Purpose This study aims to investigate the intentions of Muslim cryptocurrency (CC) holders to fulfil their zakat obligations on digital assets, exploring the unique motivations and barriers within this emerging financial landscape. Design/methodology/approach The research uses a quantitative approach and a cross-sectional research design through online surveys, using purposive sampling to gather data from Muslim CC holders. The integrated model, known as the theory of planned behaviour and social cognitive theory (TPB-SCT) model, is used to comprehensively analyse the key factors influencing intentions to pay zakat on cryptocurrencies (CCs). Findings The study reveals that attitude towards zakat on CCs and perceived behavioural control regarding zakat on CCs have a significant and positive effect on the intention to pay. In contrast, subjective norms show no significant influence. CCs-related financial risk exerts a negative impact on intention. Moreover, CCs-related zakat knowledge and adherence to Shariah compliance are strongly associated with intention. These findings provide insights into the intricate dynamics of religious compliance within the evolving realm of digital assets. Practical implications Outcomes offer profound indications to stakeholders, including financial institutions, zakat agencies, policymakers and the community, on how to integrate zakat into this new and rapidly evolving financial paradigm like CC. Originality/value A pioneering effort was made in this study by exploring the intentions of Muslim CC holders to fulfil zakat obligations, bridging a significant gap in the existing literature. Developing and validating an integrated model of TPB-SCT in the realm of zakat on CC enriches the literature with a novel theoretical framework.
The chapter synthesizes the key insights and findings from the preceding chapters, providing a comprehensive overview of the current state and future potential of financial digital assets. This chapter reflects on the transformative impact of blockchain technology, FinTech innovations, and decentralized finance (DeFi) on the financial landscape, emphasizing their role in enhancing financial inclusion and reshaping traditional financial systems. Looking forward, the chapter explores potential future developments in the realm of financial digital assets, considering emerging trends and innovations such as artificial intelligence (AI) and quantum computing. These technologies hold the promise of further revolutionizing the financial industry by enhancing data analysis, optimizing transaction processes, and providing unprecedented computational power for complex financial models.
The chapter examines how financial technology and decentralized finance (DeFi) are transforming access to financial services, particularly for underserved populations. This chapter explores the potential of blockchain technology to enhance traditional financial services and create a foundation for decentralized business models. By leveraging a trustless and distributed infrastructure, blockchain optimizes transactional costs and enables the development of decentralized, innovative, interoperable, borderless, and transparent applications. The chapter delves into how FinTech and DeFi are lowering barriers to entry, reducing costs, and empowering users with greater financial autonomy. It highlights the role of these technologies in fostering financial inclusion by providing open access to financial services such as savings, loans, trading, and insurance. The chapter also addresses the challenges and opportunities presented by these innovations, including regulatory considerations and the need for robust security measures.
This study investigates the underlying motivations of lenders in Peer-to-Peer (P2P) lending, using the Theory of Planned Behavior as its framework. Based on qualitative interviews, findings reveal that lenders exhibit a positive attitude toward P2P lending, driven by opportunistic investment decisions, the perception of relatively low-risk investments, and the availability of disposable income. This attitude is further reinforced by the accessibility of investment-related information on digital platforms. Beyond individual motivations, social influence plays a crucial role, as family members and digital influencers significantly impact lenders' investment choices. Additionally, perceived behavioral control in digital investment environments is shaped not only by regulatory structures and platform transparency but also by decentralized information sources, investment flexibility, and experiential learning. These findings emphasize the transformative role of digital finance in shaping investor autonomy and risk perception. The study offers practical insights for P2P lending platforms to develop more effective communication and engagement strategies tailored to digitally savvy investors.
Purpose This study systematically reviews the role of decentralized finance (DeFi) in enhancing the quality, affordability, access and usage of financial services, specifically targeting underserved populations. The aim is to investigate DeFi’s potential in addressing financial exclusion and promoting global financial inclusion. Design/methodology/approach A systematic literature review was conducted, analyzing 67 peer-reviewed articles. The review focused on extracting actionable insights and recommendations regarding DeFi’s impact on financial inclusion. Findings The study reveals that DeFi, through the utilization of blockchain technology, can significantly improve accessibility, affordability and usability of financial services. By eliminating intermediaries and reducing entry barriers, DeFi platforms democratize finance and support financial inclusion on a global scale. The research identifies specific mechanisms through which DeFi can enhance financial services for marginalized communities, including decentralized lending, digital wallets and blockchain-based remittances. Research limitations/implications The study is constrained by the current literature and data availability on DeFi’s impact on financial inclusion. Future research should explore the scalability, sustainability and long-term effects of DeFi solutions in diverse contexts. Originality/value This research uniquely contributes to the literature by examining the intersection of DeFi and financial inclusion, providing innovative approaches to overcoming financial exclusion. The study highlights DeFi’s potential to transform financial services and empower underserved populations economically.
In recent times, the fusion of blockchain technology and peer-to-peer lending has emerged as a transformative force in finance. This synergy offers a decentralized and transparent alternative to conventional lending, empowering individuals and businesses to access credit directly. While promising greater inclusivity, this approach also confronts challenges like trust issues and borrower risk assessment. To confront these hurdles, this paper aims to harness blockchain and machine learning to forge a more secure and efficient peer-to-peer lending ecosystem. The paper pioneers an innovative paradigm in peer-to-peer lending, merging blockchain technology and advanced machine learning algorithms. It seeks to deploy blockchain based smart contracts to streamline lending transactions, cutting out intermediaries and bolstering security. Additionally, it aims to integrate machine learning for robust borrower authentication and risk evaluation. By leveraging extensive borrower data and historical patterns, the system intends to generate reliable credit scores, facilitating informed lending decisions and risk mitigation.
The fintech industry is experiencing rapid transformation driven by technological advancements, regulatory changes, and evolving consumer preferences. Emerging trends such as blockchain, artificial intelligence (AI), decentralized finance (DeFi), and embedded finance are reshaping financial services. These innovations are enhancing efficiency, improving financial inclusion, and disrupting traditional banking models. In India, fintech has gained significant traction due to increasing smartphone penetration and digital payment adoption. However, challenges such as cybersecurity threats, regulatory compliance, and financial literacy persist. This study examines emerging fintech trends, their impact on the Indian and global economy, and the sustainability and social implications of these advancements. Secondary data from industry reports, scholarly articles, and regulatory bodies are analyzed to understand fintech's evolving landscape. The study provides insights into both the positive and negative aspects of fintech adoption and suggests strategies for sustainable growth.
Abstract Fintech is financial technology it refers to the integration of technology into financial service to improve the efficiency, accessibility and security. fintech innovation leverage advancements in artificial intelligent (AI), block chain system, cloud mapping, digital payment, regulatory technology (Regtech), and big data to transform traditional financial processes. Fintech is emerging concepts in financial industry In this research paper we aim to focus on opportunities and challenges in Fintech it explain the evolution of the Fintech Industry and present financial technology in Indian finance sector. It provides alternative solutions for Banking and Non-Banking finance services. the benefits of Fintech service India fastest growing in the world it provide digitization transaction and more secure for the user and this services are going to change the habits and behavior of the Indian finance sector Fintech enhances financial inclusion by offering services to underbanked populations while reducing costs and increasing transaction speed. The future of Fintech is shaped by trends like decentralized finance (DeFi), embedded finance and AI-driven financial solutions, promising a more efficient and accessible global financial ecosystem.
Open access
2 source records
FinTech, Crowdfunding, Digital Finance
Innovations and Analysis in Business and Education
The rapid development of financial technology, or Fintech, has changed the delivery modes of financial services and ensured greater access to finance for the underserved and unserved. In this context, financial inclusion is a transformative agenda in bridging the gap between income disparities through accessible and affordable financial solutions. This chapter develops the critical juncture of digital competence with Fintech by providing analysis to how contactless payment technology, digital identification technology, and distributed ledger technology promotes greater public service. Discourses on new products, innovation, and services involving finance and financial services inclusion together with an overview on key skills and competencies from public officials that go through the effective implementation process using these technologies are put to discussion. It creates actionable knowledge about integrating Fintech into public service frameworks toward an inclusive vision of how everyone will benefit from finance in the future.
The paper aims to explore the potential of Blockchain in disbursement of the Credit Guarantee Scheme loans to the Women Entepreneurs in order to promote gender equality leading to the achievement of the UN Sustainable Development Goals 2030. Moreover, it also attempts to study the relationship between Blockchain, Artificial Intelligence and financial inclusion with special reference to the Women Entrepreneurship in the MSMEs (Micro, Small and Medium Enterprises) in the context of India. It examines the potential of blockchain technology in providing Credit Guarantee Schemes tailored specifically for the Women Entrepreneurs in India. By addressing traditional barriers to the credit, this paper proposes the role of DAOs i.e. Decentralized Autonomous Organizations that enhances ease and transparency in the credit disbursement, reducing risk for lenders, and opens up for new and multiple avenues for female - led businesses. Furthermore, this study synthesizes current literature to offer insights into blockchain's role in fostering inclusive financial environment using the Bibliometric Analysis. This qualitative research work fits with a key gap in the existing research by the key challenges in the Blockchain adoption for the disbursement of the Credit Guarantee Scheme for the women entrepreneurs in the MSMEs by developing a valuable framework to model this important topic. To the best of my knowledge this is the first paper to address these financial concerns of women entrepreneurs in the MSME arena with the usage of Blockchain technology.
Ni Gusti Ayu Pitria, Winola Wijayanti, Grace T. Pontoh, Aini Indrijawati
This research aims to conduct a comparative study between the peer-to-peer lending system and the traditional loan model. The method used is a systematic literature review study of 61 relevant scientific papers published between 2015 and 2024. The parameters analyzed include the provision of access to finance, transaction costs, the speed of the lending process, as well as the level of transparency and consumer protection. The results show that the peer-to-peer lending system has advantages in terms of providing easier and faster access to financing for individuals and small businesses because it uses a simple and uncomplicated digitization process. This model is also able to reduce transaction costs and speed up the process through the application of blockchain technology that streamlines the flow of transactions. The study also found that blockchain technology supporting peer-to-peer lending plays an important role in increasing the transparency of transactions through decentralized digital records that cannot be manipulated. However, the challenges of immature financial regulations and rapidly evolving cybersecurity risks still need to be addressed to support the wider adoption of peer-to-peer lending as a new alternative in the financial services industry. Therefore, further research is needed to find solutions to these barriers so that peer-to-peer lending can be optimally utilized as an inclusive future financial solution.
This article presents a comprehensive investigation of tokenized Sukuk (Islamic bonds), demonstrating that blockchain technology and smart contracts have significantly positively impacted Islamic finance. Our findings discuss smart securities globally, key Sharia-related jurisprudential matters, international cases of blockchain-based or smart Sukuk implementations, examining how each case addresses critical issues in conventional Islamic financing and interview analysis. Background: Exploration of the current role of blockchain implementation in Islamic finance. Objectives: The primary objective of this article is to examine how the use of smart contracts, particularly smart Sukuk, has enhanced Islamic finance. Methods/Approach: This article employs a descriptive analytical method to discuss how smart contracts improve Islamic finance through the issuance of smart Sukuk. We utilized secondary data collected from existing literature on the evolving field of smart Sukuk, including scientific papers, professional reports, and company websites. Additionally, we conducted interviews with the CEOs of two firms, Blossom Finance and Finterra, which have integrated smart contracts into Islamic finance. Eventually qualitative analysis techniques employed by using Atlas.ti software and generate a word cloud to provide a concise overview of interviewees’ primary concerns and interests. Results: Our results are presented in four sections. First, we provide an overview of the implementation of smart securities worldwide. Next, we discuss key jurisprudential matters regarding the introduction of blockchain and smart contracts in Islamic fintech. Besides, we offer a comprehensive review of cases where blockchain and smart Sukuk have been implemented in Islamic finance, highlighting the problems addressed and the enhancements made in each case. Finally, we analyze the visual representation derived from interviews with ATLAS.ti software in the form of a word cloud. Conclusions: This article investigates how international, real-world, and innovative examples of blockchain and smart contract implementations have improved and enhanced Islamic financing processes. Overall, the advantages of using blockchain and smart Sukuk in these examples include streamlining Islamic financing processes, facilitating social financing, reducing poverty, enhancing Sukuk issuance by the banking sector, and enabling pre-purchasing and easier trading of Sukuk in secondary markets. These promising examples illustrate the significant potential of this innovative approach, which can benefit researchers and practitioners in Islamic finance. Ultimately the interviews highlighted the critical role of blockchain reinforcing the findings from the case studies.
This paper provides a brief overview of the ongoing financial revolution, which extends beyond the emergence of cryptocurrencies as a digital medium of exchange. At its core, this revolution is driven by a paradigm shift rooted in the technological advancements of blockchain and the foundational principles of Islamic economics. Together, these elements offer a transformative framework that challenges traditional financial systems, emphasizing transparency, equity, and decentralized governance. The paper highlights the implications of this shift and its potential to reshape the global economic landscape.
The rapid development of fintech over the past decade has dramatically changed global financial markets and profoundly influenced investor behavior. This paper examines the impact of fintech innovation, particularly robo-advisors, blockchain technology, and social trading platforms, on investor behavior through the lens of behavioral finance. By reviewing the existing literature, this paper explores how these techniques affect decision-making processes, market efficiency, and investor biases such as overconfidence, loss aversion, and herding behavior. The study found that through algorithms and automated investment management, robo-advisors can mitigate certain behavioral biases, but can also introduce new challenges, such as over-dependence. The inherently volatile and decentralized nature of blockchain technology and cryptocurrencies magnifies speculation and introduces new biases. Social trading platforms, while democratizing access to financial markets, have exacerbated herding behavior and short-term speculation. The study identifies gaps in current research, including the need for long-term impact studies and ethical considerations, and suggests directions for future research, such as exploring new behavioral biases and improving regulatory frameworks. Overall, fintech innovation offers great potential for improving market efficiency and financial inclusion, but it also presents new challenges that require ongoing investigation and adaptation strategies.
Guzel S. Rakhimova, Anastasia A. Baboshkina, Ernest R. Usmanov
The expansion of digital infrastructure in the financial sector is transforming traditional lending mechanisms, creating new channels for access to borrowed capital and reshaping the interaction between borrowers and lenders. The article analyzes the impact of digital financial instruments on credit accessibility parameters, including reduced transaction costs, accelerated creditworthiness assessments, and individualized financing conditions. It describes key technological solutions shaping new lending models: digital scoring, credit marketplaces, automated lending platforms, open banking systems, and distributed ledger technologies. The study also explores institutional and infrastructure limitations of digitalization and identifies risks associated with algorithmic borrower assessments. Special attention is given to the specifics of digital lending in the SME and household segments in Russia.
The rapid evolution of financial technology (FinTech) has significantly transformed the structure and function of financial intermediation, reshaping how financial services are delivered, accessed, and regulated. This systematic review examines the FinTech revolution and its implications for the future of financial intermediation by synthesizing findings from recent scholarly literature, industry reports, and policy analyses. The study explores key dimensions of FinTech innovation, including digital lending platforms, peer-to-peer (P2P) lending, blockchain-based financial services, robo-advisory systems, mobile payments, and decentralized finance (DeFi). Findings indicate that FinTech has enhanced efficiency, reduced transaction costs, improved financial inclusion, and increased competition within the financial sector by disintermediating traditional financial institutions in several service areas. However, the review also identifies persistent challenges, including regulatory uncertainty, cybersecurity risks, data privacy concerns, and systemic vulnerabilities associated with digital financial ecosystems. The analysis further highlights a gradual shift from traditional bank-centered intermediation toward hybrid financial ecosystems characterized by collaboration between banks, FinTech firms, and BigTech companies. The study concludes that while FinTech is redefining the role of financial intermediaries, it is unlikely to eliminate them entirely; rather, it is driving their transformation into more technology-enabled, platform-based entities. The review contributes to ongoing debates on financial innovation by providing an integrated understanding of emerging trends and their implications for policy, regulation, and financial stability.
U Parthiban, Vandhana Devi Pannerselvam, Ashok Murugesan, Kumar Ramasamy
Women still face persistent financial inclusion, employment verification, and wage transparency issues to their economic empowerment.Conventional hiring and financial systems impose disproportionate limitations on women to access credit and fair wages.ShePowerChain is a blockchain platform that aims to address these problems with decentralized finance, smart contracts, and verifiable credentials.ShePowerChain's secure, transparent, and automated transactions not only streamline processes but, depending on modeled scenarios, help reduce wage payment delays by 25% and increase women-led microloan access by 40%.By enabling secure, transparent, and automated transactions, ShePowerChain disintermediates, enhances job verification, and enforces wage fairness.The platform uses zero-knowledge proofs for privacy, multi-factor authentication for security, and Layer 2 scaling solutions for efficiency.While the results were from simulations and comparisons, they were not due to full real world usage.Comparative studies point to its potential to improve financial access, close wage gaps, and establish trust in hiring processes.The design also considers a serious ethical risk of excluding women who have low digital literacy, suggesting digital skills training, and adaptive strategies for community.Despite obstacles related to regulatory implications, and lack of digital literacy, blockchain provides an opportunity to facilitate and scale sustainable solutions to gender inclusive economic empowerment.