nep-pay New Economics Papers
on Payment Systems and Financial Technology
Issue of 2022‒05‒09
twenty-six papers chosen by

  1. The return of (I)DeFiX By Florentina \c{S}oiman; Guillaume Dumas; Sonia Jimenez-Garces
  2. COVID-19, Digital Transactions, and Economic Activities: Puzzling Nexus of Wealth Enhancement, Trade, and Financial Technology By Mehar, Muhammad Ayub
  3. Big techs, QR code payments and financial inclusion By Thorsten Beck; Leonardo Gambacorta; Yiping Huang; Zhenhua Li; Han Qiu
  4. The Impact of Fintech Lending on Credit Access for U.S. Small Businesses By Giulio Cornelli; Jon Frost; Leonardo Gambacorta; Julapa Jagtiani
  5. The Welfare Effects of Mobile Internet Access - Evidence from Roam-Like-at-Home By Martin Quinn; Miguel Godinho de Matos; Christian Peukert
  6. Epidemic Exposure, Financial Technology, and the Digital Divide By Saka, Orkun; Eichengreen, Barry; Aksoy, Cevat Giray
  7. Improving Entrepreneurs’ Digital Skills and Firms’ Digital Competencies through Business Apps Training: A Study of Small Firms By Drydakis, Nick
  8. The Mean-Variance Core of Cryptocurrencies: When More is Not Better By Galvani, Valentina; Faychuk, Vita
  9. Journey of Cryptocurrency in India In View of Financial Budget 2022-23 By Varun Shukla; Manoj Kumar Misra; Atul Chaturvedi
  10. Collusion Between Non-differentiated Two-Sided Platforms By Martin Peitz; Lily Samkharadze
  11. Retail Central Bank Digital Currencies (CBDC), Disintermediation and Financial Privacy: The Case of the Bahamian Sand Dollar By Kilian Wenker
  12. Digging into Primary Financial Market: Challenges and Opportunities of Adopting Blockchain By Ji Liu; Zheng Xu; Yanmei Zhang; Wei Dai; Hao Wu; Shiping Chen
  13. Do sanctions work in a crypto world? The impact of the removal of Russian Banks from SWIFT on Remittances By Farid Makhlouf; Refk Selmi
  14. Cryptocurrencies, Technology Stocks, Covid-19 and US Policy Responses: A Fractional Integration Analysis By Emmanuel Joel Aikins Abakah; Guglielmo Maria Caporale; Luis A. Gil-Alana
  15. Pro-competition regulation in the digital economy: the United Kingdom’s Digital Markets Unit By Dunne, Niamh
  16. Formalizing Oracle Trust Models for blockchain-based business applications. An example from the supply chain sector By Giulio Caldarelli
  17. Decentralization illusion in DeFi: Evidence from MakerDAO By Xiaotong Sun; Charalampos Stasinakis; Georigios Sermpinis
  18. The social media use of African terrorist organizations: a comparative study of Al-Qaeda in the Islamic Maghreb, Al-Shabaab and Boko Haram By János Besenyő; Gábor Sinkó
  19. Digital Doorstep Banking: Female Banking Agents Lead Digital Financial Inclusion Through the Pandemic and Beyond By Pinto, Alreena Renita; Arora, Amit
  20. Instant Loans Can Lift Subjective Well-Being: A Randomized Evaluation of Digital Credit in Nigeria By Daniel Bj\"orkegren; Joshua Blumenstock; Omowunmi Folajimi-Senjobi; Jacqueline Mauro; Suraj R. Nair
  21. A Structured Survey of Quantum Computing for the Financial Industry By Franco D. Albareti; Thomas Ankenbrand; Denis Bieri; Esther H\"anggi; Damian L\"otscher; Stefan Stettler; Marcel Sch\"ongens
  22. Conflicts of law in the international electronic contract By Hamza Jabir
  23. Fintech et seniors Sud-Coréens : Une étude des facteurs d'acceptation By Sa-Rang Um; Hye-Ri Shin; Young-Sun Kim; Gurvan Branellec; Ji-Yong Lee
  24. Digital transformation of companies: Proposal of a global theoretical framework for understanding By Ridouane Ejbari; Jamal Bouali
  25. The Significance of Tourism Attraction and Social Media Promotion on The Interest of Return Visit By Hermawan, Hary; , Santosa; Sinangjoyo, Nikasius Jonet
  26. Information Technology Governance: Lessons Learned from The Covid-19 Crisis By Manal Ahdadou; Abdellah Aajly; Mohamed Tahrouch

  1. By: Florentina \c{S}oiman (CASC, CNRS - UMR3571); Guillaume Dumas (CNRS - UMR3571); Sonia Jimenez-Garces (CERAG)
    Abstract: Decentralized Finance (DeFi) is a nascent set of financial services, using tokens, smart contracts, and blockchain technology as financial instruments. We investigate four possible drivers of DeFi returns: exposure to cryptocurrency market, the network effect, the investor's attention, and the valuation ratio. As DeFi tokens are distinct from classical cryptocurrencies, we design a new dedicated market index, denoted DeFiX. First, we show that DeFi tokens returns are driven by the investor's attention on technical terms such as "decentralized finance" or "DeFi", and are exposed to their own network variables and cryptocurrency market. We construct a valuation ratio for the DeFi market by dividing the Total Value Locked (TVL) by the Market Capitalization (MC). Our findings do not support the TVL/MC predictive power assumption. Overall, our empirical study shows that the impact of the cryptocurrency market on DeFi returns is stronger than any other considered driver and provides superior explanatory power.
    Date: 2022–04
  2. By: Mehar, Muhammad Ayub (Asian Development Bank Institute)
    Abstract: We examine the role and effectiveness of the several modes of financial inclusion and technology for uninterrupted economic and business activities during the COVID-19 pandemic. Our study is based on empirical analysis through statistical estimation of four mathematical equations. The Cross-Sectional Random-Effects Model in panel least squares (PLS) technique based on 4 years’ data on 102 countries was applied to identify the determinants of GDP growth, shareholders’ wealth, and trade in goods and services. We tested the impacts of the use of credit cards, use of the internet for shopping and payment of utility bills, and electronic transfer of funds on GDP growth, trade in goods and services, and shareholders’ wealth. We envisage that COVID-19 has adversely affected GDP growth, but the use of financial technology for buying goods and services, and receiving money through digital modes during the pandemic crisis, may offset economic losses to some extent. The empirical evidence shows that a higher share of the population receiving payments by digital mode and using the internet to pay bills or buy something online is significant and a robust determinant of trade in goods and services. Similarly, the use of the internet for buying things and for paying utility bills is a significant positive determinant of GDP growth. We also estimate the results for 35 Asian countries separately and found that the COVID-19 pandemic and the use of fintech have affected these Asian countries in a similar way. These conclusions support the promotion of e-money and digital transactions in the economy. Although the role of the provision of domestic credit to the private sector is not significant in the determination of trade in services, it is a highly significant determinant of the value of investors’ wealth and merchandising trade. The positive association of trade in services with the magnitude of merchandising trade indicates that policy makers must consider the interconnectivity of these two types of trade. Another important finding from the policy formulation point of view is the significant role of financial technology in GDP growth. We also observed a significant association between GDP growth and the number of deaths due to COVID-19.
    Keywords: digital payments; payments through the internet; debit/credit card; market capitalization; trade in services; panel least squares
    JEL: E51 F34 G10 O33
    Date: 2021–12
  3. By: Thorsten Beck; Leonardo Gambacorta; Yiping Huang; Zhenhua Li; Han Qiu
    Abstract: Using a unique dataset of around half a million Chinese firms that use a QR code-based mobile payment system, we find that (i) the creation of a digital payment footprint allows firms to access credit provided by the same big tech company; (ii) transaction data generated via QR code generate spillover effects on access to bank credit; and (iii) there are positive effects of access to big tech credit on sales, including during the Covid-19 shock. The findings suggest that access to innovative payment methods helps micro firms build up credit history, and that using big tech credit can ease access to bank credit.
    Keywords: big tech, big data, QR code, banks, asymmetric information, financial inclusion, credit markets.
    JEL: D22 G31 R30
    Date: 2022–05
  4. By: Giulio Cornelli; Jon Frost; Leonardo Gambacorta; Julapa Jagtiani
    Abstract: Small business lending (SBL) plays an important role in funding productive investment and fostering local economic growth. Recently, nonbank lenders have gained market share in the SBL market in the United States, especially relative to community banks. Among nonbanks, fintech lenders have become particularly active, leveraging alternative data for their own internal credit scoring. We use proprietary loan-level data from two fintech SBL platforms (Funding Circle and LendingClub) to explore the characteristics of loans originated pre-pandemic (2016‒2019). Our results show that fintech SBL platforms lent more in zip codes with higher business bankruptcy filings and higher unemployment rates. Moreover, fintech platforms’ internal credit scores were able to predict future loan performance more accurately than the traditional approach to credit scoring. Using Y-14M loan-level bank data, we also compare fintech SBL with traditional bank business cards in terms of credit access and interest rates. Overall, fintech lenders have a potential to create a more inclusive financial system, allowing small businesses that were less likely to receive credit through traditional lenders to access credit and to do so at lower cost.
    Keywords: peer-to-peer (P2P) lending; marketplace lending; small business lending (SBL); Funding Circle; LendingClub; alternative data; credit access; credit scoring; fintech credit
    JEL: G18 G21 G28 L21
    Date: 2022–04–25
  5. By: Martin Quinn; Miguel Godinho de Matos; Christian Peukert
    Abstract: We evaluate the welfare effects of the Roam-Like-At-Home regulation, which drastically re-duced the price of accessing the mobile internet for EU residents when traveling abroad in the European Economic Area. Estimates from individual-level usage data suggest that consumer surplus increased by 2.77 EUR/user/travel day. A decomposition shows the heterogeneous impact of the regulation on different user segments. We estimate that around half of the gains stem from a reduction in deadweight loss, i.e., new users accessing the mobile internet. We further show that the impact of the regulation varies with usage intensity abroad and at home, by the nature of the trip (leisure vs. business), and by content type. We discuss implications for content providers and other policy areas such as net neutrality.
    Keywords: Telecom, mobile data, roaming, regulation, consumer surplus
    JEL: L96 L51 O33 D62
    Date: 2022
  6. By: Saka, Orkun (University of London); Eichengreen, Barry (University of California, Berkeley); Aksoy, Cevat Giray (European Bank for Reconstruction and Development)
    Abstract: We ask whether epidemic exposure leads to a shift in financial technology usage and who participates in this shift. We exploit a dataset combining Gallup World Polls and Global Findex surveys for some 250,000 individuals in 140 countries, merging them with information on the incidence of epidemics and local 3G internet infrastructure. Epidemic exposure is associated with an increase in remote-access (online/mobile) banking and substitution from bank branch-based to ATM activity. The temporary nature of the effects we identify is more consistent with a demand channel rather than that of supply with high initial fixed costs. Exploring heterogeneity using a machine-learning driven approach, we find that young, high-income earners in full-time employment have the greatest tendency to shift to online/mobile transactions in response to epidemics. Baseline effects are larger for individuals with better ex ante 3G signal coverage, highlighting the role of the digital divide in adaption to new technologies necessitated by adverse external shocks.
    Keywords: epidemics, fintech, banking
    JEL: G20 G59 I10
    Date: 2022–03
  7. By: Drydakis, Nick
    Abstract: The lack of awareness of digital services and outcomes is a concern in business environments since small firms need to improve their digital competencies. The present exploratory study investigated whether business apps training was associated with entrepreneurs' and firms' digital advancements. The business apps training was offered to migrant entrepreneurs running small firms in Athens (Greece) over three months, with data collected before and after the training. The analysis revealed that business apps training was positively associated with entrepreneurs' attitudes toward technology, willingness to change (relating to technology/skills/operations), and internet/digital skills, as well as increased use of business apps. Moreover, the training was positively associated with firms' digital competencies related to communication, networking, social media, customer relationship management, payments, accounting and finance, and project management operations. Furthermore, the business apps training was positively associated with migrant entrepreneurs' integration into Greek society. Given the increased number of migrants in Europe, factors that positively impact their entrepreneurship and integration merit consideration. The study provides researchers with a systematic method for evaluating the association between business app training and entrepreneurs' and firms' digital advancements.
    Keywords: Training,Entrepreneurs,Small Firms,Business Apps,Digital Skills,Digital Competencies,Artificial Intelligence,Integration
    JEL: M53 L26 O31 O33
    Date: 2022
  8. By: Galvani, Valentina (University of Alberta, Department of Economics); Faychuk, Vita (Gustavus Adolphus College)
    Abstract: We explore the existence of a mean-variance core subset of cryptocurrencies that subsumes the risk-reward of the broader market. The analysis considers both the perspective of long-short and long-only investors. The results indicate that most cryptocurrencies are redundant from the standpoint of both types of investors, with the exception of Bitcoin, which consistently improves the Sharpe ratio of even broad cryptocurrency portfolios. We show that the core can be often identified ex-ante as the cryptocurrencies attracting the highest levels of investors’ attention.
    Keywords: Sharpe Ratio; Cryptocurrencies; Bitcoin; Short-Selling; Spanning
    JEL: G11 G12 G14 G40
    Date: 2022–03–24
  9. By: Varun Shukla; Manoj Kumar Misra; Atul Chaturvedi
    Abstract: Recently, Indian Finance minister Nirmala Sitharaman announced in Union budget 2022-23 that Indian government will put 30% tax (the highest tax slab in India) on income generated from cryptocurrencies. Big financial institutions, experts and academicians have different opinions in this regard. They claim that it would be the end of cryptocurrency market in India or it would be possible that RBI (Reserve Bank of India) may launch its own crypto or digital currency. So in this context, in this article, the journey and future aspects of cryptocurrency in India are discussed and we hope that it will be a reference for further research and discussion in this area.
    Date: 2022–02
  10. By: Martin Peitz; Lily Samkharadze
    Abstract: Platform competition can be intense when offering non-differentiated services. However, competition is somewhat relaxed if platforms cannot set negative prices. If platforms collude they may be able to implement the outcome that maximizes industry profits. In an infinitely repeated game with perfect monitoring, this is feasible if the discount factor is sufficiently large. When this is not possible, under some condition, a collusive outcome with one-sided rent extraction along the equilibrium path can be sustained that leads to higher profits than the non-cooperative outcome.
    Keywords: Two-sided markets, tacit collusion, cartelization, price structure, platform competition
    JEL: L41 L13 D43
    Date: 2022–01
  11. By: Kilian Wenker
    Abstract: The fast-growing, market-driven demand for cryptocurrencies worries central banks, as their monetary policy could be completely undermined. Central bank digital currencies (CBDCs) could offer a solution, yet our understanding of their design and consequences is in its infancy. This non-technical paper examines how The Bahamas has designed the Sand Dollar, the first real-world instance of a retail CBDC. It contrasts the Sand Dollar with definition-based specifications. I then develop a scenario analysis to illustrate commercial bank risks. In this process, the central bank becomes a deposit monopolist, leading to high funding risks, disintermediation risks, and solvency risks for the com-mercial banking sector. I argue that restrictions and caps will be the new specifications of a regulatory framework for CBDCs if disintermediation in the banking sector is to be prevented. I identify the anonymity of CBDCs as a comparative disadvantage that will affect their adoption. These findings provide insight into governance problems facing central banks, and coherently lead to the design of the Sand Dollar. I conclude by suggesting that combating cryptocurrencies is a task that cannot be solved by a CBDC.
    Date: 2022–04
  12. By: Ji Liu; Zheng Xu; Yanmei Zhang; Wei Dai; Hao Wu; Shiping Chen
    Abstract: Since the emergence of blockchain technology, its application in the financial market has always been an area of focus and exploration by all parties. With the characteristics of anonymity, trust, tamper-proof, etc., blockchain technology can effectively solve some problems faced by the financial market, such as trust issues and information asymmetry issues. To deeply understand the application scenarios of blockchain in the financial market, the issue of securities issuance and trading in the primary market is a problem that must be studied clearly. We conducted an empirical study to investigate the main difficulties faced by primary market participants in their business practices and the potential challenges of the deepening application of blockchain technology in the primary market. We adopted a hybrid method combining interviews (qualitative methods) and surveys (quantitative methods) to conduct this research in two stages. In the first stage, we interview 15 major primary market participants with different backgrounds and expertise. In the second phase, we conducted a verification survey of 54 primary market practitioners to confirm various insights from the interviews, including challenges and desired improvements. Our interviews and survey results revealed several significant challenges facing blockchain applications in the primary market: complex due diligence, mismatch, and difficult monitoring. On this basis, we believe that our future research can focus on some aspects of these challenges.
    Date: 2022–04
  13. By: Farid Makhlouf (ESC Pau); Refk Selmi (ESC Pau)
    Abstract: Russia's invasion of Ukraine triggered a surge of calls for Western allies to completely sever Russia from the global financial system by disconnecting it from the SWIFT payment system. The sanctioning of large Russian banks, coupled with their severance from the SWIFT, will make it hard for banks to receive payments or act as intermediaries. The present note seeks to assess the impacts of the removal of Russian Banks from SWIFT on international remittances to and from Russia. Our results suggest that the economic sanctions imposed on Russia exert an immediate adverse impact on remittances. In the longer-term, there is definitely a high risk posed for global repercussions from this war and resulting sanctions; it seems unlikely their impact will be contained to one country's borders, especially if there is a risk of high inflation and tightening of global financial conditions. With Moscow becoming growingly closed off to the financial world, it appears that Russians are becoming increasingly active in the cryptocurrency market. But with the traceable nature of the blockchain and lack of liquidity, it may be difficult for Russians to use cryptocurrency to evade the bevy of sanctions placed on the country.
    Keywords: Remittances,War,SWIFT sanctions,Cryptocurrencies,Russia
    Date: 2022–03–06
  14. By: Emmanuel Joel Aikins Abakah; Guglielmo Maria Caporale; Luis A. Gil-Alana
    Abstract: This paper assesses the impact of US policy responses to the Covid-19 pandemic on various cryptocurrencies and also technology stocks using fractional integration techniques. More precisely, it analyses the behaviour of the percentage returns in the case of nine major coins (Bitcoin - BITC, Stella - STEL, Litecoin - LITE, Ethereum - ETHE, XRP (Ripple), Dash, Monero - MONE, NEM, Tether – TETH) and two technology related stock market indices (the KBW NASDAQ Technology Index – KFTX, and the NASDAQ Artificial Intelligence index - AI) over the period 1 January 2020-5 March 2021. The results suggest that fiscal measures such as debt relief and fiscal policy announcements had positive effects on the series examined during the pandemic, when an increased mortality rate tended instead to drive them down; by contrast, monetary measures and announcements appear to have had very little impact and the Covid-19 containment measures none at all.
    Keywords: Covid-19 pandemic, cryptocurrencies, Fintech, artificial intelligence, Covid-19 policies, fractional integration
    JEL: C22 C32 G15
    Date: 2022
  15. By: Dunne, Niamh
    Abstract: The United Kingdom, like many jurisdictions, is introducing more demanding ex ante regulation for the digital economy. Centered on the work of a Digital Markets Unit located within the existing copetition authority, the U.K. proposals are defined by an explicit commitment to “pro-competition” regulation. This article traces the evolution and emerging design of the forthcoming U.K. regime. It then explores the notion of pro-competition regulation in greater detail. While the concept increasingly transcends its domestic origins, this article argues that the balancing act between conventional competition law and traditional regulation that it reflects can be fully understood only when located within the distinctive circumstances of the wider U.K. regulatory landscape.
    Keywords: digital economy; competition law; UK law; pro-competition; Sage deal
    JEL: F3 G3
    Date: 2022–03–21
  16. By: Giulio Caldarelli
    Abstract: Blockchain technology truly opened the gate to a wave of unparalleled innovations; however, despite the rapidly growing load of hype, the integration into the business, apart from a few applications, seems to be coming at a slower rate. One reason for that delay may be the need in the real-world applications for the so-called trust model. Trust models are rarely mentioned in blockchain application proposals despite their importance, which creates skepticism about their successful developments. To promote trust model implementation and help practitioners in its redaction, this article provides an outline of what a trust model is, why it is essential, and an example of how it is elaborated. The discussed example comes from a case study of a dairy company that implemented blockchain for the traceability of its products. Despite being tailored on a traceability project, the redaction and elements of the trust model, with few adjustments, could be easily readapted for other applications.
    Date: 2022–02
  17. By: Xiaotong Sun; Charalampos Stasinakis; Georigios Sermpinis
    Abstract: Decentralized Autonomous Organization (DAO) is very popular in Decentralized Finance (DeFi) applications as it provides a decentralized governance solution through blockchain. We analyze the governance characteristics in the relevant Maker protocol and its stablecoin Dai (DAI) and governance token Maker (MKR). To achieve that, we establish several measurements of centralized governance. Our empirical analysis investigates the effect of centralized governance over a series of factors related to MKR, DAI and Ethereum, such as financial, transaction, exchange, network and twitter sentiment indicators. Our results show that governance centralization influences both the Maker protocol and Ethereum blockchain. The main implication of this study is that centralized governance in MakerDAO very much exists, while DeFi investors face a trade-off between efficiency and decentralization. This further contributes to the contemporary debate on whether DeFi can be truly decentralized.
    Date: 2022–03
  18. By: János Besenyő (Óbuda University [Budapest]); Gábor Sinkó (Óbuda University [Budapest])
    Abstract: The objective of this qualitative study is to raise awareness of the online presence of al-Qaeda in the Islamic Maghreb (AQIM), al-Shabaab and Boko Haram by analyzing and comparing their social media activities. The decision that the above-mentioned terrorist organizations shall be selected for inclusion was based on the fact that (I.) they are active in Africa, (II.) they are currently or affiliated with three of the deadliest international terrorist groups in the continent and (III.) they use social media in order to achieve their goals. I conclude that social media is used by all three of the studied terrorist organizations with special attention devoted to mainstream social media platforms, namely Twitter, YouTube and-to a lesser extent-Facebook. Additionally, AQIM, al-Shabaab and Boko Haram seem to have primarily used social media for propaganda purposes, although it was also utilized as a recruitment tool, albeit to varying degrees. Finally, I believe social media can also be used for coordination and funding by the studied terrorist groups; although the small amount of publicly accessible evidence entails qualitative problems, indicating the fact there is room for further research.
    Date: 2021–09–30
  19. By: Pinto, Alreena Renita (Asian Development Bank Institute); Arora, Amit (Asian Development Bank Institute)
    Abstract: We discuss the business correspondent (BC)–agent banking model in India against the backdrop of community-based rural livelihood programs, its relevance in facilitating financial inclusion in underserved rural geographies, and its potential to address the gender gap in financial inclusion. In recent years, India has made significant progress toward financial inclusion with the support of technological and policy innovations, but there remains a gap in access to basic banking services for women, particularly rural women. The launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) in 2014 resulted in the opening of 420 million bank accounts, of which 53.26% belonged to women, though surveys have suggested that almost 55% of women remained registered inactive users. The World Bank-supported rural livelihood programs in India have been instrumental in the institutional strengthening of 6.9 million women’s self-help groups and have facilitated their access to savings and credit to the tune of $3.7 billion (INR260 billion) and $56 billion (INR3600 billion), respectively, while creating an ecosystem for the deployment of female members as BC agents across rural India. We use a gender and technology lens to explore the role of female banking agents in facilitating access to social security transfers using fingerprint-based biometric authentication solutions during the nationwide pandemic-related lockdown in India between March 2020 and July 2020. Using data from multiple small samples of banking agents, we describe the on-the-ground challenges observed in the provision of basic banking services to access cash transfers during the pandemic. Extrapolating from this experience, we make a case for strengthening the agent banking ecosystem, improving the delivery architecture for direct benefit transfers, encouraging competition between banking service providers, and providing demand-based financial products and services to expand gender-focused financial inclusion further.
    Keywords: Financial inclusion; gender; agent banking; India
    JEL: G21 G23 G28 G29
    Date: 2021–08
  20. By: Daniel Bj\"orkegren; Joshua Blumenstock; Omowunmi Folajimi-Senjobi; Jacqueline Mauro; Suraj R. Nair
    Abstract: Digital loans have exploded in popularity across low and middle income countries, providing short term, high interest credit via mobile phones. This paper reports the results of a randomized evaluation of a digital loan product in Nigeria. Being randomly approved for digital credit (irrespective of credit score) substantially increases subjective well-being after an average of three months. For those who are approved, being randomly offered larger loans has an insignificant effect. Neither treatment significantly impacts other measures of welfare. We rule out large short-term impacts either positive or negative: on income and expenditures, resilience, and women's economic empowerment.
    Date: 2022–02
  21. By: Franco D. Albareti; Thomas Ankenbrand; Denis Bieri; Esther H\"anggi; Damian L\"otscher; Stefan Stettler; Marcel Sch\"ongens
    Abstract: Quantum computers can solve specific problems that are not feasible on "classical" hardware. Harvesting the speed-up provided by quantum computers therefore has the potential to change any industry which uses computation, including finance. First quantum applications for the financial industry involving optimization, simulation, and machine learning problems have already been proposed and applied to use cases such as portfolio management, risk management, and pricing derivatives. This survey reviews platforms, algorithms, methodologies, and use cases of quantum computing for various applications in finance in a structured way. It is aimed at people working in the financial industry and serves to gain an overview of the current development and capabilities and understand the potential of quantum computing in the financial industry.
    Date: 2022–04
  22. By: Hamza Jabir (UCA - Université Cadi Ayyad [Marrakech], UIZ - Ibn Zohr University of Agadir)
    Abstract: The twin development of the Internet and information technology, the globalisation of international economic exchanges, has changed the classic pattern of commercial relations and led to the emergence of new types of contracts. Indeed, national legislations and International conventions are trying to adapt to this evolution, but the characteristics of the Internet and its particularities, especially its dematerialization and internationality, thwart the localizing logic of international Private law. Consequently, internet actors are trying to establish adequate rules that are better adapted to the electronic environment. It is in this perspective that this article analyses the problem of applicable law in the international electronic contract.
    Abstract: Le développement jumelé de l'internet et de l'informatique, tout comme la mondialisation des échanges économiques Internationales, ont changé le schéma classique des relations commerciales et conduis à l'émergence de nouveaux types de contrats. En effet, les législations nationales et les conventions internationales essayent de s'adapter à cette évolution. Cependant, les caractéristiques de l'internet et ses particularités, notamment sa dématérialisation et l'internationalité, contrarient la logique localisatrice du droit International Privé. Par conséquent, les acteurs de l'internet tentent d'instaurer des règles adéquates qui s'adaptent mieux à l'environnement électronique. C'est dans cette optique que cet article fait l'analyse de la problématique de droit applicable dans le contrat électronique Internationale.
    Keywords: International electronic contract,Internet,applicable law,international private law,connecting factors.,éléments de rattachement.,droit international Privé,loi applicable,contrat électronique International
    Date: 2021
  23. By: Sa-Rang Um (Kyung Hee Université); Hye-Ri Shin (Kyung Hee Université); Young-Sun Kim (Kyung Hee Université); Gurvan Branellec (BBS - Brest business school); Ji-Yong Lee (Audencia Business School)
    Abstract: Cette recherche a pour but d'explorer les facteurs d'acceptation de la Fintech chez les seniors. Différents courants théoriques traitent les variables qui influencent l'acceptation des innovations technologiques. Le modèle choisi au niveau de cette étude est inspiré du modèle d'acceptation de la technologie (MAT ou, plus fréquemment, TAM pour Technology Acceptance Model). Notre modèle inclut les variables de l'utilité perçue, de la facilité d'utilisation, de l'accessibilité, du coût d'accès, de l'esprit d'innovation et de l'incertitude. La validation empirique du modèle a été réalisée à l'aide des méthodes d'équations structurelles sur un échantillon de 457 adultes coréens. Une analyse statistique a été réalisée par les logiciels SPSS 23.0 et AMOS 18. Nos résultats montrent que l'acceptation de la Fintech par les seniors est influencée par l'utilité perçue, la facilité d'utilisation, l'esprit d'innovation et l'incertitude. Toutefois, l'accessibilité et le coût d'accès n'ont pas une influence statistiquement significative sur l'intention d'utilisation de la Fintech. Cette étude a des implications pour les Fintech puisqu'elle peut leur permettre d'adapter leurs solutions à ce segment du marché voire de développer des produits adaptés à cette population (assurance vie en ligne, solutions de gestion de patrimoine et de succession…).
    Keywords: Seniors,Technology Acceptance,Fintech,Acceptation de la technologie
    Date: 2022–01–13
  24. By: Ridouane Ejbari (UAE - Université Abdelmalek Essaâdi); Jamal Bouali (UAE - Université Abdelmalek Essaâdi)
    Abstract: The technological and digital revolution is bringing considerable changes to our daily lives. Digital technology is transforming consumer behavior, interactions and expectations in terms of satisfying their needs. Technology is forcing companies to seek their competitive advantages in a strong, highly evolved, interconnected and complex competitive market. In this context, a continuous transformation and adaptation is necessary or even mandatory for the organization in order to maintain its survival, and this by the concretization of its customer relationship to maintain and increase its market share, to have a strong position in front of its suppliers and the competition, to improve its competences and its internal processes and to be vigilant with regard to the new entrants of its sector of activities. This change, triggered by technology, prompts researchers to rethink and discuss previous models related to organizational change, challenged by the widespread diffusion of digital technologies. On this, the notion of digital transformation is recently addressed in several research works, defined and presented from different angles. This paper seeks to synthesize the dispersed knowledge about the digital transformation of companies and deduce, from the literature review, a comprehensive theoretical framework for understanding the concept, addressing its explanatory factors, the transformations to be made within the organization in the digital era and the expected results of a digital transformation project. Also, our proposed theoretical framework emphasizes the need to set up a continuous monitoring of digital transformation project by measuring intermediate and final results, and eventually make the necessary adaptations achieve the foreseeable objectives
    Abstract: La révolution technologique et numérique apporte des changements considérables dans notre quotidien. Le numérique transforme le comportement des consommateurs, ses interactions et ses attentes vis-à-vis de la satisfaction de ses besoins. La technologie impose aux entreprises de chercher leurs avantages concurrentiels au sein d'un marché concurrentiel fort, largement évolué, interconnecté et complexe. Dans ce contexte, une transformation et adaptation continue s'avère nécessaire, voire obligatoire pour l'organisation, afin de maintenir sa survie, et ce par la concrétisation de sa relation clients pour maintenir et accroitre sa part de marché, avoir une position forte face à ses fournisseurs et à la concurrence, améliorer ses compétences et ses processus internes et être vigilant à l'égard des nouveaux entrants de son secteur d'activités. Ce changement, déclenché par la technologie, incite les chercheurs de repenser et discuter les modèles antérieurs liés au changement organisationnel, mis en cause suite à la diffusion généralisée des technologies numériques. Sur ce, la notion de la transformation digitale est récemment abordée dans plusieurs travaux de recherche, définie et présentée à partir de différents angles. Notre travail cherche à synthétiser les connaissances dispersées au sujet de la transformation digitale des entreprises et déduire, à partir de la revue de littérature, un cadre théorique global de compréhension de concept, en abordant ses facteurs explicatifs, les transformations à apporter au sein de l'organisation à l'ère de digital et les résultats attendus d'un projet de transformation digitale. Aussi, le cadre théorique proposé met l'accent sur la nécessité de mettre en place un suivi continu de projet de transformation digitale en mesurant les résultats intermédiaires et finaux, et éventuellement apporter les adaptations nécessaires pour l'atteinte des objectifs prévisibles.
    Keywords: innovation,performance,industry 4.0,digital technologies,Digital transformation,industrie 4.0,technologies numériques,Transformation digitale
    Date: 2022
  25. By: Hermawan, Hary (Sekolah Tinggi Pariwisata AMPTA Yogyakarta, Indonesia); , Santosa; Sinangjoyo, Nikasius Jonet
    Abstract: The interest in a return visit in the tourism sector business is the most important factor. Tourist destinations that have unique attractions and promotions that are always maximized will influence tourists to return to visit those tourist attractions. The purpose of this article was to analyze the influence of tourist attraction and social media promotion on the tourists’ interest in returning visit to the Umbul Ponggok Klaten. The method applied in this research is quantitative with multiple linear regression approach. Primary data in this study were obtained through questionnaires and observation, while secondary data was obtained through literature study and documentation. The sample in this study by purposive sampling was 100 respondents who were Instagram and Facebook users and they have visited Umbul Ponggok at least once, and their age are about 17 years old and above. The results of this study show that tourist attraction and social media promotion have significance on return interest. As for the partial test the tourist attraction has a positive and significant effect on the return visit. While social media promotion has a negative and insignificant effect on interest in returning, the tourist attraction dominates more than the social media promotion.
    Date: 2022–03–28
  26. By: Manal Ahdadou (ENCGT - Ecole Nationale de Commerce et de Gestion de Tanger - UAE - Université Abdelmalek Essaâdi); Abdellah Aajly; Mohamed Tahrouch
    Abstract: IT governance focuses on how to align Information Technology with the organization's goals and strategy so that the organization can deliver value from IT. During the Covid-19 crisis, many lessons and insights for ITG have come to light. As the new reality imposed by the ongoing pandemic forced businesses to continuously adopt new technologies, it has also highlighted their need for a stronger IT Governance framework to face the uncertainties and the risks that go hand in hand with IT. This paper aims to reflect on Covid-19 implications for IT Governance. Lessons learned from this crisis can help us envision and adopt an improved Information Technology Governance approach that is even more resilient to deal with future disruptions.
    Keywords: Information Technology,IT Governance,Covid-19,board of directors,Information Technology Governance
    Date: 2022–03–01

General information on the NEP project can be found at For comments please write to the director of NEP, Marco Novarese at <>. Put “NEP” in the subject, otherwise your mail may be rejected.
NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.