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Digital Financial Services(DFS) have significant potential to provide a range of affordable, convenitent and secure banking services to poor people in Emerging Economies.Digital financial inclusion promotes efficient interconnection among participants in economic activities. There are unbanked individuals are increasingly gaining access to financia...
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This report presents an analytical framework for exploring the implications of Fintech innovations for incumbent banks and for provision of the financial safety net. The focus is on “digital banking initiatives”, that is, on Fintech initiatives that provide retail financial services akin to those traditionally provided by banks. Banks perform a wid...
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... New fintech applications such as peer-to-peer (P2P) lending, crowdfunding, and mobile money provide MSMEs with access to finance and allow them to make and receive electronic payments, secure financial products, and have a chance to build a credit record or history. Another important keyword is blockchain (Dara, 2018;Fenwick et al., 2018;Gao et al., 2018;Cong and Zhiguo, 2019;Dorfleitner and Braun, 2019;Toh and Thao, 2020). Table 1 summarizes the top 10 keywords by the frequency of appearance and describes them in detail. ...
The restrictions that have been implemented due to the COVID-19 pandemic have highlighted the growing importance of digital financing. While traditional banking services have been limited by social distancing, reduced work hours, and lockdowns, digital financial services can deal effectively with those restriction measures while facilitating governments to channel relief and stimulus funds to micro, small and medium-sized enterprises (MSMEs). This paper analyzes, by using the bibliometric review approach along with the VOSviewer, a data visualization software, 629 Scopus journal articles relevant to the key components of digital financing for SMEs under the pandemic. Based on the review, it identifies the most crucial policy areas for digital financing. The paper presents policy implications on how digital financial services can support MSMEs in dealing with COVID's challenges.
JEL classification codes: G21, G23, G28, G32.
... For example, e-commerce, a model of digital economy, is an innovation of business model, which integrates information flow, capital flow, logistics, and commercial flow through the use of network technology to generate value-added. Some literature points out that the digital economy reconstructs the relationship between consumers and enterprises, leads to personalized and immediate demand for R&D and design, integrates R&D resources of enterprises, and promotes collaborative innovation [6]. In the era of digital economy, the integrated sharing of information resources will accelerate knowledge diffusion and promote innovation acceleration in the whole economic and social fields [7]. ...
Digitalization is a long-standing concern in modern industrial engineering. At present, there is no widely recognized standard for the connotation and definition of digital economy, the scope of digital economy is difficult to be defined. This paper conducts an evaluation study on the development level of the digital economy, which mainly contains two parts: first, a comprehensive digital economy; second, a study on the influencing factors. This paper first summarizes the connotation of the digital economy and digital economy evaluation-related research, extracts the influencing factors of digital economy development, and adopts partial least squares (PLS) path model to verify the hypotheses from five dimensions: basic resources, integration development, innovation capacity, social benefits, and network security. It also has an indirect impact on integrated development by influencing innovation ability; innovation capability has a significant positive impact on convergence development; convergence development has a significant positive impact on social benefits; both convergence development and social benefits have a significant negative impact on cybersecurity. Finally, based on the above research results, corresponding countermeasures and suggestions are proposed for the development of the regional digital economy.
... 56 Through DFS, economically disadvantaged groups can easily access affordable and reliable financial services. 57 It promotes an efficient interface for economic activities between end-users. 58 Unbanked groups in remote areas can access financial services at lower cost through digital channels. ...
The central goal of this paper is to investigate how to promote financial inclusion by addressing the gaps of consumer protection in Digital Financial Services (DFS). This paper provides policy recommendations that address the asymmetry between payment service providers and consumers. To achieve this, a comparative research methodology with a functional approach from a micro-level was used to compare the institutions and gaps in different socioeconomic settings. As this approach provides learning to examine the differences and similarities in legal regimes and address practical issues in policy reforms and development through primary and secondary sources. The result and conclusion of this research show that an efficient consumer protection framework is rudimentary to build consumer trust and confidence in Digital Financial Services which will result in an increased level of integration into formal financial systems.
... 56 Through DFS, economically disadvantaged groups can easily access affordable and reliable financial services. 57 It promotes an efficient interface for economic activities between end-users. 58 Unbanked groups in remote areas can access financial services at lower cost through digital channels. ...
The central goal of this paper is to investigate how to promote financial inclusion by addressing the gaps of consumer protection in Digital Financial Services (DFS). This paper provides policy recommendations that address the asymmetry between payment service providers and consumers. To achieve this, a comparative research methodology with a functional approach from a micro-level was used to compare the institutions and gaps in different socioeconomic settings. As this approach provides learning to examine the differences and similarities in legal regimes and address practical issues in policy reforms and development through primary and secondary sources. The result and conclusion of this research show that an efficient consumer protection framework is rudimentary to build consumer trust and confidence in Digital Financial Services which will result in an increased level of integration into formal financial systems.
Key Words : Financial inclusion, M-pesa, Sub-Sharan Africa, European Union, Payment
Services Directive, consumer protection, digital financial services, mobile
money, Fintech.
Proceedings:
Zaštita kolektivnih interesa potrošača / The protection of the collective interests of consumers, Zbornik radova/Proceedings Međunarodna naučna konferencija/ International scientific conference, Beograd / Belgrade, 24.10.2020. Izdavač / Publisher: Pravni fakultet Univerziteta Union u Beogradu, Beograd, 2021.
Urednik/Editor: Katarina Ivančević
Recenzenti / Reviews: Tatjana Jovanić, Mateja Đurović, Katarina Ivančević
ISBN 978-86-7952-050-0
... This implies that DF is a process by which digital products are delivered to customers through digital channels. DF can also be defined as a set of financial products and services provided through digital infrastructures and platforms with minimum use of cash and with less need for direct involvement of traditional bank branches (Dara, 2018;Manyika, et al., 2016). ...
This paper is a conceptual review and analysis of digital finance. Although, different authors define digital finance (DF) differently, some common factors run through the different definitions reviewed. The review, therefore, reveals that DF broadly encompasses digital products and services, digital technologies, digital infrastructures/architectures, digital agents/providers, digital platforms, digital business operations and processes as well as human interface involved in the provision of financial products and services to different customers. It was also found out that proxies used for DF in studies reviewed include mobile banking, internet banking, electronic banking, branchless banking, mobile money, debit cards, credit cards, Point of Sale (POS), mobile wallets, agency banking. It is evident through the literature also that digital disruption and revolution have come to stay and is taking place in the financial services sector at a speed of light and this speed will intensify further in the near future. Thus, DF, being a relatively novel subject matter in finance, needs more intensive and extensive studies, in order to give it the deserved popularisation to reap the benefits it promises to deliver.
... 56 Through DFS, economically disadvantaged groups can easily access affordable and reliable financial services. 57 It promotes an efficient interface for economic activities between end-users. 58 Unbanked groups in remote areas can access financial services at lower cost through digital channels. ...
... Formal financial services such as savings can allow the poor a safe place to accumulate money for either investment or managing the effect of shocks. A well-functioning financial services sector will enable people to save for unforeseen or expected events, thus building resilience in economies (Dara 2018). Moreover, savings are redirected towards operational expenses and invested in capital, improving cash flows for low-income How digital finance affects poverty: The transmission mechanism view consumers in unforeseen emergencies such as natural disasters, loss of employment and purchase of medical supplies (Agur, Peria & Rochon 2020a). ...
... Formal financial services such as savings can allow the poor a safe place to accumulate money for either investment or managing the effect of shocks. A well-functioning financial services sector will enable people to save for unforeseen or expected events, thus building resilience in economies (Dara 2018). Moreover, savings are redirected towards operational expenses and invested in capital, improving cash flows for low-income How digital finance affects poverty: The transmission mechanism view consumers in unforeseen emergencies such as natural disasters, loss of employment and purchase of medical supplies (Agur, Peria & Rochon 2020a). ...
... To ADB (2016), DF basically connotes technology. Dara (2018) also submits that DF basically means financial services delivered over digital infrastructure including mobile and internet with low use of cash and traditional bank branches. Holtman(n.d.) simply refers to DFS as the provision of financial services utilizing technology. ...
This paper examined the long run causal effect of digital financial inclusion on economic growth in sub-Saharan Africa.
The study employs a sample of 22 sub-Sahara African countries using quarterly data from 2011-2017. The dependent
variable was economic growth measured by GDP per capita with the indicators of digital financial inclusion being
automated teller machine (ATM), number of commercial bank branches (CBB), Loan Outstanding (LOS), Mobile agent
outlets (MOAO) and Mobile money transactions (MOMO). The long run causal effect of digital financial inclusion was
analyzed using the vector error correction model and the granger causality test for causality and direction. The estimated
results indicate that a long run causal relationship exists between digital financial inclusion and economic growth in sub-
Sahara Africa and the direction of causality is unidirectional running from economic growth to digital financial inclusion.
The study observed that digital financial inclusion strongly associated with the progress and development of the sub-
Saharan economic growth. In spite of this, there is need for proper digital financial inclusion education, customer
awareness, E-banking training and digital financial inclusion literacy programmes to all citizens alongside regulation in
the continent to access financial services. Thus, digital financial inclusion is a long road which sub-Sahara Africa needs to
travel to make it completely successful.
... To ADB (2016), DF basically connotes technology. Dara (2018) also submits that DF basically means financial services delivered over digital infrastructure including mobile and internet with low use of cash and traditional bank branches. Holtman(n.d.) simply refers to DFS as the provision of financial services utilizing technology. ...
