в то время как искусственный интеллект готов изменить то, как мы живем, учимся и работаем, слияние технологий искусственного интеллекта и блокчейна изменит глобальную финансовую экосистему. DeFi продолжает разрушать традиционные финансы, он предоставляет огромные возможности для финансовой доступности и инноваций. Однако для устойчивого роста необходимо решать проблемы, связанные с регулированием, безопасностью и масштабируемостью. Оставаясь в курсе последних тенденций и активно участвуя в экосистеме DeFi, частные лица и организации могут внести свой вклад в формирование будущего финансов. Финансовая индустрия изучает возможность его использования для замены дорогостоящих и неэффективных платежных систем, а также может трансформировать цепочки поставок в сочетании с Интернетом вещей и искусственным интеллектом. Кроме того, блокчейн может облегчить практическое использование смарт-контрактов и цифровых удостоверений. Тем не менее, все еще остаются вопросы, связанные с оптимальным использованием технологии, ее воздействием на окружающую среду и управлением. while artificial intelligence is poised to change the way we live, study and work, the fusion of artificial intelligence and blockchain technologies will transform the global financial ecosystem. DeFi continues to disrupt traditional finance, it provides huge opportunities for financial inclusion and innovation. However, for sustainable growth, regulatory, security, and scalability issues must be addressed. By staying up to date with the latest trends and actively participating in the DeFi ecosystem, individuals and organizations can contribute to shaping the future of finance. The financial industry is exploring the possibility of using it to replace expensive and inefficient payment systems, and it can also transform supply chains in combination with the Internet of Things and artificial intelligence. In addition, blockchain can facilitate the practical use of smart contracts and digital identities. Nevertheless, there are still issues related to the optimal use of technology, its environmental impact and management.
Financial technology (Fintech) is revolutionizing commerce and reshaping the financial services industry through technological advancements, innovative business models, and collaborative ecosystems. This abstract provides an in-depth overview of the impact of Fintech on various aspects of commerce, including traditional banking, wealth management, e-commerce, supply chain finance, regulatory environment, and the role of startups and innovation hubs. Drawing insights from a comprehensive analysis of existing literature and research findings, this abstract explores the transformative potential of Fintech and outlines key implications and future directions for the industry. Evolution of Fintech has been propelled by advancements in technologies such as blockchain, artificial intelligence (AI), and machine learning (ML). These technologies enable decentralized and transparent transactional capabilities, data-driven insights, and automation, driving efficiency and innovation across the financial services landscape. In particular, the integration of Fintech in traditional banking has led to the rise of digital banking platforms, mobile payment solutions, and peer-to-peer lending networks, challenging traditional banking practices and enhancing customer experiences. Furthermore, automated wealth management platforms and robo-advisors are democratizing access to investment services, offering individualized investment advice, and reshaping wealth management strategies. The integration of Fintech in e-commerce and supply chain finance is enhancing efficiency, transparency, and security in online transactions, benefiting both merchants and consumers. Digital wallets, payment gateways, and blockchain applications are streamlining payment processing and optimizing cash flow across the supply chain ecosystem. While Fintech presents significant opportunities for innovation and growth, it also poses regulatory challenges and considerations. The regulatory environment surrounding Fintech is complex and multifaceted, requiring a balance between promoting innovation and ensuring consumer protection, market integrity, and financial stability. Collaboration between startups, established institutions, and regulatory authorities is essential for navigating regulatory complexities and fostering a conducive environment for Fintech growth. Startups and innovation hubs play a crucial role in driving Fintech innovation and entrepreneurship, providing support infrastructure, mentorship, and access to capital. These stakeholders foster collaboration, experimentation, and knowledge exchange, accelerating industry transformation and driving economic development. Moreover, collaboration between traditional financial institutions and Fintech startups is essential for driving innovation and expanding access to financial services.
Chetan Kumar, Manish Krishna Kandrakota, Y L N Swamy Pallerla, Anjan Saketh Saripalli · 5 authors
Crowdfunding is an online fundraising method originally designed for the public to donate money to support the work of creative people. Crowdfunding uses blockchain technology to provide smart contracts to users. This enables to deliver public services in a safe, transparent and secure way. The mission of this project is to provide an interactive model for performing arts and donations. Both campaign sponsors and donors can create and support campaigns by viewing or submitting approval requests and completing requests through the system. Donors can also see the progress of the money they donate. All transactions will be recorded on the blockchain and stored in blocks. The use of smart contracts in blockchain is very interesting. Without the help of a trusted third party, blockchain-based agreements must be negotiated, executed, and implemented between untrusted participants. It is important to create all the code that will run on the blockchain. Blockchain was first used as the basis for cryptocurrencies but has spread to many other industries in recent years. Blockchain is expected to become the most widely used technology as a green way of doing business online. The biggest problem in today's global economy is that competition is not tightly controlled and some financial reports turn out to be lies. Leveraging the Ethereum smart contract in the field of crowdfunding, this project aims to reduce these concerns, eliminate fraud and allow contracts to be executed completely mechanically by ensuring that the initiative continues within a certain period of time.
The emergence of financial technology (Fintech) has revolutionized the global financial landscape, offering innovative solutions that challenge traditional banking systems and investment practices. This review explores the intersection of Fintech, taxation, and regulatory compliance, highlighting the complexities and opportunities within this dynamic ecosystem. Fintech encompasses a wide range of technologies, including blockchain, artificial intelligence, and mobile payment systems, which have streamlined financial services and expanded access to capital markets. However, this rapid evolution poses significant challenges for taxation and regulatory frameworks. Traditional tax laws struggle to keep pace with the speed and complexity of digital transactions, leading to uncertainties in tax treatment and enforcement. Navigating the tax implications of Fintech requires a nuanced understanding of digital assets, decentralized finance (DeFi) platforms, and cross-border transactions. Tax authorities worldwide are grappling with these challenges, seeking to balance innovation and compliance while ensuring a fair and transparent tax regime. The review examines various approaches adopted by governments and regulatory bodies to address Fintech taxation, including legislative reforms, international cooperation, and the use of advanced data analytics. Furthermore, regulatory compliance remains a critical concern for Fintech firms, as they must navigate a labyrinth of rules and standards across jurisdictions. Compliance requirements vary widely, ranging from anti-money laundering (AML) regulations to data protection laws, presenting operational and legal challenges for market participants. The review discusses strategies for achieving regulatory compliance in the Fintech sector, emphasizing the importance of proactive risk management, regulatory engagement, and technological solutions such as RegTech. Despite these challenges, the convergence of Fintech, taxation, and regulatory compliance offers immense opportunities for innovation and growth. By embracing digital transformation and adopting agile regulatory frameworks, governments and businesses can unlock the full potential of Fintech while safeguarding financial stability and integrity. This review provides insights into the evolving landscape of Fintech taxation and regulatory compliance, highlighting key trends, challenges, and best practices for navigating this new frontier in finance. Keywords: Fintech, Taxation, Financial, Technology, Review.
Purpose This study aims to investigate the connections between the adoption of technology, user experience (UX), financial transparency and accountability, specifically focusing on the moderating influence of cultural sensitivity in the Jordanian context. Design/methodology/approach This study gathered data from 272 participants who are working in the operational Islamic banks in Jordan. Partial least squares structural equation modeling (PLS-SEM) is used for the hypotheses testing. Findings The results indicate that cultural sensitivity plays a significant role in shaping the UX, consequently influencing perceptions of financial transparency and accountability in e-Islamic finance within the metaverse. This study underscores the intricate interplay between technological advancements, adherence to Sharia principles and diverse cultural expectations, forming the crux of the research. Originality/value This research brings a novel perspective by examining the complex connections among technology adoption, UX, financial transparency and accountability, specifically within the distinctive context of Jordan. This research study innovates by checking out how social sensitivity moderates these partnerships, specifically in the context of e-Islamic finance in the metaverse. It adds value to the academic area by shedding light on the intricate interaction between technological development, adherence to Sharia concepts and differing cultural expectations. Ultimately, this adds to a much deeper understanding of the multifaceted nature of this domain.
Financial inclusion, the universal access to affordable financial services, has emerged as a critical component for fostering economic development, especially in emerging markets. This study presents a comprehensive review of trends in financial inclusion through technology, focusing on its transformative impact in emerging markets. In recent years, technological advancements have paved the way for innovative financial solutions, breaking down traditional barriers to access and bridging gaps in financial services. Mobile banking, digital wallets, and blockchain technologies have become instrumental tools in extending financial services to previously underserved populations. This review delves into the key trends shaping the landscape of financial inclusion in emerging markets, highlighting the role of technology as an enabler. The rise of mobile banking has been a game-changer, allowing individuals with limited access to traditional banking infrastructure to conduct financial transactions seamlessly. Digital wallets have gained prominence, offering a secure and convenient means for users to store, transfer, and receive money. Blockchain technology, with its decentralized and transparent nature, has facilitated the development of innovative financial products like cryptocurrencies, providing alternative avenues for financial inclusion. However, challenges persist, including concerns related to data security, regulatory frameworks, and the digital literacy of users. The review critically examines these challenges and explores potential solutions to ensure the sustainable growth of financial inclusion initiatives in emerging markets. Moreover, the COVID-19 pandemic has underscored the importance of resilient and accessible financial systems. The review assesses the pandemic's impact on financial inclusion trends, highlighting both the vulnerabilities exposed and the opportunities for further integration of technology in addressing economic shocks. This review contributes to the evolving discourse on financial inclusion through technology in emerging markets. By identifying trends, challenges, and opportunities, it offers valuable insights for policymakers, financial institutions, and technology innovators seeking to drive inclusive economic growth through technological interventions. Keywords: Finance, Technology, Emerging Markets, Financial Inclusion, Review.
Puteri Aina Megat, Fahd Al-Shaghdari, Besar Bin Ngah, Sami Samir Abdelfattah
Purpose The purpose of this study is to investigate the adoption of waqf technology (Waqftech) using blockchain smart contracts for corporate waqf crowdfunding. Despite the growing interest in Waqftech, Malaysian enterprises have not fully embraced this emerging technology because of uncertainty regarding the benefits it offers to contributors. The research incorporates two theoretical frameworks: the electronic data interchange (EDI) model for firms’ technology adoption, and the triple bottom line theory (TBL) for corporate social responsibility. Design/methodology/approach A quantitative method using a cross-sectional survey design with a five-point Likert scale questionnaire was used. Data was collected from 210 decision-makers representing small and medium-sized enterprises and analyzed using partial least squares-structural equation modeling. Findings The findings from this research suggest that Malaysian enterprises are influenced by both corporate and social predictive benefits when using blockchain crowdfunding, but not by environmental benefits. The adoption of blockchain smart contracts does not correlate with predictive environmental benefits because of misconceptions about the disruptive technology’s impact on biological and digital environmental preservation. Research limitations/implications This research focuses on organizational behavior rather than individual users of waqf crowdfunding, and it is limited, primarily focusing within Malaysia and regions with similar waqf structures. Practical implications The Waqftech framework allows innovative mechanisms for executing corporate waqf investment returns to the intended beneficiaries through the smart contracts’ platform. In addition, this study supports relevant corporate social responsibility and creating shared value technology adoption theories, including EDI and TBL. Aside from this, the study provides empirical implications for waqf management using fintech platforms. Originality/value This groundbreaking study focuses on creating a Waqftech model for corporate waqf crowdfunding. The results of this study are important for the development of government policies that support the use of Waqftech in charitable fundraising. More research on biological and digital environmental perspectives is proposed to foster investors’ confidence in the visibility of digital tracking and lead to swift investments in future metaverse fundraising platforms.
Financial Technology, aka FinTech, has greatly facilitated the rapid development of the banking sector, forging new paths for traditional financial service provision and forging new environments for innovation and efficiency. In the review, we explore how FinTech is impacting banking in multiple ways, including areas of adoption fueled by consumer demand for simple digital experiences and the use of cutting-edge technologies like artificial intelligence and blockchain. The growing trends of decentralized finance (DeFi) and quantum computing, promise more autonomous, efficient financial processes, and create a challenge for the traditional banking models. Sustainable products gained importance in light of growing demands from society, which calls for the use of environmentally friendly finances by banks and FinTech tools. Governments and regulatory bodies play a major role in guiding the ever-changing landscape by helping to lay down guidelines that promote innovation while protecting consumers and financial stability. Additional hallmark initiatives to promote financial inclusion for underserved populations reinforce the importance of cooperation (consortium) between regulators and industry stakeholders. Overall, FinTech integration into banking improves the customer experience, and efficiency in general, and strengthens a more equal financial ecosystem. The review points to an obvious need for traditional banks to embrace innovation and adapt to the dynamics of challenges and opportunities in the FinTech revolution.
Fintech, or financial technology, has been upending traditional banking and financial services in recent years with innovations like crowdfunding, robo-advisors, peer-to-peer lending, mobile payments, and more. The present study investigates investor attitudes and perspectives of the key factors that will shape the future of fintech, as the industry continues to grow quickly. We analyse the views of 300 individual and institutional investors on new fintech sectors, including reteach,Insurtech, artificial intelligence/machine learning applications, blockchain, cryptocurrencies, and decentralized financing (DeFi).The results show investors' degrees of experience, perceptions of opportunities and hazards, and plans to allocate more funds to fintech investments in the upcoming years.Investor opinion regarding fintech is influenced by a number of important issues, including regulatory uncertainty, data security and privacy concerns, and the possibility of fintech advancing financial inclusion. Investors are generally cautiously optimistic about fintech's long-term prospects, but they are also concerned about how quickly technology is changing relative to regulation. The study offers financial service providers and fintech companies’ valuable perspectives on how to successfully draw in and interact with investors in this ever-changing environment.
FinTech has successfully challenged the established finance landscape and diversified its entry into socio-economic and sustainable platforms. On the contrary, it poses significant security, legislative, and law enforcement issues and may amplify the potential for fierce rivalry in the financial system. This study has identified four broader applications of FinTech that drive widespread FinTech adoption: banking, financial inclusion, regulation, and sustainability. The paperhas discussed the multifaceted impact of FinTech, analyzed current technologies, and trends shaping FinTech and examined the policy implications in each of the keyareas. We explored research articles and employed a narrative perspective. FinTech has broken down barriers for marginalized, unbanked populations through more accessible digital credit and leveraged the technological infrastructure for a smooth transition to a low-carbon economy. Adopting innovative technologies such as crowdfunding, big data analytics, blockchain, and artificial intelligence have established strategic decentralization and sped up ecological transition. However, since unregulated FinTech use can worsen existing financial problems and create more information asymmetry, establishing a regulatory framework with proper supervision that prioritizes client interests, data privacy, and risk management is crucial. As more and more financial institutions embrace the digital revolution, we anticipate a lot of positive outcomes, such as balanced regulation, an improved sustainable financing environment, and greater access to financial services for everyone.
This study investigates the factors influencing the adoption of financial technology (FinTech) and decentralized finance (DeFi) among small and medium-sized enterprises (SMEs) in Morocco. The research aims to shed light on the current landscape of digital financial services and explore the potential for DeFi implementation in the Moroccan context. Using a quantitative research method, data was gathered through self-administered questionnaires distributed to SMEs in Morocco. The Diffusion of Innovation Theory serves as the theoretical framework to understand the factors driving FinTech and DeFi adoption. The results reveal a strong and positive correlation between “Relative Advantage” and “Adoption” (0.323), indicating that SMEs perceive FinTech and DeFi as beneficial and advantageous for their businesses. Additionally, a positive correlation is found between “Trial Ability” and “Adoption” (0.277), suggesting that SMEs’ ability to experiment with these technologies influences their adoption behavior. Furthermore, a weaker positive correlation is observed between “Compatibility” and “Adoption” (0.152), implying that the alignment of FinTech and DeFi with existing practices and systems plays a role in their adoption. Regarding DeFi implementation, the study finds that 64% of Moroccan SMEs maintain a neutral stance, while 5% express serious concerns about its future in the Moroccan financial landscape. This finding highlights the need for further education and awareness-raising efforts to foster a more positive perception of DeFi among SMEs. This research contributes to the existing body of knowledge by providing empirical evidence of the factors influencing FinTech and DeFi adoption among SMEs in Morocco. The findings offer valuable insights for policymakers, financial institutions, and technology providers in designing strategies to promote the adoption of these technologies and enhance financial inclusion in Morocco.
DeFi is a new concept that disrupts the conventional finance industry by employing blockchain and decentralized structures. This critical evaluation aims to discuss how DeFi can disrupt the banking system and provide more transparency, efficiency, and inclusion. Based on the literature review of the works of leading scholars and the DeFi platform case analysis, the study reveals that DeFi has certain benefits compared to traditional financial systems, including lower fees for transactions and a more open financial system for the population. Nevertheless, the research also identifies some threats that may impact the adoption of DeFi including regulatory challenges and security threats. The study shows that despite the fact that DeFi is capable of revolutionizing the financial services industry, it will have to coexist with the traditional banking sector and one has to look at the regulatory and security issues. As shown above, there are several problems that deserve more attention and only more research and collaboration between various stakeholders will allow to unleash the full potential of DeFi. This paper helps to enrich the knowledge about DeFi and its role in the new financial paradigm and gives some ideas about the future of financial industry.
DeFi, a blockchain-based innovation, eliminates traditional financial intermediaries, offering direct peer-to-peer financial transactions and access to a wide array of financial services including lending, borrowing, insurance, and investment opportunities. This paper delves into how DeFi democratizes access to financial resources, particularly for the underserved and unbanked populations worldwide, by reducing transaction costs, enhancing transparency, and providing secure and equitable access to financial services. Through a citizen-centric lens, this article contributes to the ongoing dialogue on leveraging DeFi for global financial inclusion, suggesting pathways for integrating DeFi into the broader financial ecosystem in a manner that maximizes its inclusivity and benefits for all citizens.
Financial technology and continuous digital growth are having an influence on financial inclusion which has significant ramifications for the faith-based financial paradigm. The objective of this research is to investigate the relationships and effects of financial technologies in Islamic financing inside financial institutions within the framework of digital transformation and blockchain technology. The use of these advancements will significantly affect Sharia-compliant Islamic finance. This paper critically investigates the historical and current implications of Financial Technologies, financial inclusion, and Blockchain in Islamic Finance worldwide with a focus on banking, investing, and compliance with regulations. Using a comprehensive review of the literature, indexing journals, and empirical case studies, this research seeks to provide significant new insights on the development and status of several areas within the Islamic financial industry. In order to make Sharia compatible, it also examines how digitalization has altered the landscape. Furthermore, before they can considerably promote financial inclusion in many countries, the Islamic financial services industry and the junction of technology and Islamic finance still have a ways to go due to the scale necessary. The study's findings may serve as a guide for financial institutions, decision-makers, and other interested parties in order to maximise the potential of blockchain technology and other financial innovations in Islamic finance across a range of Islamic nations. Long-term, equitable economic growth will result from this.
ABSTRACT Indigenous peoples often invest in cryptocurrencies and non-fungible tokens (NFTs) despite limited research in this area. We undertook this research to identify the demographics of Indigenous Australians who own cryptocurrencies and/or NFTs and to understand the challenges and opportunities faced. In this paper, we provide an overview of how alternative finance is reportedly used in Indigenous communities globally. Next, we focus on 62 Indigenous Australians who own cryptocurrencies and/or NFTs and participated in our online survey. We found Indigenous Australians who had university degrees, worked full-time, and owned a home had significantly higher levels of NFT ownership. The reported challenges were mostly related to storage, and the opportunities were connected to the potential for cryptocurrencies and/or NFTs as a long-term investment. Implications from this research include a continued need for financial planners to offer advice in this area, as schools were the last place Indigenous Australians learned about these alternative financial products.