Integrating financial literacy, regulatory technology, and decentralized finance: A new paradigm in Fintech evolution

The cryptocurrency market has witnessed significant growth in the past few months. The emergence of hundreds of new digital currencies and the huge increase in the prices of their leading representatives have attracted a lot of attention from investors. However, the financial characteristics of the cryptocurrency markets have not been systematically evaluated yet. As a consequence, there is currently no consensus on whether cryptocurrencies constitute an individual asset class or if they share substantial similarities to stocks, bonds, commodities or foreign exchange. Based on Markowitz et al. (2017) this paper aims to fill this lack of research by evaluating the cryptocurrency market based on seven requirements of an individual asset class. The authors find that the cryptocurrency market distinguishes itself remarkably from established asset classes in terms of risk and return. Additionally, the low correlation between the cryptocurrency markets and these established asset classes induces a diversification potential for investors, leading to more favorable risk/return profiles of their portfolios. But also the emergence of investment services and products provided by the financial industry and the increasingly cost-effective access to cryptocurrencies corroborate the conclusion that cryptocurrencies can be seen as an individual asset class.

Financial sector development is an influential force that outlines the financing and governance of firms in emerging economies. Suppliers and bankers represent alternative governance structures to a firm because of their trade credit and loan requirements, respectively. The continuous monitoring of investment by banks and suppliers impacts on corporate disclosure and practices. The study compares a sample of Johannesburg Stock Exchange (JSE) firms listed on the Socially Responsible Investment (SRI) index which measures corporate governance and those not listed on the index. A Generalized Least Squares (GLS) random effect regression of banking sector development and trade credit of firms listed on the JSE SRI and non-SRI listed firms was done to ascertain whether trade credit gives firms a preferred governance system and structure. The findings affirm that good corporate governance practices improve access to bank loans for working capital financing and good governance practices do not consequently result in more bank loan as a preferred governance structure for working capital financing compared to use of trade credit.

The study aims to explore the effect of network strategic capabilities (NSCs) with its dimension of artificial intelligence (AI) and blockchain on digital transformation (DT) in Jordanian universities. The paper used the analytical-descriptive approach to analyze and interpret the results. The study population includes Jordanian universities, and the sample consists of top management. Out of 400, 304 questionnaires were completed and returned. The results show that AI (β = 1.219, t = 1.175, p < 0.00) and blockchain (β = –0.773, t = 0.437, p < 0.00) have a significant effect on DT. The first sub-hypothesis results concerning leadership revealed that AI (β = 0.525, t = 0.360, p < 0.03) and blockchain (β = –0.538, t = 0.186, p < 0.04) have a significant effect on leadership. The second sub-hypothesis result concerning strategic planning revealed that AI (β = 4.031, t = 3.050, p < 0.002) and blockchain (β = –5.150, t = 2.334, p < 0.020) have a significant effect on strategic planning. While for third sub-hypothesis concerning infrastructure, the results of AI were β = 0.818, t = 1.011, p < 0.032 and for blockchain β = 0.159, t = 0.121, p < 0.904. This result shows that AI has a significant effect on infrastructure, while blockchain does not have any effect. Therefore, NSCs must be integrated into the business process to enhance and boost DT efficiently and effectively.