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31 March 2021
Financial Technology and Artificial Intelligence
“FinTech”, an abbreviation of “Financial Technologies”, refers to the influx of technology tools, platforms, and ecosystems that make financial services or products more accessible, efficient, and affordable (Harker, 2017) (Moore, 2018). FinTech has made transformative inroads in some focal categories including lending, microfinance (De Cnudde, Moeyersoms, Stankova, Tobback, & Martens, 2019), crowdfunding (Chemla & Tinn, 2019), retail and institutional investment (Lee, Cho, Kwon, & Sohn, 2019), personal finance (Olafsson & Pagel, 2018), smart contract and distributed ledger platform (blockchain) (Du, Pan, Leidner, & Ying, 2019), and other niche areas as well: equity finance (Gomber, Kauffman, Parker, & Weber, 2018), banking infrastructure, consumer banking and open banking (open application programming interfaces, APIs) (Ventura, Koenitzer, Stein, Tufano, & Drummer, 2015).
Simultaneously, many other practices that are unique to financial services are undergoing fundamental changes. They include: growth toward mobile payments at scale (Goldstein, Jiang, & Karolyi, 2019); diminution in the use of cash in different nations and world regions (Acharya, Ratchana, Aruna, Uma, & Kumar, 2018); changes in how international trade is financed based on new ways to achieve stakeholder informedness in supply chain management through information technology (Wamba, Kamdjoug, Bawack, & Keogh, 2019); and the use of transaction filters to comply with political sanctions on the movement of money in the global financial system (Lorente & Schmukler, 2019). Also included are the growth of new forms of algorithmic and high-frequency trading (Tashiro, Matsushima, Izumi, & Sakaji, 2019); cross-border equity trading, clearing, and settlement; and global portfolio management made possible by regional trading networks (Ban, El Karoui, & Lim, 2016). There are also emerging technologies that are creating new opportunities for innovative applications: blockchain-based ledgers between trading counterparties; new encoding capabilities for transaction tracing; and data mining, machine learning, and artificial intelligence for pattern recognition and knowledge discovery (Cao, Li, Coleman, Belatreche, & McGinnity, 2014).
Furthermore, additional to the emerging studies and research in FinTech areas, the fundamental innovations have also massively changed the financial industries. Many innovative FinTech companies have been established and grown rapidly. Among the top 100 FinTech companies, 11 ones are from China and 12 ones are from UK (KPMG, 2018). Particularly, four Chinese companies have been listed among the top 10 fintech companies globally, namely, “Ant Financial”, “JD Finance”, “Du Xiaoman Financial”, and “Lufax Holding”, which show a heavy emphasis on payments and insurance. Three UK start-up companies have been listed among the top 20 fintech globally, namely “Atom Bank”, “Revolut”, and “ACORN Oaknorth Holdings”, which are in lending, digital banking, and global transaction areas. Therefore around 25% of the top 100 innovative fintech companies globally are from China and UK. Those companies have created products at the juncture of technology and financial services and seek to disrupt the existing processes and products that dominate the marketplace.
The field of Journal of Chinese Economic and Business Studies has always been an applied research area that stays at the forefront of major wave of economic transformation. FinTech is such a wave that is re-shaping the society, particularly the industries that deal with trust, money and value. Recently, research in academia and corporations have begun to focus on the FinTech in the creation of new financial entities and the incorporation of digital technology in existing financial entities. However, although journals in the finance field are realizing the emergence and importance of FinTech for academic research, FinTech as a research area has yet to receive great attention in academic economic and business journals. Consequently, it is the right time for Journal of Chinese Economic and Business Studies to launch this special issue for a systematic research on FinTech from theoretic or practical communities. It is also a right opportunity for Chinese Economic Association in UK (CEA) to organize such a special issue. CEA gathers the active researchers in economic, finance and business areas from UK and China, two countries that lead the FinTech innovation globally.
The special issue invites the papers from a broad range of disciplines. Papers may encompass any or all the methodologies: theoretical analyses, modelling, simulation, and empirical studies. The topics of interest include, but not limited to, the following:
• Analyses of FinTech market(s)
• Big data for portfolio analytics
• Digital currency and cryptocurrency
• Blockchain, distributed ledger technologies and smart contracts
• Digital financial advice and Internet wealth management, such as robot-advisers
• Fraud detection using financial big data
• InsurTech—Innovative insurance models and products
• Mobile payment technologies and business impacts
• Predictive analytics in financial services
• Regtech—new regulatory challenges with FinTech and governance of big data finance
• Smart trading strategies such as artificial intelligence driven trading practices
• Technological advances in financial risk analytics
• Transformation of existing value chains via FinTech, such as supply chain finance
• Risk Contagion and Prevention
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