Implementing new technology into a complex software developing environment comes with many challenges in terms of code, user interface design, and developer experience. It is well-established that the pressing demand for security and regulations within financial technology makes it even more essential to implement new technologies with care and minimised risks. This work aims to determine the effectiveness of such implementations. Specifically, it evaluates the effectiveness of implementing a UI library in a FinTech application to find the most suitable approach. In this context, a UI library defines as a robust set of user interface components available in one place and a FinTech application as an application in financial technology with complex developing infrastructure. In order to successfully evaluate the effectiveness of implementing a UI library in a FinTech application, a thorough literature survey was performed to identify decisive factors relating to code quality, user interface, and developer experience. In a case study in which a FinTech company served as an example, a solution consisting of their product and UI library was developed. The solution was tested by collecting data from code evaluation, questionnaires, and interviews. The result shows that the solution has higher code quality, fulfils the FinTech UI requirements, and perceived as an improvement of the development infrastructure.  On this basis, the utilised methodology and the recognised factors in this work should be taken into account to identify the most suitable approach when implementing a UI library in a FinTech application.

In an era of increasing globalization and rapid technological evolution, SMEs are leveraging innovations to navigate complexities and seize opportunities in global markets. Various firms have adopted innovative technologies in their operations, with FinTech breakthroughs being a particularly interesting area for companies to explore. This qualitative study aims to provide a deeper understanding of how FinTech is reshaping pathways for SMEs to expand internationally beyond their domestic markets and seeks to explore the specific FinTech solutions facilitating this expansion. Utilizing a combination of methodological tools, including semi-structured interviews with key business players, real-life case studies, analysis of previous scientific research, and thematic exploration, the study employs an abductive research approach to gather comprehensive data and contribute significantly to the topic in question. The findings reveal that FinTech products and services significantly influence European SMEs, facilitating cross-border operations, improving access to foreign markets, and managing the risks of international business. Essential FinTech services identified include digital payments, online lending, cash flow management tools, and online billing and invoicing tools. The research also highlights that for certain underserved regions in Europe, FinTech solutions often represent the only viable option for international operations. Tech-driven SMEs and younger entrepreneurs are the most frequent consumers of FinTech technologies. While the future of FinTech is uncertain, its current importance in the SME landscape is clear, influencing both its continued relevance and potential for further evolution. Through this in-depth investigation, the thesis emphasizes FinTech’s transformative role in helping SMEs thrive in the international arena, making it a key aspect of the international business plans of SMEs.

Digitalization includes a technical and digital development that plays a central role in today's banking sector. In step with digitalization, FinTech has developed and resulted in a collaboration between banks and FinTech companies, which leads to the development of new digital payment options within the banks. Digital payment options have grown in the banking sector and are widely used against customers in various ways. Along with the introduction of digital payment options, and a collaboration between banks and FinTech companies, challenges and risks have also developed. With this as a basis, the study intends to analyze how the Swedish banks handle digital payment alternatives, in relation to the challenges and risks that arise as a result of the banks' collaboration with FinTech companies. The study uses an abductive approach and the empirical answers are based on in-depth interviews, which results in a qualitative study. The study has focused on both large banks and other newly developed banks, with the aim of reaching large parts of the banking sector. The study has identified that the development of FinTech, digital payment options, risks and challenges do not differ broadly between the different banks. All respondents highlight how they experienced cyber attacks, data leakage and human errors. Furthermore, different management strategies have been highlighted for the challenges and risks that arise, many of the responses being mutually reinforcing while others are more unique. The study shows how the banks' management strategies are based on technical and organizational improvements. Different management strategies that the study can highlight are training, authorization levels, monitoring systems and the employment of hackers. The study has contributed with several aspects that explain the management strategies in more detail and contributes with new research on the cooperation between banks and FinTech companies.

With the surge of Internet-based corporate communication, organization, andinformation management, financial markets have undergone radical transformation. Inthe interconnected economy of today, market participants are forced to acceptcyberattacks, data breaches, system failures, or security flaws as any other (varying)cost of doing business. While cyberspace encompasses practically any firm indeveloped economies and a large portion in developing ones, combatting such risks isdeemed a question of firm-specific responsibility: the situation resembles an ‘every manfor himself’ scenario. Consulting standard financial theory, rational utility-maximizinginvestors assume firm-specific (idiosyncratic) risk under expectations of additionalcompensation for shouldering such risk – they are economically incentivized. The omnipresence of cyberattacks challenges fundamental assumptions of the CapitalAsset Pricing Model, Optimal Portfolio Theory, and the concept of diversifiability. Thethesis problematizes underlying rationality notions by investigating the effect of acyberattack on stock volatility. Explicitly, the use of stock volatility as a proxy for riskallows for linking increased volatility to higher risk premiums and increased cost ofcapital. In essence, we investigate the following research question: What is the effect ofa disclosed cyberattack on stock volatility for firms listed in the USA?. Using event study methodology, we compile a cyberattack database for events between2010 and 2015 involving 115 firms listed on US stock exchanges. The specified timeperiod cover prevailing research gaps; due to literature paucity the focus on volatilityfits well. For a finalized sample of 189 events, stock return data is matched to S&P500index return data within a pre-event estimation window and a post-event window tocalculate abnormal returns using the market model. The outputs are used to estimateabnormal return volatility before and after each event; testing pre and post volatilityagainst each other in significance tests then approximates the event-induced volatility.Identical procedures are performed for all subsamples based on time horizon, industrybelonging, attack type, firm size, and perpetrator motivation. The principal hypothesis, that stock volatility is significantly higher after a cyberattack,is found to hold within both event windows. Evidence on firm-specific characteristics ismore inconclusive. In the long run, inaccessibility and attacks on smaller firms seem torender significantly larger increases in volatility compared to intrusion and attacks onlarger firms; supporting preexisting literature. Contrastingly, perpetrator motive appearsirrelevant. Generally, stocks are more volatile immediately after an attack, attributableto information asymmetry. For most subsamples volatility seem to diminish with time,following the Efficient Market Hypothesis. Summing up, disparate results raisequestions of the relative importance of contingency factors, and also about futuredevelopments within and outside academic research.

Financial inclusion is a public policy objective that fosters development through access to financial services for all. Financial inclusion can be defined as access, usage and quality of financial services. Inclusion of individuals and small enterprises has made considerable progress but it has also reached excesses in some situations. Regulatory changes and technological innovation have helped the expansion of financial services. Our contribution to the literature is threefold. First, we expand the large body of research that focuses on financial inclusion based on access to credit, through our analysis of payments. We provide an unique analysis of the quality dimension of payments, which we define as a catalyst between the access and usage dimensions. Second, we provide a detailed analysis of the Brazilian payment market, which transacts close to $400bn per year, in the scarce literature on developing countries. Third, we isolate the determinants of electronic payments through statistical methods, including a principal component analysis and auto regressive models (SARIMA, SARIMAX), which have not yet been used by researchers. We find that four macro characteristicshave a strong explanatory power: bank credit card lending, active population, retail sales and cash-in-circulation. Suprisingly, we find that cash-in-circulation presents a positive relationship with electronic payments, suggesting a possible distrust of citizens towards the banking system, high levels of informality, and shedding a new light on the precautionary principle described by Keynes. Our analysis is based on monthly deflated card payment data for Brazil from January 2007 to March 2017. / A Inclusão financeira é um objetivo de política pública que procura desenvolvimento através do acesso de todos aos serviços financeiros. Esse conceito pode ser definido com as suas três dimensões de acesso, uso e qualidade dos serviços. A inclusão de indivíduos e empresas conheceu uma melhora significativa, e em algum casos, apresentou excessos. Adaptações regulatórias e inovação tecnológica serviram de pano de fundo para a inclusão. Apresentamos as três contribuições da nossa pesquisa. Primeiro, existe ampla literatura sobre inclusão financeira com foco em crédito, e apresentamos um estudo original sobre pagamentos e sua dimensão de qualidade, definida como o catalisador entre acesso e uso. Segundo: nossa pesquisa apresenta uma análise única do setor de pagamentos no Brasil, um setor com faturamento de mais de R$1.2 trilhões de reais anuais, no âmbito da escassa literatura sobre economias em desenvolvimento. A terceira contribuição apresenta os determinantes dos meios de pagamentos eletrônicos, usando modelos estatísticos originais, como componentes principais e modelos auto regressivos (SARIMA, SARIMAX), que não tinham sido usados na literatura de inclusão financeira. Identificamos quatro características com significância para explicar meios eletrônicos: crédito bancário, população ativa, vendas do varejo e dinheiro em posse das famílias. De maneira surpreendente, dinheiro em posse das famílias apresentou correlação positiva com meios eletrônicos, sinalizando uma desconfiança dos consumidores com o setor bancário ou um maior grau de informalidade da economia brasileira, e trazendo uma interpretação original ao princípio de precaução descrito por Keynes. Nossa pesquisa se baseou em dados agregados e deflacionados de pagamentos para o Brasil entre Janeiro de 2007 e Março de 2017.

Financial inclusion is a public policy objective that fosters development through access to financial services for all. Financial inclusion can be defined as access, usage and quality of financial services. Inclusion of individuals and small enterprises has made considerable progress but it has also reached excesses in some situations. Regulatory changes and technological innovation have helped the expansion of financial services. Our contribution to the literature is threefold. First, we expand the large body of research that focuses on financial inclusion based on access to credit, through our analysis of payments. We provide an unique analysis of the quality dimension of payments, which we define as a catalyst between the access and usage dimensions. Second, we provide a detailed analysis of the Brazilian payment market, which transacts close to $400bn per year, in the scarce literature on developing countries. Third, we isolate the determinants of electronic payments through statistical methods, including a principal component analysis and auto regressive models (SARIMA, SARIMAX), which have not yet been used by researchers. We find that four macro characteristicshave a strong explanatory power: bank credit card lending, active population, retail sales and cash-in-circulation. Suprisingly, we find that cash-in-circulation presents a positive relationship with electronic payments, suggesting a possible distrust of citizens towards the banking system, high levels of informality, and shedding a new light on the precautionary principle described by Keynes. Our analysis is based on monthly deflated card payment data for Brazil from January 2007 to March 2017. / A Inclusão financeira é um objetivo de política pública que procura desenvolvimento através do acesso de todos aos serviços financeiros. Esse conceito pode ser definido com as suas três dimensões de acesso, uso e qualidade dos serviços. A inclusão de indivíduos e empresas conheceu uma melhora significativa, e em algum casos, apresentou excessos. Adaptações regulatórias e inovação tecnológica serviram de pano de fundo para a inclusão. Apresentamos as três contribuições da nossa pesquisa. Primeiro, existe ampla literatura sobre inclusão financeira com foco em crédito, e apresentamos um estudo original sobre pagamentos e sua dimensão de qualidade, definida como o catalisador entre acesso e uso. Segundo: nossa pesquisa apresenta uma análise única do setor de pagamentos no Brasil, um setor com faturamento de mais de R$1.2 trilhões de reais anuais, no âmbito da escassa literatura sobre economias em desenvolvimento. A terceira contribuição apresenta os determinantes dos meios de pagamentos eletrônicos, usando modelos estatísticos originais, como componentes principais e modelos auto regressivos (SARIMA, SARIMAX), que não tinham sido usados na literatura de inclusão financeira. Identificamos quatro características com significância para explicar meios eletrônicos: crédito bancário, população ativa, vendas do varejo e dinheiro em posse das famílias. De maneira surpreendente, dinheiro em posse das famílias apresentou correlação positiva com meios eletrônicos, sinalizando uma desconfiança dos consumidores com o setor bancário ou um maior grau de informalidade da economia brasileira, e trazendo uma interpretação original ao princípio de precaução descrito por Keynes. Nossa pesquisa se baseou em dados agregados e deflacionados de pagamentos para o Brasil entre Janeiro de 2007 e Março de 2017.

金融科技(Financial Technology, FinTech)創新了金融業的經營模式。除了不斷更新金融體系，更升級為平臺架構，結合創新網路經營模式；並持續改善創造利潤及業績，使企業能在瞬息萬變的數位時代，掌握「贏」的契機。 同為華人文化的社會，台灣與香港的金融產業發展的基礎不同，在面臨國內及國際間金融科技與營運管理的變局時，顯現出台港在金融科技產業的位階有差異。香港這兩年在FinTech的創新展現其經營的潛力，可否給步伐緩慢的台灣提供參考。本文在概略敘述金融科技領域相關內涵之外，分析台灣金融科技創新時可能面臨的挑戰。具體的研究問題與目的有二，台港金融科技經營發展模式的差異與台港兩地發展金融科技創新策略的比較。 本研究以文獻收集分析為主要研究方法，敘述兩地金融及資訊科技的背景，並對金融科技的現況加以比較分析。從金融科技投資成功的要素，以及台港推展FinTech策略及初創公司的成果，比較並分析其管理監督體系、發展之重心以及平臺經濟營運實務，剖析投資招募有何值得借鏡之處。台港兩地的發展也受到國際的影響造成投資策略與風險考量產生差異。台灣明顯重視資訊安全，並將之提高到中央總統府層級，香港則以商務發展為重點。數十年來台灣資訊科技創新能量雖較香港為優，然而金融系統保守是其缺點；執政機構及相關業者只要能掌握金融科技的精要，在風險可控的前提下，開啟一個全新的大門，讓金融業、科技業、服務業、農業等都能投入，結合不同專業領域的技術、思維、精神與傳統金融業結合，就可能有創新的金融科技服務商品。 建議擷取香港對國際開大門的成功經驗，建立能與各金融中心接軌的金融科技體系，並參考香港吸收大陸創新專案進入監理沙盒驗證的快速發展做法，嘗試兩岸產業融合發展的新商機與新思路路線，發揮彼此的強項，以擴增金融科技創新產品的利基。讓創新驗證完成的業者能掌握創業契機，給台灣在繼資訊工業之後，再一次站上全球產業新浪頭的機會。 / The business model of financial industry has been innovated by financial Technology (FinTech). In addition, the financial system is also up-to-date and platform architecture is upgrading provided as an end-to-end process via the Internet. These newly developed financial services combine with innovative business models and continuously improve the profitability and performance so that enterprises may grasp the opportunities of “win” in a rapidly changing digital era. With similar Chinese culture, the bases of financial industry in Taiwan and Hong Kong are different. Facing the changing situation of FinTech and the operation at domestic and international, there are differences of Hong Kong and Taiwan in the FinTech level. These two years, the innovation in Hong Kong has exhibited their potential at FinTech, can this provide a reference for the slow developing Taiwan? In this paper, we focus the description of current situations and analyze the challenges of FinTech innovation to Taiwan. There are two aims for this research, a comparison in the modes of operation, and the innovation strategies of FinTech between Taiwan and Hong Kong. We collected literatures about FinTech especially in these two places as a main research method, compareing the status of FinTech. We also analyzed the successful elements of investment in strategies and financial startups, and illustrated the achievements of promotion. The management and supervision system of promotion in FinTech are compared also, focused on the platform economic operation. From the information above, it is worth for learning from investment offerings. We found the influences from international FinTech also caused differences in the investment strategy and risk considerations. Taiwan emphasizes information security and raises it to the level of the presidential management. Hong Kong focuses on business development. Although IT innovation in Taiwan is superior to Hong Kong for decades, the conservative financial system is its own shortcomings. As long as the governing agency and related industry master the essentials of FinTech and open a whole new door under the control of risk, let financial industry, science and technology industry, service industry and even agriculture be invested. Combining different fields of specialists with the traditional financial industry, innovative FinTech services may be constructed. It suggestes that Taiwan should take the successful experience of Hongkong, opening up to the outside world and set up a FinTech system that can connect to other international financial centers. A new opportunity for Taiwan will be expand the niche of FinTech innovation products. Those who have completed the verification of innovation in Sandbox can seize the opportunity. Taiwan may also step onto the global industrialized wave of FinTech after the information industry. Keywords: FinTech, Taiwan, Hong Kong, Investment Strategy, FSC, Supervision Sandbox

Research on financial decision aids, systems designed to help people make financial decisions, is sparse. Previous research has often focused on the theoretical soundness of the advice that the systems provide.The original contribution of this doctoral thesis is a set of empirical studies of how non-expert people understand the advice provided by financial decision aids. Since every piece of advice must be interpreted by a receiver, the accuracy of the advice can be corrupted along the way if the receiver does not understand complicated terminology, probabilistic reasoning, or abstract concepts.The design concept resulting from the studies visualizes a unique combination of short-term and long-term variables that are usually treated as separate and not interacting with each other; loans and amortizations, insurance, retirement saving, and consumption. The aim is to visualize the consequences of different decisions and possible adverse events in terms of their effect on the user’s future consumption, rather than abstract numbers detached from the user’s lived experience.The design concept was tested and evaluated by personal finance experts and professional financial advisors, as well as students and people without financial education, who represented the target users of the system. Results indicate that the system has a learning curve, but that once users understand how to read the graph, they find it more informative than conventional financial planning tools. / <p>QC 20170809</p>

本研究主旨是希望提供一個智能金融演算法交易平台，以Django CMS作為網頁框架，區分成研發環境與交易環境，完整的功能包含用戶研發、用戶測試以及使用演算法服務。用戶研發與測試上採用IPython的互動式開發介面，利用JupyterHub進行管理與配置，能夠同時提供多個用戶存取平台，使得平台足以負載大規模用戶的使用；而演算法服務經由Celery包裝成任務，以利交付給後台進行分散式運算。搭上近年來深度學習的熱潮，平台額外擴充Tensorflow套件與GPU建置，支援多核及高速演算法運算。 面對存取大量、複雜且結構化的金融資料，本研究的資料庫採用HAWQ做為解決方案，利用其極大量平行化的架構，改善過往存取大數據所造成的系統複雜性與效能瓶頸，並搭配Ambari達到創建、監視及管理Hadoop分散式集群的功用，讓開發者在部署與維運上都將事半功倍。 由於採用新的資料庫HAWQ，傳統的資料表設計將不利反傷，因此本研究會針對程式端存取資料庫裡的金融資料，量身打造適合的資料表設計，並對其做效能評測，以確保資料能有效且迅速地被程式所取用。 / The purpose of this research is to provide a smartly algorithmic trading platform with financial data. I use Django CMS as a web framework and consisting of Develop environment and Trade environment. The entire functions of the platform include “User Research and Development”,” User Testing” and “Algorithmic Services”. “User Research and Development” and “User Testing” using IPython interactive development interface, with JupyterHub management and configuration, can simultaneously provide multiple user accessing and make the platform enough to support more and more users; “Algorithmic Services” using Celery to package algorithms into tasks can facilitate the delivery to the Server for distributed computing. By means of the growth of Deep Learning in recent years, the platform adds extra Tensorflow and GPU deployment to support multi-core and high-speed algorithm computing. In face of accessing large number of complex and structured financial data, I choose HAWQ as the database in this research. Its extremely massively parallel processing can alleviate the complexity of system and the bottlenecks of efficiency caused by accessing massive number of data. Combing HAWQ with Ambari can achieve the functions of creation, monitoring and management of Hadoop distributed cluster. The developers will do much more easily in deployment and maintenance. The traditional table design may not fit in with the new database HAWQ, so this research will design appropriate table, and evaluate its performance to ensure that data can be accessed effectively and quickly from programs.

P2P個人網路借貸(Peer-to-Peer Lending)平台，即為媒合個人對個人借貸的網路平台；有閒置資金者，可透過網路平台，挑選自己願意資助的對象，將資金借給資金需求者，以獲得報酬；資金需求者，則可利用此網路平台，尋找願意提供資金者，以滿足借款需求。其中，借款利率由P2P借貸平台業者依據其計算方式評估訂定；因此，對投資人來說，P2P借貸平台成為另類的理財管道；對借款者來說，則成為新興的融資方式。2016年可說是台灣P2P網路借貸元年，LnB信用市集、鄉民貸等P2P借貸平台相繼成立，設計差異化的營運模式，提供台灣大眾新型態的借貸與投資服務。 本研究以個案式的實務分析及驗證，運用平台策略的相關理論為基礎，並以商業模式之要素作為分析架構，探討個案公司LnB信用市集、鄉民貸及FundPark創辦人創建平台時的動機與目標，如何增進平台參與者互動，替用戶解決問題，並共同創造價值。因此，本研究之研究問題總結如下： (一)台灣P2P借貸平台發展之可能性。 (二)個案公司P2P借貸平台營運模式於台灣發展遇到的問題及比較。 / The Peer-to-Peer lending platform (P2P lending platform will be used as the abbreviation in the following section) the practice of lending money to individuals through online services that match lenders with borrowers. Investors holding idle capital can choose the target on the website to lend money and gain higher returns; while the borrowers’ funding needs can be satisfied by the mechanism of the P2P lending platform. Thus, the P2P lending platform has transformed the traditional idea that finance has to be handled through financial institutions. The P2P lending industry in Taiwan have been developed since 2016, the first and second P2P lending companies: Lend & Borrow(LnB信用市集) , Lend(鄉民貸) were founded during 2015 and 2016, which were devoted to offering reasonable interest rates for lenders and borrowers. Based on the concept of platform strategy and the factors of business model, this study investigates the object and the motivation of the founders when they founded the P2P lending companies, and discusses how they increased the interaction of the players in the platform ecosystem, with the case study of P2P lending companies--Lend & Borrow(LnB信用市集) , Lend(鄉民貸) and FundPark. Therefore, the research questions of this study are as follows: 1.The practicability of the P2P lending platform in Taiwan. 2.The comparison of the business model, and the obstacles that the P2P lending companies faced in Taiwan.