Yes / This article reviews critically the recent EU legislation and proposals for the regulation of financial technology (‘fintech”) and makes recommendations for legal improvements in the proposed frameworks, which will help to accelerate fintech growth, a declared EU goal, in the years to come. The rise of fintech driven by non-bank entities (technology startups, finance, big tech and big retail companies) helps to transform financial services industry, but also threatens the market positions of traditional banks and through them potentially the stability of the financial system. The current EU proposals, as presented in the Commission’s Fintech Action Plan published in 2018 and follow-up measures, outlined a number of steps to support fintech, while ensuring the protection of market stability and consumers and the maintenance of level playing field in the financial services markets. The article argues that, while the Commission’s proposed policy mix contains certain positive measures for fintech, it remains, overall, conservative and favours the incumbents. It also argues that unless the Commission becomes bolder and adopts a more flexible legal framework for fintech (for which the article makes specific recommendations), the latter will not grow at the pace needed to help build a competitive ad-vantage for the EU financial sector. The Commission’s continuing support of the established market landscape dominated by financial conglomerates employing traditional business models risks undermining the ability of the European financial system to adapt to the changing competition landscape created by advancing financial technologies and to fully address stability concerns, which emerged as a result of the financial crisis.

Most owners of small and medium-sized enterprises (SMEs) in Nigeria are inadequately prepared to perform the financial management tasks required for business sustainability. This case study, guided by institutional theory, was conducted to explore how SME owners can be prepared to implement financial management effectively for business sustainability in Edo state, Nigeria. The research question addressed the understanding of experienced SME owners regarding how they can develop necessary financial management skills for sustaining a business in Edo state. Data were collected using semistructured interview, and field notes from 15 SME owners in Edo state who had prior knowledge of, experience with, and education on financial management and had been managing an SME for at least 3 years. Through Yin's 5-step data analysis process, member checking, and triangulation, the themes that emerged were strategic accounting practice, knowledge of financial planning, hiring an accountant, record keeping, obtaining accounting education, and embracing technology and financial management software. The study findings have the potential to contribute to positive social change by indicating how SMEs can be more effective in generating employment, ensuring sustainability, and improving the standard of living.

摘要 一個國家的經濟發展相當倚賴中小企業，根據研究顯示，中小企業為國家就業市場貢獻許多，但近年來，國際局勢的不穩定連帶影響台灣市場，前些年發生的金融危機導致銀行貸款條件更加嚴苛，造成許多的中小企業融資困難而紛紛倒閉，本文將探討現階段中小企業融資方面的現況以及痛點，透過與最近新興的金融科技結合，希望能夠改善中小企業目前融資方面的問題。 關鍵字：應收帳款融資、金融科技 / Abstract A country's economic development relies heavily on Small and medium enterprises (SMEs). According to the research, small and medium-sized enterprises have contributed much to the national job market. However, in recent years, the instability of the international situation has affected the Taiwan market, and the financial crisis in previous years has led to more stringent bank loan conditions This paper will discuss the current situation of the financing of small and medium-sized enterprises and pain points, through the combination with the recent emerging financial technology, hoping to improve the current financing problems of SMEs. Keywords：Invoice Finance ,Financial Technology

國家的就業市場有相當大的部分來自中小企業，因此中小企業為促進國家經濟穩定的力量。而近年來國際經濟的低迷，影響了中小企業融資方面的困難，進而導致中小企業紛紛的減產、歇業甚至倒閉的情況。故如何解決中小企業融資問題為政府、社會關注的焦點，本文將探討目前中小企業融資方面的現況及其困難點，以及如何透過金融科技來改善於中小企業於融資方面的困難。 / Small and medium enterprises (SMEs) account for a majority of the job market, So SMEs to promote national economic stability. In recent years, the international economic depression, affecting the financing difficulties of SMEs, which led to small and medium enterprises have the reduction of output, even bankrupt of the situation. Therefore, how to solve the problem of SME financing is the focus of government and society. This paper will discuss the current situation and difficulties of SME financing, and how to improve the financing difficulties of small and medium enterprises through Financial Technology (FinTech).

Submitted by MARCOS VENICIUS MOURÃO DE ARAUJO (marcosvmaraujo@uol.com.br) on 2018-09-11T14:43:28Z No. of bitstreams: 1 DISSERTACAO_MARCOS_ARAUJO_AGO_2018.pdf: 3013990 bytes, checksum: 8c935b65fdfedfd7cffc8ee9dd18db84 (MD5) / Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Boa tarde, Marcos! Para que possamos aprovar sua Dissertação, serão necessárias apenas as alterações abaixo: - A Data da Aprovação, na página da Banca Examinadora, deve estar em branco. (Ex: Data da Aprovação: __ /__ /__ ) - Todos os títulos principais devem estar centralizados, em negrito e letra maiúscula. Por gentileza, alterar e submeter novamente. Qualquer dúvida, entre em contato. Thais Oliveira mestradoprofissional@fgv.br/ 3799-7764 on 2018-09-11T17:39:04Z (GMT) / Submitted by MARCOS VENICIUS MOURÃO DE ARAUJO (marcosvmaraujo@uol.com.br) on 2018-09-11T18:19:08Z No. of bitstreams: 1 DISSERTACAO_MARCOS_ARAUJO_27AGO_2018.pdf: 3014525 bytes, checksum: 910cdf30ac55b01176070555031a4167 (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2018-09-11T18:31:36Z (GMT) No. of bitstreams: 1 DISSERTACAO_MARCOS_ARAUJO_27AGO_2018.pdf: 3014525 bytes, checksum: 910cdf30ac55b01176070555031a4167 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-09-12T14:21:40Z (GMT) No. of bitstreams: 1 DISSERTACAO_MARCOS_ARAUJO_27AGO_2018.pdf: 3014525 bytes, checksum: 910cdf30ac55b01176070555031a4167 (MD5) / Made available in DSpace on 2018-09-12T14:21:40Z (GMT). No. of bitstreams: 1 DISSERTACAO_MARCOS_ARAUJO_27AGO_2018.pdf: 3014525 bytes, checksum: 910cdf30ac55b01176070555031a4167 (MD5) Previous issue date: 2018-08-27 / Esse trabalho busca analisar as estratégias de atuação dos maiores bancos brasileiros e americanos com relação às novas empresas (startups), que trabalham com soluções financeiras de tecnologia avançada, as FINTECHS. A partir de 2013 a atuação crescente destas empresas parece preocupar as instituições financeiras. Por fornecerem soluções mais rápidas, facilidade de uso, com tecnologia avançada e praticamente sem restrições para os clientes, as FINTECHS conseguiram rapidamente se desenvolver no mercado, com algumas já ultrapassando o patamar de um bilhão de dólares de valor, as chamadas unicórnio, no jargão de empresas startups. O trabalho pesquisa também, na literatura científica e nos relatórios das empresas de consultoria financeira, as características de trabalho destas empresas, em que modelos de negócios da área financeira estas empresas atuam, que tecnologias usam e como operam no mercado. O resultado mostrado se baseia nos relatórios disponibilizados anualmente pelos bancos aos seus investidores. Nestes bancos verificou-se suas atuações inovadoras, a busca para se tornarem cada vez mais bancos digitais, e principalmente as investidas que estes bancos fizeram no sentido de se aproximarem das empresas chamadas FINTECHS. Verificou-se ainda pelos dados coletados, por exemplo, que as startups no Brasil, são empresas que possuem em média 2,4 anos, o que parece recente para que o crescimento destas em volume de negócios chame a atenção dos bancos. Nos EUA a interação com as FINTECHS realizadas pelos bancos apresentou um número um pouco maior que nos casos brasileiros. / This work seeks to analyze the strategies of the largest Brazilian and American banks in relation to the new companies (startups) that work with advanced technology financial solutions, the FINTECHS. As of 2013 the growing performance of these companies seems to worry the financial institutions. By providing faster solutions, ease of use, advanced technology, and virtually unrestricted customer service, FINTECHS was able to rapidly develop in the marketplace, with some already surpassing $ 1 billion in value, the so-called unicorn, in jargon of startups companies. In the scientific literature and in the reports of financial advisory firms, the work also investigates the working characteristics of these companies, in which financial business models these companies operate, which technologies they use and how they operate in the market. The result is based on reports made available annually by banks to their investors. In these banks, their innovative actions, the search to become more and more digital banks, and especially the investees that these banks made to approach the companies called FINTECHS were verified. It was also verified by the data collected, for example, that startups in Brazil are companies that have an average of 2.4 years, which seems recent so that the growth of these in volume of business catches the attention of the banks. In the US, the interaction with the FINTECHS performed by the banks presented a slightly higher number than in the Brazilian cases.

The emergence of new digital financial technologies such as Blockchain technology,  has brought about new challenges and disruptions to the financial service industry. Despite its transformative potential, the problem is that its adoption has been hesitant and sporadic. The perception of blockchain technology plays a crucial role in its potential adoption within the financial service industry. Thus, this thesis delves deeper into these perceptions by employing a qualitative research approach influenced by the Technology Organization Environment (TOE) Model. Multiple interviews were conducted with industry experts in the financial service industry to gather a variety of viewpoints. While the views on specific characteristics of blockchain technology differed among the participants, there was a general view on the positive future possibilities of the technology. An understanding of the perception of blockchain technology was established, where the perception was a mix of optimism and caution. Despite the varied opinions, the study’s conclusion is that blockchain technology has a promising future within the financial service industry. However, the shape and form of its integration within companies is a subject of debate. The paper suggests that to fully harness BT’s potential, financial institutions should take a more proactive approach to adoption where they seek to understand and perceive blockchain technology for what it is without overvaluing the negative stigma that currently revolves around the technology.

Background: Technology can provide efficient and accessible solutions to manage private economy, taking into account user needs and experiences. People with disability are most likely to encounter challenges related to financial literacy and lack of access to their own money. The project God man i fickan in Sweden aims to develop an accessible application that supports people with difficulties handling their private economy. Purpose: The purpose of this study was to investigate basic functions and interactions in a digital tool used by people who cannot manage their own economy without some kind of assistance. Method: Participatory design activities involving people with cognitive impairments were utilized. The qualitative data collection included discussions, storyboarding and an online design session. Due to Covid- 19 we had to modify one workshop for online environments. The collected data was analyzed with a content theme analysis which then was visualized and refined iteratively through wireframes and a lo-fi prototype. Results: The study revealed a number of user values, reflecting user needs, and a number of key features that should be supported by the application. A heuristic evaluation of the lo-fi prototype showed that using a provocative object engaged the participants in critical reflections and discussions. Discussion: By involving people with cognitive impairments in the design process through participatory design activities, the methodology used in this study allowed them to influence the design and application functionalities. / Bakgrund: Teknik kan bidra med effektiva och tillgängliga lösningar för att hantera privatekonomi, med hänsyn till användarens behov och erfarenheter. Personer med funktionsnedsättningar är den grupp som möter störst utmaningar relaterade till ekonomisk förståelse och bristande tillgång till sina egna pengar. Syftet med projektet God man i fickan är att utveckla en applikation som stödjer personer med svårigheter att hantera sin privatekonomi. Syfte: Syftet med denna studie var att undersöka grundläggande funktionalitet och interaktion i ett digitalt verktyg för personer som inte kan hantera sin ekonomi utan någon form av assistans. Metoder: För att genomföra studies syfte användes deltagande design aktiviteter med personer med kognitiva funktionsnedsättningar. Kvalitativa data samlades in genom diskussioner, storyboarding och en designsession. På grund av Covid-19 var vi tvungna att anpassa en workshop för miljöer online. Data som samlades in analyserades i olika teman som visualiserades och gradvis förfinades genom wireframes och en lo-fi prototyp. Resultat: Studien kunde urskilja ett antal användarvärden, som reflekterar användarbehov, och ett antal nyckelfunktioner som borde vara inkluderade i applikationen. En heuristisk utvärdering av lo-fi prototypen visade på att användningen av ett provokativt objekt engagerade användarna i kritiska reflektioner och diskussioner. Diskussion: Genom att involvera personer med kognitiva funktionsnedsättningar i designprocessen och i deltagande design aktiviteter kunde studie ge dessa personer ett inflytande över designen och applikationens funktionalitet.

In this thesis, I investigate the amount of underpricing in FinTech companies compared to non-FinTech companies. Both data sets contain thirty companies spanning from 1993 to 2018. Each FinTech company is matched to a non-FinTech company by year and comparatively similar revenue. Prior research explores underpricing on different industries, but it hasn’t yet explored underpricing in the FinTech segment. The variables considered in this paper are offer price, close price, shares offered, number of banks involved, fees per share, and money left on the table. I find some evidence that the average amount of underpricing in both dollars and by percent is higher with non-FinTech companies than FinTech companies. However, difference in means tests show statistically significant differences only for the number of shares offered. It cannot be reliably said whether investors perceive a higher risk in FinTech companies or non-FinTech companies.

This study investigates the influence of increased financial inclusion on entrepreneurship in South Africa, employing an interpretivist approach. It uses qualitative research on the personal experiences of consumers and entrepreneurs to establish the direct benefits and barriers of these changes. The research explores the experiences and perspectives of entrepreneurs regarding access to financial services, the role of financial inclusion in entrepreneurial growth, the impact of technology on financial inclusion, financial literacy, and awareness, as well as recommendations for policy and practice. Findings reveal that while there has been progress in enhancing financial access, challenges such as high bank charges, stringent documentation requirements, and limited financial literacy remain a problem, particularly among underserved populations. However, increased access to financial services has facilitated entrepreneurial activities, with entrepreneurs leveraging innovations like mobile banking and online payment systems. Policy implications suggest the need for targeted interventions to address barriers to financial inclusion and promote entrepreneurship, including simplifying banking processes, expanding financial literacy programs, and improving access to financing for new entrepreneurs and small businesses.  The findings offer valuable insights for economic agents, including consumers, financial firms, and policymakers, into fostering a more inclusive financial ecosystem that promotes entrepreneurial development and economic growth.

Purpose: Firstly, to investigate if the decline of trust in traditional financial transaction providers, namely banks, has resulted in an increase of trust in Alternate Financial Transaction Providers (AFTP). Secondly, to identify antecedents to building trust in AFTP held by Swedish Millennials. Methodology: Qualitative research consisting of focus groups were used to collect primary data. A total of three focus group were held, excluding a trial session. Participants in the focus groups were Swedes between 22 and 30 years of age (Swedish Millennials). Findings: That trust in banks amongst Swedish Millennials is decreasing. Concurrently, there is a general willingness of Swedish Millennials to trust AFTP given the presence of certain antecedents (human, technological and organisational).