Resumen El objetivo del presente trabajo de investigación es realizar un análisis bibliométrico sobre el desarrollo de las microfinanzas y sostenibilidad en el mundo, utilizando el software R y su complemento biblioshiny, se analizó 570 artículos de investigación publicado en Scopus durante el periodo 2003 al 2023. Los resultados más relevantes muestran un crecimiento anual del 10% al 61% desde el año 2003 al 2023. La revista más productiva en microfinanzas sostenible, con 15 publicaciones es Enterprise development and microfinance; los autores más productivos son: Bhuiyan AB, Chirambo D y Mia MA cada uno con 7 artículos; los países más productivos en esta área son: Estados Unidos, Malasia e India. Se concluye que las microfinanzas sostenibles van direccionadas bajo el enfoque gestión empresarial competitiva y el empoderamiento de las mujeres para el crecimiento sostenible de la Mypes en países emergentes.

Abstract The objective of this research work is to carry out a bibliometric analysis on the development of microfinance and sustainability in the world, using the R software and its biblioshiny complement, 570 research articles published in Scopus were analyzed during the period 2003 to 2023. The most relevant results show an annual growth of 10% to 61% from 2003 to 2023. The most productive journal in sustainable microfinance, with 15 publications, is Enterprise development and microfinance; the most productive authors are: Bhuiyan AB, Chirambo D and Mia MA each with 7 articles; The most productive countries in this area are: the United States, Malaysia and India. It is concluded that sustainable microfinance is directed under the competitive business management approach and the empowerment of women for the sustainable growth of Mypes in emerging countries.

ABSTRACT Objective: the digital lending platform is a significant and innovative business concept in the field of financial technology. It creates a direct connection between lenders and borrowers. Scientists studied the technique by which digital lending companies use leverage. This study proposes an updated technology acceptance model (TAM) to investigate the factors influencing consumer adoption of digital lending platforms. More specifically, it examines how service quality and perceived threat influence trust development. Methods: this study employs structural equation modeling (SEM) to investigate the potential links between the underlying variables. Results: the study found that customers’ attitudes toward adoption of digital lending platforms are highly influenced by trust, perceived value, and perceived ease of use. The quality of service has a considerable impact on consumers’ perceptions of risk while using digital lending services. The generated model corresponds to the findings of previous studies. Conclusions: the findings of the continuing research are important for optimizing platform marketing strategies and translating strategic goals into concrete activities. To improve future research, we recommend integrating more variables to have a more comprehensive understanding of the adoption intentions of digital lending platforms. Objective borrowers leverage TAM (TAM specifically development Methods SEM (SEM Results customers value consumers services studies Conclusions activities

BACKGROUND: In December 2019, coronavirus disease 2019 (COVID-19) was detected in Wuhan, China. This virus quickly spread throughout different regions and was declared a pandemic late in January 2020. The spread of the virus has affected every aspect of human life as previously known OBJECTIVES: This study aimed to investigate the impact of COVID-19 on the adoption of fintechs in South Africa METHOD: Eighteen financial services experts were interviewed using semi-structured interviews to collect data, and ATLAS.ti 28 was used to analyse the data RESULTS: During the lockdowns, the industry expedited the implementation of fintech to sustain business operations. Online shopping, mobile payments, and digital banking experienced a surge in adoption as individuals steered clear of crowded stores and bank branches. The upswing in online shopping influenced the embrace of mobile payments and contactless cashless transactions. Moreover, with limited access to physical bank branches, there was a marked shift towards digital banking CONCLUSION: Fintech companies have introduced consumers to alternative financial technologies. The pandemic has accelerated the adoption of fintech as an essential means of transacting and banking. One limitation of the study is its timing because it was conducted during and immediately after the pandemic, therefore, it does not account for the long-term effects of the pandemic on the financial services industry. Consequently, future research could explore the impact of COVID-19 on the industry 5-10 years after the pandemic to evaluate any significant influence on the industry's transformation CONTRIBUTION: This study will assist the financial services industry to better respond to catastrophes such as COVID-19

The South African Reserve Bank (SARB) and other financial role players such as the Prudential Authority (PA), the Financial Sector Conduct Authority (FSCA), the National Credit Regulator (NCR), the Financial Intelligence Centre (FIC), the Financial Stability Oversight Committee (FSOC), the Financial Sector Contingency Forum (FSCF), the Financial Sector Council of Regulators (FSCR) and the Financial Sector Inter-Ministerial Council (FSIC) play a significant role in the protection and promotion of financial stability and market integrity in South Africa. The SARB has the primary mandate to promote financial stability while the FSCA promotes market integrity and enhances market efficiency through promoting the fair treatment of financial customers by providing financial literacy programmes. As technology advances and new players enter the market, traditional financial institutions are faced with increased competition and the need to adapt and innovate to stay relevant. In this regard, regulatory frameworks and the functions of regulatory bodies should be constantly reviewed to conform to developments in financial technology (fintech) and to safeguard consumer interests. This article examines the role and functions of the aforementioned financial role players in terms of the Financial Sector Regulation Act (FSR Act) and other relevant financial sector laws. This is done to evaluate the effectiveness of their role and functions in protecting and promoting financial stability and market integrity in line with recent fintech and artificial intelligence (AI) developments. The article also evaluates the importance of cooperation and collaboration among the financial role players to enable them to adequately fulfil their mandates.

BACKGROUND: The financial services industry in South Africa has undergone many changes that have given birth to fintechs. Most of these changes are driven by the advent of technology and evolving customer expectations. Fintechs have led to process disruptions and business model transformations, yet their implications have yet to be sufficiently studied. Therefore, it is essential to close this knowledge gap by investigating the impact of fintechs on this industry. OBJECTIVES: This research aimed to investigate the impact of fintechs in the financial services industry in South Africa. METHOD: A qualitative study was conducted in which 18 industry experts were interviewed using semi-structured interviews. The interviews were audio-recorded and transcribed for data analysis. ATLAS.ti 22 was used to organise and analyse data. RESULTS: Fintechs increase competition for the incumbents, reduce profits, expose the inability of the incumbents to be agile and introduce new regulatory risks in the financial services industry. In contrast, fintechs have also brought some positive changes into the industry: financial inclusion, new growth opportunities, increasing choices for consumers and making the industry more competitive, reducing costs, customising financial services, bringing convenience and forcing incumbents and regulators to become more innovative. CONCLUSION: This study uncovered the positive and negative effects of fintechs in financial services in South Africa. CONTRIBUTION: The study will benefit academia by expanding the body of knowledge about fintech research and improving the holistic understanding of this field in emerging economies, which can inspire future research on fintech and its application.

Resumen Se analiza de manera empírica la base de datos de la Fintech estadounidense LendingClub, la empresa precursora del mercado de préstamos digitales persona a persona. Se busca contextualizar al modelo de negocio a través de su base de datos y las variables implicadas en el perfil de riesgo de los participantes. Se toman cuatro ventanas de tiempo para capturar ciclos económicos y su impacto en el perfil crediticio de los prestatarios. Para identificar los perfiles de riesgo de manera analítica, implementamos la técnica de clústeres de K-medias, definiendo un patrón de segmentación de participantes en función de la tasa de interés de los préstamos y la calificación FICO (Fair Isaac Company). Los patrones de agrupación son constantes a lo largo de los periodos estudiados y permiten determinar niveles promedio de ingreso, tipos de préstamos adquiridos y proveniencia geográfica según perfil de riesgo. Pocos estudios contemplan toda la información disponible de la operación de LendingClub (2007-20203T); por lo tanto, este estudio también identifica la transición a la madurez de este modelo de negocio. Este trabajo logra dos objetivos: demostrar la evolución de los clientes y la plataforma a través del tiempo en cuanto se refiere a los perfiles de riesgo de los participantes prestatarios, y destacar el uso de clústeres de K-medias como una herramienta apropiada para el perfilamiento frente a otras alternativas analíticas.

Abstract We empirically analyze the LendingClub dataset, the pioneer of the peer-to-peer digital lending market. We aim to contextualize the business model through its database and the variables involved in the risk profile of the participants. We consider four different periods to capture economic cycles and their impact on the credit profile of borrowers. We implement K-Means Clustering Analysis to analytically define a segmentation pattern for participants based on the interest rate of the loans and the FICO (Fair Isaac Company) score. The clusters are constant throughout the periods studied and allow to detect average income levels, issued loans destination and borrower geographic origin according to risk profile. Few studies contemplate all the information available for the LendingClub operation (2007-2020Q3), therefore, this study illustrates how this business model has transitioned to maturity. This work achieves two objectives: to demonstrate the evolution of clients and the platform over time in terms of the risk profiles of participating borrowers, and to highlight the use of K-Means Clustering as an appropriate tool for profiling against to other analytical alternatives.

Resumen La presente investigación tuvo como objetivo general determinar si existen disposiciones legales para el control, regulación y supervisión para el uso de las criptomonedas por parte de la Administración Tributaria del Ecuador. La relevancia del estudio estuvo en el análisis del funcionamiento, naturaleza jurídica y hasta posibles mecanismos de control tributario que se pueden implementar en la transferencia de riquezas en monedas virtuales. Se utilizó un enfoque de investigación cualitativa, consistente en la recopilación de información, comparación de legislación extranjera, y entrevistas a tres especialistas del derecho tributario. Los resultados apuntaron la necesidad de regular la utilización de las criptomonedas ya que reconocen la posibilidad de inversión que direcciona al desarrollo económico del Estado. Se advierte que la globalización de la sociedad se incrementa a ritmo acelerado, y el uso de monedas virtuales se convierte en un nuevo mecanismo del sistema financiero descentralizado que precisa la implementación de las nuevas tecnologías Fintech.

Abstract The present investigation had as a general objective to propose fiscal control mechanisms of cryptocurrencies for their regulation and effective supervision by the Tax Administration in Ecuador. The relevance of the study was in the analysis of the operation, legal nature and even possible tax control mechanisms that can be implemented in the transfer of wealth in virtual currencies. A qualitative research approach was used, consisting of the collection of information, comparison of foreign legislation, and interviews with three tax law specialists. The results pointed out the need to regulate the use of cryptocurrencies since they recognize the possibility of investment that directs the economic development of the State. It is noted that the globalization of society is increasing at an accelerated rate, and the use of virtual currencies becomes a new mechanism of the decentralized financial system that requires the implementation of new Fintech technologies.

ABSTRACT Fintechs are startups that operate in the financial sector and have gradually been receiving space in the market. However, it is still not clear which elements lead individuals, especially those involved in the business field, to adopt and use these services. Thus, this study aims to analyze which elements encourage the behavioral intention to use Fintech services from the perspective of students in the business field. The theoretical basis and hypothesis development were based on the Unified Theory of Acceptance and Use of Technology (UTAUT), which contemplates the facilitating conditions, performance expectancy, effort expectancy, social influence, and the behavioral intention to use said services. The study also included the variable “security” as an antecedent. Age and gender were controlled for this study. A survey resulted in a sample of 107 students, and the data was analyzed with a mixed-method approach: partial least squares - structural equation modeling (PLS-SEM) and fuzzy-set qualitative comparative analysis (fsQCA). With PLS-SEM, the findings demonstrate the positive effect of performance expectancy, effort expectancy and security on the behavioral intention to use fintech services. The fsQCA showed that different causal configurations can lead students to a high adoption of services provided by these startups. This study brings up new evidence that contributes to the UTAUT theory by intertwining this discussion with the security variable perceived during technology usage. Furthermore, it expands the entire discussion to the context of accepting a contemporary technology. Regarding the students, practical evidence is gathered regarding the determinants of their intention to use financial services. market However individuals field Thus UTAUT, , (UTAUT) conditions influence “security antecedent 10 mixedmethod mixed method approach PLSSEM PLS SEM (PLS-SEM fuzzyset fuzzy set fsQCA. . (fsQCA) PLSSEM, SEM, PLS-SEM usage Furthermore (UTAUT 1 (fsQCA

RESUMO As FinTechs são startups atuantes no setor financeiro e vêm recebendo gradativo espaço no mercado. Entretanto, ainda não é claro quais elementos levam os indivíduos, especialmente da área de negócios, à adoção e uso desses serviços. Assim, o estudo tem por objetivo analisar quais elementos incentivam a intenção comportamental de uso dos serviços de FinTechs na perspectiva de estudantes que fazem parte do escopo da área de negócios. A fundamentação teórica e o desenvolvimento das hipóteses pautaram-se na Teoria Unificada da Aceitação do Uso da Tecnologia (UTAUT,) que contempla as dimensões de condições facilitadoras, expectativa de desempenho, expectativa de esforço, influência social e intenção comportamental de uso. O estudo ainda incluiu a variável segurança como antecedente. A idade e o gênero dos participantes foram controlados. Uma survey resultou em uma amostra de 107 estudantes, e os dados foram analisados por uma abordagem de métodos mistos: modelagem de equações estruturais por mínimos quadrados parciais (PLS-SEM) e análise qualitativa comparativa fuzzy-set (fsQCA). No âmbito da PLS-SEM, os achados apontam a influência positiva da expectativa de desempenho, expectativa de esforço e segurança na intenção comportamental de uso de serviços de FinTechs. Mediante a fsQCA, evidenciou-se que diferentes configurações causais podem levar os estudantes a uma alta adoção de serviços financeiros dessas startups. O estudo agrega novas evidências que contribuem para a teoria UTAUT, ao entrelaçar essa discussão com a variável de segurança percebida no uso da tecnologia. Além disso, expande toda essa discussão para o contexto de aceitação de uma tecnologia contemporânea: serviços de FinTechs. Para os estudantes, agregam-se evidências práticas sobre determinantes da intenção de uso de serviços financeiros. mercado Entretanto indivíduos negócios Assim pautaramse pautaram se UTAUT (UTAUT, facilitadoras desempenho antecedente controlados 10 mistos PLSSEM PLS SEM (PLS-SEM fuzzyset fuzzy set fsQCA. fsQCA . (fsQCA) PLSSEM, SEM, PLS-SEM evidenciouse evidenciou disso contemporânea agregamse agregam (UTAUT 1 (fsQCA

Resumen El objetivo del estudio es determinar un modelo de predicción de default crediticio usando la base de datos de LendingClub. La metodología consiste en estimar las variables que influyen en el proceso de predicción de préstamos pagados y no pagados utilizando el algoritmo Random Forest. El algoritmo define los factores con mayor influencia sobre el pago o el impago, generando un modelo reducido a nueve predictores relacionados con el historial crediticio del prestatario y el historial de pagos dentro de la plataforma. La medición del desempeño del modelo genera un resultado F1 Macro Score con una precisión mayor al 90% de la muestra de evaluación. Las contribuciones de este estudio incluyen, el haber utilizado la base de datos completa de toda la operación de LendingClub disponible, para obtener variables trascendentales para la tarea de clasificación y predicción, que pueden ser útiles para estimar la morosidad en el mercado de préstamos de persona a persona. Podemos sacar dos conclusiones importantes, primero confirmamos la capacidad del algoritmo Random Forest para predecir problemas de clasificación binaria en base a métricas de rendimiento obtenidas y segundo, denotamos la influencia de las variables tradicionales de puntuación de crédito en los problemas de predicción por defecto.

Abstract The study aims to determine a credit default prediction model using data from LendingClub. The model estimates the effect of the influential variables on the prediction process of paid and unpaid loans. We implemented the random forest algorithm to identify the variables with the most significant influence on payment or default, addressing nine predictors related to the borrower's credit and payment background. Results confirm that the model’s performance generates a F1 Macro Score that accomplishes 90% in accuracy for the evaluation sample. Contributions of this study include using the complete dataset of the entire operation of LendingClub available, to obtain transcendental variables for the classification and prediction task, which can be helpful to estimate the default in the person-to-person loan market. We can draw two important conclusions, first we confirm the Random Forest algorithm's capacity to predict binary classification problems based on performance metrics obtained and second, we denote the influence of traditional credit scoring variables on default prediction problems.

Abstract: impact generated by the accelerated development of NFT’s creates a series of risks and legal problems, among which the legal, the impact on intellectual property, the protection of the purchasers of this type of tokens, fraud prevention and the possible impact of NFT’s on financial markets are the most important. The purpose of this document is to analyze whether the regulatory framework of the securities market is applicable to NFT’s based on the following assumptions: i) NFT’s, understood individually as a digital representation, cannot be considered as securities; ii) in States where the definition of securities includes the concept of “investment contract”, NFT’s could be considered as securities, as long as they meet the requirements of the Howey Test; iii) in States where there is no definition of investment contracts, NFT’s could be considered as securities, provided that they meet the requirements for such purpose-the existence of a negotiable right, issued in mass or in series within a public offering of securities, and that its purpose is to obtain resources from the public by way of investment-; and iv) that the recognition of NFT’s as securities would lead to the application of regulatory frameworks of the capital market in matters such as registration before the financial authorities, provision of information and investor protection schemes. This text will describe the origin and current scenario of NFT’s. Likewise, the different positions of supervisory and regulatory authorities at a global level will be analyzed with respect to these tokens; and, finally, some reflections will be made from the point of view of securities market regulation with respect to the aforementioned non-fungible tokens.

Resumen: El impacto generado por el acelerado desarrollo de los NFT crea una serie de riesgos y problemas jurídicos, entre los que se destacan su naturaleza, el impacto en materia de propiedad intelectual, la protección a los adquirentes de este tipo de tókenes, la prevención en materia de fraudes y el posible impacto de los NFT en los mercados financieros. Bajo estos antecedentes, la finalidad de este documento es la de analizar si el marco regulatorio del mercado de valores le es aplicable a los NFT con fundamento en los siguientes presupuestos: a) los NFT, entendidos de forma individual como una representación digital, no pueden ser considerados como valores; b) en los Estados en donde la definición de securities incluye el concepto de «contrato de inversión», los NFT podrían ser considerados valores, siempre y cuando cumplan los requisitos del test de Howey; c) en los Estados en donde no existe la definición de contratos de inversión, los NFT podrían ser considerados como valores, siempre y cuando cumplan los requisitos para tal fin -es decir, la existencia de un derecho negociable, emitido en masa o en serie dentro de una oferta pública de valores, y que tiene como finalidad obtener recursos del público a título de inversión-; y d) que el reconocimiento de los NFT como valores conllevaría a la aplicación de marcos regulatorios del mercado de capitales en temas como el registro ante las autoridades financieras, el suministro de información y los esquemas de protección a los inversionistas. Partiendo de este presupuesto, este artículo describirá el origen y panorama actual de los NFT. Posteriormente, se analizarán las diferentes posiciones de autoridades supervisoras y reguladoras a nivel global respecto a estos; y, por último, se realizarán algunas reflexiones desde la regulación del mercado de valores frente a los citados tókenes no fungibles.

RESUMEN Este artículo describirá los elementos de la hoja de ruta FinTech que las Superintendencias, el Consejo Nacional de Supervisión del Sistema Financiero (CONASSIF), y el Banco Central de Costa Rica (BCCR), han venido implementando para el diseño de un marco regulatorio para FinTech en el país. Se prestará especial atención al recientemente creado "Centro de Innovación Financiera (CIF)" y a la descripción de una posible visión de futuro. Las opiniones y puntos de vista aquí expresados son los de la autora y no reflejan necesariamente la posición oficial de ninguna de sus instituciones asociadas.

ABTRACT This article will describe the elements of the FinTech roadmap that the Superintendencies, the National Council for Supervision of the Financial System (CONASSIF), and the Central Bank of Costa Rica (BCCR), have been implementing for the design of a regulatory framework for FinTech in the country. Special attention will be given to the recently created ''Centro de Innovación Financiera (CIF)'' and the description of a possible vision for the future. The views and opinions expressed here are those of the author and do not necessarily reflect the official position of any of her associated institutions.

RÉSUMÉ Cet article décrit les éléments de la feuille de route FinTech que les surintendances, le Conseil national de supervision du système financier (CONASSIF) et la Banque centrale du Costa Rica (BCCR) ont mis en œuvre pour la conception d'un cadre réglementaire pour FinTech dans le pays. Une attention particulière sera accordée au "Centro de Innovación Financiera (CIF)" récemment créé et à la description d'une vision possible pour l'avenir. Les points de vue et opinions exprimés ici sont ceux de l'auteur et ne reflètent pas nécessairement la position officielle des institutions qui lui sont associées.

RESUMO Este artigo descreverá os elementos do roteiro da FinTech que as Superintendências, o Conselho Nacional de Supervisão do Sistema Financeiro (CONASSIF) e o Banco Central da Costa Rica (BCCR) vêm implementando para a criação de uma estrutura regulatória para a FinTech no país. Será dada atenção especial ao recém-criado "Centro de Innovación Financiera (CIF)" e à descrição de uma possível visão para o futuro. As visões e opiniões expressas aqui são de responsabilidade da autora e não refletem necessariamente a posição oficial de nenhuma de suas instituições associadas.

Abstract This article aims to analyze the characteristics, limitations and contradictions involving financial technology companies (fintechs) and traditional banks in Brazil. The paper describes the two new categories aimed at regulating fintechs in Brazil: the so-called Direct Credit Company (Sociedade de Crédito Direto) and the Personal Loan Company (Sociedade de Empréstimo entre Pessoas). The paper challenges the idea that financial technology inevitably introduces competition into the financial market, as it describes relevant mechanisms of cooperation between financial technology companies and traditional banks, with potentially high gains for both of them. Finally, using the data provided by the Central Bank, we compare interest rates charged by a local fintech and by its major shareholders, which are traditional banks. Although our analysis is still exploratory, it shows that the fintech controlled by large traditional banks charges higher interest rates than their controllers, suggesting a fruitful research agenda to investigate whether this occurs systematically or not. characteristics (fintechs Brazil socalled so called Sociedade Direto Pessoas. Pessoas . Pessoas) market them Finally Bank shareholders exploratory controllers not

Resumo Este artigo tem o objetivo de analisar as características, as limitações e as contradições que envolvem fintechs e bancos tradicionais no Brasil. Descreve as duas novas categorias destinadas a regular as fintechs no Brasil - a Sociedade de Crédito Direto (SCD) e a Sociedade de Empréstimo entre Pessoas (SEP) -, e questiona a noção de que as fintechs necessariamente introduzem competição no mercado financeiro, ao descrever relevantes mecanismos de cooperação entre fintechs e bancos tradicionais, com ganhos potencialmente elevados para ambos. Por fim, utilizando dados disponibilizados pelo Banco Central, são comparadas as taxas de juros praticadas por uma fintech nacional e por seus acionistas, que são bancos tradicionais. Embora nossa análise seja ainda exploratória, ela revela que a fintech controlada pratica juros mais elevados do que seus bancos controladores, sugerindo uma proveitosa agenda de pesquisa para investigar se isso ocorre sistematicamente. características SCD (SCD SEP (SEP , financeiro ambos fim Central acionistas exploratória controladores sistematicamente

Abstract This study aims to determine factors impacting the intention of Micro, Small, and Medium Enterprises (MSMEs) in using fintech lending applications as an optional source of business financing using the technology acceptance model approach. The population in this study were MSMEs in Indonesia. Samples were taken by purposive sampling with the criteria of having used a licensed fintech lending application for business financing. The samples used were 171 samples. This study used structural equation model (SEM) as the analysis technique. The results of this study showed that Perceived Ease of Use had an impact on Perceived Usefulness but had no effect on Attitude Toward Using. The factor Perceived Usefulness had an effect on Attitude Toward Using, and Attitude Toward Using influences Behavioral Intention to Use. Fintech companies can play a role by providing education and empowerment to foster understanding of digital literacy for MSME stakeholders. The governments need to develop policy frameworks that can balance innovation and risk mitigation. Micro Small (MSMEs approach Indonesia 17 SEM (SEM technique stakeholders mitigation 1

RESUMO Este estudo tem como objetivo determinar os fatores que impactam a intenção de Micro, Pequenas e Médias Empresas (MPMEs) em usar aplicativos de empréstimo fintech como uma fonte opcional de financiamento de negócios usando a abordagem do modelo de aceitação de tecnologia. A população neste estudo eram MPMEs na Indonésia. As amostras foram coletadas por amostragem intencional, selecionando indivíduos com base no critério de terem utilizado um aplicativo de empréstimo fintech licenciado para financiamento de negócios. A amostra consistiu de 171 indivíduos. Este estudo utilizou o modelo de equação estrutural (SEM) como técnica de análise. Os seus resultados mostram que a Facilidade de Uso Percebida tem impacto na Utilidade Percebida, mas não teve efeito na Atitude Face ao Uso. O fator de Utilidade Percebida tem um efeito na Atitude Face ao Uso, e Atitude Face ao Uso influenciam a Intenção Comportamental de Uso. A empresa fintech pode desempenhar um papel ao fornecer educação e capacitação para promover a compreensão da alfabetização digital para as partes interessadas das MPME. Os governos precisam desenvolver estruturas políticas que possam equilibrar inovação e mitigação de riscos. Micro (MPMEs tecnologia Indonésia intencional 17 SEM (SEM análise MPME riscos 1

Abstract This paper aims to explain the Brazilian Central Bank’s (BCB) decision to create and operate a new instant payment system: PIX. Understanding that “digital financialization” can take different forms, this study sheds light on the factors that led to the BCB’s choice to launch a “state-owned Fintech”. The analysis considers three complementary factors. Firstly, the BCB’s institutional trajectory has made it protective of its perimeter of power. Secondly, the ideas shared by transnational networks support the active role of central banks in managing instant payment issues. Thirdly, the interests of traditional banks were not significantly impacted to the extent that they would oppose the creation of PIX. Through examining BCB documents and secondary literature, this study provides a first-hand account of the motivations and circumstances that led to the creation of PIX in Brazil. Banks Bank s (BCB system digital financialization forms BCBs stateowned state owned Fintech. Fintech . Fintech” Firstly power Secondly issues Thirdly literature firsthand first hand Brazil

Resumo Este artigo tem como objetivo explicar a atuação do Banco Central do Brasil (BCB) ao criar e operar um novo sistema de pagamento instantâneo, o PIX. Compreendendo que a “financeirização digital” pode assumir diferentes formas, este estudo busca entender os fatores que levaram a escolha do BCB de lançar uma “Fintech estatal”. A análise apresenta a complementariedade de três fatores. Em primeiro lugar, a trajetória institucional do BCB o tornou cioso de seu perímetro de poder. Em segundo lugar, as ideias compartilhadas por redes transnacionais justificam o papel ativo dos bancos centrais no tema dos sistema de pagamento instantâneo. Em terceiro lugar, os interesses dos bancos tradicionais não foram significativamente impactados a ponto de vetarem a criação do PIX. Por meio da análise de documentos do BCB e de literatura secundária, este estudo apresenta uma explicação original das motivações e circunstâncias que levaram à criação do PIX no Brasil. (BCB instantâneo financeirização digital formas Fintech estatal. estatal . estatal” lugar poder secundária

Resumen Los grandes medios de comunicación internacionales han presentado a las fintech como revolucionarias y una amenaza para el sector financiero tradicional. Este artículo explora cómo se construye esa imagen. Diseñadas para ampliar el acceso al sistema bancario, las fintechs deben seguir parámetros de responsabilidad social y llenar un vacío de mercado dejado por los bancos. Optamos por analizar los medios por su carácter de barómetro de percepción y comprensión de lógicas específicas (LOK, 2010). Analizamos artículos del New York Times y el Financial Times durante 24 meses. Los artículos mostraron que los medios, cuando se trata de fintechs, utilizan expresiones como “amenaza”, “competencia”, “ruptura”, “revolución” y, con mucho menos énfasis, las consecuencias sociales. Nuestro análisis encontró un discurso ambiguo de racionalización del mercado en un intento de alinear las prácticas con la Responsabilidad Social Corporativa (RSE), en una industria en construcción. tradicional imagen bancario bancos LOK, LOK (LOK 2010. 2010 . 2010) 2 meses amenaza, , “amenaza” competencia, competencia “competencia” ruptura, ruptura “ruptura” revolución “revolución énfasis sociales RSE, RSE (RSE) construcción 201 “amenaza “competencia “ruptura (RSE 20

Abstract International mainstream media have presented fintech as revolutionary and a threat to the traditional banking industry. This article explores how that image is constructed. Designed to expand access to the banking system, fintechs should follow social responsibility parameters and fill a market gap left by banks. We chose to analyze the media for its character as a barometer of perception and understanding of specific logics (LOK, 2010). We analyzed articles from the New York Times and the Financial Times for 24 months. The articles showed that the media, when dealing with fintech, uses expressions such as “threat”, “competition”, “disruption”, “revolution,” and, with much less emphasis, social consequences. Our analysis found an ambiguous discourse of market rationalization in an attempt to align practices with Corporate Social Responsibility (CSR) in an industry under construction. constructed system banks LOK, LOK (LOK 2010. 2010 . 2010) 2 months threat, , “threat” competition, competition “competition” disruption, disruption “disruption” revolution, revolution “revolution, emphasis consequences CSR (CSR construction 201 “threat “competition “disruption “revolution 20

Resumo As fintechs têm sido apresentadas pela grande mídia internacional como revolucionárias e uma ameaça à indústria bancária tradicional. Este artigo explora como essa imagem é construída. Concebidas para ampliar o acesso ao sistema bancário, as fintechs deveriam seguir parâmetros de responsabilidade social e preencher uma lacuna de mercado deixada pelos bancos. Escolhemos analisar a mídia por seu caráter de barômetro da percepção e compreensão de lógicas específicas (LOK, 2010). Analisamos artigos do New York Times e do Financial Times durante 24 meses. Os artigos mostraram que a mídia, ao tratar das fintechs, utiliza expressões como “ameaça”, “competição”, “ruptura”, “revolução” e, com bem menos ênfase, as consequências sociais. Nossa análise encontrou um discurso ambíguo de racionalização de mercado em uma tentativa de alinhamento das práticas à Responsabilidade Social Corporativa (RSC) em uma indústria em construção. tradicional construída bancário bancos LOK, LOK (LOK 2010. 2010 . 2010) 2 meses ameaça, , “ameaça” competição, competição “competição” ruptura, ruptura “ruptura” revolução “revolução ênfase sociais RSC (RSC construção 201 “ameaça “competição “ruptura 20