Fintech & Risks. A Bibliometric Analysis

Fintech is a portmanteau of financial technology that describes an emerging financial services sector in the 21st century. Originally, the term applied to technology applied to the back-end of established consumer and trade financial institutions. Since the end of the first decade of the 21st century, the term has expanded to include any technological innovation in the financial sector, including innovations in financial literacy and education, retail banking, investment and even crypto-currencies like bitcoin . The term financial technology can apply to any innovation in how people transact business, from the invention of digital money to double-entry bookkeeping. Since the internet revolution and the mobile internet revolution, however, financial technology has grown explosively, and fintech, which originally referred to computer technology applied to the back office of banks or trading firms, now describes a broad variety of technological interventions into personal and commercial finance. As one of a variety of business type in Indonesia , UMKM ( Usaha Mikro, Kecil dan Menengah) as an Indonesian Micro Small and Medium Enterprises (MSMEs) can take involve to overcome their weakness of capital and financing . They can growth well without any obstacles how to find the loan not only from the banks but also it comes also from the other party such like financial technology concept as an alternatives for financing with easily procedures, no collateral and not taking time. At the last, three parties who involved in financial technology such as Investor , financial technologi provider and small business enterprises or Usaha Mikro, Kecil dan Menengah can make some advantageuos for their business growing.

Strengthening the combination of science and technology finance is an important means to implement innovation driven development strategy.Since 2011, the Ministry of science and technology in conjunction with the eight ministries, the Ministry of finance, people's Bank of China and other selected 16 Beijing Zhongguancun, Chengdu hi tech Zone, Shanghai, Wuhan and other areas, to actively promote the combination of technology and finance pilot work, explore the new mechanism of scientific and technological resources and financial resources docking, and made significant progress.This paper attempts to sum up the experience of the pilot areas of scientific and technological financial innovation, in order to provide a good reference for the further development of Inner Mongolia's science and technology finance.

Problem setting. Artificial intelligence is rapidly affecting the financial sector with countless potential benefits in terms of improving financial services and compliance. In the financial sector, artificial intelligence algorithms are already trusted to account for transactions, detect fraudulent schemes, assess customer creditworthiness, resource planning and reporting. But the introduction of such technologies entails new risks. Analysis of resent researches and publications. The following scientists were engaged in research of the specified question: D.W. Arner, J. Barberis, R.P. Buckley, Jon Truby, Rafael Brown, Andrew Dahdal, O. A. Baranov, O. V. Vinnyk, I. V. Yakovyuk, A. P. Voloshin, A. O. Shovkun, N.B. Patsuriia. Target of research. The aim of the article is to identify key strategic issues in developing mechanisms to ensure the effective implementation and use of artificial intelligence in the financial services market. Article’s main body. The paper investigates an important scientific and practical problem of legal regulation of artificial intelligence used by financial services market participants. The legal risks associated with the use of artificial intelligence programs in a particular area are considered. The most pressing risks to address targeted AI regulation are fundamental rights, data confidentiality, security and effective performance, and accountability. This article argues that the best way to encourage a sustainable future in AI innovation in the financial sector is to support a proactive regulatory approach prior to any financial harm occurring. This article argues that it would be optimal for policymakers to intervene early with targeted, proactive but balanced regulatory approaches to AI technology in the financial sector that are consistent with emerging internationally accepted principles on AI governance. Conclusions and prospects for the development. The adoption of rational regulations that encourage innovation whilst ensuring adherence to international principles will significantly reduce the likelihood that AI-related risks will develop into systemic problems. Leaving the financial sector only with voluntary codes of practice may encourage experimentation that in turn may result in innovative benefits – but it will definitely render customers vulnerable, institutions exposed and the entire financial system weakened.

In the article the direction of movement of financial resources in financialisation of modern economies. The system objects impact assessment imbalances movement of financial resources in the economy in terms of the prevalence of the financial sector over the real (social development, economic development, price indices of commodity markets, the stability of the financial sector, the convergence of the financial and real sectors, investment resources). Followed interconnection facilities imbalances traffic impact assessment in terms of financial resources financialisation of the economy with elements of classical model kruhopotokiv (households, firms, market factors of production, goods market, the financial market). Required systematized and auxiliary (optional) indicators to assess the extent imbalances movement of financial resources in terms of financialisation of the economy. The general structure of the integral index of evaluation of imbalances movement of financial resources in financialisation of the economy. Built integral index of financial development (based on use of methods of multivariate statistical analysis). The system of indicators characterizing objects evaluating imbalances movement of financial resources in terms of prevalence of the financial sector over the real economy. Thesis there is determined the components of the conceptual principles of research imbalances movement of financial resources in the economy in terms of its financialisation

КОНКУРЕНТОСПРОМОЖНІСТЬ БАНКІВСЬКОГО СЕКТОРУ УКРАЇНИ: СУТНІСТЬ ТА МЕХАНІЗМ ФОРМУВАННЯ

The financial sector is gaining growing attention in the economic literature about innovation. However, its centrality in the innovative process, though formally stated, has been then neglected by much of the literature. The present work aims at presenting the most important theoretical and empirical contributions to the analysis of innovation in the financial sector on the background of the dispute between the neoclassical view and the evolutionary approach. After providing a definition of financial innovation and a brief overview over the dispute between the neoclassical and the evolutionary approach the paper examines some possible explanations for the lack of literature in the field and presents the Industrial Organization approach as the richest source of studies about financial innovation. However, this approach doesn't seem to be the most promising for future research, due to some limits highlighted in the paper. The paper then taxonomizes the functions of new financial products, presents the scientific works that deepen each of the described function and reviews latest contributions to the analysis of innovation in the financial sector are presented. Finally some possible developments are suggested, identifying the evolutionary approach as more promising for future research.

The structural and technological change in the UK financial services sector is creating a need for a strategic approach to IT‐based innovation. The conventional model of innovation, with its emphasis on the sequential development of discrete inventions or product ideas, appears to be an inadequate analysis of strategic innovations in this sector. A case study of the Bank of Scotland's management of IT indicates that the development of specialist, technical forms of expertise may pose a particular problem for the management of innovation—leading to narrowly bounded decision‐making perspectives which neglect the strategic and competitive dimensions of IT. Positive leadership and structural change proved to be pre‐conditions for the recognition and implementation of the strategic opportunities created by IT.

Innovation processes in services remain under-researched, but recently large-scale surveys have been conducted which allow for a more systematic appraisal of the level and scope of innovation in services. To date, much of the literature on innovation in services focuses on the adoption and use of information and communication technologies (ICTs). Innovation in services, and services innovation, should, however, be understood in broader terms, and this understanding should extend to non-technological innovation. This paper presents evidence from a recent large-scale survey of innovation amongst German commercial service firms. It shows that services are much more active with respect to innovation than is widely thought. They are innovative in terms of being producers of service and process innovations. From our broader perspective, we examine the pattern of innovation as it relates to the standardisation-particularisation of service products, across a range of service sectors and across firms of various sizes. The production of bespoke or customised services shaped by client inputs has long been considered a defining characteristic of many services, and one that has affected their innovation potential. The present analysis reveals a pattern of diversity in behaviour, which reflects the diversity amongst service firms, and demonstrates the need for more subtle and differentiated analyses of services and services innovation.

PurposeThis paper investigates which innovation capabilities are more important for driving technological and non-technological innovations and which of the two innovation types has the greatest impact on the financial performance of manufacturing companies.Design/methodology/approachBased on a theoretical model of four innovation capabilities – two technological: Technology Development Capability and Operations Capability, and two non-technological: Management Capability and Transaction Capability – a database of 1,331 Brazilian manufacturing companies was analyzed through partial least squares structural equation modelling (PLS-SEM).FindingsThe results indicate that technological capabilities (Technology Development and Operations) have a greater impact on technological innovation. However, both technological capabilities also affect non-technological innovation, with the Technology Development Capability being the most influential in this relationship. Results also indicate that non-technological capabilities (Management and Transaction) have a greater impact on non-technological innovation. Nevertheless, both non-technological capabilities also impact technological innovation, especially the Transaction Capability, which is the most influential in this relationship. Furthermore, it was identified that non-technological innovation has a more significant impact on financial performance than technological innovation, presenting a novel finding to the field of innovation in manufacturing.Originality/valueThis manuscript refutes prior discussions and opens new possibilities for the interconnection of dynamic and ordinary innovation capabilities in two different arrangements, each aimed at improving a specific type of innovation. A theoretical framework is proposed to highlight that, depending on the innovation type focused on, ordinary innovation capabilities can be more relevant than dynamic ones for innovation in the manufacturing sector. From these theoretical advancements, practitioners can understand that investments in non-technological resources, skills and routines can also boost technological innovation, as well as sales, profit and market share growth.

Bahrain has witnessed many key developments in several sectors. The role of the national drive has contributed to economic diversification and financial thrive. Bahrain considers itself a getaway to the entire world due to its strategic location and ideal environment that attracts many startups and business entities. Recently, the government of Bahrain exhibits an outstanding potential in Artificial Intelligence (AI) and started to tap into the digital transformation era due to the Fourth Industrial Revolution (4th IR). To be aligned with the Bahrain Economic Vision 2030, the financial sector regulated by the Bahrain Central Bank (CBB) implemented several financial solutions based on innovation in technology to increase the customer experience and satisfaction which ultimately brings economic fruitful results. Moreover, Bahrain becomes the second world hub for Islamic Finance services after Malaysia with more than 25 Islamic Finance organizations. Furthermore, it undertakes major milestone to adapt the concept of artificial intelligence in the financial and banking sector and has created a competitive regional presence in Financial Technology (FinTech). This research aims to briefly define the notion of artificial intelligence (AI) and highlight Bahrain's achievements in the same field during the Fourth Industrial Revolution and how the artificial intelligence contributes to a rapid development even though it is still in its early phases. Beside this, the research presents the women empowerment in Bahrain and their active participation in all arenas particularly in the financial sector with exceptional lead in innovation. One of the advanced technologies arises in Bahrain is the (Fintech) which promotes the financial services to a superior level. Therefore, artificial intelligence investments require certain set of knowledge and skills to be obtained by the workforce that led to excellent conclusions. Based on the academic perceptions, the main probable challenges of AI are addressed. A set of recommendations are proposed to overcome the uncertainty and accomplish the planned vision 2030.KeywordsArtificial intelligenceFourth industrial revolutionDigital transformationWomen empowerment in BahrainBahrain economyFinTech21st century skillsSTEM

The financial sector plays a very significant role in triggering the economic growth of a country and also became the locomotive of growth in the real sector through capital accumulation and technological innovation. High performance financial sector will result in increased economic growth instead of economic growth is not the main cause of the improvement in the performance of the financial sector. This study aims to examine the relationship of causality between financial sector and economic growth in Indonesia, where the financial sector in the show by the monetization ratio, the ratio of loans, demand deposits and savings. By using secondary data for the period 2000-2010, This research uses the analytical framework cointegration and Vector Error Correction Model (VECM) between financial sector development and economic growth. The results showed that the financial sector indicated by the ratio of monetization, credit ratios, demand deposits and savings have no causal relationship with economic growth in Indonesia. Significant influence given variable demand deposits to economic growth. Instead of economic growth significantly affect the monetization and savings.

The changes and evolution of the international and domestic financial-banking system, in the context of globalization, after the financial crisis of 2008, determined the emergence of global, virtual banks, megabanks, financial groups that use disruptive technologies and technological innovations. The first FinTech Action Plan (technology-based innovation in the field of financial services or financial technological innovations) of the European Union mark, as well, the first step circumscribed to the EU Digital Finance Strategy, in order to allow the expansion of innovative business models, but without forgetting to strengthen cyber security and to increase the degree of integrity of the financial system. In this context, however, it is important to take into account the variety of the institutions and the technologies in the countries participating in the Single Supervisory Mechanism (SSM), because the FinTech banks capture the different activities of the credit institutions in different jurisdictions to be closer to the customers and the investors and, in the same time, to expand the area of supervision of the problems related to the emergence of FinTech, because they exceed a sector of the economy or a geographical area and involves multiple financial-banking supervisory and regulatory institutions, belonging to various sectors.

The rapid advancement of digital technology has fostered innovation in the financial sector, notably through the emergence of crowdfunding as an alternative model for social financing. This study analyzes the potential development of Islamic crowdfunding as an inclusive and Sharia-compliant social financing instrument in the digital era. Using a qualitative method with a literature study approach, the research draws on secondary sources including academic journals, regulatory documents, and reports from Islamic financial institutions. The findings reveal that Islamic crowdfunding offers substantial potential in promoting financial inclusion, supporting community economic empowerment, and contributing to the achievement of Sustainable Development Goals (SDGs), particularly in reducing poverty and improving welfare. This research contributes by highlighting the strategic role of Islamic crowdfunding in bridging the gap between social finance and technological innovation within an Islamic framework. However, several challenges persist, such as the absence of comprehensive regulations, limited Islamic financial literacy, and concerns over data security and public trust. To address these issues, an integrated strategy is proposed through regulatory strengthening, Sharia certification, collaboration with Islamic social institutions, and the adoption of blockchain-based innovations accompanied by digital literacy enhancement. Through the synergy of regulators, financial institutions, and society, Islamic crowdfunding can evolve into a key driver of a fair, transparent, and sustainable social finance ecosystem in Indonesia.

Recent investigations have indicated that cryptocurrency is being used to finance terroristrelated activities. This phenomenon has brought attention to the danger of the using more cutting-edge technologies in the entire toolkit for financing terrorism. The use of cryptocurrencies in terror financing raises security concerns in addition to having an impact on the world economy. However, there haven’t been many thorough analyses conducted in this area. This article highlights the evolution of terror financing methods vis-à-vis Technological Innovation in Financial Sector. This article also investigates the factors, scale and scope of cryptocurrency that have encouraged terrorist organization from using it. In light of the global and South-Asian context of terror financing focusing on India, this paper evaluates the security threat posed by cryptocurrency.

Information technology is the major force behind innovations in the financial sector thanks to fintech. Fintech is looked up as a breakthrough technological innovation disrupting the financial sector using mobile technology. Globally, no financial service is untouched by the new technologies. The mobile technology which has changed the face of the financial sector are Blockchain, artificial intelligence, and data analytics and they have had a strong impact on various areas of financial services, including deposits, lending, remittances, credits (B2B and P2P), underwriting, insurance, cryptocurrencies and so on. India is also seeing a rise in the fintech industry as the mobile penetration is increasing. The development of fintech in India can be ascribed to several important elements that have combined to foster an atmosphere that is favorable to technological innovation. The current research paper seeks to offer an in-depth understanding of the technological advancements made by the Indian Fintech industry. Further, the authors have proposed a conceptual model as an outcome of the various studies that have been reviewed.