Resumen La inclusión financiera es un desafío significativo en América Latina, por lo que resulta relevante proponer nuevos enfoques y modelos de negocio que ayuden a cerrar la brecha de acceso a servicios financieros para los segmentos menos atendidos. En esta línea, evaluamos la intención de uso de una plataforma para comprar criptomonedas como activo de inversión, para personas que invierten en instrumentos alternativos como estos, en donde el elemento innovador constituye que las criptos pueden darse en préstamo a personas vulnerables con tasas convenientes para ambas partes. De esta forma, con base en el modelo de la teoría unificada de aceptación y uso de tecnología o UTAUT de adopción tecnológica, los resultados muestran que la influencia social y la confianza son las variables que explican en mayor medida la intención de su uso. Los hallazgos de este estudio generan nueva evidencia para el desarrollo de modelos de negocio innovadores, así como una contribución pertinente para la política pública en relación con el desarrollo del ecosistema fintech en América Latina.

Abstract Financial inclusion is a significant challenge in Latin America, so it is relevant to propose new approaches and business models that help close the gap in access to financial services for underserved segments. In this line, we evaluate the intended use of a platform to buy cryptocurrencies as an investment asset for people who invest in alternative instruments such as these, where the innovative element constitutes that cryptos can be given on loan to vulnerable people with convenient rates for both parties. Thus, based on the Unified Technology Acceptance and Use Theory (UTAUT) model of technology adoption, the results show that social influence and trust are the variables that explain, to a greater extent, the intention to use them. The findings of this study generate new evidence for the development of innovative business models, as well as a relevant contribution to public policy concerning the development of the fintech ecosystem in Latin America.

Abstract: The 4th industrial revolution, or Industry 4.0 for short, has been ushered in by technological improvements over the past 30 years. As a result, the growing trend of digitalization has had a distinctly beneficial effect on economic growth, particularly in the banking and financial sector where it has increased productivity and efficiency due to reduced information asymmetry and by making financial services more widely available and reasonably priced for a wider range of people. Keeping in mind the notable benefits brought about by rising digital advancements and its impact on financial sector, this study aims to show the dynamic relationship between digitalization, financial inclusion and economic growth for G20 nations. We used the annual data for the time span of 2010 to 2020 for G20 countries and has used panel ARDL approach for the analysis. The panel ARDL technique reveals a positive correlation between digitalization and long-term economic growth. Conversely, the research findings indicate a negative relationship between them in the short run. Similarly, we spot an detrimental long-term association between financial inclusion, measured as the number of commercial bank branches, and economic growth. The study also comes to the conclusion that, in the short and long terms, respectively, population and gross-fixed capital formation have an impact on economic growth. Further, we have checked the robustness of our results by using internet usage as proxy for digitalization. The finding in this case proves the robustness of our study. Based on our study, we suggest that widespread digitalization and financial inclusion along with the introduction of FinTech might contribute to sustainable economic growth from a policy perspective.

Abstract Purpose. This paper aims to examine the causation linking financial technology to economic growth in the East African Community states from 1997 to 2019. Design/methodology/approach. Autoregressive distributed lag is used. Gross domestic product per capita proxies economic growth, automated teller machines, point of sale, debit card ownership and mobile banking measure financial technology. Findings. The results unveil a significant relationship between financial technology and economic growth. The findings show bidirectional causality between automated teller machine and economic growth, with unidirectional causation from economic growth to point of sales and internet banking, mobile banking and government effectiveness to economic growth. The error correction term is negatively significant, demonstrating a long-term convergence between Fintech measures and economic growth. Research limitations/implications. The governments should effectively enact and implement policies that protect investments in financial technologies to boost economic growth in the East African Community countries. The government should reduce taxes on financial technology equipment and related services. The use of automated teller machine, debit card ownership and internet banking should be encouraged through cashless transactions. Financial institutions should adopt cashless operation policies to encourage the use of financial technologies. Originality/value. Research results on the bond between financial technology and economic growth are not conclusive. These studies demonstrate that technological innovations are double edged-swords, with both positive and negative sides. The results are conflicting; some reveal positive relationships, while others show negative links. Hence, research is required to fill the lacuna.

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.

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.

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.

PURPOSE: The aim of this article was to better understand the alignment of banking business models with disruptive technologies. DESIGN/METHODOLOGY/APPROACH: An explorative study was used to uncover participants' views of technology adoption in a particular banking institution in South Africa. Data were collected via semi-structured interviews with 12 participants. Employing a qualitative approach, interpretive techniques were used to decode, describe and translate themes and concepts of certain phenomena. FINDINGS/RESULTS: Disruptive technologies offered by Fintechs are generally embraced, provided they are fit-for-purpose and deliver a value proposition to drive client-centric growth. Partnering with Fintechs plays a pivotal role in alignment between business and information technology, enabling banks to leverage technology to reach broader markets. This enables scalable growth, which is vital to sustainability. PRACTICAL IMPLICATIONS: The study assists South African financial institutions in aligning business models to continuously evolve with disruptive shifts in technology, and leverage technologies offered by Fintechs to maintain market relevance and grow competitive advantage in a sustainable manner. ORIGINALITY/VALUE: It is especially pertinent to banks in South Africa and other developing nations, as it highlights important implications for partnering with Fintech companies. In addition to validating the Improved Technology Acceptance Model framework, it reveals more factors to consider when partnering with Fintechs. The results contribute to the literature on the adoption of disruptive technologies, as well as relations between banks and Fintechs, in order to improve partnerships between these entities.

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.

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

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

RESUMEN. El presente artículo investiga cómo se encuadra el asesoramiento de inversión automatizado (también llamado asesoramiento robótico) en el actual marco regulatorio europeo. Desde el punto de vista de un jurista europeo se describe y define el fenómeno, destacando sus beneficios y riesgos potenciales, y delineando los principales modelos de negocio en el mercado. Analiza los retos que implica la aplicación del régimen MiFlD II, especialmente en el ámbito de la protección de los inversores.

ABSTRACT. This article investigates how automated investment advice (often called robo-advice) fits into the current European regulatory framework. It depicts and defines the phenomenon through the eyes of a European lawyer, both overviewing its potential benefits and risks, and outlining the main business models on the market. It analyses the challenges posed by the application of the MiFlD II regime, especially in terms of investor protection.

RESUMEN La innovación tecnológica ha sido identificada por las autoridades como una herramienta para la inclusión financiera. Sin embargo, la tecnología financiera (fintech) también tiene el potencial de respaldar un concepto más amplio: la dignidad financiera. Este estudio analiza tres políticas de inclusión financiera en tres regiones y sus métricas para identificar si los supervisores están incorporando fintech en sus estrategias y métricas actuales. Estas métricas también se evalúan no solo desde la perspectiva de corto plazo, sino también desde el largo plazo, identificado como dignidad financiera. Finalmente, se realiza una propuesta de estructura de indicadores clave de desempeño.

ABSTRACT Authorities have identified technological innovation as a tool for financial inclusion. However, Financial Technology (FinTech) also has the potential to support a broader concept: financial dignity. This study analyzes three financial inclusion policies from three regions and their metrics to identify whether the supervisors are embedding FinTech in their current strategies and metrics. These metrics are evaluated from the short- and long-term perspectives, identified as financial dignity. Finally, a proposal structure of key performance indicators is made.

RESUMO A inovação tecnológica tem sido apontada pelas autoridades como uma ferramenta de inclusão financeira. No entanto, a tecnologia financeira (fintech) também tem potencial para apoiar um conceito mais amplo: a dignidade financeira. Este estudo analisa três políticas de inclusão financeira em três regiões e suas métricas para identificar se os supervisores estão incorporando a fintech em suas estratégias e métricas atuais. Essas métricas também são avaliadas não apenas na perspectiva de curto prazo, mas também na perspectiva de longo prazo, identificada como dignidade financeira. Por fim, é feita uma proposta de estrutura de indicadores-chave de desempenho.

Resumen Es posible afirmar que las burbujas financieras han estado presentes a lo largo de casi toda la historia económica del mundo civilizado. De hecho, el crecimiento del comercio y la actividad financiera, han supuesto un incremento en la periodicidad con las que dichas burbujas financieras se presentan. Efectos que se acentúan si se tiene en cuenta que los mercados financieros han ido abriéndose cada vez más no solo para inversores profesionales, sino para consumidores en general. Esto supone un aumento en los efectos nocivos que una burbuja puede representar, y el riesgo de que los Estados no puedan garantizar la protección de derechos sociales y económicos de los consumidores. En este escenario se analiza el fenómeno fintech y si dicha tendencia pueda llegar a constituir una futura burbuja, razón por la cual se recomienda la implementación de una regulación que sea adecuada para garantizar al crecimiento económico y la competitividad de la actividad financiera, al tiempo que se protejan los derechos de las personas que inviertan en dichas empresas.

Abstract It is possible to affirm that financial bubbles have been present throughout almost the entire economic history of the civilized world. In fact, the growth of trade and financial activity has led to an increase in the frequency with which these financial bubbles appear. Effects that are accentuated considering that the financial markets have been opening up more and more not only for professional investors, but also for consumers in general. This implies an increase in the harmful effects that a bubble can represent, and the risk that States cannot guarantee the protection of social and economic rights of consumers. In this scenario, the fintech phenomenon is analyzed and whether this trend could become a future bubble, which is why the implementation of a regulation that is adequate to guarantee economic growth and the competitiveness of financial activity is recommended, while the rights of the people who invest in said companies are protected.

Resumen Fintech es la aplicación de las tecnologías de la cuarta revolución industrial en el campo financiero. En los últimos años ha despertado un creciente interés por parte de diversos actores y especialidades financieras, gracias a sus características relevantes como la seguridad de la información, el aumento del rendimiento y la descentralización. A pesar de los aspectos positivos de fintech, existen algunas tendencias de su aplicación que requieren superar ciertos problemas como la regulación, la escalabilidad tecnológica y la hibridación. Por lo tanto, se considera necesaria una revisión sistemática en la que se recolecte información para ofrecer una visión general del estado del tema relacionado con la aplicación de fintech y las start-ups, con el fin de servir como referencia para futuras investigaciones en este campo. Con este propósito, se llevó a cabo una revisión sistemática de la literatura siguiendo el protocolo PRISMA combinado con el algoritmo Tree of Science (ToS). Se encontraron artículos publicados entre 2016 y 2021 en las bases de datos Web of Science, Google Scholar, Scopus e IEEE Xplore, donde posteriormente se aplicó el algoritmo Tree of Science (ToS) para identificar la literatura más relevante sobre el tema. Como resultado, se analizaron 72 artículos. El análisis de los artículos seleccionados proporcionó información valiosa y respondió a las preguntas de investigación planteadas en el protocolo PRISMA. Los resultados indican como tendencias de investigación en el tema: financiamiento empresarial, innovación e información financiera, tecnología financiera y finanzas y regulación. Fintech es una innovación revolucionaria que crea oportunidades en el mercado y en el mundo financiero, por lo que se están desarrollando prototipos en todo el mundo.

Abstract: Fintech is the application of the technologies of the fourth industrial revolution in the financial field. In recent years, it has aroused growing interest from various financial actors and specialties, thanks to its relevant characteristics such as information security, increased performance, and decentralization. Despite the positive aspects of fintech, there are some trends in its application that require overcoming certain problems such as regulation, technological scalability, and hybridization. Therefore, a systematic overview is considered necessary in which information is collected to provide an overview of the state of the art related to the application of fintech and start-ups to serve as a reference for future research in this field. To this end, a systematic literature review was conducted using the PRISMA protocol in combination with the Tree of Science (ToS) algorithm. Articles published between 2016 and 2021 were found in the Web of Science, Google Scholar, Scopus and IEEE Xplore databases, where the Tree of Science (ToS) algorithm was then applied to identify the most relevant literature on the topic. As a result, 72 articles were analyzed. The analysis of the selected articles provided valuable information and answered the research questions posed in the PRISMA protocol. The results indicate as research trends on the topic: business financing, innovation and financial information, financial technology and finance and regulation. Fintech is a revolutionary innovation that creates opportunities in the market and in the financial world, which is why prototypes are being developed worldwide. Clasificación JEL: M11, D24, G14, E01, C38, D57.

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.