Open banking and inclusive finance in the European Union:perspectives from the Dutch stakeholder ecosystem

In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the role of OB in improving the financial well-being of the growing number of the EU’s underserved groups,which currently constitute approximately a quarter of its population.This study examines how the PSD2 and OB impact inclusive finance in the EU based on the perspectives of the Netherlands’ecosystem,one of the leaders in the EU’s financial technology(FinTech)landscape.A fundamental distinction can be drawn between the OB users and the ecosystem’s players.Regarding the impact of financial services on the users’inclusivity,while the PSD2 strengthens the infrastructure necessary for financial inclusion,many challenges remain,mainly because it was not designed for this purpose.This study identifies several areas of improvement that include adjustments to the know your customer and anti-money laundering processes for underserved customers,innovative ways to communicate the PSD2’s potential,and the regulation of technology providers’activities to build trust.Meanwhile,from the ecosystem’s position,there is a need to strengthen and improve microfinance regulation according to the opportunities provided by the PSD2 to support microfinance institutions(MFIs)in scaling up and reaching underserved clients across borders with innovative services.OB improvements can also be achieved by organizations formed by MFIs and FinTechs in collaboration with banks.Such hybrid institutions will combine the best features of each of them:knowledge of the needs of local underserved clients from MFIs,technological innovations from FinTechs,and large and trusted customer bases,infrastructures,and access to institutional investments and governments from banks.Finally,an EU inclusive OB sector depends on the centrality of trusted regulators as coordination bodies.The PSD2 requires adjustments for underserved populations’specific needs.OB improvements can be achieved by organizations formed by MFIs and Fin-Techs in collaboration with banks.Regulated technical service providers(TSPs)are crucial to building trust and customer adoption in OB.The European Banking Authority(EBA)may function as coordination body to design inclusive rules by engaging with OB stakeholders.As inclusive finance moves into open-finance and data eras,an increasing regulatory complexity and scope will require networks of innovative and trusted regulators.

China's Finance Opening to the Outside World

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How does a data strategy enable customer value?The case of FinTechs and traditional banks under the open finance framework

The coupling of data and digital innovation opens the way for new business in the financial services sector,where customers are placed at the centre of decisions and data can help to develop customer knowledge.To carry out our research,we adopted a multi-case study approach to explore how a data strategy is developed in the retail banking industry,together with its relationship with customer value,paying particular attention to the heterogeneity between traditional banks and financial technology companies(FinTechs).Two main points emerged from the study.Firstly,there are three possible approaches to Open Finance,which are mainly defined by their different corporate cultures,organisational configurations,technological architecture and data value.Secondly,it is not enough to be a FinTech to be best placed to exploit the market,as some traditional banks share the FinTechs’approach to Open Finance.Designing new tailored products,customising their prices and offering them over the right channels through targeted communication are all data-driven initiatives that stem from cross-or up-selling potential,core to the retail banking industry for turning a customer into a cash flow,thus enabling value to be created for customers.Our findings additionally revealed that there is a form of external information asymmetry between the customer and the bank,and that there is also an internal asymmetry between bank departments,as their visibility on information about the same customer may differ.

Auto Finance Will Be Open to Foreign Companies

"Policy of People’s Bank of China is veryenlightened. Conditions for foreign capitalentering into are very relaxed. After the FordCompany received the soliciting opiniondraft of Measures, we quickly translated itinto English and sent it by fax to theHeadquarters of Ford Auto Finance Co. forresearch. We are very excided for theenlightenment of the people’s Bank ofChina." Mr. Xu Guozheng, Vice Presidentof Ford Auto(China) Co. Ltd. Answeredquestions from the reporter with pleasure onOctober 10, 2002.

Sensor location in concrete slabs with various layout of opening using modified ‘FEMS-COMAC’ approach

Two-way concrete slabs are widely used around the world for the construction of many types of infrastructures and common buildings. The optimal sensor placement(OSP) in slabs with various opening positions is the most important issue in structural health monitoring(SHM) to increase reliability. In this study, a novel approach of OSP was evaluated to obtain the number and placement of sensors using examination of the closed loop performance. The nonlinear finite element(NFE) was used to discretize the mechanism behavior of slab. Multi-Objective Optimization based on the coordinate modal assurance criterion(COMAC) and cost considerations was considered in the optimization processes. All of the analysis, discretization and optimization process was designed and developed as a novel approach in Matlab by the author under the name ‘FEMS-COMAC’(FEM analysis of slab with COMAC). The points in the finite element method(FEM) mesh were classified as line by line information along the slab. The OSP in each line was optimized according to the objective function. The slabs with various width, thickness, aspect ratio and opening position were selected as case studies. The results of the OSP using the COMAC algorithm around the slab openings were compared with the novel ‘FEMS-COMAC’ method. The statistical analysis according Mann-Whitney criteria shows that there were significant differences between them in some of the case studies(mean P-value=0.54).

Digital finance and renewable energy consumption:evidence from China

While digital finance and renewable energy consumption(REC)are two timely issues,it remains unclear whether the former affects the latter,especially in developing economies.This paper examines the impact of digital finance on China’s REC between 2011 and 2018 and explores the underlying mechanisms.Results show that digital finance,along with its coverage breadth and usage depth,significantly improved REC in China and that digital finance in the area of credit has had the most significant impact.Additionally,the results show that loan scale and income level are the main mediation variables,through which digital finance affects REC.The findings also suggest that economic growth and technological progress have increased REC in China,while carbon dioxide emissions have had no meaningful effect on this consumption.The results further indicate that policymakers must pay close attention to the role of digital finance when formulating policies on REC.To promote REC and environmental sustainability,developing economies like China should strengthen the breadth and depth of digital finance development,focus on the influence channels of digital finance,and promote economic growth and technological progress.

A Value Token Transfer Protocol (VTTP) for Decentralized Finance

We present Value Token Transfer Protocol (VTTP), a decentralized finance protocol for exchange of value or tokens within and between participating blockchain networks, fiat bank accounts and fiat wallets. The protocol allows intra-chain or inter-chain transfers of cryptocurrencies or tokens. VTTP works in both client-server and peer-to-peer models. The protocol comprises receiving from a client a transfer request to transfer value in a form of a cryptocurrency or a token, determining if the transfer request is intra-chain or inter-chain, transmitting to the client a response to the transfer request, the response comprising a raw transaction, receiving from the client a response to the raw transaction wherein a private key of a user is used to sign the raw transaction, defining a signed transaction, verifying a signature of the signed transaction and broadcasting the signed transaction to the sending and receiving blockchain networks.

跨境电商改革与出口企业数字技术创新——基于跨境电子商务综合试验区的准自然实验

跨境电子商务综合试验区建设是我国积极推进制度型开放的重要举措,税费优惠和管理服务完善等跨境电商改革不仅能够激励外贸增长,还会对出口企业产生成本降低效应、人力资本提升效应和内部治理优化效应等积极影响,从而促进出口企业的数字技术创新。将跨境电子商务综合试验区建设作为一项准自然实验,采用沪深A股出口企业2007—2020年的数据,运用多期双重差分模型分析发现:跨境电子商务综合试验区建设(跨境电商改革)显著促进了试验区出口企业的数字技术发明专利增长,跨境电商改革可以通过降低融资成本和经营成本、提高技术人员占比和高学历人才占比、提升公司治理水平和内部控制质量等路径促进出口企业的数字技术创新,跨境电商改革对融资约束程度较高、地区人力资源丰富、ESG表现较差、环境不确定性较强的出口企业具有更为显著的数字技术创新促进作用。应持续推进和不断深化跨境电商改革,并充分发挥制度型开放对企业创新发展的激励作用。

金融开放、技术性贸易壁垒与企业数字化转型

数字经济背景下,产业数字化与数字产业化成为强化国家创新能力的必要条件。以2012—2022年A股上市企业为研究样本,实证检验金融开放、技术性贸易壁垒与企业数字化转型间的关系。研究得出,良好的金融开放环境能够助推企业数字化转型,技术性贸易壁垒会抑制企业数字化转型;金融开放能够缓解技术性贸易壁垒对企业数字化转型的负向作用,具体体现于事实金融开放。异质性检验发现,金融开放对技术性贸易壁垒与企业数字化转型的正向调节效应在东部地区、制造业与非国有企业内更显著,在中西部地区、非制造业与国有企业内较不显著。

数字金融、收入结构与消费升级

激发国内消费潜力和促进消费升级是提振内需、加快构建新发展格局的战略基点。运用面板数据模型深度分析了数字金融、收入结构与消费升级之间直接和间接传导渠道,探究了对外开放和市场化发展等外部环境在间接传导渠道中的影响。研究发现:数字金融利用互联网技术赋能消费升级;数字金融推动收入结构优化是促进消费升级的重要传导渠道,而这一间接路径受到收入水平差异的影响;对外开放和市场化发展助推数字金融改善收入结构,进一步释放消费潜力,促进消费升级。因此,新形势下我国应积极推进数字金融发展,优化居民收入结构,从而促进消费升级,实现经济高质量发展。

银行业数字化转型重点问题研究——数字时代下的客户体验演变与转型路径

“加快数字化发展、建设数字中国”战略是推动商业银行数字化转型的重要机遇,本文首先分析了数字时代商业银行转型升级的背景和内在驱动因素,结合国内外多家不同类型商业银行在数字化转型方面的实践探索,总结出“渠道+组织”“市场+伙伴”“人才+技术”三种数字化转型路径;同时分析了数字时代的客户体验发展趋势,并从实际出发总结了商业银行数字化转型需要加强的六大创新能力,以及基于“数字运营”“数据驱动”的线上金融生态构建和客户体验提升。商业银行应积极把握数字时代带来的发展机遇,选取符合自身实际的数字化转型路径,提升市场竞争力,扩展知识边界,提高在客户获取、数据协同、产品创新等方面的能力,以更高效、便捷的金融服务为切入点,办好人民满意金融。

数字金融对经济发展质量影响的区域异质性研究

我国实施改革开放以来经济迅猛崛起,历经几十年的快速发展,所取得的成就举世瞩目,并成为世界前列的经济体,但是成绩背后所隐藏的问题也同样需要引起注意,其中值得关注的一项就是区域经济发展不平衡问题。当前,我国正处于经济社会发展的转型期,经济面临下行压力,区域经济发展正在遭遇一些“卡脖子”问题,在此背景下,如何充分发挥数字金融的独特优势,则成为破解区域经济发展难题的关键点。数字金融的优势在于客户分布范围更广泛、成本与传统金融相比更低,这使得数字金融能够更好地为中小微企业、低收入群体提供更符合其自身需要的金融产品和服务。更重要的是,数字金融还能全面激发市场创新活力,从而为区域经济的平衡发展奠定坚实基础并进而创造有利条件。

关于上海自贸试验区探索发展人民币离岸金融业务的路径与对策研究

当前,在上海自贸试验区发展离岸金融是大力实施自贸试验区提升战略、积极开展高水平金融开放的新探索。随着人民币资产对全球吸引力的大幅上升,加快培育境内人民币离岸市场,不仅能为全球提供人民币金融服务,提升人民币资产配置能力,推进人民币国际化,而且也有利于我国应对外部环境变化,促进新型国际贸易发展,增强开放型经济韧性。通过调研发现,目前在推动自贸试验区离岸金融市场发展方面存在不少问题。主要包括:认识上尚存在偏差,制度创新动力不足;离岸制度建设滞后,法治环境有待健全;离岸金融优势缺失,金融服务能力不强。为此该文从统筹设计离岸金融体系、建设离岸法治环境、发展离岸人民币业务及提升离岸金融服务功能的视角提出具体建议。

横琴粤澳深度合作区与澳门地区跨境金融发展的现状、困境与对策

横琴粤澳深度合作区是推动粤澳深度合作的重大平台,推动横琴与澳门地区两地跨境金融的创新与发展既是实现我国资本与金融市场进一步开放的重要举措,又是促进港澳地区融入国家整体发展布局,推进“一国两制”事业创新化发展的实践要求。本文首先探究了横琴粤澳深度合作区现代金融业发展现状,并梳理总结了目前已出台的跨境金融相关政策。在此基础上,从跨境私募股权基金、跨境理财通以及赴澳发行离岸债券等方面对目前横琴粤澳深度合作区与澳门地区跨境金融合作发展的现状进行了评价,进而探讨了目前琴澳跨境金融发展过程中面临的两地制度差异显著、金融产业基础薄弱等困境。文后分别针对市场主体及政府部门提出了推动琴澳跨境金融发展的相应对策建议。

儒家文化、内部控制与企业商业信用融资

以2010-2020年上市公司为样本,研究儒家文化对企业商业信用融资的影响,并探究内部控制在其中的中介作用。研究发现,儒家文化能显著促进企业商业信用融资。作用机制检验表明,儒家文化可以通过提升内部控制质量来促进企业商业信用融资,进一步分析表明,儒家文化对企业商业信用融资的促进作用在对外开放程度较高和市场化程度较低的地区更为显著。

元宇宙:底层网络、运行规则、表达形式和组织结构

元宇宙经济作为具备永续性、开放性、自治性和沉浸感等特征的通证经济形态,并不是空中楼阁,而是具有完整逻辑、坚实支撑和宏大叙事的下一代价值互联网经济。元宇宙以Web3.0为底层网络结构,实现了数据资产真正归用户命运共同体所有;元宇宙以开放式金融(Defi)为经济运行规则,保障了元宇宙经济的高度市场化和全球化;元宇宙以非同质化通证(NFT)为主要表达形式,实现对数字资产独特性的刻画,是数字经济大发展大繁荣的重要基础;元宇宙以分布式自治组织(DAO)为主要组织结构,更加灵活地在全球实现了人力资源配置。元宇宙、Web3.0、Defi、NFT和DAO形成相互促进、相辅相成的一体化发展格局,正在以前所未有的速度落地,将数字经济发展推进到一个全新的阶段。

资本市场开放与企业杠杆操纵——以“沪深港通”交易制度的实施为背景

利用“沪深港通”交易制度实施提供的准自然实验情境,以2010—2020年沪深A股上市企业为研究对象,考察了资本市场开放对企业杠杆操纵的影响。研究发现,资本市场开放能够显著抑制企业杠杆操纵,即“沪深港通”交易制度实施后,相较于非标的企业,标的企业杠杆操纵程度显著降低。作用机制检验表明,资本市场开放主要通过缓解融资约束和降低代理冲突等路径抑制企业杠杆操纵。进一步研究发现,资本市场开放抑制企业杠杆操纵的效应在外部融资依赖程度较高、内部控制质量较低以及外部审计监督较弱的企业中更显著。研究结论丰富了资本市场开放经济效应的相关研究,同时也为抑制企业杠杆操纵提供了新的思路。

资本市场开放、融资约束与研发投入——基于不同经济周期的视角

随着对外开放步入高水平深化阶段,经济增长迈入高质量发展周期,将会给作为企业创新力核心的研发投入带来何种变化,是亟待解决的问题。以A股上市公司2011—2020年数据为样本,借助“沪深港通”政策的落地,采用交错双重差分模型分析资本市场开放宏观政策对企业研发投入的影响机理,并探究不同经济周期下融资约束的中介作用。研究发现,资本市场开放促进企业研发投入增加;资本市场开放能通过缓解融资约束促进企业增加研发投入;在经济萧条期,资本市场开放通过缓解融资约束显著促进研发投入的增加,融资约束中介效应得到证实;在经济繁荣时期,中介效应不显著;资本市场开放促进了研发投入的逆周期表现。进一步研究发现,在信息环境较差和内外部治理较差的企业中,资本市场开放对研发投入的促进作用更显著。研究结果基于企业会增加研发投入的角度为资本市场开放的正向经济后果提供了微观层面的经验证据,在一定程度证明了资本市场开放对于推动产业新技术变革、促进实体经济进步、转变经济发展方式及实现高质量发展的重要意义。

增长极视角下,链接虹桥国际枢纽优质资源,促进合肥国际金融后台服务基地转型升级策略研究

自1980年以来,增长极理论日渐成为我国学者用以指导和促进区域经济发展的重要战略工具。2009年,虹桥国际中央商务区正式成立,迄今历经三次迭代升级,已被明确定位为长三角强劲经济增长极的“极中极”。2021年3月,《虹桥国际开放枢纽建设总体方案》正式印发,将合肥纳入“彩虹桥”版图,其中明确提出要支持合肥打造国际金融后台服务基地,为长三角企业提供便利金融服务。基于安徽省及合肥市经济发展阶段、产业集聚基础、城市发展潜力,本文尝试从增长极的视角,为合肥国际金融后台服务基地转型升级,链接虹桥枢纽优质资源出具建设策略。

价值链数字化与制造业开放式创新——理论机制与实证检验

以2012—2021年中国沪深A股制造业上市企业为研究样本,实证分析价值链数字化对制造业开放式创新的影响。研究表明:价值链数字化可显著提升制造业开放式创新水平。机制分析结果显示,价值链数字化可通过融资约束缓解效应及技术溢出效应间接驱动制造业开放式创新。进一步研究发现,价值链数字化对制造业开放式创新的促进效应在东部地区、高水平市场竞争环境、非国有企业及大型企业中更显著。基于此,提出深化价值链数字化转型、强化节本增效能力、制定差异化开放式创新策略等建议,以期为发挥价值链数字化优势、推动制造业开放式创新提供支持。