Digital services have immeasurably transformed the world economy, and so people’s lives, over the past two decades. One industry where digitalization has been slower is the financial services. Nevertheless, this has changed in the past years with the emergence of fintech companies disrupting the traditional banks and payment solutions. Several studies have researched the internationalization process of digital born globals across different industries. However, due to how recent and emerging the fintech industry is, the area is understudied. To gain insight on the internationalization process of digital born globals within the fintech industry this study was based on an empirical multiple-case study including 4 fintech companies from Sweden and Finland. The main finding of this study is that fintech firms do not expand like other digital born globals but instead follow a more traditional, incremental internationalization process. We also observed that fintech companies used an online entry strategy initially allowing a fast entry process. In some cases, they also established offline presence. Overall, we hope to contribute to theory by giving insight on which factors that cause fintech companies to expand, how the internationalization process looks, how external partnerships might influence, and which challenges they might face.

El presente documento tiene como objetivo desarrollar un plan de negocio para la implementación de una plataforma de financiamiento participativo financiero (crowdlending), que conectará a los peruanos que requieran de financiamiento (acreditados) para cumplir sus sueños a corto plazo con el apoyo de otros peruanos que disponen de fondos (prestamistas) a cambio de rentabilidad en su inversión. Conectamos a cada prestamista con varios acreditados, a través de nuestra plataforma digital (website y app móvil) que será intuitiva, simple y segura, que permita el seguimiento tanto de sus préstamos personales, como de sus inversiones. En el plan de negocio se determinaron los siguientes segmentos de clientes: los acreditados, como peruanos mayores de edad que residen en Lima Metropolitana y con necesidades de financiamiento de menor cuantía y en corto plazo, generalmente dirigidas a cubrir consolidación de deudas, viajes, estudios y compras; los prestamistas, como peruanos mayores de edad que residen en Lima Metropolitana que disponen de fondos excedentes y están en permanente búsqueda de mayores rentabilidades. Luego del análisis estratégico, se observaron condiciones favorables para la implementación de este plan de negocio pues actualmente el mercado de las fintech (empresas que brindan servicios financieros haciendo uso de tecnología) está facilitando el acceso de los peruanos al sistema financiero que antes no lo tenían. Existen varias alternativas en el rubro de préstamos personales, sin embargo, la fintech ekeko que se encuentra en el sector fintech crowdlending, con su ventaja y los objetivos estratégicos planteados, se enfocará en la diferenciación por mejores tasas para los acreditados y para los prestamistas mejor servicio agregando un seguimiento al sistema de cobranzas de los préstamos colocados de los acreditados. Se dispone de una estructura organizativa acorde a una sociedad anónima cerrada, desarrollándose los estados financieros para medir la viabilidad financiera y económica, con los cuales se obtuvo una utilidad positiva en el estado de resultados, mientras que el flujo de caja permitió evidenciar un VPN de S/ 1,567,725 y una TIR de 70%, positivos, por lo cual el proyecto es viable y se recomienda su implementación. / The purpose of this document is to develop a business plan for the implementation of a participatory financial financing platform (crowdlending), which will connect Peruvians who require financing (accredited) to accomplished their dreams in the short term with the support of other Peruvians which has funds (lenders) in exchange of return on your investment. We connect each lender with several accredited, through our digital platform (website and mobile application) that will be intuitive, simple and secure, which will allow following of both their personal loans and their investments. The customer segments were determined in the business plan: accredited, such as those of legal age residing in Metropolitan Lima and with minor and short-term financing needs, lead to covering the consolidation of debts, travel, studies and shopping. Lenders, such as Peruvians of legal age who reside in Metropolitan Lima who have surplus funds and are constantly seeking greater returns. After the strategic analysis, favorable conditions were observed for the implementation of this business plan, because currently fintech market (companies that provide financial services using technology) is facilitating the access of Peruvians to the financial system that previously did not. There are several alternatives in the field of personal loans, however, the fintech ekeko that is in the fintech crowdlending sector, with its advantage and the strategic objectives set, focused on the differentiation for the best rates for the accredited and the best service for the lenders adding a follow-up to the collection system of the loans placed by the borrowers. An organizational structure is available according to a closed corporation, developing the financial statements to measure the financial and economic viability, with which a positive profit was obtained in the income statement, while the cash flow is evidenced in NPV S/ 1,567,725 and IRR 70%, positive, so the project is viable and its implementation is recommended. / Trabajo de investigación

Customers' use of digital banking has reshaped traditional banking, and senior level bank executives must know how to leverage this innovation to improve customer service to increase profitability. Using the technology acceptance model as the conceptual framework, the purpose of this multiple case study was to explore effective digital banking strategies that senior level executives used to improve customer service to increase profitability. The target population for this study included senior-level executives from 3 banks in Mauritius possessing successful development and implementation experience in digital banking strategies to improve customer service. Data were collected through semistructured interviews and organizational documents, which were analyzed in accordance with Yin's 5-phase data analysis process consisting of pattern matching, explanation building, time-series analysis, program logic models, and cross-case synthesis. The use of member checking and methodological triangulation increased the trustworthiness of data interpretations. Three themes emerged from the analysis of data: use of mobile strategies to migrate customers to digital banking, challenges to migrate customers to digital banking, and digital banking innovation. The implications of this study for positive social change include improving convenience to customers; promoting green banking; and providing easy access to banking to the poor, those with physical disabilities, and those living in remote and rural areas.

Background: In 2008, the financial crisis led to the deterioration of the global economy. The financial industry suffered severe setbacks. On the one hand, regulators strengthened their supervision over financial institutions and raised capital requirements. On the other hand, publics’ confidence in financial institutions declined. At the same time, the fintech industry has rapidly developed during this decade, they use technology to make financial innovation and pose a threat to the traditional financial industry. Purpose: This paper aims to study the linkage between U.S. fintech and the traditional financial sector, trying to figure out which industry's stock price changes will affect the stock price changes in another industry. In particular, it also considers whether the global financial crisis will affect this relationship. Method: We first perform the Granger causality test under the VAR framework for several selected indices sequences, and then use the Toda Yamamoto version of Granger causality approach to verify the reliability of the above tests. Testing is divided into different time intervals in order to detect the impact of financial crisis on the relationship between time series. Conclusion: The empirical analysis results show that the correlation between the index in the long-term and short-term is inconsistent, and also shows that the correlation between the index will be affected by the financial crisis, or say, it will change as time varying.

Achieving a sustainable development and fighting climate change will require a faster and vaster allocation of financial resources than what has yet been witnessed. Green FinTech innovations have been identified as one potential solution to this challenge. Stimulating and supporting the development of such innovations is thus important, but requires knowledge about what the innovation processes look like, which individual, internal organizational and external societal factors that influence them, and how these factors influence them. The aim of this study is thus to contribute to the conceptual and empirical understanding of the innovation process of green FinTech innovations by conducting a multiple-case study with the three green FinTech innovations bettervest, SDG-Investments and Der Finanzoptimist in the area of Frankfurt, Germany. The data was collected through semi-structured interviews. The findings show that the green FinTech innovation process begins with an initiation period which consists of a gestation period during which core innovation ideas and related outcome criteria occur, innovation team members gain new knowledge, new social relationships are made, and most aspects in the external context stay stable. The acquired knowledge and the stable aspects in the external context influence the occurrence of ideas and related outcome criteria. The gestation period ends with a shock and the end of the initiation period is defined by the making of plans and budgets. The development period is defined by several paths of activities. The initial outcome criteria develop and outcomes are continuously assessed. Positive outcomes occur and are influenced by innovation members’ capabilities, their new roles and new legal relationships. Negative outcomes defined as setbacks also occur and are influenced by established legal transactions. Innovation team members work part-time during the development period. Social and legal relationships with actors outside the innovation team expand, influenced by previously made social relationships and the innovation team members’ new roles. The expansion of social relationships is also influenced by positive outcomes. Activities aimed at implementing the innovation occur throughout the development period. Eventually, the innovation process finishes. The findings represent the first contribution to research on the topic of green FinTech innovation processes. Future research should examine additional digital business functions such as digital money or digital payments, the differences and similarities between general and green FinTech innovation processes, and use other research and data collection methods.

1 ABSTRACT Cross-border Anti-competitive Agreements Functional market mechanism, as an essential element of a market economy, is a prerequisite for the economic prosperity of advanced democratic states. A completely crucial element of its functionality is free competition, the protection of which is regulated by competition law. However, competition does not apply consistently across all sectors. In this thesis I focuse on its application within the financial services area. This sector`s nature is very specific because we must always strive to maintain financial stability when implementing any measures. How should legislation respond to these aspects respond and how should the competition policy itself be shaped? Is regulation of this area necessary or does the competition intself represent a thread to the financial stability of the system? In order to fully understand the specifics of this area, it is firstly necessary to become familiar with the economic aspect of competition law and the nature of these white-collar crimes. Consequently, I will focus on the application of the competition law on financial services, taking into account new technologies and their influence on the structure of this market. The impact of competition on the banking sector is one of the core parts of this thesis. Based on an...

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.

FinTech play a pivotal role in facilitating access to financial products and services. At the moment, the country characteristics that facilitate the use of FinTech are not adequately identified in the literature. This paper attempts to contribute to the understanding of which country characteristics facilitate the use of FinTech and how FinTech can drive sustainable economic development. Based on a sample of 62 developing countries, the 3SLS regression results find a positive effect of the quality of infrastructure and business ecosystem on the use of FinTech. Moreover, the results provide support for a positive significant effect of use of FinTech on financial inclusion and of financial inclusion on sustainable economic development. These findings provide new insight into which country conditions influence the use of FinTech and how improvements in the use of FinTech do affect the level of sustainable economic development.

In recent years, the financial and economic decisions have changed which has created and utilized new methods and techniques that have led to new and different products, processes, and services. However, the changing methods and techniques have led to the movement of digital technology and enabling financial services within the financial industry. The changes have resulted in the phenomenon of FinTech that has derived from financial services. In order for companies to be competitive in the industry and create value for their customers, they need to use a business model as a conceptual tool to help improve their performance. High dynamics in technological solutions within the financial industry provides the base for business model innovation. Whilst there is little empirical insight about business model and business model innovation within the qualitative field, this study aims to explore how FinTech companies are developing their business models to enable business model innovation in Sweden, as well as what is influencing business model innovation. An explorative study with semi-structured interviews was conducted to explore how FinTech companies’ business models are built. The empirical findings were supplemented with data from the company’s websites and financial reports. This study’s findings show four key factors within the FinTech companies' business models: Technological innovations, digitization, value propositions, and human resources. All companies have developed innovative technology and software solutions and created new technical systems. Hence, all companies are innovative by creating new processes and methods through their technical development and resulting in different innovations such as API-systems and self-built algorithms. Further, business model innovation within this study has been influenced and driven by exceptional events as the market changes and problems occur within the company that forces innovations to be created for companies to overcome these obstacles. In addition, market pressure has influenced business model innovations by e.g. competitors and customers changing the market demand and making the companies adjust continuously.

El presente plan de negocio realiza el planteamiento y análisis [proyectado] de la implementación de una fintech en la realidad nacional, con la finalidad de hacer frente a la necesidad latente de gran cantidad de peruanos de un acceso eficiente, innovador y directo a entidades financieras que le permitan ahorrar, pues, si bien hacen uso de uno o más bancos en su día a día, no suelen utilizar los canales digitales existentes para llevar a cabo sus operaciones, ya sean para pagos, consumos u otros. En el primer capítulo se describe el modelo de negocio, así como su escalabilidad. Se da énfasis en la propuesta de valor, pues esta debe mantenerse en el tiempo e impactar de manera positiva en los clientes. El segundo capítulo describe el problema, el mercado meta y el lanzamiento de un aplicativo como propuesta de solución. Todo esto es validado gracias a la realización de experimentos y el análisis de los resultados de estos, reforzándolos con la ejecución de un concierge que permitirá analizar la intención de compra de los clientes potenciales. En el tercer capítulo se plantea ingresos y costos y gastos de inversión, operación y financiamiento del lanzamiento del aplicativo, expresando funciones, objetivos e indicadores de las diversas áreas de trabajo necesarias para la implementación de Coiny. Finalmente, en el cuarto capítulo, se exponen las conclusiones y recomendaciones obtenidas con la elaboración del presente plan de negocio, con la intención de optimizar los esfuerzos del lanzamiento de la solución propuesta al mercado. / The present business plan carries out the approach and [projected] analysis of the implementation of a fintech in the national reality, with the intention of addressing the latent need of many Peruvians for efficient, innovative and direct access to financial institutions. that allow them to save money, given that, even if they make use of one or more banks in their day to, they do not usually use the digital channels to carry out their operations, whether these are payments, consumptions or else. The first chapter describes the business model, as well as its scalability. Emphasis is placed on the value proposition, as this must be maintained over time and have a positive impact on the clients. The second chapter describes the problem, the target market and the launch of an application as a solution proposal. All this is validated by the fulfilment of experiments and the analysis of the results of these, reinforcing them with the execution of a concierge that will allow to detect the purchase intention of potential customers. In the third chapter, income and costs and expenses of investment, operation and financing of the launch of the application are presented, expressing functions, objectives and indicators of the various work areas necessary for the implementation of Coiny. Finally, in the fourth chapter, the conclusions and recommendations obtained with the preparation of this business plan are presented, with the intention of optimizing the efforts of the launch of the proposed solution into the market. / Trabajo de investigación