Kooperativer Bibliotheksverbund

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Format: 1 online resource (457 pages)

Edition: 1st ed.

ISBN: 1-78785-023-4 , 0-12-810442-2 , 0-12-810441-4

Note: Intro -- Handbook of Digital Finance and Inclusion, Volume 1 -- Contents -- List of Contributors -- Preface -- Background -- Purpose -- Themes -- Acknowledgment by David LEE Kuo Chuen -- Acknowledgment by Robert Deng -- 1 Reshaping the Financial Order -- 1.1 Megatrends and New Alternatives -- 1.2 Digital Implications -- 1.3 Historical Context -- 1.4 E-commerce and P2P -- 1.5 The Rise of M-commerce -- 1.6 Weapons of Mass Consumption -- 1.7 Banking 2.0 -- 1.8 Understanding the Model -- 1.9 The Democratization of Banking and Finance -- 1.10 The Incumbents -- 1.11 Cryptocurrencies and Blockchain -- 1.12 The FinTech Promise -- References -- Notes -- 2 From Ant Financial to Alibaba's Rural Taobao Strategy - How Fintech Is Transforming Social Inclusion -- 2.1 Introduction -- 2.2 Issues in Rural China -- 2.2.1 "Hollowed Villages -- 2.2.2 The "Left-Behind" Children -- 2.3 Alibaba's Rural Taobao Strategy -- 2.3.1 Taobao Rural Service Centres -- 2.3.2 Taobao Villages -- 2.4 Digital Financial Services and Fintech Platforms -- 2.4.1 Ant Financial Serveries Group -- 2.4.2 Technology Behind the Services -- 2.4.3 Tencent Holdings and WeBank -- 2.5 Conclusion -- References -- Notes -- 3 The M-Pesa Technological Revolution for Financial Services in Kenya: A Platform for Financial Inclusion -- 3.1 Introduction -- 3.2 Background -- 3.3 M-Pesa as a Platform for Financial Inclusion -- 3.3.1 Strong Banks Have Emerged With Strong Intermediation Capacity -- 3.3.2 Financial Inclusion Has Improved the Environment for Monetary Policy in Kenya -- 3.3.3 Financial Inclusion and the Digital Financial Platform Has Improved the AML/CFT Regime in Kenya -- 3.3.4 A Game Changer for a Variety of Opportunities for Kenyans -- 3.4 Impact of M-Pesa Revolution on Financial Inclusion -- 3.5 Conclusion -- References -- 4 Financial Inclusion in the Digital Age -- 4.1 Financial Inclusion. , 4.2 The Financially Underserved Consumer -- 4.3 Consequences of Being Financially Underserved -- 4.4 Financial Exclusion Affects the Middle Class Too, not Just the Poor -- 4.5 Financially Underserved in Developed Countries -- 4.6 Financial Health and Financial Security -- 4.7 Financial Inclusion and Financial Literacy -- 4.8 Financial Inclusion for Micro, Small and Medium Enterprises (SMEs) -- 4.9 Financial Inclusion Matters and Can Be Pro table -- 4.10 Fintech Revolution Enabled by Smartphones -- 4.10.1 Digital Payments and Mobile Money -- 4.11 Financial Inclusion in China - World's Largest Fintech Market -- 4.11.1 Digital Payments in China -- 4.11.2 Savings and Investments -- 4.12 Financial Inclusion in India - A Success Story -- 4.12.1 Aadhar: Billion-Person Digital Identity Database -- 4.12.2 Jan Dhana Yojana: Bank Accounts for the Financially Excluded -- 4.12.3 Promoting Usage and Reaping Bene ts -- 4.12.4 Digital Payments and Direct Bene ts Transfers -- 4.12.5 Uni ed Payments Interface (UPI) -- 4.12.6 Demonetization -- 4.13 Fintech Revolution Examples From Other Countries -- 4.14 Potential Risks With the New Business Models -- 4.15 The Path Ahead: Creative Collaboration Between Policymakers, Banks, Telcos and Technology Firms -- References -- Notes -- 5 Using Broadband to Enhance Financial Inclusion -- 5.1 Introduction: The Potential of Broadband Solutions to Enhance Financial Inclusion -- 5.1.1 Motivation -- 5.1.2 Classifying the Potential of Broadband on Financial Service Delivery Models -- 5.2 Deepening Customer Engagement Based on Mass Customization -- 5.2.1 Enhanced Functionality and Personalization of Savings Accounts -- 5.2.2 Payment Systems and Working Capital Loans for Businesses That Digitize Their Transactions -- 5.2.3 Financing Based on Connections to Cloud-Based Business Applications. , 5.3 Digital Marketplaces Supporting New (Dis-)Intermediation Models -- 5.3.1 Direct Peer-to-Peer Lending Platforms -- 5.3.2 Equity Crowdfunding Platforms -- 5.3.3 Platforms for Managing Savings & -- Loan Groups -- 5.4 Specialized Online Service Delivery Models -- 5.4.1 Online International Remittance Services -- 5.4.2 Instant Online Personal Loans -- 5.4.3 Price Comparison Sites and Service Aggregators -- 5.5 Delivery of Financial Information and Education -- 5.6 Prospects: Globally and in Latin America -- 5.6.1 Assessment of Market Opportunities and Challenges -- 5.6.2 Three Major Implications for Financial Service Models and Market Structure -- 5.6.3 Key Regulatory Issues and Potential Role of Government in Promoting These Solutions -- Notes -- 6 Mobile Technology and Financial Inclusion -- 6.1 Introduction -- 6.2 The Current Landscape -- 6.2.1 Accessibility, Affordability and an Open Ecosystem -- 6.3 Mobile Inclusion Leads to Financial Inclusion -- 6.3.1 Addressing Local Market Needs -- 6.3.2 Incorporating New Technologies Into an Open Ecosystem -- 6.3.3 It Takes an Open Ecosystem -- 6.4 Conclusion -- References -- Notes -- 7 The Cross-Section of Crypto-Currencies as Financial Assets -- 7.1 Introduction -- 7.2 The Dynamic Environment of a Multiplicity of Crypto-Currencies -- 7.2.1 Starting Yet Another Crypto-Currency -- 7.2.2 A Brief History of Altcoins and Approaches to Generate Value -- 7.2.3 Altcoin Trading Platforms -- 7.2.4 Altcoin Information Platforms -- 7.3 Properties of Crypto-Currency Dynamics -- 7.3.1 The Universe of Crypto-Currencies -- 7.3.2 The Evolution of the Crypto-Currency Universe Over Time -- 7.3.3 Liquidity of Crypto-Currencies -- 7.3.4 Financial Returns on Investing in Crypto-Currencies -- 7.3.4.1 Summary Statistics -- 7.3.4.2 Returns and Their Stability Over Time -- 7.3.4.3 Risk Measures. , 7.3.4.4 Diversi cation in a Crypto-Currency Portfolio -- 7.3.5 The Power Law in Crypto-Currency Returns -- 7.4 Conclusion -- Appendix A: Technical Appendix -- A.1 Value at Risk and Expected Shortfall -- A.2 Portfolios -- A.3 Power Law -- References -- Note -- 8 Econometric Analysis of a Cryptocurrency Index for Portfolio Investment -- 8.1 Econometric Review of CRIX -- 8.1.1 Introductory Remarks -- 8.1.2 Statistical Analysis of CRIX Returns -- 8.2 ARIMA Models -- 8.2.1 Box-Jenkins Procedure -- 8.2.2 Lag Orders -- 8.2.3 ARIMA Model Estimation -- 8.3 Model with Stochastic Volatility -- 8.3.1 ARCH Model -- 8.3.2 GARCH Model -- 8.3.3 Variants of the GARCH Models -- 8.4 Multivariate GARCH Model -- 8.4.1 Formulations of MGARCH Model -- 8.4.2 DCC Model Estimation -- 8.4.3 DCC Model Diagnostics -- 8.5 Nutshell and Outlook -- References -- 9 Financial Intermediation in Cryptocurrency Markets - Regulation, Gaps and Bridges -- Abbreviations -- 9.1 Introduction -- 9.2 Financial Intermediation in Cryptocurrency Markets -- 9.3 Exchanges -- 9.3.1 Activity -- 9.3.2 Risk Pro le -- 9.3.3 Regulation -- 9.4 Electronic Wallet Providers -- 9.4.1 Activity -- 9.4.2 Risk Pro le -- 9.4.3 Regulation -- 9.5 Other Intermediaries -- 9.5.1 Hybrid Models -- 9.5.2 Cryptocurrency Lending Platforms -- 9.5.3 Cryptocurrency Remittance Services -- 9.6 Future Directions - Filling Gaps and Building Bridges -- 9.6.1 Gaps -- 9.6.2 Bridges -- 9.7 Conclusion -- References -- 10 Legal Risks of Owning Cryptocurrencies -- 10.1 Introduction -- 10.2 Money Before Bitcoins -- 10.3 `Digital Money' Before Bitcoins -- 10.4 Bitcoins: A Primer -- 10.5 Cryptocurrency Risks -- 10.6 Conclusion -- References -- Notes -- 11 InsurTech and FinTech: Banking and Insurance Enablement -- 11.1 Introduction -- 11.2 InsurTech Activities -- 11.3 The 4 Most Disruptive Technology -- 11.4 The 3 Fundamental Trends. , 11.5 Bene ts of InsurTech -- 11.6 InsurTech Deal Activities -- 11.7 From FinTech to InsurTech: Mobile Revolution -- 11.8 Mobile First -- 11.9 Cross-Sell and Up-Sell -- 11.10 Virtual Financial Advisor -- 11.11 Data Driven -- 11.12 Earned Premiums -- 11.13 Investment Income -- 11.14 Underwriting Cost -- 11.15 Claims Expenses -- 11.16 Mutual Aid Industry in China -- 11.17 Zhongtuobang and Shuidihuzhu -- 11.18 Blockchain Use Cases -- 11.19 Are Mutual Aid LASIC? -- 11.20 Conclusion -- 11.21 Technology Disruptions -- 11.22 InsurTech Ecosystem -- Acknowledgments -- References -- 12 Understanding Interbank Real-Time Retail Payment Systems -- 12.1 Introduction -- 12.2 The Overview of Interbank Payment Landscape -- 12.2.1 Wholesale Payment Systems -- 12.2.2 Retail Payment Systems -- Closed-Loop Retail Payment Systems -- Open-Loop Retail Payment Systems -- 12.2.3 Closed-Loop Payment Systems -- 12.2.4 Card Payment Networks -- Card Payment Authorization -- Card Clearing -- Card Settlement -- 12.2.5 Automated Clearing Houses (ACH) Payment Networks -- Credit Transfer -- Direct Debit -- ACH Clearing -- Deferred Net Settlement -- 12.2.6 Conclusion -- 12.3 The Case for Real-Time Retail Payment Systems -- 12.3.1 Reasons for Real-Time Retail Payment Systems -- Regulator's Perspective -- Consumer's Perspective -- Merchant's Perspective -- Reasons Against Real-Time Retail Payment Systems -- High Implementation and Support Cost -- Unclear Revenue Potential -- Project Implementation Risks -- 12.4 The Characteristics of Real-Time Retail Payment Systems -- 12.4.1 Timeliness -- 12.4.2 Availability -- 12.4.3 Universal Financial Messaging Standards -- 12.4.4 Overlay Services -- 12.5 Architecture and Design of Real-Time Retail Payment Systems -- 12.5.1 Architecture Models -- Hub-Centric Model -- RTGS-Centric Model -- Distributed Model -- 12.5.2 Design Approach. , Extending From RTGS.

Language: English