Handbook of blockchain, digital finance, and inclusion. Volume 1, Cryptocurrency, finTech, insurTech, and regulation / edited by David Lee Kuo Chuen, Robert Deng.

Format:

Book

Contributor:

Lee, David (David Kuo Chuen)

Deng, Robert H., editor.

Language:

English

Subjects (All):

Electronic funds transfers.

Physical Description:

1 online resource (457 pages)

Edition:

1st ed.

Place of Publication:

London, England : Academic Press, 2018.

Contents:

Intro

Handbook of Digital Finance and Inclusion, Volume 1

Contents

List of Contributors

Preface

Background

Purpose

Themes

Acknowledgment by David LEE Kuo Chuen

Acknowledgment by Robert Deng

1 Reshaping the Financial Order

1.1 Megatrends and New Alternatives

1.2 Digital Implications

1.3 Historical Context

1.4 E-commerce and P2P

1.5 The Rise of M-commerce

1.6 Weapons of Mass Consumption

1.7 Banking 2.0

1.8 Understanding the Model

1.9 The Democratization of Banking and Finance

1.10 The Incumbents

1.11 Cryptocurrencies and Blockchain

1.12 The FinTech Promise

References

Notes

2 From Ant Financial to Alibaba's Rural Taobao Strategy - How Fintech Is Transforming Social Inclusion

2.1 Introduction

2.2 Issues in Rural China

2.2.1 "Hollowed Villages

2.2.2 The "Left-Behind" Children

2.3 Alibaba's Rural Taobao Strategy

2.3.1 Taobao Rural Service Centres

2.3.2 Taobao Villages

2.4 Digital Financial Services and Fintech Platforms

2.4.1 Ant Financial Serveries Group

2.4.2 Technology Behind the Services

2.4.3 Tencent Holdings and WeBank

2.5 Conclusion

3 The M-Pesa Technological Revolution for Financial Services in Kenya: A Platform for Financial Inclusion

3.1 Introduction

3.2 Background

3.3 M-Pesa as a Platform for Financial Inclusion

3.3.1 Strong Banks Have Emerged With Strong Intermediation Capacity

3.3.2 Financial Inclusion Has Improved the Environment for Monetary Policy in Kenya

3.3.3 Financial Inclusion and the Digital Financial Platform Has Improved the AML/CFT Regime in Kenya

3.3.4 A Game Changer for a Variety of Opportunities for Kenyans

3.4 Impact of M-Pesa Revolution on Financial Inclusion

3.5 Conclusion

4 Financial Inclusion in the Digital Age

4.1 Financial Inclusion.

4.2 The Financially Underserved Consumer

4.3 Consequences of Being Financially Underserved

4.4 Financial Exclusion Affects the Middle Class Too, not Just the Poor

4.5 Financially Underserved in Developed Countries

4.6 Financial Health and Financial Security

4.7 Financial Inclusion and Financial Literacy

4.8 Financial Inclusion for Micro, Small and Medium Enterprises (SMEs)

4.9 Financial Inclusion Matters and Can Be Pro table

4.10 Fintech Revolution Enabled by Smartphones

4.10.1 Digital Payments and Mobile Money

4.11 Financial Inclusion in China - World's Largest Fintech Market

4.11.1 Digital Payments in China

4.11.2 Savings and Investments

4.12 Financial Inclusion in India - A Success Story

4.12.1 Aadhar: Billion-Person Digital Identity Database

4.12.2 Jan Dhana Yojana: Bank Accounts for the Financially Excluded

4.12.3 Promoting Usage and Reaping Bene ts

4.12.4 Digital Payments and Direct Bene ts Transfers

4.12.5 Uni ed Payments Interface (UPI)

4.12.6 Demonetization

4.13 Fintech Revolution Examples From Other Countries

4.14 Potential Risks With the New Business Models

4.15 The Path Ahead: Creative Collaboration Between Policymakers, Banks, Telcos and Technology Firms

5 Using Broadband to Enhance Financial Inclusion

5.1 Introduction: The Potential of Broadband Solutions to Enhance Financial Inclusion

5.1.1 Motivation

5.1.2 Classifying the Potential of Broadband on Financial Service Delivery Models

5.2 Deepening Customer Engagement Based on Mass Customization

5.2.1 Enhanced Functionality and Personalization of Savings Accounts

5.2.2 Payment Systems and Working Capital Loans for Businesses That Digitize Their Transactions

5.2.3 Financing Based on Connections to Cloud-Based Business Applications.

5.3 Digital Marketplaces Supporting New (Dis-)Intermediation Models

5.3.1 Direct Peer-to-Peer Lending Platforms

5.3.2 Equity Crowdfunding Platforms

5.3.3 Platforms for Managing Savings &amp

Loan Groups

5.4 Specialized Online Service Delivery Models

5.4.1 Online International Remittance Services

5.4.2 Instant Online Personal Loans

5.4.3 Price Comparison Sites and Service Aggregators

5.5 Delivery of Financial Information and Education

5.6 Prospects: Globally and in Latin America

5.6.1 Assessment of Market Opportunities and Challenges

5.6.2 Three Major Implications for Financial Service Models and Market Structure

5.6.3 Key Regulatory Issues and Potential Role of Government in Promoting These Solutions

6 Mobile Technology and Financial Inclusion

6.1 Introduction

6.2 The Current Landscape

6.2.1 Accessibility, Affordability and an Open Ecosystem

6.3 Mobile Inclusion Leads to Financial Inclusion

6.3.1 Addressing Local Market Needs

6.3.2 Incorporating New Technologies Into an Open Ecosystem

6.3.3 It Takes an Open Ecosystem

6.4 Conclusion

7 The Cross-Section of Crypto-Currencies as Financial Assets

7.1 Introduction

7.2 The Dynamic Environment of a Multiplicity of Crypto-Currencies

7.2.1 Starting Yet Another Crypto-Currency

7.2.2 A Brief History of Altcoins and Approaches to Generate Value

7.2.3 Altcoin Trading Platforms

7.2.4 Altcoin Information Platforms

7.3 Properties of Crypto-Currency Dynamics

7.3.1 The Universe of Crypto-Currencies

7.3.2 The Evolution of the Crypto-Currency Universe Over Time

7.3.3 Liquidity of Crypto-Currencies

7.3.4 Financial Returns on Investing in Crypto-Currencies

7.3.4.1 Summary Statistics

7.3.4.2 Returns and Their Stability Over Time

7.3.4.3 Risk Measures.

7.3.4.4 Diversi cation in a Crypto-Currency Portfolio

7.3.5 The Power Law in Crypto-Currency Returns

7.4 Conclusion

Appendix A: Technical Appendix

A.1 Value at Risk and Expected Shortfall

A.2 Portfolios

A.3 Power Law

Note

8 Econometric Analysis of a Cryptocurrency Index for Portfolio Investment

8.1 Econometric Review of CRIX

8.1.1 Introductory Remarks

8.1.2 Statistical Analysis of CRIX Returns

8.2 ARIMA Models

8.2.1 Box-Jenkins Procedure

8.2.2 Lag Orders

8.2.3 ARIMA Model Estimation

8.3 Model with Stochastic Volatility

8.3.1 ARCH Model

8.3.2 GARCH Model

8.3.3 Variants of the GARCH Models

8.4 Multivariate GARCH Model

8.4.1 Formulations of MGARCH Model

8.4.2 DCC Model Estimation

8.4.3 DCC Model Diagnostics

8.5 Nutshell and Outlook

9 Financial Intermediation in Cryptocurrency Markets - Regulation, Gaps and Bridges

Abbreviations

9.1 Introduction

9.2 Financial Intermediation in Cryptocurrency Markets

9.3 Exchanges

9.3.1 Activity

9.3.2 Risk Pro le

9.3.3 Regulation

9.4 Electronic Wallet Providers

9.4.1 Activity

9.4.2 Risk Pro le

9.4.3 Regulation

9.5 Other Intermediaries

9.5.1 Hybrid Models

9.5.2 Cryptocurrency Lending Platforms

9.5.3 Cryptocurrency Remittance Services

9.6 Future Directions - Filling Gaps and Building Bridges

9.6.1 Gaps

9.6.2 Bridges

9.7 Conclusion

10 Legal Risks of Owning Cryptocurrencies

10.1 Introduction

10.2 Money Before Bitcoins

10.3 `Digital Money' Before Bitcoins

10.4 Bitcoins: A Primer

10.5 Cryptocurrency Risks

10.6 Conclusion

11 InsurTech and FinTech: Banking and Insurance Enablement

11.1 Introduction

11.2 InsurTech Activities

11.3 The 4 Most Disruptive Technology

11.4 The 3 Fundamental Trends.

11.5 Bene ts of InsurTech

11.6 InsurTech Deal Activities

11.7 From FinTech to InsurTech: Mobile Revolution

11.8 Mobile First

11.9 Cross-Sell and Up-Sell

11.10 Virtual Financial Advisor

11.11 Data Driven

11.12 Earned Premiums

11.13 Investment Income

11.14 Underwriting Cost

11.15 Claims Expenses

11.16 Mutual Aid Industry in China

11.17 Zhongtuobang and Shuidihuzhu

11.18 Blockchain Use Cases

11.19 Are Mutual Aid LASIC?

11.20 Conclusion

11.21 Technology Disruptions

11.22 InsurTech Ecosystem

Acknowledgments

12 Understanding Interbank Real-Time Retail Payment Systems

12.1 Introduction

12.2 The Overview of Interbank Payment Landscape

12.2.1 Wholesale Payment Systems

12.2.2 Retail Payment Systems

Closed-Loop Retail Payment Systems

Open-Loop Retail Payment Systems

12.2.3 Closed-Loop Payment Systems

12.2.4 Card Payment Networks

Card Payment Authorization

Card Clearing

Card Settlement

12.2.5 Automated Clearing Houses (ACH) Payment Networks

Credit Transfer

Direct Debit

ACH Clearing

Deferred Net Settlement

12.2.6 Conclusion

12.3 The Case for Real-Time Retail Payment Systems

12.3.1 Reasons for Real-Time Retail Payment Systems

Regulator's Perspective

Consumer's Perspective

Merchant's Perspective

Reasons Against Real-Time Retail Payment Systems

High Implementation and Support Cost

Unclear Revenue Potential

Project Implementation Risks

12.4 The Characteristics of Real-Time Retail Payment Systems

12.4.1 Timeliness

12.4.2 Availability

12.4.3 Universal Financial Messaging Standards

12.4.4 Overlay Services

12.5 Architecture and Design of Real-Time Retail Payment Systems

12.5.1 Architecture Models

Hub-Centric Model

RTGS-Centric Model

Distributed Model

12.5.2 Design Approach.

Extending From RTGS.

Notes:

Includes bibliographical references at the end of each chapters and index.

Description based on online resource; title from PDF title page (ebrary, viewed August 28, 2017).

ISBN:

9781787850231

1787850234

9780128104422

0128104422

9780128104415

0128104414