Search

This study examines the influence of digital finance and renewable energy technology innovation (RETI) on green growth using Chinese regional data from 2007 to 2019. It applies Method of Moments Quantile Regression (MMQR) to integrate asymmetric green growth patterns in China's prefecture-level regions. Moreover, the generalized method of moment (GMM) is used to address possible endogeneity between model variables. The results of MMQR reveal that digital finance stimulates green growth at middle to higher quantiles (4th to 6th), and central and eastern regions fall within these quantiles. In contrast, western regions have an insignificant impact as prescribed by lower quantiles (1st to 3rd). Similarly, RETI failed to increase the growth across lower to middle (1st to 6th) quantiles in western and central regions. However, the extremely high quantiles indicate a significantly positive connection, demonstrating that RETI contributes to green growth primarily in eastern regions. Moreover, the outcomes stated that government intervention significantly enhances green growth throughout quantiles. The results from GMM endorse a similar outcome, indicating that the marginal contribution of digital green finance towards green growth is more substantial in the eastern sub-sample, followed by central and western regions, respectively. Likewise, green growth is more responsive to changes in RETI in eastern and western regions. These results suggest that digital finance and RETI are imperative to ensure regional green growth ; however, their marginal contribution should be improved in western and eastern regions.

Under the new trend of digitalization leading the era, the popularity and development of digital finance have become key components in promoting better corporate practices and investment activities such as social responsibility fulfillment. Against the backdrop of the government’s advocacy of high-quality economic development, this article uses data from China’s A-share-listed companies from 2011–2021, based on the Digital Finance Index of Peking University and ESG rating data of China Securities Corporation, in order to analyze the impact of the level of digital finance development on corporate ESG performance in China, and to explore the paths and heterogeneity of such impacts. The results of the empirical analysis show that the level of digital finance development has a significant positive impact on corporate ESG performance, with financing constraints playing a mediating role in this path. In the heterogeneity analysis, we find that this impact shows a more significant effect among non-state-owned enterprises as well as enterprises in the central and western regions. The findings of the article’s empirical tests show that the continuous development of digital finance helps enterprises enable social responsibility, which has certain implications for the synergy between financial institutions, government departments, and corporate entities to promote high-quality economic development.

As an emerging product of the coupling of digital technique and traditional finance, digital inclusive finance (DIF) may play a vital role in alleviating the contradiction between economic growth and environmental contamination. This paper utilises the panel data from various provinces in China as a sample to empirically test the effect of DIF on industrial pollution. The study found that (1) DIF and its sub-dimension coverage (DIF_B) and depth of use (DIF_D) have significant governance effects on industrial pollution, and the conclusion remains valid even when endogeneity is considered; (2) the mediation effect test found that the upgrading of the industrial structure and the degree of technological innovation are important transmission paths for DIF to reduce industrial pollution; (3) the heterogeneity test found that the effect of DIF on industrial pollution control successively showed a pattern of weakening in the centre, eastern, and western regions, while the treatment effect of DIF on industrial wastewater is better than that of industrial waste gas, and the effect on industrial solid pollutant emissions has a U-shaped non-linear relation that is first suppressed and then promoted; (4) the threshold effect test found that DIF, DIF_B, and DIF_D all have a double threshold effect on industrial pollution. Based on the empirical outcomes, this paper proposes measures to improve the development mechanism of DIF, formulate differentiated monetary support and oversight policies under local conditions, and build and enhance the supervision mechanism of the digital financial industry and prevent systemic risks.

The development of internet platforms and information technology has accelerated the transformation of conventional finance. Emerging digital finance is expected to optimize the allocation of credit resources and thereby promote a sustainable transition for corporations. However, whether, and to what extent, digital finance empirically affects this process is still not well understood. This paper investigates the role of digital finance in promoting corporate sustainability performance by exploring its impact on green enterprise innovation and its mechanism using a two-way fixed effects model and a mediating effects model. The findings suggest the following: (i) The impact of digital finance on the sustainable performance of enterprises follows a U-shaped (coef. = 0.00, t = 2.43) pattern, where digital finance initially restricts and then promotes the sustainable performance of enterprises. This conclusion remains robust even after considering endogeneity. (ii) The mechanism analysis indicates that digital finance enhances sustainability performance by reducing corporate financial volatility (coef. = −0.00, t = −4.06) and promoting long-term performance growth (coef. = 6.69, t = 4.88). (iii) The positive effects of digital finance on sustainability performance are more significant for non-state-owned firms (coef. = 0.00, t = 5.42), firms located in cities with a lower GDP per capita (coef. = 0.00, t = 2.40), and smaller firms (coef. = −0.00, t = −2.59) in their initial stages. These results imply that China should accelerate digitization in the financial markets and thus further develop its potential for sustainable development.

This paper adopted propensity score matching to estimate the propensity of digital financial inclusion among women in Kenya and the average treatment effect of digital financial inclusion on financial health of women in Kenya. Utilizing the Financial Access Survey 2021 dataset on 22024 households, the study found that the socio-demographic aspects that contributed to the digital financial uptake among women was the level of education, marital status, religion, age, and place of residence, with significant differences between users and non-users of digital finance. In addition, with mobile phone and television ownership, there was a higher likelihood of women using digital finance, with a significant difference between users and non-users. Additionally, it was found that women in Kenya using digital finance are more likely to be financially healthy. We, therefore, recommend that more targeted approach by government and financial institutions towards enhancing digital literacy, the government needs to implement gender-responsive policies that would foster the subsidization of mobile devices and offer incentives for mobile network operators to strengthen rural network connectivity, and the Kenya government and financial institutions could capitalize on accessible communication channels such as mobile phones, radio, and community outreach programs.

A sustainable financing strategy for SMEs should aim to enhance a low-cost collateral-free supply of loans to SMEs with good track records of repayments to banks. In this paper, we suggest two alternative financing models for SMEs that address certain borrowing constraints of SMEs. First, the model incorporates institutional mechanisms involving the government, banks, and SMEs. The strategy employs a two-pronged approach: (i) the government enhances the supply of loanable funds to banks, and (ii) identifies good SME borrowers through skills development programs and introduces them to banks. This model will reduce default risk and allow banks to offer lower-interest and collateral-free credit to SMEs, thereby improving their access to finance and performance. Second, the model could be extended to accommodate digital finance using a data-driven credit risk score of the borrowers to reduce banks’ default risks and transaction costs with or without government funds. The proposed model could resolve the moral hazard and selection bias problems. Our proposed models are based on a public-private partnership approach and therefore could solve certain borrowing constraints of SMEs. Our empirical results support the model outcomes and therefore are consistent with the predictions of our theoretical models.

This whitepaper introduces and empirically validates a Digital Finance Skills Framework (DFSF) for the banking and finance sector. It first presents desk research on various skills frameworks for the target sector. Accordingly, it introduces a DFSF that addresses different knowledge areas and competences. The framework emphasizes digital skills that are relevant to INFINITECH, notably skills linked to Big Data, Artificial Intelligence (AI) and blockchain applications. It aims at complementing the INFINITECH technologies with the complementary resources that foster the development of the ever- important human capital. The presented framework is a very useful tool for digital finance professionals, human resources professionals and policy makers that deal with the specifications of skills development programs and policies. The introduced framework has driven the development of a digital finance skills survey, which was completed by over sixty (60) professionals of the finance and banking sector, including professionals working in different departments of financial institution. The goal of the survey was to solicit the professional’s opinion on the relevant importance of the different competence and skills that comprise the digital finance framework. Key findings from the survey are accordingly analyzed and discussed. The discussion gives rise to recommendations about skills profiles that can be based on the introduced framework.

For sustainable economic development, it is extremely important to understand how digital finance and technological innovation are coupled and how the spatial coupling network is connected. Based on panel data collected from 31 Chinese provinces between 2011 and 2020, this paper calculates the technological innovation index using the entropy method, and adopts the coupling coordination model to measure the coupling coordination degree of digital finance and technological innovation. Furthermore, this paper utilizes the improved gravity model to determine the spatial correlation matrix and uses the social network analysis (SNA) method to investigate the spatial spillover characteristics of the coupling network. The results demonstrate the following: (1) While the index of digital finance and technological innovation rose and digital finance developed rapidly, the level of technological innovation remained low. (2) There was an improvement in the degree of coupling coordination between digital finance and technological innovation, which was higher in the eastern region and lower in the west. (3) The overall network density and the number of associations increased; meanwhile, the network hierarchy and network efficiency declined, indicating that the spatial structure was strengthened. (4) The centrality of some developed eastern regions, such as Beijing, Shanghai, and Zhejiang, was greater than that of some underdeveloped areas in the midwest and northeast regions. (5) The coupling coordination network can be classified into four types: the “main inflow plate” mainly includes underdeveloped regions in the midwest areas; the “main outflow plate” and “bidirectional spillover plate” primarily include the developed eastern areas; and the “agent plate” mainly includes the central provinces. This research provides a foundation for enhancing the cross-regional coupling coordinated development of digital finance and technological innovation.

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 innovative development of the banking sector and directions for attracting investment resources. Procedures for creating digital opportunities transition financial sector and reengineering business processes for companies when transitioning to a digital format commercial activity have been worked out, that will be of theoretical and applied importance for further research by scientists from different countries. The authors offer recommendations to solving the digitization problems of the Ukrainian financial sector. The research results of the digital transformation direction in banking sector are presented for further use in modeling Ukrainian`s business post-war recovery scenarios., У роботі аналізуються сучасні проблеми фінансового сектора у рамках цифрової трансформації та поступового переходу на цифрове обслуговування фінансових операцій. Об'єктом дослідження є фінансовий банківський сектор України, особливості функціонування якого на даному етапі кризового стану економіки вимагають пошуку шляхів адаптації до впровадження процедур цифрової трансформації. Предметом дослідження є фінансові відносини у сфері цифрової адаптації та інноваційного розвитку банківської діяльності через призму залучення інструментів та інформаційних технологій у фінансову систему в цілому та фінансові операції та процедури, зокрема. Проблеми трансформації українського фінансового сектора загострилися у зв'язку із масовим переходом на дистанційні канали взаємодії з клієнтами спочатку через обмеження, які були застосовані в результаті пандемії COVID-19, а потім – через збройну агресію росії в Україні. Методологія дослідження базується на комплексному оцінюванні динамічних змін у фінансовому середовищі та створенні базису моделювання прогнозних сценаріїв та стратегій на основі вивчення існуючої ситуації, опрацювання теоретичного базису та опрацювання напрямів розвитку фінансового банківського сектору для ефективної взаємодії в умовах української економіки. Окреслено тенденції змін української банківської системи. Визначено особливості міжнародного розвитку фінансової банківської сфери, окреслено порівняння зі світовим досвідом, проведені аналітичні дослідження кращих світових кейсів для можливості запровадження результатів до українського фінансового простору. Представлено результати досліджень цифрових можливостей банківської сфери в Україні, продемонстровано сутнісне наповнення банкінгу, властивості системи, особливості побудови банківської цифрової архітектури та архітектоніка через призму компонентів та інструментарію для моделі банківського стратегування. Приділено увагу інноваційному розвитку банківського сектору та напрямів залучення інвестиційних ресурсів. Опрацьовано процедури створення цифрових можливостей переходу фінансового сектора та реінжинірингу бізнес процесів для компаній при переході на цифровий формат комерційної діяльності, що матиме теоретико-прикладне значення для подальших досліджень науковців різних країн. Авторами пропонуються рекомендації по вирішенню проблем цифровізації фінансового сектора України. Представлено результати дослідження за напрямом цифрової трансформації банківського сектору для подальшого використання у моделюванні сценаріїв повоєнного відновлення українського бізнесу.

A digital finance service breakthrough is essential to get better financialassistance to optimize financial inclusion, and the effectivenessrequires technological support in banking financial services. Thestudy investigates the effect of digital finance on financial inclusionin Indonesians’ banking industry. We develop the new measurement,namely average digital finance (ADF), and use loan transactionsto proxy financial inclusion. The samples are six banking during2013-2019, and we use panel data regression to test the hypothesisand do a robustness check. Our result confirms that ADF positivelyimpacts financial inclusion and finds evidence of bank size’s role indigital finance and financial inclusion. It implicates banks’ strategyfor optimizing financial inclusion based on its characteristics suchas age, profitability, and efficiency. It contributes to digital finance’sgovernment policy for using explored internet banking and mobilebanking stimulatingly.Widarwati, E., Solihin, A., & Nurmalasari, (2022). Digital Finance For Improving Financial Inclusion Indonesians’ Banking. Signifikan: Jurnal Ilmu Ekonomi, 11(1), 17-30. https://doi.org/10.15408/sjie.v11i1.17884.

Green technology innovation is crucial for achieving sustainable development. This paper establishes fixed effect and mediation effect models to study how digital finance influences corporate green technology innovation and the moderating role of financial constraints using the data of Chinese A-share public businesses from 2011 to 2020. The results show that, first, green technology innovation is facilitated by digital finance, and both the coverage breadth and use depth play important roles. Second, digital finance encourages business innovation in green technology by alleviating financial constraints. Third, in state-owned businesses and businesses located in the eastern regions, digital finance has a more visible driving impact on green technology innovation. The aforementioned findings offer insightful research to encourage the balanced growth of digital finance and better enable corporate green technology innovation.

Digital Finance must become the center of academic research in finance if the European financial industry is to remain competitive in the future. We argue that the new interdisciplinary field of Digital Finance should be prioritized based on the strategic priorities of the European Union, the needs of the finance industry, and the academic research gaps. Digital Finance as an interdisciplinary field will contribute to the strategic priorities of the European Union, such as financing for growth and jobs, financial stability and supervision, financial education, financing for small and medium-sized enterprises, and combating exclusion and inequality in access to credit.

This study examined the impact of digital finance on corporate cash holdings and the influence of organizational structure and corporate strategy, using the example of A-share-listed companies in China from 2011 to 2018. The results showed that digital finance significantly reduced the level of cash holdings of listed companies; compared with Group Holding Company Limited, the impact of digital finance on the cash holdings of independent enterprises was more pronounced; and digital finance reduced the degree of strategic radicalization of listed companies, then reduced the level of cash holdings of listed companies. The reliability of the empirical results was validated using the dynamic panel model, instrumental variable analysis, and other sensitivity tests. The findings of the study have implications for the guidance of digital finance development and dynamic adjustment of corporate cash holdings.

The coordinated development of digital finance and the advanced manufacturing industry is vital for high-quality economic development. Based on the provincial data of China from 2012 to 2020, this study applied the coupling coordination degree model, σ convergence model and Dagum–Gini coefficient decomposition method to analyze the coupling coordination level, convergence characteristics, spatial differences and sources of digital financial and advanced manufacturing industry development in China. The results show that the coupling coordination level between the two has crossed from the run-in transition stage to the coordinated development stage and shows a rapid growing trend. The coupling coordination degree of the eastern region is the highest, followed by the central and western regions. It has an obvious convergence trend, and the overall difference is significantly reduced. The intra-regional difference of coupling coordination degree in the western region is the largest, indicating the comparatively larger gap in the development of digital finance and the advanced manufacturing industry among western provinces. The inter-regional difference between the east–west regions is the largest and is the main source of overall differences, which proves the fact of unbalanced development between regions. It is suggested to adopt differentiated regional policies to promote the coordinated development of digital finance and the advanced manufacturing industry.

The rapid development of digital finance in China has subtly influenced many aspects of social and economic development. However, agricultural enterprises can hardly enjoy the same digital dividend as traditional enterprises because of special attributes such as internal and external resource constraints, environmental constraints and cyclicality. To clarify the relationship between digital finance and digital transformation of agribusiness, and also to explore the factors that influence the effectiveness of digital finance, we use the “Peking University Digital Finance Index” to evaluate the micro impact of digital finance on the digital transformation of agribusiness. The results show that there is a “transition period” in which digital finance contributes to the digital transformation of agribusinesses, i.e., the two show a U-shaped non-linear relationship. This effect still exists after considering endogeneity and a series of robustness tests. In addition, further research determined that financing constraints and financial risk are the key paths through which digital finance affects the digital transformation of agribusinesses. Effective financial regulation weakens the U-shaped relationship between digital finance and agribusiness digital transformation and is an important means of attenuating the negative impact of digital finance. Overall, we provide a micro explanation for the accelerated popularization of digital finance in emerging markets, which is urgently needed for most agribusinesses seeking high-quality development.

This paper highlights the globally-important determinants of financial inclusion. The determi-nants identified in this paper are formal account ownership; demand for formal savings; demand for formal borrowing; financial literacy and education; debit and credit card usage; the need to receive remittances from family and friends; size of the financial system; number of automated teller machines (ATMs); number of bank branches; proximity to a bank; availability and access to mobile phones; availability of digital financial products and services; technology infrastructure; government policy; culture and traditional belief systems; national financial inclusion strategy and implementation; and direct legislation.

Household leverage ratio is an important factor affecting family stability. Digital finance has changed the means of payment and consumption frequency, but the relationship between digital finance and household leverage ratio is still unclear. The existence of household debt is defined as the existence of leverage. The higher the household debt, the greater the household leverage. Based on the matching data of the China Household Finance Survey (CHFS) 2019 and the China Digital Inclusive Finance Index, this paper studies the impact of digital finance on household leverage ratio and explores its mechanism theoretically and empirically. This research finds that digital finance can significantly promote the household leverage ratio and this conclusion is still valid after instrumental variable method and robustness test. The mechanism analysis shows that digital finance can promote household over-consumption and further expand household leverage ratio. Digital finance can also reduce household leverage ratio by increasing household income. The heterogeneity analysis suggests that the role of digital finance in expanding leverage ratio is stronger for urban areas and households with low educational level. For households with higher assets, digital finance helps to reduce leverage ratio. Therefore, the government should guide residents to consume rationally and give full play to the entrepreneurship-facilitating and income-increasing effect of digital finance. Meanwhile, the residents themselves should speed up the cultivation of digital financial literacy, which is of vital significance for lowering household leverage ratio and systemic financial risks. China’s development level of digital finance ranks among the top in the world. Studying the role of digital finance in China is helpful to provide experience reference for countries around the world.

Entrepreneurial activity has been documented as an important mechanism to achieve poverty alleviation. In line with this, providing access to entrepreneurial finance for disadvantaged groups has been a prominent policy tool. The advent of digital finance may prove a game changer in that it could substantially lower the threshold to access entrepreneurial finance, particularly for disadvantaged entrepreneur who have a hard time accessing formal sources of finance. This study explores whether the availability of digital finance indeed increases the propensity and the quality of entrepreneurship among Chinese migrants. The paper applies data of the China Migrants Dynamic Survey in 2018 and the China's digital financial inclusion index. The results show that local digital financial development is indeed positively associated with entrepreneurial probability and quality. Moreover, the three sub-dimensions of digital finance (e.g., breadth of coverage, depth of use and level of digitization) also increase the likelihood of migrants' entrepreneurship. From the perspective of entrepreneurial motivation, digital finance has a significant positive impact on not only the migrants' choice of necessity-based entrepreneurship, but also on the selection of opportunity-based entrepreneurship. In addition, this paper finds that the facilitating role of digital finance on entrepreneurship is more prominent for migrants who lived in rural regions, with lower educational levels, experienced cross-provincial mobility, not belonging to a member of party organization and whose parents do not have good education background and local hukou, which reflects the inclusiveness of digital finance in reversing the financing disadvantage of vulnerable groups. Though this study is set in the context of China, the principle that access to digital finance increases the propensity of entrepreneurship as well as its quality likely translates to other contexts in the developing world.

The report of the 20th National Congress pointed out that high-quality development is the primary task of building a modern socialist country in an overall sense. Based on the background of high-quality economic development in the new era, this document studies the influence mechanism between digital finance and high-quality development of state-owned enterprises based on total factor productivity (TFP) by taking A-share state-owned listed companies on the Shanghai and Shenzhen stock exchanges from 2015 to 2020 as samples. The findings are as follows: Digital finance promotes the high-quality development of state-owned enterprises by alleviating financing constraints; grouping regression shows that digital finance has a stronger driving effect on the high-quality development of large state-owned enterprises and enterprises with a high technical level. The threshold regression model shows that digital finance has a single threshold effect on the high-quality development of state-owned enterprises. Further research shows that the higher the development level of supply chain finance, the stronger the influence of digital finance on the high-quality development of state-owned enterprises through financing constraints. The higher the shareholding ratio of institutional investors, the stronger the mediating effect of financing constraints. The research results of this paper not only enrich the research on the factors that influence the high-quality development of state-owned enterprises but also provide support for the government to formulate high-quality development policies for enterprises.

The inclusiveness of digital finance brings new opportunities for the development of agriculture, rural areas, and farmers. The purpose of this paper is to clarify how digital finance influences relatively large-scale farmers’ agricultural income. Based on survey data from rural China, this paper systematically investigates the impact of digital finance on relatively large-scale farmers’ agricultural income using the Multiple Intermediary Effect Model. The findings of this study reveal that digital finance has a substantial positive influence on relatively large-scale farmers’ agricultural income, and this effect still exists after considering endogeneity and a series of robustness tests. Further mechanism analyses suggest that agricultural capital, agricultural land, and agricultural workforce play a partial mediating role between digital finance and agricultural income. The development of digital finance has a positive impact on improving agricultural capital investment and land transfer, while it has a negative impact on agricultural workforce. Moreover, the results of the grouping estimation show that digital finance has more significant effects on agricultural income for economic crops and farmers who received agricultural skills training and agricultural services. These results provide a micro explanation to promote relatively large-scale farmers’ agricultural income with the accelerated popularization of digital finance, urgently needed for most emerging countries seeking high-quality rural development.

The concept and term Digital Finance is important and valuable in current age. In generally it is the application of Information Technology and Computing in Financial affairs. The field is closely associated with the Banking, Commerce, Management and Economics. The term Financial Technology is also closely associated with the Digital Finance. Digital finance is an advance concept to move healthy and modern financial services in difference sectors viz. agriculture, transportation, healthcare, tourism education etc. Digital finance is responsible for the greater financial inclusion; it is also responsible and dedicated for the expansion of basic services. It is a fact that today more than 50% community in the developing world having their own a mobile phone and thus the concept of Digital Finance is increasing and importantly the challenge is massive because 2.5 billion individuals may have problem in digital fiancé inclusion. It is worthy to note that about 200 million small businesses is also have bad access to basic financial services due to various services. Country like India also has various other problems e.g. India has about 155,000 post offices and majority are in rural areas and thus they are playing a critical role in enhancing financial inclusion, and indirectly these are responsible for the financial services which include banking, insurance etc. It is a fact that due to the importance of Digital Finance many universities in the world has started the program in Digital Finance not only in Certificate level but also in Masters level. This paper is talks about the basics of Digital Finance and its educational affairs also. Paper highlighted the emerging areas also.

China’s main energy structure is dominated by coal. The burning of coal is a major source of greenhouse gas emissions, making China the largest carbon emitter. Facing double pressure on ecological protection and economic development, improving energy efficiency is more practical than reducing coal utilization. In this context, digital finance can be a vital engine that supports a transition to a low-carbon economy. Based on panel data for 2011 to 2019 of 30 provinces in China, this study probes the effect of digital finance on the total factor energy efficiency and constructs a moderated mediating effect model to analyze the mechanism of action. The results show that: (1) digital finance is able to improve the total factor energy efficiency, (2) the industrial structure plays a mediating effect, which is regionally heterogeneous, and (3) the above transmission path is affected by the degree of regional resource dependence. With the deepening of resource dependence, the role of digital finance in driving energy efficiency through the industrial structure is enhanced. This research demonstrates the effectiveness of digital finance in energy efficiency improvement and develops ideas for ecological governance and sustainable development.

Digital financial innovation is a new impetus for economic and social development. However, lack of regulation will also have a huge impact on economic and social development. In this paper, an evolutionary game model of digital finance innovation is constructed, the evolutionary strategies of both sides of the game are discussed, and a simulation analysis is carried out, based on the dynamic reward and punishment mechanism of the government. The results show that the system can achieve evolutionary stability under the dynamic reward and punishment mechanism, and that the evolutionarily stable strategy is unique. We also find that when the punishment of regulators increases, the probability of compliance innovation of digital financial enterprises will increase, and the probability of active supervision of regulatory agencies will decrease. When regulators increase incentives, the probability of the compliance innovation of digital financial enterprises will decrease. Similarly, the probability of active supervision by regulators will also decrease and the decrease will be more obvious. To achieve the win-win development of digital financial innovation and regulation, it is necessary to continuously improve the regulatory capacity and level, reduce regulatory costs, and build a dynamic reward and punishment mechanism. Our research contributes to enhancing compliance innovation in digital financial enterprises.

In a rapidly digitizing country, Digital Financial Services (DFS) hold the promise of bringing financial inclusion to the last mile. Through the use of DFS, vulnerable and marginalized groups can reduce the risk and cost of using cash, and increase their access to a suite of financial services that would have been otherwise unavailable, or difficult to obtain, such as credit, savings, insurance, and pension. This paper provides an overview of the policy environment regulating digital finance in India as well as presents high-level statistics on the level of digitization across population segments in the country. It then moves on to describe the digital readiness, current usage of digital financial services, and specific issues and solutions for three vulnerable and marginalized groups with high digitization potential: women, micro-entrepreneurs, and domestic migrants. This is complemented by insights drawn from LEAD at Krea University’s primary research on these topics. Finally, the paper provides recommendations to accelerate the penetration of digital financial services among vulnerable groups. These include monitoring the implementation of recently introduced policies on data privacy, grievance redressal, and KYC simplification. It is also recommended to develop customized digital financial services that address the unique needs and profiles of vulnerable groups, such as those specifically analysed in this paper.

Mobile Financial Services (MFS) is one of the new innovations of the modern financial system. It nowadays plays a crucial role in banking users’ day-to-day financial activities. This study investigates users’ experiences of MFS at rural areas of Bangladesh. Specifically, this study sought to gain an understanding of to what extent different factors positively or negatively influence users’ experience in using mobile financial services. This study was mainly a survey research. The data were obtained using a questionnaire from a total of 128 MFS users (102 male and 26 female) living in rural areas of Bangladesh who were conveniently chosen from five Upazilla in Barishal city. The findings suggested that MFS users in rural areas of Bangladesh have both positive and negative experiences toward the use of mobile financial services. This study further revealed six major factors that have influenced the users’ positive and negative experiences in general, i.e. perceived usefulness, perceived ease of use, perceived risk, trust, customer and MFS agent relationship, and perceived cost. It was found that the last factor (perceived cost) have generated the users’ negative experiences toward mobile financial services. Therefore, the government and MFS providers are encouraged to work together with some innovative strategies to change the users’ negative experiences into positive experiences of using the mobile financial services.

European Papers - A Journal on Law and Integration, 2022 7(2), 601-613, European Forum Insight of 24 September 2022, I. The digital finance package of the European Commission. - II. The Regulation on DLT Market infrastructures: a rule-based pilot regime. - II.1. Types of DLT market infrastructures. - II.2. Financial instruments admitted under the pilot. - II.3. Amendments to the EU legal framework on financial services. - III. Obligations for DLT market infrastructures. - III.1. Obligations for DLT multilateral trading facilities. - III.2. Obligations for DLT SSs. - III.3. Obligations for DLT TSSs. - III.4. Horizontal additional requirements for DLT market infrastructures. - IV. The role of ESMA and national competent authorities. - V. Conclusions., The decentralized issuance of financial instruments is presently problematic under EU law. This situation will change with the entry into force of the Regulation on a pilot regime for market infrastructures based on distributed ledger technology. The Regulation provides for a regulatory sandbox - the pilot regime - that market operators can use to test distributed ledger technologies in the financial market industry in a way compatible with EU law. While this will improve legal certainty and increase protection for consumers, it will also introduce a completely new paradigm in financial market legislation: the decentralization of financial instruments. Moreover, the Regulation imposes considerable obligations on market operators, while also granting to the European Securities and Markets Authority and national competent authorities a relevant but difficult role in overseeing and monitoring the pilot regime's development. This Insight aims to provide an overview of the novel features introduced by the Regulation and reflect on whether the legislation will favour or frustrate innovation at EU level.

This paper uses Chinese provincial panel data from 2011 to 2019, measures CO2 emissions of provinces in China using the IPCC method, and explores the impact of digital finance on CO2 emissions through the SAR model and SDM. Empirical study shows that digital finance significantly reduces CO2 emissions. Digital finance reduces CO2 emissions by promoting energy industrial structure transformation and spreads to surrounding areas through spillover effects, contributes to increasing green patents granted and thus reduces regional CO2 emissions, advances the green technological progress and therefore inhibits CO2 emissions, but reduces the green technological progress in surrounding areas and increases CO2 emissions due to the siphon effect. With the development of digital finance itself, the higher the level of financial regulation, green development and the green finance index, the better the effect of digital finance on CO2 emission reduction. Additionally, digital finance significantly reduces CO2 emissions in the south of China.

The development of China’s digital finance provides new ideas for solving the financial constraints faced by some collaborative innovation activities in the Yangtze River Delta (YRD). Therefore, based on the panel data of 41 cities in the YRD from 2011 to 2020, this study empirically tests the impact and transmission mechanisms of digital finance on collaborative innovation through GMM and a dynamic mediation model. The results show that in the YRD region, digital finance significantly stimulates collaborative innovation, but the effect of the decomposition index varies. The effect of depth of use is the strongest, followed by breadth of coverage and degree of digitization. In terms of the transmission mechanism, digital finance can increase the scale of credit, social consumption, and industrial upgrading to form a positive local effect. It can also improve the development of collaborative innovation, and lead to a spillover effect through the flow of R&D capital and R&D personnel. The conclusion indicates that it is necessary to stimulate the digital transformation in the financial field, giving full play to liquidity, facilitating the upgrading of credits, consumption, and industries. This study enriches the theoretical framework of digital finance and collaborative innovation. Moreover, the empirical test provides data and evidence for the construction of a world-class science and technology innovation center in the YRD. The paper also presents limitations, including the influence of factors such as urban heterogeneity and financial supervision, worthy of further research.

The advent of the VUCA era and the development of digital finance (DF) present opportunities and challenges for manufacturing companies to seek sustainable innovation by increasing their organizational resilience (OR) to withstand crises. The production, flow, and acquisition of corporate knowledge are indispensable to the establishment of organizational resilience. In this paper, we analyze how to make manufacturing enterprises more courageous and innovative in the context of digital finance. We used a perspective of knowledge channel acquisitions to achieve this aim. Using a sample of 1965 manufacturing companies in China from 2013 to 2020, we analyzed whether greater enterprise knowledge (internal knowledge and external knowledge) can yield higher levels of innovation performance and whether organizational resilience plays a role in the context of digital finance. The results show that (1) both internal enterprise knowledge (IEK) and external enterprise knowledge (EEK) have a significant positive impact on the sustainable innovation performance of manufacturing enterprises; (2) organizational resilience has a mediation role in the process of promoting sustainable innovation performance through enterprise knowledge; (3) digital finance significantly enhances the impact of enterprise knowledge on long-term growth and financial volatility of organizational resilience, and significantly positively moderates the mediation effect of organizational resilience; and (4) digital finance support policies issued by the government significantly improve the sustainable innovation performance of manufacturing firms. Based on these results, manufacturing firms can improve innovation performance by enhancing organizational resilience. This paper contributes to this field of research by providing an analysis of manufacturing firms, presenting a new view on the improvement of innovation performance in the context of digital finance.

Improving urban comprehensive carbon emission performance (CCEP) is the inevitable choice for China’s low-carbon development. With the continuous integration of digital technology and financial elements, the development of urban digital finance has also been significantly improved. To further explore the impact of urban digital finance on urban low-carbon development, using the data of 281 cities in China from 2011 to 2019, this paper firstly evaluates the urban CCEP, and further empirically investigates how digital finance influences CCEP. The empirical results show that: (1) Digital finance significantly improves the urban CCEP, and after conducting robustness tests and addressing the endogeneity issue, the above conclusion is robust. (2) For the sub-indicators, there is a U-shaped relationship between the coverage breadth of digital finance and CCEP. Moreover, the improvement of usage depth and digital support services could promote CCEP. (3) The channel tests indicate that digital finance improves the CCEP mainly by promoting green technology innovation and the development of urban tertiary industry. Meantime, digital finance has a stronger impact on improving CCEP in cities with more developed traditional finance, and the positive effect is significant in non-old industrial base cities and a two-control zone. Finally, this paper puts forward relevant policy suggestions.

The aim of this paper is to measure the impact of digital finance on the company financial performance. The data was collected from a sample of forty-one small and medium enterprises active in the greater Agadir. The results obtained, through an analysis of structural equations, showed that the convenience of digital financial services and transaction costs have significant effects on the financial performance of SMEs. While the results also noted the lack of significance of the hypothetical relationships, of ease of use, perceived security and accessibility to digital financial services, with financial performance. In addition, the results invalidated equally the moderating role of the Covid-19 crisis consequences on the relationship between digital finance and financial performance of SMEs., Finance & Finance Internationale, Vol. 1, No 24 (2022)

China is currently in the process of industrialization, and the excessive consumption of fossil energy results in a significant increase in carbon emissions. With the significant development of information technology and the digital economy, digital finance has gradually become a new model that affects human activities, motivating us to explore the relationship between digital finance and carbon emissions. Based on panel data from 278 cities from 2011 to 2019, this study empirically analyzes the relationship between digital finance and carbon emissions and discusses it in terms of the nonlinearity, regional heterogeneity, and spatial spillover effects. We find empirical evidence indicating that digital finance can mitigate regional carbon emissions. Finally, we propose some relevant suggestions for promoting sustainable and healthy development of digital finance, and achieving carbon emissions reduction.

Based on the panel data of 31 provinces in China from 2011 to 2020, this paper analyzes the development status and distribution characteristics of digital finance, and studies the impact of digital finance on the growth of the real economy. First, whether China’s digital finance development can be classified by region through quartile images is investigated, and whether there are differences in the development of digital finance between regions and within regions is explored. Then, the dynamic characteristics of regional digital finance development distribution are analyzed by kernel density estimation, and the regression model is constructed to analyze the effect of digital finance development on promoting the growth of the real economy. The numerical result shows that the development characteristics of digital finance are different between regions and within regions, and the development of digital finance can significantly promote the growth of the real economy.

Although the increasing adoption of digital finance in recent years has exerted a wide-ranging influence on farmers’ consumption and production activities, many farmers in China still seriously suffer from digital financial exclusion. Few studies have documented the different impacts of e-commerce adoption characterized by online purchases and sales on farmers’ participation in the digital financial market measured by their engagement in digital payments, digital wealth management, and digital credit in rural China. Using survey data from 832 entrepreneurial households in rural China, we contribute to the literature by confirming that both online purchases and sales have a robust significant and positive impact on farmers’ participation in the digital financial market and that this impact on digital wealth management is successively larger than that on digital payments and digital credit, with the propensity score matching (PSM) method and instrument variable (IV) approach employed. We further discover that the impact of online purchases and sales on farmers’ participation in the digital financial market is significantly mediated by digital financial literacy. Moreover, the impact of online purchases and sales on farmers’ participation in the digital financial market is larger for those with high education levels, pursuing skills training, running new agricultural operation entities (i.e., family farms, professional cooperatives), and engaging in agricultural entrepreneurship. Our findings suggest that more effective measures to enhance adoption rates of online purchases and sales, innovation in rural market-oriented digital financial products and services, systematic training for farmers in e-commerce skills as well as digital financial literacy, and differentiated support measures for different groups of farmers to reduce the gap are urgently needed in China.

As a product of the deep integration of digital technology and financial services, digital finance provides vital financial support for rural revitalization and increasing farmers’ income. Based on the survey data of 1030 professional apple growers in the typical areas of Shaanxi Province, this paper empirically tested the impact of digital financial involvement on professional farmers’ income, and its mechanism. The study found that digital finance significantly impacted the growth of professional farmer households’ total incomes. However, this impact was not achieved by directly increasing property income and transfer incomes, but through two indirect ways: first, digital finance promoted productive agricultural investment, which further promoted the increase in agricultural income; secondly, digital finance further increased the income of self-operated industry and commerce by promoting the entrepreneurship of professional farmer households. Furthermore, the heterogeneity analysis showed that professional farmers with high education levels, large-scale farmland operations, and high levels of agricultural mechanization participate in digital finance, which plated a more significant role in promoting their total household income. From the perspective of different types of digital financial services, mobile payment and digital credit could promote increases in the income of professional farmers, but the income increase effect of digital wealth management has not yet been shown.

The boundaries of traditional financial services have been expanded by digital finance, which has boosted their effectiveness and quality while encouraging energy-efficient production and lifestyles, and also influencing energy efficiency. This connection between energy efficiency and digital finance is empirically investigated in this paper using panel data from 278 cities from 2011 to 2019. The main findings indicate that energy efficiency can be greatly increased via digital finance. Moreover, usage depth and digitalization level can improve energy efficiency while coverage inhibits it; developed digital finance regions, central regions, and resource-based cities have all seen improvements in energy efficiency. Furthermore, green technology innovation and R&D investment are mechanisms for digital finance that can improve energy efficiency. Finally, further research illustrates that digital finance can improve local energy efficiency while inhibiting neighboring areas’ efficiency, though this effect is insignificant. This research provides additional impetus for a rise in energy efficiency due to the growth of digital finance.

Objective to review a session of the ldquoDigital Financerdquo permanent seminar at the Institute of Economics of the Russian Academy of Sciences which discussed the prerequisites and consequences of the issue emission characteristics and circulation of the Central Bank digital currency to review the discussion of a scientific report ldquoDigital ruble DR arguments for and againstrdquo. Methods based on the audio recording an overview of the discussion at the permanent seminar ldquoDigital Financerdquo was prepared. Results the main prerequisites of the digital ruble issue were defined analyzed through the prism of both the ldquodigital experiencerdquo of several Central Banks of Sweden China the Bahamas the European Union and Russia and the estimates of the rate of many countriesrsquo transition to the Central Bank digital currency. The issues of the digital ruble issuance and circulation features were considered. The consequences of the digital ruble issuing were analyzed which consist in changing the roles of Central Bank mandates and intermediary functions of banks as well as in the transformation of global challenges directly related to the issuance of the Central Banks digital currency. Scientific novelty the survey shows that the Central Bank digital currency is the third form of Central Bank money which all the countries and their regulators need to learn to live and work with in new ways. It is stated that digital currency is not the only digital token digital currency or programmable code but also an account a current account in the form of a deposit. It is shown that the digital ruble can act as a financial asset and a financial tool bringing a certain percentage including negative. The components are listed that determine the future design of the digital ruble directly related to the Central Bank technological platforms. It is explained why the digital ruble introduction would transform the existing Central Bank mandates the activities of financial market entities and the regulation methods of monetary authorities. Practical significance the main provisions and conclusions of the review can be used by the Bank of Russia in designing the digital ruble as well as the concept and platform of the Central Bank digital currency.

Drastic changes in the financial services market under the influence of digitalization determine the relevance of research of the modern structure of this market, taking into account the emergence and development of the FinTech innovations. The increase in new investment instruments is attracting the attention of an increasing number of individual investors in the digital finance industry. Considering these tools, the preferences of individual investors require a separate study. The article is aimed at studying the financial market in digital finance and analyzing such types of investments as cryptocurrencies and crowdfunding, as well as the characterizing the online brokerage as a way to obtain investment services among individual investors. As a result of the study, the place and role of cryptocurrencies, crowdfunding and online brokerage in the investment activities of individuals is substantiated; the main mechanisms of work of these financial instruments are allocated and features of their development in Ukraine are characterized. The main disadvantages and advantages of crowdfunding and cryptocurrencies are defined and further steps are proposed regarding the prospects for their development in Ukraine. In addition, the article analyzes the current state of functioning of the online brokerage service in Ukraine and proves the relevance of the allocation of these financial instruments at the legislative level. Prospects for further research in this direction are the analysis of other digital instruments of personal investments, as well as a detailed study of the specifics of functioning of crowdfunding, cryptocurrencies and online brokerage in Ukraine. For the more efficient functioning of investment instruments in the sphere of digital finance, as well as effective use in practical activities, it becomes necessary to closer define these concepts at the legislative level and to substantiate the specifics of their work in detail.

In the context of digital finance and based on the characteristics of the high-quality development of SMEs in China, this paper investigates the influence of digital finance on the high-quality development of SMEs and explores their mechanism of influence. A panel econometric model and mediation model are used to evaluate the data of 581 SMEs in China from 2011 to 2020. The results show that digital finance has a significant role in promoting the development quality of SMEs. Heterogeneity analysis shows that the promotion effect of digital finance is more obvious in central and western regions, non-heavy pollution industries and non-state-owned SMEs than that of other SMEs. Further analysis shows that digital finance improves the efficiency of financial resource allocation, which in turn promotes the high-quality development of SMEs. After applying a test of robustness, the results proved significant.

This paper examines digital finance usage in the UK, US, India and Nigeria. Using data from the global financial development indicators, the findings reveal that the UK and US have higher digital finance usage than India and Nigeria. The US has higher credit card usage compared to the UK while the UK has higher debit card usage compared to the US. Also, Nigeria has higher debit card usage than India. The findings also show that higher debit card usage is correlated with higher domestic credit to the private sector in the US and Nigeria. Higher credit card usage is correlated with lower domestic credit to the private sector, lower private credit by deposit money banks, and fewer remittances to the UK. The implication of the findings is that policy makers in developing countries should develop the digital finance and payment systems in their countries to close up the wide gap in digital finance adoption between developing and developed countries.

Digital finance presents great hope for the financial inclusion of women. At last, more women may enter the world economy and benefit from financial products and markets as others have for generations before them. However, the risks of digital finance as a method to achieve financial inclusion are not insignificant – including personal security issues such as vulnerability to scams, and inappropriate products for their financial circumstances. There are also broader implications for communities and society. Despite increased financial inclusion globally and improved access to digital financial services, inequality and inequity across societies in both developed and emerging economies persists. The risks and consequences of the growth and spread of digital finance must therefore be anticipated and mitigated in order for women to achieve financial inclusion and ultimately financial well-being. Through an ethical analysis of digital finance as a method to achieve financial inclusion of women, this chapter concludes that policy makers, established financial institutions, new providers, NGOs, and philanthropists engaged in the development and promotion of digital finance should recognize a concurrent responsibility to actively mitigate the forces that could threaten the well-being of women. Women with money are set to grow as an economic force. Given the right protections, all of society stands to benefit from women finally gaining the power that money affords.

This chapter lays out the basic structure that a Green New Deal financing system must take. It does so not by building a new financial system from scratch, but by developing three far-reaching changes to our present system that will transform it. The first reform is a new National Investment Council (NIC) that will coordinate investment across sectors and industries within our economy. The second reform is to expand the Federal Reserve’s (Fed’s) current liability portfolio to include digitized taxpayer account wallets along with the private sector bank Reserve Accounts that it currently maintains. This expansion to a full People’s Fed will ensure that all have free digital banking. It will also afford, fee-free, a faster and more efficient, hence growth-friendly payments system, while affording the Fed a more efficient channel through which to conduct countercyclical monetary policy. The third reform will be the establishment of a Price Stabilization Fund, or ‘People’s Portfolio,’ through which the NIC or the Fed can modulate swings among systemically important prices. This will enable fine-grained price stability maintenance, a need that the Green New Deal’s operating in multiple industries will render acute from the point of view of both justice and sustainability.

In the 21st century, digital finance is the leading industry in the global economy. With the development of cryptocurrencies and their possible implementation in the future world economy, it is advisable to study the issue related to the financial copywriting in digital finance, because it is financial copywriters who create and provide information to the world community. Since cryptocurrency is a kind of digital currency, we believe it is timely to research this issue, because the digital economy, first of all, is connected with search engines. Semantic technologies are the main sphere of search engines: with the help of these technologies, the necessary information can be searched. The requests sent are handled by search engines. All government as well as private financial institutions associated with cryptocurrencies have their own web page on the Internet. When web pages are indexed through search engines, it is based on keywords. These keywords are part of a semantic core that plays a significant role in content. We consider it necessary to analyze the activities of financial copywriters, as well as provide them with recommendations on creating content for search engines. This will make algorithms more effective, and search engines will be able to better index web pages. In turn, it will help copywriters to understand how to create financial content in the digital finance era. Unfortunately, this issue remains under-explored to date. In addition, the article examines modern innovative technology, which, in our opinion, can be used in the financial sphere. This will significantly improve the work of financial institutions, as well as will organize time management in many corporations.

Educo – Créditos Educativos Digitales, es una alternativa de financiación digital que opera a través de una plataforma tecnológica (Fintech), mediante la cual la población objetivo, en principio la población del Departamento de Boyacá, podrá atender las necesidades de financiación de la población para acceder a la educación en los niveles de prescolar, básica primaria, básica secundaria, media, universitaria y lectiva. Se propone acceso fácil, rápido y seguro a los recursos, a través de la validación de datos en bases de riesgo, aprobación y desembolso del dinero a la cuenta del beneficiario, en un plazo promedio de 72 horas, y ofrece una alternativa diferente de financiación a la actual, centralizada en el mercado de agentes financieros convencionales, a través de créditos blandos que permitan la inclusión financiera y promuevan elevar el nivel educativo de la región, motivando el compromiso y continuidad a través de incentivos económicos. Educo – Créditos Educativos Digitales, busca otorgar créditos desde QUINIENTOS MIL PESOS M/CTE ($500.000) y hasta TRES MILLONES DE PESOS M/CTE ($3.000.000), gestionados a través de un dispositivo móvil o computador, disponiendo de un proceso con aprobación 100% digital. Para el desarrollo del proyecto se requiere un capital total de COP 1.400 millones, los cuales serán aportados por los tres accionistas fundadores y dos inversionistas. Cada uno con un aporte capital de COP 280 millones. Una vez finalizado el modelo financiero con los supuestos expuestos en este Proyecto Aplicado, obtenemos una figura de negocio rentable y sostenible en el tiempo, que nos permite a través de una bolsa, otorgar beneficios al final de cada año fiscal. Educo – Créditos Educativos Digitales is a digital financing alternative that operates through a technological platform (Fintech), through which the target population, in principle the population of the Department of Boyacá could manage their financial necessity to get access to education in preschool, basic primary, secondary, and higher education. Easy, fast and safe access to the resources is proposed, through the risk data bases validation, approval and outlay of Cash to the beneficiary's account, all of this in an average of 72 hours and offers a different financing alternative to the current one, centralized in the conventional financial agents market, through soft loans that allow financial inclusion and promote rising the educational level of the region, driving the commitment and continuity through economic incentives. Educo – Créditos Educativos Digitales, is looking for delivering credits from FIVE HUNDRED THOUSAND PESOS ($500.000 COP) and until THREE MILLION PESOS ($3.000.000 COP), managed through a mobile or PC, being a process With 100% digital approval. A total capital of COP 1,400 million will be required for the project development, the resources will be contributed by three founding shareholders and two investors. Each one with a capital contribution of COP 280 million. Once the financial model has been finalized with the assumptions set forth in this Applied Project, the result is a profitable and sustainable business figure over time, which allows us to grant at the end of each fiscal year through a profit pool.

This paper examines the roles of digital finance development in household income, consumption, and financial asset holding from an extreme value theory perspective. Three types of extreme pairs (Min to Min, Max to Max, and Max to Min) are constructed, corresponding to the three aspects of the economic welfare of digital finance: fairness, efficiency, and their trade-off. Using panel data from the Peking University Digital Financial Inclusion Index of China (PKU-DFIIC) and China Family Panel Studies (CFPS) over time span 2014–2018, this paper models the block maxima and minima of variables by fitting them with generalized extreme value (GEV) distribution. The binary expansion testing (BET) is used to detect the nonlinear dependence between digital finance and household economic variables. The tail quotient correlation coefficient (TQCC) is used to quantify the tail dependencies. The results show that: (1) digital finance has significant fairness effects in reducing poverty, increasing consumption, and promoting financial asset holding; (2) digital finance shows effects of promoting incentives and efficiency in household income and financial asset holding, but this effect is relatively limited in household consumption; (3) digital finance generally increases efficiency without harming fairness in terms of all cases of household income and consumption, and most of the cases regarding household financial asset holding; (4) the positive spatial externality of digital finance exists for all household economic variables; and, for pairs regarding household income and consumption, the wider the scope, the greater the spatial spillover effect. The result of this paper implies many novel policy implications.

Decentralized solar home systems (SHS), coupled with asset finance, can provide affordable and reliable electricity to the off-grid population in Pakistan and can augment the energy supply where the grid is available but the electricity supply is limited. Pakistan ranks high on the metric of market readiness for SHS technology. In addition, the country has all the underlying system requirements to leverage mobile banking for growing the local SHS market. In 2020, there were 167.3 million cellular mobile subscribers providing mobile phone access to 95 percent of the country’s households. The GSM Association (GSMA) estimates that close to 30 million people, or 14 percent of the total population in Pakistan, is covered by a mobile network before having access to the grid. This brief analysis was compiled by the World Bank to assess the potential for using mobile banking to scale the SHS market in Pakistan. The report explores the synergy between mobile banking services and SHS businesses, and develops a use case for mobile wallets in SHS business models through a case study of the SHS market in Sindh, Pakistan.

Digital finance has piqued the curiosity of academics, students, and institutions all around the globe for more than a decade. Innovative financial services companies are offering a wide range of new financial products and new ways of interacting with customers via digital finance (Fintech). Research on finance and information systems has thus examined these shifts as well as the implications of technological advancements on the financial industry. Through presenting a bibliometric analysis, the article summarizes how scientific research has developed on the connections between financial technology developments and digital finance during the previous years. According to the ScienceDirect database, we base this literature review on journals and articles that have been published. We conducted a content analysis of 343 articles based on the discovered clusters, finding research gaps and suggesting actionable areas for further study. The results offer a solid path for future research in this area. We discuss the significance of the aforementioned publications and articles as well as potential areas of future study. The next step is to analyze the citation linkages between the most important articles to identify how they are related to one another. For financial technology research, the study looks at the way they are organized. The research is concerned with the roles of Fintech and the limits of research in digital financing. We point out potential routes for researchers to take to expand on current knowledge while also seeking possibilities for new, interesting, and creative research that adds to the expansion of the topic of research.

International audience; This paper investigates whether emerging digital finance can reduce environmental pollution in China based on data from 273 of China's prefecture-level cities spanning the period from 2010 to 2017. The dynamic spatial econometric models (DSDM) find a significant negative association between digital finance and pollutants emissions, and the impacts vary among regions and urban development stages. The impact mechanism test proves that digital finance reduces pollutants emissions through technological innovation, structural adjustment, and capital allocation effects. In addition, we explore the different dimensions of digital finance and find that the depth of use has a more practical effect on reducing emissions. Further analyses based on the threshold model show an inverted N-shaped nexus between digital finance and emissions. The threshold effect also exists in terms of the traditional financial level. Our study proves that emerging digital finance crucially affects its potential benefits to environment and provides an empirical basis for policy-makers to accelerate the digitalization of financial markets, particularly paying attention to its emission-reduction effects.

Based on the background of the digital transformation of commercial banks, the advantages and benefits of this study are to study the promotion effect of digital finance on the production efficiency of commercial banks from four aspects: technological innovation, financial innovation, deep integration of technology and finance, and industry advantages. This study verifies that digital finance has a positive impact on the total factor productivity of commercial banks. In order to study the impact of the development of digital finance on the efficiency of commercial banks, this paper puts forward two assumptions. Using the “text mining method” and taking the total factor productivity of commercial banks as the explanatory variable and the digital finance index as the core explanatory variable, this paper empirically studies the impact of digital finance on bank efficiency. Through empirical research, it is believed that through the analysis of total factor productivity, digital finance has strongly promoted the improvement of the total factor productivity of commercial banks through the technology spillover effect. The impact of digital finance on banks is therefore heterogeneous.