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The agricultural sector plays a crucial role in the economic development of many countries, particularly those with large rural populations. However, traditional methods of assessing the health of the agricultural sector can be limited in scope and timeliness. The rapid advancements in financial technology have transformed the way financial services are delivered, particularly in rural areas. FinTech solutions, such as digital payments, lending, and insurance, can provide valuable insights into the financial activities and challenges faced by farmers and agricultural enterprises.This paper explores the transformative potential of FinTech in the agricultural sector, examining its impact on financial inclusion, resilience, and efficiency. By integrating quantitative FinTech data with qualitative insights from stakeholders, the study provides a comprehensive assessment of the sector's health. Findings indicate that FinTech complements traditional agricultural data, offering a dynamic view of financial activities and performance. Increased FinTech adoption in rural areas can drive financial inclusion, improve credit access, and foster innovation. However, challenges such as digital literacy, infrastructure gaps, and regulatory frameworks need to be addressed. The study emphasizes the importance of investments in digital infrastructure, capacity building, and collaboration between FinTech and agricultural sectors.These insights have implications for policymakers, financial institutions, and agricultural stakeholders, enabling data-driven decision-making, targeted interventions, and the promotion of sustainable agricultural development.

The agricultural sector plays a crucial role in the economic development of many countries, particularly those with large rural populations. However, traditional methods of assessing the health of the agricultural sector can be limited in scope and timeliness. The rapid advancements in financial technology have transformed the way financial services are delivered, particularly in rural areas. FinTech solutions, such as digital payments, lending, and insurance, can provide valuable insights into the financial activities and challenges faced by farmers and agricultural enterprises.This paper explores the transformative potential of FinTech in the agricultural sector, examining its impact on financial inclusion, resilience, and efficiency. By integrating quantitative FinTech data with qualitative insights from stakeholders, the study provides a comprehensive assessment of the sector's health. Findings indicate that FinTech complements traditional agricultural data, offering a dynamic view of financial activities and performance. Increased FinTech adoption in rural areas can drive financial inclusion, improve credit access, and foster innovation. However, challenges such as digital literacy, infrastructure gaps, and regulatory frameworks need to be addressed. The study emphasizes the importance of investments in digital infrastructure, capacity building, and collaboration between FinTech and agricultural sectors.These insights have implications for policymakers, financial institutions, and agricultural stakeholders, enabling data-driven decision-making, targeted interventions, and the promotion of sustainable agricultural development.

The agricultural sector plays a crucial role in the economic development of many countries, particularly those with large rural populations. However, traditional methods of assessing the health of the agricultural sector can be limited in scope and timeliness. The rapid advancements in financial technology have transformed the way financial services are delivered, particularly in rural areas. FinTech solutions, such as digital payments, lending, and insurance, can provide valuable insights into the financial activities and challenges faced by farmers and agricultural enterprises.This paper explores the transformative potential of FinTech in the agricultural sector, examining its impact on financial inclusion, resilience, and efficiency. By integrating quantitative FinTech data with qualitative insights from stakeholders, the study provides a comprehensive assessment of the sector's health. Findings indicate that FinTech complements traditional agricultural data, offering a dynamic view of financial activities and performance. Increased FinTech adoption in rural areas can drive financial inclusion, improve credit access, and foster innovation. However, challenges such as digital literacy, infrastructure gaps, and regulatory frameworks need to be addressed. The study emphasizes the importance of investments in digital infrastructure, capacity building, and collaboration between FinTech and agricultural sectors.These insights have implications for policymakers, financial institutions, and agricultural stakeholders, enabling data-driven decision-making, targeted interventions, and the promotion of sustainable agricultural development.

Purpose: Financial, Economic and Technological Factors play key role in Environmental Sustainability. This paper aims to analyze the existing research on factors affecting the Environmental Sustainability through a bibliometric approach. Design/Methodology/Approach: The data was collected from the Scopus database using secondary sources of 191 researches field published from  2002 to 2022 and VOSviewer software was employed to analyze the data. Findings: The findings reveal a remarkable surge in the volume of scholarly publications within this domain since 2018. The  country results show that China emerging as the predominant contributor to the publication output, and UK ranks second in terms of publication volume. Prominent journals serving as the primary platforms for disseminating literature in this area include Environmental Science and Pollution Research, Energy Policy, Journal of Cleaner Production, and Energy Economics. Dominant keywords, such as "green finance," "CO2 emissions," "ecological footprint," "digital finance," "green investment," and  constitute the quintessential lexicon of this scholarly terrain and represent its core thematic pillars. The exploration of interrelationships between green finance and carbon dioxide emission intensity, alongside the nexus of climate finance and renewable energy, represents the principal investigative thrust within this field. Presently, there exists a discernible dearth of literature systematically delving into the intrinsic connections between green finance and the energy sector, thereby positioning our research as a partial contribution to addressing this gap. Implications/Originality/Value: following policy recommendations are posited: (1) Strategic integration, multilateral cooperation, and the facilitation of a global paradigm shift towards green finance; (2) Enhanced research initiatives, diversification of financial instruments, and bolstered support mechanisms for the advancement of green ene

The rapid growth and increase of cryptocurrencies and blockchain technology has revolutionized the financial landscape. The crypto-asset market has largely operated in an unregulated environment within the European Union, which has raised concerns about risks such as financial crime, market manipulation, and lack of consumer protection. The Markets in Crypto Assets Regulation (MiCA) aims to address these issues by introducing a comprehensive regulatory framework for crypto-assets issuers and CASPs to align with. However, the implementation of the regulation may pose significant challenges for crypto-companies. These requirements may also require resource allocation, increased investments and internal process changes within CASP businesses. The primary aim of this research is to explore how CASPs can effectively prepare for compliance with the MiCA regulation and allocate resources to sustain their competitive advantage. Based on that, this research seeks to conduct a thorough analysis of the regulation to identify specific compliance obligations imposed on CASPs. By understanding these requirements, this study will examine their implications on the operational and strategic aspects of CASPs, providing a detailed overview of the regulatory landscape they must navigate. The research also intends to analyze how resource allocation within CASP operations affects their ability to achieve sustainable competitive advantages in a future regulated market. By addressing these key areas, the research aims to provide a comprehensive understanding of the regulatory challenges for CASP companies and how the legal changes will affect their business structures, strategic decisions and resource allocations.

Objective: The objective of this study is to investigate digital finance and urban innovation in 98 cities in Indonesia. This study uses panel data with a time period from 2000 to 2021. Theoretical Framework: This research is based on theories that discuss digital finance to understand the development of digital financial technology, and human capital theory to explain actors who utilize digital technology and also innovation theory to explain the innovation of actors in digital technology, especially those who live in urban areas with a high level of digital dependence Method: This study uses heterogeneity analysis with a panel data structure. This study also use two-step system generalized method of moments estimation model. Results and Discussion: This research finds that digital finance has a significant impact on urban innovation. However, the heterogeneous impact of digital finance on urban innovation for each city in Indonesia has a different level of commercial attractiveness. Research Implications: In Indonesia, traditional finance also plays an important role in urban innovation where the supply of traditional finance plays a role in moderating the effect of digital finance promotion on urban innovation. Human capital is a vital factor driving innovation. Originality/Value: This research builds on previous research regarding the impact of digital finance on innovation where most of the research related to digital finance and innovation focuses on enterprise technology innovation, while this research focuses on urban innovation as an originality this study.

Purpose: The stock market has long played a significant role in fostering economic growth in developing countries by providing equity funds for capital formation. Technological advancements, particularly in digital technology, have significantly influenced financial services, becoming a crucial aspect of financial affairs. Notably, digital payment services have gained prominence in Nigeria, offering potential improvements to the Nigerian stock market. Despite this, there appears to be a perceived gap between digital finance transactions and the performance of the Nigerian stock market. Therefore, this study centred on the impact of digital finance on stock market performance in Nigeria. The study specifically aimed to assess the influence of Automated Teller Machine (ATM), Point of Sales (POS), mobile payment (mobilepay), and web-based payment (webpay) digital finance transactions on stock market capitalization ratio in Nigeria. Methodology: This study, conducted for the period from January 2012 to December 2021, utilized Fully Modified Ordinary Least Squares regression to investigate the impact of digital finance on stock market performance in Nigeria. Monthly secondary data were sourced from the Central Bank of Nigeria's Statistical Bulletin, Statistics and Monthly Economic Reports. Findings and Conclusion: Empirical findings revealed that ATM, POS, mobile-based, and web-based digital finance transactions had a positive and significant impact on the stock market capitalization ratio in Nigeria. Consequently, the study concluded that digital finance contributes to enhancing stock market performance in the country Originality/Value: To promote further growth in the stock market, the study recommends expanding the deployment and usage of digital finance channels such as ATM, POS, mobile-based, and web-based channels, encouraging their utilization for stock market transactions by participants.

Economic growth and development are crucial for global economies, and a nation's physical, human, and natural resources significantly impact its trajectory. Natural resource-rich nations can benefit or face the resource curse. Henceforth, this study examines the economic growth of Organization of the Petroleum Exporting Countries (OPEC), considering digital finance, financial regulations, and oil price shocks. Understanding the intricate relationship between oil price fluctuations and digital finance within diverse financial regulatory frameworks is essential for a comprehensive grasp of the resource curse in OPEC. The research employed a bias-corrected dynamic panel and MMQR model to analyze datasets from 2004 to 2022. The study reveals that Oil price shocks have led to higher economic growth when there are moderate financial constraints. However, they have a detrimental effect when the financial system is either very constrained or highly unconstrained. Digital finance has been shown to enhance Gross Domestic Product (GDP) across various levels of financial regulations. The GDP of OPEC experiences a significant adverse effect when digital finance and oil price shocks are coupled, particularly in the presence of stringent financial rules. This outcome is mainly attributed to the adverse influence of oil prices. The findings above underscore the need for moderate levels of financial regulations that support the favorable influence of oil prices and digital finance on GDP. The study additionally suggests a prospective strategy for enhancing GDP growth in OPEC nations: facilitating digital finance. © 2024 Elsevier Ltd

Global financial landscapes have changed recently due to the digitalization of financial services, which presents opportunities and difficulties for improving financial literacy. To comprehend how digitalization affects people's financial knowledge, abilities, and behaviors across various socioeconomic and cultural contexts, this study investigates the effects of digital finance on financial literacy levels globally. The main goal is to look into how digital finance affects financial literacy around the world. To clarify the main factors influencing financial literacy in digital contexts, this study will examine the body of existing literature and empirical research. Additionally, it seeks to evaluate the success of ongoing financial literacy programs and suggest methods for improving financial literacy in the face of growing digitization. The study makes use of qualitative research techniques, which include a thorough evaluation of the literature that includes scholarly articles, reports, and policy papers. In addition, document analysis of industry reports and regulatory frameworks pertaining to digital finance and financial literacy is part of it. Effective personal financial management requires financial literacy, which is becoming more and more important when it comes to digital finance. Peer-to-peer lending, digital wallets, and mobile banking are examples of digital finance. While they increase financial inclusion, they also come with a learning curve that must be overcome in order to fully reap the rewards. Research highlights the beneficial relationship between better financial decision-making and financial literacy, which is aided by digital learning resources. Consumer education on digital financial hazards is particularly important in light of challenges with consumer protection and data privacy. Programs for financial literacy that are effective should be customized for a range of demographics and make use of digital platforms to increase relevance and

Global financial landscapes have changed recently due to the digitalization of financial services, which presents opportunities and difficulties for improving financial literacy. To comprehend how digitalization affects people's financial knowledge, abilities, and behaviors across various socioeconomic and cultural contexts, this study investigates the effects of digital finance on financial literacy levels globally. The main goal is to look into how digital finance affects financial literacy around the world. To clarify the main factors influencing financial literacy in digital contexts, this study will examine the body of existing literature and empirical research. Additionally, it seeks to evaluate the success of ongoing financial literacy programs and suggest methods for improving financial literacy in the face of growing digitization. The study makes use of qualitative research techniques, which include a thorough evaluation of the literature that includes scholarly articles, reports, and policy papers. In addition, document analysis of industry reports and regulatory frameworks pertaining to digital finance and financial literacy is part of it. Effective personal financial management requires financial literacy, which is becoming more and more important when it comes to digital finance. Peer-to-peer lending, digital wallets, and mobile banking are examples of digital finance. While they increase financial inclusion, they also come with a learning curve that must be overcome in order to fully reap the rewards. Research highlights the beneficial relationship between better financial decision-making and financial literacy, which is aided by digital learning resources. Consumer education on digital financial hazards is particularly important in light of challenges with consumer protection and data privacy. Programs for financial literacy that are effective should be customized for a range of demographics and make use of digital platforms to increase relevance and

Global financial landscapes have changed recently due to the digitalization of financial services, which presents opportunities and difficulties for improving financial literacy. To comprehend how digitalization affects people's financial knowledge, abilities, and behaviors across various socioeconomic and cultural contexts, this study investigates the effects of digital finance on financial literacy levels globally. The main goal is to look into how digital finance affects financial literacy around the world. To clarify the main factors influencing financial literacy in digital contexts, this study will examine the body of existing literature and empirical research. Additionally, it seeks to evaluate the success of ongoing financial literacy programs and suggest methods for improving financial literacy in the face of growing digitization. The study makes use of qualitative research techniques, which include a thorough evaluation of the literature that includes scholarly articles, reports, and policy papers. In addition, document analysis of industry reports and regulatory frameworks pertaining to digital finance and financial literacy is part of it. Effective personal financial management requires financial literacy, which is becoming more and more important when it comes to digital finance. Peer-to-peer lending, digital wallets, and mobile banking are examples of digital finance. While they increase financial inclusion, they also come with a learning curve that must be overcome in order to fully reap the rewards. Research highlights the beneficial relationship between better financial decision-making and financial literacy, which is aided by digital learning resources. Consumer education on digital financial hazards is particularly important in light of challenges with consumer protection and data privacy. Programs for financial literacy that are effective should be customized for a range of demographics and make use of digital platforms to increase relevance and

The rapid growth and increase of cryptocurrencies and blockchain technology has revolutionized the financial landscape. The crypto-asset market has largely operated in an unregulated environment within the European Union, which has raised concerns about risks such as financial crime, market manipulation, and lack of consumer protection. The Markets in Crypto Assets Regulation (MiCA) aims to address these issues by introducing a comprehensive regulatory framework for crypto-assets issuers and CASPs to align with. However, the implementation of the regulation may pose significant challenges for crypto-companies. These requirements may also require resource allocation, increased investments and internal process changes within CASP businesses. The primary aim of this research is to explore how CASPs can effectively prepare for compliance with the MiCA regulation and allocate resources to sustain their competitive advantage. Based on that, this research seeks to conduct a thorough analysis of the regulation to identify specific compliance obligations imposed on CASPs. By understanding these requirements, this study will examine their implications on the operational and strategic aspects of CASPs, providing a detailed overview of the regulatory landscape they must navigate. The research also intends to analyze how resource allocation within CASP operations affects their ability to achieve sustainable competitive advantages in a future regulated market. By addressing these key areas, the research aims to provide a comprehensive understanding of the regulatory challenges for CASP companies and how the legal changes will affect their business structures, strategic decisions and resource allocations.

The article analyzes the current problems of the financial sector within the framework digital transformation and the gradual transition to digital service financial transactions. The object of research is the Ukrainian financial banking sector, the peculiarities of which functioning at this stage crisis economy Ukraine require finding adaptation ways for the introduction digital transformation procedures. The subject is financial relations in the digital adaptation sphere and innovative development banking through the prism involvement of tools and information technologies in financial system, in general, and financial operations and procedures, in particular. The problems domestic financial sector transformation became more acute in connection with the mass transition to remote channels interaction with clients, first due to the restrictions that were applied as a result the COVID-19 pandemic, and then due to the armed aggression of russia to Ukraine. The research methodology is based on a comprehensive assessment dynamic changes in the financial environment and the creation a basis for modeling predictive scenarios and strategies based on the study existing situation, theoretical basis development and financial and banking sector development directions for effective interaction in Ukrainian economy conditions. The Ukrainian banking system trends changes are outlined. The peculiarities of the international development financial and banking sphere are defined, a comparison with the world experience is outlined, analytical studies best global cases are carried out for the possibility introducing the results to the Ukrainian financial space. The research results about digital capabilities banking sphere in Ukraine are presented, the essential content banking, the properties system, the peculiarities building a banking digital architecture and architectonics through the prism of components and tools for a banking strategy model are presented. Attention is paid to the

This e-book contains contributions on some of the main topics covered in the training activities which took place during the first academic year of the EU Supervisory Digital Finance Academy (EU-SDFA), either at the European University Institute (EUI) or in workshops hosted by the European Supervisory Authorities (ESAs). The EU-SDFA is a technical support project launched by the European Commission (DG REFORM) in October 2022, in cooperation with DG FISMA, the ESAs and the Florence School of Banking and Finance (Robert Schuman Centre, EUI). The e-book consists of twelve contributions from different authors grouped in three broad areas: overview of the main initiatives taken at European Union level and the challenges and perspectives from a global viewpoint; the main technologies and drivers of digital finance; the main risks and opportunities involved in digital finance. The e-book is intended to enable past and future EU-SDFA participants to complement their learning experiences, while also providing valuable documents to readers interested to get an understanding of the interplay between digital finance and supervision.

Online marketing has become increasingly important for businesses in promoting their products and services in the digital era. This paper examines the impact of online marketing on digital finance adoption. The survey method was employed to gather data on the impact of social networking, search engine marketing (SEM), email marketing, and online public relations (PR) on digital finance adoption. The results show that these four aspects of online marketing have a positive impact on digital finance adoption. Specifically, social networking, SEM, email marketing, and online PR have significant effects on increasing customer engagement and adoption of digital financial services. Based on the results, we recommend that businesses incorporate these strategies in their online marketing efforts to increase the adoption of digital financial services.

Digital financial services have been highlighted to be an important feature to develop Digital finance. This research study presents the awareness, preferences, and satisfaction with digital financial services among Omani householders. Digital finance services are considered a crucial development since it is the digital revolution era. The main objective of this research is to study the relationship between the awareness of digital financial services among Omani household users and their satisfaction with the services, to assess the awareness of digital financial services, to investigate the impact of awareness on their preferences for digital financial services, and to assess the satisfaction of the users of digital financial services. A quantitative approach is followed, the scope of the study is the Omani households in the Sultanate of Oman. A systematic sampling design is followed. This research will take a sample size of 250-300 Omani households. The correlation analysis is used to determine the relationship between variables, and it shows whether there is a cause-and-effect relationship among the variable or not. However, it found that the awareness and knowledge of digital financial services are the main variables that affect the preferences and satisfaction of the users. Therefore, it is proved that there is a significant and positive relationship between the variables.

Digital financial services have been highlighted to be an important feature to develop Digital finance. This research study presents the awareness, preferences, and satisfaction with digital financial services among Omani householders. Digital finance services are considered a crucial development since it is the digital revolution era. The main objective of this research is to study the relationship between the awareness of digital financial services among Omani household users and their satisfaction with the services, to assess the awareness of digital financial services, to investigate the impact of awareness on their preferences for digital financial services, and to assess the satisfaction of the users of digital financial services. A quantitative approach is followed, the scope of the study is the Omani households in the Sultanate of Oman. A systematic sampling design is followed. This research will take a sample size of 250-300 Omani households. The correlation analysis is used to determine the relationship between variables, and it shows whether there is a cause-and-effect relationship among the variable or not. However, it found that the awareness and knowledge of digital financial services are the main variables that affect the preferences and satisfaction of the users. Therefore, it is proved that there is a significant and positive relationship between the variables.

Bilişim ve teknoloji alanındaki baş döndüren gelişmeler, bütün dünyayı etkisi altına alan pandemi ve son iki yılda yaşanan savaşlar uluslararası ticaret, lojistik ve ülke ekonomileri açısından son derece önemli etkiler yapmıştır. Bu durumun belirsizliği ve riski sevmeyen finansal piyasaları da etkilemesi kaçınılmazdır. Bilişim ve teknoloji alanındaki gelişmeler dijitalleşme ile (açık bankacılık, şubesiz bankacılık vb.) birlikte daha geniş bir alanda düşük maliyetlerle çalışma imkanı vermek gibi fırsatlar sunarken siber riskler gibi tehditleri beraberinde getirmektedir. Pandemi ve savaşlar uluslararası ticareti yavaşlatmış, maliyetleri artırmış ve sonucunda tüm dünya alışkın olmadığı enflasyon rakamları ile yüzleşmek zorunda kalmıştır. Bu süreçte finansa erişim zorlaşmış, paranın maliyeti artmış, gerek yatırımcılar gerekse işletmeler yeni çözüm arayışlarına girmişlerdir. Finansal piyasalardaki değişimin ve gelişimin farkına varılması adına Finansal Piyasaların Evrimi adı ile çıkarılan ilk kitaptan bugüne kadar devam eden ilgi nedeni ile 2023 yılında serinin dördüncü kitabı Finansal Piyasaların Evrimi-4 hazırlanmıştır. Bu kitap alanında yetkin araştırmacıların finansal piyasalarda yaşanan değişimi açıklayabilmek için özenle hazırlamış olduğu çalışmalardan oluşmaktadır. Bilginin paylaşılması ve gelişmesi için açık erişim olarak yayınlanacak bu kitabın hazırlanmasında emeği geçen tüm bölüm yazarları ve yayınevi çalışanlarına teşekkür ederiz., The global pandemic, the rapid advances in information and technology, and the wars of the last two years have had a significant impact on international trade, logistics and national economies. It is inevitable that this situation will also affect financial markets, which dislike uncertainty and risk. Developments in the field of information and technology offer opportunities such as digitalization (open banking, branchless banking, etc.) and the opportunity to work in a wider area at lower costs, but also bring threats such as cyber risks. Pandemics and wars have slowed down international trade, increased costs, and as a result, the world has had to face unfamiliar inflation figures. In this process, access to finance has become difficult, the cost of money has increased, and both investors and businesses have sought new solutions. In order to recognize the change and development in financial markets, the fourth book of the series, The Evolution of Financial Markets-4, was prepared in 2023 due to the interest that has continued since the first book titled The Evolution of Financial Markets. This book consists of studies carefully prepared by competent researchers to explain the changes in financial markets.

Bilişim ve teknoloji alanındaki baş döndüren gelişmeler, bütün dünyayı etkisi altına alan pandemi ve son iki yılda yaşanan savaşlar uluslararası ticaret, lojistik ve ülke ekonomileri açısından son derece önemli etkiler yapmıştır. Bu durumun belirsizliği ve riski sevmeyen finansal piyasaları da etkilemesi kaçınılmazdır. Bilişim ve teknoloji alanındaki gelişmeler dijitalleşme ile (açık bankacılık, şubesiz bankacılık vb.) birlikte daha geniş bir alanda düşük maliyetlerle çalışma imkanı vermek gibi fırsatlar sunarken siber riskler gibi tehditleri beraberinde getirmektedir. Pandemi ve savaşlar uluslararası ticareti yavaşlatmış, maliyetleri artırmış ve sonucunda tüm dünya alışkın olmadığı enflasyon rakamları ile yüzleşmek zorunda kalmıştır. Bu süreçte finansa erişim zorlaşmış, paranın maliyeti artmış, gerek yatırımcılar gerekse işletmeler yeni çözüm arayışlarına girmişlerdir. Finansal piyasalardaki değişimin ve gelişimin farkına varılması adına Finansal Piyasaların Evrimi adı ile çıkarılan ilk kitaptan bugüne kadar devam eden ilgi nedeni ile 2023 yılında serinin dördüncü kitabı Finansal Piyasaların Evrimi-4 hazırlanmıştır. Bu kitap alanında yetkin araştırmacıların finansal piyasalarda yaşanan değişimi açıklayabilmek için özenle hazırlamış olduğu çalışmalardan oluşmaktadır. Bilginin paylaşılması ve gelişmesi için açık erişim olarak yayınlanacak bu kitabın hazırlanmasında emeği geçen tüm bölüm yazarları ve yayınevi çalışanlarına teşekkür ederiz., The global pandemic, the rapid advances in information and technology, and the wars of the last two years have had a significant impact on international trade, logistics and national economies. It is inevitable that this situation will also affect financial markets, which dislike uncertainty and risk. Developments in the field of information and technology offer opportunities such as digitalization (open banking, branchless banking, etc.) and the opportunity to work in a wider area at lower costs, but also bring threats such as cyber risks. Pandemics and wars have slowed down international trade, increased costs, and as a result, the world has had to face unfamiliar inflation figures. In this process, access to finance has become difficult, the cost of money has increased, and both investors and businesses have sought new solutions. In order to recognize the change and development in financial markets, the fourth book of the series, The Evolution of Financial Markets-4, was prepared in 2023 due to the interest that has continued since the first book titled The Evolution of Financial Markets. This book consists of studies carefully prepared by competent researchers to explain the changes in financial markets.

Bilişim ve teknoloji alanındaki baş döndüren gelişmeler, bütün dünyayı etkisi altına alan pandemi ve son iki yılda yaşanan savaşlar uluslararası ticaret, lojistik ve ülke ekonomileri açısından son derece önemli etkiler yapmıştır. Bu durumun belirsizliği ve riski sevmeyen finansal piyasaları da etkilemesi kaçınılmazdır. Bilişim ve teknoloji alanındaki gelişmeler dijitalleşme ile (açık bankacılık, şubesiz bankacılık vb.) birlikte daha geniş bir alanda düşük maliyetlerle çalışma imkanı vermek gibi fırsatlar sunarken siber riskler gibi tehditleri beraberinde getirmektedir. Pandemi ve savaşlar uluslararası ticareti yavaşlatmış, maliyetleri artırmış ve sonucunda tüm dünya alışkın olmadığı enflasyon rakamları ile yüzleşmek zorunda kalmıştır. Bu süreçte finansa erişim zorlaşmış, paranın maliyeti artmış, gerek yatırımcılar gerekse işletmeler yeni çözüm arayışlarına girmişlerdir. Finansal piyasalardaki değişimin ve gelişimin farkına varılması adına Finansal Piyasaların Evrimi adı ile çıkarılan ilk kitaptan bugüne kadar devam eden ilgi nedeni ile 2023 yılında serinin dördüncü kitabı Finansal Piyasaların Evrimi-4 hazırlanmıştır. Bu kitap alanında yetkin araştırmacıların finansal piyasalarda yaşanan değişimi açıklayabilmek için özenle hazırlamış olduğu çalışmalardan oluşmaktadır. Bilginin paylaşılması ve gelişmesi için açık erişim olarak yayınlanacak bu kitabın hazırlanmasında emeği geçen tüm bölüm yazarları ve yayınevi çalışanlarına teşekkür ederiz., The global pandemic, the rapid advances in information and technology, and the wars of the last two years have had a significant impact on international trade, logistics and national economies. It is inevitable that this situation will also affect financial markets, which dislike uncertainty and risk. Developments in the field of information and technology offer opportunities such as digitalization (open banking, branchless banking, etc.) and the opportunity to work in a wider area at lower costs, but also bring threats such as cyber risks. Pandemics and wars have slowed down international trade, increased costs, and as a result, the world has had to face unfamiliar inflation figures. In this process, access to finance has become difficult, the cost of money has increased, and both investors and businesses have sought new solutions. In order to recognize the change and development in financial markets, the fourth book of the series, The Evolution of Financial Markets-4, was prepared in 2023 due to the interest that has continued since the first book titled The Evolution of Financial Markets. This book consists of studies carefully prepared by competent researchers to explain the changes in financial markets.

Bilişim ve teknoloji alanındaki baş döndüren gelişmeler, bütün dünyayı etkisi altına alan pandemi ve son iki yılda yaşanan savaşlar uluslararası ticaret, lojistik ve ülke ekonomileri açısından son derece önemli etkiler yapmıştır. Bu durumun belirsizliği ve riski sevmeyen finansal piyasaları da etkilemesi kaçınılmazdır. Bilişim ve teknoloji alanındaki gelişmeler dijitalleşme ile (açık bankacılık, şubesiz bankacılık vb.) birlikte daha geniş bir alanda düşük maliyetlerle çalışma imkanı vermek gibi fırsatlar sunarken siber riskler gibi tehditleri beraberinde getirmektedir. Pandemi ve savaşlar uluslararası ticareti yavaşlatmış, maliyetleri artırmış ve sonucunda tüm dünya alışkın olmadığı enflasyon rakamları ile yüzleşmek zorunda kalmıştır. Bu süreçte finansa erişim zorlaşmış, paranın maliyeti artmış, gerek yatırımcılar gerekse işletmeler yeni çözüm arayışlarına girmişlerdir. Finansal piyasalardaki değişimin ve gelişimin farkına varılması adına Finansal Piyasaların Evrimi adı ile çıkarılan ilk kitaptan bugüne kadar devam eden ilgi nedeni ile 2023 yılında serinin dördüncü kitabı Finansal Piyasaların Evrimi-4 hazırlanmıştır. Bu kitap alanında yetkin araştırmacıların finansal piyasalarda yaşanan değişimi açıklayabilmek için özenle hazırlamış olduğu çalışmalardan oluşmaktadır. Bilginin paylaşılması ve gelişmesi için açık erişim olarak yayınlanacak bu kitabın hazırlanmasında emeği geçen tüm bölüm yazarları ve yayınevi çalışanlarına teşekkür ederiz., The global pandemic, the rapid advances in information and technology, and the wars of the last two years have had a significant impact on international trade, logistics and national economies. It is inevitable that this situation will also affect financial markets, which dislike uncertainty and risk. Developments in the field of information and technology offer opportunities such as digitalization (open banking, branchless banking, etc.) and the opportunity to work in a wider area at lower costs, but also bring threats such as cyber risks. Pandemics and wars have slowed down international trade, increased costs, and as a result, the world has had to face unfamiliar inflation figures. In this process, access to finance has become difficult, the cost of money has increased, and both investors and businesses have sought new solutions. In order to recognize the change and development in financial markets, the fourth book of the series, The Evolution of Financial Markets-4, was prepared in 2023 due to the interest that has continued since the first book titled The Evolution of Financial Markets. This book consists of studies carefully prepared by competent researchers to explain the changes in financial markets.

Bilişim ve teknoloji alanındaki baş döndüren gelişmeler, bütün dünyayı etkisi altına alan pandemi ve son iki yılda yaşanan savaşlar uluslararası ticaret, lojistik ve ülke ekonomileri açısından son derece önemli etkiler yapmıştır. Bu durumun belirsizliği ve riski sevmeyen finansal piyasaları da etkilemesi kaçınılmazdır. Bilişim ve teknoloji alanındaki gelişmeler dijitalleşme ile (açık bankacılık, şubesiz bankacılık vb.) birlikte daha geniş bir alanda düşük maliyetlerle çalışma imkanı vermek gibi fırsatlar sunarken siber riskler gibi tehditleri beraberinde getirmektedir. Pandemi ve savaşlar uluslararası ticareti yavaşlatmış, maliyetleri artırmış ve sonucunda tüm dünya alışkın olmadığı enflasyon rakamları ile yüzleşmek zorunda kalmıştır. Bu süreçte finansa erişim zorlaşmış, paranın maliyeti artmış, gerek yatırımcılar gerekse işletmeler yeni çözüm arayışlarına girmişlerdir. Finansal piyasalardaki değişimin ve gelişimin farkına varılması adına Finansal Piyasaların Evrimi adı ile çıkarılan ilk kitaptan bugüne kadar devam eden ilgi nedeni ile 2023 yılında serinin dördüncü kitabı Finansal Piyasaların Evrimi-4 hazırlanmıştır. Bu kitap alanında yetkin araştırmacıların finansal piyasalarda yaşanan değişimi açıklayabilmek için özenle hazırlamış olduğu çalışmalardan oluşmaktadır. Bilginin paylaşılması ve gelişmesi için açık erişim olarak yayınlanacak bu kitabın hazırlanmasında emeği geçen tüm bölüm yazarları ve yayınevi çalışanlarına teşekkür ederiz., The global pandemic, the rapid advances in information and technology, and the wars of the last two years have had a significant impact on international trade, logistics and national economies. It is inevitable that this situation will also affect financial markets, which dislike uncertainty and risk. Developments in the field of information and technology offer opportunities such as digitalization (open banking, branchless banking, etc.) and the opportunity to work in a wider area at lower costs, but also bring threats such as cyber risks. Pandemics and wars have slowed down international trade, increased costs, and as a result, the world has had to face unfamiliar inflation figures. In this process, access to finance has become difficult, the cost of money has increased, and both investors and businesses have sought new solutions. In order to recognize the change and development in financial markets, the fourth book of the series, The Evolution of Financial Markets-4, was prepared in 2023 due to the interest that has continued since the first book titled The Evolution of Financial Markets. This book consists of studies carefully prepared by competent researchers to explain the changes in financial markets.

Bilişim ve teknoloji alanındaki baş döndüren gelişmeler, bütün dünyayı etkisi altına alan pandemi ve son iki yılda yaşanan savaşlar uluslararası ticaret, lojistik ve ülke ekonomileri açısından son derece önemli etkiler yapmıştır. Bu durumun belirsizliği ve riski sevmeyen finansal piyasaları da etkilemesi kaçınılmazdır. Bilişim ve teknoloji alanındaki gelişmeler dijitalleşme ile (açık bankacılık, şubesiz bankacılık vb.) birlikte daha geniş bir alanda düşük maliyetlerle çalışma imkanı vermek gibi fırsatlar sunarken siber riskler gibi tehditleri beraberinde getirmektedir. Pandemi ve savaşlar uluslararası ticareti yavaşlatmış, maliyetleri artırmış ve sonucunda tüm dünya alışkın olmadığı enflasyon rakamları ile yüzleşmek zorunda kalmıştır. Bu süreçte finansa erişim zorlaşmış, paranın maliyeti artmış, gerek yatırımcılar gerekse işletmeler yeni çözüm arayışlarına girmişlerdir. Finansal piyasalardaki değişimin ve gelişimin farkına varılması adına Finansal Piyasaların Evrimi adı ile çıkarılan ilk kitaptan bugüne kadar devam eden ilgi nedeni ile 2023 yılında serinin dördüncü kitabı Finansal Piyasaların Evrimi-4 hazırlanmıştır. Bu kitap alanında yetkin araştırmacıların finansal piyasalarda yaşanan değişimi açıklayabilmek için özenle hazırlamış olduğu çalışmalardan oluşmaktadır. Bilginin paylaşılması ve gelişmesi için açık erişim olarak yayınlanacak bu kitabın hazırlanmasında emeği geçen tüm bölüm yazarları ve yayınevi çalışanlarına teşekkür ederiz., The global pandemic, the rapid advances in information and technology, and the wars of the last two years have had a significant impact on international trade, logistics and national economies. It is inevitable that this situation will also affect financial markets, which dislike uncertainty and risk. Developments in the field of information and technology offer opportunities such as digitalization (open banking, branchless banking, etc.) and the opportunity to work in a wider area at lower costs, but also bring threats such as cyber risks. Pandemics and wars have slowed down international trade, increased costs, and as a result, the world has had to face unfamiliar inflation figures. In this process, access to finance has become difficult, the cost of money has increased, and both investors and businesses have sought new solutions. In order to recognize the change and development in financial markets, the fourth book of the series, The Evolution of Financial Markets-4, was prepared in 2023 due to the interest that has continued since the first book titled The Evolution of Financial Markets. This book consists of studies carefully prepared by competent researchers to explain the changes in financial markets.

Bilişim ve teknoloji alanındaki baş döndüren gelişmeler, bütün dünyayı etkisi altına alan pandemi ve son iki yılda yaşanan savaşlar uluslararası ticaret, lojistik ve ülke ekonomileri açısından son derece önemli etkiler yapmıştır. Bu durumun belirsizliği ve riski sevmeyen finansal piyasaları da etkilemesi kaçınılmazdır. Bilişim ve teknoloji alanındaki gelişmeler dijitalleşme ile (açık bankacılık, şubesiz bankacılık vb.) birlikte daha geniş bir alanda düşük maliyetlerle çalışma imkanı vermek gibi fırsatlar sunarken siber riskler gibi tehditleri beraberinde getirmektedir. Pandemi ve savaşlar uluslararası ticareti yavaşlatmış, maliyetleri artırmış ve sonucunda tüm dünya alışkın olmadığı enflasyon rakamları ile yüzleşmek zorunda kalmıştır. Bu süreçte finansa erişim zorlaşmış, paranın maliyeti artmış, gerek yatırımcılar gerekse işletmeler yeni çözüm arayışlarına girmişlerdir. Finansal piyasalardaki değişimin ve gelişimin farkına varılması adına Finansal Piyasaların Evrimi adı ile çıkarılan ilk kitaptan bugüne kadar devam eden ilgi nedeni ile 2023 yılında serinin dördüncü kitabı Finansal Piyasaların Evrimi-4 hazırlanmıştır. Bu kitap alanında yetkin araştırmacıların finansal piyasalarda yaşanan değişimi açıklayabilmek için özenle hazırlamış olduğu çalışmalardan oluşmaktadır. Bilginin paylaşılması ve gelişmesi için açık erişim olarak yayınlanacak bu kitabın hazırlanmasında emeği geçen tüm bölüm yazarları ve yayınevi çalışanlarına teşekkür ederiz., The global pandemic, the rapid advances in information and technology, and the wars of the last two years have had a significant impact on international trade, logistics and national economies. It is inevitable that this situation will also affect financial markets, which dislike uncertainty and risk. Developments in the field of information and technology offer opportunities such as digitalization (open banking, branchless banking, etc.) and the opportunity to work in a wider area at lower costs, but also bring threats such as cyber risks. Pandemics and wars have slowed down international trade, increased costs, and as a result, the world has had to face unfamiliar inflation figures. In this process, access to finance has become difficult, the cost of money has increased, and both investors and businesses have sought new solutions. In order to recognize the change and development in financial markets, the fourth book of the series, The Evolution of Financial Markets-4, was prepared in 2023 due to the interest that has continued since the first book titled The Evolution of Financial Markets. This book consists of studies carefully prepared by competent researchers to explain the changes in financial markets.

Bilişim ve teknoloji alanındaki baş döndüren gelişmeler, bütün dünyayı etkisi altına alan pandemi ve son iki yılda yaşanan savaşlar uluslararası ticaret, lojistik ve ülke ekonomileri açısından son derece önemli etkiler yapmıştır. Bu durumun belirsizliği ve riski sevmeyen finansal piyasaları da etkilemesi kaçınılmazdır. Bilişim ve teknoloji alanındaki gelişmeler dijitalleşme ile (açık bankacılık, şubesiz bankacılık vb.) birlikte daha geniş bir alanda düşük maliyetlerle çalışma imkanı vermek gibi fırsatlar sunarken siber riskler gibi tehditleri beraberinde getirmektedir. Pandemi ve savaşlar uluslararası ticareti yavaşlatmış, maliyetleri artırmış ve sonucunda tüm dünya alışkın olmadığı enflasyon rakamları ile yüzleşmek zorunda kalmıştır. Bu süreçte finansa erişim zorlaşmış, paranın maliyeti artmış, gerek yatırımcılar gerekse işletmeler yeni çözüm arayışlarına girmişlerdir. Finansal piyasalardaki değişimin ve gelişimin farkına varılması adına Finansal Piyasaların Evrimi adı ile çıkarılan ilk kitaptan bugüne kadar devam eden ilgi nedeni ile 2023 yılında serinin dördüncü kitabı Finansal Piyasaların Evrimi-4 hazırlanmıştır. Bu kitap alanında yetkin araştırmacıların finansal piyasalarda yaşanan değişimi açıklayabilmek için özenle hazırlamış olduğu çalışmalardan oluşmaktadır. Bilginin paylaşılması ve gelişmesi için açık erişim olarak yayınlanacak bu kitabın hazırlanmasında emeği geçen tüm bölüm yazarları ve yayınevi çalışanlarına teşekkür ederiz., The global pandemic, the rapid advances in information and technology, and the wars of the last two years have had a significant impact on international trade, logistics and national economies. It is inevitable that this situation will also affect financial markets, which dislike uncertainty and risk. Developments in the field of information and technology offer opportunities such as digitalization (open banking, branchless banking, etc.) and the opportunity to work in a wider area at lower costs, but also bring threats such as cyber risks. Pandemics and wars have slowed down international trade, increased costs, and as a result, the world has had to face unfamiliar inflation figures. In this process, access to finance has become difficult, the cost of money has increased, and both investors and businesses have sought new solutions. In order to recognize the change and development in financial markets, the fourth book of the series, The Evolution of Financial Markets-4, was prepared in 2023 due to the interest that has continued since the first book titled The Evolution of Financial Markets. This book consists of studies carefully prepared by competent researchers to explain the changes in financial markets.

Bilişim ve teknoloji alanındaki baş döndüren gelişmeler, bütün dünyayı etkisi altına alan pandemi ve son iki yılda yaşanan savaşlar uluslararası ticaret, lojistik ve ülke ekonomileri açısından son derece önemli etkiler yapmıştır. Bu durumun belirsizliği ve riski sevmeyen finansal piyasaları da etkilemesi kaçınılmazdır. Bilişim ve teknoloji alanındaki gelişmeler dijitalleşme ile (açık bankacılık, şubesiz bankacılık vb.) birlikte daha geniş bir alanda düşük maliyetlerle çalışma imkanı vermek gibi fırsatlar sunarken siber riskler gibi tehditleri beraberinde getirmektedir. Pandemi ve savaşlar uluslararası ticareti yavaşlatmış, maliyetleri artırmış ve sonucunda tüm dünya alışkın olmadığı enflasyon rakamları ile yüzleşmek zorunda kalmıştır. Bu süreçte finansa erişim zorlaşmış, paranın maliyeti artmış, gerek yatırımcılar gerekse işletmeler yeni çözüm arayışlarına girmişlerdir. Finansal piyasalardaki değişimin ve gelişimin farkına varılması adına Finansal Piyasaların Evrimi adı ile çıkarılan ilk kitaptan bugüne kadar devam eden ilgi nedeni ile 2023 yılında serinin dördüncü kitabı Finansal Piyasaların Evrimi-4 hazırlanmıştır. Bu kitap alanında yetkin araştırmacıların finansal piyasalarda yaşanan değişimi açıklayabilmek için özenle hazırlamış olduğu çalışmalardan oluşmaktadır. Bilginin paylaşılması ve gelişmesi için açık erişim olarak yayınlanacak bu kitabın hazırlanmasında emeği geçen tüm bölüm yazarları ve yayınevi çalışanlarına teşekkür ederiz., The global pandemic, the rapid advances in information and technology, and the wars of the last two years have had a significant impact on international trade, logistics and national economies. It is inevitable that this situation will also affect financial markets, which dislike uncertainty and risk. Developments in the field of information and technology offer opportunities such as digitalization (open banking, branchless banking, etc.) and the opportunity to work in a wider area at lower costs, but also bring threats such as cyber risks. Pandemics and wars have slowed down international trade, increased costs, and as a result, the world has had to face unfamiliar inflation figures. In this process, access to finance has become difficult, the cost of money has increased, and both investors and businesses have sought new solutions. In order to recognize the change and development in financial markets, the fourth book of the series, The Evolution of Financial Markets-4, was prepared in 2023 due to the interest that has continued since the first book titled The Evolution of Financial Markets. This book consists of studies carefully prepared by competent researchers to explain the changes in financial markets.

Bilişim ve teknoloji alanındaki baş döndüren gelişmeler, bütün dünyayı etkisi altına alan pandemi ve son iki yılda yaşanan savaşlar uluslararası ticaret, lojistik ve ülke ekonomileri açısından son derece önemli etkiler yapmıştır. Bu durumun belirsizliği ve riski sevmeyen finansal piyasaları da etkilemesi kaçınılmazdır. Bilişim ve teknoloji alanındaki gelişmeler dijitalleşme ile (açık bankacılık, şubesiz bankacılık vb.) birlikte daha geniş bir alanda düşük maliyetlerle çalışma imkanı vermek gibi fırsatlar sunarken siber riskler gibi tehditleri beraberinde getirmektedir. Pandemi ve savaşlar uluslararası ticareti yavaşlatmış, maliyetleri artırmış ve sonucunda tüm dünya alışkın olmadığı enflasyon rakamları ile yüzleşmek zorunda kalmıştır. Bu süreçte finansa erişim zorlaşmış, paranın maliyeti artmış, gerek yatırımcılar gerekse işletmeler yeni çözüm arayışlarına girmişlerdir. Finansal piyasalardaki değişimin ve gelişimin farkına varılması adına Finansal Piyasaların Evrimi adı ile çıkarılan ilk kitaptan bugüne kadar devam eden ilgi nedeni ile 2023 yılında serinin dördüncü kitabı Finansal Piyasaların Evrimi-4 hazırlanmıştır. Bu kitap alanında yetkin araştırmacıların finansal piyasalarda yaşanan değişimi açıklayabilmek için özenle hazırlamış olduğu çalışmalardan oluşmaktadır. Bilginin paylaşılması ve gelişmesi için açık erişim olarak yayınlanacak bu kitabın hazırlanmasında emeği geçen tüm bölüm yazarları ve yayınevi çalışanlarına teşekkür ederiz., The global pandemic, the rapid advances in information and technology, and the wars of the last two years have had a significant impact on international trade, logistics and national economies. It is inevitable that this situation will also affect financial markets, which dislike uncertainty and risk. Developments in the field of information and technology offer opportunities such as digitalization (open banking, branchless banking, etc.) and the opportunity to work in a wider area at lower costs, but also bring threats such as cyber risks. Pandemics and wars have slowed down international trade, increased costs, and as a result, the world has had to face unfamiliar inflation figures. In this process, access to finance has become difficult, the cost of money has increased, and both investors and businesses have sought new solutions. In order to recognize the change and development in financial markets, the fourth book of the series, The Evolution of Financial Markets-4, was prepared in 2023 due to the interest that has continued since the first book titled The Evolution of Financial Markets. This book consists of studies carefully prepared by competent researchers to explain the changes in financial markets.

Bilişim ve teknoloji alanındaki baş döndüren gelişmeler, bütün dünyayı etkisi altına alan pandemi ve son iki yılda yaşanan savaşlar uluslararası ticaret, lojistik ve ülke ekonomileri açısından son derece önemli etkiler yapmıştır. Bu durumun belirsizliği ve riski sevmeyen finansal piyasaları da etkilemesi kaçınılmazdır. Bilişim ve teknoloji alanındaki gelişmeler dijitalleşme ile (açık bankacılık, şubesiz bankacılık vb.) birlikte daha geniş bir alanda düşük maliyetlerle çalışma imkanı vermek gibi fırsatlar sunarken siber riskler gibi tehditleri beraberinde getirmektedir. Pandemi ve savaşlar uluslararası ticareti yavaşlatmış, maliyetleri artırmış ve sonucunda tüm dünya alışkın olmadığı enflasyon rakamları ile yüzleşmek zorunda kalmıştır. Bu süreçte finansa erişim zorlaşmış, paranın maliyeti artmış, gerek yatırımcılar gerekse işletmeler yeni çözüm arayışlarına girmişlerdir. Finansal piyasalardaki değişimin ve gelişimin farkına varılması adına Finansal Piyasaların Evrimi adı ile çıkarılan ilk kitaptan bugüne kadar devam eden ilgi nedeni ile 2023 yılında serinin dördüncü kitabı Finansal Piyasaların Evrimi-4 hazırlanmıştır. Bu kitap alanında yetkin araştırmacıların finansal piyasalarda yaşanan değişimi açıklayabilmek için özenle hazırlamış olduğu çalışmalardan oluşmaktadır. Bilginin paylaşılması ve gelişmesi için açık erişim olarak yayınlanacak bu kitabın hazırlanmasında emeği geçen tüm bölüm yazarları ve yayınevi çalışanlarına teşekkür ederiz., The global pandemic, the rapid advances in information and technology, and the wars of the last two years have had a significant impact on international trade, logistics and national economies. It is inevitable that this situation will also affect financial markets, which dislike uncertainty and risk. Developments in the field of information and technology offer opportunities such as digitalization (open banking, branchless banking, etc.) and the opportunity to work in a wider area at lower costs, but also bring threats such as cyber risks. Pandemics and wars have slowed down international trade, increased costs, and as a result, the world has had to face unfamiliar inflation figures. In this process, access to finance has become difficult, the cost of money has increased, and both investors and businesses have sought new solutions. In order to recognize the change and development in financial markets, the fourth book of the series, The Evolution of Financial Markets-4, was prepared in 2023 due to the interest that has continued since the first book titled The Evolution of Financial Markets. This book consists of studies carefully prepared by competent researchers to explain the changes in financial markets.

Bilişim ve teknoloji alanındaki baş döndüren gelişmeler, bütün dünyayı etkisi altına alan pandemi ve son iki yılda yaşanan savaşlar uluslararası ticaret, lojistik ve ülke ekonomileri açısından son derece önemli etkiler yapmıştır. Bu durumun belirsizliği ve riski sevmeyen finansal piyasaları da etkilemesi kaçınılmazdır. Bilişim ve teknoloji alanındaki gelişmeler dijitalleşme ile (açık bankacılık, şubesiz bankacılık vb.) birlikte daha geniş bir alanda düşük maliyetlerle çalışma imkanı vermek gibi fırsatlar sunarken siber riskler gibi tehditleri beraberinde getirmektedir. Pandemi ve savaşlar uluslararası ticareti yavaşlatmış, maliyetleri artırmış ve sonucunda tüm dünya alışkın olmadığı enflasyon rakamları ile yüzleşmek zorunda kalmıştır. Bu süreçte finansa erişim zorlaşmış, paranın maliyeti artmış, gerek yatırımcılar gerekse işletmeler yeni çözüm arayışlarına girmişlerdir. Finansal piyasalardaki değişimin ve gelişimin farkına varılması adına Finansal Piyasaların Evrimi adı ile çıkarılan ilk kitaptan bugüne kadar devam eden ilgi nedeni ile 2023 yılında serinin dördüncü kitabı Finansal Piyasaların Evrimi-4 hazırlanmıştır. Bu kitap alanında yetkin araştırmacıların finansal piyasalarda yaşanan değişimi açıklayabilmek için özenle hazırlamış olduğu çalışmalardan oluşmaktadır. Bilginin paylaşılması ve gelişmesi için açık erişim olarak yayınlanacak bu kitabın hazırlanmasında emeği geçen tüm bölüm yazarları ve yayınevi çalışanlarına teşekkür ederiz., The global pandemic, the rapid advances in information and technology, and the wars of the last two years have had a significant impact on international trade, logistics and national economies. It is inevitable that this situation will also affect financial markets, which dislike uncertainty and risk. Developments in the field of information and technology offer opportunities such as digitalization (open banking, branchless banking, etc.) and the opportunity to work in a wider area at lower costs, but also bring threats such as cyber risks. Pandemics and wars have slowed down international trade, increased costs, and as a result, the world has had to face unfamiliar inflation figures. In this process, access to finance has become difficult, the cost of money has increased, and both investors and businesses have sought new solutions. In order to recognize the change and development in financial markets, the fourth book of the series, The Evolution of Financial Markets-4, was prepared in 2023 due to the interest that has continued since the first book titled The Evolution of Financial Markets. This book consists of studies carefully prepared by competent researchers to explain the changes in financial markets.

Bilişim ve teknoloji alanındaki baş döndüren gelişmeler, bütün dünyayı etkisi altına alan pandemi ve son iki yılda yaşanan savaşlar uluslararası ticaret, lojistik ve ülke ekonomileri açısından son derece önemli etkiler yapmıştır. Bu durumun belirsizliği ve riski sevmeyen finansal piyasaları da etkilemesi kaçınılmazdır. Bilişim ve teknoloji alanındaki gelişmeler dijitalleşme ile (açık bankacılık, şubesiz bankacılık vb.) birlikte daha geniş bir alanda düşük maliyetlerle çalışma imkanı vermek gibi fırsatlar sunarken siber riskler gibi tehditleri beraberinde getirmektedir. Pandemi ve savaşlar uluslararası ticareti yavaşlatmış, maliyetleri artırmış ve sonucunda tüm dünya alışkın olmadığı enflasyon rakamları ile yüzleşmek zorunda kalmıştır. Bu süreçte finansa erişim zorlaşmış, paranın maliyeti artmış, gerek yatırımcılar gerekse işletmeler yeni çözüm arayışlarına girmişlerdir. Finansal piyasalardaki değişimin ve gelişimin farkına varılması adına Finansal Piyasaların Evrimi adı ile çıkarılan ilk kitaptan bugüne kadar devam eden ilgi nedeni ile 2023 yılında serinin dördüncü kitabı Finansal Piyasaların Evrimi-4 hazırlanmıştır. Bu kitap alanında yetkin araştırmacıların finansal piyasalarda yaşanan değişimi açıklayabilmek için özenle hazırlamış olduğu çalışmalardan oluşmaktadır. Bilginin paylaşılması ve gelişmesi için açık erişim olarak yayınlanacak bu kitabın hazırlanmasında emeği geçen tüm bölüm yazarları ve yayınevi çalışanlarına teşekkür ederiz., The global pandemic, the rapid advances in information and technology, and the wars of the last two years have had a significant impact on international trade, logistics and national economies. It is inevitable that this situation will also affect financial markets, which dislike uncertainty and risk. Developments in the field of information and technology offer opportunities such as digitalization (open banking, branchless banking, etc.) and the opportunity to work in a wider area at lower costs, but also bring threats such as cyber risks. Pandemics and wars have slowed down international trade, increased costs, and as a result, the world has had to face unfamiliar inflation figures. In this process, access to finance has become difficult, the cost of money has increased, and both investors and businesses have sought new solutions. In order to recognize the change and development in financial markets, the fourth book of the series, The Evolution of Financial Markets-4, was prepared in 2023 due to the interest that has continued since the first book titled The Evolution of Financial Markets. This book consists of studies carefully prepared by competent researchers to explain the changes in financial markets.

Bilişim ve teknoloji alanındaki baş döndüren gelişmeler, bütün dünyayı etkisi altına alan pandemi ve son iki yılda yaşanan savaşlar uluslararası ticaret, lojistik ve ülke ekonomileri açısından son derece önemli etkiler yapmıştır. Bu durumun belirsizliği ve riski sevmeyen finansal piyasaları da etkilemesi kaçınılmazdır. Bilişim ve teknoloji alanındaki gelişmeler dijitalleşme ile (açık bankacılık, şubesiz bankacılık vb.) birlikte daha geniş bir alanda düşük maliyetlerle çalışma imkanı vermek gibi fırsatlar sunarken siber riskler gibi tehditleri beraberinde getirmektedir. Pandemi ve savaşlar uluslararası ticareti yavaşlatmış, maliyetleri artırmış ve sonucunda tüm dünya alışkın olmadığı enflasyon rakamları ile yüzleşmek zorunda kalmıştır. Bu süreçte finansa erişim zorlaşmış, paranın maliyeti artmış, gerek yatırımcılar gerekse işletmeler yeni çözüm arayışlarına girmişlerdir. Finansal piyasalardaki değişimin ve gelişimin farkına varılması adına Finansal Piyasaların Evrimi adı ile çıkarılan ilk kitaptan bugüne kadar devam eden ilgi nedeni ile 2023 yılında serinin dördüncü kitabı Finansal Piyasaların Evrimi-4 hazırlanmıştır. Bu kitap alanında yetkin araştırmacıların finansal piyasalarda yaşanan değişimi açıklayabilmek için özenle hazırlamış olduğu çalışmalardan oluşmaktadır. Bilginin paylaşılması ve gelişmesi için açık erişim olarak yayınlanacak bu kitabın hazırlanmasında emeği geçen tüm bölüm yazarları ve yayınevi çalışanlarına teşekkür ederiz., The global pandemic, the rapid advances in information and technology, and the wars of the last two years have had a significant impact on international trade, logistics and national economies. It is inevitable that this situation will also affect financial markets, which dislike uncertainty and risk. Developments in the field of information and technology offer opportunities such as digitalization (open banking, branchless banking, etc.) and the opportunity to work in a wider area at lower costs, but also bring threats such as cyber risks. Pandemics and wars have slowed down international trade, increased costs, and as a result, the world has had to face unfamiliar inflation figures. In this process, access to finance has become difficult, the cost of money has increased, and both investors and businesses have sought new solutions. In order to recognize the change and development in financial markets, the fourth book of the series, The Evolution of Financial Markets-4, was prepared in 2023 due to the interest that has continued since the first book titled The Evolution of Financial Markets. This book consists of studies carefully prepared by competent researchers to explain the changes in financial markets.

Bilişim ve teknoloji alanındaki baş döndüren gelişmeler, bütün dünyayı etkisi altına alan pandemi ve son iki yılda yaşanan savaşlar uluslararası ticaret, lojistik ve ülke ekonomileri açısından son derece önemli etkiler yapmıştır. Bu durumun belirsizliği ve riski sevmeyen finansal piyasaları da etkilemesi kaçınılmazdır. Bilişim ve teknoloji alanındaki gelişmeler dijitalleşme ile (açık bankacılık, şubesiz bankacılık vb.) birlikte daha geniş bir alanda düşük maliyetlerle çalışma imkanı vermek gibi fırsatlar sunarken siber riskler gibi tehditleri beraberinde getirmektedir. Pandemi ve savaşlar uluslararası ticareti yavaşlatmış, maliyetleri artırmış ve sonucunda tüm dünya alışkın olmadığı enflasyon rakamları ile yüzleşmek zorunda kalmıştır. Bu süreçte finansa erişim zorlaşmış, paranın maliyeti artmış, gerek yatırımcılar gerekse işletmeler yeni çözüm arayışlarına girmişlerdir. Finansal piyasalardaki değişimin ve gelişimin farkına varılması adına Finansal Piyasaların Evrimi adı ile çıkarılan ilk kitaptan bugüne kadar devam eden ilgi nedeni ile 2023 yılında serinin dördüncü kitabı Finansal Piyasaların Evrimi-4 hazırlanmıştır. Bu kitap alanında yetkin araştırmacıların finansal piyasalarda yaşanan değişimi açıklayabilmek için özenle hazırlamış olduğu çalışmalardan oluşmaktadır. Bilginin paylaşılması ve gelişmesi için açık erişim olarak yayınlanacak bu kitabın hazırlanmasında emeği geçen tüm bölüm yazarları ve yayınevi çalışanlarına teşekkür ederiz., The global pandemic, the rapid advances in information and technology, and the wars of the last two years have had a significant impact on international trade, logistics and national economies. It is inevitable that this situation will also affect financial markets, which dislike uncertainty and risk. Developments in the field of information and technology offer opportunities such as digitalization (open banking, branchless banking, etc.) and the opportunity to work in a wider area at lower costs, but also bring threats such as cyber risks. Pandemics and wars have slowed down international trade, increased costs, and as a result, the world has had to face unfamiliar inflation figures. In this process, access to finance has become difficult, the cost of money has increased, and both investors and businesses have sought new solutions. In order to recognize the change and development in financial markets, the fourth book of the series, The Evolution of Financial Markets-4, was prepared in 2023 due to the interest that has continued since the first book titled The Evolution of Financial Markets. This book consists of studies carefully prepared by competent researchers to explain the changes in financial markets.

Bilişim ve teknoloji alanındaki baş döndüren gelişmeler, bütün dünyayı etkisi altına alan pandemi ve son iki yılda yaşanan savaşlar uluslararası ticaret, lojistik ve ülke ekonomileri açısından son derece önemli etkiler yapmıştır. Bu durumun belirsizliği ve riski sevmeyen finansal piyasaları da etkilemesi kaçınılmazdır. Bilişim ve teknoloji alanındaki gelişmeler dijitalleşme ile (açık bankacılık, şubesiz bankacılık vb.) birlikte daha geniş bir alanda düşük maliyetlerle çalışma imkanı vermek gibi fırsatlar sunarken siber riskler gibi tehditleri beraberinde getirmektedir. Pandemi ve savaşlar uluslararası ticareti yavaşlatmış, maliyetleri artırmış ve sonucunda tüm dünya alışkın olmadığı enflasyon rakamları ile yüzleşmek zorunda kalmıştır. Bu süreçte finansa erişim zorlaşmış, paranın maliyeti artmış, gerek yatırımcılar gerekse işletmeler yeni çözüm arayışlarına girmişlerdir. Finansal piyasalardaki değişimin ve gelişimin farkına varılması adına Finansal Piyasaların Evrimi adı ile çıkarılan ilk kitaptan bugüne kadar devam eden ilgi nedeni ile 2023 yılında serinin dördüncü kitabı Finansal Piyasaların Evrimi-4 hazırlanmıştır. Bu kitap alanında yetkin araştırmacıların finansal piyasalarda yaşanan değişimi açıklayabilmek için özenle hazırlamış olduğu çalışmalardan oluşmaktadır. Bilginin paylaşılması ve gelişmesi için açık erişim olarak yayınlanacak bu kitabın hazırlanmasında emeği geçen tüm bölüm yazarları ve yayınevi çalışanlarına teşekkür ederiz., The global pandemic, the rapid advances in information and technology, and the wars of the last two years have had a significant impact on international trade, logistics and national economies. It is inevitable that this situation will also affect financial markets, which dislike uncertainty and risk. Developments in the field of information and technology offer opportunities such as digitalization (open banking, branchless banking, etc.) and the opportunity to work in a wider area at lower costs, but also bring threats such as cyber risks. Pandemics and wars have slowed down international trade, increased costs, and as a result, the world has had to face unfamiliar inflation figures. In this process, access to finance has become difficult, the cost of money has increased, and both investors and businesses have sought new solutions. In order to recognize the change and development in financial markets, the fourth book of the series, The Evolution of Financial Markets-4, was prepared in 2023 due to the interest that has continued since the first book titled The Evolution of Financial Markets. This book consists of studies carefully prepared by competent researchers to explain the changes in financial markets.

This article aims to explore the relationship between digital finance and online buying, the benefits of online buying and the satisfaction of customers when they buy products online. The study is based on both primary and secondary data. The primary data was collected through structured questionnaire prepared using google forms and circulated among respondents through online whatsapp groups. The random sampling method is employed for the study. 114 respondents answered the questions and based upon their views analysis of the study has been made.  The secondary data were collected from published reports, journals, conference proceedings and books to have clear knowledge of the concepts and previous studies made on online buying and digital finance and to find the gap. Through literature review it was observed that many researchers either focus only on digital finance or on online buying. But very few researchers made the study  both on digital finance and online buying. So here in this study we tried to make a conceptual study of both online buying and digital finance and the perception of people about both of them. The findings of the study shows that digital finance makes it easier for the people to access financial services at anytime and from anywhere as these are available at their finger tip through their mobile phones. Many respondents are of the opinion that internet is the measure source to know about online buying of products and services and cheap data plans help to have access to internet. The study shows online buying is easier for people as it has many benefits to offer but the measure force is digital payments as it helps in making the cumbersome process of making payments for the purchases simple i.e at a click.

Online marketing has become increasingly important for businesses in promoting their products and services in the digital era. This paper examines the impact of online marketing on digital finance adoption. The survey method was employed to gather data on the impact of social networking, search engine marketing (SEM), email marketing, and online public relations (PR) on digital finance adoption. The results show that these four aspects of online marketing have a positive impact on digital finance adoption. Specifically, social networking, SEM, email marketing, and online PR have significant effects on increasing customer engagement and adoption of digital financial services. Based on the results, we recommend that businesses incorporate these strategies in their online marketing efforts to increase the adoption of digital financial services.

This article aims to explore the relationship between digital finance and online buying, the benefits of online buying and the satisfaction of customers when they buy products online. The study is based on both primary and secondary data. The primary data was collected through structured questionnaire prepared using google forms and circulated among respondents through online whatsapp groups. The random sampling method is employed for the study. 114 respondents answered the questions and based upon their views analysis of the study has been made.  The secondary data were collected from published reports, journals, conference proceedings and books to have clear knowledge of the concepts and previous studies made on online buying and digital finance and to find the gap. Through literature review it was observed that many researchers either focus only on digital finance or on online buying. But very few researchers made the study  both on digital finance and online buying. So here in this study we tried to make a conceptual study of both online buying and digital finance and the perception of people about both of them. The findings of the study shows that digital finance makes it easier for the people to access financial services at anytime and from anywhere as these are available at their finger tip through their mobile phones. Many respondents are of the opinion that internet is the measure source to know about online buying of products and services and cheap data plans help to have access to internet. The study shows online buying is easier for people as it has many benefits to offer but the measure force is digital payments as it helps in making the cumbersome process of making payments for the purchases simple i.e at a click.

The cryptocurrency market is volatile, non-stationary and non-continuous. Together with liquid derivatives markets, this poses a unique opportunity to study risk management, especially the hedging of options, in a turbulent market. We study the hedge behaviour and effectiveness for the class of affine jump diffusion models and infinite activity Lévy processes. First, market data is calibrated to stochastic volatility inspired-implied volatility surfaces to price options. To cover a wide range of market dynamics, we generate Monte Carlo price paths using an stochastic volatility with correlated jumps model, a close-to-actual-market GARCH-filtered kernel density estimation as well as a historical backtest. In all three settings, options are dynamically hedged with Delta, Delta–Gamma, Delta–Vega and Minimum Variance strategies. Including a wide range of market models allows to understand the trade-off in the hedge performance between complete, but overly parsimonious models, and more complex, but incomplete models. The calibration results reveal a strong indication for stochastic volatility, low jump frequency and evidence of infinite activity. Short-dated options are less sensitive to volatility or Gamma hedges. For longer-dated options, tail risk is consistently reduced by multiple-instrument hedges, in particular by employing complete market models with stochastic volatility., Peer Reviewed

Digital financial services have been highlighted to be an important feature to develop Digital finance. This research study presents the awareness, preferences, and satisfaction with digital financial services among Omani householders. Digital finance services are considered a crucial development since it is the digital revolution era. The main objective of this research is to study the relationship between the awareness of digital financial services among Omani household users and their satisfaction with the services, to assess the awareness of digital financial services, to investigate the impact of awareness on their preferences for digital financial services, and to assess the satisfaction of the users of digital financial services. A quantitative approach is followed, the scope of the study is the Omani households in the Sultanate of Oman. A systematic sampling design is followed. This research will take a sample size of 250-300 Omani households. The correlation analysis is used to determine the relationship between variables, and it shows whether there is a cause-and-effect relationship among the variable or not. However, it found that the awareness and knowledge of digital financial services are the main variables that affect the preferences and satisfaction of the users. Therefore, it is proved that there is a significant and positive relationship between the variables.

Initial coin offerings (ICOs) are one of the major innovations that characterize the digital revolution of financial markets. Among the expectations created by the digital revolution is the democratization of entrepreneurial finance, defined in terms of the creation of more equality regarding the access to financial resources by categories known to be underrepresented among potential entrepreneurs. Following this line of research, we investigate, through two complementary empirical studies, whether gender, ethnicity, and geography affect the choice of ICOs vs. traditional financing alternatives. Additionally, we assess whether these characteristics increase the amount of money an entrepreneur can raise. In Study I, we compare 390 ICO ventures to a sample of 1,078 VC-backed blockchain ventures, identifying a negative correlation between the choice of an ICO (vs. VC-backing) and a location in an urban area. In Study II, we compare 160 ICO ventures to 163 real estate investment trusts (REITs), reaffirming the results of Study I. The findings show significant participation and likelihood of successful campaigns for ethnical minorities in ICOs, with the latter also being able to collect, ceteris paribus, larger amounts of funding. In contrast, female entrepreneurs do not have higher chances to participate nor raise funds in ICOs.

Initial coin offerings (ICOs) are one of the major innovations that characterize the digital revolution of financial markets. Among the expectations created by the digital revolution is the democratization of entrepreneurial finance, defined in terms of the creation of more equality regarding the access to financial resources by categories known to be underrepresented among potential entrepreneurs. Following this line of research, we investigate, through two complementary empirical studies, whether gender, ethnicity, and geography affect the choice of ICOs vs. traditional financing alternatives. Additionally, we assess whether these characteristics increase the amount of money an entrepreneur can raise. In Study I, we compare 390 ICO ventures to a sample of 1,078 VC-backed blockchain ventures, identifying a negative correlation between the choice of an ICO (vs. VC-backing) and a location in an urban area. In Study II, we compare 160 ICO ventures to 163 real estate investment trusts (REITs), reaffirming the results of Study I. The findings show significant participation and likelihood of successful campaigns for ethnical minorities in ICOs, with the latter also being able to collect, ceteris paribus, larger amounts of funding. In contrast, female entrepreneurs do not have higher chances to participate nor raise funds in ICOs.

This article aims to present a bibliometric study of research involving the concept of fintechs from the past 30 years (1991-2020). For this study, the bibliographical data was extracted from Scopus. Among the main results that were found, three stand out. Firstly, this article describes a general panorama of research involving fintechs from the last 30 years in the subareas ‘Business, Management and Accounting’ and ‘Economics, Econometrics and Finance’. Secondly, we detected three generations of research related to this field of study. They are the discovery (1991-2006), the development (2007-2016), and the expansion (2017-2020). Also, we highlighted connections between the three generations, as well as the evolutionary process of the subjects that were addressed in these different generations. The third result was the identification of six themes that represent research trends for the future, which are: ‘banking & financial services’, ‘electronic services & ‘e-finance’, ‘consumer behaviour’, ‘mobile services’, ‘risk’ and ‘cryptocurrency’., Este artículo tiene como objetivo presentar un estudio bibliométrico de investigaciones que involucran el concepto de fintechs en los últimos 30 años (1991-2020). Para este estudio, los datos bibliográficos se extrajeron de Scopus. Entre los principales resultados que se encontraron, se destacan tres. En primer lugar, este artículo describe un panorama general de la investigación que involucra fintechs de los últimos 30 años en las subáreas 'Negocios, Gestión y Contabilidad' y 'Economía, Econometría y Finanzas'. En segundo lugar, se detectaron tres generaciones de investigación dentro de este campo de estudio: descubrimiento, desarrollo y expansión. Finalmente, se destacaron las conexiones entre las tres generaciones, así como el proceso evolutivo de los temas que se abordaron en estas distintas generaciones.

This article aims to present a bibliometric study of research involving the concept of fintechs from the past 30 years (1991-2020). For this study, the bibliographical data was extracted from Scopus. Among the main results that were found, three stand out. Firstly, this article describes a general panorama of research involving fintechs from the last 30 years in the subareas ‘Business, Management and Accounting’ and ‘Economics, Econometrics and Finance’. Secondly, we detected three generations of research related to this field of study. They are the discovery (1991-2006), the development (2007-2016), and the expansion (2017-2020). Also, we highlighted connections between the three generations, as well as the evolutionary process of the subjects that were addressed in these different generations. The third result was the identification of six themes that represent research trends for the future, which are: ‘banking & financial services’, ‘electronic services & ‘e-finance’, ‘consumer behaviour’, ‘mobile services’, ‘risk’ and ‘cryptocurrency’., Este artículo tiene como objetivo presentar un estudio bibliométrico de investigaciones que involucran el concepto de fintechs en los últimos 30 años (1991-2020). Para este estudio, los datos bibliográficos se extrajeron de Scopus. Entre los principales resultados que se encontraron, se destacan tres. En primer lugar, este artículo describe un panorama general de la investigación que involucra fintechs de los últimos 30 años en las subáreas 'Negocios, Gestión y Contabilidad' y 'Economía, Econometría y Finanzas'. En segundo lugar, se detectaron tres generaciones de investigación dentro de este campo de estudio: descubrimiento, desarrollo y expansión. Finalmente, se destacaron las conexiones entre las tres generaciones, así como el proceso evolutivo de los temas que se abordaron en estas distintas generaciones.

Recently, we heard much more about digitalization and related processes around the world. In other words, digitalization is already an important part of modern trends. The main aspects of digitalization, digital transformation and its impact on the financial services of the banks have been discussed and analyzed in this article. Along with the effect of digitalization on everyone’s life, the influence on financial services of the banks and on their businesses are also important. It is noted that banks need to make changes in their approaches to financial services, business models and strategies in accordance with the new requirements. The paper also focuses on the start of a new digital age in financial markets and the need for the regulator to adopt a new approach over the course of its existence. Formation of the reality of regulators working with wider companies and areas, the need to analyze the larger databases, the importance of extensive use of digital opportunities for more effective run of their functions have been examined. It is stated that the supervisors should be interested in technological development, take the leadership in its application, have to consider possible development trends, new regulations with financial institutions, as well as large bigtech companies. In this regard, the measures taken by the European regulatory authorities, innovations have been analyzed, as well. Emphasizing the importance of defining a common framework approach by the ECB, aspects of the policy set by national regulators within that framework are examined. The obvious positive advantages of new technological solutions application are also discussed. Thus, possibility of modern technological development to create a fertile ground for concealing a number of criminal acts, such as money laundering, terrorism, fraud and tax evasion is noted.

Recently, we heard much more about digitalization and related processes around the world. In other words, digitalization is already an important part of modern trends. The main aspects of digitalization, digital transformation and its impact on the financial services of the banks have been discussed and analyzed in this article. Along with the effect of digitalization on everyone’s life, the influence on financial services of the banks and on their businesses are also important. It is noted that banks need to make changes in their approaches to financial services, business models and strategies in accordance with the new requirements. The paper also focuses on the start of a new digital age in financial markets and the need for the regulator to adopt a new approach over the course of its existence. Formation of the reality of regulators working with wider companies and areas, the need to analyze the larger databases, the importance of extensive use of digital opportunities for more effective run of their functions have been examined. It is stated that the supervisors should be interested in technological development, take the leadership in its application, have to consider possible development trends, new regulations with financial institutions, as well as large bigtech companies. In this regard, the measures taken by the European regulatory authorities, innovations have been analyzed, as well. Emphasizing the importance of defining a common framework approach by the ECB, aspects of the policy set by national regulators within that framework are examined. The obvious positive advantages of new technological solutions application are also discussed. Thus, possibility of modern technological development to create a fertile ground for concealing a number of criminal acts, such as money laundering, terrorism, fraud and tax evasion is noted.

A growing body of literature is advancing the impact of financial inclusion and digital finance on marginalized populations. However, mainstream scholarship has not focused on understanding the potential drivers and challenges of digital approaches to financial inclusion. This study aims to investigate the mismatch between assumptions implicit in the financial inclusion discourse and ideas of access and use of digital technologies and seeks to move the discourse forward through a comprehensive framework for digital financial inclusion. Our study showed that the social dynamics of financial engagement with new technologies require a move beyond a simple individualistic adopter/non-adopter binary framework and ‘supply oriented’ financial infrastructure. We conclude that although digital services have eased and bridged the gap of physical access to financial services, such services have not been utilised due to lack of basic connectivity, financial literacy and social awareness. This article theoretically contributes to digital financial services adoption literature by offering a significant critical overview and a new perspective on both digital finance and financial inclusion mechanisms.

Initial coin offerings (ICOs) represent an innovative and new funding mechanism for new technology ventures. In our comprehensive review of the industry’s evolution, we show that despite its short history, there have been dramatic changes and shifts in the number of ICOs, the amount of money raised, the geographic distribution of ICOs, and their regulation. This dynamism calls into question current research practices and findings. We propose that scholars sort out and differentiate supply of vs. demand for ICO funding, taking geography and regulation into account with a global perspective.

Initial coin offerings (ICOs) represent an innovative and new funding mechanism for new technology ventures. In our comprehensive review of the industry’s evolution, we show that despite its short history, there have been dramatic changes and shifts in the number of ICOs, the amount of money raised, the geographic distribution of ICOs, and their regulation. This dynamism calls into question current research practices and findings. We propose that scholars sort out and differentiate supply of vs. demand for ICO funding, taking geography and regulation into account with a global perspective.

The literature shows that electronic payments are key to improving financial inclusion and achieving global development goals such as the United Nation’s (UNs) Sustainable Development Goals. The benefits are premised on the welfare-enhancing effects of digital payments, which reduce costs, the probability of loss and risk for low-income consumers, as well as improve access to formal financial services. This study thus investigates the conditions under which these welfare-enhancing gains can be obtained. It considers the conditions under which e-payments can be welfare enhancing by using qualitative data from Zimbabwe. The severe liquidity constraints in Zimbabwe provide a good case for evaluating how well e-payments work, as the relative absence of cash has made the use of mobile money inevitable. Focus group data are analysed to understand participants’ everyday experiences with the e-payment system in Zimbabwe. The results indicate that the key challenges with payment systems faced by households include high costs, malfunctions of the system at the point of sale, lengthy refund processes and limited acceptance. Participants indicate a strong preference for foreign exchange cash as a mode of payment. High levels of concentration in the mobile money market, lack of transparency by financial service providers and a strong preference for cash by retailers are the main drivers of system failure. Therefore, this study identifies the need for the government to address the lack of competition in the market, as well as address macroeconomic liquidity constraints.