Juan Frers es abogado y contador de la UBA, profesor de la UBA, profesor invitado en la Universidad de Chile. Associate in Moore Global. Director at WorldWide TaxNet, institución internacional de investigación. Magíster en Tributacion UBA (en curso). / En la conferencia se analizarán las regulaciones actuales de las Fintech, crypto-activos e incentivos fiscales asociados a las nuevas tecnologías.

Após a crise financeira global de 2008/09 iniciou-se uma forte onda de inovação na oferta de produtos e serviços financeiros, tais como novos sistemas de pagamento através de computadores e celulares, infraestrutura para transações financeiras (Blockchain), empréstimos diretos entre as partes (P2PL), entre outras. Essas inovações foram trazidas por um novo tipo de negócio denominado FinTech (contração dos termos Finance e Technology - Finanças e Tecnologia, em inglês), caracterizadas pela entrega de produtos e serviços financeiros através de uma combinação de uso extensivo de tecnologia, estrutura operacional enxuta, foco no cliente e práticas flexíveis de negócios. Nesse sentido, o objetivo deste trabalho foi comparar as FinTechs com os intermediários financeiros tradicionais. Para se atingir este objetivo, foi realizada uma pesquisa sob a metodologia profissional a partir de uma abordagem multi-métodos, utilizando-se os métodos de pesquisa qualitativa e quantitativa. Na primeira parte da pesquisa, de caráter qualitativa e exploratória, foram levantadas as principais similaridades e diferenças entre as FinTechs e os intermediários financeiros tradicionais, diferenciadas as vantagens e desvantagens de cada modelo de negócio, comparados os aspectos operacionais de cada modelo, e identificado se a aptidão das FinTechs está mais para serem parceira ou concorrente dos intermediários financeiros tradicionais, de acordo com os objetivos secundários desta pesquisa. Na segunda parte, de caráter quantitativa descritiva, foi utilizada a técnica de análise comparativa com amostragem não probabilística, onde verificou-se que, na comparação com os intermediários financeiros tradicionais, as FinTechs possuem: (i) maior custo de intermediação financeira (FinTechs entre 12,5% a.a. e 20,0 % a.a. x Bancos entre 4,3% a.a. e 4,8% a.a.); (ii) maior despesa de intermediação financeira (FinTechs entre 15,3% a.a. e 20,6% a.a. x Bancos entre 1,0% a.a. e 3,3% a.a.); (iii) maior relação despesas/receitas (FinTechs entre 119,1% e 129,4% x Bancos entre 63,2% e 68,7%); e (iv) retorno negativo sobre o patrimônio líquido médio (FinTechs entre -11,9% a.a. e -10,4% a.a. x Bancos entre 3,8% a.a. e 10,6% a.a.). Essa diferença significativa entre os indicadores das FinTechs e dos intermediários financeiros tradicionais pode ser explicada pelos seguintes fatores: (i) as FinTechs ainda não possuem o mesmo nível de maturidade dos intermediários financeiros tradicionais; e (ii) as FinTechs ainda não possuem escala suficiente para atingir os mesmos níveis de eficiência operacional dos intermediários financeiros tradicionais. Este trabalho buscou contribuir para que as FinTechs e os intermediários financeiros tradicionais encontrem suas melhores aptidões como modelo de negócio, melhorando a concorrência entre os agentes do sistema financeiro e resultando na oferta e prestação de produtos e serviços financeiros de forma mais justa e eficiente para a sociedade em geral. / After the global financial crisis of 2008/09 started a new wave of innovation in the offering of products and financial services, such as new payment systems through computers and cell phones, infrastructure for financial transactions (Blockchain), peer-to-peer lending (P2PL), among others. These innovations were brought by a new type of startups denominated FinTech (contraction of the terms Finance and Technology), characterized by the deliverance of financial products and services through a combination of an extensive use of technology, lean operational structure, focus on the client and flexible business practices. In this sense, the objective of this work was to compare the FinTechs with the traditional financial intermediaries. To reach this objective, it was conducted a research under the professional methodology with a multi-methods approach, using both the qualitative and quantitative methods of research. In the first part of the research, under the qualitative exploratory approach, it was raised the main similarities and differences between FinTechs and traditional financial intermediaries, differentiated the advantages and disadvantages of each business model, compared the determinant aspects of each model and identified if the aptitude of the FinTechs is more to be a partner or a competitor of the traditional financial intermediaries, according to the secondary objectives of this study. In the second part, under the quantitative descriptive approach, it was used the comparative analysis technique with a non probabilistic sample, where was observed that, in comparison with the traditional financial intermediaries, the FinTechs have: (i) higher cost of financial intermediation (FinTechs between 12.5% p.a. and 20.0 % p.a. vs Banks between 4,3% p.a. and 4.8% p.a.); (ii) higher expense with financial intermediation (FinTechs between 15.3% p.a. and 20.6% p.a. vs. Banks between 1.0% p.a. and 3.3% p.a.); (iii) higher cost/income ratio (FinTechs between 119.1% and 129.4% vs. Banks between 63.2% and 68.7%); and (iv) negative return on average equity (FinTechs between -11,9% p.a. and -10,4% p.a. vs. Banks between 3.8% p.a. and 10.6% p.a.) This significant difference between the indicators of the FinTech and the traditional financial intermmediaries can be explained by the following factors: (i) FinTechs still do not have the same level of maturity of the traditional financial intermediaries; and (ii) FinTechs still do not have enough scale to reach the same levels of operational efficiency of the traditional financial intermediaries. This work aimed to contribute for the FinTechs and traditional financial intermediaries to find their best aptitude as business model, improving the competition among the agents of the financial system and resulting in the offering of more fair and efficient financial products and services to the society in general.

Víctor Roca; Docente en la Universidad Peruana de Ciencias Aplicadas. ___ Jorge Perea; Especialista en Banco Central de Reserva del Perú.

Context: The advent of the Information and Communication Technologies mostly referred to “digitalization”; offers a new paradigm. Information technology is now perceived as a disruptive innovation capable of shaking up the traditional financial industry. On one side and as a result of the former trend, a new taxonomy emerged under the name of “FinTech” corresponding to the embracement of “digitalization”. FinTech is implicated in the process of disintermediation through innovation. On the other hand and due to the recent incidents at the macroeconomic level such as the 2008 financial crisis or even more recently the Snowden case; the regulatory environment is undergoing drastic changes. Even though the changing regulatory environment firstly acted as a catalyst by promoting the FinTech phenomenon into the spotlight, it inherently touched upon one of the prominent challenges of “FinTech”: to the extent Information Security. Along the line, the FinTech ecosystem which is symbolized by the “Always Available” expression conveys an explicit statement which is yet challenged by the threat of cyberattacks and emphasized by the duality between availability and security. The existing paradox reasserts the growing need for trust from a customer perspective.   Purpose: In this thesis, the authors aimed to investigate the information security and consumer trust challenges within the FinTech ecosystem by empirically testing the customer’s perceptions on the variables that are likely to affect technological adoption   Design/Methodology/approach: A cross sectional quantitative study was conducted with the distribution of a self-completion questionnaire to FinTech customers in Sweden. The designed conceptual model was built on the previous work of Stewart & Jürjens (2018). Stewart and Jürjens (2018) extended the TAM model by considering: Data Security, Customer Trust, Value Added, User Design Interface and FinTech Promotion. In this thesis, the authors adapted Stewart and Jürjens model (2018) by redefining “Data Security” and “Customer Trust”. Three regressions have been performed: one binary logistic regression and two multiple regressions.   Findings: We first ran a principal component analysis in order to reduce dimensionality within our questionnaire. We performed a PCA with an oblique rotation which helped us to produce factor scores. Based on the binary logistic regression, we found out that only Perceived Usefulness and Device security was significantly affecting our respondent’s payment intention. The multiple regression intending to predict the respondent’s intention to use based the on the factor scores from the PCA, revealed that Perceived Usefulness, Usability & ergonomics, Device security and Organizational trust were significant. Lastly, the final regression suggested that Overall trust and security were significantly affecting the respondent’s intention to use. In essence, it appeared that both dimensions are affecting the technological acceptance of users of mobile payment applications.   Research Limitations/implications: There are multiple limitations to our study, the first one being the use of a convenience sampling. Therefore, our results lack of generalizations. Yet, the results of our study confirm what the antecedents of customer’s intention to use mobile payment applications are, to the extent that both security and trust matter.

Este trabalho teve como objetivo analisar a forma de atuação das empresas de tecnologia em serviços financeiros – as fintechs – no setor bancário e financeiro brasileiro. O fenômeno das fintechs ocorre em todo mundo e as inovações trazidas por elas vêm transformando o setor bancário e financeiro. A relevância da pesquisa está na atualidade do tema e a importância que o sistema bancário e financeiro possui no sistema econômico atual. Para a realização da pesquisa foi utilizado o método qualitativo exploratório, através de coleta de dados secundários e realização de entrevistas semiestruturas, com a definição de um modelo metodológico baseado nas capacidades quanto a atuação das fintechs no mercado. Foram considerados aspectos gerais sobre as fintechs e dos profissionais entrevistados, e suas capacidades relacionados ao desenvolvimento tecnológico, operação, gestão e transacional. Foram realizadas entrevistas com um roteiro semiestruturado com 11 fintechs de diferentes segmentos e 3 empresas do ecossistema dessas empresas (uma consultoria, uma associação e uma aceleradora). A revisão de literatura apresentou os conceitos de estruturas de mercado, inovação e modelo de negócios. Foram apresentados de forma descritiva informações sobre o setor bancário e financeiro, considerando aspectos de evolução do setor, tecnologias e panorama atual das fintechs A análise e apresentação dos resultados foram realizadas conforme os aspectos referidos no modelo metodológico, considerando os dados coletados durante as entrevistas com as fintechs selecionadas, as empresas do ecossistema e os dados secundários. A análise dos dados permitiu a definição de uma fintech padrão brasileira, modelo este decorrente da análise da forma de atuação das fintechs selecionadas. A atuação das fintechs consiste na utilização de uma elevada base tecnológica, um serviço/produto financeiro altamente escalável focado na experiência do cliente, estruturas operacionais enxutas e direcionadas à área de desenvolvimento, gestão ágil, marketing digital focado em clientes millenials e definição de metas indicadores de desempenho de difícil mensuração. Além disso, a pesquisa identificou tendências do setor perante a evolução e posicionamento das fintechs, das instituições bancárias e financeiras e possíveis novos players do setor. / This study aimed to analyze how the new financial and technologic companies – the fintechs – operate in the brazilian banking sector. The fintech revolution is affecting the banking sector all over the world, including the brazilian sector. Nowadays, the fintechs’ debate is an mandatory subject in banking sector discussions, bringing to us an important topic for research, considering its major relevance of potential changes in the banking sector. The methodological course of this research was designed as an exploratory qualitative study. Data were collected from secondary sources and through interviews with professionals/founders/partners from 11 different fintechs and 3 companies from the fintechs’ ecosystem (a consulting company, a fintechs’ association and a startups’ accelerator) considering aspects of its services, operational, management, marketing and performance The review of the literature contemplated the concepts of market structures, innovation and business models. Further information was presented of the banking sector considering its evolution, innovations, technologies and the emergence of the fintechs in Brazil. The analysis and presentation of the results were organized according the aspects defined in the method model (services, operational, management, marketing and performance) and synthetized in a suggested model of fintech. The results showed that fintechs in Brazil emerge from professionals with banking sector experience and its business models have a high level of technology applied, high growth potential in a short period, focus in customer experience, reduced staff (focused in P&D), fast decision making, focus in the millenials customers and complex definitions of indicators to evaluate performance and define goals. Also, this study identified market tendencies of banking sector.

Este trabalho teve como objetivo analisar a forma de atuação das empresas de tecnologia em serviços financeiros – as fintechs – no setor bancário e financeiro brasileiro. O fenômeno das fintechs ocorre em todo mundo e as inovações trazidas por elas vêm transformando o setor bancário e financeiro. A relevância da pesquisa está na atualidade do tema e a importância que o sistema bancário e financeiro possui no sistema econômico atual. Para a realização da pesquisa foi utilizado o método qualitativo exploratório, através de coleta de dados secundários e realização de entrevistas semiestruturas, com a definição de um modelo metodológico baseado nas capacidades quanto a atuação das fintechs no mercado. Foram considerados aspectos gerais sobre as fintechs e dos profissionais entrevistados, e suas capacidades relacionados ao desenvolvimento tecnológico, operação, gestão e transacional. Foram realizadas entrevistas com um roteiro semiestruturado com 11 fintechs de diferentes segmentos e 3 empresas do ecossistema dessas empresas (uma consultoria, uma associação e uma aceleradora). A revisão de literatura apresentou os conceitos de estruturas de mercado, inovação e modelo de negócios. Foram apresentados de forma descritiva informações sobre o setor bancário e financeiro, considerando aspectos de evolução do setor, tecnologias e panorama atual das fintechs A análise e apresentação dos resultados foram realizadas conforme os aspectos referidos no modelo metodológico, considerando os dados coletados durante as entrevistas com as fintechs selecionadas, as empresas do ecossistema e os dados secundários. A análise dos dados permitiu a definição de uma fintech padrão brasileira, modelo este decorrente da análise da forma de atuação das fintechs selecionadas. A atuação das fintechs consiste na utilização de uma elevada base tecnológica, um serviço/produto financeiro altamente escalável focado na experiência do cliente, estruturas operacionais enxutas e direcionadas à área de desenvolvimento, gestão ágil, marketing digital focado em clientes millenials e definição de metas indicadores de desempenho de difícil mensuração. Além disso, a pesquisa identificou tendências do setor perante a evolução e posicionamento das fintechs, das instituições bancárias e financeiras e possíveis novos players do setor. / This study aimed to analyze how the new financial and technologic companies – the fintechs – operate in the brazilian banking sector. The fintech revolution is affecting the banking sector all over the world, including the brazilian sector. Nowadays, the fintechs’ debate is an mandatory subject in banking sector discussions, bringing to us an important topic for research, considering its major relevance of potential changes in the banking sector. The methodological course of this research was designed as an exploratory qualitative study. Data were collected from secondary sources and through interviews with professionals/founders/partners from 11 different fintechs and 3 companies from the fintechs’ ecosystem (a consulting company, a fintechs’ association and a startups’ accelerator) considering aspects of its services, operational, management, marketing and performance The review of the literature contemplated the concepts of market structures, innovation and business models. Further information was presented of the banking sector considering its evolution, innovations, technologies and the emergence of the fintechs in Brazil. The analysis and presentation of the results were organized according the aspects defined in the method model (services, operational, management, marketing and performance) and synthetized in a suggested model of fintech. The results showed that fintechs in Brazil emerge from professionals with banking sector experience and its business models have a high level of technology applied, high growth potential in a short period, focus in customer experience, reduced staff (focused in P&D), fast decision making, focus in the millenials customers and complex definitions of indicators to evaluate performance and define goals. Also, this study identified market tendencies of banking sector.

Este trabalho teve como objetivo analisar a forma de atuação das empresas de tecnologia em serviços financeiros – as fintechs – no setor bancário e financeiro brasileiro. O fenômeno das fintechs ocorre em todo mundo e as inovações trazidas por elas vêm transformando o setor bancário e financeiro. A relevância da pesquisa está na atualidade do tema e a importância que o sistema bancário e financeiro possui no sistema econômico atual. Para a realização da pesquisa foi utilizado o método qualitativo exploratório, através de coleta de dados secundários e realização de entrevistas semiestruturas, com a definição de um modelo metodológico baseado nas capacidades quanto a atuação das fintechs no mercado. Foram considerados aspectos gerais sobre as fintechs e dos profissionais entrevistados, e suas capacidades relacionados ao desenvolvimento tecnológico, operação, gestão e transacional. Foram realizadas entrevistas com um roteiro semiestruturado com 11 fintechs de diferentes segmentos e 3 empresas do ecossistema dessas empresas (uma consultoria, uma associação e uma aceleradora). A revisão de literatura apresentou os conceitos de estruturas de mercado, inovação e modelo de negócios. Foram apresentados de forma descritiva informações sobre o setor bancário e financeiro, considerando aspectos de evolução do setor, tecnologias e panorama atual das fintechs A análise e apresentação dos resultados foram realizadas conforme os aspectos referidos no modelo metodológico, considerando os dados coletados durante as entrevistas com as fintechs selecionadas, as empresas do ecossistema e os dados secundários. A análise dos dados permitiu a definição de uma fintech padrão brasileira, modelo este decorrente da análise da forma de atuação das fintechs selecionadas. A atuação das fintechs consiste na utilização de uma elevada base tecnológica, um serviço/produto financeiro altamente escalável focado na experiência do cliente, estruturas operacionais enxutas e direcionadas à área de desenvolvimento, gestão ágil, marketing digital focado em clientes millenials e definição de metas indicadores de desempenho de difícil mensuração. Além disso, a pesquisa identificou tendências do setor perante a evolução e posicionamento das fintechs, das instituições bancárias e financeiras e possíveis novos players do setor. / This study aimed to analyze how the new financial and technologic companies – the fintechs – operate in the brazilian banking sector. The fintech revolution is affecting the banking sector all over the world, including the brazilian sector. Nowadays, the fintechs’ debate is an mandatory subject in banking sector discussions, bringing to us an important topic for research, considering its major relevance of potential changes in the banking sector. The methodological course of this research was designed as an exploratory qualitative study. Data were collected from secondary sources and through interviews with professionals/founders/partners from 11 different fintechs and 3 companies from the fintechs’ ecosystem (a consulting company, a fintechs’ association and a startups’ accelerator) considering aspects of its services, operational, management, marketing and performance The review of the literature contemplated the concepts of market structures, innovation and business models. Further information was presented of the banking sector considering its evolution, innovations, technologies and the emergence of the fintechs in Brazil. The analysis and presentation of the results were organized according the aspects defined in the method model (services, operational, management, marketing and performance) and synthetized in a suggested model of fintech. The results showed that fintechs in Brazil emerge from professionals with banking sector experience and its business models have a high level of technology applied, high growth potential in a short period, focus in customer experience, reduced staff (focused in P&D), fast decision making, focus in the millenials customers and complex definitions of indicators to evaluate performance and define goals. Also, this study identified market tendencies of banking sector.

and keywords FinTech and AML from a legal perspective The subject matter of this thesis is the impact of regulations preventing money laundering and terrorism financing in the field of FinTech. The goal is to analyse these regulations and to offer a critical standpoint which would reflect the technological development in the financial sector and take into consideration the cost of adhering to these regulations. With this objective in mind, the first chapter defines the concept of FinTech, breaks down its specifics and provides typical examples of the financial services currently fitting this definition. In the second chapter, the obligations stemming from the AML/CFT rules are defined along with an evaluation of their impact on obliged persons. The current and future possibilities of remote identification which represents the simplest way of acquiring a client are further evaluated in a separate chapter. In the last part, this paper analyses the applicability of the AML/CFT Act in relation to neobanking, crowdfunding and crypto-assets. The paper concludes by summarizing the findings, formulating views on the current state of the topic, and presenting suggestions for future development. Money laundering and terrorism financing are detrimental social phenomena affecting the FinTech sector. The...

Fintech has been promoted as a tool for financial inclusion and in turn income inequality reduction. While previous research in large has shown a negative relationship between Fintech adaptation and income inequality there are discrepancies regarding whether this is the case across countries. The purpose of this thesis is therefore to answer if financial inclusion through an increase in active Fintech users reduce income inequality and if the relationship differs across regions and income groups. The study is based on cross sectional data for 86 countries, primarily sourced from the World Bank’s Global Findex and World Development Indicators databases. The relationship between Fintech and income inequality is initially estimated through an OLS multiple variable regression, but due to endogeneity issues a 2SLS instrument variable regression is employed. The results find a statistically significant negative relationship between Fintech and income inequality of -0,32 for the entire sample. A similar negative relationship is however only present among higher income countries and in Western Europe and North America, suggesting that Fintech may not be a panacea for income inequality reduction.

Owing to the lack of information and guidelines currently available for technology entrepreneurs, establishing Fintech start-ups in South Africa is challenging. The current literature on Fintech does not provide information highlighting ways in which technology entrepreneurs can establish and sustain Fintech start-ups, nor does it discuss the relevant skills required or the potential entry barriers for Fintech start-ups in the South African context. The purpose of this research is to investigate the factors that make Fintech startups successful, highlight the barriers faced by Fintech startups, elaborate on the skills required, and create a conceptual framework based on the research, that will guide technology entrepreneurs towards successful venture creation. A qualitative research methodology was used in this study using a semi-structured interview with open-ended questions as a research instrument. Financial Capital, Adherence to Regulation and Customer Centric Platform Development were some of the key findings related to establishing and sustaining Fintech start-ups in South Africa. Costly and scarce skilled resources and regulation barriers were some of the contributors to the failure of Fintech start-ups in South Africa. The government needs to assist where they can from a regulation perspective and provide more support to Fintech start-ups. Tax rebates for Fintech start-ups would also help these start-ups survive in South Africa. / Dissertation (MCom)--University of Pretoria, 2021. / Informatics / MCom / Unrestricted