community. The Fintech industry's development model is continuously developing and innovating, and it constantly impacts and transforms the traditional financial industry. Fintech has become the country's policy direction and economic development trend, leading to an increase in Fintech's talent demand, and the development of Fintech's talent has become critical. This paper describes the situation of Fintech industry from three aspects: the development of Fintech industry at home and abroad, the demand of Fintech talents and the training status of Fintech talents. This paper also suggests that colleges and universities should seize the opportunity to explore new teaching modes such as school-enterprise cooperation for Fintech and providing good talents protection for the development of Fintech. © 2018 IEEE.}, author_keywords={Fintech; Fintech industry; Fintech talents; Talent training}, keywords={Education computing; Finance, Colleges and universities; Economic development; Fintech; Fintech talents; Industry development; School-enterprise cooperations; Talent trainings; Technological communities, Engineering education}, references={Lee, I., Fintech: Ecosystem and business models [C] (2016) U-and E-Service, Science and Technology, pp. 57-62; Shim, Y., Shin, D.H., Analyzing China's fintech industry from the perspective of actor-network theory [J] (2016) Telecommunications Policy, 40 (2-3), pp. 168-181; Kotarba, M., New factors inducing changes in the retail banking customer relationship management (CRM) and their exploration by the FinTech industry [J] (2016) Foundations of Management, 8 (1), pp. 69-78; Zavolokina, L., Dolata, M., Schwabe, G., The FinTech phenomenon: Antecedents of financial innovation perceived by the popular press [J] (2016) Financial Innovation, 2 (1), p. 16; Wonglimpiyarat, J., FinTech banking industry: A systemic approach [J] (2017) Foresight}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538654958}, language={English}, abbrev_source_title={Int. Conf. Comput. Sci. Educ., ICCSE}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Anresnani2018, author={Anresnani, D.S. and Widodo, E. and Syairuddin, B.}, title={Modelling Integration of System Dinamics and Game Theory for of Financial Technology Peer to Peer Lending Industry}, journal={MATEC Web of Conferences}, year={2018}, volume={204}, doi={10.1051/matecconf/201820407006}, art_number={07006}, note={cited By 0; Conference of 2018 International Mechanical and Industrial Engineering Conference, IMIEC 2018 ; Conference Date: 30 August 2018 Through 31 August 2018; Conference Code:139963}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054297312&doi=10.1051%2fmatecconf%2f201820407006&partnerID=40&md5=8fc391903b4c1ade12c9afb29121ceb3}, affiliation={Department of Industrial Engineering, Sepuluh Nopember Institute of Technology, Surabaya, 60111, Indonesia}, abstract={In Indonesia, internet users from 2013 to 2018 have increased about 52%. This growth indicates that people behaviour change in many aspects of life including in economy. One example is (Fintech P2P Lending). P2P lending is a service that offers online borrowing, lenders can loan to small business or individuals. This is in line with the Indonesia Financial Services Sector Master Plan 2015-2019. Indonesia support the rapid growth of the financial technology ecosystem, but there is need good understanding between related parties such as P2P Lending companies, lenders and borrowers. A system dynamics act as calculators to takes value to fill payoff table in game theory. Integration of system dynamics and game theory can produce the best strategy for Fintech P2P Lending in running its business while considering profit for lenders and borrowers. The best strategy is known by use non-cooperative and cooperative game theory. The result shown the best strategy for each player with non-cooperative game is when the company chooses a high level of profit margin, borrower chooses low level of debt time, and lender chooses high level of ROI. In cooperative game, the best strategy is when the company chooses a high level of profit margin, borrower chooses low level of debt time, and lender chooses low level of ROI. © The Authors, published by EDP Sciences, 2018.}, references={Hadad, M.D., (2017) Jakarta; Mateescu, Peer-to-Peer Lending (2015) Data & Society; G20 High-level Principles for Digitalfinancial Inclusion, , https://www.gpfi.org/sites/default/files/G20%20High%20Level%, Global Partnership for Financial Inclusion. [Diakses 2018April 2018]. 9 April 2010; Truong, O., (2016) Centria University of Applied Science; Chrismastianto, A.W., (2017) ISSN, Tangerang; (2017) Erman, ResearchGate; Qingyao, C.W., Wan, S., (2016), 1, pp. 117-130; Dongyu Chen, F.L.Z.L., (2014) Springer, 15, pp. 239-254; Quanlong Liu, X.L.M.H., (2015) Safety Science, 80, pp. 13-22; Budianto, Surabaya (2017)}, correspondence_address1={Anresnani, D.S.; Department of Industrial Engineering, Sepuluh Nopember Institute of TechnologyIndonesia; email: deririnda@gmail.com}, editor={Suryanto A.H., Lubis D.Z., Ginta T.L., Permanasari A.A., Astuti A.D., Puspitasari P., Srikun I., Akhtar M.N., Pradana Y.R., Larasati A., Jebeli M.S.}, sponsors={}, publisher={EDP Sciences}, issn={2261236X}, language={English}, abbrev_source_title={MATEC Web Conf.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Tschudin201888, author={Tschudin, C.}, title={End-to-end encrypted scalable abstract data types over ICN}, journal={ICN 2018 - Proceedings of the 5th ACM Conference on Information-Centric Networking}, year={2018}, pages={88-94}, doi={10.1145/3267955.3267962}, note={cited By 0; Conference of 5th ACM Conference on Information-Centric Networking, ICN 2018 ; Conference Date: 21 September 2018 Through 23 September 2018; Conference Code:147750}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85065922776&doi=10.1145%2f3267955.3267962&partnerID=40&md5=74bea9bc136612ecb2b3d7e5f0f93063}, affiliation={University of Basel, Switzerland}, abstract={In Information Centric Networking (ICN), data items are made accessible through their name rather than their storage location. We extend this storage abstraction and complement it via a name lookup service for retrieving the latest version of a name binding in order to implement abstract data types (ADT), specifically “append-only logs” and “mutable key-value stores”. Moreover, we make these data types scalable by choosing implementation techniques known as CRDTs (conflict-free replicated data types) and we use end-to-end encryption for protecting the content and structure against untrusted storage providers and forwarding elements. In this paper we describe our architecture, the interface to the ADTs and report on a prototype implementation for the cloud that is inspired by a real Fintech use case. © 2018 Copyright held by the owner/author(s).}, keywords={Cryptography; Digital storage, Content and structure; End-to-end encryption; Implementation techniques; Information-centric networkings (ICN); Key-value stores; Prototype implementations; Storage location; Untrusted storages, Abstract data types}, references={Afanasyev, A., Jiang, X., Yu, Y., Tan, J., Xia, Y., Mankin, A., Zhang, L., NDNS: A DNS-like name service for NDN (2017) 26th International Conference on Computer Communication and Networks (ICCCN), pp. 1-9; Agha, G., A message-passing paradigm for object management (1985) IEEE Database Eng. 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Internet Research Task Force IRTF; Moskowitz, R., Heer, T., Jokela, P., Henderson, T., (2015) Host Identity Protocol Version 2 (HIPv2), , RFC 7401. 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Internet Research Task Force IRTF; Zhang, L., Afanasyev, A., Burke, J., Jacobson, V., Claffy, K.C., Crowley, P., Papadopoulos, C., Zhang, B., Named data networking (2014) SIGCOMM Comput. Commun. Rev., 44 (3), pp. 66-73. , July 2014; Zhang, Z., Yu, Y., Afanasyev, A., Burke, J., Zhang, L., NAC: Name-based Access Control in Named Data Networking (2017) Proceedings of the 4th ACM Conference on Information-Centric Networking (ICN’17), pp. 186-187; Zhu, Z., Afanasyev, A., Let’s chronosync: Decentralized dataset state synchronization in Named Data Networking (2013) 21st IEEE International Conference on Network Protocols (ICNP), pp. 1-10}, correspondence_address1={Tschudin, C.; University of BaselSwitzerland; email: christian.tschudin@unibas.ch}, sponsors={ACM SIGCOMM}, publisher={Association for Computing Machinery, Inc}, isbn={9781450359597}, language={English}, abbrev_source_title={ICN - Proc. ACM Conf. Inf.-Cent. Netw.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Seara2018233, author={Seara, M.P. and Malucelli, A. and Santin, A.O. and Barddal, J.P.}, title={Are fintechs really a hype? A machine learning-based polarity analysis of Brazilian posts on social media}, journal={Proceedings - IEEE 16th International Conference on Industrial Informatics, INDIN 2018}, year={2018}, pages={233-238}, doi={10.1109/INDIN.2018.8471986}, art_number={8471986}, note={cited By 0; Conference of 16th IEEE International Conference on Industrial Informatics, INDIN 2018 ; Conference Date: 18 July 2018 Through 20 July 2018; Conference Code:140136}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85055540894&doi=10.1109%2fINDIN.2018.8471986&partnerID=40&md5=821287de478f101ed9884da8ffee1758}, affiliation={Specialization in Big Data Analytics, Pontifícia Universidade Católica Do Paraná Curitiba, Curitiba, Brazil; Programa de Pós-Graduação em Informática (PPGIa), Pontifícia Universidade Católica Do Paraná, Curitiba, Brazil}, abstract={Fintechs are technology companies that, in contrast to traditional banks, are engaged in digital solutions for payment, money transfers, and real-time notifications. Taking advantage of digital means of communication, most of the service interactions between fintechs and customers occurs via chats or posts in social media. In this work, our goal is to use machine learning to analyze these posts and identify what are the terms used by customers to express positive, neutral and negative customer experiences. During this analysis, we assess the following questions using data from the 3 biggest fintechs in Brazil: (i) what are the most commented topics on social media regarding fintechs, (ii) what are the words more often used by customers to express positive, negative and neutral reactions to the customer service obtained; and (iii) what kind of machine learning model should a fintech use to automatically identify whether a post is positive, negative or neutral. © 2018 IEEE.}, keywords={Artificial intelligence; Sales; Social networking (online), Customer services; Digital solutions; Machine learning models; Money transfers; Negative customers; Service interaction; Social media; Technology companies, Learning systems}, references={Liarte, E.B., (2016) Radiografía Del Fintech-clasificación, Recopilación y Análisis de Las Principales Startups, , Master's thesis, Universitat Politècnica de Catalunya; Trelewicz, J.Q., Big data and big money: The role of data in the financial sector (2017) IT Professional, 19 (3), pp. 8-10; Kaur, H., Mangat, V., Nidhi, A survey of sentiment analysis techniques (2017) 2017 International Conference on I-SMAC (IoT in Social, Mobile, Analytics and Cloud) (I-SMAC), pp. 921-925. , Feb; Bruno, G., Text mining and sentiment extraction in central bank documents (2016) 2016 IEEE International Conference on Big Data (Big Data), pp. 1700-1708. , Dec; Patil, P.S., Dharwadkar, N.V., Analysis of banking data using machine learning (2017) 2017 International Conference on I-SMAC (IoT in Social, Mobile, Analytics and Cloud) (I-SMAC), pp. 876-881. , Feb; Bravo-Marquez, F., Frank, E., Pfahringer, B., Building a twitter opinion lexicon from automatically-annotated tweets (2016) Know.-Based Syst., 108 (C), pp. 65-78. , http://dx.doi.org/10.1016/j.knosys.2016.05.018, Sep; Franzoni, V., Li, Y., Mengoni, P., A path-based model for emotion abstraction on facebook using sentiment analysis and taxonomy knowledge (2017) Proceedings of the International Conference on Web Intelligence, Ser. 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Res., 7, pp. 1-30. , http://dl.acm.org/citation.cfm?id=1248547.1248548, Dec; Mikolov, T., Chen, K., Corrado, G., Dean, J., (2013) Efficient Estimation of Word Representations in Vector Space, , http://arxiv.org/abs/1301.3781, CoRR abs/1301. 3781; Weinberger, K., Dasgupta, A., Langford, J., Smola, A., Attenberg, J., Feature hashing for large scale multitask learning (2009) Proceedings of the 26th Annual International Conference on Machine Learning, Ser. ICML '09, pp. 1113-1120. , http://doi.acm.org/10.1145/1553374.1553516, New York, NY, USA: ACM; Feurer, M., Klein, A., Eggensperger, K., Springenberg, J., Blum, M., Hutter, F., Efficient and robust automated machine learning (2015) Advances in Neural Information Processing Systems 28, pp. 2962-2970. , http://papers.nips.cc/paper/5872-efficientand-robust-automated-machine-learning.pdf, C. Cortes, N. D. Lawrence, D. D. Lee, M. Sugiyama, and R. Garnett, Eds. Curran Associates, Inc}, sponsors={IEEE Industrial Electronics Society (IES); INESC TE; New University of Lisboa; The Institute of Electrical and Electronics Engineers (IEEE)}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538648292}, language={English}, abbrev_source_title={Proc. - IEEE Int. Conf. Industr. Inf., INDIN}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Riyanto2018, author={Riyanto, A. and Primiana, I. and Yunizar and Azis, Y.}, title={Disruptive Technology: The Phenomenon of FinTech towards Conventional Banking in Indonesia}, journal={IOP Conference Series: Materials Science and Engineering}, year={2018}, volume={407}, number={1}, doi={10.1088/1757-899X/407/1/012104}, art_number={012104}, note={cited By 0; Conference of International Conference on Informatics, Engineering, Science and Technology, INCITEST 2018 ; Conference Date: 9 May 2018 Through 10 May 2018; Conference Code:140092}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054793243&doi=10.1088%2f1757-899X%2f407%2f1%2f012104&partnerID=40&md5=410ed5478f23977fa4ab54ee95fee47c}, affiliation={Teknik Industri, Universitas Komputer Indonesia, Indonesia; Doktor Ilmu Manajemen, Universitas Padjadjaran, Indonesia}, abstract={The purpose of the study was too disruptive technology. The rapid changes in technology due to the innovation has brought an impacts in changes on human lifestyle. Technology simplifies and accelerates human being in doing its activity. The development of digital technology (disruptive technology) has an impact on all aspects of human life. The purpose of this research is to see the phenomenon of the conventional banking in Indonesia to make changes in its business processes in order to compete with Fintechs Company that is growing rapidly. This research method looks at the phenomenon on conventional banking in Indonesia by looking at the impact of technology and digital. The first phenomenon is the rapid development in the world currently occur in the digital economy, one of which is a digital-based financial service known as financial technology (FinTech). The second phenomenon is digital technology has been able to change the behavior of Indonesian people in all aspects of life, such as electronic books, electronic newspapers, online sales and public transportation (taxis and motorcycles). The third phenomenon is FinTechs services in Indonesia include Payment channel system, Digital Banking, Online/Digital Insurance, Peer-to-peer (P2P) Lending and Crow funding. Banks should be able to balance the development of this digital technology by providing new products that are close to customer's wishes. There is a gap that has not been served by banks in Indonesia that resulted in the emergence of potential benefits that can be taken by Start-up Company (pioneer) FinTech in providing services and banking products. Banking in Indonesia can synergize with start-up companies (pioneer) FinTech by changing its business process by doing Business Process Reengineering (BPR). © Published under licence by IOP Publishing Ltd.}, keywords={Finance; Peer to peer networks; Reengineering, Business process re-engineering; Digital technologies; Disruptive technology; Financial service; Potential benefits; Public transportation; research methods; Start-up companies, Electronic publishing}, references={Siregar, A.E., (2016) Financial Technology Trend Bisnis Keuangan Ke Depan, , (infobanknews.com); Hadad, M., (2017) Financial Technology (FinTech) di Indonesia Kuliah Umum Tentang Fintech-IBS; Ramanigopal, C.S., Palaniappan, G., Hemalatha, N., Murugan, T., Business Process Reengineering and Its Applications (2011) International Journal of Management Research and Review, 1, pp. 275-288; Ringim, K.J., Osman, N.H., Hasnan, N., Razalli, M.R., Exploring the Implementation of Business Process Reengineering in Banks (2013) Asian Social Science, 9; Osano, M.H., Okwena, D., Factors Influencing Performance of Business of Business Process Reengineering Projects in Bank in Kenya : Case of Kenya Comemercial Bank (2015) Journal of US-China Public AdMinistration, 12, pp. 26-34; Moad, J., Does reengineering really work (1993) Datamation, , August 1; Barrett, J.L., Process visualization: Getting the vision right is the key (1994) Information Systems Management, 11 (2), pp. 14-23; Guha, S., Kettinger, W., Teng, T., Business process reengineering: Building a comprehensive methodology (1993) Information Systems Management, Summer, 12, pp. 3-22; Jackson, N., Business process re-engineering (1997) Management Services, 12, pp. 34-36; Al-Mashari, M., Zairi, M., BPR implementation process: An analysis of key success and failure factors (1999) Business Process Management Journal, 5 (1), pp. 87-112; Ika, A., (2017) Bisnis Model Baru Bank-Fintech Dan Ekonomi Digital, , www.kompas.com; (2017) Redwaring the Lines: Fintech's Growing Influence on Financial Services PWC, , Global FinTech Report}, editor={Abdullah A.G., Nandiyanto A.B.D., Warlina L., Kurniati P.S.}, publisher={Institute of Physics Publishing}, issn={17578981}, language={English}, abbrev_source_title={IOP Conf. Ser. Mater. Sci. Eng.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Sarkintudu2018, author={Sarkintudu, S.M. and Ibrahim, H.H. and Abdwahab, A.B.}, title={Taxonomy development of Blockchain platforms: Information systems perspectives}, journal={AIP Conference Proceedings}, year={2018}, volume={2016}, doi={10.1063/1.5055532}, art_number={020130}, note={cited By 0; Conference of 3rd International Conference on Applied Science and Technology, ICAST 2018 ; Conference Date: 10 April 2018 Through 12 April 2018; Conference Code:140017}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054482468&doi=10.1063%2f1.5055532&partnerID=40&md5=3ad9acb81b455e1cee7dbc9bf770fa0a}, affiliation={Institute for Advanced and Smart Digital Opportunities, School of Computing, Universiti Utara Malaysia, Sintok, Kedah, 06010, Malaysia}, abstract={Blockchain platform has given information system scholars research opportunities in understanding dynamics of convergence of technology and social context. The information system research issues are complex and require taxonomies to understand the similarities and uniqueness among objects. Developing taxonomies is a complex process that needs systematic approach. This paper is a research-in-progress. We proposed taxonomy for Blockchain platform using existing method of developing taxonomies in information systems. With the unprecedented growth led to several companies to develop the varieties of Blockchain platforms. The complexity in the implementation and understanding the technical protocols leading to difficulty face by researchers and practitioners to access their full potentials. To bridge the gap, we proposed a taxonomy of Blockchains distributed ledger platforms in order to provide a mechanism for researchers and practitioners to understand the phenomenon. Final of taxonomy contains five (5) dimensions with fifteen (15) characteristics. Our analysis discovered Blockchain platforms are designed with specific goals, which prescribe its features, i.e FinTech Blockchain platforms for financial domain. © 2018 Author(s).}, author_keywords={Blockchain; Distributed ledger technology; Proof-of-Stake; Proof-of-work; Taxonomy; Taxonomy development}, references={Nakamoto, S., (2008) Bitcoin: A Peer-to-Peer Electronic Cash System, p. 9. , Www.Bitcoin.Org; Yli-Huumo, J., Ko, D., Choi, S., Park, S., Smolander, K., Where is current research on Blockchain technology? - A systematic review (2016) PLoS One, 11 (10), pp. 1-27; Kazan, E., Tan, C.-W., Lim, E.T.K., Value Creation in Cryptocurrency Networks: Towards A Taxonomy of Digital Business Models for Bitcoin Companies (2015) PACIS 2015 Proc., pp. 1-15; Christensen, C.M., Bower, J.L., (1996) Strateg. Manag. J., 17 (3), pp. 197-218. , http://www.jstor.org/stable/2486845, Customer Power, Strategic Investment, and the Failure of Leading Firms Author (s): Clayton M. Christensen and Joseph L. Bower Published by: Wiley Stable URL: Accessed: 23-04-2016 08: 20 UTC Your use of the JST,", vol., no; Adner, R., Kapoor, R., Value creation in innovation ecosystems: How the structure of technological interdependence affects firm performance in new technology generations (2010) Strateg. Manag. J., 31 (3), pp. 306-333; Iansiti, M., Levien, R., Keystones and dominators: Framing operating and technology strategy in a business ecosystem (2004) Harvard Bus. Sch. Work. Pap., pp. 3-61; Nambisan, S., Sawhney, M., Orchestration Processes in Network-Centric Innovation: Evidence from the Field (2011) Acad. Manag. Perspect., 25 (3), pp. 40-57; Nickerson, R.C., Muntermann, J., Varshney, U., Isaac, H., Taxonomy development in information systems: Developing a taxonomy of mobile applications (2009) Eur. Conf. Inf. Syst., pp. 1-12; Delone, W.H., McLean, E.R., Information systems success: The quest for the dependent variable (1992) Inf. Syst. Res., 3 (1), pp. 60-95; Alter, S., (1977) Rl-Alter-Taxonomy.pdf; March, S.T., Smith, G.F., Design and natural science research on information technology (1995) Decis. Support Syst., 15 (4), pp. 251-266; Glaser, F., Bezzenberger, L., Beyond Cryptocurrencies - A Taxonomy of Decentralized Consensus Systems (2015) ECIS 2015 Complet. Res. Pap., pp. 1-18; Kazan, E., The Innovative Capabilities of Digital Payment Platforms: A Comparative Study of Apple Pay & Google Wallet (2015) Int. Conf. Mob. Bus., pp. 1-12; Dennis, A.R., Valacich, J.S., Vogel, D.R., Information Technology for Negotiating Groups: Generating Options for Mutual Gain (1991) Manage. Sci., 37 (10), pp. 1325-1346. , J. F. N. Jr; Oshodin, O., Molla, A., Ong, C., An Information Systems Perspective on Digital Currencies: A Systematic Literature Review (2016) Business. Uow. Edu. Au; Tetsuya, S., (2016) Association for Information Systems AIS Electronic Library (AISeL) Altcoins As Alternatives for What? ALTCOINS AS ALTERNATIVES for WHAT?; Mattila, J., THE BLOCKCHAIN PHENOMENON the Disruptive Potential of Distributed Consensus Architectures (2016) Notes Rec. R. Soc. J. Hist. Sci., 70 (4), pp. 393-395; Baliga, D.A., The Blockchain Landscape (2014) Mastering Bitcoin; Gmbh, B., (2017) A BigchainDB Primer," No. May, pp. 1-9; McConaghy, T., (2016) BigchainDB: A Scalable Blockchain Database; Valenta, M., Sandner, P., (2017) Comparison of Ethereum, Hyperledger Fabric and Corda, pp. 1-8; Creighton, R., (2016) Domus Tower Blockchain (DRAFT; (2016) Dragonchain Architecture, , J. (DragonChain) Roets, "," no. September; (2017) Hyperledger Architecture, Volume 1, 1, pp. 1-15. , H. A. W. G. (WG); Greenspan, G., (2013) MultiChain Private Blockchain - White Paper, pp. 1-17; Charlon, F., (2017) Openchain Documentation; (2017) Introduction to Blockchain Technology and Hyperledger, , CSCC, "," no. May; Kuhlman, C., Middleton, D., Bollen, B., Davis, S., (2017) Hyperledger Burrow Proposal, p. 9; Sokal, R.R., The principles and practice of numerical taxonomy (1963) Taxon, pp. 190-199; Bailey, K., Numerical taxonomy and cluster analysis (1994) Typologies and Taxonomies, 34, p. 24}, correspondence_address1={Sarkintudu, S.M.; Institute for Advanced and Smart Digital Opportunities, School of Computing, Universiti Utara MalaysiaMalaysia; email: stjabo@gmail.com}, editor={Nifa F.A.A., Lin C.K., Hussain A.}, sponsors={}, publisher={American Institute of Physics Inc.}, issn={0094243X}, isbn={9780735417342}, language={English}, abbrev_source_title={AIP Conf. Proc.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Xiang2018, author={Xiang, D. and Zhang, Y. and Worthington, A.C.}, title={Determinants of the Use of Fintech Finance among Chinese Small and Medium-Sized Enterprises}, journal={TEMS-ISIE 2018 - 1st Annual International Symposium on Innovation and Entrepreneurship of the IEEE Technology and Engineering Management Society}, year={2018}, doi={10.1109/TEMS-ISIE.2018.8478470}, art_number={8478470}, note={cited By 0; Conference of 1st Annual International Symposium on Innovation and Entrepreneurship of the IEEE Technology and Engineering Management Society, TEMS-ISIE 2018 ; Conference Date: 30 March 2018 Through 1 April 2018; Conference Code:140367}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85056559269&doi=10.1109%2fTEMS-ISIE.2018.8478470&partnerID=40&md5=000ddbde3f10a15567d897e935272fd3}, affiliation={China Institute for Micro Small and Medium-sized Enterprises, School of Business Administration, Qilu University of Technology, Shandong Academy of Sciences, China; School of Management, Shandong University, China; Department of Accounting Finance and Economics, Griffith University, Australia}, abstract={FinTech, the merging of finance and modern Internet-based technology, has rapidly presented itself as a disruptor to traditional business financing, notably in the form of crowdfunding and Peer-to-Peer (P2P) lending. In this paper, we examine the determinants of the use of FinTech finance by businesses, with a particular focus on the ownership, governance, and business practices that may modify the relationships with conventional motivations for external finance. Using a comprehensive sample of Chinese hi-tech small and medium-sized enterprises (SMEs), we find that state-owned enterprises (SOEs) and family firms and financially constrained firms are respectively much less and much more likely to seek FinTech finance. In the Chinese context, we argue that part of this may be because of the relative ease with which SOE SMEs can access cheaper conventional finance through SOE banks. The quality of traditional relationship banking also affects the relative desirability of FinTech financing. As for family firms, we find that innovation, as exemplified by RD activity, effectively overrides any conventional reluctance to access external finance, suggesting the relative benefits of FinTech finance for innovative high-growth firms. © 2018 IEEE.}, author_keywords={China; family firms; fintech; Small and medium-sized enterprises (SMEs); state-owned enterprises (SOEs)}, keywords={Engineering; Industrial engineering, China; Family firms; fintech; Small and medium-sized enterprise; State owned enterprise, Finance}, references={Dorfleitner, G., Hornuf, L., Schmitt, M., Weber, M., FinTech in Germany (2017) Springer International Publishing, , https://doi.org/10.1007/978-3-319-54666-7; Zhu, X., Understanding China's growth: Past, present and future (2012) Journal of Economic Perspectives, 26 (4), pp. 103-124; Boycko, M., Shleifer, A., Vishny, R.W., A theory of privatization (1996) Economic Journal, 106 (435), pp. 309-319; Megginson, W., Netter, J., From state to market: A survey of empirical studies on privatization (2001) Journal of Economics Literature, 39 (2), pp. 321-389; Kornai, J., Resource-constrained versus demand-constrained systems (1979) Econometrica, 47 (4), pp. 801-819; Kornai, J., (1980) Economics of Shortage, , Amsterdam: North-Holland; Allen, F., Qian, J., Qian, M., Law, finance, and economic growth in China (2005) Journal of Financial Economics, 77 (1), pp. 57-116; Jensen, M.C., Meckling, W.H., Theory of the firm: Managerial behavior, agency costs and ownership structure (1976) Journal of Financial Economics, 3 (4), pp. 305-360; Megginson, W., Ullah, B., Wei, Z., State ownership, soft-budget constraints, and cash holdings: Evidence from China's privatized firms (2014) Journal of Banking & Finance, 48, pp. 276-291; Beck, T., Demirguc-Kunt, A., Maksimovic, V., Financing patterns around the world: Are small firms different? 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(2014) Evidence from Chinese Manufacturing Industries, , Mimeo., Beijing; Ghoul, S.E., Guedhami, O., Wang, H., Kwok, C.C., Family control and corporate social responsibility (2016) Journal of Banking and Finance, 73, pp. 131-146; Wooldridge, J., (2010) Econometric Analysis of Cross Section and Panel Data, , MIT Press; Lpez-Gracia, J., Snchez-Andjar, S., Financial structure of the family business: Evidence from a group of small Spanish firms (2007) Family Business Review, 20 (4), pp. 269-287; Houston, J.F., Venkataraman, S., Information Revelation, Lock-In, and Bank Loan Commitments (1994) Journal of Financial Intermediation, 3 (4), pp. 355-378}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538644751}, language={English}, abbrev_source_title={TEMS-ISIE - Annu. Int. Symp. Innov. Entrep. IEEE Technol. Eng. Manag. Soc.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Dimbean-Creta201821, author={Dimbean-Creta, O.}, title={Fintech in corporations. Transforming the finance function}, journal={Quality - Access to Success}, year={2018}, volume={19}, number={S3}, pages={21-28}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85053672275&partnerID=40&md5=6fe60d40cade58226f06285b696d4245}, affiliation={The Institute for Business Administration, Bucharest, Romania}, abstract={Disruption technologies, blockchain, fintech – Already not new anymore, as a fashion in disrupting technologies, fintech became for years pretty well known as an insertion of high tech in the financial service industry. But – as already mentioned in my previous paper work on this topic – banking and other financial services, more and more developed under the absorption of the new tech “attack”, didn’t change too much inside the corporations, and I was referring especially at the transforming of the finance function over there. And this transformation does not simply require the deeper immersion of new and high tech inside the finance of companies, though it matters first, rather than the preparation of people to support this. © 2018, SRAC - Romanian Society for Quality. All rights reserved.}, author_keywords={Blockchain; Disruption; Finance; Fintech; New and High tech}, references={Brealey, R.A., Myers, S.C., Allen, F., (2017) Principle of Corporate Finance, , 12th Edition, Mc Graw Hill International Edition (Mc Graw-hill/Irwin Series in Finance, Insurance, and Real Estate; Higgins, R.C., (2016) Analysis for Financial Management, , 11th Edition, Mc Graw Hill International Edition; Swan, M., Blockchain – Blueprint for a new economy (2015) O’Reilly Media; Drescher, D., (2017) Blockchain Basics – a Non-Technical Introduction in 25 Steps; (2017), Robotics An immediate opportunity for finance, Stepping up: How finance functions are transforming to drive business results. Finance Effectiveness Benchmark Report, PwC; Perry, M., How Cognitive Tech is Transforming Finance Functions, , September, 19, 2016 in Financial Director – The forward-thinking leader, part of the Contentive Group Ltd; April 2016, from PwC Financial Services Practice; Flanagan, A., Mohan, S., (2017) Cfos and the Digital Transformation of Finance Series in Finance in a Digital World: It’s Crunch Time!, , Deloitte Ireland; (2017), The Financial Times Limited, 24 April 2017, by Jonathan Moules; September, 28th, 2016, Yoni Assia, Founder and CEO, eToro Steve Bailey, Founder, Carbon Architecture David Barnes, Global Managing Director for Public Policy, Deloitte Richard Brown, Partner, Santander InnoVentures Taavet Hinrikus, Co-founder, TransferWise Alastair Lukies, Chairman, Innovate Finance Julie Meyer, Managing Partner, Ariadne Capital Bivek Sharma, Partner and Head of Small Business Accounting, KPMG Dr Dominik Steinkuehler, Co-founder and Group Managing Director, Lendico Michael Wood, Co-founder, Receipt Bank; Tapscott, A., Tapscott, D., How BC is Changing Finance (2017) Harvard Business Review, , reprint HO3HJK, published on HBR.ORG March 01; (2017), Enabling decentralized, digital and trusted transactions, why BC will transform the financial services industry, Roland Berger report, March; Dimbean-Creta, O., Fintech – already new fashion in Finance, but what about the future? (2017) Proceedings, Supplement of Quality Access to Success Magazine, , October; Dimbean-Creta, O., The new generations and new technology – the driving forces for the future business models (2013) Proceedings, Supplement of Quality Access to Success Magazine, , October; Dimbean-Creta, O., Challenges over Economics and Monetary Fundaments (2016) Proceedings, Supplement of Quality Access to Success Magazine, , October; (2017), https://www.ifgs2017.com, Innovate Finance Global Summit, Report; https://www.finextra.com/, Finextra Research is the world’s leading specialist financial technology (Fintech) news and information source; (2017), https://www.ethereum.org/, the site of the Ethereum project, accessed July}, correspondence_address1={Dimbean-Creta, O.; The Institute for Business AdministrationRomania; email: ovidiud@asebuss.ro}, publisher={SRAC - Romanian Society for Quality}, issn={15822559}, language={English}, abbrev_source_title={Qual. Access Success}, document_type={Article}, source={Scopus}, } @ARTICLE{Omarini201897, author={Omarini, A.E.}, title={Fintech and the future of the payment landscape: The mobile wallet ecosystem - A challenge for retail banks?}, journal={International Journal of Financial Research}, year={2018}, volume={9}, number={4}, pages={97-116}, doi={10.5430/ijfr.v9n4p97}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85058153621&doi=10.5430%2fijfr.v9n4p97&partnerID=40&md5=15a2917bf78f5c9c193e395b991e0348}, affiliation={Department of Finance, Bocconi University, Milan, Italy; SDA Bocconi School of Management, Milan, Italy}, abstract={Technological innovation, recent regulatory initiatives and mass consumers' changing expectations are quickly re-shaping the payments' sector, paving the way to a more open environment where even non-banking players see a huge opportunity to gain momentum and disrupt the incumbents, namely the financial institutions. Fintech startups, high-tech firms but also mobile network operators are indeed challenging the status quo with their innovative propositions, trying to disintermediate banks from their traditional function of payment service providers. In the payments market, mobile wallets represent one of the innovations with highest potential of growth in the consumer-to-business segment. Payment market is a large and profitable segment for retail banking. Besides revenue streams from card payment transactions, new sources of revenueas and value creation have been unleashed by digital payments. This paper contributes to provide a better understanding of the mobile wallet ecosystem, also analyzing a set of four business cases so to identify potential sources of competitive advantage for retail banks in a market characterized by an increased non-bank competition. Mobile wallet platforms can be a powerful tool for banks to cope with the customer-centric approach. The structure of the paper analyse the recent trends in the financial services industry, involving the entry of new players (Fintech); the evolution of payments in the market; the concept of ecosystem applied to the new payment landscape; and it outlines the banks' roles in the new mobile payment environment. © 2018, International Journal of Financial Research.}, author_keywords={Ecosystem; Fintech; Mobile wallet; Payments; Platform; Platform; Retail bank}, funding_text 1={-Years 70‟s. Development of electronic trading (stock, foreign exchange) and the foundation of the Society for Worldwide International Financial Telecommunication (SWIFT), which was created to standardize and automate the international financial transactions.}, references={Arner, D., Barberis, J., Buckley, R., (2015) The evolution of fintech: a new post-crisis paradigm?; Au, Y.A., Kauffman, R.J., The Economics of Mobile Payments: Understanding Stakeholder Issues for an Emerging Financial Technology (2008) Electronic Commerce Research and Applications, 7 (2), pp. 141-164. , https://ink.library.smu.edu.sg/sis_research/2130; Ballon, P., Business modelling revisited: the configuration of control and value (2007) The Journal of Policy, Regulation and Strategy for Telecommunications, Information and Media, 9 (5), pp. 6-19; Blake, M., Vanham, P., (2016) Five things you need to know about fintech, , https://www.weforum.org/agenda/2016/04/5-things-you-need-to-know-about-fintech/, November 30 World Economic Forum; Bose, A., Denis, J.-F., (2017) World Payments Report 2017, , Capgemini & BNP Paribas; Boudreau, K.J., Hagiu, A., (2008) Platform Rules: Multi-Sided Platforms as Regulators, , https://ssrn.com/abstract=1269966, September 18 Retrieved January 5, 2018; Broom, D., (2015) Innovation in Payments: The Future is Fintech, , New York City: BNY Mellon; Chishti, S., Barberis, J., (2016) The Book of Fintech, , https://doi.org/10.1002/9781119218906, Wiley; Chishti, S., Barberis, J., (2016) The Tech Book (1st ed.), , New Dehli: Wiley; Dahlberg, T., Guo, J., Ondrus, J., A critical review of mobile payment research (2015) Electronic Commerce Research and Applications, 14, pp. 265-284. , https://doi.org/10.1016/j.elerap.2015.07.006; de Reuver, M.V., Collective action for mobile payment platforms: A case study on collaboration issues between banks and telecom operators (2015) Electronic Commerce Research and Applications, 14 (5), pp. 331-344. , https://doi.org/10.1016/j.elerap.2014.08.004; Debray, A., Kwon, H., Gill, R., (2014) Mobile Money Opportunities for Mobile Operators, , Mobey Forum; (2015) Swiss Banking Business Models of the Future, , Embarking to New Orizons, Report; (2016) FinTech 2.0: Creating new opportunities through strategic alliance, , Frankfurt: Deutsche Bank; Drummer, D., Jerenz, A., Siebelt, P., Thaten, M., (2016) FinTech-Challenges and Opportunities, , McKinsey & Company; (2017) Advanced Payments Report 2017, , Wirecard; Eisenmann, T., Parker, G., van Alstyne, M., Strategies for two-sided markets (2006) Harvard Business Review, 84 (10), pp. 92-101; (2018) SEPA payment scheme management, , https://www.europeanpaymentscouncil.eu/what-we-do/sepa-payment-scheme-management, Retrieved January 22, 2018; Faber, E., Ballon, P., Bouwman, H., 'Designing business models for mobile ICT services (2003) Positioning paper for Workshop on Concepts, Metrics and Visualisation, Bled Ecommerce Conference in Bled at, , 9-11 June; Ferrari, R., (2016) L'Era del Fintech, , Milano: Franco Angeli; Flatraaker, D.-I., Mobile payments changing the landscape of retail banking: Hype or reality? 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L. Nunes (Ed.); (2015) Global_payments_2015_A_healthy_industry_confronts_disruption.pdf, personalized and interactive experiences, contributing to increased conversion rates, , McKinsey & Company; (2017) Global Payments 2017: Amid Rapid Change, An Upward Trajectory; Methlie, L.B., Pedersen, P.E., A taxonomy of intermediary integration strategies in online markets (2002) Paper presented at the 15th Bled Electronic Commerce Conference, , Bled at June 17-19; Moore, J., (1996) The death of competition: leaderships and strategy in the era of ecosystems, , New York: NY-Harper Collins; Murad, A., (2015) Start-ups aim at banks' income streams, , https://www.ft.com/content/55049480-61cb-11e5-9846-de406ccb37f2, October 14 Retrieved November 2, 2017; Nicoletti, B., (2014) Mobile Banking-Evolution or Revolution?, , Palgrave Macmillan; Nicoletti, B., (2017) The Future of FinTech (1st ed.), , Rome: Palgrave Macmillan; Omarini, A., (2015) Retail Banking-Business Transformation and Competitive Strategies for the Future (1st ed.), , Palgrave McMillan; Parker, P., (2014) Mobile Wallet Definition, , https://www.cardpaymentoptions.com/glossary/mobile-wallet-definition/, Retrieved November 10, 2017; Pham, T.-T., Ho, J., The effects of product-related, personal-related factors and attractiveness of alternatives on consumer adoption of NFC-based mobile payments (2015) Technology in Society, 43, pp. 159-172. , https://doi.org/10.1016/j.techsoc.2015.05.004; (2016) Global FinTech Report, , PwC; (2016) What is Fintech?, , https://www.pwc.com/us/en/financial-services/publications/viewpoints/assets/pwc-fsi-what-is-fintech.pdf, Retrieved June, 2018; Sang Un Chae, J., Hedman, J., Business Models for NFC based mobile payments (2015) Journal of Business Models, 3 (1), pp. 29-48; Sareen, P., Tewari, A., (2014) Platform Business Models and Mobile Ecosystems; Shapiro, C., Varian, H.R., (1999) Information rules: A strategic guide to the network economy, , Harvard Business Review; Sharma, V., Gusain, P., Kumar, P., (2013) Near Field Communication, , TULA's Institute, The Engineering and Management College: Atlantis Press; (2016) Number of smartphone users worldwide from 2014 to 2020 (in billions), , https://0-www-statista-com.lib.unibocconi.it/statistics/330695/number-of-smartphone-users-worldwide/; (2017), FinTech Report-December 2017; Staykova, K., Damsgaard, J., The race to dominate the mobile payments platform: Entry and expansion strategies (2015) Electronic Commerce Research and Applications, (14), pp. 319-330. , https://doi.org/10.1016/j.elerap.2015.03.004; Tabakovic, A., (2012) Control Points in Mobile Wallets, , Mobey Forum-Tim Haines; Tabakovic, A., Sylvest Olsen, K., (2013) Mobile Wallet: Strategic Options for Banks, , Mobey Forum; Tavilla, E., (2017) Rewarding Loyal Customers to Increase Mobile Payments Adoption, , Boston: Federal Reserve Bank of Boston; Téllez, J., (2017) Mobile Payment Systems, , Swindon, UK: Springer International Publishing AG; Tewari, A., (2014) Platform Business Models and Mobile Ecosystems, , ResearchGate; Turowski, K., Pousttchi, K., (2013) Mobile Commerce, , Springer-Verlag; Verona, G., (2015) Network Externalities-Lecture Notes, , Milano: Università Commerciale Luigi Bocconi; Waupsh, J., (2017) Bankruption-How Community Banking Can Survive Fintech (1st ed.), , Hoboken: Wiley}, correspondence_address1={Omarini, A.E.; Department of Finance, Bocconi University, Via Roentgen 1, Italy}, publisher={Sciedu Press}, issn={19234023}, language={English}, abbrev_source_title={Int. J. Financial Res.}, document_type={Article}, source={Scopus}, } @ARTICLE{Zhang201879, author={Zhang, X.-P.S. and Kedmey, D.}, title={A budding romance: Finance and AI}, journal={IEEE Multimedia}, year={2018}, volume={25}, number={4}, pages={79-83}, doi={10.1109/MMUL.2018.2875858}, art_number={8614276}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85060555599&doi=10.1109%2fMMUL.2018.2875858&partnerID=40&md5=87b06e32266fea23310b97f485501c7f}, affiliation={EidoSearch, China}, abstract={Enthusiasm for artificial intelligence and multimedia information in the financial industry is at an all time high. Every leader in finance now feels the pressure to answer the question, 'What is your AI strategy?' Start-ups are playing a key role in helping the financial sector determine what AI can do and how humans and machines can work together. In this essay, we describe emerging trends and attempts by FinTech start-ups to apply AI and multimedia information processing techniques across a wide range of business needs. © 1994-2012 IEEE.}, keywords={Multimedia systems; Software engineering, Business needs; Emerging trends; Financial industry; Financial sectors; Multimedia information; Multimedia information processing, Finance}, references={Kolanovic, M., Krishnamachari, R.T., Big data and AI strategies: Machine learning and alternative data approach to investing (2017) JP Morgan Chase &Co, , New York, NY, USA, Tech. Rep., May; http://www.fintechinnovationlab.com/; (2018), CBInsights, "Global Fintech report Q2 2018," New York, NY, USA; Wieczner, J., Foursquare just predicted chipotle's sales will plummet 30% (2016) Fortune, , Apr. 15; Stinson, E., Foursquare may have grown up, but the check-in still matters (2017) Wired, , Aug. 9; Zhang, X.-P., To the victor go the spoils: AI in financial markets (2017) IEEE Signal Process. Mag, 34 (6), pp. 171-176. , Nov; Corbo, J., Giovine, C., Wigley, C., Applying analytics in financial institutions' fight against fraud (2017) McKinsey &Company, , https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/applyinganalytics-in-financial-institutions-fight-against-fraud, New York, NY, USA, Apr; Balasubramanian, R., Libarikian, A., McElhaney, D., Insurance 2030-The impact of AI on the future of insurance (2018) McKinsey &Company, , https://www.mckinsey.com/industries/financial-services/our-insights/insurance-2030-The-impact-of-ai-on-The-future-of-insurance, New York, NY, USA, Apr; http://www.cs.cmu.edu/~coral/projects/cobot/, CoBot Robots}, publisher={IEEE Computer Society}, issn={1070986X}, coden={IEMUE}, language={English}, abbrev_source_title={IEEE Multimedia}, document_type={Article}, source={Scopus}, } @ARTICLE{Fan2018610, author={Fan, K. and Li, H. and Jiang, W. and Xiao, C. and Yang, Y.}, title={Secure Authentication Protocol for Mobile Payment}, journal={Tsinghua Science and Technology}, year={2018}, volume={23}, number={5}, pages={610-620}, doi={10.26599/TST.2018.9010031}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85053674626&doi=10.26599%2fTST.2018.9010031&partnerID=40&md5=fab8e3daf8d70a797158073ee34765f0}, affiliation={State Key Laboratory of Integrated Service Networks, Xidian University, Xi'an, 710071, China; Shanghai Haijiye High Tech Co. Ltd, Shanghai, 200000, China; Key Lab. of the Ministry of Education for Wide Band-Gap Semiconductor Materials and Devices, Xidian University, Xi'an, 710071, China}, abstract={With the increasing popularity of fintech, i.e., financial technology, the e-commerce market has grown rapidly in the past decade, such that mobile devices enjoy unprecedented popularity and are playing an everincreasing role in e-commerce. This is especially true of mobile payments, which are attracting increasing attention. However, the occurrence of many traditional financial mishaps has exposed the challenges inherent in online authentication technology that is based on traditional modes of realizing the healthy and stable development of mobile payment. In addition, this technology ensures user account security and privacy. In this paper, we propose a Secure Mutual Authentication Protocol (SMAP) based on the Universal 2nd Factor (U2F) protocol for mobile payment. To guarantee reliable service, we use an asymmetric cryptosystem for achieving mutual authentication between the server and client, which can resist fake servers and forged terminals. Compared to the modes currently used, the proposed protocol strengthens the security of user account information as well as individual privacy throughout the mobile-payment transaction process. Practical application has proven the security and convenience of the proposed protocol. © 2018 Tsinghua University Press.}, author_keywords={mobile payment; mutual authentication; privacy; security; Universal 2nd Factor (U2F)}, keywords={Authentication; Cryptography; Data privacy; Electronic money; Global system for mobile communications; Mobile telecommunication systems, Asymmetric cryptosystem; Mobile payment; Mutual authentication; Mutual authentication protocols; Online authentication; Secure authentications; security; Universal 2nd Factor (U2F), Mobile commerce}, funding_details={Natural Science Foundation of Shaanxi ProvinceNatural Science Foundation of Shaanxi Province, 2017JM6004}, funding_details={National Natural Science Foundation of ChinaNational Natural Science Foundation of China, U1401251, 61772403}, funding_text 1={This work was supported by the National Key R&D}, funding_text 2={Program of China (No. 2017YFB0802600), the National Natural Science Foundation of China (Nos. 61772403 and U1401251), the Natural Science Basic Research Plan in Shaanxi Province of China (No. 2017JM6004), and National 111 Program of China (Nos. B16037 and B08038).}, references={Liou, J.C., Bhashyam, S., A feasible and cost effective two-factor authentication for online transactions (2010) Proc. 2nd Int. Software Engineering and Data Mining Conf., pp. 47-51. , Chengdu, China; Nseir, S., Hirzallah, N., Aqel, M., A secure mobile payment system using QR code (2013) Proc. 5th Int. Computer Science and Information Technology Conf., pp. 111-114. , Amman, Jordan; Sahnoune, Z., Aïmeur, E., Haddad, G.E., Sokoudjou, R., Watch your mobile payment: An empirical study of privacy disclosure (2015) Proc. 2015 IEEE Trustcom/BigDataSE/ISPA, pp. 934-941. , Helsinki, Finland; Shao, M., Fan, J., Li, Y., An empirical study on consumer acceptance of mobile payment based on the perceived risk and trust (2014) Proc. 2014 Int. Cyber-Enabled Distributed Computing and Knowledge Discovery Conf., pp. 312-317. , Shanghai, China; Jiang, H., Study on mobile e-commerce security payment system (2008) Proc. 2008 Int. Electronic Commerce and Security Symposium, pp. 754-757. , Guangzhou, China; Wang, C., The solution design using USB key for network security authentication (2012) Proc. 4th Int. Computational Intelligence and Communication Networks Conf., pp. 766-769. , Mathura, India; Turk, I., Cosar, A., An open, NFC enabler independent Mobile payment and identification method: NFC feature box (2016) Proc. 17th Int. A World of Wireless, Mobile and Multimedia Networks (WoWMoM) Symposium, pp. 1-3. , Coimbra, Portugal; Čović, Z., Viktor, U., Simon, J., Dobrilović, D., Stojanov, Z., Usage of QR codes in web based system for the electronic market research (2016) Proc. 14th Int. Intelligent Systems and Informatics Symposium, pp. 187-192. , Subotica, Portugal; Fan, K., Ge, N., Gong, Y., Li, H., Su, R., Yang, Y., An ultra-lightweight RFID authentication scheme for mobile commerce (2017) Peer-to-Peer Netw. Appl., 10 (2), pp. 368-376; Yu, J., The program design for the network security authentication based on the USB Key technology (2011) Proc. 2011 Int. Electronic & Mechanical Engineering and Information Technology Conf., pp. 2215-2218. , Harbin, China; Cao, Y., Pan, X., Chen, Y., SafePay: Protecting against credit card forgery with existing magnetic card readers (2015) Proc. 2015 Int. Communications and Network Security (CNS) Conf., pp. 164-172. , Florence, Italy; Schmidt, M., Perlroth, N., (2012) Credit Card Data Breach at Barnes & Noble Stores, , http://www.nytimes.com/2012/10/24/business/hackersget-credit-data-at-barnes-noble.html?r=1&adxnnl=1&adxnnlx=1363194210-ff1jKgh5cVLKuz8egxYwCmw; Madhoun, N.E., Guenane, F., Pujolle, G., An online security protocol for NFC payment: Formally analyzed by the scyther tool (2016) Proc. 2016 Int. Mobile and Secure Services (MobiSecServ) Conf., pp. 1-7. , Gainesville, FL, USA; Choche, A., Arabnia, H.R., A methodology to conceal QR codes for security applications (2011) Proc. Int. Information and Knowledge Engineering Conf., pp. 151-160. , Las Vegas, NV, USA; Alshahrani, A.M., Walker, S., NFC performance in mobile payment service compared with an SMS-based solution (2013) Proc. 2013 Int. Green Computing, Communication and Conservation of Energy (ICGCE) Conf., pp. 282-286. , Chennai, India; Von Bokern, V.E., Goel, P., Schrecker, S., Smith, N.M., (2015) Hardware-based Device Authentication, , US Patent, February 10; Lee, Y.S., Lee, H.J., Alasaarela, E., Mutual authentication in wireless body sensor networks (WBSN) based on Physical Unclonable Function (PUF) (2013) Proc. 9th Int. Wireless Communications and Mobile Computing Conference (IWCMC) Conf., pp. 1314-1318. , Sardinia, Italy; Zhang, C., Zhang, W., Mu, H., A mutual authentication security RFID protocol based on time stamp (2015) Proc. 1st Int. Computational Intelligence Theory, Systems and Applications (CCITSA) Conf., pp. 166-170. , Yilan, China; Marktscheffel, T., Gottschlich, W., Popp, W., Werli, P., Fink, S.D., Bilzhause, A., Meer, H., QR code based mutual authentication protocol for Internet of Things (2016) Proc. 17th Int. A World of Wireless, Mobile and Multimedia Networks (WoWMoM) Symposium, pp. 1-6. , Coimbra, Portugal}, correspondence_address1={Fan, K.; State Key Laboratory of Integrated Service Networks, Xidian UniversityChina; email: kfan@mail.xidian.edu.cn}, publisher={Tsinghua University Press}, issn={10070214}, coden={TSTEF}, language={English}, abbrev_source_title={Tsinghua Sci. Tech.}, document_type={Article}, source={Scopus}, } @ARTICLE{Burns2018406, author={Burns, S.}, title={M-Pesa and the ‘Market-Led’ Approach to Financial Inclusion}, journal={Economic Affairs}, year={2018}, volume={38}, number={3}, pages={406-421}, doi={10.1111/ecaf.12321}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85055125374&doi=10.1111%2fecaf.12321&partnerID=40&md5=c3355b662cfa468adabf106d26972627}, affiliation={Ursinus College, Collegeville, United States}, abstract={Inclusive financial systems play a critical role in fostering economic growth and development. However, the question of what is the best means of achieving this has long been a puzzle. In this article, I use the mobile money revolution in Sub-Saharan Africa to show that the greatest examples of financial development have come from nations embracing a market-led approach that removes repressive regulations and gives entrepreneurs the freedom to discover innovative ways to access the unbanked. Comparing the successes and failures of mobile money across the continent over the past decade, I argue that the best predictor of whether a country will reap the benefits of these transformative innovations is whether its government embraces a laissez-faire, or ‘enabling’, regulatory approach that encourages entrepreneurship and experimentation. © 2018 Institute of Economic Affairs}, author_keywords={financial deepening; financial development; financial inclusion; fintech; M-Pesa; mobile banking; mobile money}, references={(2016) Somalia Mobile and Fixed Network Operators List, , http://www.africantelecomsnews.com/Operators_Regulators/List_of_African_fixed_and_mobile_telcos_Somalia.html, (accessed 3 January 2017); Aker, J., Mbiti, I., Mobile Phones and Economic Development in Africa (2010) Journal of Economic Perspectives, 24 (3), pp. 207-232; Akinyemi, A., (2014) Money on the Move, , http://www.newsweek.com/2014/05/30/money-move-251883.html, Newsweek, 25 May., (accessed 16 April 2016); Alexandre, C., Eisenhart, L.C., Mobile Money as an Engine of Financial Inclusion and Lynchpin of Financial Integrity (2013) Washington Journal of Law, Technology, and Arts, 8 (3), pp. 285-302; Allen, F., Otchere, I., Senbet, L.W., African Financial Systems: A Review (2011) Review of Development Finance, 1 (2), pp. 79-113; Argent, J., Hanson, J.A., Gomez, M.P., (2013), The Regulation of Mobile Money in Rwanda. 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Press release, 11 October., (accessed 7 September 2018); (2014) 2014 Global Financial Development Report: Financial Inclusion, , Washington, DC, World Bank; (2018) The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution, , Washington, DC, International Bank for Reconstruction and Development/World Bank}, correspondence_address1={Burns, S.; Ursinus CollegeUnited States; email: sburns@ursinus.edu}, publisher={Blackwell Publishing Ltd}, issn={02650665}, language={English}, abbrev_source_title={Econ. Aff.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Nomakuchi2018, author={Nomakuchi, T.}, title={A case study on fintech in Japan based on keystone strategy}, journal={PICMET 2018 - Portland International Conference on Management of Engineering and Technology: Managing Technological Entrepreneurship: The Engine for Economic Growth, Proceedings}, year={2018}, doi={10.23919/PICMET.2018.8481745}, art_number={8481745}, note={cited By 0; Conference of 2018 Portland International Conference on Management of Engineering and Technology, PICMET 2018 ; Conference Date: 19 August 2018 Through 23 August 2018; Conference Code:140632}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85056455709&doi=10.23919%2fPICMET.2018.8481745&partnerID=40&md5=7bac675af2677d7617fc824aff19822c}, affiliation={Wakayama University, Faculty of Economics, Wakayama-City, Japan}, abstract={Japanese Digital Consumer Electronics Manufacturer declined and collapsed. It is said that the cause is the Modularization of Technology in Architecture Theory. There is a Japanese industry that is similarly undergoing Modularization, which is the Financial Industry. This paper clarified that FinTech modularizes financial technology. For that purpose, we analyzed the function and structure of FinTech. Also, although it is possible that FinTech could change the existing financial industry structure in Japan, the objective was to propose from the case consideration that the management strategy in that environment is Keystone Strategy. As a conclusion, FinTech was found to be modularized because it has increased its added value after fragmenting financial services technology and breaking it apart. In addition, even if it continues to stay in the integral part, its comprehensive financial services part is inferior to FinTech, so it was expected that it cannot stay in the integral. © 2018 Portland International Conference on Management of Engineering and Technology, Inc. (PICMET).}, keywords={Arches; Economics; Modular construction, Digital consumer electronics; Financial industry; Financial service; Financial services technologies; Integral part; Japanese industry; Management strategies; Modularizations, Finance}, references={The IT changes (2018) The Future of Money ~ the Impact of the FinTech Revolution, , http://www.nhk.or.jp/gendai/articles/3766/1.html, NHK Close-up Gendai 2016 February 8 Broadcast (Access in the January 26; Iansiti, M., Levien, R., (2004) The Keystone Advantage: What the New Dynamics of Business Ecosystems Mean for Strategy, Innovation, and Sustainability, pp. 61-144. , Harvard Business School Press; Baldwin, C.Y., Clark, K.B., (2000) Design Rules: The Power of Modularity, p. 77. , The MIT Press; Fujimoto, T., Takeishi, A., Aoshima, Y., (2001) Business Architecture: Strategic Design of Products, Organization and Processes, p. 1. , Yuhikaku; Fujimono, T., (2003) Competition in Capacity Development-Why Is the Japanese Automobile Industry Strong, p. 87. , Chuokouronsya; Fujimono, T., Clark, K.B., (2009) Product Development Capability, , Diamondsya, pp; Nobeoka, K., (2006) Introduction to MOT Technology Management, pp. 76-78. , Nihon Keizai Shimbunsya; Nobeoka, K., Competitive power of Japanese corporations in modular type products-limitations of combined functions in Chinese information appliances companies (2005) Journal of Economic and Industry Research Institute of Economy, Trade and Industry, , https://www.rieti.go.jp/jp/papers/journal/index.html, Access in the January 26 2018; (2015) How Is FinTech Used and Where to Head, , http://www.keieiken.co.jp/pub/yamamoto/column/column_150901.html, NTT Data Management Institute Yamamoto Kenzo (Access in the January 26 2018); Eisenhardt, K.M., Building theories from case study research (1989) The Academy of Management Review, 14 (4), pp. 532-550; (2018) SBI Holdings' Annual Report, 2017, , http://www.sbigroup.co.jp/english/investors/library/annualreport, Acces s in the January 26}, correspondence_address1={Nomakuchi, T.; Wakayama University, Faculty of EconomicsJapan}, editor={Steenhuis H.-J., Niwa K., Perman G., Kocaoglu D.F., Anderson T.R., Kozanoglu D.C.}, sponsors={et al.; IEEE Technology and Engineering Management Society (TEMS); InFocus Corporation; Portland State University Foundation; Portland State University, Department of Engineering and Technology Management; Search Technology/Vantage Point}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781890843373}, language={English}, abbrev_source_title={PICMET - Portland Int. Conf. Manag. Eng. Technol.: Manag. Technol. Entrep.: Engine Econ. Growth, Proc.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Chang2018, author={Chang, T.-C. and Chen, Y.-L.}, title={Fintech puzzle: The case of bitcoin}, journal={PICMET 2018 - Portland International Conference on Management of Engineering and Technology: Managing Technological Entrepreneurship: The Engine for Economic Growth, Proceedings}, year={2018}, doi={10.23919/PICMET.2018.8481959}, art_number={8481959}, note={cited By 0; Conference of 2018 Portland International Conference on Management of Engineering and Technology, PICMET 2018 ; Conference Date: 19 August 2018 Through 23 August 2018; Conference Code:140632}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85056485548&doi=10.23919%2fPICMET.2018.8481959&partnerID=40&md5=bff0362925ccba65db2a43fee41eb24f}, affiliation={Department of Digital Media Design, Asia University, Taichung, Taiwan; Department of Business Administration, Asia University, Taichung, Taiwan}, abstract={The recent increase in research on financial technology has resulted in transactions receiving considerable research attention. With the increasing importance of bitcoin, many related topics require further clarification. Because bitcoin is a popular financial asset, determining whether the price information is fully circulated among trading platforms has been the focus of many studies in recent years. The method for verifying the efficient market hypothesis relates to whether the price series is a random walk; that is, whether a unit root exists. According to the literature, whether the price of bitcoin satisfies the efficient market hypothesis remains controversial; however, these studies have not considered nonlinear data structures. To deal with the structural change of data, this study employed different unit root tests, namely the Zivot-Andrews unit root test and Kapetanios-Shin unit root test, to investigate bitcoins' relationship to the efficient market hypothesis. If the efficient market hypothesis is validated, the price formed by the bitcoin trading platform is close to a perfectly competitive mechanism, and the information can be quickly and completely reflected in the price, with information of different trading platforms having mutual influence. Therefore, this study applied the threshold vector autoregressive model to explore price information transmission between various trading platforms. The contribution of this research is its exploration of the financial tools derived from the highly developed fields of financial science and technology. This is helpful for providing new methods for completing financial transactions or a platform for speculators to engage in arbitrage. © 2018 Portland International Conference on Management of Engineering and Technology, Inc. (PICMET).}, keywords={Finance, Competitive mechanisms; Efficient market hypothesis; Financial assets; Financial transactions; Price information; Science and Technology; Threshold vectors; Trading platform, Electronic money}, references={Yermack, D., (2014) Bitcoin A Real Currency An Economic Appraisal, , NBER Working Paper; Brandvold, M., Molnar, P., Vagstad, K., Valstad, O.C.A., Price discovery on bitcoin exchanges (2015) Journal of International Financial Markets, Institutions and Money, 36, pp. 18-35; Dyhrberg, A.H., Bitcoin, gold and the dollar-A GARCH volatility analysis (2016) Finance Research Letters, 16, pp. 85-92; Baek, C., Elbeck, M., Bitcoins as an Investment or Speculative Vehicle A first look (2015) Applied Economics Letters, 22, pp. 30-34; Buchholz, M., Delaney, J., Warren, J., Parker, J., Bits and bets, information, price volatility, and demand for bitcoin (2012) Economics, p. 312; Fama, E.F., Efficient Capital Markets: A review of theory and empirical work (1970) The Journal of Finance, 25, pp. 383-417; Fama, E.F., (1976) Foundations of Finance, , Basic Books New York; Brown, R., (1828) A Brief Account of Microscopical Observations: Made in the Months of June, July, and August, 1827, on the Particles Contained in the Pollen of Plants; and on the General Existence of Active Molecules in Organic and Inorganic Bodies, It Was Reprinted Shortly the Rafter, Appearing in the Edinburgh New Philosophical Journal, pp. 358-371. , July-September, 1828) and Numerous Other Journals (Mabberley); Cootner, P.H., (1964) The Random Character of Stock Market Prices, , The MIT Press, Cambridge, MA; Kendall, M.G., The analysis of economic time-series-Part I: Prices (1953) Journal of the Royal Statistical Society. Series A (General), 116, pp. 11-25; Fama, E.F., Random walks in stock market prices (1965) Financial Analysts Journal, 21, pp. 55-59; Fama, E.F., Blume, M.E., Filter rules and Stock-Market trading (1966) The Journal of Business, 39, pp. 226-241; Grossman, S., On the efficiency of competitive stock markets where traders have diverse information (1976) The Journal of Finance, 31, pp. 573-585; Grossman, S., Stiglitz, J., On the impossibility of informationally efficient markets (1980) The American Economic Review, 70, pp. 393-408; Greene, M.T., Fielitz, B.D., Long-Term dependence in common stock returns (1977) Journal of Financial Economics, 4, pp. 339-349; Lo, A.W., MacKinlay, A.C., Stock Market Prices Do Not Follow Random Walks: Evidence from a simple specification test (1988) The Review of Financial Studies, 1, pp. 41-66; Lo, A.W., MacKinlay, A.C., The Size and Power of the Variance Ratio Test in Finite Samples: A monte carlo investigation (1989) Journal of Econometrics, 40, pp. 203-238; Hsieh, D.A., Chaos and Nonlinear Dynamics: Application to financial markets (1991) Journal of Finance, 46, pp. 1839-1877; Peter, E., (1994) Fractal Market Hypothesis: Applying Chaos Theory to Investment and Economics, , John, Wiley; Urquhart, A., The inefficiency of bitcoin (2016) Economics Letters, 148, pp. 80-82; Ljung, G.M., Box, G.E.P., On a measure of the lack of fit in time series models (1978) Biometrika, 65, pp. 297-303; Wald, A., Wolfowitz, J., On a test whether two samples are form the same population (1940) The Annals of Mathematical Statistics, 11, pp. 147-162; Bartels, R., The rank version of von neumann's ratio test for randomness (1982) Journal of the American Statistical Association, 77, pp. 40-46; Choi, I., Test the random walk hypothesis for real exchange rates (1999) Journal of Applied Econometrics, 14, pp. 293-309; Brock, W.A., Dechert, W.D., Schieinkman, J.A., LeBaron, B., A test for independence based on the correlation dimension (1996) Econometric Reviews, 15, pp. 197-235; Nadarajah, S., Chu, J., On the inefficiency of Bitcoin (2017) Economics Letters, 150, pp. 6-9; Bariviera, A.F., The Inefficiency of Bitcoin Revisited: A dynamic approach (2017) Economics Letters, 161, pp. 1-4; Perron, P., The great crash, the oil price shock and the unit root hypothesis (1989) Econometrica, 57, pp. 1361-1401; Zivot, E., Andrews, D., Further evidence on the great crash, the oil price shock and the unit root hypothesis (1992) Journal of Business and Economic Statistics, 10, pp. 251-270; Kapetanios, G., Shin, Y., Unit root tests in Three-Regime SETAR models (2006) Econometrics Journal, Royal Economic Society, 9, pp. 252-278; Andrews, D., Ploberger, W., Optimal tests when a nuisance parameter is present only under the alternative (1994) Econometrica, 62, pp. 1383-1414; Hansen, B.E., Inference when a nuisance parameter is not identified under the Null Hypothesis (1996) Econometrica, 64, pp. 413-430; Tong, H., (1978) On the Threshold Model. Pattern Recognition and Signal Processing, , Amsterdam: Sijthoff and Noordhoff; Tong, H., Lim, K.S., Threshold autoregressions, limit cycles, and data (1980) Journal of the Royal Statistical Society, 42, pp. 245-292; Tsay, R.S., Testing and modeling multivariate threshold models (1998) Journal of the American Statistical Association, 93, pp. 1188-1202}, editor={Steenhuis H.-J., Niwa K., Perman G., Kocaoglu D.F., Anderson T.R., Kozanoglu D.C.}, sponsors={et al.; IEEE Technology and Engineering Management Society (TEMS); InFocus Corporation; Portland State University Foundation; Portland State University, Department of Engineering and Technology Management; Search Technology/Vantage Point}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781890843373}, language={English}, abbrev_source_title={PICMET - Portland Int. Conf. Manag. Eng. Technol.: Manag. Technol. Entrep.: Engine Econ. Growth, Proc.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Dusil2018, author={Dusil, G. and Cerny, D.}, title={The Next Evolution in Funding Innovation}, journal={Proceedings of the International Joint Conference on Neural Networks}, year={2018}, volume={2018-July}, doi={10.1109/IJCNN.2018.8489236}, art_number={8489236}, note={cited By 0; Conference of 2018 International Joint Conference on Neural Networks, IJCNN 2018 ; Conference Date: 8 July 2018 Through 13 July 2018; Conference Code:141067}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85056517282&doi=10.1109%2fIJCNN.2018.8489236&partnerID=40&md5=a372bd1bd2dfef2f0983a4f65bf8bb96}, affiliation={Adel Ecosystem Ltd., United States; Crypto Enthusiast, United States}, abstract={Financial Technology (Fintech) is one of the fastest developing industries of our time. New company structures are emerging with very innovative features. Recent examples, along with their innovative investment structures, are reflected in startup funding campaigns that use a technology called blockchain. This article targets a broad audience without getting deep into technical, economical or legal jargon. The reason for this approach is to explain the latest activities in fintech, without getting lost in all the technicalities. The authors assume that the general public struggles to keep pace with technical, legal and social media developments and that it is challenging for individuals to orient themselves in the jungle of media overload, fake news, scams and annoying trolls. This article is the second part of a Financial Technology series, discussing funding and organizational structures of new digital companies and blockchain 1 ventures. This is the second article following, 'The Right Path to Funding Decentralized Organizations' 2, where we explored the dynamics of financing startups and new entrepreneurships. © 2018 IEEE.}, keywords={Blockchain, General publics; Organizational structures; Social media, Finance}, references={Blockchain 101-A Visual Demo, , https://www.youtube.com/watch?v=_160oMzblY8&t=143s, Anders Brownworth, YouTube, November 5, 2016; Cerny, D., Dusil, G., (2017) The Right Path to Funding Decentralized Organizations, , https://medium.com/@Adelphoi.io/the-right-path-to-funding-decentralized-organizations-9a9a22e19d50, Medium, September 9; Initial Coin Offering (ICO), , http://www.investopedia.com/terms/i/initial-coin-offering-ico.asp, Investopedia; Tatar, J., (2016) Cryptocurrencies Are Changing Capital Raising Process for New Companies, , https://www.thebalance.com/cryptocurrencies-are-changing-capital-raising-process-for-new-companies-4115445, the balance, November 23; Kastelein, R., (2017) What Initial Coin Offerings Are and Why VC Firms Care, , https://hbr.org/2017/03/what-initial-coin-offerings-are-and-why-vc-firms-care, Harvard Business Review, March 24; Poloniex, , https://poloniex.com/; Kraken, , https://www.kraken.com/; Coinbase, , https://www.coinbase.com/; CoinMarketCap, , https://coinmarketcap.com/; (2017) Are Crypto 'Tokens' Securities by Another Name, , https://www.americanbanker.com/news/are-crypto-tokens-securities-by-another-name), Kyle Torpey, American Banker, March 09; Anti Money Laundering - AML, , http://www.investopedia.com/terms/a/aml.asp, Investopedia; AML/KYC Explained, , https://bitcointalk.org/index.php?topic=454795.0, BitcoinTalk; Adel Establishes LLC in the Isle of Man, , http://www.fintech.finance/01-news/adel-establishes-llc-in-the-isle-of-man/, Fintech Finance, March 2017; Dusil, G., Vavrek, M., (2017) Responsibilities in A Crypto-economy, , https://www.adelphoi.io/content/pdf/wp_3.pdf, Adel Ecosystem Ltd., May 1; Distributed Autonomous Organisation, DAO, , https://en.wikipedia.org/wiki/Decentralized_autonomous_organization, Wikipedia; Rosic, A., (2017) Smart Contracts: The Blockchain Technology That Will Replace Lawyers, , https://blockgeeks.com/guides/smart-contracts/, Blockgeeks, March; Farmer, N., (2016) Smart Contracts Are Not Smart by Nature, , https://www.finextra.com/blogposting/12569/smart-contracts-are-not-smart-by-nature, Finextra, May 9; Mougayar, W., (2017) The Ultimate List of ICO Resources: 18 Websites That Track Initial Cryptocurrency Offerings, , http://startupmanagement.org/2017/03/13/the-ultimate-list-of-ico-resources-18-websites-that-track-initial-cryptocurrency-offerings/, Startup Management, March 13; Kontegna, L., (2017) How Not to Be Scammed by An ICO, , https://blockgeeks.com/how-not-to-be-scammed-by-a-initial-coin-offering/, Blockgeeks, March}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781509060146}, coden={85OFA}, language={English}, abbrev_source_title={Proc Int Jt Conf Neural Networks}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Bömer2018359, author={Bömer, M. and Maxin, H.}, title={Why fintechs cooperate with banks—evidence from germany}, journal={Zeitschrift fur die gesamte Versicherungswissenschaft}, year={2018}, volume={107}, number={4}, pages={359-386}, doi={10.1007/s12297-018-0421-6}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85060235286&doi=10.1007%2fs12297-018-0421-6&partnerID=40&md5=32b9edae6bc26480256492ed46511097}, affiliation={Manchot Graduate School (Heinrich-Heine-University Duesseldorf), Universitätsstraße 1, Duesseldorf, 40225, Germany; Institute of Microeconomics, Leibniz University of Hannover, Königsworther Platz 1, Hannover, 30167, Germany}, abstract={We developed a conceptual framework to explain why young financial technology companies (fintechs) cooperate with incumbents from the finance sector. Examining 14 case studies on fintech-bank cooperation, we identified three main reasons: first, banks enable a fintech’s market entry; second, banks increase a fintech’s profits; and finally, banks enable new fintech products. We observed that each of these reasons is related to particular resources, which fintechs obtain through their cooperation partner. Additionally, we found that fintechs use different label approaches to sell their products when they cooperate with banks. Based on these results, we developed propositions that can be tested in future research. © 2018, Springer-Verlag GmbH Deutschland, ein Teil von Springer Nature.}, references={Alt, R., Puschmann, T., (2016) Digitalisierung der Finanzindustrie, , Springer, Berlin; Alt, R., Beck, R., Smits, M.T., FinTech and the transformation of the financial industry (2018) Electron. 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Finance, 55 (4), pp. 1623-1653}, correspondence_address1={Maxin, H.; Institute of Microeconomics, Leibniz University of Hannover, Königsworther Platz 1, Germany; email: maxin@mik.uni-hannover.de}, publisher={Springer Verlag}, issn={00442585}, language={English}, abbrev_source_title={Z. Gesamte Versicherungswiss.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Day20181057, author={Day, M.-Y. and Lin, J.-T. and Chen, Y.-C.}, title={Artificial intelligence for conversational robo-advisor}, journal={Proceedings of the 2018 IEEE/ACM International Conference on Advances in Social Networks Analysis and Mining, ASONAM 2018}, year={2018}, pages={1057-1064}, doi={10.1109/ASONAM.2018.8508269}, art_number={8508269}, note={cited By 0; Conference of 10th IEEE/ACM International Conference on Advances in Social Networks Analysis and Mining, ASONAM 2018 ; Conference Date: 28 August 2018 Through 31 August 2018; Conference Code:141485}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85057319854&doi=10.1109%2fASONAM.2018.8508269&partnerID=40&md5=2412bb1d11dee3c145908afb240cfb95}, affiliation={Department of Information Management, Tamkang University, Taiwan, Taiwan}, abstract={With the advent of the artificial intelligence (AI) era, the combination of AI with financial technology (FinTech) has become a development trend in the financial industry. However, deep learning (DL) on the application of automated financial management has been rarely investigated. Thus, this research focuses on the applications of FinTech and DL in asset allocation and aims to optimize investment portfolio. The best investment portfolio in index-based funds based on Taiwan's index-type security investment trust funds are the main investment targets. Time series models for DL, that is, long short-term memory, predict the increase of each investment target and find the best investment portfolio in combination with the relevant asset allocation theory. In this research, we use the Markowitz mean-variance and Black-Litterman models as our asset allocation models for robo-advisor. Results show that the Black-Litterman model has a better accumulated return performance than the Morkowitz model and outperforms other strategies. The Human-Computer Interaction (HCI) dialogue service adopts artificial intelligence markup language (AIML) and a generative model. The main contribution of this paper is that we have developed an integrated knowledge-based and generative-based models for AI conversational robo-advisor. © 2018 IEEE.}, author_keywords={Artificial Intelligence (AI); Conversational Commerce; Deep Learning; Financial Technology (FinTech); Robo-Advisor}, keywords={Artificial intelligence; Deep learning; Human computer interaction; Knowledge based systems; Markup languages, Artificial intelligence mark up languages; Financial industry; Financial managements; Financial Technology (FinTech); Human Computer Interaction (HCI); Investment portfolio; Robo-Advisor; Security investments, Investments}, funding_details={Tamkang UniversityTamkang University}, funding_text 1={ACKNOWLEDGEMENT This research was supported in part by Tamkang University (TKU) research grant.}, references={Alonso-Martín, F., Castro-González, A., Luengo, F.J.F.D.G., Salichs, M.A., Augmented robotics dialog system for enhancing human-robot interaction (2015) Sensors, 15 (7), pp. 15799-15829; Black, F., Litterman, R., (1990) Asset Allocation: Combining Investor Views with Market Equilibrium, , Discussion paper, Goldman, Sachs & Co; Cho, K., Van Merriënboer, B., Bahdanau, D., Bengio, Y., (2014) On the Properties of Neural Machine Translation: Encoder-decoder Approaches, , arXiv preprint arXiv:1409.1259; Chung, J., Gulcehre, C., Cho, K., Bengio, Y., (2014) Empirical Evaluation of Gated Recurrent Neural Networks on Sequence Modeling, , arXiv preprint arXiv:1412.3555; Dodiya, T., Jain, S., Question classification for medical domain Question Answering system (2016) 2016 IEEE International WIE Conference on Electrical and Computer Engineering (WIECON-ECE), pp. 204-207; Fernandes, B., Fernandes, C., Street, A., Valladão, D., On an adaptive Black-Litterman investment strategy using conditional fundamentalist information: A Brazilian case study (2018) Finance Research Letters; Guu, K., Hashimoto, T.B., Oren, Y., Liang, P., (2017) Generating Sentences by Editing Prototypes, , arXiv preprint arXiv:1709.08878; Hansson, M., (2017) On Stock Return Prediction with LSTM Networks, , Lund university libraries; Hinton, G.E., Salakhutdinov, R.R., Reducing the dimensionality of data with neural networks (2006) Science, 313 (5786), pp. 504-507; Hochreiter, S., Schmidhuber, J., Long short-term memory (1997) Neural Computation, 9 (8), pp. 1735-1780; Idzorek, T., A step-by-step guide to the Black-Litterman model: Incorporating user-specified confidence levels (2007) Forecasting Expected Returns in the Financial Markets, pp. 17-38; Kaya, O., Schildbach, J., Schneider, S., Robo-advice - A true innovation in asset management (2017) Deutsche Bank Research, , August; LeCun, Y., Who is afraid of non-convex loss functions (2007) NIPS Workshop on Efficient Machine Learning; LeCun, Y., Bengio, Y., Hinton, G., Deep learning (2015) Nature, 521 (7553), p. 436; Lwin, K.T., Qu, R., MacCarthy, B.L., Mean-VaR portfolio optimization: A nonparametric approach (2017) European Journal of Operational Research, 260 (2), pp. 751-766; Markowitz, H., Portfolio selection (1952) The Journal of Finance, 7 (1), pp. 77-91; McCarthy, J., Minsky, M.L., Rochester, N., Shannon, C.E., A proposal for the dartmouth summer research project on artificial intelligence (2006) AI Magazine, 27 (4), p. 12. , august 31, 1955; McCulloch, W.S., Pitts, W., A logical calculus of the ideas immanent in nervous activity (1943) The Bulletin of Mathematical Biophysics, 5 (4), pp. 115-133; Nunamaker, J.F., Jr., Chen, M., Purdin, T.D., Systems development in information systems research (1990) Journal of Management Information Systems, 7 (3), pp. 89-106; Rumelhart, D.E., Hinton, G.E., Williams, R.J., Learning internal representation by backpropagation (1986) Parallel Distributed Processing: Exploration in the Microstructure of Cognition, 1; Russell, S.J., Norvig, P., (2016) Artificial Intelligence: A Modern Approach, , Pearson; Sutskever, I., Vinyals, O., Le, Q.V., Sequence to sequence learning with neural networks (2014) Advances in Neural Information Processing Systems, pp. 3104-3112; Tieleman, T., Hinton, G., Lecture 6.5-rmsprop: Divide the gradient by a running average of its recent magnitude (2012) COURSERA: Neural Networks for Machine Learning, 4 (2), pp. 26-31; Utgoff, P.E., Stracuzzi, D.J., Many-layered learning (2002) Neural Computation, 14 (10), pp. 2497-2529}, correspondence_address1={Day, M.-Y.; Department of Information Management, Tamkang UniversityTaiwan; email: myday@mail.tku.edu.tw}, editor={Tagarelli A., Reddy C., Brandes U.}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538660515}, language={English}, abbrev_source_title={Proc. IEEE/ACM Int. Conf. Adv. Soc. Networks Anal. Mining, ASONAM}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Wang2018839, author={Wang, Q. and Gu, L. and Xue, M. and Xu, L. and Niu, W. and Dou, L. and He, L. and Xie, T.}, title={FACTS: Automated black-box testing of fintech systems}, journal={ESEC/FSE 2018 - Proceedings of the 2018 26th ACM Joint Meeting on European Software Engineering Conference and Symposium on the Foundations of Software Engineering}, year={2018}, pages={839-844}, doi={10.1145/3236024.3275533}, note={cited By 0; Conference of 26th ACM Joint European Software Engineering Conference and Symposium on the Foundations of Software Engineering, ESEC/FSE 2018 ; Conference Date: 4 November 2018 Through 9 November 2018; Conference Code:142072}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85058274340&doi=10.1145%2f3236024.3275533&partnerID=40&md5=35a754d76d6f710e812c3d6e91c327a6}, affiliation={East China Normal University, China; Optus Macquarie University Cyber Security Hub, Australia; New York University Shanghai, China; CFETS Information Technology Co. Ltd., China; University of Illinois, Urbana-Champaign, United States}, abstract={FinTech, short for "financial technology," has advanced the process of transforming financial business from a traditional manualprocess- driven to an automation-driven model by providing various software platforms. However, the current FinTech-industry still heavily depends on manual testing, which becomes the bottleneck of FinTech industry development. To automate the testing process, we propose an approach of black-box testing for a Fin- Tech system with effective tool support for both test generation and test oracles. For test generation, we first extract input categories from business-logic specifications, and then mutate real data collected from system logs with values randomly picked from each extracted input category. For test oracles, we propose a new technique of priority differential testing where we evaluate execution results of system-test inputs on the system's head (i.e., latest) version in the version repository (1) against the last legacy version in the version repository (only when the executed test inputs are on new, not-yet-deployed services) and (2) against both the currently-deployed version and the last legacy version (only when the test inputs are on existing, deployed services). When we rank the behavior-inconsistency results for developers to inspect, for the latter case, we give the currently-deployed version as a higherpriority source of behavior to check. We apply our approach to the CSTP subsystem, one of the largest data processing and forwarding modules of the China Foreign Exchange Trade System (CFETS) platform, whose annual total transaction volume reaches 150 trillion US dollars. Extensive experimental results show that our approach can substantially boost the branch coverage by approximately 40%, and is also efficient to identify common faults in the FinTech system. © 2018 Association for Computing Machinery.}, author_keywords={Automated test generation; Black-box testing; FinTech}, keywords={Automation; Data handling; Testing, Automated test generations; Deployed services; Differential testing; FinTech; Foreign exchange; Industry development; Software platforms; Test generations, Black-box testing}, references={(2017) Global Fintech Investment Growth Continues in 2016, , https://www.accenture.com/t20170411T170619Z-w-/id-en/-acnmedia/PDF-15/Accenture-Fintech-Report-London-Lab-News-Release.pdf; (2018) JaCoCo Java Code Coverage Library, , https://www.eclemma.org/jacoco/; Cadar, C., Dunbar, D., Engler, D., KLEE: Unassisted and automatic generation of high-coverage tests for complex systems programs (2008) Proc. 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SRDS, pp. 72-79; Pacheco, C., Ernst, M.D., Randoop: Feedback-directed random testing for Java (2007) Companion to OOPSLA, pp. 815-816; Taipale, O., Kasurinen, J., Karhu, K., Smolander, K., Tradeoff between automated and manual software testing (2011) International Journal of System Assurance Engineering and Management, 2 (2), pp. 114-125. , 2011; Xie, T., Tillmann, N., De Halleux, J., Schulte, W., Fitness-guided path exploration in dynamic symbolic execution (2009) Proc. DSN, pp. 359-368}, correspondence_address1={Dou, L.; East China Normal UniversityChina; email: ldou@cs.ecnu.edu.cn}, editor={Garci A., Pasareanu C.S., Leavens G.T.}, sponsors={ACM SIGSOFT}, publisher={Association for Computing Machinery, Inc}, isbn={9781450355735}, language={English}, abbrev_source_title={ESEC/FSE - Proc. ACM Jt. Meet. Eur. Softw. Eng. Conf. Symp. Found. Softw. Eng.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Jagtiani201843, author={Jagtiani, J. and Lemieux, C.}, title={Do fintech lenders penetrate areas that are underserved by traditional banks?}, journal={Journal of Economics and Business}, year={2018}, volume={100}, pages={43-54}, doi={10.1016/j.jeconbus.2018.03.001}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045214099&doi=10.1016%2fj.jeconbus.2018.03.001&partnerID=40&md5=93ef1bb76f68f3af9e9711aa7da7c6c6}, affiliation={Federal Reserve Bank of Philadelphia, United States; Federal Reserve Bank of Chicago, United States}, abstract={Fintech has been playing an increasing role in shaping financial and banking landscapes. In this paper, we use account-level data from LendingClub and Y-14M data reported by U.S. banks with assets over $50 billion to examine whether the fintech lending platform could expand credit access to consumers. We find that LendingClub's consumer lending activities have penetrated areas that may be underserved by traditional banks, such as in highly concentrated markets and areas that have fewer bank branches per capita. We also find that the portion of LendingClub loans increases in areas where the local economy is not performing well. © 2018 Elsevier Inc.}, author_keywords={Banking competition; Fintech; LendingClub; Marketplace lending; Peer-to-peer lending; Shadow banking}, references={Ahmed, U., Beck, T., McDaniel, C., Schropp, S., Filling the gap: How technology enables access to finance for small- and medium-Sized enterprises (2016) MIT Press Journals: Innovations, 10 (3-4), pp. 35-48; Athwal, N., Online marketplace lending – Recently misunderstood? Forbes (2016), www.forbes.com/sites/navathwal/2016/07/18/online-marketplace-lending-recently-misunderstood/#76d20408412f; Berger, A.N., Udell, G.F., Small business credit availability and relationship lending: Yhe importance of bank organizational structure (2002) Economic Journal, 112 (477), pp. F32-F53; Berger, A.N., Miller, N.H., Petersen, M.A., Rajan, R.G., Stein, J.C., Does function follow organizational form? Evidence from the lending practices of large and small banks (2005) Journal of Financial Economics, 76 (2), pp. 237-269; Bertsch, C., Hull, I., Zhang, X., Monetary normalizations and consumer credit: Evidence from fed liftoff and online lending, sveriges riksbank working paper 319 (2016); Boot, A.W.A., Thakor, A.V., Can relationship banking survive competition? 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Working paper (2017), p. 2841316. , https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2841316, available at; Herzenstein, M., Sonenshein, S., Dholakia, U.M., Tell me a good story and I may lend you my money: The role of narratives in peer-to-Peer lending decisions (2011) Journal of Marketing Research, 48, pp. S138-S149; Iyer, R., Puri, M., Understanding bank runs: The importance of depositor-bank relationships and networks (2012) American Economic Review, 102 (4), pp. 1414-1445; Jaffee, D.M., Russell, T., Imperfect information, uncertainty, and credit rationing (1976) Quarterly Journal of Economics, 90 (4), pp. 651-666; Jagtiani, J., Lemieux, C., Small business lending after the financial crisis: A new competitive landscape for community banks, economic perspectives (2016), Federal Reserve Bank of Chicago 3; Jagtiani, J., Lemieux, C., Fintech lending and the roles of alternative data sources federal reserve bank of philadelphia working paper (2018); Karlan, D.S., Social connections and group banking (2007) Economic Journal, 117 (517), pp. F52-F84; Liberti, J.M., Petersen, M.A., Information: Hard and soft, northwestern university, working paper (2017), http://www.kellogg.northwestern.edu/faculty/petersen/htm/papers/hard%20and%20soft%20information.pdf; Lin, M., Prabhala, N.R., Viswanathan, S., Judging borrowers by the company they keep: Friendship networks and information asymmetry in online peer-to-peer lending (2013) Management Science, 59 (1), pp. 17-35; Lu, Y., Gu, B., Ye, Q., Sheng, Z., Social influence and defaults in peer-to-peer lending networks, conference on information systems and technology (CIST 2012) white paper (2012); Michels, J., Do unverifiable disclosures matter? 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Evidence of discrimination from prosper.com (2011) Journal of Human Resources, 46 (1), pp. 53-92; Ramcharan, R., Crowe, C., The impact of house prices on consumer credit: Evidence from an internet bank (2013) Journal of Money, Credit and Banking, 45 (6), pp. 1085-1115; Ravina, E., Love & loans: The effect of beauty and personal characteristics in credit markets, northwestern university, working paper (2013), https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1107307; Schoar, A., The personal side of relationship banking, working paper sloan school of management, MIT and NBER working paper (2014); Stein, J.C., Information production and capital allocation: Decentralized vs hierarchical firms (2002) Journal of Finance, 57 (5), pp. 1891-1921; Stiglitz, J.E., Weiss, A., Credit rationing in markets with imperfect information (1981) American Economic Review, 71 (3), pp. 393-410; TransUnion, Report on fintech industry (2017), https://www.transunion.com/industry/fintech?utmsource=blog-fact-or-fiction-fintech, available at:; Wolfe, B., Yoo, W., Crowding out banks: Credit substitution by peer-to-peer lending, SUNY Buffalo working paper (2017)}, correspondence_address1={Jagtiani, J.; Federal Reserve Bank of PhiladelphiaUnited States; email: julapa.Jagtiani@phil.frb.org}, publisher={Elsevier Inc.}, issn={01486195}, coden={JEBUD}, language={English}, abbrev_source_title={J. Econ. Bus.}, document_type={Article}, source={Scopus}, } @ARTICLE{Anagnostopoulos20187, author={Anagnostopoulos, I.}, title={Fintech and regtech: Impact on regulators and banks}, journal={Journal of Economics and Business}, year={2018}, volume={100}, pages={7-25}, doi={10.1016/j.jeconbus.2018.07.003}, note={cited By 3}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85050490838&doi=10.1016%2fj.jeconbus.2018.07.003&partnerID=40&md5=3ccd38eb33807a5e0761cc8859dc9998}, affiliation={Kingston Business School, Department of Accounting, Finance and Informatics, Kingston Hill CampusKT2 7LB, United Kingdom}, abstract={The purpose of this paper is to develop an insight and review the effect of FinTech development against the broader environment in financial technology. We further aim to offer various perspectives in order to aid the understanding of the disruptive potential of FinTech, and its implications for the wider financial ecosystem. By drawing upon very recent and highly topical research on this area this study examines the implications for financial institutions, and regulation especially when technology poses a challenge to the global banking and regulatory system. It is driven by a wide-ranging overview of the development, the current state, and possible future of fintech. This paper attempts to connect practitioner-led and academic research. While it draws on academic research, the perspective it takes is also practice-oriented. It relies on the current academic literature as well as insights from industry sources, action research and other publicly available commentaries. It also draws on professional practitioners’ roundtable discussions, and think-tanks in which the author has been an active participant. We attempt to interpret banking, and regulatory issues from a behavioural perspective. The last crisis exposed significant failures in regulation and supervision. It has made the Financial Market Law and Compliance a key topic on the current agenda. Disruptive technological change also seems to be important in investigating regulatory compliance followed by change. We contribute to the current literature review on financial and digital innovation by new entrants where this has also practical implications. We also provide for an updated review of the current regulatory issues addressing the contextual root causes of disruption within the financial services domain. The aim here is to assist market participants to improve effectiveness and collaboration. The difficulties arising from extensive regulation may suggest a more liberal and principled approach to financial regulation. Disruptive innovation has the potential for welfare outcomes for consumers, regulatory, and supervisory gains as well as reputational gains for the financial services industry. It becomes even more important as the financial services industry evolves. For example, the preparedness of the regulators to instil culture change and harmonise technological advancements with regulation could likely achieve many desired outcomes. Such results range from achieving an orderly market growth, further aiding systemic stability and restoring trust and confidence in the financial system. Our action-led research results have implications for both research and practice. These should be of interest to regulatory standard setters, investors, international organisations and other academics who are researching regulatory and competition issues, and their manifestation within the financial and social contexts. As a perspective on a social construct, this study appeals to regulators and law makers, entrepreneurs, and investors who participate in technology applied within the innovative financial services domain. It is also of interest to bankers who might consider FinTech and strategic partnerships as a prospective, future strategic direction. 1 © 2018 Elsevier Inc.}, author_keywords={Business models; Financial services; FinTech; Future research direction; RegTech; Regulation}, references={Accenture, Global fintech investment growth continues in 2016 driven by Europe and Asia, accenture study finds (2016), https://newsroom.accenture.com/news/global-fintech-investment-growth-continues-in-2016-driven-by-europe-and-asia-accenture-study-finds.htm, April 13 News Release; Agarwal, S., Lucca, D., Seru, A., Trebbi, F., Inconsistent regulators: Evidence from banking (2014) The Quarterly Journal of Economics, 129 (2), pp. 889-938; Aggarwal, R., Stein, P., The complex regulatory landscape for FinTech: An Uncertain future for small and medium-sized enterprise lending (2016), World Economic Forum White Paper No. 170816; Allan, G., Hagiwara, Y., Japan regulation shakeup is seen as a game changer for banks (2018), https://www.bloomberg.com/news/articles/2018-02-26/japan-finance-regulation-shakeup-seen-as-game-changer-for-banks, February 26, Accessed 10/03/2018 Bloomberg; Allen, F., Gale, D., Financial intermediaries and markets (2004) Econometrica: Journal of the Econometric Society, 72 (4), pp. 1023-1061; Allen, F., Gale, D., Understanding financial crises, clarendon lectures in finance (2007), Oxford University Press; Allen, F., Gale, D., Bubbles and crises (2000) The Economic Journal, 110 (460), pp. 236-255; Allen, F., Gale, D., Financial contagion (2000) The Journal of Political Economy, 108 (1), pp. 1-33; Arner, D.W., Barberis, J.N., Buckley, R.P., FinTech, RegTech and the Re- conceptualization of financial regulation (2017) Northwestern Journal of International Law and Business, 37 (3), pp. 371-413; Arner, D.W., Barberis, J.N., Buckley, R.P., The evolution of FinTech: A new post-crisis paradigm? 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April 28, Available at SSRN:; Zhou, W., Arner, D., Buckley, R.P., Regulation of digital financial services in China: Last mover advantage (2015) Tsinghua China Law Review, 8 (1), pp. 26-60}, publisher={Elsevier Inc.}, issn={01486195}, coden={JEBUD}, language={English}, abbrev_source_title={J. Econ. Bus.}, document_type={Article}, source={Scopus}, } @ARTICLE{Qi201865, author={Qi, B.Y. and Xiao, J.}, title={Fintech: AI powers financial services to improve people's lives}, journal={Communications of the ACM}, year={2018}, volume={61}, number={11}, pages={65-69}, doi={10.1145/3239550}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85056118570&doi=10.1145%2f3239550&partnerID=40&md5=1f1b50ebf26a4111dc1826bb0fb27c9c}, affiliation={ANT Financial, Zhejiang, China; Ping an Technology (Shenzhen) Co., Ltd., Shenzhen, China}, abstract={FINANCIAL TECHNOLOGY, ALSO known as fintech, is a fast-evolving field that has reshaped the financial industry. Ant Financial has redefined digital financial services, specifically mobile payment and microloan services, and Ping An Technology has developed. © 2018 ACM.}, keywords={Computer applications; Computer science, Financial industry; Financial service; Mobile payment, Finance}, publisher={Association for Computing Machinery}, issn={00010782}, coden={CACMA}, language={English}, abbrev_source_title={Commun ACM}, document_type={Article}, source={Scopus}, } @ARTICLE{Drasch201826, author={Drasch, B.J. and Schweizer, A. and Urbach, N.}, title={Integrating the ‘Troublemakers’: A taxonomy for cooperation between banks and fintechs}, journal={Journal of Economics and Business}, year={2018}, volume={100}, pages={26-42}, doi={10.1016/j.jeconbus.2018.04.002}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85046162156&doi=10.1016%2fj.jeconbus.2018.04.002&partnerID=40&md5=7a2cf49f98cba700968fac03a22c5ffe}, affiliation={FIM Research Center and Project Group Business & Information Systems Engineering of the Fraunhofer FIT, University of Bayreuth, Germany}, abstract={The banking sector has been subject to fundamental changes as digitalization is enabling novel technology-driven banking services and is creating new customer demands. While banks face sluggish innovation processes, fintechs take advantage of the digital era, delivering customer-centric solutions. Although banks have realized that cooperation with fintechs is a key approach to foster innovation, they struggle to address the associated challenges. Yet, there has been very little research into this phenomenon, so as to establish best practices, because neither bank-fintech cooperation, nor associated and relevant characteristics have been evaluated. However, especially from an economic and financial perspective it is crucial to close this research gap to better understand how technology-driven organizations and cooperating with them reshapes the financial sector and therefore entire economies. Thus, we propose a theoretically founded and empirically proven taxonomy. Based on the literature, 136 real-world cases, and 12 expert interviews, our results suggest structuring and describing bank-fintech cooperation through 13 dimensions. Further, the empirical examination allows for the identification of prevailing cooperation patterns. Our findings contribute to theory development on fintechs, their integration into the banking sector, and the cross-organizational cooperation research area. 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Econ. Bus.}, document_type={Article}, source={Scopus}, } @ARTICLE{Kumar20181893, author={Kumar, S. and Mookerjee, V. and Shubham, A.}, title={Research in Operations Management and Information Systems Interface}, journal={Production and Operations Management}, year={2018}, volume={27}, number={11}, pages={1893-1905}, doi={10.1111/poms.12961}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85056387417&doi=10.1111%2fpoms.12961&partnerID=40&md5=1e5c11f379e9bbe55d054399f41fcc13}, affiliation={Fox School of Business, Temple University, Philadelphia, PA 19122, United States; Naveen Jindal School of Management, The University of Texas at Dallas, Richardson, TX 75080, United States}, abstract={Owing to its multidisciplinary nature, the operations management (OM) and information systems (IS) interface distinguishes itself from the individually focused perspective of both fields. The number and depth of contributions in this department can help both disciplines advance to better address important theoretical and practical challenges of the business world. In this paper, we study the characteristics of problems at the interface between OM and IS, and review past work that has been instrumental in setting the tone and direction of research at this interface. We extend our discussion to provide directions for future research at the OM and IS interface in the domains such as smart city management, healthcare, deep learning and artificial intelligence, fintech and blockchain, Internet of Things and Industry 4.0, and social media and digital platforms. © 2018 Production and Operations Management Society}, author_keywords={future roadmap; information systems; interface; operations management}, references={Angst, C.M., Agarwal, R., Sambamurthy, V., Kelley, K., Social contagion and information technology diffusion: The adoption of electronic medical records in U.S. Hospitals (2010) Management Sci., 56 (8), pp. 1219-1241; Arora, A., Telang, R., Xu, H., Optimal policy for software vulnerability disclosure (2008) Management Sci., 54 (4), pp. 642-656; Aseri, M., Dawande, M., Janakiraman, G., Mookerjee, V., Procurement policies for mobile-promotion platforms (2018) Management Sci., 64 (10), pp. 4590-4607; Atzori, L., Iera, A., Morabito, G., The Internet of things: A survey (2010) Comput. 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Manage.}, document_type={Article}, source={Scopus}, } @ARTICLE{Zook2018248, author={Zook, M.A. and Blankenship, J.}, title={New spaces of disruption? The failures of Bitcoin and the rhetorical power of algorithmic governance}, journal={Geoforum}, year={2018}, volume={96}, pages={248-255}, doi={10.1016/j.geoforum.2018.08.023}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85052895392&doi=10.1016%2fj.geoforum.2018.08.023&partnerID=40&md5=2a888eba231684604b934c8638fe06d7}, affiliation={Department of Geography, University of Kentucky, Lexington, KY 40506, United States}, abstract={In less than a decade Bitcoin and the technology of blockchain – a cryptographically-secured, algorithmically-regulated, distributed-ledger – emerged as the enfant terrible of the global economy. Ironically, as cryptocurrencies reached collective valuations of hundreds of billions of dollars the Bitcoin project failed in its original purpose as an alternative currency governed by code rather than trust. Not only has Bitcoin not become a popular means of global peer-to-peer transactions but the much vaulted purity of algorithmic governance is heavily entangled in social relations. This article reviews blockchain's computer architectures, its connections to materiality and space and the complexity of its established practices. This analysis shows that rather than occupying an algorithmic place apart, blockchain contains multiple and conflicting agencies and is messily embedded in the code/space of materiality. Nevertheless the faith in the superiority of algorithmic governance has injected a powerful discourse in economies that has proven more important and disruptive than the actual practices of Bitcoin or blockchain. © 2018 Elsevier Ltd}, author_keywords={Bitcoin; Blockchain; Code/space; Disruption; Financial technologies; Fintech; Innovation}, keywords={algorithm; complexity; currency; database; finance; innovation; valuation}, references={Amoore, L., Data derivatives: on the emergence of a security risk calculus for our times (2011) Theory, Culture Soc., 28 (6), pp. 24-43; Amoore, L., Raley, R., (2016), pp. 1-8. , Securing with algorithms: Knowledge, decision, sovereignty. Security Dialogue: Special issue on Securing with algorithms; Angel, J., (2014), https://ssrn.com/abstract=2379233, McCabe, D.M. The Ethics of Payments: Paper, Plastic, or Bitcoin? SSRN. 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Geograph.; Zook, M., Crowd-sourcing the smart city: using big geosocial media metrics in urban governance (2017) Big Data Soc., 4 (1), pp. 1-13}, correspondence_address1={Zook, M.A.; Department of Geography, University of KentuckyUnited States; email: zook@uky.edu}, publisher={Elsevier Ltd}, issn={00167185}, language={English}, abbrev_source_title={Geoforum}, document_type={Article}, source={Scopus}, } @ARTICLE{Dugast2018367, author={Dugast, J. and Foucault, T.}, title={Data abundance and asset price informativeness}, journal={Journal of Financial Economics}, year={2018}, volume={130}, number={2}, pages={367-391}, doi={10.1016/j.jfineco.2018.07.004}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85052800113&doi=10.1016%2fj.jfineco.2018.07.004&partnerID=40&md5=cf5e53f09164abc1ad846880b3b8b240}, affiliation={Luxembourg School of Finance, University of Luxembourg, Campus Kirchberg (Bloc F), 6 rue Coudenhove-Kalergi L-1359, Luxembourg; HEC, Paris and CEPR, 1 Rue de la Libération, Jouy en Josas, 78351, France}, abstract={Information processing filters out the noise in data but it takes time. Hence, low precision signals are available before high precision signals. We analyze how this feature affects asset price informativeness when investors can acquire signals of increasing precision over time about the payoff of an asset. As the cost of low precision signals declines, prices are more likely to reflect these signals before more precise signals become available. This effect can ultimately reduce price informativeness because it reduces the demand for more precise signals (e.g., fundamental analysis). We make additional predictions for trade and price patterns. © 2018 Elsevier B.V.}, author_keywords={Asset price informativeness; Big data; FinTech; Information processing; Markets for information}, references={Abis, S., (2017), Man vs. machine: quantitative and discretionary equity management. Unpublished working paper. Columbia University; Admati, A., Pfleiderer, P., A monopolistic market for information (1986) J. Econ. 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Stud., 73, pp. 823-845; Veldkamp, L., Information Choice in Macroeconomics and Finance (2011), Princeton University Press Princeton NJ; Verrecchia, R.E., Information acquisition in a noisy rational expectations economy (1982) Econometrica, 50, pp. 1415-1430; von Beschwitz, B., Keim, D., Massa, M., (2015), First to ‘read’ the news: news analytics and high frequency trading. Unpublished working paper. Board of Governors of the Federal Reserve System, University of Pennsylvania, and INSEAD; Weller, B., Does algorithmic trading reduce information acquisition? (2018) Rev. Financ. Stud., 31, pp. 2184-2226}, correspondence_address1={Foucault, T.; HEC, Paris, 1 Rue de la Libération, France; email: foucault@hec.fr}, publisher={Elsevier B.V.}, issn={0304405X}, coden={JFECD}, language={English}, abbrev_source_title={J. Financ. Econ.}, document_type={Article}, source={Scopus}, } @ARTICLE{Adhami201864, author={Adhami, S. and Giudici, G. and Martinazzi, S.}, title={Why do businesses go crypto? An empirical analysis of initial coin offerings}, journal={Journal of Economics and Business}, year={2018}, volume={100}, pages={64-75}, doi={10.1016/j.jeconbus.2018.04.001}, note={cited By 23}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85047101504&doi=10.1016%2fj.jeconbus.2018.04.001&partnerID=40&md5=3e8d5abc0a0e9412edf356d8e629419a}, affiliation={Bocconi University, Milan, Italy; Politecnico di Milano, School of Management, Milan, Italy}, abstract={In this work, we provide the first comprehensive description of the Initial Coin Offering (ICO) phenomenon, which by the end of 2017 allowed startups around the world to raise more than $5.3 billion, according to market observers. We analyze the determinants of the success of these token offerings by considering a sample of 253 campaigns. We find that the probability of an ICO's success is higher if the code source is available, when a token presale is organized, and when tokens allow contributors to access a specific service (or to share profits). Our results provide valuable insights into this new source of capital for businesses and into the key determinants of fundraising success. © 2018 Elsevier Inc.}, author_keywords={Blockchain; Cryptocurrencies; Fintech; Initial coin offerings}, references={Adhami, S., Giudici, G., Token it easy. Analyzing the rush of initial coin offerings (2018) SSRN working paper; Ametrano, F., Hayek money: The cryptocurrency price stability solution (2016) SSRN working paper; Anderson, L., Holz, R., Ponomarev, A., Weber, I., New kids on the block: An analysis of modern blockchains (2016) Working paper, , Cornell University Library; Baek, C., Elbeck, M., Bitcoins as an investment or speculative vehicle? A first look (2015) Applied Economics Letters, 22 (1), pp. 30-34; Belleflamme, P., Lambert, T., Schwienbacher, A., Crowdfunding: Tapping the right crowd (2014) Journal of Business Venturing, 29 (5), pp. 585-609; Biella, M., Zinetti, V., Blockchain technology and applications from a financial perspective (2016) Unicredit Technical Report.; Bjerg, O., How is bitcoin money? (2015) Theory, Culture & Society, 33 (1), pp. 53-72; Böhme, R., Christin, N., Edelman, B., Moore, T., Bitcoin: Economics, technology, and governance (2015) Journal of Economic Perspectives, 29 (2), pp. 213-238; Boroujerdi, R.D., Wolf, C., Goldman sachs global investment research (2015) What if I told you … the blockchain could disrupt … everything; Bramanathan, R., Introducing the blockchain token securities law framework (2017), Coinbase; Cheah, E.-T., Fry, J., Speculative bubbles in bitcoin markets? An empirical investigation into the fundamental value of bitcoin (2015) Economics Letters, 130, pp. 32-36; Condos, J., Sorrell, W., Donegan, S., Blockchain technology: Opportunities and risks (2016), State of Vermont; Conley, J.P., Blockchain and the economics of cryptotokens and initial coin offerings (2017) SSRN working paper; Dai, W., B-Money (1998), http://www.weidai.com/bmoney.txt, Retrieved from; Davidson, S., De Filippi, P., Potts, J., Economics of blockchain (2016) Proceedings of Public Choice Conference, Fort Lauderdale, USA; Decker, C., Wattenhofer, R., Information propagation in the bitcoin network (2013) Proceedings of the 13th IEEE International Conference on Peer-to-Peer Computing; Dorri, A., Kanhere, S.S., Jurdak, R., Blockchain in internet of things: Challenges and solutions. Working paper (2016), Cornell University Library; Ducas, E., Wilner, A., The security and financial implications of blockchain technologies: Regulating emerging technologies in Canada (2017) International Journal, 72 (4), pp. 538-562; Dwyer, G.P., The economics of bitcoin and similar private digital currencies (2015) Journal of Financial Stability, 17, pp. 81-91; Ennis, P., The four types of bitcoin users (2016), CoinDesk; Enyi, J., Le, N., The legal nature of cryptocurrencies in the US and the applicable rules (2017) SSRN working paper; European Securities and Markets Authority, The distributed ledger technology applied to securities markets (2017); Eyal, I., Sirer, E.G., Majority is not enough: Bitcoin mining is vulnerable (2014) Lecture Notes in Computer Science, 8437, pp. 436-454; Faggart, E., The top 5 cryptocurrency failures of all time (2017), Bitconist.Com; Giudici, G., Guerini, M., Rossi-Lamastra, C., Reward-based crowdfunding of entrepreneurial projects: The effect of local altruism and localized social capital on proponents' success (2018) Small Business Economics, 50 (2), pp. 307-324; Giudici, G., Rossi-Lamastra, C., Crowdfunding of SMEs and startups: When open investing follows open innovation (2018) Researching open innovation in SMEs, pp. 377-396. , W. Vanhaverbeke F. Frattini N. Roijakkers M. Usman World Scientific; Johnson, B., Laszka, A., Grossklags, J., Vasek, M., Moore, T., Game-Theoretic analysis of DDoS attacks against bitcoin mining pools (2014) Financial cryptography and data security. Lecture notes in computer science, 8438. , R. Böhme M. Brenner T. Moore M. Smith Springer Berlin, Heidelberg; Karlstrøm, H., Do libertarians dream of electric coins? The material embeddedness of bitcoin (2014) Scandinavian Journal of Social Theory, 15 (1), pp. 25-36; Kosba, A., Miller, A., Shi, E., Wen, Z., Papamanthou, C., Hawk: The blockchain model of cryptography and privacy-preserving smart contracts (2016) Proceedings of the2016 IEEE Symposium on Security and Privacy, pp. 839-858; Lo, S., Wang, C., Bitcoin as money? (2014), FED Boston Boston; Morgan, M., Blockchain breakout session (2016) Digital money symposium; Moser, M., Bohme, R., Breuker, D., An inquiry into money laundering tools in the bitcoin ecosystem (2013), eCrime Researchers Summit; Nakamoto, S., Bitcoin: A peer-to-peer electronic cash system (2008); Pilkington, M., Blockchain technology: Principles and applications (2016) Research handbooks on digital transformations, pp. 225-253. , F. Xavier Olleros Majlinda Zhegu Edward Elgar; Ream, J., Chu, Y., Schatsky, D., Deloitte university press (2016) Upgrading blockchains: Smart contract use cases in industry; Schrijvers, O., Bonneau, J., Boneh, D., Roughgarden, T., Incentive compatibility of bitcoin mining pool reward functions (2016) Financial cryptography and data security. Lecture notes in computer science, 9603. , J. Grossklags B. Preneel Springer Berlin, Heidelberg; Söderberg, J., Hacking capitalism: The Free and Open source software movement (2015), Routledge; Stamelos, I., Angelis, L., Oikonomou, A., Bleri, G.L., Code quality analysis in open source software development (2002) Information Systems Journal, 12 (1), pp. 43-60; Teo, E., Emergence, growth, and sustainability of bitcoin: The network economics perspective (2015) Handbook of digital currencies, pp. 191-200. , D. Lee Elsevier; Tschorsch, F., Scheuermann, B., Bitcoin and beyond: A technical survey on decentralized digital currencies (2016) IEEE Communications Surveys and Tutorials, 18 (3), pp. 2084-2123; Vaizeyv, E., Hancock, M., Distributed ledger technology: Beyond block chain (2016), UK Government Chief Scientific Adviser; van der Veer, R., Gielen, R., Blockchain: Equally disruptive as the advent of the internet (2016), Kunstmaan; Venegas, P., Initial coin offering (ICO) risk, value and cost in blockchain trustless crypto markets (2017) SSRN working paper; von Hippel, E., von Krogh, G., Open source software and the “private-collective” innovation model: Issues for organization science (2003) Organization Science, 14 (2), pp. 209-223; West, J., Gallagher, S., Challenges of open innovation: The paradox of firm investment in open-source software (2006) R&D Management, 36 (3), pp. 319-331; Yadav, M., Exploring signals for investing in an initial coin offering (ICO) (2017) SSRN working paper; Yuan, Y., Wang, F.-Y., Blockchain: The state of the art and future trends (2016) Zidonghua Xuebao/Acta Automatica Sinica, 42 (4), pp. 481-494}, correspondence_address1={Giudici, G.; Politecnico di Milano, School of ManagementItaly; email: giancarlo.giudici@polimi.it}, publisher={Elsevier Inc.}, issn={01486195}, coden={JEBUD}, language={English}, abbrev_source_title={J. Econ. Bus.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Bataev2018568, author={Bataev, A.V.}, title={Analysis of the Application of Big Data Technologies in the Financial Sphere}, journal={Proceedings of the 2018 International Conference ''Quality Management, Transport and Information Security, Information Technologies'', IT and QM and IS 2018}, year={2018}, pages={568-572}, doi={10.1109/ITMQIS.2018.8525121}, art_number={8525121}, note={cited By 1; Conference of 2018 IEEE International Conference ""Quality Management, Transport and Information Security, Information Technologies"", IT and QM and IS 2018 ; Conference Date: 24 September 2018 Through 28 September 2018; Conference Code:142117}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85058009546&doi=10.1109%2fITMQIS.2018.8525121&partnerID=40&md5=4941b9fe35b007d1939c4559fa178aaa}, affiliation={Graduate School of State and Financial Management, Institute of Industrial Management, Economics and Trade, Peter the Great St. Petersburg Polytechnic University, Saint-Petersburg, Russian Federation}, abstract={The last years' global development is characterized by the mass introduction of information and communication technologies in all spheres of economic development. The implementation of digital technologies acquired explosive character recently. It is no coincidence that the term "digital economy", indicating the use of the most advanced digital technologies in various sectors of the world economy, has emerged in past years. Today, digital transformation occurs in virtually all areas of economic development, for example, Industry 4.0 in industry, Fintech in the financial sector. The main breakthrough technologies of digital transformation are cloud computing technology, cyber - physical systems, artificial intelligence, and technologies for analysis and processing of big data. One of the drivers of digital modernization is the big data direction. The rapid development of this sphere is explained by the intermittent growth of information, which leads to the impossibility of applying classical methods and tools for processing available data. The paper analyzes the technologies and methods of processing information in the field of big data. Future development of the sectors of the field of big data is given. The research of the big data market in various sectors of economic development was conducted; the leaders in this field are identified. The main directions of using big data in financial institutions as one of the key players in the market are analyzed. The study of the big data market in the financial sphere was carried out; financial indicators, dynamics of the market growth were determined. The main reasons that prevent the big data introduction in financial institutions are shown. The prognosis for the further development of the use of big data in the financial sphere is given. © 2018 IEEE.}, author_keywords={big data; digital transformation; financial institutions; implementation perspectives; information technology management}, keywords={Commerce; Distributed computer systems; Economic and social effects; Embedded systems; Finance; Metadata; Quality management; Security of data, Big data technologies; Breakthrough technology; Cloud computing technologies; Digital transformation; Financial institution; implementation perspectives; Information and Communication Technologies; Information technology management, Big data}, references={Bollier, D., Firestone, C.M., (2010) The Promise and Peril of Big Data, , Washington, DC: Aspen Institute, Communications and Society Program; Choi, T.M., Hing, K.C., Xiaohang, Y., Recent development in big data analytics for business operations and risk management (2017) IEEE Transactions on Cybernetics, 47 (1), pp. 81-92; Grover, P., Kar, A.K., Big data analytics: A review on theoretical contributions and tools used in literature (2017) Global Journal of Flexible Systems Management, 18 (3), pp. 203-229; Kache, F., Seuring, S., Challenges and opportunities of digital information at the intersection of Big Data Analytics and supply chain management (2017) International Journal of Operations & Production Management, 37 (1), pp. 10-36; Klochkov, Y., Gazizulina, A., Ostapenko, M., Eskina, E., Vlasova, N., Classifiers of nonconformities in norms and requirements (2016) 2016 5th International Conference on Reliability, Infocom Technologies and Optimization, ICRITO 2016: Trends and Future Directions, pp. 96-99. , 7784933; Watson, H., Finn, R.L., Wadhwa, K., Organizational and societal impacts of big data in crisis management (2017) Journal of Contingencies and Crisis Management, 25 (1), pp. 15-22; Belcastro, L., Big data analysis on clouds (2017) Handbook of Big Data Technologies, Springer, Cham, pp. 101-142; Bataev, A.V., Rodionov, D.G., Andreyeva, D.A., (2018) Analysis of World Trends in the Field of Cloud Technology International Conference on Information Networking; Nunan, D., Di Domenico, M., Big data: A normal accident waiting to happen (2017) Journal of Business Ethics, 145 (3), pp. 481-491; Wang, K., Wireless big data computing in smart grid (2017) IEEE Wireless Communications, 24 (2), pp. 58-64; Stergiou, C., Psannis, K.E., Recent advances delivered by mobile cloud computing and internet of things for big data applications: A survey (2017) International Journal of Network Management, 27 (3); Bataev, A.V., Economic efficiency estimation for automated banking systems outsourcing (2015) Actual Problems of Economics; Thota, C., Big data security framework for distributed cloud data centers (2018) Cyber Security and Threats: Concepts, Methodologies, Tools, and Applications, pp. 589-607. , IGI Global; Klochkov, Y., Model of database design in the conditions of limited resources (2016) Reliability, Infocom Technologies and Optimization (Trends and Future Directions)(ICRITO), 2016 5th International Conference on, pp. 64-66. , IEEE; Bataev, A.V., Analysis of the use of cloud services and assessment the possibilities of introducing in Russian financial institutions (2017) Proceedings of the 29th International Business Information Management Association Conference-Education Excellence and Innovation Management Through Vision 2020: From Regional Development Sustainability to Global Economic Growth; Gai, K., Qiu, M., Sun, X., A survey on FinTech (2017) Journal of Network and Computer Applications; Sookhak, M., Dynamic remote data auditing for securing big data storage in cloud computing (2017) Information Sciences, 380, pp. 101-116; Rudskaya, I.A., Rodionov, D.G., (2018) Comprehensive Evaluation of Russian Regional Innovation System Performance Using A Two-stage Econometric Model, Espacios; Yang, C., Big Data and cloud computing: Innovation opportunities and challenges (2017) International Journal of Digital Earth, 10 (1), pp. 13-53}, correspondence_address1={Bataev, A.V.; Graduate School of State and Financial Management, Institute of Industrial Management, Economics and Trade, Peter the Great St. Petersburg Polytechnic UniversityRussian Federation; email: bat_a68@mail.ru}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538667576}, language={English}, abbrev_source_title={Proc. IEEE Int. Conf. "Qual. Manag., Transport Inf. Secur., Inf. Technol.", IT QM IS}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Surjandy2018149, author={Surjandy and Ernawaty and Listyo, P. and Fernando, E. and Savina, G. and Tirtamulia, L.M.}, title={Technology Risk in Financial Technology at Online Transportation Systems}, journal={Proceedings of 2018 International Conference on Information Management and Technology, ICIMTech 2018}, year={2018}, pages={149-154}, doi={10.1109/ICIMTech.2018.8528149}, art_number={8528149}, note={cited By 0; Conference of 3rd International Conference on Information Management and Technology, ICIMTech 2018 ; Conference Date: 3 September 2018 Through 5 September 2018; Conference Code:142373}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85058305800&doi=10.1109%2fICIMTech.2018.8528149&partnerID=40&md5=6cac9a05a4276043569dd57199236954}, affiliation={Information Systems Department, School of Information Systems Bina Nusantara University, Information Systems Audit Program, Jakarta, 11480, Indonesia}, abstract={Financial Technology (FinTech) is a new phenomenon that is currently growing rapidly in Indonesia. The use of FinTech as a means of payment becomes a new phenomenon, while the continuous development of the online transport system is becoming a complement for the ease of users. However, the developments that occur produce the impact of the inherent risk to the system and to the users of the service. Therefore, this study aims to see the correlation between inherent risk factors that users feel from various aspects, and do the inherent risk influence the usage of Financial Technology especially in Online Transportation System? The research was conducted using a quantitative statistical method by using SPSS correlation bivariate and a descriptive analysis. In this study found 26 correlations that associated with the use of Financial Technology services and the inherent technology risks have a negative influence on Financial Technology system. © 2018 IEEE.}, author_keywords={fintech; inherent technolgy risk; jinancial technolgy; quantitative method; sharing economy}, keywords={Information management; Online systems, Continuous development; Descriptive analysis; fintech; jinancial technolgy; Quantitative method; sharing economy; Technology service; Transportation system, Finance}, references={Geranio, M., Fintech in the exchange industry: Potential for disruption? (2017) Masaryk Univ. J. Law Technol, 11 (2), pp. 245-266; Gimpel, H., Rau, D., Röglinger, M., Understanding FinTech start-ups-A taxonomy of consumer-oriented service offerings (2017) Electron. Mark, pp. 1-20; Gai, K., Qiu, M., Sun, X., A survey on fintech (2018) J. Netw. Comput. Appl, 103, pp. 262-273; Surjandy, Julisar, Is social media used as social activities or academic activities 2016 International Conference on Information Management and Technolgy (ICIMTech), 2016, pp. 130-134. , no. November; Surjandy, Hendra, A., Chandra, Y.U., The smartphone for disseminating of fake news by the university students game player 2017 International Conference on Information Management and Technology (ICIMTech), 2017, pp. 14-18. , no. November; Surjandy, Julisar, Do college students use e-book with smartphone ? ( study for college student s subject in information technology ) (2017) Proceedings of the International MultiConference of Engineers and Computer Scientists 2017, 2, pp. 15-18; Chuang, L.-M., Liu, C.-C., Kao, H.-K., The adoption of fintech service: Tam perspective (2016) Int. J. Manag. Adm. Sci. Int. J. Manag. Adm. Sci, 3 (7), pp. 2225-722501; Pandya, T., (2015) Risk Management in Information System of Organisation : A Conceptual Framework2, (1), pp. 82-88; www.cnnindonesia.com/teknologi/20171207210703-185-260930/pengguna-gopay-keluhkan-dugaan-curi-saldo-dan-penipuan, accessed on 10 April 2018; (2018), news.detik.com/suara-pembaca/d-3434732/saldo-go-pay-hilang-laporantanpa-solusi, accessed on 10 April}, sponsors={BINUS University; IEEE Indonesia Section}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538658215}, language={English}, abbrev_source_title={Proc. Int. Conf. Inf. Manag. Technol., ICIMTech}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Fernando2018114, author={Fernando, E. and Surjandy and Ernawaty and Raharto Condrobimo, A. and Fitria Murad, D. and Madeleine Tirtamulia, L. and Savina, G. and Listyo, P.}, title={User Behavior Adopt Utilizing Fin Tech Services on Online Transportation in Indonesia (Scale Validation and Developed Instrument)}, journal={Proceedings of 2018 International Conference on Information Management and Technology, ICIMTech 2018}, year={2018}, pages={114-118}, doi={10.1109/ICIMTech.2018.8528106}, art_number={8528106}, note={cited By 1; Conference of 3rd International Conference on Information Management and Technology, ICIMTech 2018 ; Conference Date: 3 September 2018 Through 5 September 2018; Conference Code:142373}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85058340833&doi=10.1109%2fICIMTech.2018.8528106&partnerID=40&md5=6898edf09f7483ace07d5bafed9dacc9}, affiliation={Information Systems Department, Bina Nusantara University, School of Information Systems, Jakarta, 11480, Indonesia; Information Systems Department, School of Information Systems, Bina Nusantara University Information Systems Audit Program, Jakarta, 11480, Indonesia; Information Systems Department, Bina Nusantara University, BINUS Online Learning, Jakarta, 11480, Indonesia}, abstract={The Aim this study is to explore the views of consumer intentions in using FinTech services in online transport.This study focuses only on the process testing phase of the research instrument to be used at the next stage of the survey phase. Technology Acceptance Model (TAM) is used as the foundation of conceptual model theory and research instrument developed. Models and instruments were then validated by a pilot study method involving 133 communities as respondents who had been declared valid. analysis of survey data obtained through Smart PLS version 3 applications. This analysis is used to ensure the reliability and validity of the instruments that have been developed. The results of this study indicate that the variable Attitude toward use with 3 instruments, Perceived Useful variable with 5 instruments, Perceived Ease of Use variables with 5 instruments, Intention to use variables with 6 instruments that stated reliability with values above 0.5 and validity with values above 0.7.The instrument has been eligible to collect data from the actual survey in this study. © 2018 IEEE.}, author_keywords={adoption technoloogy; fintech; online transportation; TAM}, keywords={Behavioral research; Information management; Reliability analysis; Surveys, adoption technoloogy; Conceptual model; fintech; Perceived ease of use; Reliability and validity; Research instruments; Scale validation; Technology acceptance model, Instrument testing}, references={Baden-Fuller, C., Haefliger, S., Business models and technological innovation (2013) Long Range Plann, 46 (6), pp. 419-426; Stewart, D.W., Zhao, Q., Internet marketing, business models, and public policy (2000) J. Public Policy Mark, 19 (2), p. 287; Sharma, A., Trends in Internet-based business-To-business marketing (2002) Ind. Mark. Manag, 31 (2), pp. 77-84; Ashraf, A.R., Tek Thongpapanl, N., Auh, S., The application of the technology acceptance model under different cultural contexts: The Case of Online Shopping Adoption (2014) J. Int. Mark, 22 (3), pp. 68-93. , Sep; Patil, P.P., Dwivedi, Y.K., Rana, N.P., (2017) Digital Nations-Smart Cities, Innovation, and Sustainability, 1059. , Cham Springer International Publishing; Wallsten, S., The competitive effects of the sharing economy: How is uber changing taxis? (2015) Technol. Policy Inst, pp. 1-22. , no. June; Kim, Y., Park, Y.J., Choi, J., The adoption of mobile payment services for FinTech (2016) Int. J. Appl. Eng. Res, 11 (2), pp. 1058-1061; Romanova, I., Grima, S., Spiteri, J., Kudinska, M., The payment services directive 2 and competitiveness: The perspective of european FinTech Companies (2018) Eur. Res. Stud. J, 21 (2), pp. 5-24; Dorfleitner, G., Hornuf, L., Schmitt, M., Weber, M., Fintech in Germany (2017) Define. FinTech Descr. FinTech Ind, pp. 1-121; Sanicola, L., What Is FinTech? | HuffPost, , https://www.huffingtonpost.com/entry/what-is-FinTech_us_58a20d80e4b0cd37efcfebaa, [Accessed: 26-Feb-2018]; Schueffel, P., Taming the beast: A scientific definition of fintech (2016) J. Innov. Manag. Scheffel JIM, 4 (4), pp. 32-54; Davis, F.D., A technology acceptance model for empirically testing new end-user information systems: Theory and results (1986) Management, p. 291. , vol. Ph.D., no. April; Martin Fishbein, I.A., Influence of ethyl alcohol when given alone or in combination with potassium and/or magnesium supplements on ventricular fibrillation threshold levels in laboratory rats (1992) Magnes. Res, 5 (2), pp. 115-120. , Jun; Chuang, L.M., Liu, C.C., Kao, H.K., The adoption of fintech service: Tam perspective (2016) Int. J. Manag. Adm. Sci, 3 (7), pp. 1-15; Venkatesh, V., Morris, M.G., Davis, G.B., Davis, F.D., User acceptance of information technology: Toward a unified view (2003) Source MIS Q, 27 (3), pp. 425-478; Hansen, J.M., Saridakis, G., Benson, V., Hansen, J.M., Saridakis, G., Risk, trust, and the interaction of perceived ease of use and behavioral control in predicting consumers Use of Social Media for Transactions (2017) Comput. Human Behav; Barclay, D., Higgins, C., Thompson, R., The partial least squares (PLS) approach to causal modeling: Personal computer adoption and use as an illustration (1995) Technol. Stud, 2 (2), pp. 285-309; Chin, W.W., (2014) The Partial Least Squares Approach to Structural Equation Modeling, p. 335. , no. April; Wong, K.K., Partial least squares structural equation modeling (plssem) techniques using smartpls (2013) Mark. Bull, 24 (1), pp. 1-32; Rigdon, G., Straub, Editors comments: An update and extension to sem guidelines for administrative and social science Research (2011) MIS Q, 35 (2), p. III}, sponsors={BINUS University; IEEE Indonesia Section}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538658215}, language={English}, abbrev_source_title={Proc. Int. Conf. Inf. Manag. Technol., ICIMTech}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Chandra2018454, author={Chandra, Y.U. and Kristin, D.M. and Suhartono, J. and Sutarto, F.S. and Sung, M.}, title={Analysis of Determinant Factors of User Acceptance of Mobile Payment System in Indonesia (A Case Study of Go-Pay Mobile Payment)}, journal={Proceedings of 2018 International Conference on Information Management and Technology, ICIMTech 2018}, year={2018}, pages={454-459}, doi={10.1109/ICIMTech.2018.8528182}, art_number={8528182}, note={cited By 0; Conference of 3rd International Conference on Information Management and Technology, ICIMTech 2018 ; Conference Date: 3 September 2018 Through 5 September 2018; Conference Code:142373}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85058341927&doi=10.1109%2fICIMTech.2018.8528182&partnerID=40&md5=fc6bb5107e7c5a1d6441ee32e6fc6efa}, affiliation={Information Systems Department, Bina Nusantara University, School of Information Systems, Jakarta, 11480, Indonesia; Griffith College, Big Data Analytics Department, Dublin, Ireland; Chinese Language and Culture Department, Hankuk University of Foreign Studies, Seoul, South Korea}, abstract={Mobile payment in Indonesia is designed to help the growth of online transport, such as GO-J ek with mobile payment products, which is the GO-Pay mobile payment to make it easier for customers to pay drivers and merchants. The study was carried out for the analysis and evaluation of the acceptance of technology in the mobile payment GO-Pay using the technology acceptance model (TAM). The research was carried out using the quantitative research approach by obtaining 284 active respondents using the GO-Pay mobile payment. The research question in this research is whether GO-Pay as a mobile payment system can be accepted in Indonesia? The result of this research is factor of perceived about usefulness, ease of use, mobility, and the attitude factor can make GO-Pay as mobile payment is acceptable in Indonesia. For the perceived trust, it is not a significant effect, but the effect on perceived trust is perceived reputation, while for the environmental risk it does not affect the perceived reputation. © 2018 IEEE.}, author_keywords={adoption; FinTech; go-pay; mobile payment; TAM}, keywords={Global system for mobile communications; Information management, Acceptance of technologies; adoption; Analysis and evaluation; FinTech; go-pay; Mobile payment; Mobile payment system; Technology acceptance model, Electronic money}, references={Sandhyaduhita, P., (2017) Investigating Mobile Payment Acceptance Using Technological-Personal-Environmental ( TPE ), , Framework : A Case o f Indonesia; Junadi, Sfenrianto, A model of factors influencing consumers intention to use e-payment system in Indonesia (2015) Procedia Comput. Sci 59, No. Iccsci, pp. 214-220; Surjandy, C., Ernawaty, Y.U., Higher education student behaviors in spreading fake news on social media: A case of LINE group 2017 Int. Conf. Inf. Manag. Technol., No. November, 2017, pp. 54-59; Chandra, Y.U., (2017) Bank Vs Telecommunication E-Wallet : System Analysis, pp. 165-170. , Purchase , and Payment Method of GO-Mobile CIMB Niaga and T-Cash Telkomsel no. November; Liébana-Cabanillas, F., Sánchez-Fernández, J., Muñoz-Leiva, F., Antecedents of the adoption of the new mobile payment systems: The moderating effect of age (2014) Comput. Human Behav, 35, pp. 464-478; Liébana-Cabanillas, F., Marinkovic, V., Ramos De Luna, I., Kalinic, Z., Predicting the determinants of mobile payment acceptance: A hybrid SEM-neural network approach (2018) Technol. Forecast. Soc. Change, 129, pp. 117-130. , February; Khalilzadeh, J., Ozturk, A.B., Bilgihan, A., Security-related factors in extended UTAUT model for NFC based mobile payment in the restaurant industry (2017) Comput. 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Syst. E-bus. Manag, 14 (2), pp. 293-314; Liébana-Cabanillas, F., Muñoz-Leiva, F., Sánchez-Fernández, J., Behavioral model of younger users in m-payment systems (2015) J. Organ. Comput. Electron. Commer, 25 (2), pp. 169-190; Liébana-Cabanillas, F., Ramos De Luna, I., Montoro-Ríos, F.J., User behaviour in qr mobile payment system: The qr payment acceptance model (2015) Technol. Anal. Strateg. Manag, 27 (9), pp. 1031-1049; Augsburg, C., Hedman, J., Value added services and adoption of mobile payments (2014) ICEC (International Conf. Electron. Commer, pp. 27-32; Moroni, A., Talamo, M., Dimitri, A., Adoption factors of nfc mobile proximity payments in Italy (2015) Proc. 17th Int. Conf. Human-Computer Interact. with Mob. Devices Serv.-MobileHCI 15, pp. 393-399; Orè, S.B., Rodriguez, L.L., Tam: A reference model for mobile cash adoption (2017) Proc. 7th Int. Conf. Inf. Commun. Manag, pp. 148-152; Mingxing, S., Jing, F., Yafang, L., An empirical study on consumer acceptance of mobile payment based on the perceived risk and trust (2014) 2014 Int. Conf. Cyber-Enabled Distrib. Comput. Knowl. Discov, pp. 312-317; Hossain, R., Mahmud, I., Influence of cognitive style on mobile payment system adoption: An extended technology acceptance model (2016) 2016 Int. Conf. Comput. Commun. Informatics, ICCCI 2016, pp. 5-10; Sajid, O., Haddara, M., Nfc mobile payments: Are we ready for them? (2016) Proc. 2016 SAI Comput. Conf. SAI 2016, pp. 960-967; Riskinanto, A., Kelana, B., Hilmawan, D.R., The moderation effect of age on adopting e-payment technology (2017) Procedia Comput. Sci, 124, pp. 536-543; Yan, H., Yang, Z., An empirical examination of user adoption mobile payment (2014) 2014 Int. Conf. Manag. E-Commerce E-Government, pp. 156-162; Pathirana, P.A., Azam, S.M.F., Factors influencing the use of mobile payments-A conceptual model (2017) 2017 Natl. Inf. Technol. Conf, pp. 67-74; Upadhyay, P., Chattopadhyay, M., Examining mobile based payment services adoption issues: A new approach using hierarchical clustering and self-organizing maps (2015) J. Enterp. Inf. Manag, 28 (4), pp. 490-507; Chircu, A.M., (2014) Digital Payments Have Evolved over the Years from Simple Automated Payments and Credit and Debit Card Processing to Providing Support for; Singh, N., Srivastava, S., Sinha, N., Consumer preference and satisfaction of M-wallets: A study on North Indian consumers (2017) Int. J. Bank Mark, 35 (6), pp. 944-965; Davis, F., Perceived usefulness, perceived ease of use, and user acceptance of information technology (1989) MIS Q, 13 (3), pp. 319-340; Ringle, C.M., Wende, S., Becker, J.-M., (2015) SmartPLS 3, , SmartPLS GmbH}, sponsors={BINUS University; IEEE Indonesia Section}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538658215}, language={English}, abbrev_source_title={Proc. Int. Conf. Inf. Manag. Technol., ICIMTech}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Yang20183256, author={Yang, D. and Li, M.}, title={Evolutionary Approaches and the Construction of Technology-Driven Regulations}, journal={Emerging Markets Finance and Trade}, year={2018}, volume={54}, number={14}, pages={3256-3271}, doi={10.1080/1540496X.2018.1496422}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85051989439&doi=10.1080%2f1540496X.2018.1496422&partnerID=40&md5=90e1523ff6d00b106f181001a3df334a}, affiliation={Center for Civil and Commercial Law, Law School of Renmin University of China, Beijing, China; Law and Technology Institute, Law School of Renmin University of China, Beijing, China; Center for Financial Law, Law School of Peking University, Beijing, China; Berkeley Law School of California University, Berkeley, CA, United States}, abstract={Innovation technologies have substantially changed commerce and society. A new financial industry in the form of financial technology (fintech) initiated the era of the digital economy. At the same time, inherent risks in technology-driven financial innovations, such as technical risks, information asymmetry, and even potential systemic risks, necessitate regulatory responses. However, insufficient regulatory techniques, outdated financial laws, and conservative regulatory concepts make it difficult for traditional regulations based on financial intermediaries to adapt to the current environment of decentralized financial transactions. Technology-driven regulations focused on data monitoring could be a remedy for the inefficiency and ineffectiveness of traditional financial regulations and enhance effective protection of financial consumers’ rights and interests. This new regulatory model aims to build a system that integrates equal access to information on blockchain transactions by both parties to it (i.e., the regulators and the financial institutions they regulate) for the purpose of oversight, intelligent real-time oversight, and an experimental sandbox for developing regulatory technology. This dynamic and flexible financial regulatory system could effectively address fintech risks. ©, Copyright © Taylor & Francis Group, LLC.}, author_keywords={fintech; regtech; technology-driven regulation}, funding_details={Chinese National Funding of Social SciencesChinese National Funding of Social Sciences}, funding_text 1={This article is a research project called Legal Issues of Technology-Driven Financial Regulation (Project Number: 17BFX098), which is sponsored by Chinese Social Science Fund.}, references={Arner, D.W., Barberis, J., Buckley, R.P., The evolution of fintech: A new post-crisis paradigm (2015) Georgetown Journal of International Law, 47, pp. 1271-1319; Arner, D.W., Barberis, J., Buckley, R.P., FinTech and regtech in a nutshell, and the future in a sandbox.” CFA institute (2017) Research Foundation Briefs, 3 (4). , https://www.cfapubs.org/doi/pdf/10.2470/rfbr.v3.n4.1/; Bian, W., Shan, W., Development of fintech and the regulatory sandbox—comparative analysis based on several important countries (2017) Financial Regulation, 7, pp. 85-98. , –,. Chinese; Brummer, C., Disruptive technology and securities regulation (2015) Fordham Law Review, 84, pp. 977-1052; Chiu, I.H.Y., FinTech and disruptive business models in financial products, intermediation and markets: Policy implications for financial regulators (2016) Journal of Technology Law and Policy, 21, pp. 55-112; Colaert, V., (2017) RegTech as a response to regulatory expansion in the financial sector, , https://ssrn.com/abstract=2677116/; Crane, J.M.A., RegTech: Bending the risk/cost curve or breaking it? 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Chinese; Liu, Y., Xia, D., Legal analysis of leverage mechanism of Chinese stock market crash: From systemic risk perspective (2016) Securities Law Review, 1, pp. 107-131. , –,. Chinese; Magnuson, W.J., (2017) Regulating FinTech, , https://ssrn.com/abstract=3027525/; McGuire, W.B., Adaptive financial regulation and regtech: A concept article on protection for victims of bank failures (2016) Duke Law Journal, 66, pp. 567-604; Reyes, C.L., Moving beyond bitcoin to an endogenous theory of decentralized ledger technology regulation: An initial proposal (2016) Villanova Law Review, 61 (1), pp. 191-234; Sachs, G., (2017) Future of finance: The rise of Chinese fintech, , http://hybg.cebnet.com.cn/upload/gaoshengfintech.pdf, New York; Salmon, F., The formula that killed Wall Street (2012) Significance, 9 (1), pp. 16-20; Salo, M., Haapio, H., Robo-Advisors and investors: Enhancing human-robot interaction through information design (2017) In Proceedings of the 20th International Legal Informatics Symposium, , https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2937821/; Shin, D.-H., Demystifying big data: Anatomy of big data developmental process (2016) Telecommunications Policy, 40, pp. 837-854; Shin, D.-H., Lee, M.-K., Public value mapping of network neutrality: Public values and net neutrality in Korea (2017) Telecommunications Policy, 41 (3), pp. 208-224; Song, X., Xie, L., American RegTech applications in financial industry (2017) China Finance, 12, pp. 80-82. , –,. Chinese; Vermeulen, E., Fenwick, M., Kaal, W., Regulation tomorrow: What happens when technology is faster than the law? (2016) University of St. Thomas (Minnesota) Legal Studies Research Paper No. 16-23; Walport, M., (2015) FinTech futures: The UK as a world leader in financial technologies, , https://bravenewcoin.com/assets/Industry-Reports-2015/UK-Gov-Fintech-Futures.pdf; Wang, Z., Fang, J., The development and regulation of internet asset management industry (2016) Tsinghua Financial Review, 9, pp. 50-52. , –,. Chinese; Wilkinson, D., (2016) RegTech innovation: Securing compliance in a disruptive market, , https://banknxt.com/55871/RegTech-compliance/; Yang, D., Financial disruptive innovations and regulation restructure (2016) Renmin Forum: Academic Frontier, 11, pp. 30-39. , –,. Chinese; Yang, D., New perspective on internet finance governance (2016) China Finance, 23, pp. 43-45. , –,. Chinese; Yang, D., Research on P2P network risk insurance system (2016) Guangdong Social Science, 6, pp. 214-225. , –,. Chinese; Yang, D., Pan, Z., Blockchain brings financial and legal optimization (2016) China Finance, 8, pp. 25-26. , –,. Chinese; Zetzsche, D., Buckley, R., Arner, D., Barberis, J., Regulating a revolution: From regulatory sandboxes to smart regulation (2017) European Banking Institute Working Paper, , https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3018534/; Zhang, J., (2017) Financial regulatory technology: Principles and development expectations, , Journal of Corporate Finance, 1: 20–52. Chinese}, correspondence_address1={Li, M.; School of Law, University of California, Berkeley, Boalt Hall, United States; email: emily1501111033@berkeley.edu}, publisher={Routledge}, issn={1540496X}, language={English}, abbrev_source_title={Emerg. Mark. Financ. Trade}, document_type={Article}, source={Scopus}, } @ARTICLE{West20183, author={West, J. and Chu, M. and Crooks, L. and Bradley-Ho, M.}, title={Strategy war games: how business can outperform the competition}, journal={Journal of Business Strategy}, year={2018}, volume={39}, number={6}, pages={3-12}, doi={10.1108/JBS-11-2017-0154}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85055574221&doi=10.1108%2fJBS-11-2017-0154&partnerID=40&md5=66d11a3609779dca258df03b3fb2e3ed}, affiliation={Faculty of Science, University of Queensland, Brisbane, Australia; Faculty of Business, Bond University, Gold Coast, Australia}, abstract={Purpose: Business wargames represent an alternative approach to challenge organisations to uncover internal capabilities through competitive actions designed to counteract external threats and address strategic mismatches. Internal capabilities uncovered as a result of actions taken during a competitive wargame aims to replicate market conditions found in competitive industries. These outcomes are difficult to achieve using many popular strategy design methods. The purpose of this study is to examine the use of war game-style activities in formulating corporate strategy that incorporate the natural behaviors of the leadership team in creating strategic plans. Design/methodology/approach: Using a case study from the banc assurance industry, the authors review a wargame process composed of two competing teams; the banc assurance organisation and an unincorporated joint venture between a banking institution and an insurance company. The goal of each entity was to develop strategy to improve both customer satisfaction and market share at the expense of each other given a finite set of resources. Success was judged using a simple set of metrics defined by both a consumer team and an independent umpire. Findings: Consumers of financial services are price sensitive and highly brand loyal. Unwillingness to switch brands to a prevailing competitor or other emerging (Fintech) institution persists to a threshold of a price and/or value differential of 15 to 20 per cent. The results highlight potential deficiencies in the proposed banc assurance strategy through the observation of customer behaviours and inefficient resource use. Originality/value: The wargame approach conducted in a realistic landscape revealed internal capabilities not otherwise evident. The impact of authentic human behaviours in setting business strategy was captured which is very difficult to replicate using more formal scenario analysis and planning. © 2018, Emerald Publishing Limited.}, author_keywords={Banc assurance; Brand loyalty; Financial market; Scenario analysis; Strategy development; Wargame}, references={Barney, J.B., Firm resources and sustained competitive advantage (1991) Journal of Management, 17 (1), pp. 99-120; Bellman, R., Clark, C.E., Malcolm, D.G., Craft, C.J., Ricciardi, F.M., On the construction of a multi-stage multi-person business game (1957) Operations Research, 5 (4), pp. 469-503; Fink, A., Marr, B., Siebe, A., Kuhle, J.P., The future scorecard: combining external and internal scenarios to create strategic foresight (2005) Management Decision, 43 (3), pp. 360-381; Ginter, P.M., Rucks, A.C., Can business learn from wargames? 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(Ed.), Ballinger, Cambridge, MA; Silvestro, R., Performance topology mapping: understanding the drivers of performance (2014) International Journal of Production Economics, 156, pp. 269-282}, correspondence_address1={West, J.; Faculty of Science, University of QueenslandAustralia; email: jason.west@uq.edu.au}, publisher={Emerald Group Publishing Ltd.}, issn={02756668}, language={English}, abbrev_source_title={J. Bus. Strategy}, document_type={Article}, source={Scopus}, } @CONFERENCE{Soloviev2018, author={Soloviev, V.}, title={Fintech Ecosystem in Russia}, journal={Proceedings of 2018 11th International Conference "Management of Large-Scale System Development", MLSD 2018}, year={2018}, doi={10.1109/MLSD.2018.8551808}, art_number={8551808}, note={cited By 0; Conference of 11th International Conference ""Management of Large-Scale System Development"", MLSD 2018 ; Conference Date: 1 October 2018 Through 3 October 2018; Conference Code:143070}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85060060788&doi=10.1109%2fMLSD.2018.8551808&partnerID=40&md5=9f4b43b12ec744d2132a11c8843edd86}, affiliation={Department of Data Analysis Decision Making and Financial Technology, Financial University, Government of the Russian Federation, Moscow, Russian Federation}, abstract={Fintech is today not only a hot mass media discussion of the future of the financial sector, but also real projects that change banking and financial services. The paper describes features and characteristics of contemporary Russian fintech landscape and ecosystem. The examples of innovative financial services in Russia, including online banking and accounting, new payments and transfers services, platforms for crowdfunding and peer-to-peer lending, blockchain initiatives, etc. are discussed. It is shown that fintech initiatives have not yet led to a radical transformation of the financial sector in Russia because participants of the fintech ecosystem have different points of view on fintech. Russian banks are now developing fintech initiatives within themselves, encouraging technology companies and fintech startups to focus their efforts on innovations that are aimed at improving processes, rather than opening new markets. The Government directs the main efforts to initiatives related to regulation of cryptocurrencies circulation and to introduction of blockchain in regtech and cybersecurity. Customers are interested in new and more convenient functionality in mobile applications, and they are waiting for new value propositions, including fast international money transfers, roboadvising, personal financial management, peer-to-peer lending. © 2018 IEEE.}, author_keywords={digital banking; fintech; fintech business models; fintech infrastructure; fintech landscape}, keywords={Blockchain; Ecosystems; Finance; Large scale systems, Business models; digital banking; fintech; fintech infrastructure; fintech landscape, Peer to peer networks}, references={http://www.fsb.org/wp-content/uploads/R270617.pdf, Financial Stability Board. 2017. Financial Stability Implications from FinTech, Supervisory and Regulatory Issues that Merit Authorities' Attention, June 27, 2017; https://www.bis.org/bcbs/publ/d415.pdf, Basel Committee on Banking Supervision. 2017. Sound Practices: Implications of Fintech Developments for Banks and Bank Supervisors: Consultative Document; Scanner, V., (2018) Financial Technology Startup Highlights-Q1, , https://www.venturescanner.com/financial-technology, 2018, 30 April 2018. URL; Scanner, V., (2018) Blockchain Technology Sector Overview-Q1, , https://www.venturescanner.com/blockchain-technology, 2018, 22 April2018. URL; Saltykova, M., (2018) USA and Europe: Regtech Instead of Blockchain. Why Do Banks Invest in Finteh, but Avoid the Blocking Party, , https://rb.ru/analytics/banki-fintech-blockchain/, Rusbase, March 1, 2018; (2017) 2017 Fintech 100: Leading Global Fintech Innovators, , https://home.kpmg.com/content/dam/kpmg/it/pdf2018/03/H2-Fintech-Innovators-2017.pdf, KPMG; (2018) The Map of the Russian Fintech Market, , https://rb.ru/fintech/, Rusbase; Sathye, M., Adoption of internet banking by australian consumers: An empirical investigation (1999) The International Journal of Bank Marketing, 17 (7), pp. 324-339. , https://www.emeraldinsight.com/doi/abs/10.1108/02652329910305689; Nielsen, J.F., Internet technology and customer linking in nordic banking (2002) International Journal of Service Banking, 13 (2), pp. 475-496. , https://www.emeraldinsight.com/doi/abs/10.1108/09564230210447940; Diemers, D., Lamaa, A., Salamat, J., Steffens, T., (2015) Developing a FinTech Ecosystem in the GCC Dubai: Strategy&., p. 16. , http://www.strategyand.pwc.com/media/file/Developing-a-FinTech-ecosystem-in-the-GCC.pdf; Lee, I., Shin, Y., Sh, Fintech: Ecosystem, business models, investment decisions, and challenges (2018) Business Horizons, 61 (1), pp. 35-46. , http://www.sciencedirect.com/science/article/pii/S0007681317301246; Walchek, S., (2015) The Unbundling of Finance, , https://techcrunch.com/2015/05/29/the-unbundling-of-finance/, TechCrunch, May 29, 2015. URL; (2018) Draft Federal Law of the Russian Federation "on Digital Financial Assets", , https://www.cbr.ru/Content/Document/File/36003/cfa_project.pdf, Bank of Russia, January 25, 2018; (2018) Draft Federal Law of the Russian Federation "on Alternative Methods of Capital Raising (Crowdfunding)", , https://www.cbr.ru/analytics/standart_acts/others/20180125_02.pdf, Bank of Russia, January 25, 2018; Gaidayev, V., Intelligence could be artificial but brain should be human (2018) Commersant, , https://www.kommersant.ru/doc/3580435, March 28, 2018; Soloviev, V., Forecasting stock market turnovers with boosted decision trees (2017) 11th IEEE International Conference on Application of Information and Communication Technologies (AICT 2017)., pp. 178-181; (2017), http://markswebb.ru/e-finance/mobile-banking-rank-2017/, Markswebb Mobile Banking Rank}, correspondence_address1={Soloviev, V.; Department of Data Analysis Decision Making and Financial Technology, Financial University, Government of the Russian FederationRussian Federation; email: Vsoloviev@fa.ru}, editor={Tsvirkun A.}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538649244}, language={English}, abbrev_source_title={Proc. Int. Conf. "Manag. Large-Scale Syst. Dev.", MLSD}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Vershinina20181198, author={Vershinina, A.A. and Zhdanova, O.A. and Pashkovskaya, M.V. and Nazarova, E.V.}, title={FinTech Accelerators: Infrastructural institutions within the Fintech ecosystem}, journal={International Journal of Mechanical Engineering and Technology}, year={2018}, volume={9}, number={1198-1205}, pages={1198-1205}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059282925&partnerID=40&md5=784c691eda1885c116ba76817e3afb9c}, affiliation={Plekhanov Russian University of Economics, Stremyanny Lane, 36, Moscow, 117997, Russian Federation; Moscow University for Industry and Finance «Synergy», Leningradsky Ave., 80G, Moscow, 125190, Russian Federation}, abstract={Fintech accelerators are a new infrastructural institution within the burgeoning fintech ecosystem, which currently is going through exceptional growth. A specialized type of accelerator, fintech accelerators are quickly conquering the venture capital market, steadily building up their positions, which is associated with a boom in fintech innovation. In this regard, it may be of interest to gain an insight into some of the key functions fintech accelerators perform in the market and examine some of the key areas of startup support provided by fintech accelerators. The authors have singled out six major functions of fintech accelerators: organizational, financial-economic, consulting, educative, commercial, and evolutionary. In addition, the authors have developed a stage-by-stage procedure for the selection of startups by fintech accelerators for including them in an acceleration program. An analysis of existing terms and conditions regarding accelerator application submission and consideration has helped identify a total of five major stages in the process, as well as put forward a number of ways to enhance the way accelerator applications are processed and considered at the moment. © IAEME Publication.}, author_keywords={Accelerator; Fintech; Fintech ecosystem; Innovation; Mentoring; Selection}, references={Shuvalova, E., Sibatulina, N., Kurochkina, I., The tax system and environmental safety (2017) International Multidisciplinary Scientific GeoConference Surveying Geology and Mining Ecology Management, SGEM, 17 (54), pp. 401-408; Gryzunova, N.V., Tsertseil, J.S., Kookueva, V.V., Zaharova, D.S., Monetary policy and clustering for achieving competitiveness in national business (2018) European Research Studies Journal, 21 (1), pp. 480-490; Ionova, Y.G., Gesheva, M.V., Handohova, Z.A., Mambetova, K.M., Yu, G.O., Analysis of the functional transformation of industrial complex infrastructure (2017) Journal of Engineering and Applied Sciences, 12 (4 SI), pp. 6790-6798; Kopylov, D.A., Fintekh v mezhdunarodnykh finansakh [Fintech in international finance (2017) Ekonomika I Predprinimatel'Stvo, 12-2, pp. 38-42; Medvedkina, E.A., Finansovye tekhnologii dlya ustoichivogo razvitiya: Metodologiya primeneniya [Financial technology for sustainable development: Application methodology (2017) Finansovye Issledovaniya, 4, pp. 31-36; Pertseva, S., Fintekh: Mekhanizm funktsionirovaniya [Fintech: The mechanism of its operation] (2017) Innovatsii V Menedzhmente, 2, pp. 50-53; (2017) The Rapid Emergence of FinTech, , https://www.ey.com/Publication/vwLUAssets/ey-fintech-adoption-index-2017/$FILE/ey-fintech-adoption-index-2017.pdf, FinTech Adoption Index 2017; Customers in the spotlights: How FinTech is reshaping banking (2016) PricewaterhouseCoopers, , https://www.pwccn.com/en/migration/pdf/global-fintech-survey-jul2016.pdf, 2016; (2016) FinTechs in Europe – Challenger and Partner, , https://www.rolandberger.com/publications/publication_pdf/roland_berger_fintech.pdf, Roland Berger; Value of fintech (2017) KPMG, , https://www.cityoflondon.gov.uk/business/economic-research-and-information/research-publications/Documents/value_of_fintech.pdf; (2018) World Fintech, , https://www.capgemini.com/wp-content/uploads/2018/02/world-fintech-report-wftr-2018.pdf, report 2018. 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Ed, Kursk: Universitetskaya Kniga; Korver, С., Applying decision analysis to venture investing (2012) Kauffman Fellows Report, 3. , www.kauffmanfellows.org/journal_posts/applying-decision-analysis-to-ventureinvesting; (2018) Valuation Methods, , http://www.venturevaluation.com/en/methodology/valuation-methods; Kolmakov, V.V., Polyakova, A.G., Shalaev, V.S., An analysis of the impact of venture capital investment on economic growth and innovation: Evidence from the USA and Russia (2015) Economic Annals, 60 (207), pp. 7-37; Tabeck, P.S., Singh, A.B., Dr., Kumar, A., An empirical study on bottom of pyramid customers towards adoption of innovation (2018) International Journal of Civil Engineering and Technology, 9 (6), pp. 182-189; Suharnomo, Priyotomo, Analyzing the strength of technological development and technical innovation in an international manufacturer in Kudus, Central Java, Indonesia (2017) International Journal of Civil Engineering and Technology, 8 (8), pp. 740-745; Porselvi, W., Jublee, D., Sivanesan, G., A Study on Factors Influencing Adoption of Technology and Innovation in Ban king Industry, Tamilnadu, India (2018) International Journal of Mechan Ical Engineering and Techno Logy, 9 (5), pp. 78 9 – 8 00; Suharnomo, Priyotomo, Analyzing the strength of technological development and technical innovation in an international manufacturer in Kudus, Central Java, Indonesia (2017) International Journal of C Ivil Engineering and Technology, 8 (8), pp. 740-745; Ismail, T., Meutia, Bukhori, A., Ajri, E.F., Building innovation capability through triple helix model sinergy to improve SME’s marketing performance (2018) International Journal of Civil Engineering and Technology, 9 (7), pp. 1403-1412}, publisher={IAEME Publication}, issn={09766340}, language={English}, abbrev_source_title={Int. J. Mech. Eng. Technol.}, document_type={Article}, source={Scopus}, } @ARTICLE{Kang2018, author={Kang, J.}, title={Mobile payment in Fintech environment: trends, security challenges, and services}, journal={Human-centric Computing and Information Sciences}, year={2018}, volume={8}, number={1}, doi={10.1186/s13673-018-0155-4}, art_number={32}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85056079698&doi=10.1186%2fs13673-018-0155-4&partnerID=40&md5=3816edfe182c4f15910ee913eb2617a9}, affiliation={Department of Information Security, Baewha Women’s University, Seoul, South Korea}, abstract={Due to recent developments in IT technology, various Fintech technologies composing of finance and technology are being developed. Especially, because of rapidly growing online market and supply of mobile devices, the need for mobile Fintech payment service that enables easy online and off-line payment has increased. According to the 2013 report by market research company Gartner, purchase related global mobile payment market size was predicted to grow from $45.1 billion in 2012 to $224.3 billion in 2017 with average annual growth of 38%. The study will surveyed the recent trends of mobile Fintech payment services and categorized them based on the service forms to suggest requirements and security challenges so that better and securer service can be provided in the future. First, the study defined existing payment services and Fintech payment services by comparing them, and analyzed recent mobile Fintech payment services to classify mobile Fintech payment service providers into Hardware makers, Operating System makers, payment platform providers, and financial institutions to show their common features. Finally it defined requirements that mobile Fintech payment services must meet and security challenges that future and present mobile Fintech payment services will encounter in the perspective of mutual authentication, authorization, integrity, privacy, and availability. Through the suggested study, it is expected that mobile Fintech payment services will develop into more secure services in the future. © 2018, The Author(s).}, author_keywords={Finance technology; Fintech; Mobile payment; Security challenges}, funding_details={Sungshin Women’s UniversitySungshin Women’s University}, funding_text 1={This work was financially supported by Baewha Women’s University.}, references={Lee, A.R., Ahn, H.Y., Fintech users’ information privacy concerns and user resistance: investigating the interaction effect with regulatory focus (2016) J Korea Inst Inf Secur Cryptol, 26 (1), pp. 209-226; Park, S.W., Lee, I.Y., Anonymous authentication scheme based on NTRU for the protection of payment information in NFC mobile environment (2013) J Inf Process Syst, 9, pp. 461-476; Thakur, R., Srivastava, M., Adoption readiness, personal innovativeness, perceived risk and usage intention across customer groups for mobile payment services in India (2014) Internet Res, 24 (3), pp. 369-392; Dahlberg, T., Guo, J., Ondrus, J., A critical review of mobile payment research (2015) Electron Commer Res Appl, 14 (5), pp. 265-284; José Liébana-Cabanillas, F., Sánchez-Fernández, J., Muñoz-Leiva, F., Role of gender on acceptance of mobile payment (2014) Ind Manag Data Syst, 114 (2), pp. 220-240; Perez, A.J., Zeadally, S., Jabeur, N., Security and privacy in ubiquitous sensor networks (2018) J Inf Process Syst, 14, pp. 286-308; Yang, S., Mobile payment services adoption across time: an empirical study of the effects of behavioral beliefs, social influences, and personal traits (2012) Comput Hum Behav, 28 (1), pp. 129-142; Capgemini, R., (2016) World Payments Report 2016, , Federal Reserve Bank of Dallas Financial Industry Issues; Gulamhuseinwala, I., Bull, T., Lewis, S., FinTech is gaining traction and young, high-income users are the early adopters (2015) J Financ Perspect, 3 (3), pp. 16-23; Han, Y.H., Lim, H.K., Gil, J.M., Hierarchical location caching scheme for mobile object tracking in the internet of things (2017) J Inf Process Syst, 13, pp. 1410-1429; Steeves, D., The Social Impact of FinTech in Nigeria (2016) The FinTech Book, pp. 78-80. , John Wiley & Sons, Ltd, Chichester, UK; Zavolokina, L., Dolata, M., Schwabe, G., The FinTech phenomenon: antecedents of financial innovation perceived by the popular press (2016) Hum Centric Comput Inf Sci, 2, p. 16; Li, Y., Spigt, R., Swinkels, L., The impact of FinTech start-ups on incumbent retail banks’ share prices (2017) Hum Centric Comput Inf Sci, 3, p. 26; Lee, S.H., Lee, D.W., (2016) Review on Fintech Industry in Oversea; Skan, J., (2014) The Boom in Global Fintech Investment; Park, Y.J., Jang, S.M., Understanding privacy knowledge and skill in mobile communication (2014) Comput Hum Behav, 38, pp. 296-303; Liang, X., Security and privacy in mobile social networks: challenges and solutions (2014) IEEE Wirel Commun, 21 (1), pp. 33-41; Smalley, S., Craig, R., Security enhanced (SE) android: Bringing flexible MAC to android (2013) Proceedings of the NDSS, 2013, , https://www.ndss-symposium.org/ndss2013/ndss-2013-programme/security-enhanced-se-android-bringing-flexible-mac-android/, In; Li, Q., Clark, G., Mobile security: a look ahead (2013) IEEE Secur Priv, 11 (1), pp. 78-81; Kadhiwal, S., Zulfiquar, A.U.S., Analysis of mobile payment security measures and different standards (2007) Comput Fraud Secur, 2007 (6), pp. 12-16; Linck, K., Pousttchi, K., Wiedemann, D.G., (2006) Security Issues in Mobile Payment from the Customer Viewpoint, pp. 1-11; Zhou, T., An empirical examination of continuance intention of mobile payment services (2013) Decis Support Syst, 54 (2), pp. 1085-1091; Cheong, C.P., Fong, S., Lei, P., Chatwin, C.R., Young, R.C., Designing an efficient and secure credit cardbased payment system with web services based on the ANSI X9.59-2006 (2012) J Inf Process Syst, 8, pp. 495-520; Ondrus, J., Pigneur, Y., An assessment of NFC for future mobile payment systems (2007) International Conference on The. 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(2015) Biometric Technology Today, 2015 (8), pp. 5-9}, correspondence_address1={Kang, J.; Department of Information Security, Baewha Women’s UniversitySouth Korea; email: kjh7548@naver.com}, publisher={Springer Berlin Heidelberg}, issn={21921962}, language={English}, abbrev_source_title={Hum.-centric Comput. Inf. Sci.}, document_type={Article}, source={Scopus}, } @ARTICLE{Basole2018379, author={Basole, R.C. and Patel, S.S.}, title={Transformation through unbundling: Visualizing the global FinTech ecosystem}, journal={Service Science}, year={2018}, volume={10}, number={4}, pages={379-396}, doi={10.1287/serv.2018.0210}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059737849&doi=10.1287%2fserv.2018.0210&partnerID=40&md5=86c4925a2e8018e5ad5c0614b85a19c4}, affiliation={School of Interactive Computing, Georgia Institute of Technology, Atlanta, GA 30332, United States}, abstract={The infusion of digital technology into financial services, also known as FinTech, is creating a massive disruption of the entire financial sector. Services traditionally offered by incumbents are now rapidly unbundled by a growing set of startups, leading to new models of collaboration and a significant shift in power. This study provides insight into the structure of the FinTech ecosystem using data-driven visualizations of 6,493 global companies across 24 market segments. We focus on two types of ecosystem entities, namely, (1) firms that create, offer, and acquire FinTech services and (2) investors that fund and enable them. Our analyses reveal a highly skewed global footprint of FinTech activities, differential growth patterns across ecosystem segments, highly interdependent network structure, and a variegated nature of investments and acquisitions led by key incumbents and venture capital firms. We conclude with theoretical and managerial implications and discuss opportunities for future service ecosystem research. © 2018 INFORMS.}, author_keywords={FinTech; Network analysis; Service ecosystem; Transformation; Visualization}, references={(2016) Fintech and the Evolving Landscape: Landing Points for the Industry, , https://www.accenture.com/t20161011T031409Z_w_/us-en/_acnmedia/PDF-15/Accenture-Fintech-Evolving-Landscape.pdf, Accenture Accessed June 10, 2018; Adner, R., Ecosystem as structure: An actionable construct for strategy (2017) J. Management, 43 (1), pp. 39-58; Agarwal, R., Gao, G., DesRoches, C., Jha, A.K., Research commentary-The digital transformation of healthcare: Current status and the road ahead (2010) Inform. Systems Res., 21 (4), pp. 796-809; Ahuja, G., Collaboration networks, structural holes, and innovation: A longitudinal study (2000) Admin. Sci. 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Sci.}, document_type={Article}, source={Scopus}, } @ARTICLE{Buchak2018453, author={Buchak, G. and Matvos, G. and Piskorski, T. and Seru, A.}, title={Fintech, regulatory arbitrage, and the rise of shadow banks}, journal={Journal of Financial Economics}, year={2018}, volume={130}, number={3}, pages={453-483}, doi={10.1016/j.jfineco.2018.03.011}, note={cited By 5}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85053706737&doi=10.1016%2fj.jfineco.2018.03.011&partnerID=40&md5=d55d00696b060abb3e73c8a6438350e6}, affiliation={University of Chicago, United States; McCombs School of Business, University of Texas at Austin, United States; Columbia Graduate School of Business, United States; Stanford GSB and the Hoover Institution, United States}, abstract={Shadow bank market share in residential mortgage origination nearly doubled from 2007 to 2015, with particularly dramatic growth among online “fintech” lenders. We study how two forces, regulatory differences and technological advantages, contributed to this growth. Difference in difference tests exploiting geographical heterogeneity induced by four specific increases in regulatory burden–capital requirements, mortgage servicing rights, mortgage-related lawsuits, and the movement of supervision to Office of Comptroller and Currency following closure of the Office of Thrift Supervision–all reveal that traditional banks contracted in markets where they faced more regulatory constraints; shadow banks partially filled these gaps. Relative to other shadow banks, fintech lenders serve more creditworthy borrowers and are more active in the refinancing market. Fintech lenders charge a premium of 14–16 basis points and appear to provide convenience rather than cost savings to borrowers. They seem to use different information to set interest rates relative to other lenders. A quantitative model of mortgage lending suggests that regulation accounts for roughly 60% of shadow bank growth, while technology accounts for roughly 30%. © 2018 Elsevier B.V.}, author_keywords={FHA; Fintech; Lending; Mortgages; Regulatory arbitrage; Shadow banks}, references={Acharya, V., Richardson, M., Van Nieuwerburgh, S., White, L., Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance (2011), University Press Princeton; Admati, A., DeMarzo, P., Hellwig, M., Pfleiderer, P., The leverage ratchet effect (2018) J. Finance, 73, pp. 145-198; Adrian, T., Ashcraft, A., Shadow Banking: A review of the literature (2016) Banking Crises, pp. 282-315. , Palgrave Macmillan UK; Agarwal, S., Lucca, D., Seru, A., Trebbi, F., Inconsistent regulators: Evidence from banking (2014) Q. J. 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Stud., 24, pp. 1881-1915; Rajan, U., Seru, A., Vig, V., The failure of models that predict failure: distance, incentives, and defaults (2015) J. Financ. Econ., 115, pp. 237-260; Stanton, R., Wallace, N., Walden, J., The industrial organization of the U.S. residential mortgage market (2014) Annual Review of Financial Economics, 6, pp. 259-288; Stanton, R., Wallace, N., Walden, J., Mortgage loan-flow networks and financial norms (2018) Rev. Financ. Stud., 31, pp. 3595-3642}, correspondence_address1={Seru, A.; Stanford GSB and the Hoover InstitutionUnited States; email: aseru@stanford.edu}, publisher={Elsevier B.V.}, issn={0304405X}, coden={JFECD}, language={English}, abbrev_source_title={J. Financ. Econ.}, document_type={Article}, source={Scopus}, } @ARTICLE{Cai2018965, author={Cai, C.W.}, title={Disruption of financial intermediation by FinTech: a review on crowdfunding and blockchain}, journal={Accounting and Finance}, year={2018}, volume={58}, number={4}, pages={965-992}, doi={10.1111/acfi.12405}, note={cited By 4}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85053727192&doi=10.1111%2facfi.12405&partnerID=40&md5=ab15037aaf577d12de531f73cf077191}, affiliation={Charles Sturt University Melbourne Study Group Centre, Melbourne, VIC, Australia}, abstract={Based on a systematic review of influential publications among 402 papers published between 2010 and 2018, this paper identifies gaps in Economics and Finance research regarding two applications of FinTech: crowdfunding and blockchain. Analysing these records shows that (i) current research on FinTech is fragmented with limited theoretical grounding; (ii) crowdfunding and blockchain can be regarded as two innovations that may disrupt traditional financial intermediation but in different ways; (iii) crowdfunding platforms substitute for traditional financial intermediaries and serve as a new intermediary, without eliminating the need for intermediation; (iv) similar to crowdfunding, blockchain also creates new intermediaries; and (v) the trust element inherent in blockchain enables blockchain to eliminate the need for intermediaries in some financial areas but not all. © 2018 The Authors. Accounting & Finance published by John Wiley & Sons Australia, Ltd on behalf of Accounting and Finance Association of Australia and New Zealand}, author_keywords={Blockchain; Crowdfunding; Financial intermediation; FinTech}, references={(2017) Global Fintech investment growth continues in 2016, , https://www.accenture.com/id-en/company-news-release-global-FinTech-investment-growth-continues; Ahlers, G.K.C., Cumming, D., Guenther, C., Schweizer, D., Signalling in equity crowdfunding (2015) Entrepreneurship Theory and Practice, 39 (4), pp. 955-980; Aker, J.C., Information from markets near and far: mobile phones and agricultural markets in Niger (2010) American Economic Journal: Applied Economics, 2 (3), pp. 46-59; Aker, J.C., Mbiti, I.M., Mobile phones and economic development in Africa (2010) Journal of Economic Perspectives, 24 (3), pp. 207-232; (2016) Developing World Crowdfunding: Annual Report 2016, , https://cdn.filestackcontent.com/kNfFQ9IgT2ObxzjhGqUU; (2018) Artificial intelligence: the evolution of financial advice, , https://www.altus.co.uk/consulting/downloads/download-artificial-intelligence-the-evolution-of-financial-advice/; 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(2017) Entrepreneurial Business and Economics Review, 5 (3), pp. 173-188; Philippon, T., (2016) The FinTech Opportunity, , Working paper (, The National Bureau of Economic Research, USA; Pollari, I., The rise of Fintech opportunities and challenges (2016) Finsia Journal of Applied Finance, 3, pp. 15-21; (2017) Global FinTech Report 2017, , https://www.pwc.com/jg/en/issues/redrawing-the-lines-FinTechs-growing-influence-on-the-financial-services-2017.html; Rizzo, P., (2016) 10 stock and commodities exchanges investigating blockchain tech, , http://www.coindesk.com/10-stock-exchanges-blockchain/; Satoshi, N., Bitcoin: a peer-to-peer electronic cash system (2008) Consulted, 1, p. 2012; Schwienbacher, A., Larralde, B., (2012) Alternative Types of Entrepreneurial Finance, , Oxford University Press, Handbook of Entrepreneurial Finance, Oxford; Scott, B., Loonam, J., Kumar, V., Exploring the rise of blockchain technology: towards distributed collaborative organizations (2017) Strategic Change-briefings in Entrepreneurial Finance, 26 (5), pp. 423-428; (2015) The Bretton Woods System 2015 White Paper, , https://www.scribd.com/doc/296289646/Bretton-Woods-2015-White-Paper#download; Tapscott, D., Tapscott, A., How blockchain will change organizations (2017) MIT Sloan Management Review, 58 (2), pp. 10-13; Wei, Z., Lin, M., Market mechanisms in online peer-to-peer lending (2016) Management Science, 63 (12), pp. 4236-4257; (2016) Look at how blockchain can reshape financial services, , http://www3.weforum.org/docs/WEF_The_future_of_financial_infrastructure.pdf; Xu, J.J., Chau, M., Cheap talk? The impact of lender-borrower communication on peer-to-peer lending outcomes (2018) Journal of Management Information Systems, 35 (1), pp. 53-85; Yoo, S., Blockchain based financial case analysis and its implications (2017) Asia Pacific Journal of Innovation and Entrepreneurship, 11 (3), pp. 312-321; Zhu, H., Zhou, Z., Analysis and outlook of applications of blockchain technology to equity crowdfunding in China (2016) Financial Innovation, 2 (1), pp. 29-40}, correspondence_address1={Cai, C.W.; Charles Sturt University Melbourne Study Group CentreAustralia; email: cynthia.pvic@gmail.com}, publisher={Blackwell Publishing}, issn={08105391}, language={English}, abbrev_source_title={Account. Financ.}, document_type={Article}, source={Scopus}, } @ARTICLE{Campagna2018343, author={Campagna, M.F.}, title={The dematerialisation of monetary signs. Considerations from a Civil Law perspective [La smaterializzazione dei segni monetarî Considerazioni civilistiche]}, journal={Ragion Pratica}, year={2018}, volume={2018}, number={2}, pages={343-360}, doi={10.1415/91543}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059476317&doi=10.1415%2f91543&partnerID=40&md5=d8c6a07b932137cc1ad9eb537a956090}, affiliation={Dipartimento di Giurisprudenza, Luiss Università Guido Carli, Via Parenzo 11, Roma, 00198, Italy}, abstract={The text starts from a review of new theoretical issues posed by cryptocurrencies with respect to traditional money. The research then shows how the essence of the traditional monetary phenomenon lies in the figure of money, understood as a symbol endowed with particular functions. Having said that, monetary functions can also be performed by cryptocurrencies. The text continues on to note that the cryptocurrencies phenomenon is but a continuation of the money dematerialisation process, which gained strong traction in particular during the last century. Today, FinTech is faced with a choice: whether to favour the application of technology to payments brokered by third parties, or to encourage the formation and circulation of these new monetary forms. © 2019 Società editrice il Mulino S.p.A.- Tutti i diritti riservati.}, author_keywords={Cryptocurrencies; Dematerialization of the sign; FinTech perspectives; Money as a sign}, references={(2016) Money in the Western Legal Tradition: Middle Ages to Bretton Woods, , a cura di D. Fox, W. Ernst, Oxford, Oxford University Press; Amato, M., (2008) Le radici di una fede. Per una storia del rapporto fra moneta e credito in Occidente, , Milano, Bruno Mondadori; Ascarelli, T., (1963) Obbligazioni pecuniarie. 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La moneta, , il credito e i sistemi monetari attuali, Milano, Giuffrè; Vivante, C., (1906) Trattato di diritto commerciale, , IV, terza ed., Milano, Vallardi; von Mises, L., (1999) Theorie des Geldes und der Umlausfmittel, , (ed), tr. it., Napoli, ESI 1924; von Savigny, F.C., (1912) Das Obligationenrecht als Teil des heutigen römanischen Rechts, , (1851) tr. it., v. I, Torino, UTET; Yeager, L.B., The Perils of Base Money (2001) «The Review of Austrian Economics», 14 (4), pp. 251-266. , https://link.springer.com/content/pdf/10.1023%2FA%3A1011981013028.pdf, al momento consultabile seguendo il link}, correspondence_address1={Campagna, M.F.; Dipartimento di Giurisprudenza, Luiss Università Guido Carli, Via Parenzo 11, Italy; email: mcampagna@luiss.it}, publisher={Societa Editrice il Mulino}, issn={17202396}, language={Italian}, abbrev_source_title={Ragion Prat.}, document_type={Article}, source={Scopus}, } @ARTICLE{Butler201819, author={Butler, T. and Brooks, R.}, title={On the role of ontology-based regtech for managing risk and compliance reporting in the age of regulation}, journal={Journal of Risk Management in Financial Institutions}, year={2018}, volume={11}, number={1}, pages={19-33}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059226180&partnerID=40&md5=2f13500efe6c2054c690f274eb7f3d91}, affiliation={Governance, Risk and Compliance (GRC) Technology Centre, University College Cork, 13 South Mall, Cork, Ireland; Deloitte LLP, 1 Little New Street, London, EC4A 3TR, United Kingdom}, abstract={This paper addresses important questions such as: what challenges are presented by new regulation to banks’ infrastructure, risk management and profitability, and how can these challenges be best addressed? It also examines the potential impact FinTech has on the riskiness of banks and proposes RegTech as the solution. Following a brief overview of the impact and costs of regulation since the financial crisis, the paper introduces RegTech in the context of challenges facing financial institutions and the limitations of governance, risk and compliance (GRC) systems. This paper’s main contribution is in its delineation of a regulatory compliance and risk ontology, the technologies that underpin it and the related objective-risk-control (ORC) model. The paper argues that these provide a platform on which RegTech can perform effective risk management and compliance reporting in a global post-crisis regulatory environment. © Henry Stewart Publications 1752-8887 (2018).}, author_keywords={Compliance reporting; Fintech; Regtech; Regulation; Risk management; Semantic technology}, references={Taylor, H., (2007) The Joy of SOX, , Wiley Publishing, Inc., Indianapolis, Ind; McClean, C., Rasmussen, M.T., (2007) The Forrester Wave: Enterprise Governance, Risk, and Compliance Platforms, , Forrester Inc., Cambridge, MA, 21st December; (2017) Regdelta: Part of Our Mifid II Solution, , https://jwg-it.eu/insight/mifid-programme-planner/, accessed 25th October, 2017; Grasshoff, G., Mogul, Z., Pfuhler, T., Gittfried, N., Wiegand, C., Bohn, A., Vonhoff, V., (2017) Global Risk 2017: Staying the Course In, , https://www.bcg.com/publications/2017/financial-institutions-growth-global-risk-2017-staying-course-banking.aspx, available at, (accessed 25th October, 2017); Memminger, M., Baxter, M., Lin, E., (2016) Banking Regtechs to the Rescue?, Bain Brief, , http://www.bain.com/publications/articles/banking-regtechs-to-the-rescue.aspx, 18th September, available at, (accessed 25th October, 2017); McDowell, H., Banks spent close to $100 billion on compliance last year (2017) The Trade, , https://www.thetradenews.com/Sell-side/Banks-spent-close-to-$100-billion-on-compliance-last-year/, accessed 25th October, 2017; Marenzi, M., (2017) Capital Markets and Investment Banking 2017–2018 Forecast, , http://www.opimas.com/research/193/detail/, accessed 25th October, 2017; Peirce, H., Robinson, I., Stratmann, T., How are small banks faring under Dodd-Frank? 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Schaumüller-Bichl; Gozman, D., Currie, W., Managing governance, risk, and compliance for post-crisis regulatory change: A model of IS capabilities for financial organizations (2015) 48Th Hawaii International Conference on System Sciences (HICSS), pp. 4661-4670; Vicente, P., da Silva, M.M., A conceptual model for integrated governance, risk and compliance (2011) Advanced Information Systems Engineering, pp. 199-213. , SpringerBerlin/Heidelberg; Arner, D.W., Barberis, J., Buckley, R.P., The evolution of Fintech: A new post-crisis paradigm (2015) Georgetown Journal of International Law, 47, pp. 1271-1319; Gomber, P., Koch, J.A., Siering, M., Digital finance and fintech: Current research and future research directions (2017) Journal of Business Economics, 87 (5), pp. 537-580; Arner, M., see ref. 18 above; Jeffery, P., Arnold, D., Disrupting banking (2014) Business Strategy Review, 25 (3), pp. 10-15; Chishti, S., Barberis, J., (2016) The Fintech Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries, , John Wiley & Sons; 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(2013) Principles for Effective Risk Data Aggregation and Risk Reporting, , http://www.bis.org/publ/bcbs239.pdf, (accessed 25th October, 2017); (2017), https://fimaeurope.wbresearch.com/about-us, See, accessed 25th October; Terekhova, M., FCA and R3 develop blockchain-based regtech solution (2017) Business Insider, , http://uk.businessinsider.com/fca-and-r3-develop-blockchain-based-regtech-solution-2017-9?r=US&IR=T, 13th September, (accessed 25th October, 2017); Bell, L., (2016) Machine Learning versus AI: What’s the difference?’, Wired, , http://www.wired.co.uk/article/machine-learning-ai-explained, 1st December, (accessed 25th October, 2017); Marwaha, A., (2017) Seven Benefits of Artificial Intelligence for Law Firms, , http://www.lawtechnologytoday.org/2017/07/seven-benefits-artificial-intelligence-law-firms/, Law Technology, 13th July, accessed 25th October, 2017; Shank, R., (2017) The Fraudulent Claims Made by IBM about Watson and AI’, Available At, , http://www.rogerschank.com/fraudulent-claims-made-by-IBM-about-Watson-and-AI, (accessed 25th October, 2017); Ray, T., (2017) Ibms Watson, despite Hype, Outgunned in A.I., Says Jefferies’, Barron’s Tech Trader Daily, , http://www.barrons.com/articles/ibms-watson-despite-hype-outgunned-in-a-i-says-jefferies-1499896835, available at:, (accessed 25th October, 2017); Butler, T., O’Brien, L., Ceci, M., Beyond the hype of AI: A SmaRT approach to unpacking regulations (2017) Banking & Financial Services Policy Report, 36 (10), pp. 1-12; Fang, L., Cai, M., Fu, H., Dong, J., Ontology-based fraud detection (2007) Computational Science – ICCS, 2007, pp. 1048-1055; McCreary, D., Kelly, A., (2013) Making Sense of Nosql, , Manning Publications, Greenwich, CT; (2001) Consultative Document Operational Risk Supporting Document to the New Basel Capital Accord, p. 2. , https://www.bis.org/publ/bcbsca07.pdf, accessed 25th October, 2017; (2017), https://www.handbook.fca.org.uk/, See, accessed 25th October; Robinson, M., (2016) The Regtech Marketplace: in Depth Analysis, , https://regtechfs.com/the-regtech-marketplace-in-depth-analysis-part-1-of-3/, accessed 25th October, 2017; Butler, T., Brooks, R., Transforming the theory and practice of risk management in financial enterprises (2017) Journal of Financial Transformation, 46. , in press; Blunden, T., Thirlwell, J., (2012) Mastering Operational Risk, , Pearson Education Limited; Rockart, J.F., Chief executives define their own data needs (1979) Harvard Business Review, 57, pp. 81-83. , March–Apr; Grody, A., Hughes, P., Risk accounting: The risk data and risk reporting (BCBS 239) foundation of enterprise risk management (ERM) and risk governance (2016) Journal of Risk Management in Financial Institutions, 9 (2), pp. 130-146. , Part 1, Spring, and Part 2 – Vol. 9, No. 3, Summer, pp. 224–248}, publisher={Henry Stewart Publications}, issn={17528887}, language={English}, abbrev_source_title={J. Risk Mang. Financial Inst.}, document_type={Article}, source={Scopus}, } @ARTICLE{Passi2018335, author={Passi, L.F.}, title={An open banking ecosystem to survive the revised payment services directive: Connecting international banks and fintechs with the CBI globe platform}, journal={Journal of Payments Strategy and Systems}, year={2018}, volume={12}, number={4}, pages={335-345}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064160511&partnerID=40&md5=4810bdeb7d6d40cd588f5659ab28a5ca}, affiliation={Consorzio CBI, 4 Via delle Botteghe Oscure, Roma, 00186, Italy}, abstract={The payment services market is evolving at an accelerating rate, driven by continuous technological innovations and major legislative developments. One such piece of legislation is the revised Payment Services Directive (PSD2), which intends to further define a common legal framework for the payment market in the European Economic Area, with the aim of increasing the level of integration and efficiency in the market, as well as increasing the level of consumer protection. In this context, the enhancement of collaborative infrastructures can be the keystone to anticipate and transform the challenges of PSD2 into opportunities. This paper describes the creation of an open banking platform, called CBI Globe — Global Open Banking Ecosystem, to facilitate the interconnection between banks and third parties through application programming interfaces, in line with the new directive. Using this platform, adhering parties will be able to simplify and expedite the administration of current accounts by offering both reporting and payment and collection services, thus exploiting the business opportunities enabled by PSD2. © Henry Stewart Publications.}, author_keywords={APIs; Berlin Group; CBI Globe; FinTechs; Open banking; PSD2; RegTech; TPP}, references={(2017) 2017 Q3 2017 Fintech Insights, , https://www.ftpartners.com/fintech-research/almanac, (accessed 20th November, 2018); (2018) Quarterly Insurtech Briefing Q4 2017’, , https://www.willistowerswatson.com/en/insights/2018/01/quarterly-insurtech-briefing-Q4-2017, (accessed 20th November, 2018); (2018) Global Fintech Report Q2 2018, , https://www.cbinsights.com/research/report/fintech-trends-q2-2018, (accessed 20th November, 2018); Wijngaarde, Y., (2018) A Record €5.5 Billion Invested European Tech in Q2 2018, , https://blog.dealroom.co/a-record-e5-5-billion-invested-european-tech-in-q2-2018-full-report, Based on data from:(accessed 20th November, 2018); Macchi, M., (2018) Address Given at Fintechstage Festival, , Rome, 7th May; (2018), https://www.eba.europa.eu/regulation-and-policy/payment-services-and-electronic-money/guidelines-on-the-conditions-to-be-met-to-benefit-from-an-exemption-from-contingency-measures-under-article-33-6-of-regulation-eu-2018/389-rts-on-sca-csc, Guidelines on the conditions to be met to benefit from an exemption from contingency measures under Article 33(6) of Regulation (EU) 2018/389 (RTS on SCA & CSC), accessed 20th November, 2018; https://www.europeanpaymentscouncil.eu/sites/default/files/infographic/2018-04/rts-infographic_April%202018.pdf, The principle of strong customer authentication is to ensure customer protection via an increased level of security when conducting electronic payments. The customer’s identity must be verified using at least two of the following items: (1) knowledge — something only the user knows (eg PIN, password); (2) possession — something only the user possesses (eg a card, a mobile phone); and (3) inherence: something the user is (biometric identification like fingerprint, iris or voice recognition etc). For all remote internet and mobile transactions there is an extra element: a unique authentication code which dynamically links the transaction to a specific amount and specific payee. For more information, see: European Payments Council (2018) ‘Understanding the final regulatory technical standards for strong customer authentication and common and secure open standards of communication under PSD2’, accessed 16th November, 2018; The European Commission Maintains Details on Payment Services (PSD2) Transposition Status, , https://ec.europa.eu/info/publications/payment-services-directive-transposition-status_en; https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32018R0389, The role of the Regulatory Technical Standard (RTS) on Strong Customer Authentication and Common and Secure open standards of Communication is to define specific security measures that were only addressed through general principles in PSD2, and to ensure effective and secure communication between the relevant stakeholders. These measures are directly applicable in EU member states and do not have to be transposed into national law. The RTS has been drafted by the European Banking Authority and has been adopted by the Commission. See: European Commission (2018) ‘Commission Delegated Regulation (EU) 2018/389 of 27 November 2017 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards for strong customer authentication and common and secure open standards of communication’, accessed 16th November, 2018; Consorzio CBI has around 440 consortium members, representing 95 per cent of the Italian banking sector. For over 20 years, thanks to the governance over a cooperative infrastructure, it has been guaranteeing the implementation of many services which each bank offers competitively to its clients, including the CBI Service which supports multi-bank enterprises in managing corporate treasury and e-invoicing; the Gateway Services for the Central Public Administration, which enable the financial sector to access the public administrations in a centralised way; the CBILL Service for the consultation and the digital payment of bills and of pagoPA payment notifications; and the Big Data CBI Service offered to banks to increase their predictive analysis capabilities through analytical models built on ‘Big Data’ paradigms. Consorzio CBI is undertaking additional projects in the PSD2 field, including the implementation of PSD2 compliant technical specifications APIs and the CBI Globe —Global Open Banking Ecosystem platform, which will allow all members, even across Europe, to simplify the fulfilment of their PSD2 obligations regarding communication with TPPs, while also enhancing the level of protection for consumers; A combination of the words ‘regulatory’ and ‘technology’, a ‘RegTech’ platform (or company)uses new technologies, such as Big Data, cloud-based services, blockchain or artificial intelligence, to support efficient regulatory management via IT. RegTech services enable the flexibility and speed required for implementing multiple regulations in an efficient way via standardised approaches}, correspondence_address1={Passi, L.F.; Consorzio CBI, 4 Via delle Botteghe Oscure, Italy; email: l.fratinipassi@cbi-org.eu}, publisher={Henry Stewart Publications}, issn={17501806}, language={English}, abbrev_source_title={J. Paym. Strateg. Syst.}, document_type={Article}, source={Scopus}, } @ARTICLE{Lee20186, author={Lee, D.K.C.}, title={FinTech and alternative investment}, journal={Journal of Alternative Investments}, year={2018}, volume={20}, number={3}, pages={6-15}, doi={10.3905/jai.2018.20.3.006}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85041360843&doi=10.3905%2fjai.2018.20.3.006&partnerID=40&md5=4ee5c580fddfb64612e518e67de62a12}, affiliation={Singapore University of Social Sciences, Singapore, Singapore; Stanford University, Stanford, CA, United States}, references={Chaparro, F., Hedge Funds Are Cashing in on Bitcoin Mania-There Are 50 Dedicated to Cryptocurrencies, , http://www.businessinsider.sg/bitcoin-price-surge-leads-to-growth-in-hedge-funds-2017-8/?r=US&IR=T; Franklin, U., (1992) The Real World of Technology, , (CBC Massey lectures series.) Concord ON: House of Anansi Press Limited; Lee, D.K.C., (2017) Handbook of Blockchain, Digital Finance and Inclusion, Volume 1: Cryptocurrency, FinTech, Insurtech, and Regulation, , Cambridge, MA: Elsevier, Academic Press; Lee, D.K.C., (2017) Handbook of Blockchain, Digital Finance and Inclusion, Volume 2: ChinaTech, Mobile Security, and Distributed Ledger, , Cambridge, MA: Elsevier, Academic Press; Lee, D.K.C., Smorenberg, H., Uitermarkt, M., Wanders, T., The pursuit of effective pension solutions (2017) Ensions and Investments, , http://www.pionline.com/article/20170626/ONLINE/170629918/the-pursuit-of-effective-pension-solutions; Lee, D.K.C., Teo, E.G.S., Emergence of fintech and the lasic principles (2015) Journal of Financial Perspectives, 3 (3), pp. 24-36; Stiegler, B., (1998) Technics and Time, 1: The Fault of Epimetheus, , Stanford University Press; Szabo, N., (1996) Smart Contracts: Building Blocks for Digital Markets, , http://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.best.vwh.net/smart_contracts_2.html}, correspondence_address1={Lee, D.K.C.; Singapore University of Social SciencesSingapore; email: davidleekc@suss.edu.sg}, publisher={Institutional Investor, Inc}, issn={15203255}, language={English}, abbrev_source_title={J. Altern. Investm.}, document_type={Article}, source={Scopus}, } @ARTICLE{Schulte201841, author={Schulte, P. and Liu, G.}, title={Fintech is merging with iot and AI to challenge banks: How entrenched interests can prepare}, journal={Journal of Alternative Investments}, year={2018}, volume={20}, number={3}, pages={41-57}, doi={10.3905/jai.2018.20.3.041}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85041315110&doi=10.3905%2fjai.2018.20.3.041&partnerID=40&md5=19324138ac87130985993195261327ab}, affiliation={Schulte Research, Hong Kong, Hong Kong}, references={Christensen, C.M., (1997) The Innovator's Dilemma: When New Technologies Cause Great Firms to Fail, , Boston MA: Harvard Business School Press; Evans, D., The internet of things: How the next evolution of the internet is changing everything (2011) Cisco, , https://www.cisco.com/c/dam/en_us/about/ac79/docs/innov/IoT_IBSG_0411FINAL.pdf, April; Gada, K., Artificial intelligence: The ultimate technological disruption ascends (2017) Woodside Capital Partners; Press, G., Internet of things by the numbers: Market estimates and forecasts (2014) Forbes, , https://www.forbes.com/sites/gilpress/2014/08/22/internet-of-things-by-the-numbers-market-estimates-and-forecasts/#19334e1db919, August 22; A Visual Introduction to Machine Learning, , http://www.r2d3.us/visual-intro-to-machine-learning-part-1/?utm_medium=referral&utm_source=pulsenews, R2D3; Schulte, P., Liu, G., Financial technology: Understanding the new financial architecture: Mechanics, applications and case studies (2016) Schulte-Research, , http://www.schulteinstitute.org/wp-content/uploads/2017/05/ADB-Training-final.pdf}, publisher={Institutional Investor, Inc}, issn={15203255}, language={English}, abbrev_source_title={J. Altern. Investm.}, document_type={Article}, source={Scopus}, } @ARTICLE{Bapat2018210, author={Bapat, D.}, title={Exploring advertising as an antecedent to brand experience dimensions: an experimental study}, journal={Journal of Financial Services Marketing}, year={2018}, volume={23}, number={3-4}, pages={210-217}, doi={10.1057/s41264-018-0056-7}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85055437581&doi=10.1057%2fs41264-018-0056-7&partnerID=40&md5=141bf2b2394c633e60482b0805bd6eb7}, affiliation={Faculty, Indian Institute of Management (IIM), Raipur, India}, abstract={The objective of the study is to investigate the impact of advertising on brand experience dimensions for an existing bank and a financial technology (Fintech) brand. A 2 × 2 between-subject experimental study was conducted that analyzed the antecedents of brand experience dimensions and compared them between an existing bank and a fintech brand. The study confirmed the main effect of advertising on all brand experience dimensions. The brand experience scores for the fintech brand were higher than that of the existing bank brand, and significant differences were observed for sensory, emotional, and behavioral brand experience dimensions. The study confirms the influence of advertising on both existing bank and fimtech brand. While most of the previous studies are based on survey research, the present study provides deep probing using experimental study. It seeks to understand the antecedent to brand experience in the context of an emerging country. © 2018, Springer Nature Limited.}, author_keywords={Advertising; Brand experience; Experimental study}, references={Addis, M., Holbrook, M.B., On the conceptual link between mass customisation and experiential consumption: An explosion of subjectivity (2001) Journal of Consumer Behaviour, 1 (1), pp. 50-66; Bagozzi, R.P., Gopinath, M., Nyer, P.U., The role of emotions in Marketing (1999) Academy of Marketing Science Journal, 27 (2), pp. 184-206; Bapat, D., Impact of brand familiarity on brands experience dimensions for financial services brands (2017) International Journal of Bank Marketing, 35 (4), pp. 637-648; Bapat, D., Exploring the antecedents of loyalty in the context of multi-channel banking (2017) International Journal of Bank Marketing, 35 (2), pp. 174-186; Bapat, D., Thanigan, J., Exploring relationship among brand experience dimensions, brand evaluation and brand loyalty (2016) Global Business Review, 32 (1), pp. 5-27; Berger, I.E., Mitchell, A.A., The effect of advertising on attitude accessibility, attitude confidence, and the attitude-behavior relationship (1989) Journal of Consumer Research, 16 (3), pp. 269-279; Brakus, J.J., Schmitt, B.H., Zarantonello, L., Brand experience: What is it? 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Schmitt, B.H., (1999) Experiential marketing: How to get customers to sense, feel, think, act, and relate to your company and brands, , Free Press, New York; Smith, S., Conceptualizing and evaluating experiences with brands on facebook (2013) International Journal of Market Research, 55 (3), pp. 357-374; Vakratsas, D., Ambler, T., How advertising works: What do we really know? (1999) Journal of Marketing, 63 (1), pp. 26-43; Weichert, M., The future of payments: How FinTech players are accelerating customer-driven innovation in financial services (2017) Journal of Payments Strategy & Systems, 11 (1), pp. 23-33; Wiles, J.A., Cornwell, B.T., Review of methods utilized in measuring affect, feelings, and emotion in advertising (1991) Current Issues and Research in Advertising, 13 (1-2), pp. 241-275; Zarantonello, L., Schmitt, B.H., Using the brand experience scale to profile consumers and predict consumer behavior (2010) Journal of Brand Management, 17 (7), pp. 532-540; Zeithaml, V.A., Parasuraman, A., Berry, L.L., Problems and strategies in services marketing (1985) The Journal of Marketing, 49 (2), pp. 33-46}, correspondence_address1={Bapat, D.; Faculty, Indian Institute of Management (IIM)India; email: dhananjay@iimraipur.ac.in}, publisher={Palgrave Macmillan Ltd.}, issn={13630539}, language={English}, abbrev_source_title={J. Finan. Serv. Mark.}, document_type={Article}, source={Scopus}, } @ARTICLE{Ozili2018329, author={Ozili, P.K.}, title={Impact of digital finance on financial inclusion and stability}, journal={Borsa Istanbul Review}, year={2018}, volume={18}, number={4}, pages={329-340}, doi={10.1016/j.bir.2017.12.003}, note={cited By 6}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85044613529&doi=10.1016%2fj.bir.2017.12.003&partnerID=40&md5=29747da2d203669aee327160fe43da34}, affiliation={Essex Business School, University of Essex, United Kingdom}, abstract={This article provides a discussion on some issues associated with digital finance – an area which has not been critically addressed in the literature. Digital finance and financial inclusion has several benefits to financial services users, digital finance providers, governments and the economy; notwithstanding, a number of issues still persist which if addressed can make digital finance work better for individuals, businesses and governments. The digital finance issues discussed in this article are relevant for the on-going debate and country-level projects directed at greater financial inclusion via digital finance in developing and emerging economies. © 2018 The Author}, author_keywords={Digital finance; Financial inclusion; Financial institutions; Financial risk; Financial stability; Fintech}, references={ADB, Accelerating financial inclusion in south-east Asia with digital finance (2016), http://www.oliverwyman.com/content/dam/oliver-wyman/v2/publications/2017/jan/Accelerating-financial-inclusion-in-south-east-asia.pdf, Technical report Asian Development Bank Available at: (Accessed 14 November 2017); Allen, F., Demirguc-Kunt, A., Klapper, L., Peria, M.S.M., The foundations of financial inclusion: Understanding ownership and use of formal accounts (2016) Journal of Financial Intermediation, 27, pp. 1-30; Barbesino, P., Camerani, R., Gaudino, A., Digital finance in Europe: Competitive dynamics and online behaviour (2005) Journal of Financial Services Marketing, 9 (4), pp. 329-343; Beck, T., Brown, M., Use of banking services in emerging markets-household-level evidence. 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September, St Petersburg, Russia (2013), http://www.g20.utoronto.ca/2013/2013-0906-declaration.html, Available: (Accessed 9 November 2017); Gomber, P., Koch, J.A., Siering, M., Digital finance and FinTech: Current research and future research directions (2017) Journal of Business Economics, 67 (5), pp. 537-580; GPFI, G20 Principles for innovative financial inclusion - executive brief (2010), http://www.gpfi.org/publications/g20-principles-innovative-financial-inclusion-executive-brief, Available at: (Accessed 21 July 2017); GPFI, G20 High-level principles for digital financial inclusion (2016), https://www.gpfi.org/sites/default/files/G20%20High%20Level%20Principles%20for%20Digital%20Financial%20Inclusion.pdf, Available at: (Accessed 8 November 2017); GSMA, 2013 state of the industry report on mobile financial services for the unbanked (2014); Han, R., Melecky, M., Financial inclusion for financial stability: Access to bank deposits and the growth of deposits in the global financial crisis. 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United Nations (2016), http://www.un.org/esa/ffd/wp-content/uploads/2016/01/Digital-Financial-Inclusion_ITU_IATF-Issue-Brief.pdf, Available at: (Accessed 10 November 2017); World Bank, Digital finance: Empowering the poor via new technologies, April 10 (2014), http://www.worldbank.org/en/news/feature/2014/04/10/digital-finance-empowering-poor-new-technologies, Available at: (Accessed 10 November 2017)}, publisher={Borsa Istanbul Anonim Sirketi}, issn={22148450}, language={English}, abbrev_source_title={Borsa Istanb. Rev.}, document_type={Article}, source={Scopus}, } @ARTICLE{Currie2018304, author={Currie, W.L. and Gozman, D.P. and Seddon, J.J.M.}, title={Dialectic tensions in the financial markets: a longitudinal study of pre- and post-crisis regulatory technology}, journal={Journal of Information Technology}, year={2018}, volume={33}, number={4}, pages={304-325}, doi={10.1057/s41265-017-0047-5}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85038390447&doi=10.1057%2fs41265-017-0047-5&partnerID=40&md5=16bd31f95ee77e19613564146578f0b8}, affiliation={Audencia-PRES LUNAM, Audencia School of Management, 8 route de la Jonelière, B.P. 31222, Nantes Cedex 3, 44312, France; University of Sydney, Sydney, Australia; Henley Business School, Reading, United Kingdom}, abstract={This article presents the findings from a longitudinal research study on regulatory technology in the UK financial services industry. The financial crisis with serious corporate and mutual fund scandals raised the profile of compliance as governmental bodies, institutional and private investors introduced a ‘tsunami’ of financial regulations. Adopting a multi-level analysis, this study examines how regulatory technology was used by financial firms to meet their compliance obligations, pre- and post-crisis. Empirical data collected over 12 years examine the deployment of an investment management system in eight financial firms. Interviews with public regulatory bodies, financial institutions and technology providers reveal a culture of compliance with increased transparency, surveillance and accountability. Findings show that dialectic tensions arise as the pursuit of transparency, surveillance and accountability in compliance mandates is simultaneously rationalized, facilitated and obscured by regulatory technology. Responding to these challenges, regulatory bodies continue to impose revised compliance mandates on financial firms to force them to adapt their financial technologies in an ever-changing multi-jurisdictional regulatory landscape. © 2017, Association for Information Technology Trust.}, author_keywords={accountability; compliance systems; ethics; financial crisis; financial technology; fintech; regtech; regulatory technology; surveillance}, keywords={Financial markets; Information management; Investments; Monitoring; Privatization; Space surveillance; Transparency, accountability; ethics; Financial crisis; fintech; regtech, Regulatory compliance}, funding_details={Engineering and Physical Sciences Research CouncilEngineering and Physical Sciences Research Council}, funding_text 1={Dr. Daniel P. Gozman is a Senior Lecturer at the University of Sydney and a visiting academic at Henley Business School at the University of Reading. He holds a PhD. in Information Systems and Innovation from the London School of Economics. He is a fellow of the Higher Education Academy and holds professional membership with the BCS Chartered Institute for IT. He is a member of the British Standard Institute UK mirror committee to the ISO standard for blockchain and distributed ledgers. He is a coinvestigator on a UK Engineering and Physical Research Science Council grant to explore blockchain technology for algorithmic regulation and compliance. He is the winner of two SWIFT the first grants to study big data and regulation and the second to study the next generation of payments infrastructures. He is a founding member of the International Regtech Association. His research articles have appeared in the Journal of Information Technology, Journal of Enterprise Information Management, and European Journal of E-Practice, among others. He has presented in conferences on fintech, policy and the law, and contributed to articles in the Sunday Times and Computer Weekly.}, references={Aloui, R., Aïssa, M.S.B., Nguyen, D.K., Global Financial Crisis, Extreme Interdependences, and Contagion Effects: The Role of Economic Structure? 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(2010) Organization Studies, 31 (11), pp. 1459-1483; van Li, T., Dalen, P., van Rees, P., More than Just Noise? Examining the Information Content of Stock Microblogs on Financial Markets (2017) Journal of Information Technology oi; Williams, J.W., (2012) Policing the Markets, , Routledge, Oxon; Williams, J.W., Regulatory Technologies, Risky Subjects, and Financial Boundaries: Governing ‘Fraud’ in the Financial Markets’ (2013) Accounting, Organizations and Society, 38 (6), pp. 544-558; Xu, H., Nord, J.H., Brown, N., Nord, G.D., Data Quality Issues in Implementing an ERP (2002) Industrial Management & Data Systems, 102 (1), pp. 47-58; Yin, R., (2009) Case Study Research: Design and Methods, , 4, Sage, Los Angeles; Zammuto, R.F., Griffith, T.L., Majchrzak, A., Dougherty, D.J., Faraj, S., Information Technology and the Changing Fabric of Organization (2007) Organization Science, 18 (5), pp. 749-762; Zhang, X.M., Zhang, L., How Does the Internet Affect the Financial Market? An Equilibrium Model of Internet-Facilitated Feedback Trading (2015) MIS Quarterly, 39 (1), pp. 17-38}, correspondence_address1={Gozman, D.P.; Henley Business SchoolUnited Kingdom; email: daniel.gozman@gmail.com}, publisher={Palgrave Macmillan Ltd.}, issn={02683962}, language={English}, abbrev_source_title={J. Inf. Technol.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Chang2018275, author={Chang, J. and Tu, W.}, title={A stock-movement aware approach for discovering investors' personalized preferences in stock markets}, journal={Proceedings - International Conference on Tools with Artificial Intelligence, ICTAI}, year={2018}, volume={2018-November}, pages={275-280}, doi={10.1109/ICTAI.2018.00051}, art_number={8576049}, note={cited By 0; Conference of 30th International Conference on Tools with Artificial Intelligence, ICTAI 2018 ; Conference Date: 5 November 2018 Through 7 November 2018; Conference Code:143794}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85060803784&doi=10.1109%2fICTAI.2018.00051&partnerID=40&md5=04af35d2660431246526f2df5956593d}, affiliation={School of Information Management and Engineering, Shanghai University of Finance and Economics, Shanghai, China}, abstract={It is very useful to endow machines with the ability to understand users' personalized preferences. In this paper, we propose a novel methodology for discovering investors' personalized preferences in stock markets. Our work is able to estimate investors' personalized preferences for each stock and thus helpful for realizing investment recommendation, for instance through recommending real-time news or others' opinions on stocks preferred by the target user. Compared to conventional approaches, our method effectively incorporates stock movements for estimating investors' preference. By capturing stock-movement patterns influencing users' preferences, our method can find users with a similar investment philosophy and then increase the effect of preference prediction. An experimental evaluation with two real-world datasets demonstrates the effectiveness of our approach. © 2018 IEEE.}, author_keywords={Fintech; Personalization; Recommendation Systems; Stock Markets}, keywords={Artificial intelligence; Commerce; Financial markets; Recommender systems, Conventional approach; Experimental evaluation; Fintech; Investors' preferences; Novel methodology; Personalizations; Real-world datasets; Stock movement, Investments}, funding_details={18YF1407700, 18YF1408000, 17YF1405500}, funding_details={National Natural Science Foundation of ChinaNational Natural Science Foundation of China, 61803249, 61702319}, funding_text 1={ACKNOWLEDGMENT This work is supported by the National Natural Science Foundation of China (Grant No. 61803249 and Grant No. 61702319). This work is also partially supported by the Shanghai Sailing Program (Grant No. 18YF1407700, Grant No. 17YF1405500 and Grant No. 18YF1408000) and the}, references={Bontcheva, K., Gorrell, G., Wessels, B., (2013) Social Media and Information Overload: Survey Results, , arXiv preprint arXiv:1306.0813; Aljukhadar, M., Senecal, S., Daoust, C., Using rec-ommendation agents to cope with information overload (2012) International Journal of Electronic Commerce, 17 (2), pp. 41-70; Dumais, S.T., Personalized search: Potential and pitfalls (2016) Conference on Information and Knowledge Management (CIKM), p. 689; Adomavicius, G., Tuzhilin, A., Toward the next generation of recommender systems: A survey of the state-of-the-art and possible extensions (2005) Knowledge and Data Engineering, IEEE Transactions on, 17 (6), pp. 734-749; Zibriczky, D., Recommender systems meet finance: A literature review (2016) Proceedings of the International Workshop on Personalization & Recommender Systems in Financial Services (FinRec); Koren, Y., Bell, R., Advances in collaborative fil-tering (2015) Recommender Systems Handbook, pp. 77-118. , Springer; Pazzani, M.J., A framework for collaborative, content-based and demographic filtering (1999) Artificial Intelligence Review, 13 (5-6), pp. 393-408; Su, X., Khoshgoftaar, T.M., A survey of collaborative filtering techniques (2009) Advances in Artificial Intelligence, 2009, p. 4; Hong, K., Wu, E., The roles of past returns and firm fundamentals in driving us stock price movements (2016) International Review of Financial Analysis, 43, pp. 62-75; Tu, W., Yang, M., Cheung, D.W., Mamoulis, N., Investment recommendation by discovering high-quality opinions in investor based social networks (2018) Information Systems, 78, pp. 189-198; Tu, W., Cheung, D.W., Mamoulis, N., Yang, M., Lu, Z., Investment recommendation using investor opinions in social media (2016) Proceedings of the International ACM SIGIR Conference on Research and Development in Information Retrieval (SIGIR). 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ACM, pp. 125-132}, correspondence_address1={Tu, W.; School of Information Management and Engineering, Shanghai University of Finance and EconomicsChina; email: tu.wenting@mail.shufe.edu.cn}, sponsors={Biological and Artificial Intelligence Foundation (BAIF); IEEE Computer Society}, publisher={IEEE Computer Society}, issn={10823409}, isbn={9781538674499}, coden={PCTIF}, language={English}, abbrev_source_title={Proc. Int. Conf. Tools Artif. Intell. ICTAI}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Esichaikul201839, author={Esichaikul, V. and Phumdontree, C.}, title={Sentiment analysis of Thai financial news}, journal={ACM International Conference Proceeding Series}, year={2018}, pages={39-43}, doi={10.1145/3301761.3301773}, note={cited By 0; Conference of 2nd International Conference on Software and e-Business, ICSEB 2018 ; Conference Date: 18 December 2018 Through 20 December 2018; Conference Code:147476}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064834215&doi=10.1145%2f3301761.3301773&partnerID=40&md5=d77bd75a540e3243c110bc8dfc9aaa47}, affiliation={School of Engineering and Technology, Asian Institute of Technology, Pathumthani, 12120, Thailand; Information Technology Group, Bank of Thailand, Bangkok, 10200, Thailand}, abstract={Due to the big data and FinTech influencers, the novel SentiFine framework was developed to facilitate the financial analysts or specialists who need to understand the financial and economic circumstances from the daily news. The objective of this framework is to analyze the sentiment of Thai financial daily news by integrating the fine-grained sentiment analysis technique with the deep neural network. Based on the proposed SentiFine framework, the prototype of the SentiFine web-based system was developed. With the main feature “View Daily News”, the users can view the daily Thai financial news detail, the date and time of the news, the source of news, and its sentiment which is categorized into three tones (positive, neutral, and negative). © 2018 Association for Computing Machinery}, author_keywords={Deep neural network; FinTech; Sentiment analysis; Thai natural language processing}, keywords={Data mining; Electronic commerce; Finance; Sentiment analysis, Economic circumstances; Financial analysts; Financial news; Fine grained; FinTech; NAtural language processing; Web-based system, Deep neural networks}, references={Desjardins, J., (2017) What Happens in an Internet Minute in 2017?, , https://www.weforum.org/agenda/2017/08/what-happens-inan-internet-minute-in-2017, Retrieved September 7, 2017 from; Clarke, J., Jandik, T., Mandelker, G., The efficient markets hypothesis (2001) Expert Financial Planning: Advice from Industry Leaders, pp. 126-141; Ross, S.A., Westerfield, R., Jaffe, J.F., (2010) Corporate Finance, , McGraw-Hill/Irwin; Numnonda, A.P.D.T., (2016) Big Data in FnTech, , http://www.sec.or.th/TH/Documents/FinTech/FinTech22065903.pdf, Retrieved September 17, 2017 from; (2017) Iqnewsclip, , https://techsauce.co/report/thailand-tech-startupecosystem%E2%80%8B-q1-2017/, Retrieved September 13, 2017 from; (2017) Iqnewsclip, , http://www.infoquest.co.th/en/news-services2/iqnewsclip/, Retrieved September 16, 2017 from; Haruechaiyasak, C., Kongthon, A., Palingoon, P., Trakultaweekoon, K., S-sense: A sentiment analysis framework for social media sensing (2013) Sixth International Joint Conference on Natural Language Processing, p. 6; Li, X., Xie, H., Chen, L., Wang, J., Deng, X., News impact on stock price return via sentiment analysis (2014) Knowledge-Based Systems, 69, pp. 14-23; Sriphaew, K., Hiroya, T., Manabu, O., Sentiment analysis for Thai natural language processing (2009) Proceedings of the 2nd Thailand-Japan International Academic Conference, TJIA 2009, pp. 123-124; Kohtes, R., (2014) From Valence to Emotions: How Coarse Versus Fine-Grained Online Sentiment Can Predict Real-World Outcomes, , Anchor Academic Publishing; Socher, R., Perelygin, A., Wu, J., Chuang, J., Manning, C.D., Ng, A., Recursive deep models for semantic compositionality over a sentiment treebank (2013) Proceedings of the 2013 Conference on Empirical Methods in Natural Language Processing, pp. 1631-1642; Baccianella, S., Esuli, A., Sebastiani, F., SentiWordNet 3.0: An enhanced lexical resource for sentiment analysis and opinion mining (2010) LREC, 10, pp. 2200-2204; Ain, Q.T., Ali, M., Riaz, A., Noureen, A., Kamran, M., Hayat, B., Sentiment analysis using deep learning techniques: A review (2017) International Journal of Advanced Computer Science and Applications (IJACSA), 8 (6), pp. 424-433; Smailovic, J., Grcar, M., Lavrac, N., Znidarsic, M., Predictive sentiment analysis of tweets: A stock market application (2013) Human-Computer Interaction and Knowledge Discovery in Complex, Unstructured, Big Data, pp. 77-88. , Springer; Geva, T., Zahavi, J., Empirical evaluation of an automated intraday stock recommendation system incorporating both market data and textual news (2014) Decision Support Systems, 57, pp. 212-223; Meyer, B., Bikdash, M., Dai, X., Fine-grained financial news sentiment analysis (2017) SoutheastCon, pp. 1-8. , 2017; Day, M.-Y., Lee, C.-C., Deep learning for financial sentiment analysis on finance news providers (2016) Advances in Social Networks Analysis and Mining (ASONA), 2016 IEEE/ACM International Conference, pp. 1127-1134; Theeramunkong, T., (2012) Introduction to Concepts and Techniques in Data Mining and Application to Text Mining, , TPA Book Centre}, publisher={Association for Computing Machinery}, isbn={9781450361279}, language={English}, abbrev_source_title={ACM Int. Conf. Proc. Ser.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Costa-Climent2018519, author={Costa-Climent, R. and Martínez-Climent, C.}, title={Sustainable profitability of ethical and conventional banking}, journal={Contemporary Economics}, year={2018}, volume={12}, number={4 Special Issue}, pages={519-530}, doi={10.5709/ce.1897-9254.294}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85060274359&doi=10.5709%2fce.1897-9254.294&partnerID=40&md5=bdb29a64220259698c5d40ca754d819c}, affiliation={Linnaeus University, Sweden; Universitat de València, Spain}, abstract={In recent years, social movements have echoed calls for greater social and environmental responsibility. Although financial institutions promote development, consumers have lost confidence in banks. As we enter the Fintech era, banks have the opportunity to use new tools that enable greater transparency for customers. Corporate social responsibility (CSR) plays a key role in increasing social awareness of regulators, society, shareholders, and employees—in short, stakeholders. This study therefore focuses on banks that have designed their activities and investments to contribute to sustainability. The principal contribution of this paper is to show the existence of a range of business models that arise following different responses by different types of banks. These different responses occur because the primary objective of sustainable banks is to meet the needs of stakeholders and contribute to sustainable development, whereas conventional banks simply apply and execute CSR policies. It is possible to differentiate between ethical banks and commercial banks. To ensure economic progress and achieve sustainability, it is fundamental to balance economic profitability with people’s social and environmental aspirations. © 2018, University of Finance and Management in Warsaw. All rights reserved.}, author_keywords={Corporate social responsibility; CSR; Ethical banking; Fintech; Sustainable banking}, references={Arner, D.W., Barberis, J., Buckley, R.P., The evolution of Fintech: A new post-crisis paradigm (2015) Georgetown Journal of International Law, 47, p. 1271; Aupperle, K.E., Carroll, A.B., Hatfield, J.D., An empirical examination of the relationship between corporate social responsibility and profitability (1985) Academy of Management Journal, 28 (2), pp. 446-463; Ayadi, R., Llewellyn, D.T., Schmidt, R.H., Arbak, E., de Groen, W.P., (2010) Investigating Diversity in the Banking Sector in Europe: Key Developments, Performance and Role of Cooperative Banks, , Brussels, Belgium: Centre for European Policy Studies; Barbu, T., Vintila, G., The emergence of ethic banks and social responsibility in financing local development (2007) Theoretical and Applied Economics, 12, pp. 29-34; Barnett, M.L., Salomon, R.M., Beyond dichotomy: The curvilinear relationship between social responsibility and financial performance (2006) Strategic Management Journal, 27 (11), pp. 1101-1122; Baron, D.P., A positive theory of moral management, social pressure, and corporate social performance (2009) Journal of Economics & Management Strategy, 18 (1), pp. 7-43; Becchetti, L., Garcia, M.M., Trovato, G., Credit rationing and credit view: Empirical evidence from an ethical bank in Italy (2011) Journal of Money, Credit and Banking, 43 (6), pp. 1217-1245; Bing, Z., Yan, Y., Jun, B., Tracking the implementation of green credit policy in China: Top-down perspective and bottom-up reform (2011) Journal of Environmental Management, 92, pp. 1321-1327; Bittencourt, M., Financial development and economic growth in Latin America: Is Schumpeter right? 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Wolff (Eds.), UK: Edward Elgar; Weber, O., Scholz, R.W., Michalik, G., Incorporating sustainability criteria into credit risk management (2010) Business Strategy and the Environment, 19 (1), pp. 39-50; Wu, M.W., Shen, C.H., Corporate social responsibility in the banking industry: Motives and financial performance (2013) Journal of Banking & Finance, 37 (9), pp. 3529-3547; Xifra, J., Ordeix, E., Managing reputational risk in an economic downturn: The case of Banco Santander (2009) Public Relations Review, 35 (4), pp. 353-360; Yunus, M., Moingeon, B., Lehmann-Ortega, L., Building social business models: Lessons from the Grameen experience (2010) Long Range Planning, 43 (2), pp. 308-325; Zalan, T., Toufaily, E., The Promise of Fintech in Emerging Markets: Not as Disruptive (2017) Contemporary Economics, 11 (4), pp. 415-430}, correspondence_address1={Martínez-Climent, C.; Universitat de ValènciaSpain; email: Carla.Martinez-Climent@uv.es}, publisher={University of Finance and Management in Warsaw}, issn={20840845}, language={English}, abbrev_source_title={Contemp. Econ.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Anshari2019234, author={Anshari, M. and Almunawar, M.N. and Masri, M. and Hamdan, M.}, title={Digital marketplace and FinTech to support agriculture sustainability}, journal={Energy Procedia}, year={2019}, volume={156}, pages={234-238}, doi={10.1016/j.egypro.2018.11.134}, note={cited By 0; Conference of 5th International Conference on Power and Energy Systems Engineering, CPESE 2018 ; Conference Date: 19 September 2018 Through 21 September 2018; Conference Code:144694}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85061257586&doi=10.1016%2fj.egypro.2018.11.134&partnerID=40&md5=ec47501eb642700339404f0a08ea0892}, affiliation={Universiti Brunei Darussalam, School of Business and Economics, Jln Tungku Link Gadong, Bandar Seri Begawan, Brunei Darussalam}, abstract={Agriculture plays an important in providing food security and sustainability for the people in any country. However, lack of funding and limited distribution channels to reach customers are frequent problems faced by farmers to meet the level of sustainability. Agriculture's sustainability can be strengthened by allowing an innovation of services such as Financial Technology (FinTech), and digital marketplace. Digital marketplace with Fintech enabled might transform agriculture's business process into more sustainable in term of funding and distribution. FinTech offers farmers convenient ways of getting sources of funding through crowdfunding and digital payment system. Thus, digital marketplace can act as a platform for FinTech to integrate the innovative financial solution into broader agriculture's ecosystem. The study proposes a modelling digital marketplace with FinTech enabled especially crowdfunding and payment system in order to support agriculture's sustainability. The model connects all actors (farmers, landowners, investors, and consumers) into a platform that can promote transparency, empowerment, resourcefulness, and public engagement in agriculture. © 2019 The Authors. Published by Elsevier Ltd.}, author_keywords={Agriculture; AgroPay; Crowdfunding; Digital Marketplace; Financial Technology (FinTech); Sustainability}, keywords={Commerce; Crowdsourcing; Finance; Food supply; Sustainable development; Systems engineering, AgroPay; Business Process; Crowdfunding; Digital marketplace; Financial Technology (FinTech); Limited distribution; Payment systems; Public engagement, Agriculture}, references={Nga, D., Siebert, J.W., Toward better defining the field of agribusiness management (2009) International Food and Agribusiness Management Review, 12 (4); Anshari, M., Lim, S.A., E-Government with Big Data Enabled through Smartphone for Public Services: Possibilities and Challenges (2017) International Journal of Public Administration, 40 (13), pp. 1143-1158; (2005) Tunis Agenda for The Information Society, , http://www.itu.int/wsis/docs2/tunis/off/6rev1.html, Retrieved August 16, 2016 from; Da Silva, C.A., (2009) Agro-Industries for Development, , CABI; Anshari, M., Alas, Y., Smartphones Habits, Necessities, and Big Data Challenges (2015) Journal of High Technology Management Research, 26 (2), pp. 177-185; Anshari, M., Almunawar, M.N., Ariff Lim, S., Al-Mudimigh, A., Customer Relationship Management and Big Data Enabled: Personalization & Customization of Services (2018) Applied Computing and Informatics, , https://doi.org/10.1016/j.aci.2018.05.004; Kourgiantakis, M., Matsatsinis, N., Migdalas, A., (2012) E-Commerce: A Survey for Cretan Agro-Food Sector, , http://ressources.ciheam.org/om/pdf/c61/00800165.pdf; Strachan, D., (2012) The Best New Travel Technology, , http://www.telegraph.co.uk/travel/columnists/7534231/The-best-new-travel-technology.html, Retrieved 18 September 2012 from; Hester, A.J., Increasing Collaborative Knowledge Management in Your Organization: Characteristics of Wiki Technology and Wiki Users (2010) Proceedings of The 2010 Special Interest Group on Management Information System'S 48th Annual Conference on Computer Personnel Research on Computer Personnel Research, SIGMIS, pp. 158-164. , CPR'10, May 20-22, Vancouver, BC, Canada; Baxter, G.J., Connolly, T.M., Stansfield, M.H., Organisational blogs: Benefits and challenges of implementation (2010) The Learning Organization, 17 (6), pp. 515-528; Boateng, R., Mbarika, V., Thomas, C., When Web 2.0 becomes an organizational learning tool: Evaluating Web 2.0 tools (2010) Development and Learning in Organizations, 24 (3), pp. 17-20; Dorfleitner, G., Hornuf, L., Schmitt, M., Weber, M., (2017) FinTech in Germany, , Springer International Publishing; Bejjani, G., (2000) E-Commerce: The Net Effect on Agribusiness, Capital Investment and Market Makers, , Morgan Stanley, 2000; Anshari, M., Alas, Y., Guan, L.S., Pervasive Knowledge, Social Networks, and Cloud Computing: E-Learning 2.0 (2015) Eurasia Journal of Mathematics, Science & Technology Education, 11 (5), pp. 909-921. , 2015}, correspondence_address1={Anshari, M.; Universiti Brunei Darussalam, School of Business and Economics, Jln Tungku Link Gadong, Brunei Darussalam; email: anshari.ali@ubd.edu.bn}, editor={Bevrani H.}, publisher={Elsevier Ltd}, issn={18766102}, language={English}, abbrev_source_title={Energy Procedia}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Boratyńska2019, author={Boratyńska, K.}, title={Impact of Digital Transformation on Value Creation in Fintech Services: An Innovative Approach}, journal={Journal of Promotion Management}, year={2019}, doi={10.1080/10496491.2019.1585543}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85065533167&doi=10.1080%2f10496491.2019.1585543&partnerID=40&md5=a060f22b1bb20d66743033b4a3ad9070}, affiliation={Warsaw University of Life Sciences—SGGW, Warsaw, Poland}, abstract={The aim of this article is to indicate economic and financial characteristics of financial technology, or fintech, that contribute to value creation in the financial services industry. This study presents a theory of digital transformations and elements of ecosystems theory and connecting them to fintech issues. Building from the DIPLOM model of corporate diplomacy. Corporate diplomacy. Building reputations and relationships with external stakeholders. Sheffield UK: Greenleaf Publishing Limited, this article proposes the DIPLOMA model with seven elements of fintech best practice, that are, Digital, Innovation, Pricing, Learning, Openness, Modernity, and Agility. This article stresses on practical insights to provide tool to enable stakeholders create value on fintech. © 2019, © 2019 Taylor & Francis Group, LLC.}, author_keywords={Digital transformation; fintech services; value creation}, references={Anagnostopoulos, I., Fintech and regtech: impact on regulators and banks (2018) Journal of Economics and Business, 100, p. 19; Arner, D.W., Barberis, J.N., Buckley, R.P., (2015) The evolution of fintech: A new post-crisis paradigm?, , https://ssrn.com/abstract=2676553, Hong Kong:, &,. 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Retrieved from, accessed August 15, 2018; Drummer, D., Jerenz, A., Siebelt, P., Thaten, M., (2016) FinTech: challenges and opportunities—How digitization is transforming the financial sector, , Dusseldorf, Germany: McKinsey; Gai, K., Qiu, M., Sun, X., A survey on fintech (2018) Journal of Network and Computer Applications, 103, pp. 262-273; https://trends.google.com/trends/explore?date=today%205-y&q=fintech, Retrieved from, accessed February 8, 2018; Henisz, W.J., (2014) Corporate diplomacy. Building reputations and relationships with external stakeholders, , Sheffield, UK: Greenleaf Publishing Limited; (2017), https://home.kpmg.com/xx/en/home/media/press-releases/2017/11/the-fintech-100-announcing-the-worlds-leading-fintech-innovators-for-2017.html, The fintech100—announcing the world’s leading fintech innovators for 2017. 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Retrieved from, accessed November 10, 2017; Schueffel, P., (2017) The concise fintech compendium, , Switzerland: School of management fribourg (HEG-FR), HES-SO//University of Applied Sciences and Arts Western Switzerland; Skan, J., Dickerson, J., Gagliardi, L., (2016), http://www.fintechinnovationlablondon.co.uk/pdf/Fintech_Evolving_Landscape_2016.pdf, Fintech and the evolving landscape: landing points for the industry. Retrieved from, accessed November 10, 2017; Zavolokina, L., Dolata, M., Schwabe, G., The fintech phenomenon: antecedents of financial innovation perceived by the popular press (2016) Financial Innovation, 2, p. 16. , http://doi10.1186/s40854-016-0036-7}, correspondence_address1={Boratyńska, K.; Finance, Warsaw University of Life Sciences—SGGW, 166 Nowoursynowska Street, Poland; email: katarzyna_boratynska@sggw.pl}, publisher={Routledge}, issn={10496491}, language={English}, abbrev_source_title={J. Promot. Manage.}, document_type={Article}, source={Scopus}, } @ARTICLE{Kilu201957, author={Kilu, E. and Milani, F. and Scott, E. and Pfahl, D.}, title={Agile Software Process Improvement by Learning from Financial and Fintech Companies: LHV Bank Case Study}, journal={Lecture Notes in Business Information Processing}, year={2019}, volume={338}, pages={57-69}, doi={10.1007/978-3-030-05767-1_5}, note={cited By 0; Conference of 11th Software Quality Days Conference, SWQD 2019 ; Conference Date: 15 January 2019 Through 18 January 2019; Conference Code:222809}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059967018&doi=10.1007%2f978-3-030-05767-1_5&partnerID=40&md5=b0e85ee208457934a83d9a9580c4d19f}, affiliation={LHV Bank, Tallinn, Estonia; University of Tartu, Tartu, Estonia}, abstract={A large shift towards the use of agile software development in different industrial sectors is evident nowadays. Financial institutions are not unfamiliar with this tendency since they have the need to respond faster to the changes in their business environments. This is partly due to the new generation of financial technology (fintech) companies that have shown a significant difference in time to market and in speeding up software development. To compete with fintech companies, financial institutions are looking for improving their software development processes focusing on applying agile practices in a better way. This article presents a set of proposals to improve software development in the LHV Bank. The set of proposals has been determined through a literature review and interviews conducted in two leading financial institutions and two fintech companies. The analysis done allowed us to understand the best practices that are currently being applied, how they are implemented, and which ones are suitable for application in LHV Bank. © 2019, Springer Nature Switzerland AG.}, author_keywords={Agile software development; Financial institutions; Fintech companies; Software process improvement}, keywords={Computer software selection and evaluation; Finance; Process engineering, Agile software development; Agile software process; Business environments; Financial institution; Industrial sector; Literature reviews; Software development process; Software Process Improvement, Software design}, funding_details={Eesti TeadusagentuurEesti Teadusagentuur}, funding_text 1={Acknowledgements. This research was supported by the institutional research grant IUT20-55 of the Estonian Research Council.}, references={Beck, K., (2001) Manifesto for Agile Software Development; Couzens, J., Implementing an enterprise system at Suncorp using agile development (2009) Australian Software Engineering Conference: ASWEC 2009, 20, pp. 35-39; Dingsøyr, T., Nerur, S., Balijepally, V., Moe, N.B., A decade of agile methodologies: Towards explaining agile software development (2012) J. Syst. Softw., 85 (6), pp. 1213-1221; Harjrizi, E., Bytyci, F., Agile software development process at financial institution in Kosovo (2015) Ifac-Papersonline, 48 (24), pp. 153-156; Jureczko, M., The level of agility in testing process in a large scale financial software project, software engineering techniques in progress (2008) Oficyna Wydawnicza Politechniki Wroclawskiej, pp. 139-152; Kniberg, H., Skarin, M., (2010) Kanban and Scrum-Making the Most of Both; Kyte, A., Norton, D., Wilson, N., (2014) Ten Things the CIO Needs to Know about Agile Development. Gartner, , United States of America; Ladas, K., (2008) Scrumban and Other Essays on Kanban Systems for Lean Software Development, , Modus Cooperandi Press, Seattle; Livermore, J., Factors that significantly impact the implementation of an agile software development methodology (2008) J. Softw., 3 (4), pp. 31-36; Niven, P.R., Lamorte, B., (2016) Objectives and Key Results: Driving Focus, Alignment, and Engagement with Okrs, , Wiley, Hoboken; Nordea, A., Uniform Heartbeat with Help from Scaled Agile Framework and IJI (2015) Ivar Jacobson International SA; Reddy, A., (2016) The Scrumban [R]Evolution: Getting the Most out of Agile, Scrum, and Lean Kanban, , Pearson Education Inc., Boston; Ries, E., (2011) Startup, the Lean: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses, , New York; Romanova, I., Kudinska, M., Banking and fintech: A challenge or opportunity? (2016) Contemp. Stud. Econ. Financ. Anal., 98, pp. 21-35; Schwaber, K., Beedle, M., (2002) Agile Software Development with Scrum, 1. , Prentice Hall, Upper Saddle River; Scott, E., Pfahl, D., Hebig, R., Heldal, R., Knauss, E., Initial results of the HELENA survey conducted in Estonia with comparison to results from Sweden and worldwide (2017) PROFES 2017. LNCS, 10611, pp. 404-412. , https://doi.org/10.1007/978-3-319-69926-429, Felderer, M., Méndez Fernández, D., Turhan, B., Kalinowski, M., Sarro, F., Winkler, D. (eds.), Springer, Cham; Seffernick, T.R., Enabling agile in a large organization our journey down the yellow brick road (2007) 2007 Agile Conference (AGILE); Svejvig, P., Nielsen, A., The dilemma of high level planning in distributed agile software projects an action research study in a Danish bank (2010) Agility across Time and Space, pp. 171-182. , https://doi.org/10.1007/978-3-642-12442-612, Šmite, D., Moe, N., Ågerfalk, P. (eds.), Springer, Heidelberg}, correspondence_address1={Scott, E.; University of TartuEstonia; email: ezequiel.scott@ut.ee}, editor={Bergsmann J., Winkler D., Biffl S.}, publisher={Springer Verlag}, issn={18651348}, isbn={9783030057664}, language={English}, abbrev_source_title={Lect. Notes Bus. Inf. Process.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Wonglimpiyarat2019125, author={Wonglimpiyarat, J.}, title={Analysis of FinTech in the banking industry}, journal={International Journal of Business Innovation and Research}, year={2019}, volume={19}, number={1}, pages={125-138}, doi={10.1504/IJBIR.2019.099752}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85066082228&doi=10.1504%2fIJBIR.2019.099752&partnerID=40&md5=88910d1f3bb3b8f338f55941ec012fba}, affiliation={Department of Aeronautics and Astronautics, Massachusetts Institute of Technology, 77 Massachusetts Avenue, Cambridge, MA 02139, United States}, abstract={This paper discusses the diffusion of financial technology or FinTech in the banking industry. The main contribution of this research study is the development of systemic innovation model which can be used as a tool to understand the systemic characteristics and the pattern of technology diffusion. It is argued that systemic characteristics of the innovation process are the outcome of interactions between the complexity of the innovation and the capabilities of innovators in managing the innovation. The study provides useful implications to support the FinTech landscape of the banking industry. © 2019 Inderscience Enterprises Ltd.}, author_keywords={Bitcoin; External benefits; Financial technology; FinTech; Systemic innovation; Technology diffusion}, funding_details={Thammasat UniversityThammasat University}, funding_details={Colleges Innovation Project of GuangdongColleges Innovation Project of Guangdong}, funding_text 1={For many decades, banks invest heavily in technology in attempts to improve the efficiency of the financial innovation system. The banking landscape has witnessed the development of various FinTech-based innovations like electronic fund transfer at the point of sale (EFTPOS), automated teller machine (ATM cash dispenser), internet banking, Society for Worldwide Interbank Financial Telecommunication (or SWIFT) international electronic fund transfer, electronic data interchange (EDI), mobile banking, Bitcoin wallet, blockchain banking, crowd funding. The objective of this research study is to understand the diffusion process of financial technology or FinTech in the financial services industry. In particular, the study explores the systemic characteristics underlying FinTech-based innovations in the banking industry. The research aims to highlight the extent to which these systemic characteristics would influence the collaborative network solutions and the level of technology diffusion.}, funding_text 2={The author is grateful for the funding support from the College of Innovation, Thammasat University.}, references={Abernathy, W.J., Clark, K.B., Kantrow, A.M., (1983) Industrial Renaissance: Producing a Competitive Future for America, , Basic Books Inc., New York; Appleyard, M.M., Chesbrough, H., The dynamics of open strategy: From adoption to reversion (2017) Long Range Planning, 50 (3), pp. 310-321; Barras, R., Towards a theory of innovation in services (1986) Research Policy, 15 (4), pp. 161-173; Barras, R., Interactive innovation in financial and business services: The vanguard of the service revolution (1990) Research Policy, 19 (3), pp. 215-237; Carlsson, B., Internationalization of innovation systems: A survey of the literature (2006) Research Policy, 35 (1), pp. 55-67; Chaminade, C., Edquist, C., Rationales for public policy intervention in the innovation process: Systems of innovation approach (2010) The Theory and Practice of Innovation Policy, An International Research Handbook, , Smits, R., Kuhlmann, S., Shapira, P. 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Oxford University Press, Oxford; Nelson, R., Winter, S., In search of a useful theory of innovation (1977) Research Policy, 6 (1), pp. 36-76; Nelson, R., Winter, S., (1982) An Evolutionary Theory of Economic Change, , Harvard University Press Boston, M.A; Niosi, J., Bellon, B., Une interpretation evolutionniste des politiques industrielles', with English summary) (1995) Revue d'Economie Industrielle, 71, pp. 213-226; Patel, P., Pavitt, K., National innovation systems: Why they are important, how they might be measured and compared (1994) Economics of Innovation and New Technology, 3 (1), pp. 77-95; Pavitt, K., Sectoral patterns of technical change: Towards a taxonomy and a theory (1984) Research Policy, 13 (6), pp. 343-374; Peres, R., Muller, E., Mahajan, V., Innovation diffusion and new product growth models: A critical review and research directions (2010) International Journal of Research in Marketing, 27 (2), pp. 91-106; Rogers, E., (1995) Diffusion of Innovations, , The Free Press, New York; Rogers, E., (2003) Diffusion of Innovations, , The Free Press, New York; Rosenberg, N., The directions of technological change: Inducement mechanisms and focusing devices (1976) Perspectives on Technology, , Rosenberg, N. Cambridge University Press, Cambridge; Rosenberg, N., Learning by using (1982) Inside the Black Box: Technology and Economics, , Rosenberg, N. Cambridge University Press, Cambridge; Rothwell, R., Gardiner, P., Invention, innovation, re-innovation and the role of user (1985) Technovation, 3 (3), pp. 168-186; Schott, A., (1981) Industrial Innovation in the United Kingdom, Canada, , The United States, British-North America Committee, London; Schumpeter, J.A., Business cycles: A Theoretical (1939) Historical and Statistical Analysis of the Capitalist Process, 2. , McGraw-Hill, New York; Schumpeter, J.A., (1967) The Theory of Economic Development, , 5th ed., Oxford University Press New York; Shim, Y., Shin, D.H., Analyzing China's Fintech industry from the perspective of actor-network theory (2017) Telecommunications Policy, 40 (2-3), pp. 168-181; Takey, S.M., Carvalho, M.M., Fuzzy front end of systemic innovations: A conceptual framework based on a systematic literature review (2016) Technological Forecasting and Social Change, 111 (4), pp. 97-109; Thompson, B.S., Can financial technology innovate benefit distribution in payments for ecosystem services and REDD+ (2017) Ecological Economics, 139 (1), pp. 150-157; Tidd, J., Bessant, J., (2009) Managing Innovation: Integrating Technological, Market and Organizational Change, , John Wiley & Sons, Chichester; Utterback, J., (1994) Mastering the Dynamics of Innovation: How Companies Can Seize Opportunities in the Face of Technological Change, , Harvard Business School Press Boston, M.A; Utterback, J., Abernathy, W., A dynamic model of process and product innovation (1975) Omega, 3 (6), pp. 639-656; Van Lancker, J., Mondelaers, K., Wauters, E., Van Huylenbroeck, G., The organizational innovation system: A systemic framework for radical innovation at the organizational level (2016) Technovation, 52-53 (2-3), pp. 40-50; Vernon, R., International investment and international trade in the product cycle (1966) Quarterly Journal of Economics, 80 (2), pp. 190-207; Voss, C., Significant issues for the future of product innovation (1994) Journal of Product Innovation, 11 (5), pp. 460-463; West, J., Salter, A., Vanhaverbeke, W., Chesbrough, H., Open innovation: The next decade (2014) Research Policy, 43 (5), pp. 805-811; Yin, R.K., (2013) Case Study Research: Design and Methods, , Sage Publications London}, correspondence_address1={Wonglimpiyarat, J.; Department of Aeronautics and Astronautics, Massachusetts Institute of Technology, 77 Massachusetts Avenue, United States; email: jaruneew@mit.edu}, publisher={Inderscience Enterprises Ltd.}, issn={17510252}, language={English}, abbrev_source_title={Int. J. Bus. Innov. Res.}, document_type={Article}, source={Scopus}, } @ARTICLE{Liao201974, author={Liao, W.-L. and Yao, C.-Y. and Yang, Y.-P.}, title={Effect of Fintech on the Cost Malmquist Productivity Index in the China Banking Industry}, journal={Lecture Notes in Electrical Engineering}, year={2019}, volume={542}, pages={74-88}, doi={10.1007/978-981-13-3648-5_9}, note={cited By 0; Conference of 6th International Conference on Frontier Computing, FC 2018 ; Conference Date: 3 July 2018 Through 6 July 2018; Conference Code:226319}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85066025357&doi=10.1007%2f978-981-13-3648-5_9&partnerID=40&md5=36f06b2ab936fbcc7e72d5bec32408a9}, affiliation={School of Information, Capital University of Economics and Business, Beijing, China}, abstract={Nowadays Fintect has been transformed from Fintect1.0 to Fintect2.0. In the recent years, China has seen that the Internet finance was first included in the government work report which was written into the thirteen five plan; biometrics, language processing, block chain and other technology applied to the financial do bring divinity to the entire financial system. In addition, the data center, credit system and other infrastructure construction gradually improved, the maturity of mobile phones and other mobile terminals is increasing continuously. As to reduce corporate financing costs and to improve capital utilization is one of the core of supply side reform is one of the core financial reform, examining the effect of Fintech development on the productivity in the China banking industry is an important issue. To investigate such potential effect, the study use the preferred Cost Malmquist Index to estimate the 35 listed sample banks over the period from 2007 to 2013. The empirical result suggests the observed period, 2012–2013, the ΔPTE, ΔT, ΔPE, and ΔCSE are improving by 0.02, 0.02, 0.48 and 0.16% respectively. Consistent with the objective of Fintech development, which attends to provide banking service in a more efficient operation and less cost. It provides the positive evidence to support an adoption of Fintech contribute a potential growth of competiveness of the China banking industry. © 2019, Springer Nature Singapore Pte Ltd.}, author_keywords={China banking industry; Cost Malmquist index; Fintech}, keywords={Computation theory; Cost benefit analysis; Productivity, Banking industry; Fintech; Infrastructure construction; Language processing; Malmquist indices; Malmquist productivity index; Positive evidence; Potential effects, Costs}, references={Maniadakis, N., Thanassoulis, E., A cost malmquist productivity index (2004) Eur. J. Oper. Res., 154, pp. 396-409; Yang, Y.L., Huang, C.J., Estimating the malmquist productivity index in the Taiwanese banking industry: A production and cost approach (2009) Taiwan Economic Review, 37 (4), pp. 353-378; Yang, Y.L., Sheng, T.C., Huangm, M.H., Estimating the cost malmquist productivity index in the Taiwan biotech and biopharmaceutical industry (2010) Taiwan Journal of Applied Economics, pp. 59-85; Shephard, R.W., (1970) Theory of Cost and Production Functions, , Princeton University Press, USA; Färe, R., Fundamentals of production theory (1988) Lecture Notes in Economics and Mathematical Systems, p. 311; Färe, R., Grosskopf, S., Norris, M., Zhang, Z., Productivity growth, technical progress and efficiency change in industrialized countries (1994) American Economics Review, 84, pp. 66-83; Farrell, M.J., The measurement of productive efficiency (1957) J. Roy. Stat. Soc., 120, pp. 253-281}, correspondence_address1={Liao, W.-L.; School of Information, Capital University of Economics and BusinessChina; email: jimmyboeing@gmail.com}, editor={Hung J.C., Yen N.Y., Hui L.}, publisher={Springer Verlag}, issn={18761100}, isbn={9789811336478}, language={English}, abbrev_source_title={Lect. Notes Electr. Eng.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Matsuura20193, author={Matsuura, K.}, title={Token model and interpretation function for blockchain-based Fintech applications}, journal={IEICE Transactions on Fundamentals of Electronics, Communications and Computer Sciences}, year={2019}, number={1}, pages={3-10}, doi={10.1587/transfun.E102.A.3}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059979415&doi=10.1587%2ftransfun.E102.A.3&partnerID=40&md5=a35d1b1494a5aa82f89471977aebf25f}, affiliation={Institute of Industrial Science, University of Tokyo, Tokyo, 153-8505, Japan}, abstract={Financial Technology (FinTech) is considered a taxonomy that describes a wide range of ICT (information and communications technology) associated with financial transactions and related operations. Improvement of service quality is the main issue addressed in this taxonomy, and there are a large number of emerging technologies including blockchain-based cryptocurrencies and smart contracts. Due to its innovative nature in accounting, blockchain can also be used in lots of other FinTech contexts where token models play an important role for financial engineering. This paper revisits some of the key concepts accumulated behind this trend, and shows a generalized understanding of the technology using an adapted stochastic process. With a focus on financial instruments using blockchain, research directions toward stable applications are identified with the help of a newly proposed stabilizer: interpretation function of token valuation. The idea of adapted stochastic process is essential for the stabilizer, too. Copyright © 2019 The Institute of Electronics, Information and Communication Engineers}, author_keywords={Adapted stochastic process; Blockchain; Cryptocurrency; FinTech; Timestamp}, keywords={Electronic money; Finance; Random processes; Stochastic systems; Taxonomies, Emerging technologies; Financial engineering; Financial transactions; FinTech; Information and communications technology; Service Quality; Smart contracts; Time-stamp, Blockchain}, funding_details={Japan Society for the Promotion of ScienceJapan Society for the Promotion of Science, JSPS, JP17KT0081}, funding_details={Japan Society for the Promotion of ScienceJapan Society for the Promotion of Science, JSPS}, funding_text 1={This work was supported by JSPS KAKENHI (Grant Number JP17KT0081) and JSPS/DST Japan-India Science Cooperative Program.}, references={Anderson, R., Moore, T., The economics of information security (2006) Science, 314 (5799), pp. 610-613; Aste, T., Tasca, P., Matteo, T.D., Blockchain technologies: The foreseeable impact on society and industry (2017) IEEE Computer, 50 (9), pp. 18-28; Back, A., (2002) Hashcash — A Denial of Service Counter-Measure, , http://www.hashcash.org/papers/hashcash.pdf, accessed June 30, 2018; Bamert, T., Decker, C., Wattenhofer, R., Welten, S., Blue wallet: The secure Bitcoin wallet (2014) Proc. 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ACM, 58 (9), pp. 104-113}, correspondence_address1={Matsuura, K.; Institute of Industrial Science, University of TokyoJapan; email: kanta@iis.u-tokyo.ac.jp}, publisher={Institute of Electronics, Information and Communication, Engineers, IEICE}, issn={09168508}, coden={IFESE}, language={English}, abbrev_source_title={IEICE Trans Fund Electron Commun Comput Sci}, document_type={Article}, source={Scopus}, } @ARTICLE{Azzini2019269, author={Azzini, A. and Marrara, S. and Topalović, A.}, title={New Trends of Fuzzy Systems: Fintech Applications}, journal={Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)}, year={2019}, volume={11291 LNAI}, pages={269-272}, doi={10.1007/978-3-030-12544-8_27}, note={cited By 0; Conference of 12th International Workshop on Fuzzy Logic and Applications, WILF 2018 ; Conference Date: 6 September 2018 Through 7 September 2018; Conference Code:224049}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062791582&doi=10.1007%2f978-3-030-12544-8_27&partnerID=40&md5=d4a5d4f0a1e4dc1fa80cd970aef8328f}, affiliation={Consortium for the Technology Transfer (C2T), via Nuova Valassina, Carate Brianza, MB, Italy}, abstract={In the last years, the term Financial Technology (FinTech) has been adopted by literature to describe a wide range of services, aided by several financial technologies, for enterprises or organizations, which mainly address the improvement of the service quality by using Information Technology (IT) applications. © 2019, Springer Nature Switzerland AG.}, author_keywords={FinTech; Fuzzy systems; New trends}, keywords={Computer circuits; Fuzzy systems, FinTech; New trends; Service Quality, Fuzzy logic}, references={Abawajy, J., Wang, G., Yang, L.T., Javadi, B., Trust, security and privacy in emerging distributed systems (2016) Future Gen. 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Manage., 12 (1), pp. 61-82; Moyce, C., Ai, big data, digitisation, blockchain: The fintech that will dominate 2018 (2018) Bobs Guide; Pantazopoulos, K.N., Tsoukalas, L.H., Bourbakis, N.G., Brun, M.J., Houstis, E.N., Financial prediction and trading strategies using neurofuzzy approaches (1998) IEEE Trans. Syst. Man Cybern. Part B, 28 (4), pp. 520-531; Yin, S., Zhu, X., Kaynak, O., Improved pls focused on key-performance-indicator-related fault diagnosis (2015) IEEE Trans. Ind. Electron., 62 (3), pp. 1651-1658; Zhou, X., Dong, M., Can fuzzy logic make technical analysis (2004) Bobs Guide}, correspondence_address1={Azzini, A.; Consortium for the Technology Transfer (C2T), via Nuova Valassina, Italy; email: antonia.azzini@consorzioc2t.it}, editor={Masulli F., Fuller R., Giove S.}, publisher={Springer Verlag}, issn={03029743}, isbn={9783030125431}, language={English}, abbrev_source_title={Lect. Notes Comput. Sci.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Hernández2019201, author={Hernández, E. and González, A. and Pérez, B. and de Luis Reboredo, A. and Rodríguez, S.}, title={Virtual organization for Fintech management}, journal={Advances in Intelligent Systems and Computing}, year={2019}, volume={801}, pages={201-210}, doi={10.1007/978-3-319-99608-0_23}, note={cited By 0; Conference of 15th International Conference on Distributed Computing and Artificial Intelligence, DCAI 2018 ; Conference Date: 20 June 2018 Through 22 June 2018; Conference Code:223559}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85061726237&doi=10.1007%2f978-3-319-99608-0_23&partnerID=40&md5=9b8d97505cf58bf90a53fe77d8a18b1a}, affiliation={BISITE Research Group, University of Salamanca, Edificio Multiusos I+D+I, Calle Espejo s/n, Salamanca, 37007, Spain; Computer Sciences and Automation Department, Facultad de Ciencias, University of Salamanca, Plaza de Los Caídos s/n, Salamanca, 37008, Spain}, abstract={A review of the state of the art on Fintech and the most important innovations in the financial technology is presented in this article. It is proposed a social computing platform based on VOs which allow to improve user experience in all that is associated with the process of investment recommendation. Moreover, a case study is shown in which the VOs modules have been described graphically, the agent functionalities have been explain and the algorithms responsible for making recommendation have been proposed. © Springer Nature Switzerland AG 2019.}, author_keywords={Digitalization; Fintech; Recommender system; Virtual organization of agents}, keywords={Artificial intelligence; Recommender systems, Digitalization; Fintech; Social computing; State of the art; User experience; Virtual organization, Distributed computer systems}, references={Abdou, H.A., Pointon, J., El-Masry, A., Olugbode, M., Lister, R.J., A variable impact neural network analysis of dividend policies and share prices of transportation and related companies (2012) J. Int. Financ. Markets Inst. 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Intell., 11 (A13), pp. 93-102}, correspondence_address1={Rodríguez, S.; Computer Sciences and Automation Department, Facultad de Ciencias, University of Salamanca, Plaza de Los Caídos s/n, Spain; email: srg@usal.es}, editor={Rodriguez S., Prieto J., Faria P., Moreno M.N., Mazuelas S., Navarro E.M., Klos S., Fernandez A., Jimenez-Lopez M.D.}, publisher={Springer Verlag}, issn={21945357}, isbn={9783319996073}, language={English}, abbrev_source_title={Adv. Intell. Sys. Comput.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Serrano2019138, author={Serrano, W.}, title={Fintech bitcoin smart investment based on the random neural network with a genetic algorithm}, journal={Advances in Intelligent Systems and Computing}, year={2019}, volume={840}, pages={138-149}, doi={10.1007/978-3-319-97982-3_11}, note={cited By 0; Conference of 18th UK Workshop on Computational Intelligence, UKCI 2018 ; Conference Date: 5 September 2018 Through 7 September 2018; Conference Code:217089}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85052243081&doi=10.1007%2f978-3-319-97982-3_11&partnerID=40&md5=0ada8359408adab3e1bbfc63279219a6}, affiliation={Intelligent Systems and Networks Group, Electrical and Electronic Engineering Imperial College London, London, United Kingdom}, abstract={This paper presents the Random Neural Network in a Deep Learning Cluster structure with a new learning algorithm based on the genome model, where information is transmitted in the combination of genes rather than the genes themselves. The proposed genetic model transmits information to future generations in the network weights rather than the neurons. The innovative genetic algorithm is implanted in a complex deep learning structure that emulates the human brain: Reinforcement Learning takes fast and local decisions, Deep Learning Clusters provide identity and memory, Deep Learning Management Clusters take final strategic decisions and finally Genetic Learning transmits the learned information to future generations. This structure has been applied and validated in Fintech, a Bitcoin Smart Investment application based in an Intelligent Banker that performs Buy and Sell decisions on several Cryptocurrencies with an associated exchange and risk. Our results are promising; we have connected the human brain and genetics with Machine Learning based on the Random Neural Network model where Artificial Intelligence, similar as biology, is learning gradually and continuously while adapting to the environment. © Springer Nature Switzerland AG 2019.}, author_keywords={Bitcoin; Deep learning clusters; Fintech; Genetic learning; Random neural network; Reinforcement learning; Smart investment}, keywords={Brain; Clustering algorithms; Deep learning; Electronic money; Genes; Genetic algorithms; Information management; Investments; Neural networks; Reinforcement learning, Bitcoin; Fintech; Future generations; Genetic learning; Learning managements; Learning structure; Random neural network; Strategic decisions, Learning algorithms}, references={Kirschner, M., Gerhart, J., (2005) The Plausibility of Life Resolving Darwin’s Dilemma, , Yale University Press, New Haven; Parter, M., Kashtan, N., Alon, U., Facilitated Variation: How Evolution Learns from Past Environments To Generalize to New Environments (2008) Department of Molecular Cell Biology, Weizmann Institute of Science; Hinton, G., Nowlan, S., (1996) How Learning Can Guide Evolution. 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Innov., 11 (3), pp. 629-633; Tirumala, S., Implementation of evolutionary algorithms for deep architectures (2014) Artificial Intelligence and Cognition, pp. 164-171; David, O., Greental, I., Genetic algorithms for evolving deep neural networks (2014) ACM Genetic and Evolutionary Computation Conference, pp. 1451-1452; Gelenbe, E., Random Neural Networks with negative and positive signals and product form solution (1989) Neural Comput, 1, pp. 502-510; Gelenbe, E., Learning in the recurrent Random Neural Network (1993) Neural Comput, 5, pp. 154-164; Gelenbe, E., A class of genetic algorithms with analytical solution (1997) Rob. Auton. Syst., 22 (1), pp. 59-64; Gelenbe, E., Steady-state solution of probabilistic gene regulatory networks (2007) Phys. Rev., 76 (1), pp. 1-8; Gelenbe, E., Yin, Y., Deep learning with Random Neural Networks (2016) International Joint Conference on Neural Networks, pp. 1633-1638; Serrano, W., Gelenbe, E., The deep learning Random Neural Network with a management cluster (2017) International Conference on Intelligent Decision Technologies, pp. 185-195; Kasun, L., Zhou, H., Huang, G., Representational learning with extreme learning machine for big data (2013) IEEE Intell. Syst., 28 (6), pp. 31-34; Gelenbe, E., (2004) Cognitive Packet Network, B1. , US Patent, Washington; Gelenbe, E., Xu, Z., Seref, E., Cognitive packet networks (1999) International Conference on Tools with Artificial Intelligence, pp. 47-54}, correspondence_address1={Serrano, W.; Intelligent Systems and Networks Group, Electrical and Electronic Engineering Imperial College LondonUnited Kingdom; email: g.serrano11@imperial.ac.uk}, editor={Lotfi A., Langensiepen C., Bouchachia H., Gegov A., McGinnity M.}, publisher={Springer Verlag}, issn={21945357}, isbn={9783319979816}, language={English}, abbrev_source_title={Adv. Intell. Sys. Comput.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Bernards2019, author={Bernards, N.}, title={The poverty of fintech? Psychometrics, credit infrastructures, and the limits of financialization}, journal={Review of International Political Economy}, year={2019}, doi={10.1080/09692290.2019.1597753}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85066820476&doi=10.1080%2f09692290.2019.1597753&partnerID=40&md5=912ce7421d490f223ccc57ce3996ef2f}, affiliation={University of Warwick, Coventry, United Kingdom}, abstract={It is increasingly common to claim that innovative financial technologies (‘fintech’) will enable ever-wider access to credit. Previous critical accounts have often linked the development of fintech to processes of financialization. However, these arguments rarely take account of the uneven and highly limited character of ‘financial inclusion’ in practice. Drawing on engagements with science and technology studies and historical materialist political economy, this article advances an approach emphasizing processes of abstraction from productive activities, mediated through particular infrastructures, as core elements of financial accumulation. Seen in this light, psychometrics in particular and alternative credit data more broadly can be seen as flawed efforts to confront three sets of limits—(1) the necessarily reductive character of abstract framings, and the consequent challenges posed by their encounter with complex processes in practice, (2) the ways that systems for credit scoring interact with the infrastructures of existing financial systems, and (3) the difficulty of realizing financial profits in the context of widespread precarious livelihoods. Looking at alternative forms of credit data from this angle offers a way of grasping the truncated and uneven rollout of fintech, and hence of prompting more critical reflections about the limits to processes of financialization. © 2019, © 2019 Informa UK Limited, trading as Taylor & Francis Group.}, author_keywords={credit scoring; Financial inclusion; financialization; historical materialism; psychometrics; science and technology studies; technology}, references={(2010) Innovative financial inclusion: Principles and report on innovative financial inclusion from the access through innovation sub-group of the G20 Financial Inclusion Experts Group, , Seoul: G20; Agarwala, R., (2013) Informal labour, formal politics, and dignified discontent in India, , Cambridge: Cambridge University Press; Aitken, R., The financialization of microcredit (2013) Development and Change, 44 (3), pp. 473-499; Aitken, R., All data is credit data: Constituting the unbanked (2017) Competition & Change, 21 (4), pp. 274-300; Arráiz, I., Bruhn, M., Stucchi, R., (2015) Psychometrics as a tool to improve screening and access to credit, 7506. , World Bank Policy Research Working Paper; Arráiz, I., Bruhn, M., Stucchi, R., (2015) Psychometrics as a tool to improve screening and access to credit, 625. , Inter-American Development Bank Working Paper Series IDB-WP; Bateman, M., (2010) Why doesn’t microfinance work? 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Econ.}, document_type={Article}, source={Scopus}, } @ARTICLE{Yoon2019181, author={Yoon, K.-S. and Jun, J.}, title={LIABILITY AND ANTIFRAUD INVESTMENT IN FINTECH RETAIL PAYMENT SERVICES}, journal={Contemporary Economic Policy}, year={2019}, volume={37}, number={1}, pages={181-194}, doi={10.1111/coep.12281}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85042602719&doi=10.1111%2fcoep.12281&partnerID=40&md5=3ef658c3af2e9bbf5b391a78e045163a}, affiliation={Department of Economics, Daegu University, Gyeong-san, Gyeongsangbuk-do 38453, South Korea; Department of Economics, Dongguk University, Jung-gu, Seoul 04620, South Korea}, abstract={Motivated by recently introduced retail payment schemes using information technology, often called “FinTech,” we examine the effect of fraud liability regime on antifraud investment in a FinTech payment scheme, where the front-end and back-end services are vertically separated. In an environment where a FinTech payment service provider (FPP) covers only the front-end services, delegating the back-end services to an integrated payment service provider (IPP) such as banks and credit card companies, we show that under the IPP liability regime, the IPP invests more in general, while the respective investment depends on the range of the access fee under the FPP liability regime. Specifically, given a sufficiently great loss from accident, if the access fee is in a certain range, the FPP liability regime is superior in terms of antifraud investment. When the FPP makes its indirect revenue from its user base in addition to the revenue from user fees, we can observe greater antifraud investment under both liability regimes, but the overall decrease in fraud probability is higher under the IPP liability regime. Our results suggest that it might be desirable to induce FPP liability regime, which might necessitate regulating the access fee to achieve such an outcome. (JEL G23, G28, D43, L22). © 2018 Western Economic Association International}, funding_text 1={∗The initial version of this paper was posted as Bank of Korea Working Paper 16–12. The authors greatly appreciate valuable comments from Jaejoon Han, Kyusoo Kim, Francisco Rodriguez-Fernandez, and other seminar participants of the WEAI-IBEFA and ASLEA conferences held in 2016. The financial support from the Bank of Korea should also be acknowledged. All errors are our own. Yoon: Assistant Professor, Department of Economics, Daegu University, Gyeong-san, Gyeongsangbuk-do 38453, Korea. Phone +82-53-850-6215, Fax +82-53-850-6279, E-mail yoonks@daegu.ac.kr Jun: Corresponding author, Assistant Professor, Depart-ment of Economics, Dongguk University, Jung-gu, Seoul 04620, Korea. Phone +82-2-2260-3310, Fax +82-2-2290-1464, E-mail jooyong@dongguk.edu Contemporary Economic Policy (ISSN 1465-7287) Vol. 37, No. 1, January 2019, 181–194 Online Early publication March 1, 2018}, references={Anderson, R., Moore, T., The Economics of Information Security (2006) Science, 314 (5799), pp. 610-613; Armstrong, M., Competition in Two-Sided Markets (2006) The RAND Journal of Economics, 37 (3), pp. 668-691; Buehler, S., Schmutzler, A., Benz, M.-A., Infrastructure Quality in Deregulated Industries: Is There an Underinvestment Problem? 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(2007) Economic Review, pp. 5-40; Sullivan, R.J., The US Adoption of Computer-Chip Payment Cards: Implications for Payment Fraud (2013) Economic Review; Tsukayama, H., Halzack, S., (2015), “Apple Pay's Pitch Simpler Is Better. But Some Security Experts Disagree.”, Washington Post, March 26; Varian, H.R., System Reliability and Free Riding (2004) Economics of Information Security, pp. 1-15. , edited by, L. J. Camp, S. Lewis, New York, Springer Verlag}, publisher={Blackwell Publishing Inc.}, issn={10743529}, language={English}, abbrev_source_title={Contemp. Econ. Policy}, document_type={Article}, source={Scopus}, } @ARTICLE{Brummer2019235, author={Brummer, C. and Yadav, Y.}, title={Fintech and the innovation trilemma}, journal={Georgetown Law Journal}, year={2019}, volume={107}, number={2}, pages={235-307}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064056395&partnerID=40&md5=9f96c31b45b3a215cdcd7655a171abf0}, affiliation={Georgetown University Law Center, Faculty Dirct., Institute of International Economic Law, Vanderbilt Law School, United States; Vanderbilt Law School, United States}, abstract={Whether in response to robo advising, artificial intelligence, or cryptocurrencies such as Bitcoin, regulators around the world have made it a top policy priority to supervise the exponential growth of financial technology (or “fintech”) in the post-crisis era. However, applying traditional regulatory strategies to new technological ecosystems has proved conceptually difficult. Part of the challenge lies in managing the trade-offs that accompany the regulation of innovations that could, conceivably, both help and hurt consumers as well as market participants. Problems also arise from the common assumption that today's fintech is a mere continuation of the story of innovation that has shaped finance for centuries. This Article offers a new theoretical framework for understanding and regulating fintech by showing how the supervision of financial innovation is invariably bound by what can be described as a policy trilemma. Specifically, we argue that when seeking to provide clear rules, maintain market integrity, and encourage financial innovation, regulators have long been able to achieve, at best, only two out of these three goals. Moreover, today's innovations exacerbate the trade-offs historically embodied in the trilemma by breaking down financial services supply chains into discrete parts and disintermediating traditional functions using cutting edge, but untested, technologies, thereby introducing unprecedented uncertainty as to their risks and benefits. This Article seeks to catalogue the strategies taken by regulatory authorities to navigate the trilemma, and posits them as operating across a spectrum of interrelated responses. The Article then proposes supplemental administrative tools to support not only market, but also regulatory experimentation and innovation. © 2018, Chris Brummer & Yesha Yadav.}, funding_details={European CommissionEuropean Commission}, funding_details={University of MarylandUniversity of Maryland}, funding_text 1={* Agnes N. Williams Research Professor of Law, Georgetown University Law Center, Faculty Director, Institute of International Economic Law; Professor of Law, Vanderbilt Law School. © 2018, Chris Brummer & Yesha Yadav. ** Professor of Law, Vanderbilt Law School. We are grateful to Professors Michael Barr, Matthew Bruckner, Peter Conti-Brown, Heather Casey, Brian Galle, Jon Frost, Richard Herring, Donald Langevoort, Adam Levitin, Paul Ohm, Elizabeth Pollman, J.B. Ruhl, Steven Davidoff Solomon, Danny Sokol, Peter Kerstens, and David Zaring for comments, insights, and discussion in relation to this Article. We would also like to thank staff from the Office of the Comptroller of the Currency, Office of Financial Research, Commodity Futures Trading Commission, Securities and Exchange Commission, Consumer Financial Protection Bureau, and the European Commission for their comments as well as participants at Georgetown Law Center’s faculty workshop, the University of Michigan/Office of Financial Research’s Conference on Fintech, the Federal Reserve Bank of Cleveland/University of Maryland Business School/Office of Financial Research’s Conference on Fintech, the Wharton Conference on Financial Regulation, and presentation to the Financial Stability Board. We are enormously grateful to Amin Bahrami Arz Aghdas, Mehdi Farahbakhsh, Garrett King, and Ivan Pizeta for thoughtful research assistance in the preparation of this Article. We are most grateful to the editors of The Georgetown Law Journal for their thoughtful comments and careful editing of this Article.}, references={Chavez-Dreyfuss, G., Bitcoin hits another record high in March towards $20,000 (2017) Reuters, , https://www.reuters.com/article/uk-markets-bitcoin/bitcoin-hits-another-record-high-in-march-towards-20000-idUSKBN1E60PE, Dec. 12, 5:30 AM, https://perma.cc/JJ8F-WUA5; Jay Clayton, Chairman, Sec. & Exch. Comm'n, Statement on Cryptocurrencies and Initial Coin Offerings (Dec. 11, 2017), https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11 https://perma.cc/QAQ5-PZDA; Johnson, S., Beyond the bitcoin bubble (2018) N.Y. 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Law J.}, document_type={Article}, source={Scopus}, } @ARTICLE{Belanche2019, author={Belanche, D. and Casaló, L.V. and Flavián, C.}, title={Artificial Intelligence in FinTech: understanding robo-advisors adoption among customers}, journal={Industrial Management and Data Systems}, year={2019}, doi={10.1108/IMDS-08-2018-0368}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85067031660&doi=10.1108%2fIMDS-08-2018-0368&partnerID=40&md5=d15ac0be960849743de2ce83f148f2f9}, affiliation={Department of Marketing Management and Marketing Research, University of Zaragoza, Zaragoza, Spain}, abstract={Purpose: Considering the increasing impact of Artificial Intelligence (AI) on financial technology (FinTech), the purpose of this paper is to propose a research framework to better understand robo-advisor adoption by a wide range of potential customers. It also predicts that personal and sociodemographic variables (familiarity with robots, age, gender and country) moderate the main relationships. Design/methodology/approach: Data from a web survey of 765 North American, British and Portuguese potential users of robo-advisor services confirm the validity of the measurement scales and provide the input for structural equation modeling and multisample analyses of the hypotheses. Findings: Consumers’ attitudes toward robo-advisors, together with mass media and interpersonal subjective norms, are found to be the key determinants of adoption. The influences of perceived usefulness and attitude are slightly higher for users with a higher level of familiarity with robots; in turn, subjective norms are significantly more relevant for users with a lower familiarity and for customers from Anglo-Saxon countries. Practical implications: Banks and other firms in the finance industry should design robo-advisors to be used by a wide spectrum of consumers. Marketing tactics applied should consider the customer’s level of familiarity with robots. Originality/value: This research identifies the key drivers of robo-advisor adoption and the moderating effect of personal and sociodemographic variables. It contributes to understanding consumers’ perceptions regarding the introduction of AI in FinTech. © 2019, Emerald Publishing Limited.}, author_keywords={Artificial Intelligence; Finance; Robo-advisors; Robots; Technology adoption}, keywords={Artificial intelligence; Finance; Robots; Sales, Design/methodology/approach; Perceived usefulness; Potential customers; Research frameworks; Robo-advisors; Socio-demographic variables; Structural equation modeling; Technology adoption, Intelligent robots}, references={Acemoglu, D., Restrepo, P., (2017) Robots and jobs: evidence from US labor markets, , https://voxeu.org/article/robots-and-jobs-evidence-us, (accessed, July 29, 2018; Ajzen, I., The theory of planned behavior (1991) Organizational Behavior and Human Decision Processes, 50 (2), pp. 179-211; Algesheimer, R., Dholakia, U.M., Herrmann, A., The social influence of brand communities: evidence from European car clubs (2005) Journal of Marketing, 59 (3), pp. 19-34; Anderson, J., Gerbing, D., Structural equation modeling in practice: a review and recommended two-step approach (1988) Psychological Bulletin, 103 (3), pp. 411-423; Bagozzi, R., The legacy of the technology acceptance model and a proposal for a paradigm shift (2007) Journal of the Association for Information Systems, 8 (4), pp. 244-254; Bagozzi, R.P., Dholakia, U.M., Open source software user communities: a study of participation in Linux user groups (2006) Management Science, 52 (7), pp. 1099-1115; Belanche, D., Casaló, L.V., Flavián, C., Understanding the influence of social information sources on e-government adoption (2012) Information Research, 17 (3), pp. 1-27; Belanche, D., Casaló, L.V., Guinalíu, M., The effect of culture in forming e-loyalty intentions: a cross-cultural analysis between Argentina and Spain (2015) Business Research Quarterly, 18 (4), pp. 275-292; Belanche, D., Casaló, L.V., Pérez-Rueda, A., Determinants of multi-service smartcard success for smart cities development: a study based on citizens’ privacy and security perceptions (2015) Government Information Quarterly, 32 (2), pp. 154-163. , www.sciencedirect.com/science/article/pii/S0740624X15000222; Belanche, D., Casaló, L.V., Flavián, C., Guinalíu, M., Reciprocity and commitment in online travel communities (2019) Industrial Management & Data Systems, 119 (2), pp. 397-411; Bhattacherjee, A., Acceptance of e-commerce services: the case of electronic brokerages (2000) IEEE Transactions on Systems, Man, and Cybernetics, Systems and Humans, 30 (4), pp. 411-420; Bhattacherjee, A., Understanding information systems continuance: an expectation-confirmation model (2001) MIS Quarterly, 25 (3), pp. 351-370; Bolton, R.N., Parasuraman, A., Hoefnagels, A., Migchels, N., Kabadayi, S., Gruber, T., Loureiro, Y.K., Solnet, D., Understanding generation Y and their use of social media: a review and research agenda (2013) Journal of Service Management, 24 (3), pp. 245-267; Casaló, L.V., Flavián, C., Guinalíu, M., The role of perceived usability, reputation, satisfaction and consumer familiarity on the website loyalty formation process (2008) Computers in Human Behavior, 24 (2), pp. 325-345; Casaló, L.V., Flavián, C., Guinalíu, M., Antecedents and consequences of consumer participation in on-line communities: the case of the travel sector (2010) International Journal of Electronic Commerce, 15 (2), pp. 137-167; Casalo, L.V., Flavian, C., Guinaliu, M., Ekinci, Y., Do online hotel rating schemes influence booking behaviors? 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The impact of alliance partner repeatedness on breakthrough innovations (2015) Journal of Management Studies, 52 (2), pp. 213-230}, correspondence_address1={Flavián, C.; Department of Marketing Management and Marketing Research, University of ZaragozaSpain; email: cflavian@unizar.es}, publisher={Emerald Group Publishing Ltd.}, issn={02635577}, coden={IMDSD}, language={English}, abbrev_source_title={Ind Manage Data Sys}, document_type={Article}, source={Scopus}, } @ARTICLE{ContrerasPinochet2019, author={Contreras Pinochet, L.H. and Diogo, G.T. and Lopes, E.L. and Herrero, E. and Bueno, R.L.P.}, title={Propensity of contracting loans services from FinTech’s in Brazil}, journal={International Journal of Bank Marketing}, year={2019}, doi={10.1108/IJBM-07-2018-0174}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062618101&doi=10.1108%2fIJBM-07-2018-0174&partnerID=40&md5=d3331602ef50cc5dc4b56f78007c5c3b}, affiliation={Department of Business Administration, Universidade Federal de Sao Paulo, Sao Paulo, Brazil; Business Management Post-graduate Program, Universidade Nove de Julho, Sao Paulo, Brazil}, abstract={Purpose: Given the large global investments made in FinTechs and the context of Brazilian credit (which has been suffering from the effects of the crisis in the last decade), the purpose of this paper is to study the propensity of consumption of credit services offered by FinTechs of loans. In order to discover the factors that influenced the propensity to apply for FinTech loans, a theoretical model was designed, which was tested by means of a survey given to individuals who might contract loans. Design/methodology/approach: The final sample consisted of 507 individuals whose data were analyzed through structural equation modeling (SEM), with estimation of partial least squares. Findings: From the results of the research, it was possible to draw a profile of the FinTechs of Brazilian loans and also to estimate the antecedents of the propensity to utilize this type of service. Research limitations/implications: The model proposed in this work was developed to measure the propensity to consume in relation to the credit services offered by lending FinTechs. Practical implications: The consumer should intensify the use of these channels to shape financial products and services to their needs, thereby democratizing access to credit, which is often restricted in quantity and quality by policies of institutions that dominate the Brazilian lending market. Originality/value: Aspects such as trust, personal innovation, perceived utility, ease of use and social influence, as well as the constructs that precede them like privacy, stigma and transactional distance, explain 41.5 percent of the propensity to use services from lending FinTechs in Brazil. © 2019, Emerald Publishing Limited.}, author_keywords={FinTechs lending; Propensity to consume; Startups}, references={Agarwal, R., Prasad, J., A conceptual and operational definition of personal innovativeness in the domain of information technology (1998) Information Systems Research, 9 (2), pp. 204-215; Asuka, K., Misato, T., Hideki, H., Reliability and validity of the Japanese version of the self-stigma scale in patients with type 2 diabetes (2014) Health & Quality of Life Outcomes, 12 (1), pp. 79-95; (2018) Brazilian Central Bank, , www.bcb.gov.br/en#!/home, (accessed, September 4, 2018; Bae, K.-H., Goyal, V.K., Creditor rights, enforcement, and bank loans (2009) The Journal of Finance, 64 (2), pp. 823-860; (2017) Relatório de Estabilidade Financeira, 16. , No 2, Banco Central do Brasil, Brasília; Boerema, A.M., Zoonen, K., Cuijpers, P., Holtmaat, C.M., Mokkink, L.B., Griffiths, K.M., Kleiboer, A.M., Psychometric properties of the Dutch depression stigma scale (DSS) and associations with personal and perceived stigma in a depressed and community sample (2016) Plos One, 11 (8), pp. 1-16; Bolander, W., Satornino, C.B., Hughes, D.E., Ferris, G.R., Social networks within sales organizations: their development and importance for salesperson performance (2015) Journal of Marketing, 79 (6), pp. 1-16; Chechen, L., Yi-Jen, H., Tung-Heng, H., Factors influencing internet banking adoption (2016) Social Behavior & Personality: An International Journal, 44 (9), pp. 1443-1455; Chen, D., Liu, X., Wang, C., Social trust and bank loan financing: evidence from china (2016) Abacus, 52 (3), pp. 374-403; Chin, W.W., The Partial Least Squares approach for structural equation modeling (1998) Methodology for Business and Management, Modern Methods for Business Research, pp. 295-336. , Marcoulides, G.A. 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(2016) Thirty Seventh International Conference on Information Systems, , Dublin: December 11-14; Zhang, A., (2003) Transactional distance in web-based college learning environments: toward measurement and theory construction (unpublished doctoral dissertation), , Virginia Commonwealth University, Richmond VA}, correspondence_address1={Contreras Pinochet, L.H.; Department of Business Administration, Universidade Federal de Sao PauloBrazil; email: luis.hernan@unifesp.br}, publisher={Emerald Group Publishing Ltd.}, issn={02652323}, language={English}, abbrev_source_title={Int. J. Bank Mark.}, document_type={Article}, source={Scopus}, } @ARTICLE{Riikkinen201920, author={Riikkinen, M. and Saraniemi, S. and Still, K.}, title={Fintechs as service innovators - Understanding the service innovation stack}, journal={International Journal of e-Business Research}, year={2019}, volume={15}, number={1}, pages={20-37}, doi={10.4018/IJEBR.2019010102}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059779882&doi=10.4018%2fIJEBR.2019010102&partnerID=40&md5=5f4cbe7a3e986ab3bbd1005955596aac}, affiliation={University of Tampere, Tampere, Finland; University of Oulu, Oulu, Finland; VTT Technical Research Centre of Finland, Oulu, Finland}, abstract={Fundamental internal and external changes coupled with digitalisation have enabled new market entrants, FinTechs, to innovate services, creating competitive solutions to incumbents' offering. The purpose of this article is to understand the service innovation approach of FinTech companies. The complexities of service innovation are explained with a theoretical concept of service innovation stack, which presents the multiple components needed for successful service innovation. The usefulness of this construct is observed with a longitudinal case study of 10 FinTech startup from Finland using interviews and other data. These are shown with a visual representation, which ties in the internal activities with the external ones and shows the interplay between them. With the representation of the service innovation stack, the service innovation within financial industry can be better understood and further developed. The authors further suggest that though the framework is based on cases from FinTech startups, it might be relevant also for the incumbents. 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J. E-Bus Res.}, document_type={Article}, source={Scopus}, } @ARTICLE{Gruin2019, author={Gruin, J. and Knaack, P.}, title={Not Just Another Shadow Bank: Chinese Authoritarian Capitalism and the ‘Developmental’ Promise of Digital Financial Innovation}, journal={New Political Economy}, year={2019}, doi={10.1080/13563467.2018.1562437}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85060594470&doi=10.1080%2f13563467.2018.1562437&partnerID=40&md5=ac4eaca6bba31e47bf49fe5e0b5dd9ff}, affiliation={Political Science, University of Amsterdam, Amsterdam, Netherlands; Blavatnik School of Government, University of Oxford, Oxford, United Kingdom}, abstract={China's financial system is rapidly evolving. Both the emergence of shadow banking since 2009 and the growth of fintech since 2013 as forms of ‘non-bank credit intermediation’ have catalysed market-oriented institutional change beyond the banking system, with potentially far-reaching economic and political implications. In this article we assess these developments in the broader trajectory of China's financial reform and economic development. Through an analysis of two key sectors of non-bank credit intermediation–wealth management products and online lending platforms–we find that the growth of both shadow banking and fintech can be located in the same trajectory of reform and development that has animated Chinese financial policy since the early 1990s. The toleration of WMPs and promotion of internet lending constitutes the latest stage of the Chinese Communist Party's efforts to construct a more efficient and sustainable market economy whilst simultaneously preserving political supremacy and custodianship of macro-social development. The difference in policy response is commensurate with the degree to which each financial sector meets the Party's twin objectives of economic development and political control. Counterintuitively from a Western liberal perspective, the very forces behind deep and broad financial liberalisation are also consolidating the Chinese Communist Party's overall legitimacy and ruling capacity. © 2019, © 2019 The Author(s). 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Econ.}, document_type={Article}, source={Scopus}, } @ARTICLE{Wonglimpiyarat20191, author={Wonglimpiyarat, J.}, title={Crowd funding dynamics for venture and innovation development}, journal={International Journal of Technology, Policy and Management}, year={2019}, volume={19}, number={1}, pages={1-13}, doi={10.1504/IJTPM.2019.097989}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062395283&doi=10.1504%2fIJTPM.2019.097989&partnerID=40&md5=b3a951f46b2a6393ba3e9391cbe38daa}, affiliation={Department of Aeronautics and Astronautics, Massachusetts Institute of Technology, 77 Massachusetts Avenue, Cambridge, MA 02139, United States}, abstract={This study explores the dynamics of crowd funding mechanisms to support venture development in Thailand. Under the policy of moving the country towards ‘Thailand 4.0’, the Thai government has placed importance on value-based economy and innovation driven economy. The empirical analyses, based on the national innovation system (NIS) approach, have shown that the Thai government plays a key role in building a crowd funding platform to provide entrepreneurial finance for start-ups. The findings point out the barriers both at the policy and operation levels underlying the Thai financial innovation system. The paper provides insightful lessons and implications to strengthen the FinTech crowd funding platform for promoting knowledge-intensive economic growth. Copyright © 2019 Inderscience Enterprises Ltd.}, author_keywords={Crowd funding; Entrepreneurship; FinTech; Innovation system; Technology-based start-ups}, keywords={Economics; Finance, Crowd funding; Entrepreneurship; FinTech; Innovation system; Technology-based, Crowdsourcing}, funding_details={National Institute on AgingNational Institute on Aging}, funding_details={Thammasat UniversityThammasat University}, funding_details={Colleges Innovation Project of GuangdongColleges Innovation Project of Guangdong}, funding_text 1={The National Innovation Agency (NIA), Ministry of Science and Technology is a main agency established to drive Thailand’s innovation system. NIA offers various financial schemes and acceleration programs to support entrepreneurial development and technology commercialisation, for example, Good Innovation … Zero Interest, Technology Capitalisation, Innovation Cluster Grant, Innovation Coupon Siam Commercial Bank Plc. has established Digital Ventures Accelerator, the FinTech solutions venture arm, to support FinTech start-ups. With the aim to be the leader in digital money era, Siam Commercial Bank has also signed a joint venture agreement with Golden Gate Ventures, an early stage venture capital firm in Southeast Asia, to support start-ups in launching FinTech product and service innovations}, funding_text 2={The author is grateful for the research funding supported by the College of Innovation, Thammasat University.}, references={Bygrave, W.D., Timmons, J.A., (1992) Venture Capital at The Crossroads, , Harvard Business School Press, Boston, MA; Carlsson, B., Internationalization of innovation systems: A survey of the literature (2006) Research Policy, 35 (1), pp. 55-67; Cordova, A., Dolci, J., Gianfrate, G., The determinants of crowdfunding success: Evidence from technology projects (2015) Procedia -Social and Behavioral Sciences, 181, pp. 115-124; Cornelli, F., Yosha, O., (2001) Stage Financing and The Role of Convertible Securities, , IFA Working Paper 253–1997, London Business School; David, P.A., Hall, B.H., Toole, A.A., Is public R&D a complement or substitute for private R&D? 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(2017) Ecological Economics, 139, pp. 150-157; Tsai, F.-S., Hsieh, L.H.Y., Fang, S.-C., Lin, J.L., The co-evolution of business incubation and national innovation systems in Taiwan (2009) Technological Forecasting and Social Change, 76 (5), pp. 629-643; Unger, B., Greiman, V.A., Leybourne, S.A., A study of postinvestment monitoring practices in life science venture capital firms (2010) Journal of Transnational Management, 15, pp. 3-25; Wonglimpiyarat, J., Entrepreneurial financing for venture and innovation development (2009) International Journal of Foresight and Innovation Policy, 5 (4), pp. 234-243}, correspondence_address1={Wonglimpiyarat, J.; Department of Aeronautics and Astronautics, Massachusetts Institute of Technology, 77 Massachusetts Avenue, United States; email: jaruneew@mit.edu}, publisher={Inderscience Enterprises Ltd.}, issn={14684322}, language={English}, abbrev_source_title={Int. J. Technol. Policy Manage.}, document_type={Article}, source={Scopus}, } @ARTICLE{Serrano2019, author={Serrano, W.}, title={Genetic and deep learning clusters based on neural networks for management decision structures}, journal={Neural Computing and Applications}, year={2019}, doi={10.1007/s00521-019-04231-8}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85066099642&doi=10.1007%2fs00521-019-04231-8&partnerID=40&md5=4291ba2438a4e63aa932cabcdf4281db}, affiliation={Intelligent Systems and Networks Group, Electrical and Electronic Engineering, Imperial College London, London, United Kingdom}, abstract={Judgments are taken in a structured way; both human and business management decisions involve a hierarchical process that requires a level of compromise between risk, cost, reward, experience and knowledge. This article proposes a management decision structure that emulates the human brain approach based on genetic and deep learning cluster algorithms and the random neural network. Reinforcement learning takes quick and specific local decisions, deep learning clusters enables identity and memory, and deep learning management clusters make final strategic decisions. The presented genetic algorithm transmits the learned information to future generations in the network weights rather than the neurons. Because the subject’s information, a combination of memory, identity and decision data, is never lost but transmitted, the genetic algorithm provides immortality. The management decision structure has been applied and validated in a smart investment Fintech application: an intelligent banker that makes buy and sell asset decisions with an associated market and risk that entirely transmits itself to a future generation. Results are rewarding; the management decision structure with genetics and machine learning based on the random neural network algorithm that emulates the human brain and biology transmits information to future generations and learns autonomously, gradually and continuously while adapting to the environment. © 2019, The Author(s).}, author_keywords={Deep learning clusters; Fintech; Genetic learning; Random neural network; Reinforcement learning; Smart investment}, keywords={Brain; Clustering algorithms; Decision making; Genetic algorithms; Information management; Learning algorithms; Machine learning; Neural networks; Reinforcement learning, Business management; Fintech; Genetic learning; Hierarchical process; Learning managements; Management decisions; Random neural network; Strategic decisions, Deep learning}, references={Ito, M., Doya, K., Distinct neural representation in the dorsolateral, dorsomedial, and ventral parts of the striatum during fixed- and free-choice tasks (2015) J Neurosci, 35 (8), pp. 3499-3514; Kirschner, M., Gerhart, J., (2005) The plausibility of life resolving Darwin’s dilemma, pp. 1-336. , Yale University Press, New Haven; Parter, M., Kashtan, N., Alon, U., Facilitated variation: how evolution learns from past environments to generalize to new environments. 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Appl.}, document_type={Article}, source={Scopus}, } @ARTICLE{Arias-Oliva2019, author={Arias-Oliva, M. and Pelegrín-Borondo, J. and Matías-Clavero, G.}, title={Variables influencing cryptocurrency use: A technology acceptance model in Spain}, journal={Frontiers in Psychology}, year={2019}, volume={10}, number={MAR}, doi={10.3389/fpsyg.2019.00475}, art_number={475}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85065200851&doi=10.3389%2ffpsyg.2019.00475&partnerID=40&md5=9336baa16ffa2616749941a24300de05}, affiliation={Department of Business Management, Rovira i Virgili University, Tarragona, Spain; Economy and Business Department, University of La Rioja, Logroño, Spain; Economic Structure and Development Economics, Autonomous University of Madrid, Madrid, Spain}, abstract={The first commercial transaction with the first cryptocurrency in 2010 marked the start of a revolution in transactions. Blockchain and cryptocurrencies will dramatically transform how we do transactions, just as the Internet revolutionized how we communicate. Currently, more than 2,000 cryptocurrencies are quoted on the market, and many more are being launched in initial coin offerings for use as an exchange method in a specific business ecosystem or as rights to assets or liabilities. As an emerging fintech, cryptocurrencies open up many opportunities, but they also pose significant challenges and limitations. This paper analyzes the key factors for the successful development of a cryptocurrency from a consumer-behavior perspective. Using a technology acceptance theoretical framework, we test a model able to explain almost 85% of the intention to use cryptocurrencies. Surprisingly, risk was not a significant factor. This could be because most of the respondents considered operating with cryptocurrencies to be risky; the lack of variability in their responses to the questions about perceived risk would explain this lack of explanatory power. However, willingness to manage cryptocurrency risk could be a precondition for adoption. The performance expectancy for a given cryptocurrency was the most important factor for its success. The research was conducted in Spain with college-educated adults with basic knowledge of the Internet. © 2019 Arias-Oliva, Pelegrín-Borondo and Matías-Clavero.}, author_keywords={Bitcoin; Blockchain; Cryptocurrencies; Fintech; ICO; Initial coin offering}, references={Ajzen, I., The theory of planned behavior (1991) Organ. Behav. Hum. Decis. 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Manag, 13, pp. 165-182; Warsame, M.H., Ireri, E.M., Moderation effect on mobile microfinance services in Kenya: an extended UTAUT model (2018) J. Behav. Exp. Finance, 18, pp. 67-75; (2015) WEF: Technology Tipping Points and Societal Impact, , http://www3.weforum.org/docs/WEF_GAC15_Technological_Tipping_Points_report_2015.pdf}, correspondence_address1={Arias-Oliva, M.; Economic Structure and Development Economics, Autonomous University of MadridSpain; email: mario.arias@urv.cat}, publisher={Frontiers Media S.A.}, issn={16641078}, language={English}, abbrev_source_title={Front. Psychol.}, document_type={Article}, source={Scopus}, } @BOOK{Lajis2019237, author={Lajis, S.M.}, title={Fintech and risk-sharing: A catalyst for islamic finance}, journal={Islamic Finance, Risk-Sharing and Macroeconomic Stability}, year={2019}, pages={237-254}, doi={10.1007/978-3-030-05225-6-12}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064373802&doi=10.1007%2f978-3-030-05225-6-12&partnerID=40&md5=d33d38339a782d2d6bdfd58d1a6c2d2e}, affiliation={Islamic Banking and Takaful Department, Bank Negara MalaysiaKuala Lumpur, Malaysia}, references={Abdul-Rahman, A., Mohd-Nor, S., Challenges of Profit-loss-sharing Financing in Malaysia Islamic Banking (2016) Malaysia Journal of Society and Space, 12 (2), pp. 39-46; Alaabed, A., Masih, M., Mirakhor, A., (2015) Undermining Shared Prosperity? Risk Shifting and Islamic Banking, p. 9. , Paper Presented at the World Bank and Islamic Development Bank Inaugural Annual Symposium on Islamic Finance 2015, Istanbul, September; Askari, H., Iqbal, Z., Krichene, N., Mirakhor, A., (2012) Risk-Sharing in Finance: the Islamic Finance Alternative, , Singapore: Wiley; Calomiris, C., Haber, S., (2014) Fragile by Design, , Princeton, NJ: Princeton University Press; De Soto, J.H., (2009) Money, Bank Credit and Economic Cycles, , 2nd ed.). Auburn: Ludwig Von Mises Institute; Elgari, M.A., (2007) Tawarruq: A Methodological Issue in Shariah-Compliant Finance. Paper Presented at Harvard-Lse Workshop London School of Economics, p. 1. , London, February; Fisher, I., The Debt-deflation Theory of Great Depression (1933) Econometrica, pp. 337-357; Haque, N.U., Mirakhor, A., Optimal Profit-Sharing Contracts and Investment in an Interest-Free Islamic Economy (1986) IMF Working Paper No. WP/86/12, , Washington, DC: International Monetary Fund; (2009) The State of Public Finance: Outlook and Medium-Term Policies after the 2008 Crisis, p. 17; Malaysia: Financial Sector Assessment Program: Financial Sector Performance, Vulnerabilities and Derivatives—Technical Notes (2014) IMF Country Report No. 14/98, , Washington, DC: International Monetary Fund; Iqbal, Z., Mirakhor, A., (2011) An Introduction to Islamic Finance: Theory and Practice, , 2nd ed.). Singapore: Wiley; Keynes, J.M., Saving and Usury: A Symposium (1932) The Economic Journal, 42 (165), pp. 123-141; Kumhof, M., Rancière, R., Nequality, Leverage and Crisis (2010) IMF Working Paper No. WP/10/268, , Washington, DC: International Monetary Fund; Kumhof, M., Ranciere, R., Winant, P., Inequality, Leverage and Crisis (2015) American Economic Review, 105 (3), pp. 1217-1245; Lajis, S.M., Risk-Sharing Securities: Accelerating Finance for SMEs (2017) Islamic Economic Studies, 25 (2), pp. 35-55; Lajis, S.M., Idris, A., Fintech: Game-Changer for Islamic Finance (2017) Islamic Finance—The New Normal, , A. H. Baharom, M. H. Ibrahim, & K. Sazalina (eds.), Kuala Lumpur, Malaysia: RAM Holdings Berhard; Minsky, H.P., (1986) Stabilizing an Unstable Economy, , New Haven, CT: Yale University Press; Mirakhor, A., Islamic Finance and Globalization: A Convergence (2007) MPRA Paper 56026, , Munich, Germany: University Library of Munich; Mirakhor, A., Regulatory Framework for Islamic Finance (2014) Islamic Banker Asia, 11, pp. 50-53; Mishkin, F.S., (2012) Economics of Money, Banking and Financial Markets, , 10th ed.). Upper Saddle River, NJ: Prentice Hall; Piketty, T., (2013) Capital in the Twenty-First Century (A. Goldhammer, Trans.), , Cambridge, MA: The Belknap Press of Harvard University Press; Postan, M., Credit in Medieval Trade (1928) Economic History Review, 1 (2), pp. 234-261; Reinhart, C.M., Rogoff, K.S., (2009) This Time is Different: Eight Centuries of Financial Folly, , Princeton: Princeton University Press; Rosly, S.A., (2005) Critical Issues on Islamic Banking and Financial Markets: Islamic Economics, Banking & Finance, Investments, Takaful and Financial Planning, , Kuala Lumpur: Dinamas Publishing; Rosly, S.A., Ariff, M., Islamic Banking in Malaysia: Uncharted Waters (2011) Asian Economic Policy Review, 6 (2), pp. 301-319; Schularick, M., Taylor, A.M., Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870–2008 (2012) American Economic Review, 102 (2), pp. 1029-1061; Sheng, A., (2009) From Asian to Global Financial Crisis: An Asian Regulator’s View of Unfettered Finance in the 1990S and 2000S, , Cambridge: Cambridge University Press; Shiller, R., Social Security and Individual Accounts as Elements of Overall Risk-Sharing (2003) American Economic Review, 93 (2), pp. 343-347; (2012) The Financial Crisis Response, p. 2012. , Charts, April; (2015) World Bank Annual Report 2015, , Washington, DC: The World Bank}, correspondence_address1={Lajis, S.M.; Islamic Banking and Takaful Department, Bank Negara MalaysiaMalaysia; email: sid@bnm.gov.my}, publisher={Palgrave Macmillan}, isbn={9783030052256; 9783030052249}, language={English}, abbrev_source_title={Islamic Finance, Risk-Sharing and Macroeconomic Stab.}, document_type={Book Chapter}, source={Scopus}, } @ARTICLE{Funk201995, author={Funk, A.S.}, title={From informal finance to internet finance in China}, journal={Contributions to Management Science}, year={2019}, pages={95-147}, doi={10.1007/978-3-319-97253-4_4}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064921613&doi=10.1007%2f978-3-319-97253-4_4&partnerID=40&md5=c71ae3f21a0628c04b7671cd4a3a83a7}, affiliation={University of Würzburg, Würzburg, Germany}, abstract={As formal finance cannot meet financial demand and informal finance is not the most favoured institution to fill this gap, the Chinese government has started to promote internet finance or FinTech. The latter has rapidly evolved in China, and in fact has the potential to challenge both, informal and formal finance. In order to understand crowdfunding’s embeddedness in China’s FinTech sector, this chapter starts with an overview of formal and informal finance and proceeds with an analysis of FinTech evolution in China. In addition, it draws a concise picture of China’s internet industry. In particular, it first illustrates the ecosystem of China’s internet giants, exemplified by the businesses of Alibaba and Tencent. Secondly, it depicts China’s mobile internet market. Thirdly, it explains the success and challenges of China’s e-commerce market, and fourthly, it analyses China’s payments market. Eventually, China’s shift from informal to internet finance will become more plausible. © Springer Nature Switzerland AG 2019.}, correspondence_address1={Funk, A.S.; University of WürzburgGermany}, publisher={Springer}, issn={14311941}, language={English}, abbrev_source_title={Contrib. Manag. Sci.}, document_type={Book Chapter}, source={Scopus}, } @ARTICLE{Chen2019, author={Chen, X. and Liu, C. and Li, S.}, title={The role of supply chain finance in improving the competitive advantage of online retailing enterprises}, journal={Electronic Commerce Research and Applications}, year={2019}, volume={33}, doi={10.1016/j.elerap.2018.100821}, art_number={100821}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059304482&doi=10.1016%2fj.elerap.2018.100821&partnerID=40&md5=325808fcda1383e30cfdfc4b53f634ef}, affiliation={School of Management, Fudan University, 670 Guoshun Road, Shanghai, 200433, China; School of Management, Shanghai University, 333 Nanchen Road, Shanghai, 200444, China}, abstract={This paper presents a case study on JD.com, one of the largest e-commerce platforms in China, to demonstrate how this online retailer enhances its competitive advantage by employing supply chain finance (SCF) practices to accelerate collaboration within the supply chain. Based on field interviews, this study investigates motivations and enabling factors for SCF adoption. Results show that JD adopts SCF mainly to strengthen its ecosystem and attain competitive advantage. In the sight of resource-based view and dynamic capability, JD builds an iterative process to conduct SCF practice. Enabling factors, mainly financial technology (fintech) and bargaining power, play critical roles in the decision-making process. The development of fintech facilitates the digitalization and capitalization process by improving transparency and efficiency while bargaining power influences the productization process. The adoption of SCF practice helps JD build closer partnership with supply chain partners and improves its own competitive advantage. © 2018 Elsevier B.V.}, author_keywords={Bargaining power; Competitive advantage; Financial technology; Retail industry; Supply chain finance}, keywords={Competition; Decision making; Electronic commerce; Supply chains, Bargaining power; Competitive advantage; Decision making process; Dynamic capabilities; Resource-based view; Retail industry; Supply chain finances; Supply chain partners, Finance}, references={Ahern, K.R., Bargaining power and industry dependence in mergers (2012) J. Financ. Econ., 103 (3), pp. 530-550; Arner, D.W., Barberis, J., Buckley, R.P., The evolution of Fintech: a new post-crisis paradigm (2015) Geo. J. Int. Law, 47, p. 1271; Barney, J.B., Strategic factor markets: expectations, luck, and business strategy (1986) Manage. Sci., 32 (10), pp. 1231-1241; Barney, J.B., Firm resources and sustained competitive advantage (1991) J. 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Sage Publications California; Zott, C., Dynamic capabilities and the emergence of intraindustry differential firm performance: insights from a simulation study (2003) Strat. Manage. J., 24 (2), pp. 97-125}, correspondence_address1={Li, S.; School of Management, Shanghai University, 333 Nanchen Road, China; email: shutingli@shu.edu.cn}, publisher={Elsevier B.V.}, issn={15674223}, language={English}, abbrev_source_title={Elect. Commer. Res. Appl.}, document_type={Article}, source={Scopus}, } @ARTICLE{Sawa201911, author={Sawa, T.}, title={Blockchain technology outline and its application to field of power and energy system}, journal={Electrical Engineering in Japan (English translation of Denki Gakkai Ronbunshi)}, year={2019}, volume={206}, number={2}, pages={11-15}, doi={10.1002/eej.23167}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85059937210&doi=10.1002%2feej.23167&partnerID=40&md5=5366faa04e1b70a67e578e082265e28e}, affiliation={Power System Information & Controls Division, Social Structure Information Systems Division, Hitachi Ltd, Tokyo, Japan}, abstract={Blockchains were developed as a technology used for transactions of Bitcoins (cryptocurrency). Blockchains have several features such as decentralized transaction without third parties, tolerance network, prevention of data manipulation, and operational cost reduction. This technology is gaining attention in the world, and by adding extensions, improvements, or new technologies, it is expected to be used not only in cryptocurrency and fintech but also in the power and energy system field. This technical note explains the outline of the blockchain technology and its application to the field of power and energy system. © 2019 Wiley Periodicals, Inc.}, author_keywords={blockchain; cryptocurrency; photovoltaic power generation; smart contract; transactive energy}, keywords={Cost reduction; Electronic money; Photovoltaic cells; Solar energy, Data manipulations; ITS applications; New technologies; Photovoltaic power generation; Smart contracts; Technical notes; Third parties; transactive energy, Blockchain}, references={Nakamoto, S., (2008) Bitcoin: a peer-to-peer electronic cash system, , https://bitcoin.org/bitcoin.pdf; (2007) Report of working committee on P2P networks, , http://www.soumu.go.jp/main_sosiki/joho_tsusin/policyreports/chousa/network_churitsu/pdf/wg2_070618_si9_1.pdf, (in Japanese); (2016) Survey report on establishment of evaluation axes for systems using blockchain technology, , http://www.meti.go.jp/press/2016/03/20170329004/20170329004-2.pdf, (in Japanese); Morikawa, M., (2017) Introduction to blockchain, , Japan, KK Bestsellers, (in Japanese); Blockchain, , http://www.hitachi.co.jp/products/it/finance/innovation/blockchain/, (in Japanese); (2017) Report of study group on feasibility and issues of blockchain technology, , https://www.zenginkyo.or.jp/fileadmin/res/news/news290346.pdf, (in Japanese); (2016) Survey on domestic and foreign trends in blockchain-based Services, , http://www.meti.go.jp/press/2016/04/20160428003/20160428003.html, (in Japanese); Toriyabe, A., Kaseda, T., Hayashida, S., (2017) Introduction to smart contracts, , Tokyo, Japan, Gijutsu-Hyohron, (in Japanese); (2014), https://www.ethereum.org; (2016), https://www.hyperledger.org; (2016) Issues and solutions regarding introduction of blockchain, , https://www.boj.or.jp/announcements/release2016/data/rel160831b7.pdf, (in Japanese); Umi, G., Shimayoshi, S., Shiraishi, M., Mieno, K., Miyamoto, H., (2017) Blockchain technology assessment, , http://www.pp.u-tokyo.ac.jp/wp-content/uploads/2017/10/GraSPP-P-17-001.pdf, (in Japanese); (2018) PV Outlook for 2050, , http://www.jpea.gr.jp/pvoutlook2050.pdf, (in Japanese); (2017) On termination of FIT transaction period for residential PV generation in 2019, , http://www.meti.go.jp/committee/sougouenergy/denryoku_gas/saiseikanou_jisedai/pdf/0010400.pdf; (2017) On non-fossil value trading market, , http://www.meti.go.jp/committee/sougouenergy/denryoku_gas/denryoku_gas_kihon/seido_kento/pdf/0150400.pdf, (in Japanese); Adachi, Y., Overview of Brooklyn Microgrid project: blockchain-based electricity trading (2017) Kaigai Denryoku, 59, pp. 17-23. , (in Japanese); (2016), http://brooklynmicrogrid.com; (2017) Blockchain in energy communities, A proof of concept. JRC Technical Report, , https://ec.europa.eu/jrc/en/publication/blockcham-energy-communities-proof-concept; Sabounchi, M., Wei, J., Towards resilient networked microgrids: Blockchain-enabled peer-to-peer electricity trading mechanism. 2017 IEEE Conference on Energy Internet and Energy System Integration. 2017:1–5}, correspondence_address1={Sawa, T.; Power System Information & Controls Division, Social Structure Information Systems Division, Hitachi LtdJapan; email: toshiyuki.sawa.zu@hitachi.com}, publisher={John Wiley and Sons Inc.}, issn={04247760}, coden={EENJA}, language={English}, abbrev_source_title={Electr Eng Jpn}, document_type={Article}, source={Scopus}, } @CONFERENCE{Ferretti201956, author={Ferretti, C. and Leporati, A. and Mariot, L. and Nizzardo, L.}, title={Transferable anonymous payments via TumbleBit in permissioned blockchains}, journal={CEUR Workshop Proceedings}, year={2019}, volume={2334}, pages={56-67}, note={cited By 0; Conference of 2nd Distributed Ledger Technology Workshop, DLT 2019 ; Conference Date: 12 February 2019; Conference Code:146045}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063253214&partnerID=40&md5=373e533156caa7caca55f7d45a7933a3}, affiliation={DISCo, University of Milano-Bicocca, Milano, Italy; IMDEA Software Institute, Madrid, Spain}, abstract={We propose a modification to the TumbleBit protocol, the off-chain payment hub enabling anonymous transactions among users in the Bitcoin network. Specifically, we modify the first step of the protocol by making the tumbler node sending a P2SH transaction on the blockchain claiming that any user can redeem 1 Bitcoin by providing a SHA-2 preim-age of a value chosen by the Tumbler. We remark that our modification enables Bob to transfer its Bitcoin to a third user, and argue that this modified TumbleBit protocol could find applications in permissioned blockchains, for example in the context of anonymous payments between different banks or fintech companies. © 2018 CEUR Workshop Proceedings.All right reserved.}, keywords={Bitcoin, Anonymous payment; Anonymous transaction, Blockchain}, references={Andresen, G., (2014) Bip-0016: Pay to Script Hash, , https://github.com/bitcoin/bips/blob/master/bip-0016.mediawiki; Androulaki, E., Barger, A., Bortnikov, V., Cachin, C., Christidis, K., Caro, A.D., Enyeart, D., Yellick, J., Hyperledger fabric: A distributed operating system for permissioned blockchains (2018) CoRR, Abs/1801.10228; Andrychowicz, M., Dziembowski, S., Malinowski, D., Mazurek, L., On the malleability of bitcoin transactions (2015) Financial Cryptography and Data Security - FC 2015 International Workshops, pp. 1-18. , BITCOIN, WAHC, and Wearable, San Juan, Puerto Rico, January 30, 2015, Revised Selected Papers; Banasik, W., Dziembowski, S., Malinowski, D., Efficient zero-knowledge contingent payments in cryptocurrencies without scripts (2016) European Symposium on Research in Computer Security, pp. 261-280. , Springer; Bonneau, J., Narayanan, A., Miller, A., Clark, J., Kroll, J.A., Felten, E.W., Mixcoin: Anonymity for bitcoin with accountable mixes (2014) International Conference on Financial Cryptography and Data Security, pp. 486-504. , Springer; Brown, R.G., Carlyle, J., Grigg, I., Hearn, M., Corda: An introduction (2016) R3 CEV, , August; Campanelli, M., Gennaro, R., Goldfeder, S., Nizzardo, L., Zero-knowledge contingent payments revisited: Attacks and payments for services (2017) Proceedings of the 2017 ACM SIGSAC Conference on Computer and Communications Security, pp. 229-243. , ACM; Decker, C., Wattenhofer, R., A fast and scalable payment network with bitcoin duplex micro-payment channels (2015) Symposium on Self-Stabilizing Systems, pp. 3-18. , Springer; Dziembowski, S., Eckey, L., Faust, S., Fairswap: How to fairly exchange digital goods (2018) Proceedings of the 2018 ACM SIGSAC Conference on Computer and Communications Security, CCS '18, pp. 967-984. , New York, NY, USA ACM; Eyal, I., Blockchain technology: Transforming libertarian cryptocurrency dreams to finance and banking realities (2017) IEEE Computer, 50 (9), pp. 38-49; (2016) Helixlight: Helix Made Simple, , https://grams7enufi7jmdl.onion.to/helix/light; Green, M., Miers, I., Bolt: Anonymous payment channels for decentralized currencies (2017) Proceedings of the 2017 ACM SIGSAC Conference on Computer and Communications Security, pp. 473-489. , ACM; Greenspan, G., (2015) Multichain Private Blockchainwhite Paper, , http://www.multichain.com/download/MultiChain-White-Paper.pdf; Heilman, E., Alshenibr, L., Baldimtsi, F., Scafuro, A., Goldberg, S., Tumblebit: An untrusted bitcoin-compatible anonymous payment hub (2017) 24th Annual Network and Distributed System Security Symposium, NDSS 2017, , San Diego, California, USA, February 26 - March 1 2017; Heilman, E., Baldimtsi, F., Goldberg, S., Blindly signed contracts: Anonymous on-blockchain and off-blockchain bitcoin transactions (2016) International Conference on Financial Cryptography and Data Security, pp. 43-60. , Springer; Jordan, S.M.M.P.G., McCoy, K.L.D., Savage, G.M.V.S., (2013) A Fistful of Bitcoins: Characterizing Payments Among Men with no Names; Maxwell, (2013) Coinjoin: Bitcoin Privacy for the Real World, , https://bitcointalk.org/index.php?topic=279249.0; Maxwell, (2013) Coinswap: Transaction Graph Disjoint Trustless Trading, , https://bitcointalk.org/index.php?topic=321228.0; Maxwell, (2016) The First Successful Zero-knowledge Contingent Payment, , https://bitcoincore.org/en/2016/02/26/zero-knowledge-contingent-payments-announcement/; Möser, M., Böhme, R., Join Me on a Market for Anonymity; Nakamoto, S., Bitcoin: A Peer-to-peer Electronic Cash System; Narayanan, A., Bonneau, J., Felten, E.W., Miller, A., Goldfeder, S., (2016) Bitcoin and Cryptocurrency Technologies - A Comprehensive Introduction, , Princeton University Press; (2002) Specifications for the Secure Hash Standard, , https://csrc.nist.gov/csrc/media/publications/fips/180/2/archive/2002-08-01/documents/fips180-2.pdf, N. I. of Standards and Technology; Poon, J., Dryja, T., The Bitcoin Lightning Network; Research, C., (2010) Sec 2: Recommended elliptic Curve Domain Parameters, , http://www.secg.org/sec2-v2.pdf; Ron, D., Shamir, A., Quantitative analysis of the full bitcoin transaction graph (2013) International Conference on Financial Cryptography and Data Security, pp. 6-24. , Springer; Ruffing, T., Moreno-Sanchez, P., Kate, A., Coinshuffle: Practical decentralized coin mixing for bitcoin (2014) European Symposium on Research in Computer Security, pp. 345-364. , Springer; Ruffing, T., Moreno-Sanchez, P., Kate, A., (2016) Coinshuffle++, a Fast Peer-to-peer Coin Mixing Protocol, , https://bitcointalk.org/index.php?topic=1497271; Valenta, L., Rowan, B., Blindcoin: Blinded, accountable mixes for bitcoin (2015) International Conference on Financial Cryptography and Data Security, pp. 112-126. , Springer; (2016) Bitcoin Fog, , https://en.wikipedia.org/wiki/Bitcoin_Fog; Wüst, K., Gervais, A., Do you need a blockchain? (2017) IACR Cryptology EPrint Archive, p. 375. , 2017; Ziegeldorf, J.H., Grossmann, F., Henze, M., Inden, N., Wehrle, K., Coinparty: Secure multiparty mixing of bitcoins (2015) Proceedings of the 5th ACM Conference on Data and Application Security and Privacy, pp. 75-86. , ACM}, editor={Mori P., Bartoletti M., Bistarelli S.}, publisher={CEUR-WS}, issn={16130073}, language={English}, abbrev_source_title={CEUR Workshop Proc.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Hernández20193, author={Hernández, E. and Sittón, I. and Rodríguez, S. and Gil, A.B. and García, R.J.}, title={An Investment Recommender Multi-agent System in Financial Technology}, journal={Advances in Intelligent Systems and Computing}, year={2019}, volume={771}, pages={3-10}, doi={10.1007/978-3-319-94120-2_1}, note={cited By 0; Conference of International Joint Conference: 13th International Conference on Soft Computing Models, SOCO 2018, 11th International Conference on Computational Intelligence in Security for Information Systems, CISIS 2018 and 9th International Conference on EUropean Transnational Education, ICEUTE 2018 ; Conference Date: 6 June 2018 Through 8 June 2018; Conference Code:214189}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85048642208&doi=10.1007%2f978-3-319-94120-2_1&partnerID=40&md5=a7b5d850a8096ce59193f58c461a2c09}, affiliation={BISITE Digital Innovation Hub, University of Salamanca, Edificio Multiusos I+D+I, Salamanca, 37007, Spain; E. Politécnica Superior de Zamora, University of Salamanca, Edificio Politécnica, 236, Zamora, Spain}, abstract={In this article is presented a review of the state of the art on Financial Technology (Fintech) for the design of a novel recommender system. A social computing platform is proposed, based on Virtual Organizations (VOs), that allows to improve user experience in actions that is associated with the process of investment recommendation. The work presents agents functionalities and an algorithm that will improve the accuracy of the Recommender_agent which is in charge of the Case-based reasoning (CBR) system. The data that will be collected and will feed the CBR corresponds to user’s characteristics, the asset classes, profitability, interest rate, history stock market information and financial news published in the media. © 2019, Springer International Publishing AG, part of Springer Nature.}, author_keywords={Financial Technology; Hybrid A.I. algorithm; Investment decisions; Recommender system; Virtual organization of agents}, keywords={Case based reasoning; Electronic trading; Intelligent agents; Investments; Multi agent systems; Soft computing, Case based reasoning systems; Interest rates; Investment decisions; Market information; Social computing; State of the art; User experience; Virtual organization, Recommender systems}, references={Abdou, H.A., Pointon, J., El-Masry, A., Olugbode, M., Lister, R.J., A variable impact neural network analysis of dividend policies and share prices of transportation and related companies (2012) J. Int. Fin. Mark. Inst. Money, 22 (4), pp. 796-813; Avital, M., Andersson, M., Nickerson, J., Sundararajan, A., van Alstyne, M., Verhoeven, D., The collaborative economy: A disruptive innovation or much ado about nothing? (2014) Proceedings of the 35Th International Conference on Information Systems, ICIS, pp. 1-7. , Association for Information Systems. AIS Electronic Library (AISeL); Bach, K., Knowledge engineering for distributed case-based reasoning systems (2018) Synergies between Knowledge Engineering and Software Engineering, pp. 129-147. , Springer, Cham; Bajo, J., de la Prieta, F., Corchado, J.M., Rodríguez, S., A low-level resource allocation in an agent-based Cloud Computing platform (2016) Appl. Soft Comput., 48, pp. 716-728; Casado-Vara, R., Corchado, J.M., Blockchain for democratic voting: How blockchain could cast off voter fraud. orient J. Comput. Sci. 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Neural Netw., 19 (7), pp. 1167-1178; Owyang, J., Tran, C., Silva, C., (2013) The Collaborative Economy. Altimeter, , New York; Rodriguez, S., Julián, V., Bajo, J., Carrascosa, C., Botti, V., Corchado, J.M., Agent-based virtual organization architecture (2011) Eng. Appl. Artif. Intell., 24 (5), pp. 895-910; Sagraves, A., Connors, G., Capturing the value of data in banking (2017) Appl. Mark. Anal., 2 (4), pp. 304-311; Song, Q., Liu, A., Yang, S.Y., Stock portfolio selection using learning-to-rank algorithms with news sentiment (2017) Neurocomputing, 264, pp. 20-28; Tkáč, M., Verner, R., Artificial neural networks in business: Two decades of research (2016) Appl. Soft Comput., 38, pp. 788-804; Wang, L.X., Dynamical models of stock prices based on technical trading rules part I: The models (2015) IEEE Trans. Fuzzy Syst., 23 (4), pp. 787-801; Wang, L.X., Dynamical models of stock prices based on technical trading rules—Part III: Application to Hong Kong stocks (2015) IEEE Trans. Fuzzy Syst., 23 (5), pp. 1680-1697; Xu, K., Yue, H., Guo, L., Guo, Y., Fang, Y., Privacy-preserving machine learning algorithms for big data systems (2015) 2015 IEEE 35Th International Conference on Distributed Computing Systems (ICDCS), pp. 318-327. , IEEE, June; Yu, K., Gao, Y., Zhang, P., Qiu, M., Design and architecture of dell acceleration appliances for database (DAAD): A practical approach with high availability guaranteed (2015) 2015 IEEE 17Th International Conference on High Performance Computing and Communications (HPCC), 2015 IEEE 7Th International Symposium on Cyberspace Safety and Security (CSS), 2015 IEEE 12Th International Conference on Embedded Software and Systems (ICESS), pp. 430-435. , IEEE, August; Zato, C., Villarrubia, G., Sánchez, A., Bajo, J., Corchado, J.M., PANGEA: A new platform for developing virtual organizations of agents (2013) Int. J. Artif. Intell., 11 (A13), pp. 93-102}, correspondence_address1={Hernández, E.; BISITE Digital Innovation Hub, University of Salamanca, Edificio Multiusos I+D+ISpain; email: elenahn@usal.es}, editor={Saez J.A., Corchado E., Herrero A., Grana M., Lopez-Guede J.M., Etxaniz O., Quintian H.}, sponsors={Startup Ole; University of Basque Country; University of Salamanca}, publisher={Springer Verlag}, issn={21945357}, isbn={9783319941196}, language={English}, abbrev_source_title={Adv. Intell. Sys. Comput.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Das2019, author={Das, S.R. and Ostrov, D. and Radhakrishnan, A. and Srivastav, D.}, title={Dynamic portfolio allocation in goals-based wealth management}, journal={Computational Management Science}, year={2019}, doi={10.1007/s10287-019-00351-7}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85066972362&doi=10.1007%2fs10287-019-00351-7&partnerID=40&md5=e4797c67be8680198db0eb8730773152}, affiliation={Santa Clara University, 500 El Camino Real, Santa Clara, CA 95053, United States; Franklin Templeton Investments, 1 Franklin Pkwy #970, San Mateo, CA 94403, United States}, abstract={We report a dynamic programming algorithm which, given a set of efficient (or even inefficient) portfolios, constructs an optimal portfolio trading strategy that maximizes the probability of attaining an investor’s specified target wealth at the end of a designated time horizon. Our algorithm also accommodates periodic infusions or withdrawals of cash with no degradation to the dynamic portfolio’s performance or runtime. We explore the sensitivity of the terminal wealth distribution to restricting the segment of the efficient frontier available to the investor. Since our algorithm’s optimal strategy can be on the efficient frontier and is driven by an investor’s wealth and goals, it soundly beats the performance of target date funds in attaining investors’ goals. These optimal goals-based wealth management strategies are useful for independent financial advisors to implement behavioral-based FinTech offerings and for robo-advisors. © 2019, Springer-Verlag GmbH Germany, part of Springer Nature.}, author_keywords={Behavioral portfolio theory; Dynamic portfolios; Efficient portfolios; Goals; Wealth management}, references={Birge, J.R., Louveaux, F.V., (1997) Introduction to stochastic programming, , Springer, New York; Browne, S., Optimal investment policies for a firm with a random risk process: exponential utility and minimizing the probability of ruin (1995) Math Oper Res, 20 (4), pp. 937-958; Browne, S., Survival and growth with a liability: optimal portfolio strategies in continuous time (1997) Math Oper Res, 22 (2), pp. 468-493; Browne, S., Reaching goals by a deadline: digital options and continuous-time active portfolio management (1999) Adv Appl Probab, 31 (2), pp. 551-577; Browne, S., The risk and rewards of minimizing shortfall probability (1999) J Portfolio Manag, 25 (4), pp. 76-85; Browne, S., Risk-constrained dynamic active portfolio management (2000) Manag Sci, 46 (9), pp. 1188-1199; Brunel, J.L.P., (2015) Goals-based wealth management: an integrated and practical approach to changing the structure of wealth advisory practices, , Wiley, Hoboken; Chhabra, A., Beyond Markowitz: a comprehensive wealth allocation framework for individual investors (2005) J Wealth Manag, 7 (4), pp. 8-34; Cox, J.C., Huang, C., Optimal consumption and portfolio policies when asset prices follow a diffusion process (1989) J Econ Theory, 49 (1), pp. 33-83; Das, S.R., Markowitz, H., Scheid, J., Statman, M., Portfolio optimization with mental accounts (2010) J Financ Quant Anal, 45 (2), pp. 311-334; Das, S.R., Ostrov, D., Radhakrishnan, A., Srivastav, D., Goals-based wealth management: a new approach (2018) J Invest Manag, 16 (3), pp. 1-27; Deguest, R., Martellini, L., Milhau, V., Suri, A., Wang, H., (2015) Introducing a comprehensive risk allocation framework for goals-based wealth management, , EDHEC-Risk Institute, Lille; Kahneman, D., Tversky, A., Prospect theory: an analysis of decision under risk (1979) Econometrica, 47, pp. 263-291; Lopes, L., Between hope and fear: the psychology of risk (1987) Adv Exp Soc Psychol, 20, pp. 255-295; Markowitz, H., Portfolio selection (1952) J Finance, 6, pp. 77-91; Merton, R.C., Lifetime portfolio selection under uncertainty: the continuous-time case (1969) Rev Econ Stat, 51 (3), pp. 247-257; Merton, R.C., Optimum consumption and portfolio rules in a continuous-time model (1971) Journal of Economic Theory, 3 (4), pp. 373-413; Nevins, D., Goals-based investing: integrating traditional behavioral finance (2004) J Wealth Manag, 6 (4), pp. 8-23; Roy, A.D., Safety-first and the holding of assets (1952) Econometrica, 20, pp. 431-449; Shefrin, H.M., Statman, M., The disposition to sell winners too early and ride losers too long: theory and evidence (1985) J Finance, 40, pp. 777-790; Shefrin, H.M., Statman, M., Behavioral portfolio theory (2000) J Financ Quant Anal, 35 (2), pp. 127-151; Thaler, R.H., Mental accounting and consumer choice (1985) Mark Sci, 4, pp. 199-214; Thaler, R.H., Mental accounting matters (1999) J Behav Decis Mak, 12, pp. 183-206; Wallace, S.W., Ziemba, W.T., (2005) Applications of stochastic programming, , (eds), MPS-SIAM mathematical series on optimization, SIAM and MPS, Philadelphia; Wang, H., Suri, A., Laster, D., Almadi, H., Portfolio selection in goals-based wealth management (2011) J Wealth Manag, 14 (1), pp. 55-65}, correspondence_address1={Das, S.R.; Santa Clara University, 500 El Camino Real, United States; email: srdas@scu.edu}, publisher={Springer Verlag}, issn={1619697X}, language={English}, abbrev_source_title={Comput. Manage. Sci.}, document_type={Article}, source={Scopus}, } @CONFERENCE{DiAngelo2019392, author={Di Angelo, M. and Soare, A. and Salzer, G.}, title={Smart contracts in view of the civil code}, journal={Proceedings of the ACM Symposium on Applied Computing}, year={2019}, volume={Part F147772}, pages={392-399}, doi={10.1145/3297280.3297321}, note={cited By 0; Conference of 34th Annual ACM Symposium on Applied Computing, SAC 2019 ; Conference Date: 8 April 2019 Through 12 April 2019; Conference Code:147772}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85065654354&doi=10.1145%2f3297280.3297321&partnerID=40&md5=a45dc348ee17dcda0203eb228e138238}, affiliation={Technische Universität Wien, Austria}, abstract={Explicit legal regulation is still lacking in many countries for cryptocurrencies like Bitcoin, Ripple, Ethereum, and others. This is not unusual for a new technology. On top of such cryptocurrencies, another new technology, so-called smart contracts, has been established. Smart contracts are specialized computer code with the aim to automate the exchange of (digital) assets. In decentralized applications (Ðapps), parts of the business logic and the data storage of traditional web applications are replaced with smart contracts. They are credited with considerable potential for commercial use, especially in FinTech but also beyond. Smart contracts mostly lack explicit legal regulation as well. Hitherto there is little experience in applying current law to them. Building a business on uncertain terrain is at least risky. We seek a clarification of smart contracts in the legal context, especially against the background of the Civil Code. © 2019 Copyright held by the owner/author(s).}, author_keywords={Civil code; Civil contract; Legal aspects; Legal validity; Smart contract}, keywords={Computation theory; Digital storage; Electronic money, Civil code; Civil contracts; Computer codes; Legal aspects; Legal contexts; Legal regulation; Legal validity; WEB application, Codes (symbols)}, references={(2018) Homepage of Project, , https://www.brooklyn.energy, Retrieved 2018-09-07 from; Buchleitner, C., Rabl, T., Blockchain und smart contracts (2017) Ecolex 01, pp. 4-14. , 2017; Dennis, M.J., Modernizing and harmonizing international contract law: The CISG and the unidroit principles continue to provide the best way forward (2014) Uniform Law Review, 19 (1), pp. 114-151. , https://doi.org/10.1093/ulr/unu003, 2014; (1980) The EOS Community's Arbitration Forum, , https://eoscorearbitration.io/, Retrieved 2018-07-29 from; Fries, M., Smart Contracts: Brauchen schlaue Verträge noch Anwälte? (2018) Anwaltsblatt, 2, pp. 86-90. , 2018; Henglein, F., (2017) Smart Contracts Are Neither Smart Nor Contracts, , https://universe.ida.dk/media/23422289/fritz-henglein.pdf, Retrieved 2018-07-29 from; Kaulartz, M., Heckmann, J., Smart Contracts - Anwendungen der Blockchain-Technologie (2016) Computer und Recht, 32 (9), pp. 618-624. , https://doi.org/10.9785/cr-2016-0923, 2016; Mackaay, E., The civil law of contract (2011) Contract Law and Economics, pp. 424-453. , https://doi.org/10.4337/9781849806640.00005, 2nd ed.), Gerrit De Geest (Ed.). Edward Elgar Publishing, Cheltenham, UK; O'Hara, K., Smart contracts - Dumb idea (2017) IEEE Internet Computing, 21 (2), pp. 97-101. , https://doi.org/10.1109/MIC.2017.48, 2017; Pur, S., Stahl, E., Wittman, M., Wittmann, G., Wein-Furtner, S., (2013) Retourenmanagement Im Online-Handel - Das Beste Daraus Machen, , Technical Report. Universität Regensburg; Rabl, T., Künstliche Intelligenz oder künstliche Aufregung: Drei Thesen zur Digitalisierung (2018) Ecolex, 3 (2018), pp. 222-224; Raskin, M., The law and legality of smart contracts (2017) GEO. L. TECH. REV, 305, pp. 305-341. , https://doi.org/10.2139/ssrn.2842258, 2017; Savelyev, A., Contract law 2.0: 'Smart' contracts as the beginning of the end of classic contract law (2017) Information & Communications Technology Law, 26 (2), pp. 116-134. , https://doi.org/10.1080/13600834.2017.1301036, 2017; Siems, M.M., Varieties of legal systems: Towards a new global taxonomy (2016) Journal of Institutional Economics, 12 (3), pp. 579-602. , https://doi.org/10.1017/S1744137415000545, 2016; (2016) Smart Contracts: 12 Use Cases for Business and beyond, p. 56. , https://digitalchamber.org/wp-content/uploads/2018/02/Smart-Contracts-12-Use-Cases-for-Business-and-Beyond_Chamber-of-Digital-Commerce.pdf, Technical Report. Chamber of Digital Commerce. Retrieved 2018-07-29 from; Sreehari, P., Nandakishore, M., Krishna, G., Jacob, J., Shibu, V.S., Smart will converting the legal testament into a smart contract (2017) 2017 International Conference on Networks Advances in Computational Technologies (NetACT), pp. 203-207. , https://doi.org/10.1109/NETACT.2017.8076767; Szabo, N., Formalizing and securing relationships on public networks (1997) First Monday, 2 (9), p. 28. , https://doi.org/10.5210/fm.v2i9.548, 1997; Szabo, N., (1998) Secure Property Titles with Owner Authority, p. 8. , http://nakamotoinstitute.org/secure-property-titles/, Retrieved 2018-07-29 from; (1995) Principles of International Commercial Contracts, , https://www.unidroit.org/contracts, Retrieved 2018-07-29 from; (1980) UNICTRAL Model Law on International Commercial Arbitration, , http://www.uncitral.org/pdf/english/texts/arbitration/ml-arb/06-54671_Ebook.pdf, Retrieved 2018-07-29 from; (1980) United Nations Convention on Contracts for the International Sale of Goods, , https://www.uncitral.org/pdf/english/texts/sales/cisg/V1056997-CISG-e-book.pdf, Retrieved 2018-07-29 from}, sponsors={ACM Special Interested Group on Applied Computing}, publisher={Association for Computing Machinery}, language={English}, abbrev_source_title={Proc ACM Symp Appl Computing}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Emmadi2019355, author={Emmadi, N. and Maddali, L.P. and Sarkar, S.}, title={MaRSChain: Framework for a fair manuscript review system based on permissioned blockchain}, journal={Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)}, year={2019}, volume={11339 LNCS}, pages={355-366}, doi={10.1007/978-3-030-10549-5_28}, note={cited By 0; Conference of 24th International Conference on Parallel and Distributed Computing, Euro-Par 2018 ; Conference Date: 27 August 2018 Through 28 August 2018; Conference Code:223549}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85061753959&doi=10.1007%2f978-3-030-10549-5_28&partnerID=40&md5=d023cc0f2be0d11c39b8d7f08636e633}, affiliation={TCS Innovation Labs, Hyderabad, India}, abstract={Current Manuscript Review Systems (Conference/Journal) rely on a centralized services (like EasyChair, iChair, HotCRP or EDAS), which manage the whole process that starts with manuscript submissions to notification of the results. As these review systems are centralized, the trust is based on a single entity. The fairness of the system hinges on the honesty of the central controlling authority. This dependency can be avoided by decentralizing the source of the trust. Bitcoin has shown the power of decentralization and shared database through blockchain technology, and currently is being studied for its immense impact on FinTech. We leverage blockchain to address the above concern and present a decentralized manuscript review system that provides trust and fairness. We call this system MaRSChain. As a proof of concept, we develop a prototype of MaRSChain system on top of Hyperledger Fabric platform. To the best of our knowledge, this is the first ever decentralized manuscript review system based on Blockchain. © Springer Nature Switzerland AG 2019.}, author_keywords={Blockchain; Consensus; Fairness; Manuscript review system; Smart contract; Trust}, keywords={Distributed computer systems, Consensus; Fairness; Proof of concept; Review systems; Trust; Whole process, Blockchain}, references={http://www3.weforum.org/docs/WEFGAC15TechnologicalTippingPointsreport2015.pdf, Deep Shift-Technology Tipping Points and Societal Impact; Easychair, , http://easychair.org/; https://edas.info/; https://hotcrp.com/, HotCRP; https://www.hyperledger.org/projects/fabric, Hyperledger Fabric; Hyperledger Use Case Inventory, , https://wiki.hyperledger.org/groups/requirements/use-case-inventory; https://www.baigneres.net/ichair/, iChair; http://www.ithenticate.com/, iThenticate; https://www.provenance.org/whitepaper, Provenance; Ripple, , https://ripple.com/; https://www.crossref.org/services/similarity-check/, Similarity Check; Aïmeur, E., Brassard, G., Gambs, S., Schönfeld, D., P3ers: Privacy-preserving peer review system (2012) Trans. Data Privacy, pp. 553-578. , http://dl.acm.org/citation.cfm?id=2423656.2423659; Arapinis, M., Bursuc, S., Ryan, M., Privacy supporting cloud computing: Con-fichair, a case study (2012) Proceedings of the First International Conference on Principles of Security and Trust, pp. 89-108. , https://doi.org/10.1007/978-3-642-28641-46; Gipp, B., Breitinger, C., Meuschke, N., Beel, J., Cryptsubmit: Introducing securely timestamped manuscript submission and peer review feedback using the blockchain (2017) Proceedings of the 17Th ACM/IEEE Joint Conference on Digital Libraries, pp. 273-276. , http://dl.acm.org/citation.cfm?id=3200334.3200370; Karl, W., Arthur, G., Do You Need a Blockchain, , https://eprint.iacr.org/2017/375.pdf; Nakmoto, S., (2008) Bitcoin: A Peer-To-Peer Electronic Cash System; Schulzrinne, H., Double submissions: Publishing misconduct or just effective dissemination? SIGCOMM (2009) Comput. Commun. Rev., pp. 40-42. , https://doi.org/10.1145/1568613.1568622; Shafagh, H., Burkhalter, L., Hithnawi, A., Duquennoy, S., Towards blockchain-based auditable storage and sharing of iot data (2017) Proceedings of the 2017 on Cloud Computing Security Workshop, pp. 45-50. , https://doi.org/10.1145/3140649.3140656}, correspondence_address1={Emmadi, N.; TCS Innovation LabsIndia; email: nitesh.emmadi1@tcs.com}, editor={Mencagli G., Heras D.B.}, publisher={Springer Verlag}, issn={03029743}, isbn={9783030105488}, language={English}, abbrev_source_title={Lect. Notes Comput. Sci.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Emmadi2019229, author={Emmadi, N. and Vigneswaran, R. and Kanchanapalli, S. and Maddali, L. and Narumanchi, H.}, title={Practical deployability of permissioned blockchains}, journal={Lecture Notes in Business Information Processing}, year={2019}, volume={339}, pages={229-243}, doi={10.1007/978-3-030-04849-5_21}, note={cited By 0; Conference of 21st International Conference on Business Information Systems, BIS 2018 ; Conference Date: 18 July 2018 Through 20 July 2018; Conference Code:215929}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85061582311&doi=10.1007%2f978-3-030-04849-5_21&partnerID=40&md5=e6754b2cd959b03fe27b43df931d06d4}, affiliation={TCS Innovation Labs, Hyderabad, India}, abstract={Ever since the evolution of cryptocurrencies, there has been profound interest in employing the underlying Blockchain technology for enterprise applications. Enterprises are keen on embracing the advantages of Blockchain in applications ranging from FinTech, Supply chain, IoT, Identity Management, Notary, Insurance and to many other domains. Blockchain is often spoken of as the third disruption after computers and the internet, and is being studied for application in several domains. A blockchain, as used in most cryptocurrencies, does not require any authorization for participants to join or leave the system, and hence is referred to as a permission-less blockchain. However, enterprise applications cannot operate in such models. Enterprise applications operate in a regulated, permissioned blockchain setting. This paper provides an industry focused insight into the practicality and feasibility of permissioned blockchains in real-world applications. In particular, we consolidate some non-trivial challenges that should be addressed in making the permissioned blockchain practically deployable in enterprises. © Springer Nature Switzerland AG 2019.}, author_keywords={Challenges; Enterprises; Permissioned blockchain; Smart contracts}, keywords={Electronic money; Industry; Information systems; Information use; Supply chains, Challenges; Deployability; Enterprise applications; Identity management; Non-trivial; Real-world, Blockchain}, references={Nakamoto, S., (2009) Bitcoin: A Peer-To-Peer Electronic Cash System, , https://bitcoin.org/bitcoin.pdf; King, S., Nadal, S., Ppcoin: Peer-to-peer crypto-currency with proof-of-stake Self-Published Paper, , https://peercoin.net/assets/paper/peercoin-paper.pdf, 19 August 2012; Dziembowski, S., Faust, S., Kolmogorov, V., Pietrzak, K., Proofs of Space (2015) CRYPTO 2015. LNCS, 9216, pp. 585-605. , https://doi.org/10.1007/978-3-662-48000-7_29, Gennaro, R., Robshaw, M. (eds.), Springer, Heidelberg; Wüst, K., Gervais, A., Do you need a Blockchain (2017) IACR Cryptology, , https://eprint.iacr.org/2017/375.pdf; Back, A., (2002) Hashcash: A Denial-Of-Service Countermeasure, , http://www.hashcash.org/papers/hashcash.pdf; https://www.ethereum.org/; Castro, M., Liskov, B., (1999) Practical Byzantine Fault Tolerance, , Third Symposium on Operating Systems Design and Implementation, OSDI, USENIX; Cachin, C., Schubert, S., Vukolic, M., Non-determinism in byzantine fault-tolerant replication (2016) International Conference on Principles of Distributed Systems, , OPODIS; https://www.zurich.ibm.com/identitymixer/; https://medium.com/@PasschainBlog/is-blockchain-necessary-in-airline-ticketing-d4e089910bd3; Shafagh, H., Burkhalter, L., Hithnawi, A., Duquennoy, S., Towards Blockchain-based auditable storage and sharing of IoT data (2017) ACM CCSW; Kosba, A., Miller, A., Shi, E., Wen, Z., Papamanthou, C., (2016) Hawk: The Blockchain Model of Cryptography and Privacy-Preserving Smart Contracts, , IEEE Symposium on Security and Privacy, SP; Fromknecht, C., Velicanu, D., Yakoubov, S., A Decentralized Public Key Infrastructure with Identity Retention, , https://eprint.iacr.org/2014/803.pdf; Zhang, F., Cecchetti, E., Croman, K., Juels, A., Shi, E., Town Crier: An authenticated data feed for smart contracts (2016) ACM SIGSAC Conference on Computer and Communications Security, CCS; http://www.oraclize.it/#projects, Oraclize; https://www.everledger.io/, Everledger; Certificate Transparency, , https://www.certificate-transparency.org/; Ateniese, G., Magri, B., Venturi, D., Andrade, E., Redactable blockchain-or-rewriting history in bitcoin and friends (2017) IEEE European Symposium on Security and Privacy (Euro SP); Androulaki, E., Hyperledger fabric: A distributed operating system for permissioned blockchains (2018) Eurosys; https://wiki.hyperledger.org/media/groups/requirements/hyperledger-supplychaintraceability-anticounterfeiting.pdf, Supplychain Traceability: Anti-counterfeiting}, correspondence_address1={Emmadi, N.; TCS Innovation LabsIndia; email: nitesh.emmadi1@tcs.com}, editor={Abramowicz W., Paschke A.}, publisher={Springer Verlag}, issn={18651348}, isbn={9783030048488}, language={English}, abbrev_source_title={Lect. Notes Bus. Inf. Process.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Shaikh201966, author={Shaikh, S. and Zaka, F.}, title={Blockchained Sukuk-Financing}, journal={Lecture Notes in Business Information Processing}, year={2019}, volume={345}, pages={66-76}, doi={10.1007/978-3-030-19037-8_5}, note={cited By 0; Conference of 9th International Workshop on Enterprise Applications, Markets and Services in the Finance Industry, FinanceCom 2018 ; Conference Date: 22 June 2018 Through 22 June 2018; Conference Code:226299}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85066118594&doi=10.1007%2f978-3-030-19037-8_5&partnerID=40&md5=45d226ba8d973a3183a3d4b21f1f69b5}, affiliation={Information Technology University, Arfa Software Technology Park, Lahore, Pakistan}, abstract={Sukuk have proven to be a significant innovation in the Islamic finance industry, introduced as an alternative to conventional bonds and securities. Aiming for fairer distribution of market risk between the haves and have-nots, Islamic finance focuses on funding the purchase of real assets rather than simply borrowing money. However, in reality, this requirement of “asset-backed” borrowing has limited the growth of the sukuk segment. We propose the application of blockchain technology to enhance the traceability of credit to the specific financed assets. Sukuk transactions can involve a number of parties, especially when sale, lease and agency contracts are combined. Some recent sukuk-default scandals transpired to have avoided “true sale” of underlying assets. Since the opinion of religious scholars can have a significant impact on the valuation of sukuk, we believe that the traceability of asset transfers will enhance sukuk credibility and valuation. Moreover, a smart contract infrastructure with blockchain security should also significantly reduce the execution time for such transactions. We present an initial model for blockchained sukuk-issue in this paper, highlighting the significant design features that specifically concern this niche market. © 2019, Springer Nature Switzerland AG.}, author_keywords={Blockchain; Fintech; Islamic finance; Smart contract; Sukuk}, keywords={Blockchain; Commerce; Purchasing, Design features; Fintech; Islamic finances; Market risks; Niche markets; Sukuk, Finance}, references={Abedifar, P., Hasan, I., Tarazi, A., Finance-growth nexus and dual-banking systems: Relative importance of Islamic banks (2016) J. Econ. Behav. Organ., 132, pp. 198-215; Al-Amine, M., Al-Bashir, M., Sukuk market: Innovations and challenges (2008) Islamic Econ. Stud., 15, pp. 1-22; Choudhury, M.A., Islamic dinar and 100 percent reserve requirement monetary system. Int (2008) J. Manag. Stud, 15, p. 1. , http://ijms.uum.edu.my/images/pdf1/15no2ijms/ijms1521.pdf, Accessed 24 July 2018; Crosby, M., Pattanayak, P., Verma, S., Blockchain technology: Beyond bitcoin (2016) Appl. Innov., 2, pp. 6-10; Entriken, W., Shirley, D., Evans, J., ERC-721 Non-Fungible Token Standard (2018) Ethereum Improvement Proposals, , https://github.com/ethereum/EIPs/blob/master/EIPS/eip-721.md, Accessed 24 July 2018; Eufemio, A.C., Chng, K.C., Djie, S., (2016) Digix’s Whitepaper: The Gold Standard in Crypto Assets, , https://www.weusecoins.com/assets/pdf/library/Digix%20Whitepaper%20-%20The%20Gold%20Standard%20in%20Crypto%20Assets.pdf, White paper, Accessed 24 July 2018; Eze, P., Eziokwu, T., Okpara, C., A Triplicate Smart Contract Model using Blockchain Technology. Circulation in Computer Science, Special Issue on Disruptive Computing (2017) Cyber-Physical Systems (CPS), and Internet of Everything (Ioe), pp. 1-10. , https://doi.org/10.22632/ccs-2017-cps-01, pp; Godlewski, C.J., Turk-Ariss, R., Weill, L., Do the type of sukuk and choice of shari’a scholar matter? (2016) J. Econ. Behav. Organ., 132, pp. 63-76; (2017) Islamic Financial Services Industry Stability Report 2017, , Islamic Financial Services Board; (2018) IIFM: IIFM Annual Sukuk Report. International Islamic Financial Market; Iqbal, Z., Mirakhor, A., (2011) An Introduction to Islamic Finance: Theory and Practice, , Wiley, Hoboken; Lai, J., Rethel, L., Steiner, K., Conceptualizing dynamic challenges to global financial diffusion: Islamic finance and the grafting of sukuk (2017) Rev. Int. Polit. Econ., 24, pp. 958-979; (2018) Tokens Smart Contracts of the Latoken Project, , https://github.com/LAToken/eth-smart-contracts, (https://latoken.com). GitHub, Accessed 24 July 2018; Oprunenco, A., Akmeemana, C., Using blockchain to make land registry more reliable in India (2018) LSE Business Review. the London School of Economics, , http://blogs.lse.ac.uk/businessreview/2018/04/13/using-blockchain-to-make-land-registry-more-reliable-in-india/, Accessed 23 July 2018; Pinna, A., Ruttenberg, W., Distributed ledger technologies in securities post-trading (2016) European Central Bank, , https://www.ecb.europa.eu/pub/pdf/scpops/ecbop172.en.pdf, Accessed 23 July 2018; Radzi, R.M., Lewis, M.K., Religion and the clash of “Ideals” and “Realities” in business: The case of Islamic bonds (Sukuk) (2015) Thunderbird Int. Bus. Rev., 57, pp. 295-310; Tapscott, A., Tapscott, D., How blockchain is changing finance (2017) Harv. Bus. Rev., 1; Usmani, M.T., An Introduction to Islamic Finance (2000) Arham Shamsi; Vakta, T., Maheswari, A., Mohanan, N.U., (2016) Blockchain Disruption in Security Issuance. Capgemini, , https://www.capgemini.com/wp-content/uploads/2017/07/blockchain_securities_issuance:v6_web.pdf, Accessed 20 Sept 2018; Wall, E., Malm, G., Using blockchain technology and smart contracts to create a distributed securities depository (2016) Department of Electrical and Information Tehnology., p. 81. , Lund University, Lund, Sweden, p; Weiss, M., Corsi, E., Bitfury: Blockchain for Government., , HBS Case Study 818-031, 12 January 2017; Wood, G., (2014) Ethereum: A Secure Decentralised Generalised Transaction Ledger, , http://gavwood.com/paper.pdf, Ethereum Project Yellow Paper 151, Accessed 25 July 2018; Zheng, Z., Xie, S., Dai, H., An overview of blockchain technology: Architecture, consensus, and future trends (2017) 2017 IEEE International Congress on Big Data (Bigdata Congress), pp. 557-564. , pp}, correspondence_address1={Shaikh, S.; Information Technology University, Arfa Software Technology Park, Pakistan; email: shazib.ehsan@itu.edu.pk}, editor={Mehandjiev N., Saadouni B.}, publisher={Springer Verlag}, issn={18651348}, isbn={9783030190361}, language={English}, abbrev_source_title={Lect. Notes Bus. Inf. Process.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Ban2019472, author={Ban, T.Q. and Anh, B.N. and Son, N.T. and Van Dinh, T.}, title={Survey of hyperledger blockchain frameworks: Case study in FPT university's cryptocurrency wallets}, journal={ACM International Conference Proceeding Series}, year={2019}, volume={Part F147956}, pages={472-480}, doi={10.1145/3316615.3316671}, note={cited By 0; Conference of 8th International Conference on Software and Computer Applications, ICSCA 2019 ; Conference Date: 19 February 2019 Through 21 February 2019; Conference Code:147956}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85066028406&doi=10.1145%2f3316615.3316671&partnerID=40&md5=4b7ebb034259f18b1443808c4d2744b8}, affiliation={Dept. of ICT, FPT University, Viet Nam; Dept. of Computer, University of Freiburg, Germany}, abstract={There are many blockchain frameworks have been introduced to user, developer, and customer and they have to make a decision which one is most suitable for them in order for developing their applications. This paper describes an empirical research to benchmark the properties of frameworks in Hyperledger family. The purpose is to show the advantage & disadvantage of each framework. We apply the deeply study inside the framework and do the experiment to measure the properties as well as give literature and numerical review of each framework. Our results show the status of tested frameworks and do not demonstrate how to employ the framework as well as apply to the detail application. The main contribution of this paper is a statistical analysis of the effectiveness of Hyperledger frameworks as a tool for developer to develop their applications. © 2019 Association for Computing Machinery.}, author_keywords={Blockchain; Burrow; Consensus; Cryptocurrency wallets; Decentralized operating system; Distributed ledger technology; Fabric; Fintech; Hyperledger; Indy; Iroha; Permissioned blockchain; Sawtooth}, keywords={Application programs; Electronic money; Fabrics, Burrow; Consensus; Decentralized operating system; Fintech; Hyperledger; Indy; Iroha; Sawtooth, Blockchain}, references={Nakamoto, S., (2008) Bitcoin: A Peer-to-Peer Electronic Cash System, , http://bitcoin.org/bitcoin.pdf; (2018), https://namecoin.org/, Accessed: 20-Nov; https://docs.google.com/a/buterin.com/document/d/1AnkP_cVZTCMLIzw4DvsW6M8Q2JC0lIzrTLuoWu2z1BE/edit; (2018), https://github.com/mastercoin-MSC/spec, Accessed: 20-Nov; Buterin, V., (2013) Ethereum White Paper: A Next-Generation Smart Contract and Decentralized Application Platform, , https://github.com/ethereum/wiki/wiki/WhitePaper; An Introduction to Hyperledger, , https://github.com/hyperledger/hyperledgerwp/blob/master/paper.pdf; (2018) Fabric Documentation, , https://hyperledgerfabric.readthedocs.io/en/latest/whatis.html, Accessed: 20-Nov; (2018), https://sawtooth.hyperledger.org/docs/core/releases/latest/contents.html, Accessed: 20-Nov; (2018) Hyperledger Iroha Documentation, , https://iroha.readthedocs.io/en/latest/index.html, Accessed: 20-Nov; (2018) Burrow Documentation, , https://github.com/hyperledger/burrow/blob/master/README.md, Accessed: 20-Nov; (2018) Indy Documentation, , https://github.com/hyperledger/indy-node#how-to-contribute, Accessed: 20-Nov; Hyerledger Fabric: A Distributed Operating System for Permissioned Blockchains, , https://arxiv.org/pdf/1801.10228.pdf; Tanenbaum, A.S., Distributed operating systems anno 1992. What have we learned so far? (1993) Distributed Systems Engineering, 1 (1), pp. 3-10. , 2018. 54; (2018), http://kafka.apache.org, Accessed: 20-Nov; (2018) PoET, , https://sawtooth.hyperledger.org/docs/core/releases/latest/architecture/poet.html, Accessed: 20-Nov; BFT Consensus Algorithm for Blockchain, , https://arxiv.org/pdf/1809.00554.pdf; Tendermint: Consensus without Mining, , https://tendermint.com/static/docs/tendermint.pdf; (2018), https://monax.io/platform/, Accessed: 20-Nov; Aublin, P.-L., Mokhtar, S.B., Quema, V., (2018) RBFT: Redundant Byzantine Fault Tolerance, , https://pakupaku.me/plaublin/rbft/report.pdf, Accessed: 20-Nov; https://sovrin.org/wpcontent/uploads/2018/03/Sovrin-Protocol-and-Token-White-Paper.pdf; Croman, K., Decker, C., Eyal, I., Gencer, A.E., Juels, A., Kosba, A.E., Miller, A., Wattenhofer, R., (2016) On Scaling Decentralized Blockchains, , https://fc16.ifca.ai/bitcoin/papers/CDE+16.pdf; Anh Dinh, T.T., Wang, J., Gangchen, Liu, R., Ooi, B.C., Tan, K.-L., Blockbench: A Framework for Analyzing Private Blockchains, , https://www.comp.nus.edu.sg/~ooibc/blockbench.pdf; Anh Dinh, T.T., Liu, R., Zhang, M., Chen, G., Ooi, B.C., Wang, J., Untangling Blockchain: A Data Processing View of Blockchain Systems, , https://arxiv.org/pdf/1708.05665.pdf; Hyperledger Fabric: A Distributed Operating System for Permissioned Blockchain, , https://arxiv.org/pdf/1801.10228.pdf; Thakkar, P., Senthil Nathan, N., Viswanathan, B., Performance Benmarking and Optimizing Hyerledger Fabric Blockchain Platform, , https://drive.google.com/file/d/1OsIoPtlv5X2PWyOAlDn1FCnHCZPyrF57/view; (2018), https://github.com/hyperledger/caliper, Accessed: 20-Nov; (2018) Hyperledger Blockchain Performance Metrics White Paper, , https://docs.google.com/document/d/1c3j8PRcJq99lY05k0QxZbnLRDi6btFqEIdjQaRf20jQ/edit#heading=h.e27dvpmrc47q_, Accessed: 20-Nov; Eyal, I., Gencer, A.E., Sirer, E.G., Van Renesse, R., Bitcoin-NG: A scalable blockchain protocol (2016) Usenix Conference on Networked Systems Design and Implementation, Ser. NSDI’16, pp. 45-59. , Berkeley, CA, USA. USENIX Association; Nasir, Q., Qasse, I.A., Talib, M.A., Nassif, A.B., Performance Analysis of Hyperledger Fabric Platforms, , https://doi.org/10.1155/2018/3976093; Son, N.T., Van Thanh, L., Duong, T.B., Anh, B.N., A decision support tool for cross-functional team selection: Case study in ACM-ICPC team selection (2018) Proceedings of the 2018 International Conference on Information Management & Management Science (IMMS '18), pp. 133-138. , https://doi.org/10.1145/3277139.327714, ACM, New York, NY, USA}, sponsors={University of New Brunswick}, publisher={Association for Computing Machinery}, language={English}, abbrev_source_title={ACM Int. Conf. Proc. Ser.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Son201945, author={Son, H.X. and Nguyen, M.H. and Phien, N.N. and Le, H.T. and Nguyen, Q.N. and Dinh, V.D. and Tru, P.T. and Nguyen, T.P.}, title={Towards a mechanism for protecting seller's interest of cash on delivery by using smart contract in hyperledger}, journal={International Journal of Advanced Computer Science and Applications}, year={2019}, volume={10}, number={4}, pages={45-50}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85065823702&partnerID=40&md5=e7b0968967655314599e9ebb931ae63c}, affiliation={FPT University, Can Tho City, Viet Nam; Hanoi University of Science and Technology, Ha Noi, Viet Nam; Center for Applied Information Technology, Ton Duc Thang University, Ho Chi Minh City, Viet Nam; Faculty of Information Technology, Ton Duc Thang University, Ho Chi Minh City, Viet Nam; Cantho University of Technology, Can Tho City, Viet Nam; University of Trento, Trento, Italy}, abstract={In emerging economies, with the explosion of ecommerce, payment methods have increasingly enhanced security. However, Cash-on-Delivery (COD) payment method still prevails in cash-based economies. Although COD allows consumers to be more proactive in making payments, it still appears to be vulnerable by the appearance of a third party (shipping companies). In this paper, we proposed a payment system based on "smart contract" implemented on top of blockchain technology to minimize risks for parties. The platform consists of a set of rules that each party must follow including specific delivery time and place, cost of delivery, mortgage money; thereby, forcing parties to be responsible for their tasks in order to complete the contract. We also provided a detailed implementation to illustrate the efficiency of our model. © 2018 The Science and Information (SAI) Organization Limited.}, author_keywords={Blockchain; Cash on delivery; Customer; Fintech; Hyperledger; Seller; Shipper; Smart contract}, references={(2014) "Cash on delivery the biggest obstacle to ecommerce in uae and region,", , https://www.thenational.ae/business/technology/cash-on-delivery-the-biggest-obstacle-to-e-commerce-in-uae-and-region-1.604383; (2014) "The reason city link went bust on christmas day,", , https://www.forbes.com/sites/timworstall/2014/12/27/the-reason-city-link-went-bust-on-christmas-day/; (2017) "The end of hanjin shipping-officially declared bankrupt,", , http://www.seatrade-maritime.com/news/asia/the-end-of-hanjin-shipping-officially-declared-bankrupt.html; (2018) "Gnn: a prime example of cod payment risk,", , https://www.vir.com.vn/gnn-a-prime-example-of-cod-payment-risk-62270.html; (2018) "Ethereum,", , https://ethereum.org/; (2019) "Hyperledger fabric,", , https://hyperledger-fabric.readthedocs.io/en/release-1.4/; Ha, X.S., "Dem-cod: Novel access-control-based cash on delivery mechanism for decentralized marketplace." ; Asgaonkar, A., Krishnamachari, B., (2018) Solving the buyer and seller's dilemma: A dual-deposit escrow smart contract for provably cheat-proof delivery and payment for a digital good without a trusted mediator; Hasan, H.R., Salah, K., Blockchain-based solution for proof of delivery of physical assets (2018) in International Conference on Blockchain. Springer, pp. 139-152; (2018) "Two party contracts,", , https://dappsforbeginners.wordpress.com/tutorials/two-party-contracts/; (2018) "How our escrow smart contract works,", , https://dappsforbeginners.wordpress.com/tutorials/two-party-contracts/; (2018) "Double deposit escrow,", , https://bitbay.market/double-deposit-escrow, January; Bremer, J., Lehnhoff, S., Decentralized coalition formation with agent-based combinatorial heuristics (2017) ADCAIJ: Advances in Distributed Computing and Artificial Intelligence Journal, 6 (3), pp. 29-44; (2008) "A peer-to-peer electronic cash system,", , https://bitcoin.org/bitcoin.pdf; Gonzalez, A., Ramos, J., De Paz, J.F., Corchado, J.M., Obtaining relevant genes by analysis of expression arrays with a multi-agent system (2015) in 9th International Conference on Practical Applications of Computational Biology and Bioinformatics. Springer, pp. 137-146}, publisher={Science and Information Organization}, issn={2158107X}, language={English}, abbrev_source_title={Intl. J. Adv. Comput. Sci. Appl.}, document_type={Article}, source={Scopus}, } @ARTICLE{Gonzalez2019, author={Gonzalez, L.}, title={Blockchain, herding and trust in peer-to-peer lending}, journal={Managerial Finance}, year={2019}, doi={10.1108/MF-09-2018-0423}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85065777048&doi=10.1108%2fMF-09-2018-0423&partnerID=40&md5=c6dcc650690f8e789ce06f73fe99ee9e}, affiliation={Department of Finance, College of Business Administration, California State University, Long Beach, CA, United States}, abstract={Purpose: The gradual implementation of blockchain technology in peer-to-peer (P2P) lending platforms facilitates safer, transparent and quick access to funds without having to deal with the more complex and costly processes of banks. Beyond that, the purpose of this paper is to examine trust-enhancing heuristics that show a need for blockchain to assist in monitoring and bad loan recovery. Design/methodology/approach: This study examines 909 lending decisions by 303 finance students on a mock P2P site. Each participant was asked to make three lending decisions. The loan applications were identical with the exception of a female or male photo (vs an icon) and reports of having raised half the loan in either 2 or 11 days (vs 7). Findings: Investors who have experienced financial trauma are more likely to herd and lend higher amounts to loan applicants that are highly trusted by other lenders. This effect is more pronounced for male investors lending to highly trusted female loan applicants. Practical implications: Blockchain can compensate for behavioral biases and improve monitoring by helping track digital money transactions and assisting in bad loan recovery efforts. Originality/value: This study is the first behavioral experiment to examine herding in P2P lending. The findings complement and corroborate those by Gonzalez and Komarova (2014, 2015) and emphasize the need for blockchain to assist beyond trusted records and safe transfers of funds. © 2019, Emerald Publishing Limited.}, author_keywords={Blockchain; Experimental behavioural finance; Financial inclusion; Financial trauma; Fintech; Peer-to-peer lending}, references={Alesina, A., La Ferrara, E., Who trusts others? (2002) Journal of Public Economics, 85, pp. 207-234; Carson, B., Romanelli, G., Walsh, P., Zhumaev, A., Blockchain beyond the hype: what is the strategic business value (2018) Digital McKinsey, , https://cybersolace.co.uk/CySol/wp-content/uploads/2018/06/McKinsey-paper-about-Blockchain-Myths.pdf; Chen, D., Lai, F., Lin, Z., A trust model for online peer-to-peer lending: a lender’s perspective (2014) Information Technology and Management, 15 (4), pp. 239-254; Duarte, J., Siegel, S., Young, L., Trust and credit: the role of appearance in peer-to-peer lending (2012) The Review of Financial Studies, 25 (8), pp. 2455-2484; Everett, C., Group membership, relationship banking and loan default risk: the case of online social lending (2015) Banking and Finance Review, 7 (2), pp. 15-54; Freedman, S., Jin, G.Z., The information value of online social networks: lessons from peer-to-peer lending (2017) International Journal of Industrial Organization, 51, pp. 185-222; Fungacova, Z., Hasan, I., Weill, L., Trust in banks (2019) Journal of Economic Behavior and Organization, 157, pp. 452-476; Gonzalez, L., (2017) Online social lending: the effect of cultural and legal frameworks, , working paper; Gonzalez, L., Komarova, Y., When can a photo increase credit? The impact of lender and borrower profiles in online P2P loans (2014) Journal of Behavioral and Experimental Finance, 1 (2), pp. 44-58; Gonzalez, L., Komarova, Y., Competition against common sense: insights on P2P lending as a tool to allay financial exclusion (2015) International Journal of Bank Marketing, Special Issue on Financial Exclusion, 33 (5), pp. 605-623; Gonzalez, L., Yur-Austin, J., Zu, L., (2018) Improving trust and financial literacy with blended pedagogy, , working paper, California State University, Long Beach, CA; Grinblatt, M., Keloharju, M., Linnainmaa, J., IQ, trading behavior and performance (2012) Journal of Financial Economics, 104 (2), pp. 339-362; Guiso, L., Sapienza, P., Zingales, L., The role of social capital in financial development (2004) The American Economic Review, 94 (3), pp. 526-556; Guiso, L., Sapienza, P., Zingales, L., Does culture affect economic outcomes? (2006) Journal of Economic Perspectives, 20 (2), pp. 23-48; Guiso, L., Sapienza, P., Zingales, L., Trusting the stock market (2008) The Journal of Finance, 63 (6), pp. 2557-2600; Herzenstein, M., Dholakia, U., Andrews, R., Strategic herding behavior in peer-to-peer loan auctions (2011) Journal of Interactive Marketing, 25 (1), pp. 27-36; Hildebrand, T., Puri, M., Rocholl, J., Adverse incentives in crowdfunding (2017) Management Science, 63 (3), pp. 587-608; Huang, L., Murnighan, J.K., What’s in a name? Subliminally activating trusting behavior (2010) Organizational Behavior Human Decision Process, 111 (1), pp. 62-70; Iyer, R., Khwaja, A.I., Luttmer, E., Shue, K., Screening peers softly: inferring the quality of small borrowers (2015) Management Science, 62 (6), pp. 1533-1841; Jansen, D.J., Mosch, R., Van der Cruijsen, C., When does the general public lose trust in banks? (2015) Journal of Financial Services Research, 48 (2), pp. 127-141; Klafft, M., Online peer-to-peer lending: a lenders’ perspective (2009) Proceedings of the 2008 International Conference on E-Learning, E-Business, Enterprise Information Systems, and E-Government, EEE 2008, , Las Vegas, NV: July 14-17; Knell, M., Stix, H., Trust in banks. Evidence from normal times and from times of crises (2015) Economica, 82, pp. 995-1020; Lin, M., Prabhala, N.R., Viswanathan, S., Judging borrowers by the company they keep: friendship networks and information asymmetry in online peer-to-peer lending (2013) Management Science, 59 (1), pp. 17-35; McKnight, D.H., Cummings, L.L., Chervany, N.L., Initial trust formation in new organizational relationships (1998) Academy of Management Review, 23 (3), pp. 473-490; Payne, J., Bettman, J.R., Johnson, E.J., (1993) The Adaptive Decision Maker, , Cambridge University Press, New York, NY; Sapienza, P., Toldra-Simats, A., Zingales, L., Understanding trust (2013) The Economic Journal, 123 (573), pp. 1313-1332; Stevenson, B., Wolfers, J., Trust in public institutions over the business cycle (2011) American Economic Review: Papers and Proceedings, 101 (3), pp. 281-287; (2015) The trust machine. The promise of the blockchain, , www.economist.com/leaders/2015/10/31/the-trust-machine; (2018) Show me the money, , September 1, p. 14; Tversky, A., Kahneman, D., Judgement under uncertainty: heuristics and biases (1974) Science, 185, pp. 1124-1131; Williamson, O., Calculativeness, trust, and economic organization (1993) Journal of Law and Economics, 36 (1), pp. 453-486; Zhu, R., Dholakia, U.M., Chen, X., Algesheimer, R., Does online community participation foster risky financial behavior (2012) Journal of Marketing Research, 49 (3), pp. 394-407; (2012) The dynamics of peer-to-peer lending, , www.gabelliconnect.com/gabelliconnect/wp-content/uploads/2012/12/FordhamBusiness_Fall2012.pdf, Fall; Sapienza, P., Zingales, L., A trust crisis (2012) International Review of Finance, 12 (2), pp. 123-131}, correspondence_address1={Gonzalez, L.; Department of Finance, College of Business Administration, California State UniversityUnited States; email: laura.gonzalezalana@csulb.edu}, publisher={Emerald Group Publishing Ltd.}, issn={03074358}, language={English}, abbrev_source_title={Manag. Financ.}, document_type={Article}, source={Scopus}, } @ARTICLE{Frick2019, author={Frick, T.A.}, title={Virtual and cryptocurrencies—regulatory and anti-money laundering approaches in the European Union and in Switzerland}, journal={ERA Forum}, year={2019}, doi={10.1007/s12027-019-00561-1}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85065667473&doi=10.1007%2fs12027-019-00561-1&partnerID=40&md5=7277b454179cbdb9d159ea982b14caff}, affiliation={Niederer Kraft Frey Ltd., Bahnhofstrasse 53, Zurich, 8001, Switzerland}, abstract={Cryptocurrencies and virtual currencies gained prominence in 2017 and 2018. The European Union has closely observed developments but has not been proactive in regulating this new phenomenon. In the Fifth Anti-Money Laundering Directive, a definition of virtual currencies was introduced to EU law for the first time. Reports published by the European Securities and Markets Authority and by the European Banking Authority, both in 2019, provide further clarification on the approach being taken at EU level. Switzerland has been at the forefront of crypto developments. The Swiss approach to regulating the crypto world is different from the approach taken e.g., in Malta and Liechtenstein and may serve as an additional inspiration for EU regulators. © 2019, Europäische Rechtsakademie (ERA).}, author_keywords={AML; Cryptocurrencies; FinTech regulation; Virtual currencies}, references={Balzli, T., Kryptowährungen, Tokens und ICO (2018) Rechtshandbuch Digitale Finanzdienstleistungen, , Klebeck U., Dobruz-Saldapenna G., (eds; (2018), Bank for International Settlement BIS: Annual Economic Report, June; https://www.admin.ch/opc/de/classified-compilation/19970427/index.html, Bundesgesetz über die Bekämpfung der Geldwäscherei und der Terrorismusfinanzierung (Geldwäschereigesetz, GwG), fn1 vom 10. Oktober 1997 (Stand am 1. Januar 2019), SR 955.0; Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU [2018] OJ L 156/43; (2018) Guidelines for Enquiries regarding the Regulatory Framework for Initial Coin Offerings (Icos), , 16 February; European Banking Authority EBA: Report with advice for the European Commission on crypto-assets, 9 January 2019; (2019), European Securities and Markets Authority ESMA: Advice: Initial Coin Offerings and Crypto-Assets, 9 January; Hauser-Spühler, G., (2017) Innovation vs. Regulation: Compliance in Digital Finance; History of bitcoin Wikipedia, , https://en.wikipedia.org/wiki/History_of_bitcoin; Küfner Rober, A., (2018) Das Krypto-Jahrzehnt; (2018) Website Page on the Tax Challenges Arising from Digitalisation. Interim Report, , https://www.finder.com/oecd-calls-for-global-crypto-tax-framework; http://www.fatf-gafi.org/publications/fatfgeneral/documents/outcomes-plenary-october-2018.html, Outcomes FATF Plenary, 17–19 October 2018, with ‘international standards on combating money laundering and the financing of terrorism & proliferation: The FATF Recommendations’ adopted by the FATF plenary in February 2012, updated October 2018; (2018) Rechtliche Grundlagen für Distributed Ledger-Technologie Und Blockchain in Der Schweiz: Eine Auslegeordnung Mit Fokus Auf Dem Finanzsektor, , 7 December; Schweizerische Eidgenossenschaft (ed.): National Risk Assessment (NRA): Risiko der Geldwäscherei und Terrorismusfinanzierung durch Krypto-Assets und Crowdfunding: Bericht der interdepartementalen Koordinationsgruppe zur Bekämpfung der Geldwäscherei und der Terrorismusfinanzierung (KGGT), October 2018; (2018) Advice to ESMA: Own Initiative Report on Initial Coin Offerings and Crypto-Assets, , 19 October; (2018) SBA Guidelines on Opening Corporate Accounts for Blockchain Companies, , September; Verordnung über die Bekämpfung der Geldwäscherei und der Terrorismusfinanzierung (Geldwäschereiverordnung, GwV) vom 11. November 2015 (Stand am 1. Januar 2016), SR 955.01}, correspondence_address1={Frick, T.A.; Niederer Kraft Frey Ltd., Bahnhofstrasse 53, Switzerland; email: thomas.a.frick@nkf.ch}, publisher={Springer Verlag}, issn={16123093}, language={English}, abbrev_source_title={ERA Forum}, document_type={Article}, source={Scopus}, } @ARTICLE{HyunSoon2019202, author={Hyun Soon, J. and You, Y.Y. and Jeon, J.-S.}, title={The effect of mobile payment service quality on usage intention - Focusing on the adjustment effect of user satisfaction}, journal={International Journal of Innovative Technology and Exploring Engineering}, year={2019}, volume={8}, number={3}, pages={202-204}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064639968&partnerID=40&md5=0250c3748af4c4886378f9c82b152485}, affiliation={Dept. of Smart Convergence Consulting, Hansung University, Seoul Metropolitan Government, 116, samseongyo 16gil, Seongbuk-gu02876, South Korea; Division of Social Science, Hansung University, Seoul Metropolitan Government, 116, Samseongyo 16gil, Seongbuk-gu02876, South Korea}, abstract={Background/Objectives: This research will verify the role of service quality and user satisfactionas a control variable in discerning how consumers decide to use mobile service. Method/Statistical analysis: Research subjects are consumers who used mobile payment service usage more than once. Survey consists of 21 questions: 5 on demographic statistics, 10 on mobile payment service quality, 3 on purpose of mobile payment service usage, 3 onuser satisfaction as a mediating variable, using Likert’s 5-point-scale measurement. Positive analysis used SPSS 23.0 for element analysis, reliability analysis, correlation analysis, regression analysis to control for variables. Finding: The total variance for mobile payment service element measurement categories is 87.880% and the found eigenvalue is all above 1.0, and the factor score is above 0.5, meeting the reliability and validity of research. Regression analysis shows all independent variables affects the dependent variable. Mediating effects of three categories of mobile payment service on economic usage intention of using mobile payment service hold significant. The economics and security of the independent variable and its R2 value incrementally increased and significance probability was below 0.05. Therefore, we conclude that even if service quality is high, if user satisfaction is low, intention of using service decreases. So, we can state that customer satisfaction is important. Improvements/Applications: In the future, it is required to develop a measurement tool for items such as user satisfaction and usage intention for more objective measurement. © BEIESP.}, author_keywords={Fintech; Mobile payment service; Service quality of mobile payment; User intention; User satisfaction}, funding_details={Hansung UniversityHansung University}, funding_text 1={research was financially supported Hansung}, references={Lee, S.H., (2016) A study on factors influencing continuous cooperation between finance institution and fintech organization for fintech industry activation, , http://www.riss.kr/link?id=T14169219, Graduate School of Hanyang University, Korea; Lee, D.-Y., (2013) A Study on Determinants for Invigorate Use of Mobile Payment System, , http://www.riss.kr/link?id=T13232480, Graduate School of Business Administration Hansung University, Korea; Lee, S.Y., (2016) A study on the intention of the use of mobile payment services: Application of the technology acceptance model, , http://www.riss.kr/link?id=T13961007, The Graduate School of Hanyang University, Korea; Krueger, M., (2001) The Future of M-payments: Business Options and Policy Issues, , Background Paper No2, Electronic Payment Systems Observatory (ePSO), Institute for Prospective Technological Sutdies; Yeop, L.J., (2015) Cloud Platform-based Smart Mobile Payment Service Model: Design and Evaluation, , http://www.riss.kr/link?id=T13711057, Graduate School, Kyung Hee University, Korea; Wei, G., (2016) AStudy on the Effects of Use Intention of Service Quality and Personal Properties by Mobile Payment Application:Focused on China Market, , http://www.riss.kr/link?id=T13985561, Graduate School of Kongju National University, Korea; Qiliang, J., (2017) A Study on Intention of Reusing Mobile Payment Service based on Consumer’s Understanding of Service Quality: Focusing on Theory of Planned Behavior, , http://www.riss.kr/link?id=T14572236, Graduate School of Konkuk University, Korea; Cheng, C., (2017) Easy Mobile Payment Service of satisfaction on the factors that affect the intended use-User central China, , http://www.riss.kr/link?id=T14601492, Graduate School Silla University, Korea; Anderson, E.W., Fornell, C., Tatham, D.R., Customer Satisfaction, market share, and profitability: Findings from Sweden (1994) Journal of Marketing, 58 (3), pp. 53-66; Lee, H.-J., (2017) A Study on the Factors Causing the Intention to Use of Fintech-based Mobile Easy Payment Service, , http://www.riss.kr/link?id=T14545331, Graduate School of Soongsil University, Korea; Kim, H.Y., (2016) The influences of perceived quality and value in mobile payment services on continuous usage: Focusing on the mediating effect of trust, , http://www.riss.kr/link?id=T14167108, The Graduate School of Advertising and Public Relations Hongik University, Korea}, correspondence_address1={You, Y.Y.; Dept. of Smart Convergence Consulting, Hansung University, Seoul Metropolitan Government, 116, samseongyo 16gil, Seongbuk-gu, South Korea}, publisher={Blue Eyes Intelligence Engineering and Sciences Publication}, issn={22783075}, language={English}, abbrev_source_title={Int. J. Innov. Technol. Explor. Eng.}, document_type={Article}, source={Scopus}, } @ARTICLE{Athique2019, author={Athique, A.}, title={A great leap of faith: The cashless agenda in Digital India}, journal={New Media and Society}, year={2019}, doi={10.1177/1461444819831324}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062019809&doi=10.1177%2f1461444819831324&partnerID=40&md5=c442c05ec093d0c3b074743a25f3bcbb}, affiliation={The University of Queensland, Australia}, abstract={This article assesses the rationale for India’s November 2016 demonetization, in terms of its origins and impact over the following year. I argue that this intervention was conceived and understood as part of a larger international monetary experiment. The article draws upon international media commentary, impact assessments by Indian scholars and the professed goals of the Government of India. Having established a direct link between demonetization and an advancing ‘cashless agenda’ around the world, I situate Narendra Modi’s Digital India programme as the putative foundation for a transactional economy. Drawing upon ethnographic studies exploring the everyday experience of India’s year of living digitally, this article raises the critical question of who must, or indeed can, bear the transaction costs of this digital utopia. In conclusion, I argue that the rapid expansion of digital money situates these concerns at the heart of social and cultural, as much as economic, analysis. © The Author(s) 2019.}, author_keywords={Cashless economy; demonetization; fintech; India; mobile money}, references={Aiyar, S., (2017) Aadhaar: The Biometric History of India’s 12-Digit Revolution, , New Delhi, India, Westland; Anand, A., Ajmal, Z., (2017) Demonetisation and Digital India: experiences of migrant workers in Punjab and Bihar, , Paper Presented at social transactions Digital India, Bombay, India, 6–7 December 2017; Athique, A., (2019) Digital Transactions in Asia, pp. 1-22. , Athique A., Baulch E., (eds), New York, Routledge, In:, (eds; Basu, K., In India, black money makes for bad policy (2016) The New York Times, , http://www.nytimes.com/2016/11/27/opinion/in-india-black-money-makes-for-bad-policy.html, 27, November, accessed 27 November 2016; (2016) How black money saved the Indian economy, , www.bbc.com/news/world-asia-india-35610332, 22, February, accessed 22 February 2016, (, a; (2016) India currency bombshell, , http://www.bbc.com/news/business-37915359, 8, November, accessed 8 November 2016, (, b; (2016) Indian Rupee ban: currency move is ‘bad economics, , http://www.bbc.com/news/world-asia-india-37970965, 14, November, accessed 14 November 2016, (, c; Butani, M., Demonetisation decoded: time to embrace a cashless economy: global trend moving that way (2016) Financial Express, , https://www.financialexpress.com/opinion/demonetisation-decoded-time-to-embrace-a-cashless-economy-global-trend-moving-that-way-demonetisation-gdp-cashless-economy-indian-economy/459780/, 30, November, accessed 30 November 2016; (2017) Digital payment methods, , http://cashlessindia.gov.in/, accessed 8 August 2017; Castells, M., (1996) The Information Age: Economy, Society and Culture: The Rise of the Network Society, 1. , Cambridge, MA, Oxford: Blackwell; Digital India (2017) Ministry of Electronics and Information Technology, Government of India, , http://www.digitalindia.gov.in/, accessed 8 August 2017; Doshi, V., Women bear the brunt as finances and families are undone by India’s cash crisis (2016) The Guardian, , https://www.theguardian.com/global-development/2016/dec/22/india-cash-crisis-women-bear-brunt-finances-families-undone, 22, December, accessed 6 January 2017; Doshi, V., Allen, K., Your money’s no good: Rupee note cancellation plunges India into Panic (2016) The Guardian, , https://www.theguardian.com/world/2016/nov/10/rupee-note-cancellation-panic-in-india-banks-500-1000, 11, November, accessed 4 January 2017; Drèze, J., Khera, R., Recent social security initiatives in India (2017) World Development, 98, pp. 555-572; D’Souza, R., Cashless India: getting incentives right. 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Meanwhile, the innovations change the ecosystem of financial industry but also present potential threats. Cloud computing, mobile working application, and smart city system are being deployed to enhance life and working conditions for citizens. Nevertheless, cyber-attacks are increasing while security awareness and protection measures need to be improved. In this paper, security theory and practices of the use of cloud, mobile apps, and smart city system are to discuss. Connected with practice of practitioners in the industry, ideas of security architectures are presented and featured as key points of the financial security 3.0 framework. © Springer Nature Singapore Pte Ltd. 2019.}, author_keywords={Cloud computing; FinSec 3.0; FinTech; Mobile security; Smart city}, keywords={Cloud computing; Computation theory; Finance; Mobile security; Network security; Smart city, Financial enterprise; Financial security; FinSec 3.0; FinTech; Information and communications technology; Protection measures; Security Architecture; Theory and practice, Mobile cloud computing}, references={Dattani, I., (2016) Financial Services and Fintech-A Review of the Cyber Security Threats and Implications; Ifinedo, P., Information technology security management concerns in global financial services institutions (2009) Inf. Manag. Comput. Secur., 17 (5), pp. 372-387; Shaikh, F.B., Haider, S., Security threats in cloud computing (2011) 2011 International Conference for Internet Technology and Secured Transactions (ICITST), pp. 214-219. , IEEE; Infoworld, , https://www.infoworld.com/article/2652198/security/gartner–seven-cloud-computing-security-risks.html, Accessed 16 April 2018; Kozlovszky, M., Cloud security monitoring and vulnerability management (2016) Critical Infrastructure Protection Research. TIEI, 12, pp. 123-139. , https://doi.org/10.1007/978-3-319-28091-2_11, Nádai, L., Padányi, J. (eds.), Springer, Cham; Jain, A.K., Shanbhag, D., Addressing security and privacy risks in mobile applications (2012) IT Prof, 14 (5), pp. 28-33; Unhelkar, B., Murugesan, S., The enterprise mobile applications development framework (2010) IT Prof, 12 (3), pp. 33-39; Elmaghraby, A.S., Losavio, M.M., Cyber security challenges in smart cities: Safety, security and privacy (2014) J. Adv. Res., 5 (4), pp. 491-497; Cerrudo, C., (2015) An Emerging Us (And World) Threat: Cities Wide Open to Cyber Attacks, , Securing Smart Cities}, correspondence_address1={Li, Y.; Ping An Technology Inc.China; email: liyangsuper@163.com}, editor={Thampi S.M., Rawat D.B., Alcaraz Calero J.M., Madria S., Wang G.}, publisher={Springer Verlag}, issn={18650929}, isbn={9789811358258}, language={English}, abbrev_source_title={Commun. Comput. Info. Sci.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Bradbury201961, author={Bradbury, M.A.S. and Hens, T. and Zeisberger, S.}, title={How persistent are the effects of experience sampling on investor behavior?}, journal={Journal of Banking and Finance}, year={2019}, volume={98}, pages={61-79}, doi={10.1016/j.jbankfin.2018.10.014}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85056179670&doi=10.1016%2fj.jbankfin.2018.10.014&partnerID=40&md5=21cc50c215a33b709e54b077c6dd72ae}, affiliation={Department of Banking and Finance, University of Zurich, Switzerland; Department of Finance, Bergen, Norway; Institute for Management Research, Radboud University, Nijmegen, Netherlands; Department of Economics, University of Lucerne, Switzerland}, abstract={Investor behavior was shown to be considerably different when the risk-return tradeoff is presented by experience sampling as opposed to a descriptive communication. We analyze the persistency of this difference in a setting in which investors are faced with multiple decisions over time and are consequently able to adjust the risk level they initially chose. For this we use an experimental setting with repeated investment decisions over multiple trading days, and we also test a new form of risk simulation in which wealth paths over time are presented rather than just final outcomes. After investors’ initial decisions, for which we confirm previous findings, we do not find persistent differences of simulation-based learning on investors’ risk-taking behavior. With regards to trading volume, only a simulation in which investors see wealth paths and not only final outcomes leads to lower trading frequency soon after the initial asset allocation. © 2018}, author_keywords={Behavioral finance; Experience sampling; Financial advice; Fintech; Investment decision; Risk communication; Simulated experience}, funding_details={Schweizerischer Nationalfonds zur Förderung der Wissenschaftlichen ForschungSchweizerischer Nationalfonds zur Förderung der Wissenschaftlichen Forschung, 100018-149934}, funding_text 1={We are thankful to Charlotte Borsboom, James Choi, Helga Fehr-Duda, Eric Johnson, Christine Laudenbach, David Laibson, Miles Kimball, Markus Strucks, Pascal St-Amour, Martin Weber and participants at the following conferences and seminars: American Economic Association Chicago 2017, Behavioural Finance Working Group Conference in London 2016, Consumer Financial Protection Bureau (CFPB) research conference in Washington DC in 2015, Behavioral Decision Research in Management (BDRM) Conference in London 2014 and University of Innsbruck Finance Seminar 2014 for their valuable comments and suggestions. We also thank Achiel Fenneman for supporting us with many analyses, Marius Wolfensberger for his programming support and Behavioural Finance Solutions GmbH for financial support. This research was gratefully supported by the Swiss National Science Foundation (100018-149934) and by the University of Zurich via URPP Finreg. Previous titles of this paper have been: “How Risk Simulations Improve Long-Term Investment Decisions” and “Do Risk Simulations Lead to Persistently Better Investment Decisions?” Appendix A}, references={Agarwal, S., Pan, J., Qian, W., (2018) Age of Decision: Pension Savings Withdrawal and Consumption and Debt Response, , http://ssrn.com/abstract=2487658, Working Paper; Barber, B.M., Odean, T., Boys will be boys: gender, overconfidence, and common stock investment (2001) Quart. J. Econ., 116, pp. 261-292; Benartzi, S., Thaler, R.H., Myopic loss aversion and the equity premium puzzle (1995) Quart. J. 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Myopic Loss Aversion Revisited, , http://ssrn.com/abstract=1786360, Working Paper}, correspondence_address1={Zeisberger, S.; Department of Banking and Finance, University of ZurichSwitzerland; email: s.zeisberger@fm.ru.nl}, publisher={Elsevier B.V.}, issn={03784266}, coden={JBFID}, language={English}, abbrev_source_title={J. Bank. Financ.}, document_type={Article}, source={Scopus}, } @ARTICLE{Yue2019162, author={Yue, X. and Shu, X. and Zhu, X. and Du, X. and Yu, Z. and Papadopoulos, D. and Liu, S.}, title={BitExTract: Interactive Visualization for Extracting Bitcoin Exchange Intelligence}, journal={IEEE Transactions on Visualization and Computer Graphics}, year={2019}, volume={25}, number={1}, pages={162-171}, doi={10.1109/TVCG.2018.2864814}, art_number={8440044}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85051766067&doi=10.1109%2fTVCG.2018.2864814&partnerID=40&md5=a68a323f4d34e716114701cad0f12e72}, affiliation={Hong Kong University of Science and Technology, Hong Kong; Penn State University, United States}, abstract={The emerging prosperity of cryptocurrencies, such as Bitcoin, has come into the spotlight during the past few years. Cryptocurrency exchanges, which act as the gateway to this world, now play a dominant role in the circulation of Bitcoin. Thus, delving into the analysis of the transaction patterns of exchanges can shed light on the evolution and trends in the Bitcoin market, and participants can gain hints for identifying credible exchanges as well. Not only Bitcoin practitioners but also researchers in the financial domains are interested in the business intelligence behind the curtain. However, the task of multiple exchanges exploration and comparisons has been limited owing to the lack of efficient tools. Previous methods of visualizing Bitcoin data have mainly concentrated on tracking suspicious transaction logs, but it is cumbersome to analyze exchanges and their relationships with existing tools and methods. In this paper, we present BitExTract, an interactive visual analytics system, which, to the best of our knowledge, is the first attempt to explore the evolutionary transaction patterns of Bitcoin exchanges from two perspectives, namely, exchange versus exchange and exchange versus client. In particular, BitExTract summarizes the evolution of the Bitcoin market by observing the transactions between exchanges over time via a massive sequence view. A node-link diagram with ego-centered views depicts the trading network of exchanges and their temporal transaction distribution. Moreover, BitExTract embeds multiple parallel bars on a timeline to examine and compare the evolution patterns of transactions between different exchanges. Three case studies with novel insights demonstrate the effectiveness and usability of our system. © 2018 IEEE.}, author_keywords={Bitcoin exchange; comparative analysis; FinTech; transaction data; visual analytics}, keywords={Gateways (computer networks); Knowledge management; Visualization, Bitcoin; Comparative analysis; FinTech; Transaction data; Visual analytics, Electronic money}, references={https://bitbonkers.com/; Bitcoin Transaction Visualization, , http://bitcoin.interaqt.nl/; Bitcoin (Usd) Price, , https://www.coindesk.com/price/; Bitnodes.earn.com, , https://bitnodes.earn.com/; Blockchain.info, , https://blockchain.info/tree/114688199; Cryptocurrency Market Capitalizations, , https://coinmarketcap.com/; https://www.elliptic.co/; Realtime Bitcoin Globe, , https://blocks.wizb.it/; View the Bitcoin Cryptocurrency Specification in Detail, , http://mapofcoins.com/bitcoin; Walletexplorer.com: Smart Bitcoin Block Explorer, , https://www.walletexplorer.com/; Archambault, D., Abello, J., Kennedy, J., Kobourov, S., Ma, K.-L., Miksch, S., Muelder, C., Telea, A.C., Temporal multivariate networks (2014) Multi-variate Network Visualization, pp. 151-174. , Springer; Barsky, A.G.J.K.R., Cerebral, M.T., Visualizing multiple experi-mental conditions on a graph with biological context (2008) IEEE Transactions on Visualization and Computer Graphics, 14, pp. 1253-1260; Battista, G.D., Donato, V.D., Patrignani, M., Pizzonia, M., Roselli, V., Tamassia, R., Bitconeview: Visualization of flows in the bitcoin transaction graph (2015) Proc. 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Journal of Human-Computer Interaction, 26 (11-12), pp. 1031-1051; Yli-Huumo, J., Ko, D., Choi, S., Park, S., Smolander, K., Where is current research on blockchain technology? A systematic review (2016) PloS One, 11 (10), p. e0163477}, publisher={IEEE Computer Society}, issn={10772626}, coden={ITVGE}, language={English}, abbrev_source_title={IEEE Trans Visual Comput Graphics}, document_type={Article}, source={Scopus}, } @ARTICLE{Bhatt201983, author={Bhatt, S. and Agrali, A. and Suri, R. and Ayaz, H.}, title={Does comfort with technology affect use of wealth management platforms? Usability testing with fNIRS and eye-tracking}, journal={Advances in Intelligent Systems and Computing}, year={2019}, volume={775}, pages={83-90}, doi={10.1007/978-3-319-94866-9_8}, note={cited By 0; Conference of AHFE International Conference on Neuroergonomics and Cognitive Engineering, 2018 ; Conference Date: 21 July 2018 Through 25 July 2018; Conference Code:215319}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85049687922&doi=10.1007%2f978-3-319-94866-9_8&partnerID=40&md5=a475a4dc8ca22b4c2f3f88914d09e906}, affiliation={Lebow College of Business, Drexel University, Philadelphia, PA 19104, United States; School of Biomedical Engineering, Science and Health Systems, Drexel University, Philadelphia, PA 19104, United States}, abstract={Most wealth management firms offer online platforms where investors with varied levels of comfort with technology manage their portfolios. Past research shows that comfort with technology is crucial for users’ acceptance of new technologies. We investigated how users’ comfort level with technology influences their use of a new wealth management online platform. We used a multi-modal approach that incorporates survey, behavioral, eye-tracking and neural measures to assess investors’ comfort with technology on web-platform usability to provide a rigorous test of the effects of comfort with technology on usability experiences for a wealth management firm. Our findings suggest that traditional survey measures do not show any differences in users’ evaluations. However, behavioral and neurophysiological measures reveal insights that traditional survey measures fail to reveal. © Springer International Publishing AG, part of Springer Nature 2019.}, author_keywords={Eye-tracking; Fintech; Neuro-imaging; Wealth management; Web usability}, keywords={Neuroimaging; Surveys; Usability engineering, Fintech; Multi-modal approach; Neurophysiological measures; New technologies; Online platforms; Usability testing; Wealth management; Web usability, Eye tracking}, references={Markovitch, S., Willmott, P., (2014) Accelerating the Digitization of Business Processes, , McKinsey & Company, San Francisco; Chang, H.H., Chen, S.W., Consumer perception of interface quality, security, and loyalty in electronic commerce (2009) Inf. Manag., 46 (7), pp. 411-417; Loiacono, E.T., Watson, R.T., Goodhue, D.L., WebQual: A measure of website quality (2002) Market. Theory Appl., 13 (3), pp. 432-438; Matera, M., Rizzo, F., Carughi, G.T., Web usability: Principles and evaluation methods (2006) Web Engineering, , Springer, Berlin; Lazar, J., (2005) Web Usability: A User-Centered Design Approach, , Addison-Wesley Longman Publishing Co., Inc., Boston; Lassar, W.M., Manolis, C., Lassar, S.S., The relationship between consumer innovativeness, personal characteristics, and online banking adoption (2005) Int. J. Bank Market., 23 (2), pp. 176-199; Goldfarb, A., Prince, J., Internet adoption and usage patterns are different: Implications for the digital divide (2008) Inf. Econ. Policy, 20 (1), pp. 2-15; Vijayasarathy, L.R., Predicting consumer intentions to use on-line shopping: The case for an augmented technology acceptance model (2004) Inf. Manag., 41 (6), pp. 747-762; Ayaz, H., Shewokis, P.A., Curtin, A., Izzetoglu, M., Izzetoglu, K., Onaral, B., Using MazeSuite and functional near infrared spectroscopy to study learning in spatial navigation (2011) J. Vis. Exp., 56, p. 3443; Ayaz, H., Shewokis, P.A., Bunce, S., Schultheis, M., Onaral, B., Assessment of cognitive neural correlates for a functional near infrared-based brain computer interface system (2009) International Conference on Foundations of Augmented Cognition. Springer, Berlin; Ayaz, H., Onaral, B., Izzetoglu, K., Shewokis, P.A., McKendrick, R., Parasuraman, R., Continuous monitoring of brain dynamics with functional near infrared spectroscopy as a tool for neuroergonomic research: Empirical examples and a technological development (2013) Front. Hum. Neurosci., 7, pp. 1-13}, correspondence_address1={Bhatt, S.; Lebow College of Business, Drexel UniversityUnited States; email: shb56@drexel.edu}, editor={Mazur L., Ayaz H.}, sponsors={}, publisher={Springer Verlag}, issn={21945357}, isbn={9783319948652}, language={English}, abbrev_source_title={Adv. Intell. Sys. Comput.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Kim2019134, author={Kim, J.-Y. and Cho, S.-B.}, title={Deep Dense Convolutional Networks for Repayment Prediction in Peer-to-Peer Lending}, journal={Advances in Intelligent Systems and Computing}, year={2019}, volume={771}, pages={134-144}, doi={10.1007/978-3-319-94120-2_13}, note={cited By 1; Conference of International Joint Conference: 13th International Conference on Soft Computing Models, SOCO 2018, 11th International Conference on Computational Intelligence in Security for Information Systems, CISIS 2018 and 9th International Conference on EUropean Transnational Education, ICEUTE 2018 ; Conference Date: 6 June 2018 Through 8 June 2018; Conference Code:214189}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85048600530&doi=10.1007%2f978-3-319-94120-2_13&partnerID=40&md5=9e408e654febc7e51076f5a364447dd7}, affiliation={Department of Computer Science, Yonsei University, Seoul, South Korea}, abstract={In peer-to-peer (P2P) lending, it is important to predict default of borrowers because the lenders would suffer financial loss if the borrower fails to pay money. The huge lending transaction data generated online helps to predict repayment of the borrowers, but there are limitations in extracting features based on the complex information. Convolutional neural networks (CNN) can automatically extract useful features from large P2P lending data. However, as deep CNN becomes more complex and deeper, the information about input vanishes and overfitting occurs. In this paper, we propose a deep dense convolutional networks (DenseNet) for default prediction in P2P social lending to automatically extract features and improve the performance. DenseNet ensures the flow of loan information through dense connectivity and automatically extracts discriminative features with convolution and pooling operations. We capture the complex features of lending data and reuse loan information to predict the repayment of the borrower. Experimental results show that the proposed method automatically extracts useful features from Lending Club data, avoids overfitting, and is effective in default prediction. In comparison with deep CNN and other machine learning methods, the proposed method has achieved the highest performance with 79.6%. We demonstrate the usefulness of the proposed method as the 5-fold cross-validation to evaluate the performance. © 2019, Springer International Publishing AG, part of Springer Nature.}, author_keywords={Big data; Deep learning; Dense Convolutional Networks; Fintech; P2P social lending}, keywords={Big data; Complex networks; Convolution; Deep learning; Finance; Forecasting; Information use; Losses; Neural networks; Soft computing, Convolutional networks; Convolutional Neural Networks (CNN); Discriminative features; Extracting features; Fintech; Machine learning methods; P2P social lending; Peer-to-peer lending, Peer to peer networks}, funding_details={Institute for Information and communications Technology PromotionInstitute for Information and communications Technology Promotion, IITP}, funding_details={IITP-2018-2015-0-00369}, funding_text 1={Acknowledgement. This research was supported by the MSIT (Ministry of Science, ICT), Korea, under the ITRC (Information Technology Research Center) support program (IITP-2018-2015-0-00369) supervised by the IITP (Institute for Information & communications Technology Promotion).}, references={Zhao, H., Ge, Y., Liu, Q., Wang, G., Chen, E., Zhang, H., P2P lending survey: Platforms, recent advances and prospects (2017) ACM Trans. Intell. Syst. Technol., 6 (8), pp. 72-101; Malekipirbazari, M., Aksakalli, V., Risk assessment in social lending via random forests (2015) Expert Syst. Appl., 42 (10), pp. 4621-4631; Xu, J., Chen, D., Chau, M., Identifying features for detecting fraudulent loan requests on P2P platforms (2016) IEEE Conference on Intelligence and Security Informatics, pp. 79-84; Yan, J., Yu, W., Zhao, J.L., How signaling and search costs affect information asymmetry in P2P lending: The economics of big data (2015) Financ. Innov., 1 (1), p. 19; Lin, X., Li, X., Zheng, Z., Evaluating borrower’s default risk in peer-to-peer lending: Evidence from a lending platform in China (2017) Appl. Econ., 49 (35), pp. 3538-3545; Kim, K.-H., Lee, C.-S., Jo, S.-M., Cho, S.-B., Predicting the success of bank telemarketing using deep convolutional neural network (2015) IEEE Conference of Soft Computing and Pattern Recognition, pp. 314-317; Ronao, C.A., Cho, S.-B., Human activity recognition with smartphone sensors using deep learning neural networks (2016) Expert Syst. Appl., 59, pp. 235-244; Huang, G., Sun, Y., Liu, Z., Sedra, D., Weinberger, K.Q., Deep networks with stochastic depth (2016) European Conference on Computer Vision, pp. 646-661; Huang, G., Liu, Z., Matten, L., Weingerger, K.-Q., Densely connected convolutional networks (2017) IEEE Conference on Computer Vision and Pattern Recognition, pp. 4700-4708; Milne, A., Parboteeah, P., The business models and economics of peer-to-peer lending (2016) European Credit Research Institute, (17), pp. 1-31; Kim, A., Cho, S.-B., Dempster-Shafer fusion of semi-supervised learning methods for predicting defaults in social lending (2017) International Conference on Neural Information Processing, pp. 854-862; Jiang, C., Wang, Z., Wang, R., Ding, Y., Loan default prediction by combining soft information extracted from descriptive text in online peer-to-peer lending (2017) Ann. Oper. Res., 1, p. 19. , https://doi.org/10.1007/s10479-017-2668-z; Fu, Y., Combination of random forests and neural networks in social lending (2017) J. Financ. Risk Manag., 6 (4), pp. 418-426; Zhang, Y., Li, H., Hai, M., Li, J., Li, A., Determinants of loan funded successful in online P2P lending (2017) Procedia Comput. Sci., 122, pp. 896-901; Serrano-Cinca, C., Gutiérrez-Nieto, B., The use of profit scoring as an alternative to credit scoring systems in peer-to-peer (P2P) lending (2016) Decis. Support Syst., 89, pp. 113-122; Srivastava, N., Hinton, G., Krizhevsky, A., Sutskever, I., Salakhutdinov, R., Dropout: A simple way to prevent neural networks from overfitting (2014) J. Mach. Learn. Res., 15 (1), pp. 1929-1958; Nair, V., Hinton, G.E., Rectified linear units improve restricted Boltzmann machines (2010) International Conference on Machine Learning; Emekter, R., Tu, Y., Jirasakuldech, B., Lu, M., Evaluating credit risk and loan performance in online peer-to-peer (P2P) lending (2015) Appl. Econ., 47 (1), pp. 54-70}, correspondence_address1={Cho, S.-B.; Department of Computer Science, Yonsei UniversitySouth Korea; email: sbcho@yonsei.ac.kr}, editor={Saez J.A., Corchado E., Herrero A., Grana M., Lopez-Guede J.M., Etxaniz O., Quintian H.}, sponsors={Startup Ole; University of Basque Country; University of Salamanca}, publisher={Springer Verlag}, issn={21945357}, isbn={9783319941196}, language={English}, abbrev_source_title={Adv. Intell. Sys. Comput.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Soukal2019244, author={Soukal, I.}, title={Information quality of web services: Payment account online comparison tools survey in the Czech republic and Slovakia}, journal={Lecture Notes in Business Information Processing}, year={2019}, volume={341}, pages={244-257}, doi={10.1007/978-3-030-11395-7_21}, note={cited By 0; Conference of 15th European, Mediterranean, and Middle Eastern Conference on Information Systems, EMCIS 2018 ; Conference Date: 4 October 2018 Through 5 October 2018; Conference Code:223039}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85060789136&doi=10.1007%2f978-3-030-11395-7_21&partnerID=40&md5=a51ffcb16ec82422d2ada1362ff795e0}, affiliation={Department of Economics, Faculty of Informatics and Management, University of Hradec Kralove, Rokitanskeho 62, Hradec Kralove, 500 03, Czech Republic}, abstract={The paper is focused on the comparison and calculation of retail payment accounts. The latest development of digital services within the frame of a FinTech leaves out the product comparison so far and therefore a consumer has to rely on these online tools. Six comparison tools were found and analyzed in two selected countries. The information quality test was performed based on the EU methodology regarding accuracy and full price, relevance, language and concision, detail, uniformity, comparability, and verifiability. The user test profile is a retail mainstream client with e-banking preference. All comparison tools but one failed in the information quality test. Some of them provided a correct result for only 33% of compared offers. Most of the misguiding and incorrect results came from a miscalculation of specific conditional sales issues and ATM withdrawal from other bank’s network service. Only one comparison tool passed with the share of correct and plausible results above 90%. Unsatisfactory results can be explained by the incompleteness of CTs, not being up-to-date issues and by a specific pricing policy different from e.g. United Kingdom or Germany. The last part suggests possible ways how to improve current unsatisfactory situation by creating a test framework that would complement the Directive 2014/92/EU. © 2019, Springer Nature Switzerland AG.}, author_keywords={Comparability; Detail; Information quality; Language; Online comparison tool; Payment account; Price calculation; Relevance; Shopbot; Uniformity; Verifiability}, keywords={Information analysis; Information services; Information systems; Information use; Sales, Comparability; Detail; Information quality; Language; Payment account; Relevance; Shopbots; Uniformity; Verifiability, Web services}, funding_text 1={Acknowledgment. This paper was written with the financial support of Specific Research Project “Investments within the Industry 4.0 concept” 2018 at Faculty of Informatics and Management of the University of Hradec Králové to the Department of Economics. I would like to thank Aneta Bartuskova, Ph.D. for her valuable comments. I would like to thank Lucie Silhabelova for her help with the calculator’s database.}, references={Baye, M.R., Morgan, J., Temporal price dispersion: Evidence from an online consumer electronics market (2004) J. Interact. Mark., 18 (4), pp. 101-115. , https://doi.org/10.1002/dir. 20016; Consumer Trends Report 2016, , http://www.eba.europa.eu/documents/10180/1360107/Consumer+Trends+Report+2016.pdf; (2013) Comparison Tools: Report from the Multi-Stakeholderdialogue, , http://edz.bib.uni-mannheim.de/daten/edz-a/gdgv/13/comparison-tools-report-ecs-2013_en.pdf, Accessed 12 Mar 2018; (2013) Study on the Coverage Functioning and Consumer Use of Comparison Tools and Third Party Verification Schemes for Such Tools, , https://ec.europa.eu/info/sites/info/files/final_report_study_on_comparison_tools_2013_en.pdf, Accessed 16 Mar 2018; Gai, K.K., Qiu, M.K., Sun, X.T., A survey on FinTech (2018) J. Netw. Comput. Appl., 103, pp. 262-273. , https://doi.org/10.1016/j.jnca.2017.10.011; Gomber, P., Kauffman, R.J., Parker, C., Weber, B.W., On the fintech revolution: Interpreting the forces of innovation, disruption, and transformation in financial services (2018) J. Manag. Inf. Syst., 35 (1), pp. 220-265. , https://doi.org/10.1080/07421222.2018.1440766; Gozman, D., Liebenau, J., Mangan, J., The innovation mechanisms of fintech start-ups: Insights from SWIFT’s innotribe competition (2018) J. Manag. Inf. Syst., 35 (1), pp. 145-179. , https://doi.org/10.1080/07421222.2018.1440768; Haynes, M., Thompson, S., Price, price dispersion and number of sellers at a low entry cost shopbot (2008) Int. J. Ind. Organ., 26 (2), pp. 459-472. , https://doi.org/10.1016/j.ijindorg.2007. 02.003; Iyer, G., Pazgal, A., Internet shopping agents: Virtual co-location and competition (2003) Mark. Sci., 22 (1), pp. 85-106; Kim, J.W., Ha, S.H., Price comparisons on the internet based on computational intelligence (2014) Plos ONE, 9 (9). , https://doi.org/10.1371/journal.pone.0106946; Ma, Z., Liao, K., Lee, J.J.-Y., Examining comparative shopping agents from two types of search results (2010) Inf. Syst. Manag., 27 (1), pp. 3-9. , https://doi.org/10.1080/10580530903455072; Schwartz, B., (2005) The Paradox of Choice: Why More is Less, , HarperCollins Publishers, New York; Smith, M.D., The impact of shopbots on electronic markets (2002) J. Acad. Mark. Sci., 30 (4), pp. 446-454. , https://doi.org/10.1177/009207002236916; Soukal, I., Draessler, J., Hedvičáková, M., Cluster analysis of the demand side of the retail core banking services market (2011) E & M Ekonomie a Manag, 14 (4), pp. 102-114; Soukal, I., Draessler, J., Retail core banking services comparison tools and the quality of information (2017) Finance and Performance of Firms in Science, Education and Practice, pp. 994-1009. , Novak, P., Jurigova, Z., Kozubikova, L., Zlamalova, J. (eds.), Tomas Bata University, Zlin; Soukal, I., Hedvičáková, M., Retail core banking services costs optimization (2012) Procedia Technol, 1 (1), pp. 177-182; Tang, Z., Smith, M.D., Montgomery, A., The impact of shopbot use on prices and price dispersion: Evidence from online book retailing (2010) Int. J. Ind. Organ., 28 (6), pp. 579-590. , https://doi.org/10.1016/j.ijindorg.2010.03.014; Yuan, S.T., A personalized and integrative comparison-shopping engine and its applications (2003) Decis. Support Syst., 34 (2), pp. 139-156. , https://doi.org/10.1016/S0167-9236(02)00077-5}, correspondence_address1={Soukal, I.; Department of Economics, Faculty of Informatics and Management, University of Hradec Kralove, Rokitanskeho 62, Czech Republic; email: ivan.soukal@uhk.cz}, editor={Themistocleous M., Themistocleous M., da Cunha P.R.}, publisher={Springer Verlag}, issn={18651348}, isbn={9783030113940}, language={English}, abbrev_source_title={Lect. Notes Bus. Inf. Process.}, document_type={Conference Paper}, source={Scopus}, } @BOOK{Gautam201991, author={Gautam, D.P.}, title={Do remittances promote financial inclusion?}, journal={Economic and Political Institutions and Development}, year={2019}, pages={91-108}, doi={10.1007/978-3-030-06049-7_6}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064372210&doi=10.1007%2f978-3-030-06049-7_6&partnerID=40&md5=b7209b88661abaee774cf4192bb5f82c}, affiliation={University of Washington Tacoma, Tacoma, WA, United States}, abstract={Overcoming the limited access to formal financial services continues to be one of the most challenging tasks facing many developing countries. Recently, it has been argued by some authors that the rise in personal remittance inflows to these countries could be leveraged for more inclusive finance. In this essay, we examine whether remittances have provided additional avenues for policymakers to promote financial inclusion. Although some case studies have explored the potential link between remittances and households’ demand for financial services, no cross-country analysis has yet been carried out for empirical tests. We use data from the World Bank Global Findex database (Demirguc-Kunt et al., The Global Findex Database 2011: measuring financial inclusion and the Fintech revolution. The World Bank, Washington, 2011) on financial inclusion for 107 remittance-receiving countries to examine whether remittances contribute to inclusive finance. Contrary to the findings from earlier case studies, our results show that remittance inflows have a significant negative impact on financial inclusion by reducing the demand for deposit accounts from formal financial institutions. However, our results are consistent with the earlier findings that remittances do not have a significant and robust impact on the demand for credit instruments from formal institutions. These results continue to hold when the data are disaggregated for the rural sector. More importantly, the partial effects of remittances are found to be non-linear across countries. © Springer Nature Switzerland AG 2019.}, references={(2016) Human Development for Everyone, , United Nations Publications, Washington DC; Abdih, Y., Chami, R., Dagher, J., Montiel, P., Remittances and institutions: Are remittances a curse? (2012) World Development, 40 (4), pp. 657-666; Adams, R.H., Jr., Page, J., Do international migration and remittances reduce poverty in developing countries? (2005) World Development, 33 (10), pp. 1645-1669; Aggarwal, R., Demirguc-Kunt, A., Peria, M., Do remittances promote financial development? (2011) Journal of Development Economics, 96 (2), pp. 255-264; Anzoategui, D., Demirguc-Kunt, A., Peria, M., Remittances and financial inclusion: Evidence from El Salvador (2014) World Development (54), pp. 338-349; Ashraf, N., Aycinena, D., Martinez, C., Yang, D., (2010), Remittances and the problem of control: A field experiment among migrants from El Salvador; (2017) Center for Financial Inclusion, , Center for Financial Inclusion, Washington, DC; Conroy, J.D., (2008) Financial Inclusion: A New Microfinance Initiative for APEC, , The Foundation for Development Cooperation; Cooray, A., Migrant remittances, financial sector development and the government ownership of banks: Evidence from a group of non-OECD economies. Journal of International Financial Markets (2012) Institutions and Money, 22 (4), pp. 936-957; De Koker, L., Jentzsch, N., Financial inclusion and financial integrity: Aligned incentives? (2013) World Development, 44, pp. 267-280; Demirguc-Kunt, A., Klapper, L., Measuring financial inclusion: Explaining variation in use of financial services across and within countries (2013) Brookings Papers on Economic Activity, 2013 (1), pp. 279-340; Demirguc-Kunt, A., Klapper, L., Singer, D., Ansar, S., Hess, J., (2011) The Global Findex Database 2011: Measuring Financial Inclusion and the Fintech Revolution, , The World Bank, Washington DC; Duflo, E., Banerjee, A., Glennerster, R., Kinnan, C.G., (2010) The Miracle of Microfinance? Evidence from a Randomized Evaluation, , Boston; Dupas, P., Robinson, J., (2009) Savings Constraints and Microenterprise Development: Evidence from a Field Experiment in Kenya, , Boston; (2006) Building Inclusive Financial Sectors for Development, , United Nations Publications, Washington DC; Fungáčová, Z., Weill, L., Understanding financial inclusion in China (2014) China Economic Review, 34, pp. 196-206; Giuliano, P., Ruiz-Arranz, M., Remittances, financial development, and growth (2009) Journal of Development Economics, 90 (1), pp. 144-152; Gupta, S., Pattillo, C.A., Wagh, S., Effect of remittances on poverty and financial development in sub-Saharan Africa (2009) World Development, 37 (1), pp. 104-115; Karlan, D., Zinman, J., Expanding credit access: Using randomized supply decisions to estimate the impacts (2010) Review of Financial Studies, 23 (1), pp. 433-464; Li, Q., Racine, J.S., (2007) Nonparametric Econometrics: Theory and Practice, , Princeton University Press; Lopez, H., Fajnzylber, P., Calderon, C., Acosta, P., (2007) What is the Impact of International Remittances on Poverty and Inequality in Latin America?, , The World Bank; Racine, J.S., (2009) Nonparametric and Semiparametric Methods in R, pp. 335-375. , Nonparametric Econometric Methods, Emerald Group Publishing Limited; Rempel, H., Lobdell, R.A., The role of urban-to-rural remittances in rural development (1978) The Journal of Development Studies, 14 (3), pp. 324-341; Robinson, P.M., Root-n-consistent semiparametric regression (1988) Econometrica: Journal of the Econometric Society, 56 (4), pp. 931-954; Vlcek, W., (2006) Development V. Terrorism-Migrant Remittances Or Terrorist Financing, , Institute of Commonwealth Studies, London; (2011) World Development Indicators, , World Bank, Washington DC; (2013) Projects and Operations, , World Bank, Washington DC; (2017) The Global Findex Database 2017, , World Bank, Washington DC; Yang, D., (2005) International Migration, Human Capital, and Entrepreneurship: Evidence from Philippine migrants’ Exchange Rate Shocks, , Mimeo, Michigan}, correspondence_address1={Gautam, D.P.; University of Washington TacomaUnited States}, publisher={Springer International Publishing}, isbn={9783030060497; 9783030060480}, language={English}, abbrev_source_title={Economic and Political Institutions and Development}, document_type={Book Chapter}, source={Scopus}, } @ARTICLE{Bruloot201941, author={Bruloot, D. and Callens, E. and De Muynck, M.}, title={Credit intermediation and the European internal market for mortgage credit}, journal={Law and Financial Markets Review}, year={2019}, volume={13}, number={1}, pages={41-53}, doi={10.1080/17521440.2019.1571667}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85061746202&doi=10.1080%2f17521440.2019.1571667&partnerID=40&md5=5773a4c54c163f63ec5cb71ec0cec277}, affiliation={Financial Law Institute, Ghent University, Ghent, Belgium; University of Antwerp, Antwerp, Belgium}, abstract={The European Mortgage Credit Directive (MCD) aims to create a Union-wide mortgage credit market with a high level of consumer protection. While focussing on the primary policy objective, i.e. facilitating the emergence of an internal market for mortgage credit, this paper analyses the MCD’s regulation of the activities of credit intermediaries, and the rules on establishment and supervision of credit intermediaries in particular. As professional middlemen, credit intermediaries could reduce information asymmetries between on the one hand creditors and on the other hand consumers. Against the background of Fintech intermediary disruption and the increasing importance of digital distribution channels for financial services, our paper analyses whether and/or to what extent the MCD’s prudential rules for credit intermediation qualify as true “enablers” for an Internal market for mortgage credit. © 2019 Informa UK Limited, trading as Taylor & Francis Group.}, references={Directive 2008/48/EC of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010 (2014) OJ L, 60 (34). , 28 February; Zsolt, P., The Cost of Non-Europe in Financial Services (2014) European Parliamentary Research Service, , Definition integrated market for mortgage credit cf. the famous 1987 CECCHINI Report. See on this definition, September; Rott, P., Consumer Credit (2009) Understanding EU Consumer Law, p. 181. , See in this respect, H-W Micklitz, N Reich and P Rott (eds.)Antwerp-Cambridge, Intersentia; One exception is that of financial institutions-encouraged by the European rules on mutual recognition – operating through the internal market by way of subsidiaries or mergers and acquisitions. This is, however, no cross-border credit in a strict sense; (2016) Special Eurobarometer 446: Financial Products and Services, , http://ec.europa.eu/COMMFrontOffice/publicopinion/index, See, July, cfm/Survey/getSurveyDetail/instruments/SPECIAL/surveyKy/2108; Sp446-Volume Ap_Xls Underlying the Eurobarometer 2016, , http://ec.europa.eu/COMMFrontOffice/downloadODP/?403592EFB15E27E0D865576D45C73B6F, See the dataset, QC2.1; Sp446-Volume Ap_Xls Underlying the Eurobarometer 2016, , http://ec.europa.eu/COMMFrontOffice/downloadODP/?403592EFB15E27E0D865576D45C73B6F, See the dataset, QC2.1; Variations chiefly find their origin in minor fluctuations of the total loan value. Whereas the 2016 Eurobarometer report provides the reader solely with a robust idea of the evolution of cross-border mortgage purchases in comparison with (the Eurobarometer of) 2011, the underlying dataset allows for more nuanced reflections in that respect. When examining the underlying dataset, it seems that the fluctuations shown in the report (an increase of cross-border purchases of mortgage credit by respondents from Belgium, Ireland, Cyprus, and Luxemburg versus a decrease of cross-border purchases of mortgage credit by respondents from Denmark, Italy, Romania, and the UK) chiefly find their origin in minor alterations of the absolute values. These changes per country do not appear to be statistically significant. In 2011, for instance, 4 (out of 552) respondents from Romania said they had previously bought a cross-border mortgage credit, whereas in 2016 only 1 (out of 595) respondents claimed to have done so; (2016) Special Eurobarometer 446: Financial Products and Services, , http://ec.europa.eu/COMMFrontOffice/publicopinion/index.cfm/Survey/getSurveyDetail/instruments/SPECIAL/surveyKy/2108, See, July, 22; Jentzsch, N., The Implications of the New Consumer Credit Directive for EU Credit Market Integration, , position paper, 22 April 2003, 9 ff.; European Mortgage Federation, Hypostat 2008: A review of Europe’s Mortgage and Housing Markets, November 2009; de Muynck, M., Bruloot, D., (2017) Credit Intermediation under the 2014 European Mortgage Credit Directive: A Call for Targeted Rules on Intermediary Remu-Neration, 13 (1), pp. 1-37. , See consideration 5 MCD. For an analysis of the second policy objective, namely the achievement of a high level of consumer protection, we refer to, ERCL; Special Eurobarometer 373: Retail Financial Services (supra footnote 5); Grundmann, S., Information, Party autonomy and economic agents in European Contract Law (2002) Common Market Law Review, p. 269. , On the added value of credit intermediaries in the search process, see for example; (2008) Pre-Contractual Information for Financial Services. Qualitative Study in the 27 Member States Summary Report, p. 69. , Or “loyalty to one’s own bank” see in this respect OPTEM, January; Report on Consumer Contracts, , OFT1312, February 2011, 10; Ramsay, I., From Truth in Lending to Responsible Lending (2005) Information Rights and Obligations. a Challenge for Party Autonomy and Transactional Fairness, pp. 52-57. , in G Howells, A Janssen and R Schulze (eds), Aldershot Hants; Schwartz, A., Personal Bankruptcy Law: A Behavioural Perspective (2004) Consumer Bankruptcy in a Global Perspective, , in J Niemi-Kiesilainen, I Ramsay and WC Whitford (eds), (London: Hart, Chapter 3; Willis, L.E., Decision-making and the Limits of Disclosure: The Problem of Predatory Lending: Price Maryland Law Review, (65), pp. 707-735; Block-Lieb, S., Langer, A.J., The Myth of the Rational Borrower: Rationality, Behavioralism, and the Misguided ‘Reform’ of Bankruptcy Law Texas Law Review, (84), pp. 1481-1565; Bar-Gill, O., The Law, Economics and Psychology of Subprime Mortgage Contracts American Law & Economics Association Annual Meetings Working Paper, 47; Bar-Gill, O., Waren, E., Making Credit Safer (2008) University of Pennsylvania Law Review, 157, pp. 1-102; Hynes, R., Posner, E., The Law and Economics of Consumer Finance (2002) American Law and Economics Review, 4, pp. 168-207. , See in this respect ao; (2005) Special Eurobarometer: Public Opinion in Europe on Financial Services, , http://ec.europa.eu/public_opinion/archives/ebs/ebs_230_en.pdf,64, See in this respect for instance, May; Pogrund Stark, D., Unmasking the Predatory Loan in Sheep’s Clothing: A Legislative Proposal (2005) Harvard Blackletter Law Journal, 21, p. 138; Stoop, P.N., Plain Language and Assessment of Plain Language (2011) International Journal of Private Law, 4, p. 329. , On these concepts, see and the following; Credit intermediaries could, for example, point a consumer’s attention to several “hidden costs” (e.g. a compulsory credit insurance) in order to promote creditor competition on the true costs of credit; Engel, K.C., McCoy, P.A., A Tale of Three Markets: The Law and Economics of Predatory Lending (2002) Texas Law Review, 80, p. 12551267; For instance by making simulations on the basis of the consumer’s income and repayment rhythm, by emphasizing that a credit insurance is not compulsory, etc; E.g. an adjustable rate mortgage (with index trackers), a hybrid product that combines both a fixed and a variable interest rate, foreign currency credit, open-end mortgage agreements or investment mortgages; de Jong, F., (2010) Marktfalen Bij Tussenperso-Nen. Onderzoek Naar Marktfalen in De Intermediaire Bedrijfstak Voor financiële Dienstverlening, p. 33. , Uitgeverij Paris; Biglaiser, G., Middlemen as Experts Journal of Economics, (24), p. 223. , See Internal Market Study, 27. Given the growing importance of intermediary platforms on the internet, the added value of intermediary advice is especially oriented towards complex financial consumer goods (to the detriment of the “commodity consumer finance products” e.g. a travel insurance, a current account, etc). See; See art 3, §1 MCD; In addition to a limited list of mandatory exceptions to the scope of application, the MCD provides Member States the option to adopt additional exceptions. See for instance article 7:119, §2, g) and h) of the Dutch Civil Code; This is the offering or the selling of a credit agreement in a package with other distinct financial products or services where the credit agreement is not made available to the consumer separately; see article 4 (26) MCD; Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC, OJ L 133/66, 22nd of May 2008; Terryn, E., (2008) Bedenktijden in Het Consumentenrecht, p. 90. , Antwerp-Cambridge, Intersentia; van Gerven, W., (2004) Harmo-Nisation of Private Law: Do We Need It?, p. 508. , CMLR; Art. 2 MCD. See in this respect e.g; Cf. consideration 7 MCD and art. 2, par. 2 MCD; Cf. consideration 7 MCD; Art. 42 MCD; Belgium, for instance, only adopted national legislation on the 22nd of April 2016, which entered into force on the 1st of April 2017; de Muynck, M., Bruloot, D., (2017) Credit Intermediation under the 2014 European Mortgage Credit Directive: A Call for Targeted Rules on Intermediary Remuneration, 13 (1), pp. 10-12. , For an atomization of this definition we refer to, ERCL; See article 4 (5) MCD; See article 3 (f) CCD; Steennot, R., Nieuwe regelen inzake hypothecair krediet: Een verruimd toe-passingsgebied en de introductie van gedetailleerde precontractuele informatieverplichtingen In Het Vennootschapsbelang-Liber Amicorum Herman Braeckmans, Antwerpen, Intersentia, pp. 427-449. , See; Contrary to what was for example the case according to Belgian law prior to the implementation of the MCD; See article 2, §3 in fine for a similar requirement in the Insurance Mediation Directive; (2011) OFT Guidance for Brokers, Intermediaries and the Consumer Credit and Hire Businesses Which Employ Or Use Their Services, p. 65. , Also, November; The source of revenue of the price-comparison website is an important factor. Some websites’ profitability is, for example, solely based on income from advertising or the sale of data to third parties; The MCD diverges on this point with the Insurance Mediation Directive. Article 2, §3 defines indeed insurance mediation as: “the activities of introducing, proposing or carrying out other work preparatory to the conclusion of contracts of insurance, or of concluding such contracts, or of assisting in the administration and performance of such contracts, in particular in the event of a claim.”; Pre-Contractual Information for Financial Services. Qualitative Study in the 27 Member States Summary Report, , Internet actually appears to be a commonly used tool to get an understanding of the credit market before turning to a creditor or a credit intermediary to negotiate a credit deal. See, January 2008, 21; Art 4(21) MCD; See art VII.131 of the Belgian Code of Economic Law; Member states seem however to struggle with this dichotomy the European legislator wanted to establish between intermediary services on the one hand and advisory services on the other hand. An extreme example in that respect can be found in Belgium: by obliging all creditors and credit intermediaries alike to provide advisory services, the Belgian Code of Economic Law completely departs from the difference between advisory and other services; de Muynck, M., Bruloot, D., (2017) Credit Intermediation under the 2014 European Mortgage Credit Directive: A Call for Targeted Rules on Intermediary Remuneration, 13 (1), pp. 20-21. , See about the obligation to provide adequate explanations, ERCL; Hence, credit intermediaries are not obliged to provide personal recommendations under the MCD: they could limit themselves to offering and/or concluding credit contracts on behalf of a creditor or to assisting consumers with preparatory work. Note, however, that credit intermediaries should be aware that even when they do not provide advisory services, they are still obliged to deliver adequate explanations as foreseen in Article 16 MCD. The boundaries between these two concepts can thus be rather vague in practice; MCD Defines “a group” for the Purpose of This Directive, as a Group of Creditors Which are to Be Consolidated for the Purposes of Drawing up Annual Accounts, , Art 4(6), as defined in Directive 2013/34/EU; Art 4(7) MCD. See art 2, § 7 Insurance Mediation Directive for a much similar definition; The notion acting “on behalf of” refers to an agency relation between the creditor-principal and the middleman. Tied intermediaries are generally charged with the conclusion (i.e. signing) of credit agreements on behalf of a creditor; Grundmann, , 9. , above, 268; Rott, P., Europäi-sierung des Rechts der Finanzintermediäre (2008) Europäisches Wirtschafts-Und Steuerrecht, p. 22. , see, Mere financial ties between creditor and intermediary, for instance the fact that the intermediary holds equity in the creditor or vice versa, can be at stake as well. Although such relationships are insufficient to be qualified as acting “under the full and unconditional responsibility”, they may obviously impact an intermediary’s objectivity; Whether the notion “full and unconditional responsibility” is to be understood as a strictly legal or as an economic requirement, is unclear. Questions (particularly stemming from the condition that the responsibility must be unconditional) in this respect are for instance what the influence of a legal right of recourse or a limitation of liability is on the qualification as a tied intermediary. The latter seems to be, however, the more useful approach. Sometimes, a quasi-symbiotic relationship between an intermediary and the creditor could be described (the intermediary as a mere salesman or full subsidiary of the creditor). Reality often proves however to be more hybrid; Finally, it should be noted that an intermediary can be ‘tied’, although not working for only one creditor or group: an intermediary acting under the full and unconditional responsibility of a number of creditors or groups will qualify as a tied intermediary insofar its principals do not represent the majority of the market. Art 4(7)(c) MCD. When they do represent the majority of the market, the intermediary is no longer qualified as “tied”; Grundmann, , 9, p. 268. , see, above; Mere financial ties between creditor and intermediary, for instance the fact that the intermediary holds equity in the creditor or vice versa, can be at stake as well. Although such relationships are insufficient to be qualified as acting “under the full and unconditional responsibility”, they may obviously impact an intermediary’s objectivity; Rott, P., Euro-päisierung des Rechts der Finanzintermediäre (2008) Europäisches Wirtschafts-Und Steuerrecht, p. 22. , see; Sometimes, a quasi-symbiotic relationship between an intermediary and the creditor could be described (the intermediary as a mere salesman or full subsidiary of the creditor). Reality often proves, however, to be more hybrid; See art 4(8) and 31 MCD; When Member States do not implement the concept, but do allow entities to perform a role which is comparable to that of appointed representatives, those entities must be subjected to the regime applicable for all credit intermediaries. See consideration 70 of the MCD; See article 29, par. 1 MCD; See article 4, (19) MCD; See above nr. 16; Member States must for instance as soon as possible delete credit intermediaries whose admission has been withdrawn. See article 33, §3 MCD; Article 29, par. 4 MCD; See Article 29, par. 9 MCD; Entities that qualify as a credit institution as mentioned in Directive 2013/36/EU or as a financial institution according to similar authorisation and supervision regimes under national law, are not obliged to obtain a separate authorisation for intermediary activities under the MCD; See Article 30 MCD; Member States may allow credit intermediaries tied to a single creditor to be admitted through the creditor on whose behalf they are exclusively acting. In the latter case the creditor is fully and unconditionally responsible for the intermediary’s compliance with the MCD’s rules; See article 29, §8 MCD; The MCD grants Member States the freedom not to apply the rules on authorisation of credit intermediaries to persons carrying out incidental credit intermediation activities in the course of another professional activity e.g. mediating investment products; See article 32, §1 MCD; An exception to this principle however remains with regard to credit provided by so-called non-credit institutions; which are defined as creditors which are no credit institution as mentioned in point 1 of Article 4(1) of Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms; see article 4, (9) MCD. Credit intermediaries are not allowed to mediate credit agreements by non-credit institutions in another EU Member State where such non-credit institutions are not allowed to operate (article 32, par. 1 in fine MCD); See article 32, §3 MCD. The credit intermediary can carry out his activities abroad one month after the Home supervisor informed him of the notification to the Host supervisor. See article 6 Insurance Mediation Directive for a similar provision; See EBA Guidelines on passport notifications for credit intermediaries under the Mortgage Credit Directive, 11 August 2015, EBA/GL/2015/19; A Member State that, for instance, wishes to restrict the number of creditors that a credit intermediary can be tied to, shall therefore, among other things, have to demonstrate that aforementioned requirement is non-discriminatory, proportionate, etc. Note that this requirement was originally mentioned in Consideration 52 of the Council text but did not made it to the final version; Note that Member States Might Impose Additional Registration Requirements, , National supervisors might for instance demand the payment of a supervision fee. Cf. article VII.181, §1, 6° of the Belgian Code of Economic Law; See article 3 and 4 Insurance Mediation Directive. The Insurance Mediation Directive additionally contains financial capacity requirements in order to prevent intermediary moral hazard (for example the situation where intermediaries are “judgment-proof” by undercapitalization); The home Member State may stipulate in national law that insurance or a comparable guarantee can be provided by a creditor for which the tied credit intermediary is empowered to act. See article 29, §2, (a) MCD; See article 29, §2, (a) MCD; Article 4 (11) defines “staff” as “(a) any natural person working for the creditor, or credit intermediary who is directly engaged in the activities covered by this Directive or who has contacts with consumers in the course of activities covered by this Directive; (b) any natural person working for an appointed representative who has contacts with consumers in the course of activities covered by this Directive; (c) any natural person directly managing or supervising the natural persons referred to in points (a) and (b).”; See article 29, §2 juncto article 9 MCD; See article 9, §2 MCD; See article 9, § 3 MCD; Host Member States May However Establish the Minimum Knowledge and Competence Requirements Related To: Credit Agreement Related Consumer Protection Regulation, the Immovable Property Purchasing Process, Land Registers, and the Market in the Relevant Member State, , See article 9, §3, (ii) MCD; See Annex III, §1 MCD. No “one-size fits all” approach is required though: Member States may differentiate the content of the knowledge and competence requirements between the level on which the person at stake is acting; like staff of creditors, staff or credit intermediaries, management of credit intermediaries, etc.; see Annex III, §2 MCD; E.g. diplomas, degrees, competency tests etc.; see see Annex III, §3 MCD; See Annex III, §3 MCD; See article 30, §1 MCD; See article 29, §7 MCD; See article 30, §2 MCD; See article 34, §1 MCD. See for the exact meaning of the concepts of “home” and “host” state in this context, above nr. 19; See article 36 MCD; Nor the Eleventh European company law directive on branches does; see Directive 89/666/EEC of 21 December 1989 concerning disclosure requirements in respect of branches opened in a Member State by certain types of company governed by the law of another State; ECJ 22 November 1978, Somafer SA v Saar-Ferngas AG (Case 33/78), nr. 12; See article 34, par. 2 MCD; For example contract law relating to the validity of the credit agreement; See article 34, par. 2 MCD. Note that the suspension or withdrawal of the intermediary’s authorisation is a home state competence; See above footnote 92; request its assistance in accordance with article 19 of Regulation (EU) No 1093/2010; see article 34, par. 4 MCD; Article 34, par. 4 MCD; See for details article 34, par. 4, al. 2 MCD; www.curia.europa.eu, ECJ December 7 2010, combined cases C-585/08 en C-144/ 09; See art 14, par 1(a) MCD; See Annex II of the MCD. The G20 High-Level Principles on Financial Consumer Protection emphasize the importance of standardised information as well as of specific disclosure mechanisms; see in this regard Principle 4 G20 High-Level Principles on Financial Consumer Protection, OECD, October 2011: “(…) Standardised pre-contractual disclosure practices (eg forms) should be adopted where applicable and possible to allow comparisons between products and services of the same nature. Specific disclosure mechanisms, including possible warnings, should be developed to provide information commensurate with complex and risky products and services.(…)”; See art 14, par 1(b) MCD; For a noteworthy critique on the SECCI, see DIRECTO-RATE GENERAL FOR INTERNAL POLICIES POLICY DEPARTMENT, Implementation of the Consumer Credit Directive, IP/A/IMCO/ST/2011-15, January 2012, 31–32; Pogrund Stark, D., Choplin, J.M., Consumer Protection Initiatives in the EU Mortgage Market: A Behavioral Economics Based Critique and Proposal (2011) Temple International & Comparative Law Journal, 25 (7); Steennot, R., Nieuwe Regelen Inzake Hypothecair Krediet: Een Verruimd Toepassingsge-Bied En De Introductie Van Gedetailleerde Precontractuele Infor-Matieverplichtingen, pp. 427-449. , For instance in Belgium article VII.125 of the Belgian Code of Economic Law transforms the MCD’s general information obligation into national law, but does not impose any specific civil sanction on non-compliance, het vennootschapsbelang-Liber amicorum Herman Braeckmans, Antwerpen, Intersentia; de Muynck, M., Bruloot, D., Credit Intermediation Under the 2014 European Mortgage Credit Directive: A Call for Targeted Rules on Intermediary Remuneration (2017) ERCL, 13 (1), pp. 19-20; See, for instance, the “light” version of the creditworthiness assessment imposed on credit intermediaries under Belgian law; art. VII.147/29, §1 of the Belgian Code of Economic Law; de Muynck, M., Bruloot, D., Credit Intermediation Under the 2014 European Mortgage Credit Directive: A Call for Targeted Rules on Intermediary Remuneration (2017) ERCL, 13 (1), p. 31. , See article 7, par. 1 MCD. The MCD furthermore requires Member States to ensure that remuneration policies are aligned with the general conduct of business rule, see article 7, §2 MCD. For an analysis of the impact of intermediary compensation schemes on intermediary incentives, we refer to an earlier published paper where it was argued that the actual impact of this high level principle is rather limited, Note also that, in line with the general conduct of business rule, article 10 MCD contains an obligation for Member States to require, by adopting appropriate national legislation, that “any advertising and marketing communications concerning credit agreements are fair, clear and not misleading”; Kruithof, M., van Gerven, W., (2010) A Differentiated Approach to Client Protection: The Example of Mifid, p. 40. , A similar obscurity exists on MiFID’s duty of loyalty (see art 19, § 1 MiFID); see in this respect e.g, WP 2010–07 (Gent: Financial Law Institute; Kruithof, M., Conflicts of interest in institutional asset management: Is the EU regulatory approach ade-quate? (2007) Conflicts of Interest Corporate Governance and Financial Markets, p. 281. , L Thévenoz and R Bahar (eds), Alphen aan den Rijn: Kluwer Law International; de Muynck, M., Bruloot, D., Credit Intermediation Under the 2014 European Mortgage Credit Directive: A Call for Targeted Rules on Intermediary Remu-neration (2017) ERCL, 13 (1), pp. 1-37}, publisher={Taylor and Francis Ltd.}, issn={17521440}, language={English}, abbrev_source_title={Law Financ. Mark. Rev.}, document_type={Article}, source={Scopus}, } @ARTICLE{Schwienbacher201965, author={Schwienbacher, A.}, title={Equity crowdfunding: anything to celebrate?}, journal={Venture Capital}, year={2019}, volume={21}, number={1}, pages={65-74}, doi={10.1080/13691066.2018.1559010}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063220324&doi=10.1080%2f13691066.2018.1559010&partnerID=40&md5=a557a439ff13aa3da52cc077011d6fc4}, affiliation={SKEMA Business School - Université Côte d'Azur, Euralille, France}, abstract={The development of equity crowdfunding over the last 10 years has been accompanied by many successes and achievements, but also failures. At the same time, it still faces many challenges if it wants to become mainstream in entrepreneurial finance. These challenges are particularly severe in Continental Europe. This article reviews achievements made the last 10 years and discusses important challenges that remain to be solved such as delivering appropriate risk-adjusted returns to investors, enhancing platforms’ own profitability and enabling exit of investors from startups. © 2019, © 2019 Informa UK Limited, trading as Taylor & Francis Group.}, author_keywords={Crowdfunding; entrepreneurial finance; equity finance; fintech}, references={Adhami, S., Giudici, G., Martinazzi, S., Why Do Businesses Go Crypto? an Empirical Analysis of Initial Coin Offerings (2018) Journal of Economics and Business, 100, pp. 64-75; Agrawal, A., Catalini, C., Goldfarb, A., Are Syndicates the Killer App of Equity Crowdfunding? (2016) California Management Review, 58 (2), pp. 111-124; Ahlers, G.K., Cumming, D., Günther, C., Schweizer, D., Signaling in Equity Crowdfunding (2015) Entrepreneurship Theory and Practice, 39 (4), pp. 955-980; Astebro, T.B., Sierra, M.F., Lovo, S., Vulkan, N., Herding in Equity Crowdfunding (2018) Working Paper, , https://ssrn.com/abstract=3084140; Block, J., Hornuf, L., Moritz, A., Which Updates during an Equity Crowdfunding Campaign Increase Crowd Participation? (2018) Small Business Economics, 50 (1), pp. 3-27; Chan, C.S., Parhankangas, A., Crowdfunding Innovative Ideas: How Incremental and Radical Innovativeness Influence Funding Outcomes (2017) Entrepreneurship Theory and Practice, 41 (2), pp. 237-263; Cumming, D.J., Hervé, F., Manthé, E., Schwienbacher, A., Hypothetical Bias in Equity Crowdfunding (2017) Working Paper; Cumming, D.J., Johan, S., Demand-Driven Securities Regulation: Evidence from Crowdfunding (2013) Venture Capital: an International Journal of Entrepreneurial Finance, 15 (4), pp. 361-379; Drover, W., Wood, M.S., Zacharakis, A., Attributes of Angel and Crowdfunded Investments as Determinants of VC Screening Decisions (2017) Entrepreneurship Theory and Practice, 41 (3), pp. 323-347; Galton, F., Vox Populi (The Wisdom of Crowds) (1907) Nature, 75 (7), pp. 450-451; Griffin, Z.J., Crowdfunding: Fleecing the American Masses (2013) Case Western Reserve Journal of Law, Technology & the Internet, 4, p. 375; Hans, D.J., Rules are Meant to Be Amended: How Regulation Crowdfunding’s Final Rules Impact the Lives of Startups and Small Businesses (2018) Brooklyn Law Review, 83 (3). , http://h8ps://brooklynworks.brooklaw.edu/blr/vol83/iss3/7; Hervé, F., Schwienbacher, A., Crowdfunding and Innovation (2018) Journal of Economic Surveys, 32 (5), pp. 1514-1530; Hervé, F., Manthé, E., Sannajust, A., Schwienbacher, A., Determinants of Individual Investment Decisions in Investment-Based Crowdfunding (2017) Working paper, , https://www.ssrn.com/abstract=2746398; Hornuf, L., Schwienbacher, A., Crowdinvesting: Angel Investing for the Masses? (2016) Handbook of Research on Business Angels, 3, pp. 381-397. , Landström H., Mason C., (eds), Cheltenham: Edward Elgar, and,. edited by; Hornuf, L., Schwienbacher, A., Market Mechanisms and Funding Dynamics in Equity Crowdfunding (2017) Journal of Corporate Finance, 50, pp. 556-574; Hornuf, L., Schwienbacher, A., Should Securities Regulation Promote Equity Crowdfunding? (2017) Small Business Economics, 49 (3), pp. 579-593; Hornuf, L., Schmitt, M., Stenzhorn, E., Equity Crowdfunding in Germany and the UK: Follow‐Up Funding and Firm Survival (2018) Corporate Governance: An International Review, 26 (5), pp. 331-354; Ibrahim, D.M., Equity Crowdfunding: A Market for Lemons? 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New York, NY: Doubleday & Co., 336 pages; Vismara, S., Equity Retention and Social Network Theory in Equity Crowdfunding (2016) Small Business Economics, 46 (4), pp. 579-590; Vismara, S., Benaroio, D., Carne, F., Gender in Entrepreneurial Finance: Matching Investors and Entrepreneurs in Equity Crowdfunding (2017) Gender and Entrepreneurial Activity, pp. 271-288. , Link A.N., (ed), Cheltenham: Edward Elgar, and,. edited by; Vismara, S., Information Cascades among Investors in Equity Crowdfunding (2018) Entrepreneurship Theory and Practice, 42 (3), pp. 467-497; Walthoff‐Borm, X., Schwienbacher, A., Vanacker, T., Equity Crowdfunding: First Resort or Last Resort? (2018) Journal of Business Venturing, 33 (4), pp. 513-533; Walthoff‐Borm, X., Vanacker, T., Collewaert, V., Equity Crowdfunding, Shareholder Structures, and Firm Performance (2018) Corporate Governance: An International Review, 26 (5), pp. 314-330}, correspondence_address1={Schwienbacher, A.; SKEMA Business School, Lille Campus, Department of Finance and Accounting, Avenue Willy Brandt, France; email: armin.schwienbacher@skema.edu}, publisher={Routledge}, issn={13691066}, language={English}, abbrev_source_title={Venture Cap.}, document_type={Article}, source={Scopus}, } @ARTICLE{Irwin2019110, author={Irwin, A.S.M. and Dawson, C.}, title={Following the cyber money trail: Global challenges when investigating ransomware attacks and how regulation can help}, journal={Journal of Money Laundering Control}, year={2019}, volume={22}, number={1}, pages={110-131}, doi={10.1108/JMLC-08-2017-0041}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064157660&doi=10.1108%2fJMLC-08-2017-0041&partnerID=40&md5=880b915c91bb097a2f51fd34e933736a}, affiliation={Macquarie University, Sydney, Australia}, abstract={Purpose: The purpose of this paper is to show how global regulation of cryptocurrencies and other cybercurrencies can assist in addressing the challenges of attribution when investigating ransomware attacks and other types of cybercrime using these payment methods. Design/methodology/approach: A literature review, looking at current academic research and discourse on the topic cryptocurrency regulation, is conducted to highlight current thinking and perceived difficulties in implanting a global regulatory framework. In addition, the research explores how governments have addressed the risks posed by cryptocurrencies and how regulation has been implemented. The research focuses on the regulatory approaches of Australia, Europe and the Americas to determine whether they could feasibly address the risks posed by cryptocurrencies and be implemented on a global scale. Findings: To date, few sustained efforts have been made to regulate Bitcoin or other cybercurrencies. Where regulation has been introduced, it has often proven too costly to implement, thereby, stifling Bitcoin industry growth, or too ad hoc to function effectively. These regulatory pitfalls are substantiated by the continuing difficulty faced by law enforcement agencies, in identifying individual Bitcoin users and separating those that are using them for nefarious purposes from those that are using them for legitimate ones. These challenges appear to grow exponentially when it comes to prosecuting criminals for Bitcoin-related offences, due to the enormous lack of agreement within the justice system of most countries as to the appropriate legal definition for Bitcoin. This research highlights three characteristics that will be vital to the success of any global regulatory framework. These are consistency, clarity and cost-effective implementation. A regulatory framework for Bitcoin that lacks any one of these elements will fail to meet the requirements of every stakeholder in the regulatory process. A framework that is too costly to implement will stifle fintech innovation, subsequently depriving national economies of the multitude of potential benefits promised by fostering fintech entrepreneurship. Equally, a framework that is inconsistent will hamper the global cooperation necessary to combat Bitcoin-related crime. Originality/value: This research evaluates research, discourse and regulatory responses from academic and governmental sources and discusses how a global response to cryptocurrency regulation will help address the growing problem of attribution when it comes to ransomware attacks, which has experienced a considerable spike in recent months. © 2019, Emerald Publishing Limited.}, author_keywords={Attribution; Bitcoin regulation; Cryptocurrency; Financial crime; Ransomware}, references={Ablon, L., Libicki, M.C., Golay, A., (2014) Markets for Cybercrime Tools and Stolen Data: Hackers’ Bazaar, , Rand National Security Research Division, Rand Corporation, Santa Monica, CA; Ajello, N., Fitting a square peg in a round hole: bitcoin, money laundering and the fifth element of self-incrimination (2013) Brooklyn Law Review, 80 (2), pp. 435-461; Arghire, I., (2017) NotPetya – destructive wiper disguised as ransomware, , www.securityweek.com/notpetya-destructive-wiper-disguised-ransomware, (accessed, Security Week: 31 July 2017; 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Money Laund. Control}, document_type={Article}, source={Scopus}, } @BOOK{Shaikh20191, author={Shaikh, A.A. and Karjaluoto, H.}, title={Marketing and mobile financial services: A global perspective on digital banking consumer behaviour}, journal={Marketing and Mobile Financial Services: A Global Perspective on Digital Banking Consumer Behaviour}, year={2019}, pages={1-295}, doi={10.4324/9781351174466}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85061055764&doi=10.4324%2f9781351174466&partnerID=40&md5=8909c1a953d9be490a088e93e9ae9322}, affiliation={University of Jyväskylä, Finland; Digital Marketing Research Group, University of Jyväskylä, Finland}, abstract={Mobile financial services (MFS) are of major interest and importance to both researchers and practitioners. The role played by nonbanking actors including telecoms and FinTech firms as well as other participants, such as PayPal and Amazon, in developing and deploying innovative financial and payment services is undeniable. Peer2peer (P2P) payments from nonbank services are becoming increasingly commonplace and will shortly be codified by EC (EU) regulations requiring banks to provide access to consumer data for third-party app developers and service providers. Three major mobile financial systems-mobile banking, mobile payments, and branchless banking-currently dominate the electronic retail banking sector. Although interconnected and interrelated, their business models, regulatory frameworks, and target markets are distinct. This book provides a unified perspective on MFS and discusses its evolution, growth, and future, as well as identifying the frameworks, stakeholders, and technologies used in financial information systems in general and MFS in particular. Academics and researchers in digital and financial marketing will find this book an invaluable resource, as will bank executives, regulators, policy makers, FinTech professionals, and anyone interested in how mobile technology, social media and financial services will increasingly intersect. © 2019 selection and editorial matter, Aijaz A. Shaikh and Heikki Karjaluoto; individual chapters, the contributors. All rights reserved.}, correspondence_address1={Shaikh, A.A.; University of JyväskyläFinland}, publisher={Taylor and Francis}, isbn={9781351174466; 9780815386940}, language={English}, abbrev_source_title={Mark. and Mob. Financ. Serv.: A Glob. Perspect. on Digit. Bank. Consum. Behav.}, document_type={Book}, source={Scopus}, } @CONFERENCE{Hu2019127, author={Hu, D.-C.}, title={Electronic packaging solutions for artificial intelligence applications}, journal={Proceedings of Technical Papers - International Microsystems, Packaging, Assembly, and Circuits Technology Conference, IMPACT}, year={2019}, volume={2018-October}, pages={127-129}, doi={10.1109/IMPACT.2018.8625827}, art_number={8625827}, note={cited By 0; Conference of 13th International Microsystems, Packaging, Assembly and Circuits Technology Conference, IMPACT 2018 ; Conference Date: 24 October 2018 Through 26 October 2018; Conference Code:144651}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062457763&doi=10.1109%2fIMPACT.2018.8625827&partnerID=40&md5=5854bfc6a4742f24fe3fa2f2fddc16b3}, affiliation={SiPlus Co., 101, section 2, Kung Fu RD, Hsinchu, Taiwan; National Tsing Hua University, South Incubation Center, Room 311, Taiwan}, abstract={Artificial intelligence is the most talked about technology. Because of its widespread influence on all aspect of human life in the next decade and beyond. Name a few, Self-driving cars, bio-tech, health, medicine, robotics, smart cities, AIoT, Energy and FinTech, the list goes on and on. To electronic packaging the hardware of AI, there are many types of packaging forms depends on the system architecture of the AI. Basically, it follows Von Neumann computer architecture for high performance computing (HPC). Processors are closely communicated with the nearby memory units for data exchange. There are other emerging technologies for AI, like quantum computing and Neuron inspired processor. This paper is focused in the packaging of high end Von Neumann type of computer system. One key functional element used in HPC is "interposer". The interposers can be classified by their compositions. There are three popular materials used for the interposers; silicon, organic and glass. One rough classification is Interposer-S, Interposer-G, Interposer-O. If one looks the interposer structure closely, the "Interposer-X" name means the core materials used for supporting redistribution layers (RDL). Core materials are used for mechanical supporting and to make the interposer internal connections between the top RDL and bottom RDL. No wonder people are trying to reduce the thickness of the interposer. To an extreme, no core is needed at all. That is the popular TXV-less solution. The "Interposer' term is generally means silicon interposer with fine line (a few μm to sub μm) RDL. © 2018 IEEE.}, keywords={Artificial intelligence; Coremaking; Electronic data interchange; Electronics packaging; Microsystems; Quantum computers, Electronic Packaging; Emerging technologies; Functional elements; High performance computing (HPC); Internal connections; Redistribution layers; Rough classification; System architectures, Computer architecture}, references={Mahajan, US Patent number; Shimizu, N., Development of organic multi chip package for high performance application 46th IMAPS 2013, , Research and Development div; Hu, US Patent number; Hu, US Patent number; Hu, D.-C., An innovative system integration interconnection technology beyond BEOL (2018) International Interconnection Conference, , SiPlus June}, correspondence_address1={Hu, D.-C.; SiPlus Co., 101, section 2, Kung Fu RD, Taiwan; email: hu@si2plus.com}, sponsors={Ages Triallian Corp.; AMPOC Far-East Co., Ltd.; Atotech Taiwan Limited; Dow Electronic Materials; et al.; Eternal Materials Co.,Ltd.}, publisher={IEEE Computer Society}, issn={21505934}, isbn={9781538656150}, language={English}, abbrev_source_title={Proc. Tech. Pap. - Int. Microsystems, Pack., Assem., Circuits Technol. Conf., IMPACT}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Haryadi2019202, author={Haryadi, D. and Harisno and Kusumawardhana, V.H. and Warnars, H.L.H.S.}, title={The Implementation of E-money in Mobile Phone: A Case Study at PT Bank KEB Hana}, journal={1st 2018 Indonesian Association for Pattern Recognition International Conference, INAPR 2018 - Proceedings}, year={2019}, pages={202-206}, doi={10.1109/INAPR.2018.8627055}, art_number={8627055}, note={cited By 0; Conference of 1st Indonesian Association for Pattern Recognition International Conference, INAPR 2018 ; Conference Date: 7 September 2018 Through 8 September 2018; Conference Code:144686}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062785855&doi=10.1109%2fINAPR.2018.8627055&partnerID=40&md5=7c5e446ef4d42a4200fb8ea2629e6514}, affiliation={Information System Management Department, BINUS Graduate Program-Master of Information System Management, Bina Nusantara University, Jakarta, 11480, Indonesia; Management Department, Doctor of Research in Management, BINUS Business School, Bina Nusantara University, Jakarta, 11480, Indonesia; Computer Science Department, BINUS Graduate Program - Doctor of Computer Science, Bina Nusantara University, Jakarta, 11480, Indonesia}, abstract={Innovation in cashless payment instruments can lead to complications in the use of quantity targets in monetary control. The empirical study found that the presence of non-cash payment instruments using cards can replace the role of cash payment instruments in economist transactions in Indonesia. The growth of electronic money when viewed on a monthly basis is much faster than the growth of debit and credit card cards, a monthly increase of electronic money can reach 70% -100%, while debit and credit card cards only grow in the range of 20%. This study aims to analyze the design of e-money, as well as provide some development ideas that must be done related to the implementation of e-money. © 2018 IEEE.}, author_keywords={business strategy; cashless payment; e-money; electronic banking; fintech; strategic planning; the blockchain}, keywords={Pattern recognition; Strategic planning, Business strategy; Cash payments; cashless payment; Credit cards; Electronic banking; Empirical studies; fintech; Payment instrument, Electronic money}, references={Uddin, Salah, M., Yesmin, A., Akhi, E-wallet system for Bangladesh an electronic payment system (2014) International Journal of Modeling and Optimization, 4 (3). , June 2014; O'Sullivan, A., Sheffrin, S.M., Economics: Principles in action (2003) Upper Saddle River, New Jersey 07458: Pearson Prentice Hall, p. 261; Taylor, S., Todd, P.A., Understanding information technology usage: A test of competing models (1995) Information Systems Research, 6 (2), pp. 144-176; (2014) News Letter Bank Indonesia, Gerai Info BI No50. Bank Indonesia; Jogiyanto, H.M., (2007) Sistem Informasi Keperilakuan, , Yogyakarta: Andi; Song, Y.J., (2008) Domestic and International Trends and Prospects of E-money, p. 20. , Institute of Electronics Engineers of Korea; Warnars, H.L.H.S., Lanita, Y., Prasetyo, A., Randriatoamanana, R., Smart integrated payment system for public transportation in Jakarta (2017) Bulletin of Electrical Engineering and Informatics, 6 (3), pp. 241-249. , September 2017; Wahyono, T., Warnars, H.L.H.S., Wijaya, B.S., Fahri, A., Sasmoko, Matsuo, T., Building a popular mobile application by utilizing user feedback (2017) Innovative and Creative Information Technology (ICITech), 2017 International Conference on, , Salatiga, Indonesia, 2-4 Nov 2017; Warnars, H.L.H.S., Object Oriented Modeling with unified modelling language 2.0 for simple Software Application based on Agile methodology (2011) Behaviour & Information Technology An International Journal, 30 (3), pp. 293-307; Sutoyo, R., Warnars, H.L.H.S., Gaol, F.L., Abdurachman, E., Soewito, B., Measurement of QuestDone mobile application using 7 steps use case points method (2017) Cybernetics and Computational Intelligence (CyberneticsCom), 2017 IEEE International Conference On, Phuket, , Thailand, 20-22 Nov 2017; Triwijoyo, B.K., Gaol, F.L., Soewito, B., Warnars, H.L.H.S., Software reliability measurement base on failure intensity (2017) Science in Information Technology (ICSITech), 2017 3rd International Conference on, , Bandung, Indonesia, 25-26 Oct 2017; Sarwo, W.H.L.H.S., Gaol, F.L., Randriatoamanana, R., Object Oriented Metrics to measure the quality of software study case Request online System (2017) IEEE International Conference on Applied Computer and Communication Technologies (IEEE ComCom 2017), , Jakarta, Indonesia, 17-18 May 2017; Arianto, R., Gaol, F.L., Abdurachman, E., Heryadi, Y., Warnars, H.L.H.S., Soewito, B., Sanchez, H.E.P., Quality measurement of android messaging application based on user experience in microblog (2017) IEEE International Conference on Applied Computer and Communication Technologies (IEEE ComCom 2017), , Jakarta, Indonesia, 17-18 May 2017; Agtriadi, H.B., Chandra, N., Warnars, H.L.H.S., Gaol, F.L., Software size measurement with use case point for employee application software at STT-PLN (2017) Cybernetics and Computational Intelligence (CyberneticsCom), 2017 IEEE International Conference on, , Phuket, Thailand, 20-22 Nov 2017; Kurniadi, D., Sasmoko, Warnars, H.L.H.S., Gaol, F.L., Software size measurement of student information terminal with use case point (2017) Cybernetics and Computational Intelligence (CyberneticsCom), 2017 IEEE International Conference on, , Phuket, Thailand, 20-22 Nov 2017; Rohayani, H., Gaol, F.L., Soewito, B., Warnars, H.L.H.S., Estimated measurement quality software on structural model academic system with function point (2017) IEEE International Conference on Applied Computer and Communication Technologies (IEEE ComCom 2017), , Jakarta, Indonesia, 17-18 May, 2017; Tambotoh, J.J.C., Isa, S.M., Gaol, F.L., Soewito, B., Warnars, H.L.H.S., Software quality model for internet of things governance (2016) The 3rd International Conference on Data and Software Engineering (ICoDSE)2016, , 26-27th Oct 2016, Bali, Indonesia; Iskandar, K., Gaol, F.L., Soewito, B., Warnars, H.L.H.S., Kosala, R., Software size measurement of knowledge management portal with use case point (2016) The International Conference on Computer, Control, Informatics, and Its Applications (IC3INA 2016), pp. 42-47. , 3-5 Oct 2016, Tangerang, Indonesia; Binanto, I., Warnars, H.L.H.S., Gaol, F.L., Abdurachman, E., Soewito, B., Measuring the quality of various version an object-oriented software utilizing CK metrics (2018) Information and Communications Technology (ICOIACT), 2018 International Conference on, , Yogyakarta, Indonesia, 6=7 March 2018}, correspondence_address1={Harisno; Information System Management Department, BINUS Graduate Program-Master of Information System Management, Bina Nusantara UniversityIndonesia; email: harisno@binus.edu}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538694220}, language={English}, abbrev_source_title={Indones. Assoc. Pattern Recognit. Int. Conf., INAPR - Proc.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Pantielieieva2019553, author={Pantielieieva, N. and Krynytsia, S. and Khutorna, M. and Potapenko, L.}, title={FinTech, Transformation of Financial Intermediation and Financial Stability}, journal={2018 International Scientific-Practical Conference on Problems of Infocommunications Science and Technology, PIC S and T 2018 - Proceedings}, year={2019}, pages={553-559}, doi={10.1109/INFOCOMMST.2018.8632068}, art_number={8632068}, note={cited By 0; Conference of 2018 International Scientific-Practical Conference on Problems of Infocommunications Science and Technology, PIC S and T 2018 ; Conference Date: 9 October 2018 Through 12 October 2018; Conference Code:144824}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062870718&doi=10.1109%2fINFOCOMMST.2018.8632068&partnerID=40&md5=cdadcd96d76f72b8e07e2ae32315dd21}, affiliation={Banking University, Cherkasy Institute, Cherkasy, Ukraine}, abstract={The main directions, challenges, threats of development of the newest financial technologies-FinTech are considered. The trends and technological basis of digitalization of financial intermediation in the areas of payment systems, lending and deposits, insurance, investment management, financial trading are characterized. The possible effects of FinTech influence on the activities of traditional financial intermediaries are identified. The factors of FinTech distribution in Ukraine are revealed. Post-crisis world-view changes in the formulation of targets for the use of financial innovations and FinTech are substantiated. The spectrum of potential financial stability risks posed by FinTech, which requires systematic monitoring by entities providing financial stability, is determined. The necessity of providing a reliable level of information security of financial intermediation, taking into account a digitalization on the basis of new information and communication technologies and infocommunication systems, is substantiated. © 2018 IEEE.}, author_keywords={Digital divide; Digital economy; Digital transformations; Financial innovation; Financial regulation and supervision; Financial services; Financial stability; FinTech; Infocommunication systems; Information; Information security; Information system}, keywords={Economics; Information systems; Security of data; Stability, Digital divide; Digital economy; Digital transformation; Financial innovation; Financial regulations; Financial service; Financial stability; FinTech; Infocommunications; Information, Finance}, funding_text 1={Among the factors, contributing to the development of FinTech in Ukraine, we can distinguish, on the one hand, the reduction of foreign banks presence, the cleaning and consolidation of the banking system and the loss of confidence in it, the reduction of the number of banks branches, and thus the deterioration of financial services availability. And on the other hand – highly intellectual human capital, adoption and support of global trends in the digitalization of financial intermediation, development of small and medium-sized businesses (funding of almost 45% of FinTech startups is made at the expense of own resources, but the need for investments is estimated at $ 40-70 million), legislative liberalization and regulator support (the NBU initiatives “Comprehensive Program of Ukraine Financial Sector Development Until 2020”, “Promotion of FinTech in Ukraine”, “BankID”, “MobileID”, etc.). In particular, the implementation of the EU directive of payment systems PSD2 provides support for payments security, protection of financial data and consumer rights, compliance with the uniform requirements and rules, transparent conditions for their functioning. At the same time, the NBU has the tasks to create a public register of authorized payment processing organizations, to develop norms and technical standards, etc.}, references={Schindler, J.W., FEDS 2017-081: Fintech and financial innovation: Drivers and depth-the financial analyst (2017) The Financial Analyst, , https://thefinancialanalyst.net/2017/08/10/feds-2017-081-fntech-and-financial-innovation-drivers-and-depth/; Darolles, S., The rise of fntechs and their regulation (2016) Financial Stability Review, Issue, 20, pp. 85-92; Bunea, S., Kogan, B., Kund, A.G., Stolin, D., Fintech and the banking bandwagon (2018) Journal of Financial Transformation, (47), pp. 25-33; Cortina, J., Schmukler, S., The fintech revolution: A threat to global banking (2018) The World Bank, pp. 1-4; Treleaven, P., Financial regulation of FinTech (2015) The Journal of Financial Perspectives, 3, pp. 1-17; Tsai, K., Fintech and financial inclusion in China (2017) HKUSTIEMS Thought Leadership Brief Series, 20, pp. 1-4; Creehan, S., Borst, N., Asia's fintech revolution (2017) Federal Reserve Bank of San Francisco, pp. 1-17; Demertzis, M., Merler, S., Wolff, G., Capital markets union and the fintech opportunity (2018) Journal of Financial Regulation, 4 (1), pp. 157-165; Maskall, P., Risk and Digital Security: The perception versus reality and the cognitive biases of online protection (2017) The 4th International Conference on Economic Sciences and Business Administration (ICESBA), pp. 280-287. , Bucharest; Herzog, A., Shahmehri, N., Duma, C., An ontology of information security (2007) International Journal of Information Security and Privacy (IJISP), 4, pp. 1-23; Chang, K., Wang, C., Information systems resources and information security (2011) Information Systems Frontiers, 13, pp. 579-593; Ionescu, B., Tudoran, L., Financial information security in the cloud (2013) Annales Universitatis Apulensis Series Oeconomica, 15, pp. 443-449; Cosma, M., Tatu, A., Information system security insurance (2014) Alma Mater University Journal, 7, pp. 46-51; Valentin, M., The information security in cyberspace (2015) Impact of Socio-economic and Technological Transformations at National, European and International Level (ISETT), 4, pp. 255-261; (2018) Global Venture Capital Investment in Fintech Industry Set Record in 2017, , https://newsroom.accenture.com/news/global-venture-capital-investment-in-fintech-industry-set-record-in-2017-driven-by-surge-in-india-us-and-uk-accenture-analysis-finds.htm, Driven by Surge in India, US and UK, Accenture Analysis Finds | Accenture Newsroom Newsroom. accenture. com. [Accessed: 28-Feb-2018]; (2017) FinTech, RegTech and SupTech: What They Mean, for Financial Supervision, , Toronto: Toronto Leadership Centre; Merton, R., A functional perspective of financial intermediation (1995) Financial Management, 24, pp. 23-41; (2018) The Pulse of Fintech 2018. Biannual Global Analysis of Investment in Fintech. KPMG International Cooperative; (2017) The 6 Differences between A Lending Marketplace and Balance Sheet Lender, , https://www.bigstone.com.au/hub/the-6-differences-between-a-lending-marketplace-and-balance-sheet-lender, Bigstone. com. au. [Accessed: 08-Dec-2017]; Mesropyan, E., Insurtech: Reimagining the insurance industry in APAC (2018) MEDICI, , https://gomedici.com/insurtech-reimagining-insurance-industry-in-APAC/, 2018. [Accessed: 22-Jun-2018]; (2018) State of FinTech 2018, , https://gomedici.com/state-of-fintech-2018/, MEDICI. [Accessed: 05-Dec-2018]; D'Acunto, F., Prabhala, N., Rossi, A., (2018) The Promises and Pitfalls of Robo-advising, , Munich Society for the Promotion of Economic Research-CESifo GmbH; Gennaioli, N., Shleifer, A., Vishny, R., Neglected risks, financial innovation, and financial fragility (2012) Journal of Financial Economics, 104, pp. 452-468; Henderson, B., Pearson, N., The dark side of financial innovation: A case study of the pricing of a retail financial product (2011) Journal of Financial Economics, (100), pp. 227-247; Beck, Th., Chen, T., Lin, Ch., Song, F., (2012) Financial Innovation: The Bright and the Dark Sides, p. 10. , https://voxeu.org/article/financial-innovation-good-and-bad, Oct; (2018) Financial Stability Implications from FinTech: Supervisory and Regulatory Issues That Merit Authorities, , http://www.fsb.org/wp-content/uploads/R270617.pdf, fsb. org; Wyman, O., (2017) Balancing Financial Stability, Innovation, and Economic Growth, p. 06. , http://www3.weforum.org/docs/IP/2017/FS/WEF_Whitepaper_FSIEG.pdf, Jun. White Paper. World Economic Forum; Lagarde, C., Estimating cyber risk for the financial sector (2018) IMFBlog, , https://blogs.imf.org/, Jun. 06; Rudnickiy, V.N., Mil'Chevich, V.J., (2014) Kriptograficheskoe Kodirovanie [Cryptographic Coding], , Kharkiv, Ukraine: Shhedraja usad'ba pljus. In Russian; Dakhno, T.V., Rudnytskyi, V.M., Klasyfikatsiia triokhrozriadnykh spetsializovanykh lohichnykh funktsii za skladnistiu realizatsii. [Classification of three-bit specialized logistic functions by the complexity of implementation] (2010) Systemy Obrobky Informatsii., (6), pp. 39-41. , In Ukrainian}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538666111}, language={English}, abbrev_source_title={Int. Sci.-Pract. Conf. Probl. Infocommunications Sci. Technol., PIC S T - Proc.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Gao2019347, author={Gao, X. and Kim, M.-S.}, title={Influence of personal and psychological factors on fintech service usage intention}, journal={Asia Life Sciences}, year={2019}, number={1}, pages={347-358}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062647133&partnerID=40&md5=2e3f29a234aef9e8355ebaf81f53820e}, affiliation={Keimyung University, 1095 Dalgubeol-daero, Dalseo-gu, Daegu, 42601, South Korea}, abstract={The purpose of this study was to analyze the influence of personal and psychological factors on the Fintech service usage intention. We analyzed the similarities and differences between Korean and Chinese users in Fintech usage intention. The previous literatures have been interested in finding and measuring the Fintech service quality. In this paper, a new model is proposed to explain usage intention focused on user’s personal and psychological characteristics. At the first part of study, the various theories related to Fintech service usage intention were introduced and compared with. A new model tried to examine the factors that can cause psychological discomfort of the users. The status quo bias, subjective norm and perceived risk are considered as major psychological discomfort factors. This study will guide Fintech companies to carry out an effective Fintech service strategy. The key data, especially, on Fintech usage intention of Korean and Chinese users will help multi-national companies to formulate the differentiated strategies reflecting each country’s consumer psychology. © Rushing Water Publishers Ltd. 2019.}, author_keywords={Fintech service; Innovativeness; Self-efficacy; Status quo bias; Usage intention}, references={Ajzen, I., Fishbein, M., (1980) Understanding Attitude and Predicting Social Behavior, Prentice-Hall, pp. 20-25. , Englewood Cliffs, NJ, USA; Davis, F.D., Perceived usefulness, perceived ease of use and user acceptance of information technology (1989) MIS Quarterly, 13 (3), pp. 319-340; Dowling, G.R., Staelin, R., A model of perceived risk and intended risk-handling activity (1994) Journal of Consumer Research, 21, pp. 119-134; Gao, X., Kim, M.S., A study on perceived characteristics of mobile payment system and continuous usage intention (2018) International Journal of Wireless and Mobile Communication for Industrial Systems, 5 (2), pp. 1-6; Han, K.S., Park, J.K., The application of the Theory of Reasoned Action to nursing (1994) The Spirit of the Society, 3 (2), pp. 47-53; Hwang, J., Hong, S.Y., Park, J.K., A study of factors affecting the intention to use a mobile easy payment service: An integrated extension of TAM with perceived risk (2016) Journal of Information Technology and Architecture, 13 (2), pp. 291-306; Jeong, G.S., A study on activation measures of local mobile easy-to-use payment (2015) Convergence Security Journal, 15 (4), pp. 22-24; Kim, H.B., Young, Y.J., Lee, Z.H., The influence of perceived risk, subjective norm of overseas travel on attitudes and behavioral intentions: Application of Theory of Reasoned Action (2012) Journal of Hospitality and Tourism Studies, 14 (1), pp. 67-81; Kim, H.W., Kankanhalli, A., Investigating user resistance to information systems implementation: A status quo bias perspective (2009) MIS Quarterly, 33 (3), pp. 567-582; Lee, H.L., Kim, J.W., Sung, B.C., Choi, Y.J., Park, J.K., A study on self-efficacy difference between user and non-user of smartphone (2013) Journal of the Korea Society of Computer and Information, 18 (2), pp. 157-164; Oh, J.Y., Choi, B.W., The influence of innovativeness on use of SNS and the role of mediating effects of identity expressiveness (2013) The E-Business Studies, 14 (2), pp. 179-197; Shaw, N., The mediating influence of trust in the adoption of the mobile wallet (2014) Journal of Retailing and Consumer Service, 21 (4), pp. 449-459; Suh, M.S., Kim, S.H., A study on the relationship of internet shopping mall characteristics and emotional responses (2002) Korea Marketing Review, 17 (2), pp. 113-145; Sung, K., Convenience and safety of Fintech payments: Tokenization (2015) Communications of the Korean Institute of Information Scientists and Engineer, 33 (5), pp. 13-16; Taylor, J.W., The role of risk on consumer behavior (1974) The Journal of Marketing, 38, pp. 54-60; Yang, S.H., Hwang, Y.S., Park, J.K., A study on the use of Fintech payment services based on the UTAUT Model (1997) Journal of Management & Economics, 38 (1), pp. 183-209}, correspondence_address1={Kim, M.-S.email: kms@gw.kmu.ac.kr}, publisher={Rushing Water Publishers Ltd.}, issn={01173375}, language={English}, abbrev_source_title={Asia Life Sci.}, document_type={Article}, source={Scopus}, } @ARTICLE{Miyahara201932, author={Miyahara, R. and Enomoto, F. and Koike, Y. and Kitamaki, S. and Miyatake, T. and Tominaga, T.}, title={Utilization of NTT’s R&D technology in the financial industry}, journal={NTT Technical Review}, year={2019}, volume={17}, number={2}, pages={32-36}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85067066429&partnerID=40&md5=33f424668d98ed584efed720d693419d}, abstract={The financial industry is currently going through major transformations owing to a technological innovation called fintech (i.e., finance and technology). The NTT laboratories have been researching and developing a number of technologies that contribute to the promotion of fintech such as concealment technology for blockchain, artificial intelligence technology for automated responses to customers, and robotic process automation technology for improved operational efficiency, and we have been able to introduce these technologies via various NTT Group companies. This article introduces some collaborations with Mitsubishi UFJ Financial Group, Inc., in cooperation with NTT Communications, that we have been implementing since fiscal year 2017. The future utilization of NTT technology in the field of fintech is also discussed. © 2019 Nippon Telegraph and Telephone Corp.. All rights reserved.}, author_keywords={Digitization; Fintech; Teleconference}, keywords={Analog to digital conversion; Intelligent robots; Teleconferencing, Artificial intelligence technologies; Automated response; Financial industry; Fintech; Ntt communications; Operational efficiencies; Process automation technology; Technological innovation, Finance}, publisher={Nippon Telegraph and Telephone Corp.}, issn={13483447}, language={English}, abbrev_source_title={NTT Tech. Rev.}, document_type={Article}, source={Scopus}, } @ARTICLE{Kim201957, author={Kim, J.-H. and Jo, S.-I. and Hong, S.-W. and Gim, G.-Y.}, title={Small foreign currency remittance based on block chain in Korea and Vietnam}, journal={Asia Life Sciences}, year={2019}, number={1}, pages={57-67}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062662573&partnerID=40&md5=3b5fa8fd20c15f53c3fd02f74c3df451}, affiliation={Department of IT Policy and Management, Graduate School, Soongsil University, 369 Sangdo-ro, Dongjak-gu, Seoul, South Korea; Department of Business Administration, Graduate School, Soongsil University, 369 Sangdo-ro, Dongjak-gu, Seoul, South Korea}, abstract={The way of small foreign currency remittance between Korea and Vietnam has been changed from the main ‘foreign exchange banks’ to non-financial/banking institution, small foreign currency transfer company and fintech companies because of changes in relevant law and regulations. This research investigates factors such as legal, technical, environmental, user, service (foreign currency remittance status, remittance method) according to the current Foreign Exchange Transaction Act and proposes a solution for a small amount foreign currency remittance service based on the public and private the block chain. Therefore, it is considered that the foreign exchange remittance based on the block chain technology in the small-scale transfer business as well as the existing financial business. To derive the role of a desirable platform for the growth of small foreign currency transfer business, safeguard legal compliance, transfer fees reduction, transactions security, and real-time transactions are considered and reviewed. © Rushing Water Publishers Ltd. 2019.}, author_keywords={Block chain; Foreign currency remittance; Foreign exchange transaction law; Legal compliance; Private; Public; Real-time transactions; Reduce transfer fees; Secure transactions}, references={Choi, G.P., (2016) Introduction and Operation of Small Business Overseas Remittance System. Policy Research, , Korea Institute of Finance, Seoul, Korea; Ju, D.Y., (2005) An Empirical Analysis on Information Effect of Foreign Exchange Profit and Loss, , Master’s Degree (MA), Korea University, Seoul, Korea. (Unpublished); Kang, D.K., Factors of Remittance of Foreign Workers (2013) IOM Immigration Policy Research, , IOM Migration Research & Training Centre, Seoul, Korea; Lee, G.Y., (2013) Remittance and Economic Development: Role and Potential of Immigration, , Korean Immigration Society, Seoul, Korea; Oh, Y.A., (2014) Analysis of Development Effect of Southeast Asian Overseas Remittances, 17. , Korea Institute for International Economic Policy, Korea; Saaty, T.L., How to make a decision: The analytic hierachy process (1990) European Journal of Operation Research, 48, pp. 9-26; Saaty, T.L., (1996) Decision Making with Dependence and Feedback: The Analytic Network Process, , RWS Publications, Pittsburgh, PA, USA; Satty, T.L., Diagnosis with dependent symptoms: Bayes theorem and the analytic hierarchy process (1998) Operation Research, 46 (4), pp. 491-502; Szabo, N., (1994) Smart Contracts, , http://szabo.best.vwh.net/smart.contracts.html}, correspondence_address1={Hong, S.-W.; Department of IT Policy and Management, Graduate School, Soongsil University, 369 Sangdo-ro, Dongjak-gu, South Korea; email: innoitpe@daum.net}, publisher={Rushing Water Publishers Ltd.}, issn={01173375}, language={English}, abbrev_source_title={Asia Life Sci.}, document_type={Article}, source={Scopus}, } @ARTICLE{Yu201942, author={Yu, T. and Shen, W.}, title={Funds sharing regulation in the context of the sharing economy: Understanding the logic of China's P2P lending regulation}, journal={Computer Law and Security Review}, year={2019}, volume={35}, number={1}, pages={42-58}, doi={10.1016/j.clsr.2018.10.001}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85056484477&doi=10.1016%2fj.clsr.2018.10.001&partnerID=40&md5=14de427b1ba15e40d2798bef9ffad63b}, affiliation={Southeast University Law School, Nanjing, China; Shanghai Jiao Tong University Law School, No. 1954 Huashan Road, Shanghai, 200063, China}, abstract={“Sharing economy” is an umbrella term that encompasses a wide range of digital platform-based activities that includes P2P lending and other forms of internet-based lending. The core aim of the sharing economy is to leverage the utilization of idle capacity. P2P lending can not only be used to leverage small amounts of money on the lender's side, but also be used to promote financial democracy and inclusion both on the lender and borrower's sides. P2P lending regulation, therefore, should place an emphasis on the utilization of dead money and promotion of financial democracy. This article scrutinizes the regulation of P2P lending in China. The existing regulatory system for P2P lending in China is built upon rules and regulations that have been designed solely with traditional brokers in mind. The article contends that the rigid rules placed on lending platforms limited their ability to maintain their roles as brokers and, in turn, heavily endangered the commercial sustainability of P2P platforms, thereby harming the sharing economy's openness and inclusivity. Additionally, the article argues that the fact that there is no limit on the amount a lender can invest poses a threat to the notions of leveraging idle money and financial inclusivity. The closed-ended P2P lending regime in China would cause some chilling effects to financial innovation in the P2P lending industry, and in a wider sense, the rising FinTech sector. Regulators in China need to cope with these challenges in a flexible but pragmatic manner, and particularly make use of the benefits the sharing economy may bring to the Chinese economy more broadly. © 2018 Tao Yu and Wei Shen}, author_keywords={Financial democracy; Financial regulation; P2P lending; Sharing economy}, keywords={Peer to peer networks, Commercial sustainability; Financial democracy; Financial innovation; Financial regulations; P2p lending; Regulatory systems; Rules and regulations; Sharing economy, Finance}, correspondence_address1={Shen, W.; Shanghai Jiao Tong University Law School, No. 1954 Huashan Road, China; email: shenwei@sjtu.edu.cn}, publisher={Elsevier Ltd}, issn={02673649}, coden={CLSRE}, language={English}, abbrev_source_title={Comput Law Secur. Rev.}, document_type={Article}, source={Scopus}, } @ARTICLE{Choi2019117, author={Choi, H. and Jung, Y. and Choi, Y.}, title={Understanding of the fintech phenomenon in the beholder's eyes in South Korea}, journal={Asia Pacific Journal of Information Systems}, year={2019}, volume={29}, number={1}, pages={117-143}, doi={10.14329/apjis.2019.29.1.117}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063954604&doi=10.14329%2fapjis.2019.29.1.117&partnerID=40&md5=e94a8f10b70bd20d53c5c5bc1bda883a}, affiliation={School of Business Administration, Ulsan National Institute of Science and Technology, South Korea; School of Media and Communication, Korea University, South Korea; Graduate School of Technology and Innovation Management, Ulsan National Institute of Science and Technology, South Korea}, abstract={Advances in information technology (IT) bring about technological innovation in financial businesses, referred to as financial technology (fintech), beyond the traditional financial industry. While fintech implies more convenient and various financial services to customers, it leads to more complexity in the financial sector, as different industry players (e.g., IT firms) can participate in financial businesses. The complexity of fintech causes controversial issues related to policies and the appropriate development direction. In order to provide insight into the current state of fintech, this study explores the fundamental understanding of the fintech phenomenon from the perspective of the major stakeholders (i.e., financial authorities, financial companies, IT firms) in South Korea. This study analyzed news articles, where those stakeholders expressed their arguments, by using a content analysis. The study also conducted an intensive examination of their arguments by using a core-periphery approach of social representations. This study found that while the three beholders had a common opinion on deregulation of the fintech industry, each of them had different knowledge of the phenomenon. By revealing each beholder's structure of representations of fintech, this study not only provides common knowledge regarding fintech but also explicates the perceptual gaps among stakeholders. Findings of the study offer a big picture of current fintech initiatives, which can be useful knowledge for future research on fintech. © 2013 The Korean Society of Management Information Systems.}, author_keywords={Content analysis; Core-periphery analysis; Fintech; Social representations theory}, funding_details={Ministry of EducationMinistry of Education}, funding_details={National Research Foundation of KoreaNational Research Foundation of Korea, NRF-2017S1A3A2066788, NRF-2016S1A3 A2924760}, funding_text 1={This work was supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea (NRF-2016S1A3 A2924760). This work was also supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea (NRF-2017S1A3A2066788).}, references={Abric, J.C., A structural approach to social representations (2001) Representations of the social: Bridging theoretical traditions, pp. 42-47. , In: K. E. 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J. Inf. Syst.}, document_type={Article}, source={Scopus}, } @ARTICLE{Hu2019, author={Hu, Z. and Ding, S. and Li, S. and Chen, L. and Yang, S.}, title={Adoption intention of fintech services for bank users: An empirical examination with an extended technology acceptance model}, journal={Symmetry}, year={2019}, volume={11}, number={3}, doi={10.3390/sym11030340}, art_number={340}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85067307027&doi=10.3390%2fsym11030340&partnerID=40&md5=bb9d1d969b8a58ff6f7fe4b22c27345f}, affiliation={School of Management, Hefei University of Technology, Hefei, 23009, China; Key Laboratory of Process Optimization and Intelligent Decision-Making (Ministry of Education), Hefei University of Technology, Hefei, 23009, China; School of Finance, Anhui University of Finance and Economics, Bengbu, 233030, China; School of Management, Shanghai University of International Business and Economic, Shanghai, 201620, China}, abstract={Along with the development of Fintech, many scholars have studied how information technology is applied to financial services with a focus on extended methods for application. Few scholars have studied the influence mechanism behind the adoption of Fintech services. This paper proposes an improved technology acceptance model (TAM) that incorporates user innovativeness, government support, brand image, and perceived risk as determinants of trust to investigate how users adopt Fintech services. We designed a questionnaire, sent it to active customers of the Hefei Science and Technology Rural Commercial Bank, and obtained 387 eligible responses. We analyzed the data with a structural equation model (SEM) to test the hypotheses, including the relationships of all latent variables. The results reveal that users' trust in Fintech services has a very significant influence on users' attitudes for adoption. In addition, perceived ease of use and perceived risk does not affect users' attitudes toward the adoption regarding Fintech services. This study contributes to the literature of the adoption of Fintech services by providing a more comprehensive view of the determinants of users' attitudes by combining trust of Fintech services with TAM. © 2019 by the authors.}, author_keywords={Adoption; Fintech services; Technology acceptance model}, funding_details={National Natural Science Foundation of ChinaNational Natural Science Foundation of China, NSFC, 71472001}, funding_details={National Natural Science Foundation of ChinaNational Natural Science Foundation of China, NSFC, 71571058}, funding_details={National Natural Science Foundation of ChinaNational Natural Science Foundation of China, NSFC, 71690235}, funding_details={National Natural Science Foundation of ChinaNational Natural Science Foundation of China, NSFC, 91846107}, funding_text 1={This work is fully supported by the National Natural Science Foundation of China [Nos. 91846107, 71571058, 71690235 and 71472001], and Anhui Provincial Science and Technology Major Project [Nos. 16030801121 and 17030801001], and Key Project of Humanities and Social Sciences in Colleges and Universities of Anhui Province under Grant No. SK2017A0443. This work is fully supported by the National Natural Science Foundation of China [Nos. 91846107, 71571058, 71690235 and 71472001], and Anhui Provincial Science and Technology Major Project [Nos. 16030801121 and 17030801001]. and Key Project of Humanities and Social Sciences in Colleges and Universities of Anhui Province under Grant No. SK2017A0443.}, references={Gabor, D., Brooks, S., The Digital Revolution in Financial Inclusion: International Development in the Fintech Era (2017) New Polit. Econ, 22, pp. 1-14; Leong, C., Tan, B., Xiao, X., Tan, F.T.C., Sun, Y., Nurturing a Fintech Ecosystem: The Case of a Youth Microloan Startup in China (2017) Int. J. Inf. Manag, 37, pp. 92-97; Alt, R., Beck, R., Smits, M.T., Fintech and the Transformation of the Financial Industry (2018) Electron. Mark, 28, pp. 235-243; Zavolokina, L., Dolata, M., Schwabe, G., The Fintech Phenomenon: Antecedents of Financial Innovation Perceived by the Popular Press (2016) Financ. 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Q, 36, pp. 421-458; Davis, F.D., Perceived Usefulness, Perceived Ease of Use, and User Acceptance of Information Technology (1989) Mis Q, 13, pp. 319-340}, correspondence_address1={Ding, S.; School of Management, Hefei University of TechnologyChina; email: dingshuai@hfut.edu.cn}, publisher={MDPI AG}, issn={20738994}, language={English}, abbrev_source_title={Symmetry}, document_type={Article}, source={Scopus}, } @ARTICLE{Zhao2019, author={Zhao, Q. and Tsai, P.-H. and Wang, J.-L.}, title={Improving financial service innovation strategies for enhancing China's banking industry competitive advantage during the fintech revolution: A hybrid MCDM model}, journal={Sustainability (Switzerland)}, year={2019}, volume={11}, number={5}, doi={10.3390/su11051419}, art_number={1419}, note={cited By 2}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062907209&doi=10.3390%2fsu11051419&partnerID=40&md5=0d67f478cc6259b55feec63d73dafaca}, affiliation={College of Science and Technology, Ningbo University, Ningbo, 315211, China; Department of Marketing and Logistics Management, National Penghu University of Science and Technology, No. 300, Liuhe Rd., Magong, 88046, Taiwan; Department of Information and Telecommunications Engineering, Ming Chuan University, Taipei, 111, Taiwan}, abstract={The recent emergence and rapid growth of new financial services by financial technology (Fintech) companies have driven banking institutions towards operational innovation in order to gain sustainable competitive advantage. This study aims to conduct an in-depth investigation of the banking sector in response to the challenges brought by Fintech startups. Based on the service innovation theory, we propose a novel hybrid multiple criteria decision-making method (MCDM) to evaluate service innovation strategies for improving the sustainability of China's banking industry during the Fintech revolution. A six-dimensional model comprising 20 sub-criteria is constructed and both the decision making trial and evaluation laboratory (DEMATEL) technique and DEMATEL-based analytic network process (DANP) are used to explore interrelationships among the indices and their related weights. Finally, the modified VIšekriterijumsko KOmpromisno Rangiranje (VIKOR) method is employed to evaluate performance gaps in the four major types of commercial banks in China-state-owned, joint-stock, city commercial banks, and other credit cooperatives-in the field of service innovation. The improvement priorities, ranked from highest to lowest, are new business partners, new service concepts, organizational innovation, technological innovation, new customer interactions, and new revenue models. These results will provide strategies for the sustainable development of China's banking industry and the implementation of changes in response to the impact of the Fintech revolution. © 2019 by the authors.}, author_keywords={China's banking industry; DANP; DEMATEL; Fintech; Hybrid MCDM model; Modified VIKOR; Service innovation strategy}, keywords={banking; business development; competition (economics); decision making; financial market; financial services; innovation; laboratory method, China}, funding_details={Ningbo UniversityNingbo University, 2017A10026}, funding_details={Ningbo UniversityNingbo University, YK180011}, funding_text 1={This research was sponsored by K.C. Wong Magna Fund in Ningbo University, the Social Science Research Funds from Ningbo under Grant No. 2017A10026, and the Fundamental Research Funds from College of Science & Technology, Ningbo University (No. YK180011).}, references={Gomber, P., Kauffman, R.J., Parker, C., Weber, B.W., On the Fintech revolution: Interpreting the forces of innovation, disruption and transformation in financial services (2018) J. Manag. Inf. Syst, 35, pp. 220-265; Barberis, J., (2014) The Rise of Fintech: Getting Hong Kong to Lead the Digital financial Transition in APAC, , Fintech Report; Fintech HK: Hong Kong; Lee, I., Shin, Y.J., Fintech: Ecosystem, business models, investment decisions, and challenges (2018) Bus. Horiz, 61, pp. 35-46; Leong, C., Tan, B., Xiao, X., Tan, F.T.C., Sun, Y., Nurturing a FinTech ecosystem: The case of a youth microloan startup in China (2017) Int. J. Inf. 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Sci, 19, pp. 936-946}, correspondence_address1={Tsai, P.-H.; Department of Marketing and Logistics Management, National Penghu University of Science and Technology, No. 300, Liuhe Rd., Taiwan; email: peihsuan0616@gms.npu.edu.tw}, publisher={MDPI AG}, issn={20711050}, language={English}, abbrev_source_title={Sustainability}, document_type={Article}, source={Scopus}, } @ARTICLE{Du201950, author={Du, W.D. and Pan, S.L. and Leidner, D.E. and Ying, W.}, title={Affordances, experimentation and actualization of FinTech: A blockchain implementation study}, journal={Journal of Strategic Information Systems}, year={2019}, volume={28}, number={1}, pages={50-65}, doi={10.1016/j.jsis.2018.10.002}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85055953393&doi=10.1016%2fj.jsis.2018.10.002&partnerID=40&md5=e24464c3c2987e24e33c4f7388e6121e}, affiliation={School of Economics and Management, Beihang University, China; UNSW Business School, University of New South Wales, Australia; Baylor University, United States; Lund University, Sweden}, abstract={Blockchain, the technology underlying bitcoin, is an emerging financial technology (FinTech) that is poised to have strategic impacts on organizations. Because it is a new phenomenon, there are few studies on blockchain, and those studies have focused mainly on the technology's potential impacts, whereas how to effectively implement it in an organization remains unknown. Our study intends to fill that gap. Using affordance-actualization (A-A) theory as the theoretical lens, we conducted a case study of blockchain implementation in an organization that has effectively implemented it. We identify three affordances of blockchain in the organization and a process model whereby these affordances are actualized. The process model extends A-A theory by adding an experimentation phase where blockchain's use cases within the organization are identified, developed and tested through conceptual adaptation and constraint mitigation. Our study makes important theoretical contributions to the literature on A-A theory, blockchain, information technology (IT) implementation, and strategic information systems (SIS). Our study can also help IT practitioners to implement blockchain effectively and extract value from their investment. © 2018 Elsevier B.V.}, author_keywords={Actualization; Blockchain; Case study; Experimentation; FinTech; Organizational affordances}, keywords={Information systems, Actualization; Affordances; Experimentation; FinTech; Information technology implementations; Potential impacts; Strategic impacts; Strategic information systems, Blockchain}, funding_details={Joint Research Fund for Overseas Chinese Scholars and Scholars in Hong Kong and MacaoJoint Research Fund for Overseas Chinese Scholars and Scholars in Hong Kong and Macao, 71529001}, funding_details={National Natural Science Foundation of ChinaNational Natural Science Foundation of China, 71402186, 71402187}, funding_text 1={Funding for this research was provided by China’s NSFC Joint Research Fund for Overseas Chinese Scholars and Scholars in Hong Kong and Macao ( 71529001 ), and the National Natural Science Foundation of China ( 71402187 , 71402186 ).}, references={Abraham, C., Junglas, I., From cacophony to harmony: a case study about the IS implementation process as an opportunity for organizational transformation at Sentara Healthcare (2011) J. 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Dyn., 14 (2), pp. 5-18}, correspondence_address1={Ying, W.37 Xueyuan Road, China; email: yingwenchi@buaa.edu.cn}, publisher={Elsevier B.V.}, issn={09638687}, coden={JSIYE}, language={English}, abbrev_source_title={J Strategic Inform Syst}, document_type={Article}, source={Scopus}, } @ARTICLE{Milian2019, author={Milian, E.Z. and Spinola, M.D.M. and Carvalho, M.M.D.}, title={Fintechs: A literature review and research agenda}, journal={Electronic Commerce Research and Applications}, year={2019}, volume={34}, doi={10.1016/j.elerap.2019.100833}, art_number={100833}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85061711287&doi=10.1016%2fj.elerap.2019.100833&partnerID=40&md5=e33b6153270a5d8c49f3e0926c95a718}, affiliation={Department of Production Engineering, University of Sao Paulo, Av. Prof. Luciano Gualberto, 1380, Sao Paulo, 05508-010, Brazil}, abstract={Although the fintech subject has been widely discussed in the press and communications media, there is a lack of consensus on the definition of the term in the scientific literature and the key research topics and trends. Aiming to narrow this gap, the objective of this study is to investigate the concept of fintech, to map the literature and point out new routes and opportunities in the field. For this purpose, a Systematic Literature Review (SLR) is performed, attempting to describe the areas of fintech activities, propose a categorization for this literature, highlight the main issues dealt with to date in the sample publications, as well as to point out new questions for continuing research in this field. The results show a set of definitions for the term fintech and suggest as a comprehensive understanding of fintech, as innovative companies active in the financial industry making use of the availability of communication, the ubiquity of the internet, and the automated processing of information. Moreover, the literature focuses on financial services and innovations, dealing with issues of financial industry regulation and local legislation or the financial system globally. The innovation of research subcategories (technology adoption/network externalities), blockchain and security appear with great emphasis in this work and represent the current most sensitive aspects also linked to the more global theme of digital transformation. Finally, subjects related to financial services operation particularly deal with risks of financial loss related to different factors involved in the business environment of these organizations. © 2019 Elsevier B.V.}, author_keywords={Blockchain; Crowdfunding; Cryptocurrency; Financial services; Financial technologies; Fintech; Innovation; Loans; Payment technologies; Systematic literature review}, keywords={Blockchain; Electronic money; Laws and legislation; Losses, Crowdfunding; Financial service; Fintech; Loans; Systematic literature review, Finance}, funding_details={Conselho Nacional de Desenvolvimento Científico e TecnológicoConselho Nacional de Desenvolvimento Científico e Tecnológico}, funding_details={Coordenação de Aperfeiçoamento de Pessoal de Nível SuperiorCoordenação de Aperfeiçoamento de Pessoal de Nível Superior}, funding_details={Coordenação de Aperfeiçoamento de Pessoal de Nível SuperiorCoordenação de Aperfeiçoamento de Pessoal de Nível Superior}, funding_text 1={This study was financed in part by the Coordenação de Aperfeiçoamento de Pessoal de Nível Superior – Brasil (CAPES) – Finance Code 001. 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Prof. Luciano Gualberto, 1380, Brazil; email: eduardo.zied@usp.br}, publisher={Elsevier B.V.}, issn={15674223}, language={English}, abbrev_source_title={Elect. Commer. Res. Appl.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Miraz201935, author={Miraz, M.H. and Donald, D.C.}, title={Application of Blockchain in Booking and Registration Systems of Securities Exchanges}, journal={Proceedings - 2018 International Conference on Computing, Electronics and Communications Engineering, iCCECE 2018}, year={2019}, pages={35-40}, doi={10.1109/iCCECOME.2018.8658726}, art_number={8658726}, note={cited By 1; Conference of 1st IEEE International Conference on Computing, Electronics and Communications Engineering, iCCECE 2018 ; Conference Date: 16 August 2018 Through 17 August 2018; Conference Code:145832}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063463690&doi=10.1109%2fiCCECOME.2018.8658726&partnerID=40&md5=7cf8755c552d88eac86b0d83d901bc09}, affiliation={Centre for Financial Regulation and Economic Development (CFRED), Chinese University of Hong Kong (CUHK), Sha Tin, Hong Kong}, abstract={Securities exchange being digitalised and online, security of information and data has become a major concern. Blockchain (BC) technology, being distributed and immutable in nature, has proved to the 'Trust Machine' eliminating the need for third-parties. Authors of this paper investigate how Blockchain can be used to secure stock exchange transactions, with an especial focus to the technological as well as legal aspects of such applications. Considering the intricate operational structure of the securities exchange, the research proposes to design, develop and implement a hybrid BC, customised according to the need of the respective stock exchange. The study suggests that the use of such BC can bring many benefits which the other technologies currently being used cannot offer. However, during the design process of any such application using BC, the relevant laws and regulations of the corresponding country need to be considered. © 2018 IEEE.}, author_keywords={Blockchain; Distributed Ledger; FinTech; LawTech; RegTech; Securities Exchange; Stock Exchange}, keywords={Financial markets; Laws and legislation; Security of data, Distributed Ledger; FinTech; LawTech; RegTech; Stock exchange, Blockchain}, funding_details={Chinese University of Hong KongChinese University of Hong Kong, CUHK}, funding_text 1={ACKNOWLEDGEMENT This research is funded by the Centre for Financial Regulation and Economic Development (CFRED), The Chinese University of Hong Kong (CUHK), Hong Kong.}, references={David, C., Donald, (2012) The Hong Kong Stock and Futures Exchanges: Law and Microstructure, , 1st ed. 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Conf. Comput., Electron. Commun. Eng., iCCECE}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Azcona201986, author={Azcona, D. and Hsiao, I.-H. and Arora, P. and Smeaton, A.}, title={User2Code2vec: Embeddings for profiling students based on distributional representations of source code}, journal={ACM International Conference Proceeding Series}, year={2019}, pages={86-95}, doi={10.1145/3303772.3303813}, note={cited By 0; Conference of 9th International Conference on Learning Analytics and Knowledge, LAK 2019 ; Conference Date: 4 March 2019 Through 8 March 2019; Conference Code:145666}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85062775545&doi=10.1145%2f3303772.3303813&partnerID=40&md5=57afdeb344c75f39f57c3e0cf6dd2c24}, affiliation={Insight Centre for Data Analytics, Dublin City University, Dublin, Ireland; Computing Systems and Informatics, Arizona State University, Tempe, AZ, United States; ADAPT Centre, Dublin City University, Dublin, Ireland}, abstract={In this work, we propose a new methodology to profile individual students of computer science based on their programming design using a technique called embeddings. We investigate different approaches to analyze user source code submissions in the Python language. We compare the performances of different source code vectorization techniques to predict the correctness of a code submission. In addition, we propose a new mechanism to represent students based on their code submissions for a given set of laboratory tasks on a particular course. This way, we can make deeper recommendations for programming solutions and pathways to support student learning and progression in computer programming modules effectively at a Higher Education Institution. Recent work using Deep Learning tends to work better when more and more data is provided. However, in Learning Analytics, the number of students in a course is an unavoidable limit. Thus we cannot simply generate more data as is done in other domains such as FinTech or Social Network Analysis. Our findings indicate there is a need to learn and develop better mechanisms to extract and learn effective data features from students so as to analyze the students' progression and performance effectively. © 2019 Association for Computing Machinery.}, author_keywords={Code embeddings; Code2vec; Computer science education; Distributed representations; Machine learning; Representation learning for source code; User2code2vec}, keywords={Codes (symbols); Computer programming languages; Deep learning; Education computing; Embeddings; Learning systems, Code2vec; Computer Science Education; Distributed representation; Source codes; User2code2vec, Students}, references={Allamanis, M., Barr, E.T., Bird, C., Sutton, C., Learning natural coding conventions (2014) Proceedings of the 22nd ACM SIGSOFT International Symposium on Foundations of Software Engineering, pp. 281-293. , ACM; Allamanis, M., Peng, H., Sutton, C., A convolutional attention network for extreme summarization of source code (2016) International Conference on Machine Learning, pp. 2091-2100; Alon, U., Zilberstein, M., Levy, O., Yahav, E., (2018) Code2vec: Learning Distributed Representations of Code, , arXiv preprint 2018; Alon, U., Zilberstein, M., Levy, O., Yahav, E., (2018) A General Path-Based Representation for Predicting Program Properties, , arXiv preprint 2018; Azcona, D., Corrigan, O., Scanlon, P., Smeaton, A., Innovative learning analytics research at a data-driven HEI (2017) Proceedings of the 3rd International Conference on Higher Education Advances, pp. 435-443. , Editorial Universitat Politècnica de València, Valencia, Spain; Azcona, D., Hsiao, I.-H., Smeaton, A.F., Detecting students-in-need in programming classes with multimodal learning analytics (2018) International Journal of Artificial Intelligence in Education (ijAIED), , 2018; Azcona, D., Hsiao, I.-H., Smeaton, A.F., An exploratory study on student engagement with adaptive notifications in programming courses (2018) European Conference on Technology Enhanced Learning, pp. 644-647. , Springer, NY, USA; Azcona, D., Hsiao, I.-H., Smeaton, A.F., PredicTCS: Personalizing programming learning by leveraging learning analytics (2018) Companion Proceedings 8th International Conference on Learning Analytics & Knowledge (LAK18), , 2018; Azcona, D., Smeaton, A.F., Targeting at-risk students using engagement and effort predictors in an introductory computer programming course (2017) European Conference on Technology Enhanced Learning (EC-TEL'17), pp. 361-366. , Springer, NY, USA; Baroni, M., Dinu, G., Kruszewski, G., Don't count, predict! 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IEDMS, pp. 502-506; Salton, G., Wong, A., Yang, C.-S., A vector space model for automatic indexing (1975) Commun. ACM, 18 (11), pp. 613-620. , 1975; Theodoridis, S., Koutroumbas, K., Pattern recognition (2008) IEEE Transactions on Neural Networks, 19 (2), p. 376. , 2008; Tipping, M.E., Bishop, C.M., Probabilistic principal component analysis (1999) Journal of the Royal Statistical Society: Series B (Statistical Methodology), 61 (3), pp. 611-622. , 1999}, sponsors={ACM Special Interest Group on Computer-Human Interaction (SIGCHI); ACM Special Interest Group on Hypertext, Hypermedia, and Web (SIGWEB); The Society for Learning Analytics Research (SoLAR)}, publisher={Association for Computing Machinery}, isbn={9781450362566}, language={English}, abbrev_source_title={ACM Int. Conf. Proc. Ser.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Jakšič2019, author={Jakšič, M. and Marinč, M.}, title={Relationship banking and information technology: the role of artificial intelligence and FinTech}, journal={Risk Management}, year={2019}, volume={21}, number={1}, doi={10.1057/s41283-018-0039-y}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85045135459&doi=10.1057%2fs41283-018-0039-y&partnerID=40&md5=0899316ada06eb30d7b6f97f3849d2cf}, affiliation={Faculty of Economics, University of Ljubljana, Kardeljeva pl. 17, Ljubljana, Slovenia}, abstract={Banks have no time for complacency. They need to re-evaluate their competitive advantages in light of profound changes driven by advances in information technology (IT) and competitive pressure from FinTech companies. This article emphasizes that banks should not abolish relationship banking, which nurtures close contact with bank customers. A long-term orientation of relationship banking streamlines incentives and supports the long-term needs of bank customers. However, banks might be lured into transaction banking due to the presence of IT-driven economies of scale and competition from FinTech start-ups and IT companies. In this light, the article evaluates the role of distances, artificial intelligence, and behavioral biases. Implications for stability in banking are explored. We argue that relationship banking can overcome its drawbacks, but it needs to adjust to the new reality in order to survive. © 2018, Macmillan Publishers Ltd., part of Springer Nature.}, author_keywords={Artificial intelligence; FinTech; Information technology; Relationship banking; The future of banking}, references={Agarwalben-David, S.I., Loan Prospecting and the Loss of Soft Information (2014) Journal of Financial Economics, , https://ssrn.com/abstract=2403669, Forthcoming; Agarwal, S., Ben-David, I., Yao, V., Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market (2015) Management Science, 61 (9), pp. 2220-2240; Agarwal, S.I., Ben-Davidyao, V.W., Systematic Mistakes in the Mortgage Market and Lack of Financial Sophistication (2016) Journal of Financial Economics, , March 1. Charles A. Dice Working Paper No. 2016-09. 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First, it is argued that the question that preoccupies ‘coherentists’ (concerning the application of the law of contract to smart contracts, and the fit between smart contracts and the paradigmatic ‘fiat contracts’ that are recognised by the law of contract) is neither as puzzling nor as important as might be supposed. Secondly, it is argued that, if there are concerns about the acceptability of smart contracts, then the conversation that needs to be had is of a ‘regulatory-instrumentalist’ nature; in particular, if the question is one of public policy restrictions on the use of smart contracts, then the appropriate balance of interests needs to be made by an institution that has both the necessary mandate and the appropriate mind-set. Thirdly, it is argued that there are conversations that we currently do not have but which urgently need to be had. Blockchain is a potentially transformative technology and it is important to have more fundamental conversations about the kind of community that we want to be. © 2019, The Author(s).}, author_keywords={Blockchain; Coherentism; Contract law; Regulatory-instrumentalism; Smart contracts; Technological management}, references={Adams, J.N., Brownsword, R., (2007) Understanding contract law, , 5, Sweet and Maxwell, London; Adams, J.N., Beyleveld, D., Brownsword, R., Privity of contract—the benefits and the burdens of law reform (1997) Mod Law Rev, 60, pp. 238-264; Bayern, S., Burri, T., Grant, T.D., Häusermann, D.M., Möslein, F., Williams, R., Company law and autonomous systems: a blueprint for lawyers, entrepreneurs, and regulators (2017) Hast Sci Technol Law J, 9, pp. 135-162; Beyleveld, D., Brownsword, R., (2001) Human dignity in bioethics and biolaw, , Oxford University Press, Oxford; Brincker, M., Privacy in public and the contextual conditions of agency (2017) Privacy in public space, pp. 64-90. , Timan T, Newell BC, Koops B-J, (eds), Edward Elgar, Cheltenham; Brownsword, R., Code, control, and choice: why east is east and west is west (2005) Legal Stud, 25, pp. 1-21; Brownsword, R., (2008) Rights, regulation and the technological revolution, , Oxford University Press, Oxford; Brownsword, R., Contracts in a networked world (2012) Commercial contract law: transatlantic perspectives, pp. 116-145. , Matteo L, Zhou Q, Saintier S, Rowley K, (eds), Cambridge University Press, Cambridge; Brownsword, R., Whither the law and the law books: from prescription to possibility (2012) J Law Soc, 39, pp. 296-308; Brownsword, R., Human dignity, human rights, and simply trying to do the right thing (2013) Understanding human dignity, pp. 345-358. , McCrudden C, (ed), The British Academy and Oxford University Press, Oxford; Brownsword, R., Regulatory coherence—a European challenge (2014) Varieties of European economic law and regulation: essays in honour of Hans Micklitz, pp. 235-258. , Purnhagen K, Rott P, (eds), Springer, Dordrecht; Brownsword, R., Crimes against humanity, simple crime, and human dignity (2014) Humanity across international law and biolaw, pp. 87-114. , Beers B, Corrias L, Werner W, (eds), Cambridge University Press, Cambridge; Brownsword, R., Human dignity from a legal perspective (2014) Cambridge handbook of human dignity, pp. 1-22. , Duwell M, Braavig J, Brownsword R, Mieth D, (eds), Cambridge University Press, Cambridge; Brownsword, R., In the year 2061: from law to technological management (2015) Law Innov Technol, 7, pp. 1-51; Brownsword, R., Technological management and the rule of law (2016) Law Innov Technol, 8, pp. 100-140; Brownsword, R., The E-Commerce Directive, consumer transactions, and the digital single market: questions of regulatory fitness, regulatory disconnection and rule redirection (2017) European contract law in the digital age, pp. 165-204. , Grundmann S, (ed), Intersentia, Cambridge; Brownsword, R., Law, liberty and technology (2017) The Oxford handbook of law, regulation and technology, pp. 41-68. , Brownsword R, Scotford E, Yeung K, (eds), Oxford University Press, Oxford; Brownsword, R., From Erewhon to Alpha Go: for the sake of human dignity should we destroy the machines? 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European Banking Institute, , (a), EBI Working Paper Series 2017 No 14; Zetzsche, D.A., Buckley, R.P., Arner, D.W., Barberis, J.N., From FinTech to TechFin: The regulatory challenges of data-driven finance. European Banking Institute (2017) EBI Working Paper Series, 2017 (6). , (b); Zuboff, S., Big other: surveillance capitalism and the prospects of an information civilization (2015) J Inf Technol, 30, pp. 75-89}, correspondence_address1={Brownsword, R.; Professor in Law, King’s College LondonUnited Kingdom; email: roger.brownsword@kcl.ac.uk}, publisher={Springer International Publishing}, issn={15667529}, language={English}, abbrev_source_title={Eur. Bus. Org. Law Rev.}, document_type={Article}, source={Scopus}, } @ARTICLE{Arner201955, author={Arner, D.W. and Zetzsche, D.A. and Buckley, R.P. and Barberis, J.N.}, title={The Identity Challenge in Finance: From Analogue Identity to Digitized Identification to Digital KYC Utilities}, journal={European Business Organization Law Review}, year={2019}, volume={20}, number={1}, pages={55-80}, doi={10.1007/s40804-019-00135-1}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063024463&doi=10.1007%2fs40804-019-00135-1&partnerID=40&md5=00a73835cc749d5b8f601d0c05cf4df9}, affiliation={Kerry Holdings Professor in Law and Co-Founder, Asian Institute of International Financial Law, University of Hong Kong, Pokfulam, Hong Kong; Professor of Law, ADA Chair in Financial Law (Inclusive Finance), Faculty of Law, Economics and Finance, University of Luxembourg, Luxembourg City, Luxembourg; Director, Centre for Business and Corporate Law, Heinrich-Heine-University, Düsseldorf, Germany; KPMG Law King and Wood Mallesons Chair of Disruptive Innovation, Scientia Professor, and Member, Centre for Law, Markets and Regulation, UNSW Sydney, Sydney, Australia; Co-Founder, Supercharger, and Research Fellow, Asian Institute of International Financial Law, University of Hong Kong, Pokfulam, Hong Kong}, abstract={Identity is fundamental in finance: to protect against fraud and crime, to fulfil know-your-customer obligations, and to ensure market integrity. At the same time, identification and know-your-customer rules can be major barriers to accessing financial services. This paper considers the various requirements for identification in the financial sector and the evolving nature of identity. We argue that technology presents an opportunity to solve this challenge through the development of digital identity infrastructure and related utilities. The establishment of such utilities requires addressing design questions such as registration methods, data availability, and cross-jurisdiction recognitions. Yet, as with any reform, a balance between flow through efficiency and cyber-security needs to be reached to ensure that the objectives of financial inclusion and market integrity are not achieved to the detriment of financial stability. © 2019, T.M.C. Asser Press.}, author_keywords={Anti-money laundering; Digital identification; eKYC infrastructure; Finance; Financial inclusion; FinTech; Identity; KYC utilities; Market integrity; RegTech}, funding_details={Erzincan ÜniversitesiErzincan Üniversitesi}, funding_details={European CommissionEuropean Commission}, funding_details={648/2012}, funding_details={Institutions}, funding_details={Erzincan ÜniversitesiErzincan Üniversitesi}, funding_details={648/2012 [2014] OJ L173/84/349–496}, funding_details={European CommissionEuropean Commission}, funding_details={Erzincan ÜniversitesiErzincan Üniversitesi, 648/2012 [2014] OJ L173/84}, funding_details={Australian Research CouncilAustralian Research Council}, funding_details={Singapore-MIT Alliance for Research and Technology CentreSingapore-MIT Alliance for Research and Technology Centre, INTER/MOBILITY/16/11406511}, funding_text 1={5 For the European Union, see: Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No. 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC [2015] OJ L141/73–117 (European Parliament 4th AML Directive); for Hong Kong, see (a) Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Ordinance 2018, (b) Organized and Serious Crimes Ordinance (Cap. 455), (c) Drug Trafficking (Recovery of Proceeds) Ordinance (Cap. 406), and (d) United Nations (Anti-Terrorism Measures) Ordinance (Cap. 575); for Singapore, see the Monetary Authority of Singapore’s various notices and guidelines on AML/CFT, available at http://bit.ly/2p5BgJX; and for Australia, see Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth).}, funding_text 2={6 For the European Union, see Art. 25 of Directive 2014/65/EU of the European Parliament and of the Council of 15  May 2014 on markets in financial instruments and amending Regulation (EU) No. 648/2012 [2014] OJ L173/84/349–496. 7 Asian Development Bank (2016).}, funding_text 3={60 See, Art. 26 of Regulation (EU) No.  600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No. 648/2012 [2014] OJ L173/84.}, funding_text 4={Acknowledgments The authors are grateful for comments from Iris Chiu, Emilios Avgouleas, Pierre Schammo, Jean-Louis Schiltz, Anton Didenko, Tsany Ratna Dewi as well as participants of the Alliance for Financial Inclusion Global Policy Forum (AFI GPF) in Sochi (September 2018), and for the research assistance of Rohan Balani, Jessica Chapman and Evan Gibson. All responsibility is the authors. The authors gratefully acknowledge the financial support of: the Luxembourg National Research Fund, project ‘A new law for Fintechs—SMART Regulation’, INTER/MOBILITY/16/11406511; the Australian Research Council, project ‘Regulating a Revolution: A New Regulatory Model for Digital Finance’; and the Hong Kong Research Grants Council Theme-based Research Scheme.}, references={Abraham, S., Sharma, R.S., Panda, B.J., Is Aadhaar a breach of privacy? (2017) The Hindu, , https://www.thehindu.com/opinion/op-ed/is-aadhaar-a-breach-of-privacy/article17745615.ece, 31 March 2017, Accessed 11 Dec 2018; Arner, D.W., Barberis, J.N., Buckley, R.P., The evolution of FinTech: a new post-crisis paradigm? 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Bus. Org. Law Rev.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Premchand201925, author={Premchand, A. and Choudhry, A.}, title={Open banking and APIs for transformation in banking}, journal={Proceedings of the 2018 International Conference On Communication, Computing and Internet of Things, IC3IoT 2018}, year={2019}, pages={25-29}, doi={10.1109/IC3IoT.2018.8668107}, art_number={8668107}, note={cited By 0; Conference of 2018 International Conference On Communication, Computing and Internet of Things, IC3IoT 2018 ; Conference Date: 15 February 2018 Through 17 February 2018; Conference Code:146155}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064153127&doi=10.1109%2fIC3IoT.2018.8668107&partnerID=40&md5=a2115bd564a565711481e3837b32f2e1}, affiliation={DevOps Architect, Presales and Solutions, Banking Technology Group, Tata Consultancy Services, Chennai, India; Solution Architect, Banking Technology Group, Tata Consultancy Services, New Delhi, India}, abstract={Open Banking and Open APIs have gained momentum and have grown from purely technical capabilities to being of business relevance. Open Banking is an innovative model for the financial industry not only from competition perspective but also from customer engagement perspective. Banks will have to help their customers with superior and more agile offerings. Banks should enable their customers to manage their financial affairs, make better decisions, save money etc. Digital disruption, FinTechs and Regulatory compliance such as Revised Payment Services Directive (PSD2) have accelerated the competition and forced banks to open up their systems. Using API, banks can transform their core systems for innovations and can integrate with internal system and external partners in a simpler, secure and controlled way.This paper takes a look at why open API is the foundation of open banking, values creating using open APIs, open banking framework/building blocks, and challenges faced by banks in implementing the open banking. It also highlights the various initiatives taken for API standardization. © 2018 IEEE.}, author_keywords={API standardization; banks; financial institutions; open API; Open banking; open banking framework; open data; PSD2}, keywords={Competition; Finance; Internet of things; Regulatory compliance; Sales; Standardization, banks; Financial institution; Open API; Open banking; open banking framework; PSD2, Open Data}, references={https://www.openbanking.org.uk, UK Open Banking; Doolhur, N., Suddul, G., Foogooa, R., Richomme, M., An open API to monetize mobile micro-services for emerging countries (2013) IEEE AFRICON; Zhang, J., Cao, S., Design and implementation of a third-party developers auditing system based on open API. Software Engineering and Service Science (ICSESS) (2015) IEEE International Conference; Zhang, L., Stover, C., Lins, A., Buckley, C., Mohapatra, P., Characterizing Mobile Open APIs in smartphone apps (2014) IEEE Networking Conference; The Open Banking Standard, , https://www.scribd.com/doc/298569302/The-Open-Banking-Standard, Scribd}, editor={Raja J., Niranjan S.K., Rajini A.R.}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538624586}, language={English}, abbrev_source_title={Proc. Int. Conf. Commun., Comput. Internet Things, IC3IoT}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Dranev2019353, author={Dranev, Y. and Frolova, K. and Ochirova, E.}, title={The impact of fintech M&A on stock returns}, journal={Research in International Business and Finance}, year={2019}, volume={48}, pages={353-364}, doi={10.1016/j.ribaf.2019.01.012}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85061295989&doi=10.1016%2fj.ribaf.2019.01.012&partnerID=40&md5=fa6998698cb66dbbbe76a2a04e080296}, affiliation={Institute for Statistical Studies and Economics of Knowledge, National Research University Higher School of Economics, 20, Myasnitskaya Street, Moscow, 101000, Russian Federation; National Research University Higher School of Economics, 20, Myasnitskaya Street, Moscow, 101000, Russian Federation}, abstract={Technological development and digitalization plays a crucial role in financial sector by allowing firms to create value in a rapidly changing environment. The acquisitions of firms related to financial technologies are one of the ways to obtain vital knowledge. In order to identify the fintech companies we are looking at firms that are involved in business activities in both the IT and financial sectors. By examining the growing role of fintech firms in the recent mergers and acquisitions from an investor point of view, this paper contributes to the existing literature by investigating the post-acquisition performance of the acquirer firms measured by abnormal returns. We discovered significant positive average abnormal return after acquisition of fintech companies in the short-term and negative average abnormal return in the long-term using event study methodology. The specifics of cross-border acquisitions, the level of the domestic market development of the acquirer, and other characteristics of M&A deals are considered in order to explain the reaction of investors to announcements of fintech firms’ acquisitions. The determinants of corresponding M&A deals in emerging and developed markets were revealed. © 2019}, author_keywords={Cross-border M&A; Event study; Financial technologies; Mergers and acquisitions; Stock returns}, references={Agrawal, A., Jaffe, J.F., Mandelker, G.N., The post-merger performance of acquiring firms: a re-examination of an anomaly (1992) The Journal of Finance, 47 (4), pp. 1605-1621; Agrawal, A., Jaffe, J.F., The post-merger performance puzzle (2000) Advances in Mergers and Acquisitions, 1, pp. 7-41; Ahuja, G., Katila, R., Technological acquisitions and the innovation performance of acquiring firms: a longitudinal study (2001) Strategic Management Journal, 22 (3), pp. 197-220; Asimakopoulos, G., Whalley, J., Market leadership, technological progress and relative performance in the mobile telecommunications industry (2017) Technological Forecasting and Social Change, 123, pp. 57-67; Asquith, P., Merger bids, uncertainty, and stockholder returns (1983) Journal of Financial Economics, 11 (1-4), pp. 51-83; Barber, B.M., Lyon, J.D., Detecting long-run abnormal stock returns: the empirical power and specification of test statistics (1997) Journal of Financial Economics, 43, pp. 341-372; Beitel, P., Schiereck, D., Wahrenburg, M., Explaining M&A success in European banks (2004) European Financial Management, 1 (10), pp. 109-139; Berger, A., DeYoung, R., Genay, H., Udell, G., Globalisation of financial institutions: evidence from cross-border banking performance (2000) Brookings-Wharton Papers on Financial Service, 3, pp. 23-120; Berkovitch, E., Narayanan, M.P., Motives for takeovers: an empirical investigation (1993) The Journal of Financial and Quantitative Analysis, 28 (3), pp. 347-362; Campa, J.M., Hernando, I., Shareholder value creation in European M&As (2004) European Financial Management, 10 (1), pp. 47-81; Campbell, J.Y., Lo, A.W., MacKinlay, A.C., The Econometrics of Financial Markets (1997); Chari, A., Oimet, P.P., Tesar, L.L., Acquiring control in emerging markets: Evidence from the Stock Market (2004), p. 10872. , National Bureau of Economic Research NBER Working Paper; Chen, X., Harford, J., Li, K., Monitoring: which institutions matter? 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Int. Bus. Financ.}, document_type={Article}, source={Scopus}, } @ARTICLE{Gozman2019235, author={Gozman, D. and Willcocks, L.}, title={The emerging Cloud Dilemma: Balancing innovation with cross-border privacy and outsourcing regulations}, journal={Journal of Business Research}, year={2019}, volume={97}, pages={235-256}, doi={10.1016/j.jbusres.2018.06.006}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85054368622&doi=10.1016%2fj.jbusres.2018.06.006&partnerID=40&md5=5e66064b566c52cf7aa32d8ae5494c47}, affiliation={University of Sydney, University of Sydney Business School, Sydney, Australia; Henley Business School, University of Reading, United Kingdom; London School of Economics and Political Science, Houghton Street, London, United Kingdom}, abstract={The pervasive adoption of outsourcing and Cloud technologies proceeds apace, but the challenges and risks inherent in Cloud arrangements are causing concern amongst regulators globally. How well prepared are financial services multinationals for regulatory compliance? Cloud based Fintech companies are disrupting traditional banking models, signaling that highly regulated firms must adopt Cloud technologies. The paper focuses on understanding specific risks in relation to Cloud adoption, and the regulations and penalties for non-compliance being put in place. From the findings, we theorize a framework for deciding when to engage strategically with, or avoid Cloud technologies. This helps executives balance the need to innovate with the need to manage compliance risk. We then detail emerging effective practices for managing Cloud based innovation on a sustainable basis. 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(2013) Journal of Business Research, 66 (10), pp. 2007-2016; Stratecast, The hidden truth behind shadow IT (2013), http://www.mcafee.com/uk/resources/reports/rp-six-trends-security.pdf; Tsatsou, P., Elaluf-Calderwood, S., Liebenau, J., Towards a taxonomy for regulatory issues in a digital business ecosystem in the EU (2009) Journal of Information Technology, 25 (3), pp. 288-307; Venkatraman, A., Monzo: Building a mobile-first U.K. digital bank using cloud and microservices architectures (2016), https://d0.awsstatic.com/analyst-reports/EMEA41642116Web.pdf, Retrieved April 12, 2017, from (Accessed November 26th 2017); Venters, W., Whitley, E.A., A critical review of cloud computing: Researching desires and realities (2012) Journal of Information Technology, 27 (3), pp. 179-197; Willcocks, L., Venters, W., Whitley, E., Cloud and the future of business: From costs to innovation (2011), http://eprints.lse.ac.uk/45211/, (Accessed November 26th 2017); World Economic Forum, The future of FinTech: A paradigm shift in small business finance (2015), http://www.weforum.org/reports/future-fintech-paradigm-shift-small-business-finance, (Accessed December 2nd 2017)}, correspondence_address1={Gozman, D.; University of Sydney, University of Sydney Business SchoolAustralia; email: daniel.gozman@sydney.edu.au}, publisher={Elsevier Inc.}, issn={01482963}, coden={JBRED}, language={English}, abbrev_source_title={J. Bus. Res.}, document_type={Article}, source={Scopus}, } @ARTICLE{Mao2019155, author={Mao, X.-B. and Wu, M. and Dong, J.-Y. and Wan, S.-P. and Jin, Z.}, title={A new method for probabilistic linguistic multi-attribute group decision making: Application to the selection of financial technologies}, journal={Applied Soft Computing Journal}, year={2019}, volume={77}, pages={155-175}, doi={10.1016/j.asoc.2019.01.009}, note={cited By 4}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85060704998&doi=10.1016%2fj.asoc.2019.01.009&partnerID=40&md5=77cc83eac53bf25d01f26c00aa9596a4}, affiliation={School of Information Technology, Jiangxi University of Finance and Economics, Nanchang, 330013, China; School of Statistics, Jiangxi University of Finance and Economics, Nanchang, 330013, China; School of Science, Nanchang Institute of Technology, Nanchang, 330099, China}, abstract={“No technology, no finance” has been the consensus in banking industry. Under the background of financial technology (Fintech), how to select an appropriate technology company to cooperate for the banks has become a key. The technology company selection can be regarded as a kind of multi-attribute group decision making (MAGDM) problems. The probabilistic linguistic term set (PLTS) is a useful tool to express decision makers’ (DMs’) evaluations in the technology company selection. This paper develops a new method for MAGDM with PLTSs. Firstly, the possibility degree and range value of PLTSs are defined. Then a possibility degree algorithm is designed for ranking PLTSs. An Euclidean distance measure between PLTSs is presented and extended to probabilistic linguistic matrices. Based on Archimedean t-norm and s-norm, some new operational laws for PLTSs are defined and some desirable properties are discussed. Then, a generalized probabilistic linguistic Hamacher weighted averaging (GPLHWA) operator and a generalized probabilistic linguistic Hamacher ordered weighted averaging (GPLHOWA) operator are developed. Some useful properties for these operators are investigated in detail. Combined with the subjective weights of DMs, the DMs’ weights are determined by the adjusted coefficients. Using the GPLHWA operator, the collective decision matrix is obtained by aggregating all the individual decision matrices. By maximizing the total weighted square possibility degree, a multi-objective program is constructed to derive the attribute weights. The ranking order of alternatives is generated by integrating ELECTRE and TOPSIS. Thereby, a new method is put forward for MAGDM with PLTSs. A Fintech example is analyzed to show the effectiveness of the proposed method. The sensitivity analysis and comparative analyses are conducted to illustrate its advantages. © 2019 Elsevier B.V.}, author_keywords={Aggregating operators; Multi-attribute group decision making; Operational laws; Probabilistic linguistic term sets}, keywords={Finance; Linguistics; Sensitivity analysis; Statistical methods, Appropriate technologies; Comparative analysis; Euclidean distance measure; Linguistic terms; Multi-attribute group decision making; Multi-attribute group decision makings (MAGDM); Operational laws; Ordered weighted averaging, Decision making}, funding_details={GJJ180946}, funding_details={Natural Science Foundation of Jiangxi ProvinceNatural Science Foundation of Jiangxi Province, 17GL33, 18GL13}, funding_details={National Natural Science Foundation of ChinaNational Natural Science Foundation of China, 71740021, 11461030, 11861034}, funding_text 1={This research was supported by the National Natural Science Foundation of China (Nos. 71740021 , 11861034 and 11461030 ), “Thirteen five” Programming Project of Jiangxi province Social Science (Nos. 17GL33 and 18GL13 ), the Science and Tecnology Project of Jiangxi Province Educational Department of China (No. GJJ180946 ) and the Jiangxi Provincial Humanities and Social Sciences Research Project (No. JC162020 ). Appendix A Proof In Theorem 2 , the properties (1)–(2) can be easily proved and omitted. The properties (3)–(6) are proved in the following, respectively. ( 3 ) λ ⊙ ( L 1 ( p ) ⊕ L 2 ( p ) ) = λ ⊙ ( ⋃ k 1 = 1 , 2 , … , # L 1 ( p ) k 2 = 1 , 2 , … , # L 2 ( p ) { g − 1 ( ϕ − 1 ( ϕ ( g ( L 1 k 1 ) ) + ϕ ( g ( L 2 k 2 ) ) ) ) ( ( p 1 k 1 + p 2 k 2 − p 1 k 1 p 2 k 2 ) ∕ L ) } ) = ⋃ k 1 = 1 , 2 , … , # L 1 ( p ) k 2 = 1 , 2 , … , # L 2 ( p ) { g − 1 ( ϕ − 1 ( λ ϕ ( g ( L 1 k 1 ) ) + λ ϕ ( g ( L 2 k 2 ) ) ) ) ( ( p 1 k 1 + p 2 k 2 − p 1 k 1 p 2 k 2 ) ∕ L ) } = ⋃ k 1 = 1 , 2 , … , # L 1 ( p ) { g − 1 ( ϕ − 1 ( λ ϕ ( g ( L 1 k 1 ) ) ) ) ( p 1 k 1 ) } ⊕ ⋃ k 2 = 1 , 2 , … , # L 2 ( p ) { g − 1 ( ϕ − 1 ( λ ϕ ( g ( L 2 k 2 ) ) ) ) ( p 2 k 2 ) } = ( λ ⊙ L 1 ( p ) ) ⊕ ( λ ⊙ L 2 ( p ) ) ( 4 ) ( L 1 ( p ) ⊗ L 2 ( p ) ) λ = ( ⋃ k 1 = 1 , 2 , … , # L 1 ( p ) k 2 = 1 , 2 , … , # L 2 ( p ) { g − 1 ( φ − 1 ( φ ( g ( L 1 k 1 ) ) + φ ( g ( L 2 k 2 ) ) ) ) ( p 1 k 1 p 2 k 2 ) } ) λ = ⋃ k 1 = 1 , 2 , … , # L 1 ( p ) k 2 = 1 , 2 , … , # L 2 ( p ) { g − 1 ( φ − 1 ( λ φ ( g ( L 1 k 1 ) ) + λ φ ( g ( L 2 k 2 ) ) ) ) ( p 1 k 1 p 2 k 2 ) } = ⋃ k 1 = 1 , 2 , … , # L 1 ( p ) { g − 1 ( φ − 1 ( λ φ ( g ( L 1 k 1 ) ) ) ) ( p 1 k 1 ) } ⊗ ⋃ k 2 = 1 , 2 , … , # L 2 ( p ) { g − 1 ( φ − 1 ( λ φ ( g ( L 2 k 2 ) ) ) ) ( p 2 k 2 ) } = ( L 1 ( p ) ) λ ⊗ ( L 2 ( p ) ) λ ( 5 ) ( λ 1 + λ 2 ) ⊙ L ( p ) = ⋃ k = 1 , 2 , … . # L ( p ) { g − 1 ( ϕ − 1 ( ( λ 1 + λ 2 ) ϕ ( g ( L k ) ) ) ) ( p k ) } = ⋃ k = 1 , 2 , … , # L ( p ) { g − 1 ( ϕ − 1 ( λ 1 ϕ ( g ( L k ) ) ) ) ( p k ) } ⊕ ⋃ k = 1 , 2 , … , # L ( p ) { g − 1 ( ϕ − 1 ( λ 2 ϕ ( g ( L k ) ) ) ) ( p k ) } = ( λ 1 ⊙ L ( p ) ) ⊕ ( λ 2 ⊙ L ( p ) ) ( 6 ) ( L ( p ) ) λ 1 ⊗ ( L ( p ) ) λ 2 = ⋃ k = 1 , 2 , … , # L ( p ) { g − 1 ( φ − 1 ( λ 1 φ ( g ( L k ) ) ) ) ( p k ) } ⊗ ⋃ k = 1 , 2 , … , # L ( p ) { g − 1 ( φ − 1 ( λ 2 φ ( g ( L k ) ) ) ) ( p k ) } = ⋃ k = 1 , 2 , … , # L ( p ) { g − 1 ( φ − 1 ( ( λ 1 + λ 2 ) φ ( g ( L k ) ) ) ) ( p k ) } = ( L ( p ) ) λ 1 + λ 2 Appendix B Proof Eq.  (20) can be proved by mathematical induction on n as follows: For n = 1 , Eq.  (20) is clearly correct. Suppose Eq.  (20) holds for n = t , which means that: (B.1) G P L H W A w ( L 1 ( p ) , L 2 ( p ) , … , L t ( p ) ) = ⋃ k j = 1 , 2 , … , # L j ( p ) j = 1 , 2 , … , t { g − 1 ( ( ∏ j = 1 t ( 1 + ( γ − 1 ) Z j k j ) w j − ∏ j = 1 t ( 1 − Z j k j ) w j ∏ j = 1 t ( 1 + ( γ − 1 ) Z j k j ) w j + ( γ − 1 ) ∏ j = 1 t ( 1 − Z j k j ) w j ) 1 ∕ λ ) ( Q t ) } When n = t + 1 , the following equations are obtained by operational laws in Table 2 : (B.2) G P L H W A w ( L 1 ( p ) , L 2 ( p ) , … , L t + 1 ( p ) ) = ( ⊕ H j = 1 t ( w j ⊙ H ( L j ( p ) ) H λ ) ) H 1 ∕ λ ⊕ H ( w t + 1 ⊙ H ( L t + 1 ( p ) ) H λ ) H 1 ∕ λ = ⋃ k j = 1 , 2 , … , # L j ( p ) j = 1 , 2 , … , t { g − 1 ( ( ∏ j = 1 t ( 1 + ( γ − 1 ) Z j k j ) w j − ∏ j = 1 t ( 1 − Z j k j ) w j ∏ j = 1 t ( 1 + ( γ − 1 ) Z j k j ) w j + ( γ − 1 ) ∏ j = 1 t ( 1 − Z j k j ) w j ) 1 ∕ λ ) ( Q t ) } ⊕ H ⋃ k t + 1 = 1 , 2 , … , # L t + 1 ( p ) { g − 1 ( ( ( 1 + ( γ − 1 ) Z t + 1 k t + 1 ) w t + 1 − ( 1 − Z t + 1 k t + 1 ) w t + 1 ( 1 + ( γ − 1 ) Z t + 1 k t + 1 ) w t + 1 + ( γ − 1 ) ( 1 − Z t + 1 k t + 1 ) w t + 1 ) 1 ∕ λ ) ( p t + 1 k t + 1 ) } Let a 1 = ∏ j = 1 t ( 1 + ( γ − 1 ) Z j k j ) w j , b 1 = ∏ j = 1 t ( 1 − Z j k j ) w j , a 2 = ( 1 + ( γ − 1 ) Z t + 1 k t + 1 ) w t + 1 , b 2 = ( 1 − Z t + 1 k t + 1 ) w t + 1 , c 1 = Q t and c 2 = p t + 1 k t + 1 . It has (see Box V .) The proof of Eq.  (20) holds for n = t + 1 . Thus, Eq.  (20) holds for all n . Appendix C Proof For Z j k j , k j = 1 , 2 , … , # L j ( p ) , j = 1 , 2 , … , n , λ > 0 . According to Lemma 1 , it gets (C.1) ∏ j = 1 n ( 1 + ( γ − 1 ) Z j k j ) w j + ( γ − 1 ) ∏ j = 1 n ( 1 − Z j k j ) w j ≤ ∑ j = 1 n w j ( 1 + ( γ − 1 ) Z j k j ) + ( γ − 1 ) ∑ j = 1 n w j ( 1 − Z j k j ) = γ , Based on Eq.  (C.1) , the following conclusion is obtained: (C.2) ( ∏ j = 1 n ( 1 + ( γ − 1 ) Z j k j ) w j − ∏ j = 1 n ( 1 − Z j k j ) w j ∏ j = 1 n ( 1 + ( γ − 1 ) Z j k j ) w j + ( γ − 1 ) ∏ j = 1 n ( 1 − Z j k j ) w j ) 1 ∕ λ = ( 1 − γ ∏ j = 1 n ( 1 − Z j k j ) w j ∏ j = 1 n ( 1 + ( γ − 1 ) Z j k j ) w j + ( γ − 1 ) ∏ j = 1 n ( 1 − Z j k j ) w j ) 1 ∕ λ ≤ ( 1 − γ ∏ j = 1 n ( 1 − Z j k j ) w j γ ) 1 ∕ λ ≤ ( 1 − ∏ j = 1 n ( 1 − ( g ( L j k j ) ) λ ) w j ) 1 ∕ λ . Furthermore, the following inequation is generated since g − 1 is an increasing function: (C.3) g − 1 ( ( ∏ j = 1 n ( 1 + ( γ − 1 ) Z j k j ) w j − ∏ j = 1 n ( 1 − Z j k j ) w j ∏ j = 1 n ( 1 + ( γ − 1 ) Z j k j ) w j + ( γ − 1 ) ∏ j = 1 n ( 1 − Z j k j ) w j ) 1 ∕ λ ) ≤ g − 1 ( ( 1 − ∏ j = 1 n ( 1 − ( g ( L j k j ) ) λ ) w j ) 1 ∕ λ ) . According to the possibility degree algorithm and the above analyses, which complete the proof of G P L A W A w ( L 1 ( p ) , L 2 ( p ) , … , L n ( p ) ) > G P L H W A w ( L 1 ( p ) , L 2 ( p ) , … , L n ( p ) ) in Proposition 2 . Appendix D Proof Since L j − ≤ L j k j ≤ L j + and g is an increasing function, it has g ( L j − ) ≤ g ( L j k j ) ≤ g ( L j + ) and Z j − ≤ Z j k j ≤ Z j + . Let f ( x ) = 1 + ( γ − 1 ) x 1 − x , x ∈ [ 0 , 1 ) , γ > 0 . It deduces f ′ ( x ) = ( 1 + ( γ − 1 ) x 1 − x ) ′ = γ ( 1 − x ) 2 > 0 , thus f ( x ) is an increasing function and f ( Z j − ) ≤ f ( Z j k j ) ≤ f ( Z j + ) . Based on the above analyses, it can easily obtain that the following inequations: (D.1) 1 + ( γ − 1 ) Z j − 1 − Z j − ≤ 1 + ( γ − 1 ) Z j k j 1 − Z j k j ≤ 1 + ( γ − 1 ) Z j + 1 − Z j + , (D.2) ∏ j = 1 n ( 1 + ( γ − 1 ) Z j − 1 − Z j − ) w j + ( γ − 1 ) ≤ ∏ j = 1 n ( 1 + ( γ − 1 ) Z j k j 1 − Z j k j ) w j + ( γ − 1 ) ≤ ∏ j = 1 n ( 1 + ( γ − 1 ) Z j + 1 − Z j + ) w j + ( γ − 1 ) , (D.3) ( ∏ j = 1 n ( 1 + ( γ − 1 ) Z j + 1 − Z j + ) w j + ( γ − 1 ) ) − 1 ≤ ( ∏ j = 1 n ( 1 + ( γ − 1 ) Z j k j 1 − Z j k j ) w j + ( γ − 1 ) ) − 1 ≤ ( ∏ j = 1 n ( 1 + ( γ − 1 ) Z j − 1 − Z j − ) w j + ( γ − 1 ) ) − 1 , (D.4) γ ∏ j = 1 n ( 1 − Z j + ) w j ∏ j = 1 n ( 1 + ( γ − 1 ) Z j + ) w j + ( γ − 1 ) ∏ j = 1 n ( 1 − Z j + ) w j ≤ γ ∏ j = 1 n ( 1 − Z j k j ) w j ∏ j = 1 n ( 1 + ( γ − 1 ) Z j k j ) w j + ( γ − 1 ) ∏ j = 1 n ( 1 − Z j k j ) w j ≤ γ ∏ j = 1 n ( 1 − Z j − ) w j ∏ j = 1 n ( 1 + ( γ − 1 ) Z j − ) w j + ( γ − 1 ) ∏ j = 1 n ( 1 − Z j − ) w j , (D.5) 1 − γ ∏ j = 1 n ( 1 − Z j + ) w j ∏ j = 1 n ( 1 + ( γ − 1 ) Z j + ) w j + ( γ − 1 ) ∏ j = 1 n ( 1 − Z j + ) w j ≥ 1 − γ ∏ j = 1 n ( 1 − Z j k j ) w j ∏ j = 1 n ( 1 + ( γ − 1 ) Z j k j ) w j + ( γ − 1 ) ∏ j = 1 n ( 1 − Z j k j ) w j ≥ 1 − γ ∏ j = 1 n ( 1 − Z j − ) w j ∏ j = 1 n ( 1 + ( γ − 1 ) Z j − ) w j + ( γ − 1 ) ∏ j = 1 n ( 1 − Z j − ) w j , (D.6) ( ∏ j = 1 n ( 1 + ( γ − 1 ) Z j + ) w j − ∏ j = 1 n ( 1 − Z j + ) w j ∏ j = 1 n ( 1 + ( γ − 1 ) Z j + ) w j + ( γ − 1 ) ∏ j = 1 n ( 1 − Z j + ) w j ) 1 ∕ λ ≥ ( ∏ j = 1 n ( 1 + ( γ − 1 ) Z j k j ) w j − ∏ j = 1 n ( 1 − Z j k j ) w j ∏ j = 1 n ( 1 + ( γ − 1 ) Z j k j ) w j + ( γ − 1 ) ∏ j = 1 n ( 1 − Z j k j ) w j ) 1 ∕ λ ≥ ( ∏ j = 1 n ( 1 + ( γ − 1 ) Z j − ) w j − ∏ j = 1 n ( 1 − Z j − ) w j ∏ j = 1 n ( 1 + ( γ − 1 ) Z j − ) w j + ( γ − 1 ) ∏ j = 1 n ( 1 − Z j − ) w j ) 1 ∕ λ . Since g − 1 is an increasing function, it holds that: (D.7) g − 1 ( ( ∏ j = 1 n ( 1 + ( γ − 1 ) Z j + ) w j − ∏ j = 1 n ( 1 − Z j + ) w j ∏ j = 1 n ( 1 + ( γ − 1 ) Z j + ) w j + ( γ − 1 ) ∏ j = 1 n ( 1 − Z j + ) w j ) 1 ∕ λ ) ≥ g − 1 ( ( ∏ j = 1 n ( 1 + ( γ − 1 ) Z j k j ) w j − ∏ j = 1 n ( 1 − Z j k j ) w j ∏ j = 1 n ( 1 + ( γ − 1 ) Z j k j ) w j + ( γ − 1 ) ∏ j = 1 n ( 1 − Z j k j ) w j ) 1 ∕ λ ) ≥ g − 1 ( ( ∏ j = 1 n ( 1 + ( γ − 1 ) Z j − ) w j − ∏ j = 1 n ( 1 − Z j − ) w j ∏ j = 1 n ( 1 + ( γ − 1 ) Z j − ) w j + ( γ − 1 ) ∏ j = 1 n ( 1 − Z j − ) w j ) 1 ∕ λ ) . According to the possibility degree algorithm and the above conclusions, it easily yields that: (D.8) G P L H W A w ( U ) > G P L H W A w ( E ) > G P L H W A w ( L ) , which completes the proof of Proposition 3 .}, references={Wan, S.P., Wang, F., Dong, J.Y., A three-phase method for group decision making with interval-valued intuitionistic fuzzy preference relations (2018) IEEE Trans. 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J.}, document_type={Article}, source={Scopus}, } @ARTICLE{Anjali2019266, author={Anjali, R. and Suresh, A.}, title={A study on customer satisfaction of bharat interface for money (BHIM)}, journal={International Journal of Innovative Technology and Exploring Engineering}, year={2019}, volume={8}, number={6}, pages={266-273}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85066924104&partnerID=40&md5=995cf5c0c73fac3a65c0abe47dabdeb2}, affiliation={Department of Management, Amrita Vishwa Vidyapeetham, Kollam, India}, abstract={After demonetization on November 8th, 2016, India saw an increased use of different internet payment systems for money transfer through various devices. NPCI (National Payments Corporation India) launched Bharat interface for Money (BHIM) an application run on UPI (Unified Payment Interface) in December 2016 to cater the growing online payment needs. The different modes of digital payments saw a drastic change in usage in the last 2 years. Though technological innovations brought in efficiency and security in transactions, many are still unwilling to adopt and use it. Earlier studies related to adoption, importance of internet banking and payment systems attributed it to some factors which are linked to security, ease of use and satisfaction level of customers. The purpose of this study is to unfold some factors which have an influence on the customer satisfaction of BHIM application. The study was conducted using data collected from 130 users of (prior and current users) BHIM application. The analysis gives an understanding, that factors which can influence the intensity of customer satisfaction of BHIM application are speed of transaction, perceived ease of use, security and customer service. Though all the factors are related to customer satisfaction, the intensity of relationship is stronger for speed of transaction © BEIESP.}, author_keywords={BHIM; Customer satisfaction; Fintech; Internet banking; Payment systems}, references={Saleem, Z., Rashid, K., Relationship between Customer Satisfaction and Mobile Banking Adoption in Pakistan. 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Researchgate, 6 (6). , 01 June; Antil, P., Antil, P., Aggarwal, K., A study of Indian banking sector (2017) International Journal of Multidisciplinary Research and Development, 4 (6), pp. 366-368. , june; Ramaswamy, S., Parnandy, S., Metamorphosis from cashto cashless-Delving into trinity of financial inclusion empowerment of rural society and Behavioral connotations (2017) International Journal of Business and Administration Research Review, 3 (18), pp. 96-101. , apr-june; Khan, W., Farhan, M., Factors affecting adoption of mobile based internet banking in emerging market: A study of the Indian consumer’s observsation (2017) Researchgate, 22; Suresh, S.A., Singh, T., A Study of Changing Consumer Behaviour for Mobile Banking Services in India (2017) International Journal on Arts, Management and Humanities, 6 (2), pp. 2319-5231; Roy, S., Sinha, I., Factors affecting Customers’ adoption of Electronic Payment: An Empirical Analysis (2017) IOSR Journal of Business and Management, 19 (12), pp. 76-90. , December; https://www.npci.org.in/bhim-analytics; https://www.jagranjosh.com/general-knowledge/the-history-of-the-indian-currency-notes-and-its-evolution-1472803179-1; https://yourstory.com/2017/11/india-money-trail-currency-history; https://www.rbi.org.in/CommonPerson/english/currency/scripts/britishindia.aspx}, publisher={Blue Eyes Intelligence Engineering and Sciences Publication}, issn={22783075}, language={English}, abbrev_source_title={Int. J. Innov. Technol. Explor. Eng.}, document_type={Article}, source={Scopus}, } @ARTICLE{Pesch2019264, author={Pesch, U. and Ishmaev, G.}, title={Fictions and frictions: Promises, transaction costs and the innovation of network technologies}, journal={Social Studies of Science}, year={2019}, volume={49}, number={2}, pages={264-277}, doi={10.1177/0306312719838339}, note={cited By 1}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85063132639&doi=10.1177%2f0306312719838339&partnerID=40&md5=6e8f9e6aea4f9a7a248264ec0557013b}, affiliation={Faculty of Technology, Policy & Management, Delft University of Technology, Delft, Netherlands}, abstract={New network technologies are framed as eliminating ‘transaction costs’, a notion first developed in economic theory that now drives the design of market systems. However, the actual promise of the elimination of transaction costs seems unfeasible, because of a cyclical pattern in which network technologies that make that promise create processes of institutionalization that create new forms transaction costs. Nonetheless, the promises legitimize the exemption of innovations of network technologies from critical scrutiny. © The Author(s) 2019.}, author_keywords={blockchain; decentralized market places; fintech; network technologies; technical promises; transaction costs}, references={Acquisti, A., Taylor, C., Wagman, L., The economics of privacy (2016) Journal of Economic Literature, 54 (2), pp. 442-492; Arthur, W.B., Competing technologies, increasing returns, and lock-in by historical events (1989) The Economic Journal, 99 (394), pp. 116-131; Bijker, W.E., (1997) Of Bicycles, Bakelites, and Bulbs: Toward a Theory of Sociotechnical Change, , Cambridge, MA, MIT Press; Birch, K., Techno-economic assumptions (2017) Science as Culture, 26 (4), pp. 433-444; Borup, M., Brown, N., Konrad, K., The sociology of expectations in science and technology (2006) Technology Analysis & Strategic Management, 18 (3-4), pp. 285-298; Brandimarte, L., Acquisti, A., Loewenstein, G., Misplaced confidences: Privacy and the control paradox (2013) Social Psychological and Personality Science, 4 (3), pp. 340-347; Breslau, D., Designing a market-like entity: Economics in the politics of market formation (2013) Social Studies of Science, 43 (6), pp. 829-851; Brown, N., Michael, M., A sociology of expectations: Retrospecting prospects and prospecting retrospects (2003) Technology Analysis & Strategic Management, 15 (1), pp. 3-18; Buntinx, J., SegWit2x keeps losing support from prominent backers (2017) The Merkle, , https://themerkle.com/segwit2x-keeps-losing-support-from-prominent-backers/, 5, November, accessed 25 February 2019; Burnham, B., Introducing OB1 (2015) Union Square Ventures blog, , https://www.usv.com/blog/introducing-ob1, accessed 25 February 2019; Buterin, V., (2014) A next-generation smart contract and decentralized application platform, , https://cryptorating.eu/whitepapers/Ethereum/Ethereum_white_paper.pdf, accessed 25 February 2019, Ethereum White Paper; Callon, M., Performativity, misfires and politics (2010) Journal of Cultural Economy, 3 (2), pp. 163-169; Chandler, A.D., (1977) The Visible Hand: The Managerial Revolution in American Business, , Cambridge, MA, Harvard University Press; Choudhury, S.R., China bans companies from raising money through ICOs, asks local regulators to inspect 60 major platforms (2017) CNN, , https://www.cnbc.com/2017/09/04/chinese-icos-china-bans-fundraising-through-initial-coin-offerings-report-says.html, 4, September, accessed 25 February 2019; Coase, R.H., The nature of the firm (1937) Economica, 4 (16), pp. 386-405; Coase, R.H., The problem of social cost (1960) Journal of Law and Economics, 3, pp. 1-44; Davidson, S., De Filippi, P., Potts, J., (2016) Disrupting governance: The new institutional economics of distributed ledger technology, , https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2811995, accessed 25 February 2019, (, a; Davidson, S., De Filippi, P., Potts, J., (2016) Economics of blockchain, , https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2744751, accessed 25 February 2019, (, b; Dignum, M., (2013) The Power of Large Technological Visions. 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Or better get real? (2018) Digital Marketplaces Unleashed, pp. 371-383. , Linnhoff-Popien C., Schneider R., Zaddach M., (eds), Berlin, Springer, In:, (eds; Wu, L.-Y., Chen, K.-Y., Chen, P.-Y., Perceived value, transaction cost, and repurchase-intention in online shopping: A relational exchange perspective (2014) Journal of Business Research, 67 (1), pp. 2768-2776}, correspondence_address1={Pesch, U.; Faculty of Technology, Policy & Management, Delft University of TechnologyNetherlands; email: u.pesch@tudelft.nl}, publisher={SAGE Publications Ltd}, issn={03063127}, pubmed_id={30880597}, language={English}, abbrev_source_title={Soc. Stud. Sci.}, document_type={Article}, source={Scopus}, } @ARTICLE{Mizuno20191, author={Mizuno, Y. and Odake, N.}, title={An empirical analysis of an organizational continuum in a Japanese accounting cloud service}, journal={International Journal of Service Science, Management, Engineering, and Technology}, year={2019}, volume={10}, number={2}, pages={1-21}, doi={10.4018/IJSSMET.2019040101}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85060803787&doi=10.4018%2fIJSSMET.2019040101&partnerID=40&md5=d308c10950a6a67ec57071d6aebf0395}, affiliation={Nagoya Institute of Technology, Nagoya, Japan}, abstract={The purpose of this article is to clarify an organizational continuum of a technological platform development in a Japanese accounting cloud service. The authors continuously have been studying an accounting cloud service, which adopts two-sided markets structure and freemium business model. As the results, the authors obtain three findings. First, the Japanese accounting cloud service, which runs its business with regional banks in retail banking, has been exploiting its platform into partners’ customers. Second, it has been building up from a supply-chain platform to an industrial platform in four years since its entrepreneurship. Third, it has been transforming its cloud-to-cloud service connections from weak-tied interfaces to its own strong-tied interfaces. Therefore, starting-up cloud service providers should not only utilize weak-ties to establish a structural hole, but also should develop its own strong-ties and indirect ties to tighten upon its two-sided markets structure in its cloud ecosystem. Copyright © 2019, IGI Global.}, author_keywords={Fintech; Freemium; Organizational continuum; Platform; Two-sided markets}, references={Arthur, W.B., (1994) Increasing Returns and Path Dependence in The Economy, , University of Michigan Press; Bass, F., A New Product Growth Model for Consumer Durables (1969) Management Sciences, , Institute for Operations Research and the Management Sciences; Burt, R.S., The network structure of social capital (2000) Research in Organizational Behavior, 22, pp. 345-423; Burt, R.S., Structural Holes versus Network Closure as Social Capital (2001) Social Capital: Theory and Research, pp. 31-56. , N. Lin, K. S. Cook, & R. S. 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(2007) Review of Network Economics, 6 (2); Hagiu, A., (2009) Multi-Sided Platforms: From Microfoundations to Design and Expansion Strategies, , Harvard Business School Strategy Unit Working Paper 09-115). Harvard Business School; Hagiu, A., Wright, J., Multi-sided platforms (2015) International Journal of Industrial Organization, 43, pp. 162-174; Iansiti, M., Levien, R., (2004) The Keystone Advantage: What The New Dynamics of Business Ecosystems Mean for Strategy, Innovation, and Sustainability, , Harvard Business School Press; Kim, J.-H., Lennon, S.J., Descriptive Content Analysis on E-Service Research (2017) International Journal of Service Science, Management, Engineering, and Technology, 8 (1), pp. 18-31; Kim, P., Aldrich, H., (2005) Social Capital and Entrepreneurship, , Now Publishers Inc; Kumar, V., Making” freemium” work (2014) Harvard Business Review, 92 (5), pp. 27-29; March, J.G., Exploration and exploitation in organizational learning (1991) Organization Science, 2 (1), pp. 71-87; Mizuno, Y., Odake, N., A Case Study of Progressive Formation of Accounting Cloud Services in Japan (2015) International Journal of Service Science, Management, Engineering, and Technology, 6 (1), pp. 1-21; Mizuno, Y., Odake, N., A Case Study of Progressive Formation of Accounting Cloud Service in Japan: The Second Stage (2016) International Journal of Service Science, Management, Engineering, and Technology, 7 (3), pp. 19-37; Mizuno, Y., Odake, N., A Study of Development and Formation of Personal Information Trust Service in Japan (2017) International Journal of Service Science, Management, Engineering, and Technology, 8 (3), pp. 108-129; Moore, J.F., Predators and Prey (1993) Harvard Business Review, 71 (3), pp. 75-83. , PMID:10126156; Rochet, J.C., Tirole, J., Platform competition in two-sided markets (2003) Journal of The European Economic Association, 1 (4), pp. 990-1029; Rogers, E.M., (2003) Diffusion of Innovations, , Simon and Schuster; Rysman, M., The economics of two-sided markets (2009) The Journal of Economic Perspectives, 23 (3), pp. 125-143; (2016) Forecasts The Domestic Market Scale of Fintech Venture Sales Volume in Japan, , https://www.yano.co.jp/press/press.php/001505, Retrieved 2016/1/6 from}, publisher={IGI Global}, issn={1947959X}, language={English}, abbrev_source_title={Int. J. Serv. Sci. Manag. Eng. Technol.}, document_type={Article}, source={Scopus}, } @ARTICLE{Sheikh2019197, author={Sheikh, A. and Ghanbarpour, T. and Gholamiangonabadi, D.}, title={A Preliminary Study of Fintech Industry: A Two-Stage Clustering Analysis for Customer Segmentation in the B2B Setting}, journal={Journal of Business-to-Business Marketing}, year={2019}, volume={26}, number={2}, pages={197-207}, doi={10.1080/1051712X.2019.1603420}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85064502020&doi=10.1080%2f1051712X.2019.1603420&partnerID=40&md5=5048f1f0910764c67562bb878f16b05c}, affiliation={Department of Management, Science and Technology, Amirkabir University of Technology, Tehran, Iran; Department of Industrial Engineering and Management Systems, Amirkabir University of Technology, Tehran, Iran}, abstract={This practitioner note proposes a new approach considering two-stage clustering and LRFMP model (Length, Recency, Frequency, Monetary and Periodicity) simultaneously for customer segmentation and behavior analysis and applies it among the Iranian Fintech companies. In this practitioner note, the K-means clustering algorithm and LRFMP model are combined in the customer segmentation process. After initial clustering, for a better understanding of valuable customers, additional clustering is implemented in segments that needed further investigation. This approach contributes to a better interpretation of different customer segments. Customer segments, consisting of 23524 business customers are analysed based on their characteristics and appropriate strategies are recommended accordingly. The first stage clustering result shows that customers are best segmented into four groups. The first and fourth segments are clustered again and the final 11 groups of customers are determined. This note provides a systematic and practical approach for researchers and practitioners for segmentation, interpretation, and targeting of customers especially in the B2B setting and the Fintech industry and helps managers to make effective marketing strategies and enhance customer relationship and marketing intelligence. © 2019, © 2019 Taylor & Francis Group, LLC.}, author_keywords={B2B; Cluster Analysis; Customer Segmentation; Fintech Industry; RFM Model}, references={Chen, D., Sain, S.L., Guo, K., Data mining for the online retail industry: A case study of RFM model-based customer segmentation using data mining (2012) Journal of Database Marketing & Customer Strategy Management, 19 (3), pp. 197-208; Chen, K., Hu, Y.H., Hsieh, Y.C., Predicting customer churn from valuable B2B customers in the logistics industry: A case study (2015) Information Systems and e-Business Management, 13 (3), pp. 475-494; Colombo, R., Jiang, W., A stochastic RFM model (1999) Journal of Interactive Marketing, 13 (3), pp. 2-12; Davies, D.L., Bouldin, D.W., A cluster separation measure (1979) IEEE Transactions on Pattern Analysis and Machine Intelligence, (2), pp. 224-227; Dibb, S., Market segmentation: Strategies for success (1998) Marketing Intelligence & Planning, 16 (7), pp. 394-406; Hosseini, S.M.S., Maleki, A., Gholamian, M.R., Cluster analysis using data mining approach to develop CRM methodology to assess the customer loyalty (2010) Expert Systems with Applications, 37 (7), pp. 5259-5264; Hsieh, N.C., An integrated data mining and behavioral scoring model for analyzing bank customers (2004) Expert Systems with Applications, 27 (4), pp. 623-633; Jonker, J.J., Piersma, N., Potharst, R., A decision support system for direct mailing decisions (2006) Decision Support Systems, 42 (2), pp. 915-925; Kandeil, D.A., Saad, A.A., Youssef, S.M., A two-phase clustering analysis for B2B customer segmentation (2014) Intelligent Networking and Collaborative Systems (INCoS), 2014 International Conference on, pp. 221-228. , September, IEEE: Salerno, Italy, and; Khajvand, M., Zolfaghar, K., Ashoori, S., Alizadeh, S., Estimating customer lifetime value based on RFM analysis of customer purchase behavior: Case study (2011) Procedia Computer Science, 3, pp. 57-63; Kim, J., Suh, E., Hwang, H., A model for evaluating the effectiveness of CRM using the balanced scorecard (2003) Journal of Interactive Marketing, 17 (2), pp. 5-19; King, S.F., Citizens as customers: Exploring the future of CRM in UK local government (2007) Government Information Quarterly, 24 (1), pp. 47-63; Li, D.C., Dai, W.L., Tseng, W.T., A two-stage clustering method to analyze customer characteristics to build discriminative customer management: A case of textile manufacturing business (2011) Expert Systems with Applications, 38 (6), pp. 7186-7191; Li, S.T., Shue, L.Y., Lee, S.F., Business intelligence approach to supporting strategy-making of ISP service management (2008) Expert Systems with Applications, 35 (3), pp. 739-754; Li, Y.M., Lin, C.H., Lai, C.Y., Identifying influential reviewers for word-of-mouth marketing (2010) Electronic Commerce Research and Applications, 9 (4), pp. 294-304; Ngai, E.W., Xiu, L., Chau, D.C., Application of data mining techniques in customer relationship management: A literature review and classification (2009) Expert Systems with Applications, 36 (2), pp. 2592-2602; Peker, S., Kocyigit, A., Eren, P.E., LRFMP model for customer segmentation in the grocery retail industry: A case study (2017) Marketing Intelligence & Planning, 35 (4), pp. 544-559; Sohrabi, B., Khanlari, A., (2007) Customer lifetime value (CLV) measurement based on RFM model; Spring, P., Leeflang, P.S., Wansbeek, T., The combination strategy to optimal target selection and offer segmentation in direct mail (1999) Journal of Market-Focused Management, 4 (3), pp. 187-203; Wu, H.H., Chang, E.C., Lo, C.F., Applying RFM model and K-means method in customer value analysis of an outfitter (2009) Global Perspective for Competitive Enterprise, Economy and Ecology, , London: Springer, and,. In: Chou SY., Trappey A., Pokojski J., Smith S. (eds),. Advanced Concurrent Engineering}, correspondence_address1={Sheikh, A.; Department of Management, Science and Technology, Amirkabir University of TechnologyIran; email: a.sheikh@aut.ac.ir}, publisher={Routledge}, issn={1051712X}, language={English}, abbrev_source_title={J. Bus. Bus. Mark.}, document_type={Article}, source={Scopus}, } @CONFERENCE{Yammanuru201934, author={Yammanuru, P.R. and Jain, A. and Vinayakaram, H.}, title={Enabling Enterprise Blockchain AppDev Teams}, journal={Proceedings - 23rd Annual Conference on Advanced Computing and Communications, ADCOM 2017}, year={2019}, pages={34-39}, doi={10.1109/ADCOM.2017.00012}, art_number={8691937}, note={cited By 0; Conference of 23rd Annual Conference on Advanced Computing and Communications, ADCOM 2017 ; Conference Date: 8 September 2017 Through 10 September 2017; Conference Code:147524}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85065102331&doi=10.1109%2fADCOM.2017.00012&partnerID=40&md5=aac5dabf86b74f7efce032d07983e24e}, affiliation={Wipro Technologies, India}, abstract={Blockchain is the latest buzzword in the FinTech scene and all companies big and small are vying to launch blockchain enabled products. At the basic technology level Blockchain is a distributed technology application. The challenges of operating such an application are known [1]. But the techniques of developing distributed applications by large enterprise teams, in a typical SDLC lifecycle (Develop, Test, Deploy and Upgrade) is not well known. Without proper methodologies / Formal Tools as is the case with most blockchain systems, bugs slip in easily. Studies on failures point to developers missing low handing bugs as most of the errors are simulated with 3 nodes or less [2]. The developer ecosystem is fast changing with technologies like containers and the emerging Micro Services architectures and Cloud Native Computing. The decisions on setup, build, CI/CD, Automated Testing are not taken at the beginning and as pointed out by [3] affect the entire project. The good news is that there are lot of tools available in the Open source domain that addresses the needs. The bad news is that picking the right combination to work in team sizes of 5 or more is not straight forward. This paper details our journey and lessons learnt on setting up Application Development Teams for Rapid Development in Blockchain using multiple blockchain tools like Ethereum and the HyperLedger Fabric. It details both our application architecture and the modifications needed to enable a Cloud Native architecture and the build/ deploy/ testing frameworks that we used. © 2018 IEEE.}, author_keywords={Bitcoin; Blockchain; Chaos Testing; Cucumber; Development; Gherkin; HyperLedger; Micro Services; Scaling Testbed}, keywords={Bitcoin; Blockchain; Computer architecture; Life cycle, Cucumber; Development; Gherkin; HyperLedger; Micro services, Program debugging}, references={(2017) Internet Scale Services Checklist GIST, , https://gist.github.com/acolyer/95ef23802803cb8b4eb5, Accessed August 21; Yuan, D., Luo, Y., Zhuang, X., Rodrigues, G.R., Zhao, X., Zhang, Y., Jain, P., Stumm, M., Simple testing can prevent most critical failures: An analysis of production failures in distributed data-intensive systems (2014) OSDI, pp. 249-265; (2008) Nygard. Release It, , OReilly Media; Castro, M., Liskov, B., (2003) Byzantine Fault Tolerance, , U.S. Patent 6,671,821, issued December 30; (2017) Ethereum Ethereum/wiki GitHub, , https://github.com/ethereum/wiki/wiki/Problems, Accessed August 21; (2017) Swagger Swagger, , https://swagger.io/, Accessed August 21; Prasanna, D.R., (2009) Dependency Injection, , Manning Publications Co; Eugster, P.T., Felber, P.A., Guerraoui, R., Kermarrec, A.-M., The many faces of publish/subscribe (2003) ACM Computing Surveys (CSUR), 35 (2), pp. 114-131; Wynne, M., Hellesoy, A., (2012) The Cucumber Book: Behaviourdriven Development for Testers and Developers, , Pragmatic Bookshelf; (2017) Simple, Human Collaboration, , https://cucumber.io/, Cucumber Cucumber. Accessed August 21; (2017) Parity: Stepping Up the Security Model 1: A Modular Approach to Transaction Signing, , https://blog.ethcore.io/parity-stepping-upthe-security-model-1-A-modular-approach-to-transaction-signing/, Konstantin Parity Technologies. May 30, 2016. Accessed August 21; (2017) Calcado, Phil. Pattern: Service Mesh, , http://philcalcado.com/2017/08/03/pattern_service_mesh.html, August 3, 2017. Accessed August 21; (2017) Szilágyi, Peter. "Hive: How We Strived for A Clean Fork." Ethereum Blog, , https://blog.ethereum.org/2016/07/22/hive-strived-clean-fork/, October 28, 2016. Accessed August 21; JEPSEN Distributed Systems Safety Research, , https://jepsen.io/, Accessed August 21, 2017}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538669112}, language={English}, abbrev_source_title={Proc. - Annu. Conf. Adv. Comput. Commun., ADCOM}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Fernando2019283, author={Fernando, E. and Surjandy and Meyliana and Touriano, D.}, title={Development and Validation of Instruments Adoption FinTech services in Indonesia (Perspective of Trust and Risk)}, journal={3rd International Conference on Sustainable Information Engineering and Technology, SIET 2018 - Proceedings}, year={2019}, pages={283-287}, doi={10.1109/SIET.2018.8693192}, art_number={8693192}, note={cited By 0; Conference of 3rd International Conference on Sustainable Information Engineering and Technology, SIET 2018 ; Conference Date: 10 November 2018 Through 12 November 2018; Conference Code:147547}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85065249595&doi=10.1109%2fSIET.2018.8693192&partnerID=40&md5=49338d5a4014346535b4367fd0105552}, affiliation={Information Systems Audit Program, Information Systems Department, School of Information Systems, Bina Nusantara University, Jakarta, 11480, Indonesia; Information Technology Department, Faculty of Computer Science and Engineering, Adiwangsa Jambi University, Jambi, 36125, Indonesia}, abstract={This study explores the influence of trust and risk in the use of FinTech in Indonesian society. This exploration is based on findings from previous studies that suggest that trust and risk are important aspects in considering the use of FinTech. The focus of this research is to develop and validate the research instruments that will be used next. The basic theory of model development uses the theory of Technology Acceptance Model (TAM) developed by Davis. The models and instruments developed will be through pilot studies involving 133 communities as respondents. This Study is quantitative research and data obtained were analyzed using smart pls v3.0. This analysis is conducted to ensure the level of reliability and validity of the instrument. The results of this analysis find 31 instruments that are stated reliable and validity. So it can be used for collecting data from a survey in accordance with the research. © 2018 IEEE.}, author_keywords={FinTech; Perceived Risk; TAM; Trust}, keywords={Engineering, FinTech; Model development; Perceived risk; Quantitative research; Reliability and validity; Research instruments; Technology acceptance model; Trust, Reliability analysis}, references={Nicoletti, B., (2017) The Future of FinTech.; Moon, W.Y., Kim, S.D., A payment mediation platform for heterogeneous fintech schemes (2017) Proc. 2016 IEEE Adv. Inf. Manag. Commun. Electron. Autom. Control Conf. IMCEC 2016, pp. 511-516; Micu, I., Micu, A., Financial technology (Fintech) and its implementation on the romanian non-banking capital market (2016) Pract. Appl. Sci., 11 (1), pp. 379-384; Baden-Fuller, C., Haefliger, S., Business models and technological innovation (2013) Long Range Plann., 46 (6), pp. 419-426; Chishti, S., Barberis, J., (2016) The FINTECH Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries., , New Jersey: John Wiley & Sons; Fernando, E., Tirtamulia, L.M., Savina, G., (2018) User Behavior Adopt Utilizing FinTech Services On Online Transportation in Indonesia (Scale Validation and Developed Instrument), pp. 114-118. , no. September; Teja, A., Indonesian fintech business: New innovations or foster and collaborate in business ecosystems? (2017) Asian J. Technol. Manag., 10 (1), pp. 10-18; Davis, F.D., A technology acceptance model for empirically testing new end-user information systems: Theory and results (1986) Management, p. 291. , vol. Ph.D., no. April; Chuang, L.M., Liu, C.C., Kao, H.K., The adoption of fintech service: TAM perspective (2016) Int. J. Manag. Adm. Sci., 3 (7), pp. 1-15; Kim, Y., Park, Y.J., Choi, J., The adoption of mobile payment services for 'Fintech, ' (2016) Int. J. Appl. Eng. Res., 11 (2), pp. 1058-1061; Kesharwani, A., Singh Bisht, S., The impact of trust and perceived risk on internet banking adoption in India: An extension of technology acceptance model (2012) Int. J. Bank Mark., 30 (4), pp. 303-322; Nguyen, T.D., Huynh, P.A., The roles of perceived risk and trust on e-payment adoption (2018) International Econometric Conference of Vietnam, pp. 926-940; Martin Fishbein, I.A., Influence of ethyl alcohol when given alone or in combination with potassium and/or magnesium supplements on ventricular fibrillation threshold levels in laboratory rats (1992) Magnes. Res., 5 (2), pp. 115-120. , Jun; Davis, F.D., Bagozzi, R.P., Warshaw, P.R., User acceptance of computer technology: A comparison of two theoretical models (1989) Manage. Sci., 35 (8), pp. 982-1003; Venkatesh, V., Morris, M.G., Davis, G.B., Davis, F.D., User acceptance of information technology: Toward a unified view (2003) Source MIS Q., 27 (3), pp. 425-478; Davis, F.D., Perceived usefulness, perceived ease of use, and user acceptance of information technology (1989) MIS Q., 13 (3), pp. 319-340; Wu, J., Liu, L., (2016) Exploring User Acceptance of Innovative Mobile Payment Service in Emerging Market: The Moderating Effect of Diffusion, , no. July; Malaquias, F.F.O., Hwang, Y., Trust in mobile banking under conditions of information asymmetry: Empirical evidence from Brazil (2016) Inf. Dev., 32 (5), pp. 1600-1612; Kim, K., Prabhakar, B., Initial trust, perceived risk, and the adoption of internet banking (2000) Proceedings of the Twenty-First International Conference On Information Systems, pp. 537-543; Agag, G.M., El-Masry, A.A., Why do consumers trust online travel websites? Drivers and outcomes of consumer trust toward online travel websites (2017) J. Travel Res., 56 (3), pp. 347-369; Hansen, J.M., Saridakis, G., Benson, V., Hansen, J.M., Saridakis, G., Risk, trust, and the interaction of perceived ease of use and behavioral control in predicting consumers ' use of social media for transactions (2017) Comput. Human Behav.; Damghanian, H., Zarei, A., Siahsarani Kojuri, M.A., Impact of perceived security on trust, perceived risk, and acceptance of online banking in Iran (2016) J. Internet Commer., 15 (3), pp. 214-238; Peter, J.P., Ryan, M.J., Ryan, J., Investigation of brand risk the level (1976) J. Mark., 13 (2), pp. 184-188; Yang, Q., Pang, C., Liu, L., Yen, D.C., Michael Tarn, J., Exploring consumer perceived risk and trust for online payments: An empirical study in China's younger generation (2015) Comput. Human Behav., 50, pp. 9-24; Lee, M.C., Factors influencing the adoption of internet banking: An integration of TAM and TPB with perceived risk and perceived benefit (2009) Electron. Commer. Res. Appl., 8 (3), pp. 130-141; Ryu, H.-S., Understanding benefit and risk framework of fintech adoption: Comparison of early adopters and late adopters (2018) Proc. 51st Hawaii Int. Conf. Syst. Sci., pp. 3864-3873; Gefen, D., E-commerce: The role of familiarity and trust (2000) Omega, 28 (6), pp. 725-737; Hair, J., Black, W., Babin, B., Anderson, R., (2006) Multivariate Data Analysis, 6; Barclay, D., Higgins, C., Thompson, R., The partial least squares (PLS) approach to causal modeling: Personal computer adoption and use as an illustration (1995) Technol. Stud., 2 (2), pp. 285-309; Hair, J.F., Jr., Hult, G.T.M., Ringle, C., Sarstedt, M., (2013) A Primer On Partial Least Squares Structural Equation Modeling (PLS-SEM), , Singapore: Sage Publications; Chin, W.W., (2014) The Partial Least Squares Approach to Structural Equation Modeling, p. 335. , no. April; Wong, K.K., Partial least squares structural equation modeling (PLS-SEM) techniques using SmartPLS (2013) Mark. Bull., 24 (1), pp. 1-32}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538674079}, language={English}, abbrev_source_title={Int. Conf. Sustain. Inf. Eng. Technol., SIET - Proc.}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Otsuka2019735, author={Otsuka, Y. and Hasuike, T.}, title={Effectiveness of Momentum Indicators to Improve Accuracy of Stock Price Prediction for Large-Captial Stocks}, journal={Proceedings - 2018 7th International Congress on Advanced Applied Informatics, IIAI-AAI 2018}, year={2019}, pages={735-740}, doi={10.1109/IIAI-AAI.2018.00152}, art_number={8693327}, note={cited By 0; Conference of 7th International Congress on Advanced Applied Informatics, IIAI-AAI 2018 ; Conference Date: 8 July 2018 Through 13 July 2018; Conference Code:147517}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85065157918&doi=10.1109%2fIIAI-AAI.2018.00152&partnerID=40&md5=e5b7ff82b903bc03d00d2062280fda49}, affiliation={Department of Industrial and Management Systems Engineering, Faculty of Science and Engineering, Waseda University, 3-4-1 Okubo, Shmjuku, Tokyo, 169-8555, Japan}, abstract={This paper considers the effectiveness of momentum indicators through the prediction of stock price for the large-capital stocks. In recent years, FinTech, which is the integration of finance and technology, has been recently expanding. One of the hot topics in FinTech is whether or not the momentum indications give an effective impact for the financial market. This paper focuses the large-capital stocks in Japanese financial market, particularly two specific stocks. Using real market data, the effectiveness of several momentum factors is discussed multidirectionally. © 2018 IEEE.}, author_keywords={Factor model; Large-capital stock; Momentum effect; Stock price prediction}, keywords={Commerce; Forecasting; Momentum, Capital stock; Factor model; Hot topics; Momentum effects; Momentum factor; Real markets; Stock price; Stock price prediction, Financial markets}, references={Booth, A., Gerding, E., McGroarty, F., Automated trading with performance weighted random forests and seasonality (2014) Expert Systems with Applications, 41 (8), pp. 3651-3661; Carhart, M.M., On persistence in mutual fund performance (1997) The Journal of Finance, 52 (1), pp. 57-82; Fama, E.F., French, K.R., Common risk factors in the returns of stocks and bonds (1993) Journal of Finance, 51 (1), pp. 55-84; Goltz, F., (2015) What Does Academic Research Teach Us about Rewarded Equity Factors, , Edhec-Risk Institute Research Insights, Asian Investor; Harada, K., Application of artificial intelligence to financial engineering (1999) Journal of Japan Society for Research Policy and InnovationManagement, 14 (3), pp. 152-158. , inJapanese; Jegadeesh, N., Titman, S., Returns to buying winners and selling loserstmplications for stock market efficiency (1993) The Journal of Finance, 48 (1), pp. 65-91; Jovina, R., Akhtar, J., Backpropagation and recurrent neural networks in financial analysis of multiple stock market returns (1996) Proceedings of the Twenty-Ninth Hawaii International Conference on System Sciences, pp. 112-122; Kubota, K., Takehara, H., Re-examination of effectiveness of fama-French factor model (2007) Journal of Nippon Finance Association, 22, pp. 3-23. , in Japanese; Mei, J., He, D., Harley, R., Habetler, T., Qu, G., A random forest method for real-Time price forecasting in New York electricity market (2014) Proceedings of 2014 IEEE PES General Meeting | Conference & Exposition; Nishitani, R., Mogami, Y., Ono, N., Ikeda, K., Construction and verification of stock prices forecast system using neural networks (2009) Proceedings of the Japan Joint Automatic Control Conference, 4 (4), pp. 1-6. , in Japanese; Sadeghi-Mobarakeh, A., Kohansal, M., Papalexakis, E.E., Mohsenian-Red, H., Data mining based on random forest model to predict the California iso day-Ahead marketprices (2017) Proceedings Od 2017 IEEE Power & Energy Society Innovative Smart Grid Technologies Conference (ISGT2017), pp. 3-26; Tokuno, A., (2017) Smart Beta Instruction Manual, , Toyo Keizai publisher in Japanese; Yoshino, T., Hashimoto, J., (2013) Positive Return of Conditions of Financial Market and the Winner Portfolio, , Asakura publisher, in Japanese}, sponsors={International Institute of Applied Informatics (IIAI)}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538674475}, language={English}, abbrev_source_title={Proc. - Int. Congr. Adv. Appl. Inf., IIAI-AAI}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Tanimoto2019817, author={Tanimoto, S. and Nakamura, C. and Iwashita, M. and Matsui, S. and Hatashima, T. and Fuji, H. and Ohkubo, K. and Egawa, J. and Kinouchi, Y.}, title={Proposal of Secure Business Architecture by Visible Light Communication System}, journal={Proceedings - 2018 7th International Congress on Advanced Applied Informatics, IIAI-AAI 2018}, year={2019}, pages={817-822}, doi={10.1109/IIAI-AAI.2018.00167}, art_number={8693346}, note={cited By 0; Conference of 7th International Congress on Advanced Applied Informatics, IIAI-AAI 2018 ; Conference Date: 8 July 2018 Through 13 July 2018; Conference Code:147517}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85065166578&doi=10.1109%2fIIAI-AAI.2018.00167&partnerID=40&md5=f6401890e24d15dcd7cb40b980324b0f}, affiliation={Faculty of Social Systems Science, Chiba Institute of Technology, Chiba, Japan; NTT Secure Platform Laboratories, NTT, Tokyo, Japan; EXGENNETWORKS Co., Ltd., Tokyo, Japan; Tokushima University, Tokushima, Japan}, abstract={Progress in visible light technology has provided increased opportunities for new mobile communication infrastructure and business creation using visible light communication. This paper proposes a secure business architecture through collaboration of technologies in visible light communication, public key cryptography, and power line communication. Moreover, it presents an evaluation on the technology's effectiveness using a concrete business architecture. This model using visible light communication gives an 'optical attestation ID' to the source of LED light, and it is characterized by strict position authentication that enciphers these data using public key infrastructure (PKI). Furthermore, the network between the server for distributing the optical authentication ID and the LED light source enables high security using power line communication. Thus, we achieved a secure business architecture using visible light communication, one that can contribute to the creation of new business such as optical electronic value trading platforms, optical digital signage, and optical Fintech. © 2018 IEEE.}, author_keywords={Optical Authentication ID; PKI; Position Authentication; Power Line Communication; Visible Light Communication}, keywords={Authentication; Carrier transmission on power lines; Light emitting diodes; Network architecture; Public key cryptography; Visible light communication, Business architecture; LED light source; Mobile communications; Optical authentication; Optical electronics; Power line communications; Public-key infrastructure; Trading platform, Light}, references={Komine, T., Nakagawa, M., Fundamental analysis for visible-light communication system using led lights (2004) IEEE Transactions on Consumer Electronics, 50 (1), pp. 100-107. , Feb; Grobe, L., High-speed visible light communication systems (2013) IEEE Communications Magazine, pp. 60-66. , Dec; Komine, T., Nakagawa, M., Integrated system of white led visible-light communication and power-line communication (2003) IEEE Transactions on Consumer Electronics, 49 (1), pp. 71-79. , Feb; Shimada, S., Takeda, Y., Trends in visible light communication and application to its (2009) Toshiba Review, 64 (4), pp. 27-30. , in Japanese; Saini, H., Li-fi (light fidelity) (2016) The Future Technology in Wireless Communication Journal of Computer Application, 7 (1), pp. 13-15. , January; (2017) The Next "li-Fi" Coming after Wi-Fi -Relationship between Li-Fi and 5G in IoT Era, , http://blog.livedoor.jp/utakknn/archives/2017-01-15.html, Psychic thought, in Japanese; (2014) Visible Light Communication Consortium, , http://vlca.jp/standard, About a standard, in Japanese; (2015) Started Business of Information Linkage Service Using "optical ID" Technology, , https://news.panasonic.com/jp/press/data/2015/12/jnl51209-3/jnl51209-3.html, Panasonic, in Japanese, in Japanese; (2018) Products Information, , http://www.naka-lab.jp/product/index-e.html, Nakagawa Laboratories Inc; Suzuki, K., Visible light communication system for application to its (2006) Toshiba Review, 61 (8), pp. 20-23. , in Japanese; Tanimoto, S., Concept model of electronic value trading platform with visible light (2018) Proceedings of LED Synthesis Forum 2018 in Tokushima, P-25, pp. 157-158; Ueno, H., Visible light id system (2007) Toshiba Review, 62 (5), pp. 44-47. , in Japanese; Takahashi, Y., The study for the position au-Thentication and the security of location information (2007) CSEC-38, pp. 1-6. , IPSJ, in Japanese; (2009), https://www.iso.org/standard/50341.html, ISO, ISO/TEC 15408-1; Tsujii, S., Paradigm of information security as interdisciplinary comprehensive science (2004) Proceedings of the 2004 International Conference on Cyberworlds (CW04), pp. 1-12; Kaneko, T., (2016) Introduction to Security by Design, , https://www.ipa.go.jp/files/000055823.pdf, in Japanese; (2012) PKI Related Technical Information, , https://www.ipa.go.jp/security/pki, IPA, in Japanese; Digital Certificates, , https://technet.microsoft.com/en-us/library/cc962029.aspx, Microsoft TechNet; (2007) Internet Connected to An Outlet?! -What Is PLC (Power Line Communications)., , http://www.kobelcosys.co.jp/column/itwords/42, Kobelco Systems, in Japanese; (2016) Currently the "HD-PLC" Communication Standard Using Power Lines, , https://Japan.cnet.com/article/35089788, CNET Japan, in Japanese; (2017) Component Interface, , https://wiki.shibboleth.net/confluence/display/CONCEPT/Ho, Shibboleth. me}, sponsors={International Institute of Applied Informatics (IIAI)}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538674475}, language={English}, abbrev_source_title={Proc. - Int. Congr. Adv. Appl. Inf., IIAI-AAI}, document_type={Conference Paper}, source={Scopus}, } @CONFERENCE{Nabila2019284, author={Nabila, M. and Purwandari, B. and Nazief, B.A.A. and Chalid, D.A. and Wibowo, S.S. and Solichah, I.}, title={Financial Technology Acceptance Factors of Electronic Wallet and Digital Cash in Indonesia}, journal={2018 International Conference on Information Technology Systems and Innovation, ICITSI 2018 - Proceedings}, year={2019}, pages={284-289}, doi={10.1109/ICITSI.2018.8696091}, art_number={8696091}, note={cited By 0; Conference of 5th International Conference on Information Technology Systems and Innovation, ICITSI 2018 ; Conference Date: 22 October 2018 Through 26 October 2018; Conference Code:147583}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85065209308&doi=10.1109%2fICITSI.2018.8696091&partnerID=40&md5=2fd1e9c3b5fad9e117e895a9240e1b4e}, affiliation={Faculty of Computer Science, Universitas Indonesia, Indonesia; Faculty of Economics and Business, Universitas Indonesia, Indonesia}, abstract={Despite limited financial resources of people with minimum wage in Indonesia, they have embraced Financial Technology (fintech). There are two types of fintech, i.e. card-based electronic wallet and application-based digital cash. The aim of this research is to rank the acceptance factors of e-wallet and digital cash by low income individuals. Initially, Systematic Literature Review (SLR) was conducted to develop a structural hierarchy of the Analytic Hierarchy Process (AHP). It was followed by interviews with fintech experts to validate the structural hierarchy. Finally, AHP pairwise comparison questionnaires were filled out by 18 respondents, who have experiences using electronic wallet or digital cash. The results show that highest reception factor of both fintech types is ease of use. Speed is the second top rank acceptance factor of electronic wallet, whilst cost-benefit is the second factor of digital cash reception. These findings can enable fintech providers to improve their better marketing strategy, by enhancing their products related its ease of use, speed, and cost. © 2018 IEEE.}, author_keywords={Acceptance factor; Analytic Hierarchy Process (AHP); Digital cash; Electronic transaction; Electronic wallet; Financial technology (fintech); Payment system; Systematic Literature Review (SLR)}, keywords={Analytic hierarchy process; Cost benefit analysis; Finance; Hierarchical systems; Marketing; Surveys; Wages, Acceptance factor; Analytic hierarchy process (ahp); Electronic transaction; Electronic wallet; Financial technology (fintech); Payment systems; Systematic literature review (SLR), Electronic money}, funding_details={1869/UN2}, funding_text 1={This study is funded by a PITTA Grant 1869/UN2.R3.1/HKP.05.00/2018 from the Universitas Indonesia.}, references={Arango, C.A., Hogg, D., Lee, A., Why is cash (still) so entrenched? Insights from Canadian shopping diaries (2015) Contemp. Econ. Policy, 33 (1), pp. 141-158; Petticrew, M., Roberts, H., Systematic Reviews in the Social Sciences: A Practical Guide, , Blackwell Publishing; Arner, D.W., Barberis, J., Buckley, R.P., 150 years of Fintech: An evolutionary analysis (2016) Jassa Finsia J. Appl. Financ., (3), p. 22; Csfiki, C., O'Brien, L., Giller, K., McCarthy, J.B., Tan, K., Adam, F., The use of EDPayment in the distribution of social welfare in Ireland (2013) Transform. Gov. People, Process Policy, 7 (1), pp. 6-26; Dinh, V.S., Nguyen, H.V., Nguyen, T.N., Cash or cashless? (2018) Strateg. Dir, 34 (1), pp. 1-4; Junadi, Sfenrianto, A model of factors influencing consumer's intention to use e-payment system in Indonesia (2015) Procedia Comput. Sci. y, 59, pp. 214-220. , Iccsci; Kitchenham, B., (2004) Procedures for Performing Systematic Reviews; Kitchenham, B., (2007) Guidelines for Performing Systematic Literature Reviews in Software Engineering Version 2. 3, , Technical report, EBSE-2007-01; Kuruoglu, E., Guldal, D., Mevsim, V., Gunvar, T., Which family physician should i choose? the analytic hierarchy process approach for ranking of criteria in the selection of a family physician (2015) BMC Med. Inform. Decis. Mak, 15 (1), pp. 1-8; Lee, D., Chuen, K., (2018) INVITED EDITORIAL COMMENT: FinTech and Alternative Investment, 20 (3), pp. 6-15; Ming Yen Teoh, W., Choy Chang, S., Lin, B., Wei Chua, J., Factors affecting consumers' perception of electronic payment: An empirical analysis (2013) Internet Res., 23 (4), pp. 465-485; Olivkovd, I., Comparison and evaluation of fare collection technologies in the public transport (2017) Procedia Eng., 178, pp. 515-525; PeSa, A.R., Brajkovil, A., Factors affecting the adoption of mobile payment systems: An empirical analysis (2016) EMAJEmerg. Mark J., 6 (1), pp. 1-16; Qasim, H., Abu-Shanab, E., Drivers of mobile payment acceptance: The impact of network externalities (2016) Inf. Syst. Front., 18 (5), pp. 1021-1034; Saaty, T.L., (2008) Decision Making with the Analytic Hierarchy Process, 1 (1); Syamsuddin, I., (2009) The Application of AHP Model to Guide Decision Makers: A Case Study of E-Banking Security; Usman, R., Mangkurat, U.L., (2017) KARAKTERISTIK UANG ELEKTRONIK DALAM SISTEM PEMBAYARAN; Financial Technology, , https://www.bi.go.id/id/perbankan/suku-bunga-dasar/Default.aspx, Bank Indonesia. [Accessed: 28-May-2018]; Sistem Pembayaran, , https://www.bi.go.id/id/perbankan/suku-bunga-dasar/Default.aspx, Bank Indonesia. [Accessed: 28-May-2018]; Hadad, M.D., Financial technology (fintech) di Indonesia (2017) Kuliah Umum Tentang FinTech-LBS., pp. 1-17}, sponsors={IEEE Indonesia Section}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538656938}, language={English}, abbrev_source_title={Int. Conf. Inf. Technol. Syst. Innov., ICITSI - Proc.}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Ulusoy2019106, author={Ulusoy, S. and Batıoğlu, A. and Ovatman, T.}, title={Omni-script: Device independent user interface development for omni-channel fintech applications}, journal={Computer Standards and Interfaces}, year={2019}, volume={64}, pages={106-116}, doi={10.1016/j.csi.2019.01.003}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85060113921&doi=10.1016%2fj.csi.2019.01.003&partnerID=40&md5=92904aa7c38bb6f231042b5f83ec92b1}, affiliation={SoftTech Software Technologies Research and Development Inc., Turkey; İstanbul Technical University Department of Computer Engineering, Turkey}, abstract={As the number of devices and platforms gradually increased that serve as a medium for online banking services, the number of replicated services for different platforms also increase. Each service has a different representation in a different platform even though targeting the same business objectives. This situation results in the problem of re-developing similar set of requirements for different devices and services which in turn results in multiplied effort in software development and degradation in the software quality because of the replicated code. The objective of this paper is to present a device independent user interface development approach that eliminates the replicated user interface development effort of the same set of services for different platforms/devices while increasing the presentation performance. In this context, we provide a basic technique that uses a json based user interface definition format, called omni-script, to separate the representation of banking services in different platforms/devices, so called channels. Omni-script is a pioneering solution being used in a real development environment in banking software domain that is experiencing a shift towards omni-channel user experience, where users are able to seamlessly continue using banking services in different platforms and devices. As the evaluation method, we have measured the actual development effort on a representative sample development team and a set of services. Additionally, we later deployed and measured the rendering time and the amount of data communication for the proposed approach in a real production environment. Production deployment resulted in a remarkable decrease in data communication and in loading times at the client side. As importantly, the proposed approach also resulted in a nearly 75% decrease in service development time by enabling analysts to produce user interface prototypes that can be integrated to service development with minimal effort. © 2019}, author_keywords={Multimodal user interface definition; Omni-channel banking services; Omni-channel user experience}, keywords={Computer software selection and evaluation; Convolutional codes; Software design, Banking services; Development environment; Multimodal user interface; Production environments; Representative sample; User experience; User interface development; User interface prototypes, User interfaces}, funding_details={3160205}, funding_text 1={This paper is produced from a project supported by The Scientific and Technological Research Counsel of Turkey(TUBITAK) Innovation Funding Programmes Directorate (TEYDEB) under grant number 3160205.}, references={Alt, R., Beck, R., Smits, M.T., Fintech and the transformation of the financial industry (2018) Electronic Markets - The International Journal on Networked Business, 28, pp. 235-245. , Springer; Kotarba, M., New factors inducing changes in the retail banking customer relationship management (crm) and their exploration by the fintech industry (2016) Found. 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It is also pointed out that an excellent optimal investment strategy can destroy the future expected utility of a pension saver if the financial communication is wrong. It is shown that a simple system with an upper and a lower bound, originally inspired by Merton (2014), which can be executed easily using fintech, can replace complicated power utility optimization for the pension saver so that everyone can exactly understand the amount of financial risk taken. The paper focuses on investing money as a lump sum because being able to communicate the associated financial risk can serve as the first step towards communicating more complex pension saving structures. © 2018 Elsevier B.V.}, author_keywords={Finance; Investment analysis; OR in banking; Risk management; Utility theory}, keywords={Finance; Investments; Risk management, Expected utility; Financial advisors; Financial risks; Investment analysis; Optimal investments; OR in banking; Power utility; Utility theory, Risk assessment}, funding_details={The Institute and Faculty of ActuariesThe Institute and Faculty of Actuaries}, funding_text 1={This work was supported by the Institute and Faculty of Actuaries in the UK through the grant “Minimising Longevity and Investment Risk while Optimising Future Pension Plans”. We thank the Editor and two anonymous reviewers for fruitful comments that undoubtedly helped improve the quality of our paper. Any remaining errors are of course our own. 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Regression analysis shows that consumer demand, net transactional benefits and perceived accessibility of accepting crypto-payments influence adoption intention and actual acceptance. Our findings also suggest that service providers who act as intermediaries in e-commerce play a crucial role as facilitators of competition and innovation by increasing accessibility. The most serious barrier for crypto-acceptance is a lack of consumer demand. It seems therefore unlikely that crypto adoption by online retailers will increase substantially in the near future. © 2019 Elsevier B.V.}, author_keywords={Accessibility; Adoption intention; Bitcoin; Competition; Consumer demand; Costs; Crypto-payments; Cryptocurrency; Digital economy; Economic analysis; Fintech innovation; Intermediaries; Network externalities; Retailers; Two-sided markets}, keywords={Bitcoin; Competition; Costs; Economic analysis; Electronic money; Regression analysis; Sales, Accessibility; Adoption intention; Consumer demands; Crypto-payments; Digital economy; Intermediaries; Network externality; Retailers; Two-sided markets, Electronic commerce}, references={Aydogan, S., Insights on Consumer Payment Behavior: What Factors Determine and Allow to Influence the use of Payment Instruments? 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This paper elucidates the relationship between competition and stability in modern banking, with particular attention to the impact of digital technologies, and derives the policy consequences for regulation and competition policy. © 2019 Elsevier B.V.}, author_keywords={Crisis; Digital technology; Fintech; Regulation; Run; Shadow banking}, keywords={Industry, Crisis; Digital technologies; Fintech; Regulation; Shadow banking, Industrial engineering}, references={Acharya, V., Naqvi, H., The seeds of a crisis: a theory of bank liquidity and risk taking over the business cycle (2012) Journal of Financial Economics, 106 (2), pp. 349-366; Allen, F., Gale, D., Competition and stability (2004) Journal of Money, Credit and Banking, 36 (3), pp. 453-480; Beck, T., de Jonghe, O., Schepens, O., Bank competition and stability: cross-country heterogeneity (2013) Journal of Financial Intermediation, 22 (2), pp. 218-244; Beck, T., Chen, T., Lin, C., Song, F., Financial Innovation: The Bright and the Dark Sides (2014), Hong Kong Institute for Monetary Research Working Paper 23; Boot, A., Ratnovski, L., Banking and trading (2016) Review of Finance, 20 (6), pp. 2219-2246; Boyd, J.H., De Nicoló, G., The theory of bank risk-taking and competition revisited (2005) Journal of Finance, 60 (3), pp. 1329-1343; Broecker, T., Creditworthiness tests and interbank competition (1990) Econometrica, 58 (2), pp. 429-452; Buchak, G., Matvos, G., Piskorski, T., Seru, A., Fintech, Regulatory Arbitrage and the Rise of Shadow Banks (2017), NBER Working Paper 23288; Caminal, R., Matutes, C., Market power and banking failures (2002) International Journal of Industrial Organization, 20 (9), pp. 1341-1361; Carbó-Valverde, S., Pedauga, L.E., Rodriguez-Fernandez, F., (2013), Another Look at Bank Consolidation and Financial Stability. 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(2004) Journal of the European Economic Association, 2 (6), pp. 1116-1147; Vives, X., Strategic complementarity, fragility, and regulation (2014) The Review of Financial Studies, 27 (12), pp. 3547-3592; Vives, X., Competition and Stability in Banking (2016), Princeton University Press Princeton; Wagner, W., Loan market competition and bank risk-taking (2010) Journal of Financial Services Research, 37 (1), pp. 71-81}, publisher={Elsevier Inc.}, issn={01677187}, coden={IJIOD}, language={English}, abbrev_source_title={Int J Ind Organiz}, document_type={Article}, source={Scopus}, } @ARTICLE{Lee20197, author={Lee, J. and Ryu, M.H. and Lee, D.}, title={A study on the reciprocal relationship between user perception and retailer perception on platform-based mobile payment service}, journal={Journal of Retailing and Consumer Services}, year={2019}, volume={48}, pages={7-15}, doi={10.1016/j.jretconser.2019.01.007}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85060004321&doi=10.1016%2fj.jretconser.2019.01.007&partnerID=40&md5=c6b76e94d072e40cf71ef28ce28584a2}, affiliation={Department of Interaction Science, Sungkyunkwan University, 25-2 Sungkyunwan-ro, Jongno-gu, Seoul, South Korea; Graduate School of Management of Technology, Hoseo University, Asan, 31499, South Korea}, abstract={With the development of the smartphone and mobile Internet, a platform-based mobile payment service has emerged that can handle all banking services with a smartphone alone. In the meantime, many studies have been made on the analysis of new emerging financial technologies. However, most studies have analyzed financial technologies from the consumer perspective, and there has been no analysis of the intention to accept the financial technology in terms of retailers. This study analyzes the factors affecting financial technology adoption from consumer and retailer perspectives respectively, and suggests an integrated model in which each adoption influences each other's demand from the perspective of the two-sided market. © 2019 Elsevier Ltd}, author_keywords={Fintech; Network externality; Platform-based mobile payment service; Technology acceptance model; Two-sided market}, keywords={banking; consumption behavior; demand analysis; Internet; mobile communication; mobile phone; perception; retailing; service provision; technology adoption}, funding_details={Ministry of Education of the Republic of BelarusMinistry of Education of the Republic of Belarus}, funding_details={Institute for Information and Communications Technology PromotionInstitute for Information and Communications Technology Promotion, 2015-0-00914}, funding_details={Ministry of Science ICT and Future PlanningMinistry of Science ICT and Future Planning}, funding_details={National Research Foundation of KoreaNational Research Foundation of Korea, NRF-2017R1C1B5017518}, funding_text 1={This research was supported by the MIST (Ministry of Science and ICT), Korea, under the National Program for Excellence in SW supervised by the IITP ( Institute for Information & communications Technology Promotion ) ( 2015-0-00914 ), and the Ministry of Education of the Republic of Korea, the National Research Foundation of Korea ( NRF-2017R1C1B5017518 ).}, references={Baker, R.K., White, K.M., Predicting adolescents’ use of social networking sites from an extended theory of planned behaviour perspective (2010) Comput. 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An empirical evaluation of the revised technology acceptance model (2005) Inf. Manag., 42, pp. 719-729; Yi, Y., La, S., What influences the relationship between customer satisfaction and repurchase intention? Investigating the effects of adjusted expectations and customer loyalty (2004) Psychol. Mark., 21 (5), pp. 351-373; Zhao, L., Lu, Y., Enhancing perceived interactivity through network externalities: an empirical study on micro-blogging service satisfaction and continuance intention (2012) Decis. Support Syst., 53 (4), pp. 825-834; Zmijewska, A., Lawrence, E., Steele, R., (2004) Towards Understanding of Factors Influencing User Acceptance of Mobile Payment Systems, pp. 270-277. , ICWI}, correspondence_address1={Lee, D.; Department of Interaction Science, Sungkyunkwan University, 25-2 Sungkyunwan-ro, Jongno-gu, South Korea; email: daeho.lee@skku.edu}, publisher={Elsevier Ltd}, issn={09696989}, language={English}, abbrev_source_title={J. Retail. Consum. Serv.}, document_type={Article}, source={Scopus}, } @ARTICLE{Jones2019193, author={Jones, E. and Knaack, P.}, title={Global Financial Regulation: Shortcomings and Reform Options}, journal={Global Policy}, year={2019}, volume={10}, number={2}, pages={193-206}, doi={10.1111/1758-5899.12656}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85061771113&doi=10.1111%2f1758-5899.12656&partnerID=40&md5=4f85e4ac26cf79c25485e4a6a7d6c529}, affiliation={Blavatnik School of Government, University of Oxford, United Kingdom}, abstract={Standard-setting bodies in global finance follow a core-periphery logic, imposing a rigid dichotomy between standard-setters and standard-takers. They also focus exclusively on promoting financial stability. We argue that both attributes are increasingly problematic in today's world of globalised finance. Developing countries outside of standard-setting bodies are highly integrated into global finance and while they are not systemically important, they are greatly affected by the regulatory decisions taken in the core. Analysing Basel banking standards, we show how the two-tier structure of decision-making results in international standards that generate adverse implications for countries in the periphery, particularly developing countries. Focusing on debates over the regulation of non-bank credit intermediation, we show how the exclusive focus on financial stability can operate to the detriment of other important policy objectives, including financial inclusion. To improve the efficacy of international standard setting we make a series of recommendations aimed at increasing the applicability of standards to a wide variety of jurisdictions, and widening the focus of standard-setting beyond financial stability. We also propose the creation of a new standard-setting body for the regulation of fintech that models a more inclusive and holistic approach. © 2019 The Authors. Global Policy published by Durham University and John Wiley & Sons, Ltd}, funding_details={Economic and Social Research CouncilEconomic and Social Research Council, ES/ L012375/1}, funding_details={John Fell Fund, University of OxfordJohn Fell Fund, University of Oxford, 162/073}, funding_text 1={This paper has benefited greatly from feedback at academic and professional conferences. Particular thanks to Svein Andresen, Thorsten Beck, Tim Lyman, Robin Newnham, Rupert Thorne, John Vickers, Andrew Walter, Jonathan Ward, Alexandra Zeitz and participants of the Financial Conduct Authority workshop on the Future of Financial Regulation in London, the African Central Bank Governors’ Roundtable in Oxford, and the Alliance for Financial Inclusion workshops in Sochi and Siem Reap. We thank two anonymous reviewers for careful reading and thoughtful suggestions. This research was made possible thanks to funding provided by the UK Economic and Social Research Council (Grant ES/ L012375/1) and the John Fell Fund of Oxford University Press (Grant 162/073). 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Various studies in the field of information technology adoption have been carried out, but not much research found specifically examines the level of adoption of the Financial Technology system for SME's business development. Through this study researchers used the well known Technology Acceptance Model (TAM) framework which also considers technological risk factors for SME Fintech users. A hundred and twenty seven respondents who were merchants offering mobile payment method in several shopping centers were chosen randomly. The findings from this study recommends that mobile payment provider may focus on Perceived Usefulness and Perceived Ease of Use only, without orrying about Perceived Technology Risk. © 2018 IEEE.}, author_keywords={business models; cashless; Fintech; mobile payment services; perceived risk; technology acceptance model}, keywords={Citrus fruits; Global system for mobile communications, Business models; cashless; Fintech; Mobile payment; Perceived risk; Technology acceptance model, Electronic money}, funding_text 1={This article publication was made possible by research grant program from Indonesian Ministry of Research, Technology, and Higher Education.}, references={Mukherjee, J., Mobile money adoption in India: Evidence from early adopters of technology (2015) Vilakshan, XIMB J. Manag., 12 (2), pp. 95-118; Yonghee, K., Young-Ju, P., Jeongil, C., Jiyoung, Y., The adoption of mobile payment services for 'fintech' (2016) Int. J. Appl. Eng. 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Manag., 45 (1), pp. 1-9; Santosa, P.I., (2018) Metode Penelitian Kuantitatif, , Yogyakarta, Indonesia: ANDI; Fornell, C.R., Tellis, G.L., Zinkhan, G.M., Validity assessment: A structural equation approach using partial least squares (1982) AMA Educators' Proceedings, pp. 405-409; Chin, W.W., (1998) The Partial Least Squares Approach to Structural Equation Modeling, , Mahwah, New Jersey: Lawrence Erlbaum Associates; Nunnally, J.C., Psychometric theory (1978) Teaching Sociology, 30 (3). , McGraw-Hill, New York, Jul}, correspondence_address1={Wiradinata, T.; Department of Information Technology, Universitas CiputraIndonesia; email: twiradinata@ciputra.ac.id}, editor={Girsang A.B., Kaburuan E.R.}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781538673195}, language={English}, abbrev_source_title={Int. Conf. Orange Technol., ICOT}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Rosavina2019260, author={Rosavina, M. and Rahadi, R.A. and Kitri, M.L. and Nuraeni, S. and Mayangsari, L.}, title={P2P lending adoption by SMEs in Indonesia}, journal={Qualitative Research in Financial Markets}, year={2019}, volume={11}, number={2}, pages={260-279}, doi={10.1108/QRFM-09-2018-0103}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85067036402&doi=10.1108%2fQRFM-09-2018-0103&partnerID=40&md5=6b1746f1898287887f586ada4f21dcac}, affiliation={School of Business and Management, Bandung Institute of Technology, Bandung, Indonesia}, abstract={Purpose: This study aims to examine the adoption of peer-to-peer (P2P) lending platforms to determine the factors that encourage SMEs to use P2P lending platforms in obtaining loans. Design/methodology/approach: A sample of ten SMEs from a variety of backgrounds was taken in Bandung, Indonesia. Bandung has been awarded the title of “creative city” by UNESCO, as the city allows for the development of the creative economy. This research used a semi-structured interview. Coding method was then used for content analysis to establish which factors emerging from the interview were leading respondents to obtain a loan through the P2P lending platform. Findings: The findings imply that loan processes, interest rates, loan costs, loan amounts and loan flexibility affect SMEs in obtaining a loan through P2P lending. Moreover, alternative payment schemes in the form of Sharia-based lending and profit-sharing schemes were found. These findings constituted the original findings of this study. Research limitations/implications: The study offers findings on factors affecting SMEs in using the P2P lending platform as a form of alternative financing. Moreover, the theoretical framework provided can be used as literature in future research. As this study was conducted in Bandung, Indonesia, the findings may not be generalisable to other regions. Originality/value: This study is one of the few studies that discusses P2P lending in Indonesia as the concept has been in practice only since 2015. © 2019, Emerald Publishing Limited.}, author_keywords={Fintech; Loan preferences; P2P lending; SMEs}, references={Abbasov, A., Alizada, T., Small and medium-sized enterprises as an influential factor towards the economic growth of countries with transition economies (2016) Economic and Social Development: Book of Proceedings, p. 453; Abdulsaleh, A.M., Worthington, A.C., Small and medium-sized enterprises financing: a review of literature (2013) International Journal of Business and Management, 8 (14), p. 36; Abe, M., Troilo, M., Batsaikhan, O., Financing small and medium enterprises in Asia and the Pacific (2015) Journal of Entrepreneurship and Public Policy, 4 (1), pp. 2-32; (2018) Peer to peer lending for inclusive economy, , https://faq.amartha.com/hc/en-us/sections/115000212714-Peminjam, (accessed: 7 February 2018; Beck, T., Financing constraints of SMEs in developing countries: evidence, determinants and solutions (2007) KDI 36th Anniversary International Conference, pp. 26-27; Berger, S.C., Gleisner, F., Emergence of financial intermediaries in electronic markets: the case of online P2P lending (2009) Business Research, 2 (1), pp. 39-65; Berry, A., Rodriguez, E., Sandee, H., Small and medium enterprise dynamics in Indonesia (2001) Bulletin of Indonesian Economic Studies, 37 (3), pp. 363-384; Chen, D., Lai, F., Lin, Z., A trust model for online peer-to-peer lending: a lender’s perspective (2014) Information Technology and Management, 15 (4), pp. 239-254; Chironga, M., Dahl, J., Goland, T., Pinshaw, G., Sonnekus, M., (2012) Micro-, small and medium-sized enterprises in emerging markets; Duan, H., Han, X., Yang, H., An analysis of causes for SMEs financing difficulty (2009) International Journal of Business and Management, 4 (6), p. 73; Emekter, R., Tu, Y., Jirasakuldech, B., Lu, M., Evaluating credit risk and loan performance in online peer-to-peer (P2P) lending (2015) Applied Economics, 47 (1), pp. 54-70; Galloway, I., Peer-to-peer lending and community development finance (2009) Community Investments, 21 (3), pp. 19-23; Guo, Y., Zhou, W., Luo, C., Liu, C., Xiong, H., Instance-based credit risk assessment for investment decisions in P2P lending (2016) European Journal of Operational Research, 249 (2), pp. 417-426; Herzenstein, M., Andrews, R., Dholakia, U., Lyandres, E., (2008) The democratization of personal consumer loans? 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Res. Financ. Markets}, document_type={Article}, source={Scopus}, } @ARTICLE{Ahelegbey2019112, author={Ahelegbey, D.F. and Giudici, P. and Hadji-Misheva, B.}, title={Latent factor models for credit scoring in P2P systems}, journal={Physica A: Statistical Mechanics and its Applications}, year={2019}, volume={522}, pages={112-121}, doi={10.1016/j.physa.2019.01.130}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85061386133&doi=10.1016%2fj.physa.2019.01.130&partnerID=40&md5=ed2cac9c2fdffcd130c09d12a3b7f858}, affiliation={Department of Mathematics and Statistics, Boston University, United States; Department of Economics and Management Sciences, University of Pavia, Italy}, abstract={Peer-to-Peer (P2P) FinTech platforms allow cost reduction and service improvement in credit lending. However, these improvements may come at the price of a worse credit risk measurement, and this can hamper lenders and endanger the stability of a financial system. We approach the problem of credit risk for Peer-to-Peer (P2P) systems by presenting a latent factor-based classification technique to divide the population into major network communities in order to estimate a more efficient logistic model. Given a number of attributes that capture firm performances in a financial system, we adopt a latent position model which allow us to distinguish between communities of connected and not-connected firms based on the spatial position of the latent factors. We show through empirical illustration that incorporating the latent factor-based classification of firms is particularly suitable as it improves the predictive performance of P2P scoring models. © 2019 Elsevier B.V.}, author_keywords={Credit risk; Factor models; Financial technology; Peer-to-peer; Scoring models; Spatial clustering}, keywords={Cost reduction; Distributed computer systems; Risk assessment; Risk perception, Credit risks; Factor model; Peer to peer; Scoring models; Spatial clustering, Peer to peer networks}, funding_details={Canadian Space AgencyCanadian Space Agency}, funding_details={825215}, funding_text 1={This project has received funding from the European Union’s Horizon 2020 research and innovation programme under the grant agreement No. 825215 (Topic: ICT-35-2018 Type of action: CSA; Project name: A Financial supervision and Technology compliance training programme - FinTech-ho2020).}, references={Milne, A., Parboteeah, P., The Business Models and Economics of Peer-to-Peer Lending: Technical Report (2016), Centre for European Policy Studies; Wilson, R.L., Sharda, R., Bankruptcy prediction using neural networks (1994) Decis. 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E, 83 (4), p. 046114; Khan, B.S., Niazi, M.A., Network Community Detection: A Review and Visual Survey, Working Paper (2017); Andreeva, G., Ansell, J., Crook, J., Modelling profitability using survival combination scores (2007) European J. Oper. Res., 183 (3), pp. 1537-1549; Barrios, L.J.S., Andreeva, G., Ansell, J., Monetary and relative scorecards to assess profits in consumer revolving credit (2014) J. Oper. Res. Soc., 65 (3), pp. 443-453; Emekter, R., Tu, Y., Jirasakuldech, B., Lu, M., Evaluating credit risk and loan performance in online peer-to-peer (P2P) lending (2015) Appl. Econ., 47 (1), pp. 54-70; Serrano-Cinca, C., Gutiérrez-Nieto, B., The use of profit scoring as an alternative to credit scoring systems in peer-to-peer lending (2016) Decis. Support Syst., 89, pp. 113-122; Calabrese, R., Giudici, P., Estimating bank default with generalized extreme value regression models (2015) J. Oper. Res. 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Assoc., 102 (478), pp. 674-685; Durante, D., Dunson, D.B., Nonparametric bayes dynamic modelling of relational data (2014) Biometrika, 101 (4), pp. 883-898; Hoff, P.D., Modeling homophily and stochastic equivalence in symmetric relational data (2008) Advances in Neural Information Processing Systems, pp. 657-664; Briggs, A., Clark, T., Wolstenholme, J., Clarke, P., Missing… presumed at random: Cost-analysis of incomplete data (2003) Health Econ., 12 (5), pp. 377-392; Burton, A., Billingham, L.J., Bryan, S., Cost-effectiveness in clinical trials: using multiple imputation to deal with incomplete cost data (2007) Clin. Trials, 4 (2), p. 7; Bai, J., Ng, S., Determining the number of factors in approximate factor models (2002) Econometrica, 70 (1), pp. 191-221; West, D., Neural network credit scoring models (2000) Comput. Oper. Res., 27 (11), pp. 1131-1152; Giudici, P., Bayesian data mining, with application to benchmarking and credit scoring (2001) Appl. Stoch. Models Bus. Ind., 17 (1), pp. 69-81}, correspondence_address1={Ahelegbey, D.F.Via San Felice 7, Italy; email: dfkahey@bu.edu}, publisher={Elsevier B.V.}, issn={03784371}, coden={PHYAD}, language={English}, abbrev_source_title={Phys A Stat Mech Appl}, document_type={Article}, source={Scopus}, } @CONFERENCE{Itkin201945, author={Itkin, I. and Gromova, A. and Sitnikov, A. and Legchikov, D. and Tsymbalov, E. and Yavorskiy, R. and Novikov, A. and Rudakov, K.}, title={User-assisted log analysis for quality control of distributed fintech applications}, journal={Proceedings - 2019 IEEE International Conference on Artificial Intelligence Testing, AITest 2019}, year={2019}, pages={45-51}, doi={10.1109/AITest.2019.000-9}, art_number={8718213}, note={cited By 0; Conference of 1st IEEE International Conference on Artificial Intelligence Testing, AITest 2019 ; Conference Date: 4 April 2019 Through 9 April 2019; Conference Code:148142}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85067106547&doi=10.1109%2fAITest.2019.000-9&partnerID=40&md5=9fa0224aad6eb14ffa79d316c7e8cfc1}, affiliation={Exactpro Systems, St Clements House, 27 Clements Lane, London, EC4N 7AE, United Kingdom; Exactpro Systems, 2nd Yuzhnoportovy Projezd 20A Str. 4, Moscow, 115088, Russian Federation; Exactpro Systems, 71 Vazha Pshavela Avenue, Tbilisi, 0186, Georgia; Skolkovo Institute of Science and Technology, Ulitsa Nobelya 3, Moskva Moscow Obl, 121205, Russian Federation; Faculty of Computer Science, Higher School of Economics, 20 Myasnitskaya str., Moscow, 101000, Russian Federation}, abstract={Testing of distributed systems is a complex task, which is hampered by the impossibility of guaranteed reproduction of errors associated with race conditions. Even minor instrumentation of the system significantly changes its characteristics, which becomes critical, especially for load testing. All of that increases the importance of quality control methods based on the system log analysis. In this paper, we present our experience of semi-automated analysis of the behavior of clearing and settlement system by utilizing its logs for the purpose of identifying and classifying errors. © 2019 IEEE.}, author_keywords={Clustering; Distributed Applications; Fintech; Log Analysis}, keywords={Artificial intelligence; Load testing; Network security; Well logging, Clustering; Complex task; Distributed applications; Distributed systems; Fintech; Log analysis; Semi-automated analysis; Settlement systems, Quality control}, references={Der Aalst, W.M., (2016) Process Mining: Data Science in Action, , Springer; Haibo, M., Huaimin, W., Yangfan, Z., Lyu, M.R., Hua, C., Toward fine-grained, unsupervised, scalable performance diagnosis for production cloud computing systems (2013) IEEE Transactions on Parallel and Distributed Systems, 26 (6), pp. 1245-1255; Yuan, D., Park, S., Zhou, Y., Characterizing logging practices in open-source software (2012) Proceedings of the 34th International Conference on Software Engineering, pp. 102-112; Du, M., Li, F., Zheng, G., Srikumar, V., Deeplog: Anomaly detection and diagnosis from system logs through deep learning Proceedings of the 2017 ACM SIGSAC Conference on Computer and Communications Security, 2017, pp. 1285-1298; Nagaraj, K., Killian, C., Neville, J., Structured comparative analysis of systems logs to diagnose performance problems (2012) Proceedings of the 9th USENIX conference on Networked Systems Design and Implementation. 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Ninth IEEE International Conference on, pp. 149-158. , IEEE; Luque, B., Lacasa, L., Ballesteros, F., Luque, J., Horizontal visibility graphs: Exact results for random time series (2009) Physical Review E, 80 (4), p. 046103; Deerwester, S., Dumais, S.T., Furnas, G.W., Landauer, T.K., Harshman, R., Indexing by latent semantic analysis (1990) Journal of the American society for information science, 41 (6), pp. 391-407; Rousseeuw, P.J., Silhouettes: A graphical aid to the interpretation and validation of cluster analysis (1987) Journal of computational and applied mathematics, 20, pp. 53-65; Maaten, L.D., Hinton, G., Visualizing data using t-sne (2008) Journal of Machine Learning Research, 9, pp. 2579-2605. , Nov; Hubert, L., Arabie, P., Comparing partitions (1985) Journal of classification, 2 (1), pp. 193-218}, sponsors={IEEE Computer Society}, publisher={Institute of Electrical and Electronics Engineers Inc.}, isbn={9781728104928}, language={English}, abbrev_source_title={Proc. - IEEE Int. Conf. Artif. Intell. Test., AITest}, document_type={Conference Paper}, source={Scopus}, } @ARTICLE{Haddad201981, author={Haddad, C. and Hornuf, L.}, title={The emergence of the global fintech market: economic and technological determinants}, journal={Small Business Economics}, year={2019}, volume={53}, number={1}, pages={81-105}, doi={10.1007/s11187-018-9991-x}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85044441799&doi=10.1007%2fs11187-018-9991-x&partnerID=40&md5=98d32a8262cbde8bf5b973a8ef7c7807}, affiliation={University of Lille Nord de France, LSMRC, 1 place Déliot—BP381, Lille Cédex, 59020, France; SKEMA Business School, Lille, France; Faculty of Business Studies and Economics, University of Bremen, Wilhelm-Herbst-Str. 5, Bremen, 28359, Germany; Max Planck Institute for Innovation and Competition, Marstallplatz 1, Munich, 80539, Germany; CESifo, Poschingerstr. 5, Munich, 81679, Germany}, abstract={We investigate the economic and technological determinants inducing entrepreneurs to establish ventures with the purpose of reinventing financial technology (fintech). We find that countries witness more fintech startup formations when the economy is well-developed and venture capital is readily available. Furthermore, the number of secure Internet servers, mobile telephone subscriptions, and the available labor force has a positive impact on the development of this new market segment. Finally, the more difficult it is for companies to access loans, the higher is the number of fintech startups in a country. Overall, the evidence suggests that fintech startup formation need not be left to chance, but active policies can influence the emergence of this new sector. © 2018, The Author(s).}, author_keywords={Entrepreneurship; Financial institutions; Fintech; Startups}, funding_details={Yale UniversityYale University}, funding_details={Max-Planck-GesellschaftMax-Planck-Gesellschaft}, funding_text 1={Open access funding provided by Max Planck Society. The authors thank two anonymous referees and the participants of the 4th Crowdinvesting Symposium (Max Planck Institute for Innovation and Competition), the Risk Forum 2017: Retail Finance and Insurance (Paris), and the Annual Meeting of the American Law and Economics Association (Yale University), who provided valuable comments and suggestions on previous versions of the paper.}, references={Ahlers, G.K.C., Cumming, D., Guenther, C., Schweizer, D., Signaling in equity crowdfunding (2015) Entrepreneurship Theory and Practice, 39, pp. 955-980; Arend, R.J., Emergence of entrepreneurs following exogenous technological change (1999) Strategic Management Journal, 20, pp. 31-47; Armour, J., Cumming, D., Bankruptcy law and entrepreneurship (2008) American Law and Economics Review, 10, pp. 303-350; Baltagi, B., (2008) Econometric analysis of panel data, , John Wiley & Sons, West Sussex; Bernstein, S., Korteweg, A.G., Laws, K., Attracting early stage investors: Evidence from a randomized field experiment (2016) Journal of Finance, , https://doi.org/10.1111/jofi.12470, forthcoming; Black, B., Gilson, R., Does venture capital require an active stock market? 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(2008) IMF Working paper, , https://www.imf.org/external/pubs/ft/wp/2008/wp0832.pdf; Yermack, D., Corporate governance and blockchains (2017) Review of Finance, 21, pp. 7-31; York, J.G., Lenox, M.J., Exploring the sociocultural determinants of de novo versus de alio entry in emerging industries (2014) Strategic Management Journal, 35, pp. 1930-1951. , &, (,).,., -,., https://doi.org/10.1002/smj.2187}, correspondence_address1={Hornuf, L.; Faculty of Business Studies and Economics, University of Bremen, Wilhelm-Herbst-Str. 5, Germany; email: hornuf@uni-bremen.de}, publisher={Springer New York LLC}, issn={0921898X}, language={English}, abbrev_source_title={Small Bus. Econ.}, document_type={Article}, source={Scopus}, } @ARTICLE{Lim2019886, author={Lim, S.H. and Kim, D.J. and Hur, Y. and Park, K.}, title={An Empirical Study of the Impacts of Perceived Security and Knowledge on Continuous Intention to Use Mobile Fintech Payment Services}, journal={International Journal of Human-Computer Interaction}, year={2019}, volume={35}, number={10}, pages={886-898}, doi={10.1080/10447318.2018.1507132}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85052136984&doi=10.1080%2f10447318.2018.1507132&partnerID=40&md5=64d00fdd6b1ab656a767aaa946cabfd0}, affiliation={Department of MIS, Sangji University, Wonju, Gangwon, South Korea; Department of Information Technology & Decision Sciences, University of North Texas, Denton, TX, United States; School of Business, Chung-ang University, Seoul, South Korea; Department of Accounting and Finance, Bang College of Business, KIMEP University, Almaty, Kazakhstan}, abstract={Financial technology (Fintech) services using emerging technology such as the Internet of Things (IoT) is becoming more prevalent. The recent proliferation of the mobile payment sector led by innovative mobile Fintech payment services such as Apple Pay and Samsung Pay is the most important and fastest growing Fintech services from consumers’ perspective. Although businesses have been making efforts to spread the use of the services, security is crucial in the diffusion of the services. Despite the importance, the role of perceived security in continuous intention to use mobile, Fintech services has not yet been investigated in depth. Thus, this study investigates the relationships between perceived security, knowledge regarding the services, confirmation, perceived usefulness, and satisfaction. We propose a research model using an extended post-acceptance model (EPAM) as a theoretical framework in the context of Fintech services. We then validate the model using the data collected from the service users. The analyzed results show that knowledge and perceived security in mobile Fintech services have a significant influence on users’ confirmation and perceived usefulness. However, perceived security does not directly influence users’ satisfaction and continual intention to use. We further find significant relationships among confirmation, perceived usefulness, satisfaction, and continual intention to use of the services. We discuss theoretical and practical contributions of the study. © 2018, © 2018 Taylor & Francis Group, LLC.}, keywords={Electronic money, Acceptance models; Emerging technologies; Empirical studies; Intention to use; Internet of thing (IOT); Perceived securities; Perceived usefulness; Theoretical framework, Internet of things}, references={Anderson, E.W., Sullivan, M.W., The antecedents and consequences of customer satisfaction for firms (1993) Marketing Science, 12 (2), pp. 125-143; Bhattacherjee, A., Understanding information systems continuance: An expectation -confirmation model (2001) MIS Quarterly, 25 (3), pp. 351-370; Chin, W.W., Newsted, P.R., Structural equation modeling analysis with small samples using partial least squares (1999) Statistical strategies for small sample research, pp. 307-341. , Hoyle R.H., (ed), Thousand Oaks, CA: Sage, &, (Ed; Dabolkar, P.A., Shepard, C.D., Thorpe, D.I., A comprehensive framework for service quality: An investigation of critical conceptual and measurement issues through a longitudinal study (2000) Journal of Retailing, 76 (2), pp. 139-173; Davis, F.D., (1986) A technology acceptance model for empirically testing new end-user information systems: Theory and results, , Diss., Massachusetts Institute of Technology; Davis, F.D., Perceived usefulness, perceived ease of use, and user acceptance of information technology (1989) MIS Quarterly, 13 (3), pp. 319-340; Davis, F.D., Bagozzi, R.P., Warshaw, P.R., User acceptance of computer technology: A comparison of two theoretical models (1989) Management Science, 35 (8), pp. 982-1003; Finn, A., Wang, L., Frank, T., Attribute perceptions, customer satisfaction and intention to recommend E-services (2009) Journal of Interactive Marketing, 23 (3), pp. 209-220; Fornell, C., Bookstein, F., Two structural equation models: LISREL and PLS applied to consumer exit-voice theory (1982) Journal of Marketing Research, 18 (1), pp. 440-452; Fornell, C., Larcker, D., Evaluating structural equation models with unobservable variables and measurement error (1981) Journal of Marketing Research, 18 (1), pp. 39-50; Gefen, D., Straub, D., A practical guide to factorial validity using PLS-Graph: Tutorial and annotated example (2005) Communications of the Association for Information Systems, 16 (1), pp. 91-109; Hair, J.F., Black, W.C., Babin, B.J., Anderson, R., Tatham, R.L., (2006) Multivariate data analysis, , 6th, Upper Saddle River, NJ: Prentice Hall, &, ed; Hair, J.F., Jr., Hult, G.T.M., Ringle, C.M., Sartedt, M., (2013) A primer on partial least squares structural equation modeling (PLS-SEM), , SEGE Publications, Inc, &,. 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AG, Switzerland; Venkatesh, V., Determinants of perceived ease of use: Integrating perceived behavioral control, computer anxiety and enjoyment into the technology acceptance model (2000) Information Systems Research, 11 (4), pp. 342-365; Venkatesh, V., Bala, H., Technology Acceptance Model 3 and a research agenda on interventions (2008) Decision Sciences, 39 (2), pp. 273-315; Venkatesh, V., Davis, F.D., A theoretical extension of the technology acceptance model: Four longitudinal field studies (2000) Management Science, 46 (2), pp. 186-204; Venkatesh, V., Morris, M.G., Davis, G.B., Davis, F.D., User acceptance of information technology: Toward a unified view (2003) MIS Quarterly, 27 (3), pp. 425-478; Yang, S., Lu, Y., Gupta, S., Cao, Y., Zhang, R., Mobile payment services adoption across time: An empirical study of the effects of behavioral beliefs, social influences, and personal traits (2012) Computers in Human Behavior, 28 (1), pp. 129-142}, correspondence_address1={Kim, D.J.; Information Technology & Decision Sciences, College of Business, University of North Texas, 1155 Union Circle, United States; email: dan.kim@unt.edu}, publisher={Taylor and Francis Inc.}, issn={10447318}, language={English}, abbrev_source_title={Int. J. Hum.-Comput. Interact.}, document_type={Article}, source={Scopus}, } @ARTICLE{Noor2019227, author={Noor, U. and Anwar, Z. and Amjad, T. and Choo, K.-K.R.}, title={A machine learning-based FinTech cyber threat attribution framework using high-level indicators of compromise}, journal={Future Generation Computer Systems}, year={2019}, volume={96}, pages={227-242}, doi={10.1016/j.future.2019.02.013}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85061651762&doi=10.1016%2fj.future.2019.02.013&partnerID=40&md5=b7f5ff99d398ca4900d39c4d57eb1fda}, affiliation={Department of Computing, School of Electrical Engineering and Computer Science (SEECS), National University of Sciences and Technology (NUST), Islamabad, Pakistan; Mathematics and Computer Science, Fontbonne University, 6800 Wydown Blvd, St. LouisMO 63105, United States; Department of Computer Science and Software Engineering, Faculty of Basic and Applied Science (DCS&SE, FBAS), International Islamic University Islamabad (IIUI), Pakistan; Department of Information Systems and Cyber Security, University of Texas at San Antonio, San Antonio, TX 78249-0631, United States}, abstract={Cyber threat attribution identifies the source of a malicious cyber activity, which in turn informs cyber security mitigation responses and strategies. Such responses and strategies are crucial for deterring future attacks, particularly in the financial and critical infrastructure sectors. However, existing approaches generally rely on manual analysis of attack indicators obtained through approaches such as trace-back, firewalls, intrusion detection and honeypot deployments. These attack indicators, also known as low-level Indicators of Compromise (IOCs), are rarely re-used and can be easily modified and disguised resulting in a deceptive and biased cyber threat attribution. Cyber attackers, particularly financially-motivated actors, can use common high-level attack patterns that evolve less frequently as compared to the low-level IOCs. To attribute cyber threats effectively, it is necessary to identify them based on the high-level adversary's attack patterns (e.g. tactics, techniques and procedures - TTPs, software tools and malware) employed in different phases of the cyber kill chain. Identification of high-level attack patterns is time-consuming, requiring forensic investigation of the victim network(s) and other resources. In the rare case that attack patterns are reported in cyber threat intelligence (CTI) reports, the format is textual and unstructured typically taking the form of lengthy incident reports prepared for human consumption (e.g. prepared for C-level and senior management executives), which cannot be directly interpreted by machines. Thus, in this paper we propose a framework to automate cyber threat attribution. Specifically, we profile cyber threat actors (CTAs) based on their attack patterns extracted from CTI reports, using the distributional semantics technique of Natural Language Processing. Using these profiles, we train and test five machine learning classifiers on 327 CTI reports collected from publicly available incident reports that cover events from May 2012 to February 2018. It is observed that the CTA profiles obtained attribute cyber threats with a high precision (i.e. 83% as compared to other publicly available CTA profiles, where the precision is 33%). The Deep Learning Neural Network (DLNN) based classifier also attributes cyber threats with a higher accuracy (i.e. 94% as compared to other classifiers). © 2019 Elsevier B.V.}, author_keywords={Cyber threat attribution; Cyber threat intelligence; Deep learning neural network; FinTech threat attribution; Machine learning; Tactics techniques and procedures}, keywords={Deep neural networks; Gages; Intrusion detection; Learning algorithms; Learning systems; Machine learning; Natural language processing systems; Network security; Semantics, Cyber threats; Distributional semantics; FinTech threat attribution; Forensic investigation; Human consumption; Learning neural networks; NAtural language processing; Tactics techniques and procedures, Malware}, funding_details={Fulbright AssociationFulbright Association}, funding_details={IEEE FoundationIEEE Foundation, IEEE, ESORICS}, funding_details={University of Texas at San AntonioUniversity of Texas at San Antonio, UTSA}, funding_text 1={K.-K.R. Choo is supported by the Cloud Technology Endowed Professorship. Umara Noor received Gold Medal for her M.S. degree in Information Technology from Institute of Management Sciences, Pakistan in 2011. She is currently pursuing her Ph.D. degree in Information Technology from National University of Sciences and Technology (NUST), Pakistan in the domain of machine learning approaches to automated analysis of cyber security threats under the research supervision of Dr. Zahid Anwar. She is also working as a faculty member in the Department of Computer Science and Software Engineering, International Islamic University (IIU), Pakistan. Her research interests include experimenting with machine learning techniques to enhance security systems and services. Zahid Anwar received his Ph.D. and M.S. degrees in Computer Sciences in 2008 and 2005 respectively from the University of Illinois at Urbana-Champaign. Zahid has worked as a software engineer and researcher at IBM, Intel, Motorola, National Center for Supercomputing Applications (NCSA), xFlow Research and CERN on various projects related to information security, operating systems design and data analytics. Zahid holds post-doctorate experience from Concordia University. He has worked as a faculty member at the National University of Sciences and Technology and the University of North Carolina at Charlotte. He is currently an Assistant Professor at Fontbonne University. Tehmina Amjad is an assistant professor at the Computer Science and Software Engineering department of the International Islamic University, Islamabad, Pakistan . She received her Ph.D. Computer Science degree from the same institute in 2015. She attended  Indiana University, Bloomington, Indiana, USA , under split Ph.D. Program to conduct research during Ph.D. Her research interests include information retrieval, data mining, social network analysis, probabilistic topic models, machine learning and data grids. Kim-Kwang Raymond Choo received the Ph.D. in Information Security in 2006 from Queensland University of Technology, Australia. He currently holds the Cloud Technology Endowed Professorship at The University of Texas at San Antonio (UTSA). In 2016, he was named the Cybersecurity Educator of the Year-APAC (Cybersecurity Excellence Awards are produced in cooperation with the Information Security Community on LinkedIn), and in 2015 he and his team won the Digital Forensics Research Challenge organized by Germany’s University of Erlangen–Nuremberg. He is the recipient of the 2018 UTSA College of Business Col. Jean Piccione and Lt. Col. 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However, the information asymmetry and adverse selection is severe in the ICO market. In this study, we focus on signals released in multiple channels in different ICO stages to investigate the relations between signal processing and information asymmetry. Referring to the multiple-channel communication theory, we characterize signal sources by their information schema, source credibility, and communication direction. Empirical results indicate that in the crowd sale stage, high credible and easy-interpretable signals have significant influences on token sales. In the listing stage, low credible and easy-interpretable signals have significant effects on token trading. High credible and hard-interpretable signals, which deliver project fundamental information, lose their functions in both stages, causing information asymmetry in ICOs. We also find that investor comments on social media, which is a multiple-way communication channel, play the role of information surveillance for ventures’ voluntary disclosures. Those findings provide insights for signal processing and asset pricing in the ICO market to reduce information asymmetry and have significant practical implications. © 2019 Elsevier B.V.}, author_keywords={Entrepreneurial finance; Fintech; Information asymmetry; Initial coin offering; Signal processing}, keywords={Commerce; Investments; Risk management, Adverse selection; Asset pricing; Fintech; Information asymmetry; Information schema; Initial coin offering; Multiple channels; Source credibilities, Signal processing}, references={Adhami, S., Giudici, G., Martinazzi, S., Why do business go crypto? 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Network structure and predictive power of social media for the Bitcoin market, SSRN; Zetzsche, D.A., Buckley, R.P., Arner, D.W., Fohr, L., (2018), The ICO gold rush: it's a scam, it's a bubble, it's a super challenge for regulators, European Banking Institute Working Paper Series, European Banking Institute; Zhang, J., Voluntary information disclosure on social media (2015) Decision Support Sys., 73, pp. 28-36}, publisher={Elsevier B.V.}, issn={15674223}, language={English}, abbrev_source_title={Elect. Commer. Res. Appl.}, document_type={Article}, source={Scopus}, } @ARTICLE{Li2019797, author={Li, Z. and Li, W. and Wen, Q. and Chen, J. and Yin, W. and Liang, K.}, title={An efficient blind filter: Location privacy protection and the access control in FinTech}, journal={Future Generation Computer Systems}, year={2019}, volume={100}, pages={797-810}, doi={10.1016/j.future.2019.04.026}, note={cited By 0}, url={https://www.scopus.com/inward/record.uri?eid=2-s2.0-85066411969&doi=10.1016%2fj.future.2019.04.026&partnerID=40&md5=30c84135dc46b3baad99cc94d943ad35}, affiliation={State Key Laboratory of Networking and Switching Technology, Beijing University of Posts and Telecommunications, Beijing, 100876, China; School of Computer Science, Central China Normal University, Wuhan, 430079, China; Central China Normal University Wollongong Joint Institute, Wuhan, 430079, China; Department of Computer Science, University of Surrey, Guildford, GU2 7XH, United Kingdom}, abstract={Financial technology(FinTech) is a new item in the financial industry, which has become a popular item that describes novel technologies adopted by the financial service institutions. This term covers a large range of techniques, from data security to financial service. Specially, user privacy protection is generally considered one of the most significant aspects in the financial security domain and preserving data carrying privacy is a critical task in producing a privacy protection strategy, e.g., one of the crucial issues in mobile finance is to ensure the legitimate mobile device users can efficiently search inclusive information from servers without leaking the user privacy. More precisely, more and more mobile finance APP(e.g., AliPay, China Unionpay Quick Pass) has the auxiliary tool or third-party services function that enable users make a location-based services(LBS) query, while the LBS usually carry users’ location privacy and that data of service providers should be accessed by legitimate users. In order to address this problem, in this paper, we propose a privacy-preserving LBS framework which supports the query area is a square area based on the user's location, and achieves fine-grained access control on the financial service provider data, user's privacy(especially location privacy), confidentiality of the service provider data, and accurate query result. More precisely, our framework also uses redundant point-of-interesting(POI) records to protect privacy against LBS provider(LBSP), but employs a semi-trusted third party(called proxy) to filter out redundant POI records. We propose a novel blind filter protocol based on comparable attribute-based encryption(CABE) and “transformation” technique, which can filter out the encrypted POI records under the condition that both LBSP and proxy without knowing the user's location information. In comparison with existing solutions, our framework not only realize access control on service provider data innately, but also incurs lower communication and computation overhead on the user side. The analysis and the experiments indicate that our framework is secure and efficient for mobile devices in terms of computation and the communication overhead. © 2019 Elsevier B.V.}, author_keywords={0-encoding; 1-encoding; Access control; Attribute-based encryption; FinTech; LBS; Location privacy; Privacy-preserving}, keywords={Access control; Cryptography; Data privacy; Finance; Location; Mobile security; Telecommunication services, 0-encoding; 1-encoding; Attribute-based encryptions; FinTech; Location privacy; Privacy preserving, Location based services}, funding_details={Natural Science Foundation of Shandong ProvinceNatural Science Foundation of Shandong Province}, funding_details={Natural Science Foundation of Hebei ProvinceNatural Science Foundation of Hebei Province, F2018408040}, funding_details={National Natural Science Foundation of ChinaNational Natural Science Foundation of China, 61402015, 61702212, 61502044}, funding_details={Fundamental Research Funds for the Central UniversitiesFundamental Research Funds for the Central Universities, CCNU19TS017}, funding_text 1={This work was funded by the National Natural Science Foundation of China [no. 61502044 , 61402015 , 61702212 ]; the Fundamental Research Funds for the Central Universities [no. CCNU19TS017 ]; the Natural Science Foundation of Hebei Province [no. F2018408040 ]; the Natural Science Foundation of Shandong Province [no. ZR201702180067 ]; and the Hebei Education Funds for Youth Project [no. QN2018047 ].}, references={Li, Y., Dai, W., Ming, Z., Privacy protection for preventing data over-collection in smart city (2016) IEEE Trans. Comput., 65 (5), pp. 1339-1350; Gai, K., Qiu, M., Tao, L., Intrusion detection techniques for mobile cloud computing in heterogeneous 5G (2015) Secur. Commun. Netw., , n/a-n/a; Gai, K., Qiu, L., Chen, M., SA-EAST: Security-aware efficient data transmission for ITS in mobile heterogeneous cloud computing (2017) ACM Trans. Embedded Comput. 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International World Wide Web Conferences Steering Committee; Yu, S., Wang, C., Ren, K., Achieving secure, scalable, and fine-grained data access control in cloud computing (2010) INFOCOM, 2010 Proceedings IEEE, pp. 1-9. , IEEE}, correspondence_address1={Chen, J.; School of Computer Science, Central China Normal UniversityChina; email: chinkako@gmail.com}, publisher={Elsevier B.V.}, issn={0167739X}, coden={FGCSE}, language={English}, abbrev_source_title={Future Gener Comput Syst}, document_type={Article}, source={Scopus}, }