金融科技下中国普惠金融的区域发展（英文版）.pdf

doi/10.1177/2158244019901252 SAGE Open January-March 2020: 1 16 The Author(s) 2020 DOI: 10.1177/2158244019901252 Creative Commons CC BY: This article is distributed under the terms of the Creative Commons Attribution 4.0 License (creativecommons/licenses/by/4.0/) which permits any use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the SAGE and Open Access pages ( Original Research Introduction It is important to reduce the financial crisis, improve the financial equity, reduce financial exclusion, and build a sus- tainable inclusive finance to develop the economy of a coun- try (Gomber et al., 2018a; Salampasis Zhou et al., 2018). It is also essential to reduce the economic disparity between the rich and the poor. In this context, inclu- sive finance plays crucial roles in stimulating economic expansion. All core financial forces need be developed to achieve the sustainability of the financial system. This means that both rural finance and urban finance need to be devel- oped on an equal footing (Anagnostopoulos, 2018; Ding et al., 2018). In addition to the development of the urban economy, a well-developed inclusive finance is one of the most critical issues in balancing economic and financial development (Fan, 2018; Zhou et al., 2018). Also, the devel- oped inclusive finance can increase gross domestic product (GDP) and maximize the countrys long-term social welfare (Hao, 2017). However, the development of inclusive finance has come with different success factors that differ from coun- try to country, and is seen as a broader factor in national and global development. That is why different international orga- nizations, including the World Bank Group (WBG), the Alliance for Financial Inclusion (AFI), and the Global Partnership for Financial Inclusion (GPFI), are helping to develop the inclusive finance in different ways. In this pros- pect, internet finance is regarded to be one of the most influ- ential tools in the development of inclusive finance. In a few years, Chinas inclusive finance has changed rapidly and they are regarded as to be the global FinTech leader of the world. Even though the revolutionary change started since 2004, the massive development occurred after 2013. By developing the rural economy, it is growing day by day. It also contributes to the sustainability and strength of Chinas economy. Economic development is well linked to inclusive finance (Long, 2016; Mitra Zhou et al., 2015, 2018), and inclusive finance is deeply connected to inclusive growth (Siddik specifi- cally, emphasizing the inclusive development through FinTech is very rare. Even a small number of researches illustrated the inclusive developing status of all provinces of China. Researchers have found this research gap. After exploring the research gap and the literature of FinTech ele- ments on both the development of inclusive finance and the rural development, the subsequent stages of the develop- ment of Chinas inclusive finance and rural development through FinTech are presented in this research. The view of different authors, researcher, fellows, and others has been gathered and considered here to accomplish the research objectives. This research aims to provide an essential dis- cussion from the understanding of FinTech and inclusive finance. However, after studying the related literature of this research, specific objectives are specified. The objectives are to identify the present circumstances of related forces of FinTech in inclusive finance (Objective 1), to illustrate the dispersion of regional inclusive development of all prov- inces through FinTech (Objective 2), and to identify the critical issues existing in the development of inclusive finance through FinTech (Objective 3). All the three objectives are accomplished here sequen- tially. The discussion on Objective 1 is presented in the sec- tion “Present Status of FinTech and Inclusive Finance.” The second objective is set out in the section “Developing Status by Region.” Finally, the third objective is introduced in both the finding sections with a remark of Critical Issue. In total, eight critical issues are identified in these studies. Literature Review Most previous studies have focused on internet finance, FinTech, and inclusive finance. Most of the researchers high- light the online payment systems as one of the most influen- tial forces of inclusive development. Chinas online shopping marketplace is also remarkable part of their rural develop- ment. Based on these studies, Table 1 shows a comprehen- sive overview of the literature. This overview includes the content of this study, the authors information, the findings of past studies, the shortcomings or challenges of these stud- ies, and future research directions. Method We conducted this research based on some studies conducted by Guo et al. (2016), Huang et al. (2016), J. Wang et al. (2016), Long (2016), Lee and Shin (2018), and Xie et al. (2016). Also, a number of studies related to inclusive finance and FinTech have been analyzed as based on articles such as research done by Zhou et al. (2018) and Tam and Hanh (2018). Whatever, internet finance is associated with the existing financial institution in China, such as banks, insurance, securities, and investments companies, and pro- vides innovative financial solutions (Hung Thompson, 2017). In this prospect, different phenomena, changing effects, and the relationship among the technolo- gies to explore the influence of internet finance on inclusive finance are analyzed here from different perspectives (Cukier et al., 2009). A systematic literature review analysis is fol- lowed to accomplish the goal of this study. Data Collection and Content Analysis Database for FinTech or internet finance is not as rich as other financial topics, and inclusive finance database is not so widespread. That is why the data used in this article is collected from variety of sources using multiple methods (D. H. Shin Hasan Nekmahmud D. H. Shin Zavolokina et al., 2016). Many research articles, review articles, case studies, and conference paper have identified and collected from secondary sources. Following the research done by Hasan et al. (2019), data were collected in a systematic process. At first, the two best-indexed data- bases Scopus by Elsevier B.V and Web of Science Core were selected to maintain the quality of the collected arti- cles. After that, we emphasized the search options of some reputed journal publishers such as Elsevier, Emerald, Springer, Taylor Chiu (2017); Davis etal. (2017); Gabor Gai etal. (2018); Gomber etal. (2018a); Greenspan (2000); Huang etal. (2016); G. Li etal. (2017); Long (2016); Puschmann (2017); Salampasis Shim G-24 (2018) FinTech has five technologies such as security and privacy, hardware and infrastructure, data technology, applications and management, and service models The exploration of FinTech interactions is related to social and political context The successful development of Chinas FinTech industry is directly related to its technological development and the policies of the Chinese government There are some reasons behind the growth of FinTech: cheap communication (mobile, internet), big data analysis allows efficient targeting, people are comfortable with online money, bank staff lose interest in being locked inside a megabank, low- interest rate, and banking regulation side-stepped Digitization of the financial services industry, changing role of IT, and changing consumer behavior Online payment boosted Chinese online shopping. It motives to increase GDP and maximize Chinas social welfare Financial transparency for all sector has developed Branches and ATM both are still lower than Brazil (another country moving with financial inclusion) Some encouraging factors of mobile payment are socioeconomic conditions, cost efficiency, diffusion of mobile phones, convenience, new initiatives, and so on Requirements for mobile payment project deployment: usability and simplicity, universality, interoperability, cost and speed, integrality, security, trust, and privacy, local market understanding, and cross-border payments Digital finance business functions include digital financing, investment, digital currency, payment, insurance, financial advice, and so on Even if the internet influences the systems of organizations and financial transactions, the basic functions of financial activities remain unchanged The IoT is currently emerging as the next megatrend in technology, with repercussions across the spectrum of society and business Competitive internet markets and high-quality infrastructure have removed different challenges with the appearance of convergence services; changes are beginning to occur Advanced technology is drastically revolutionizing industry and society and is becoming an integral part of everyday life The challenges within the financial services sector are market participants, global interoperability, consolidation activity, collaboration models, technological development, and tech-company disruptions After 2015, almost 1,263 P2P failing platforms closed, and every 3 P2P companies became a problem platform The entry barriers of P2P company in the market are low because they just need to register as ordinary commercial enterprises. In this case, they have no strict restrictions on the business scope, ratio of registered capital, risk monitoring, evaluation capacity, and so on Sometimes FinTech service companies face different difficulties in meeting the demand for a large number of customers Lack of information usages limit the risk warning functions and the evaluation of the credit reporting system Sometimes it faces problems in efficient operations Financial exclusion is the major problem Inclusive finance research in all over China is still not developed; even there is a lack of comprehensive representation of those researches. Massive numbers of people are excluded in accessing financial services in all form of the economymacro, micro, and meso Some challenges are heavy regulations and restrictions, limited collaboration, underdeveloped ecosystem, security problems, and so on In some area, the crowdfunding still is in the initial stage of its development Data-Driven FinTech Framework (DF2) has proposed to facilitate and standardize future FinTech researches as well as technical deployments A comparison should be made in the future of Chinese FinTech industries to other countries. Sustainability of inclusive financial systems will be explored Each part of digital finance business functions should be explored in future research What will be the performance, and the side effects of digital finance under diverse market situations in the entire economic cycle? The justifications and variability (e.g., accessible financial service, profitability, funding costs, effectively and prudently, and commercial sustainability) of different business related to digital finance will be explored The relationship between digital finance or FinTech and systemic risks shall be explored “First-mover advantages,” financial safety, and stability shall be explored (continued) 4 Content Authors Findings Shortcomings/challenges Future research direction Inclusive finance/financial inclusion Aggarwal (2014); Chakravarty Gabor Hao (2017); Helms (2006); Huang etal. (2016); Patwardhan (2017); Sharma etal. (2013) Rural development/ microfinance in China Ding etal. (2018); Long (2016); S. Wang Iman (2018); Jun Thompson (2017); Yoon Claessens etal. (2002); Gomber etal. (2017); Guo etal. (2016); Helms (2006); Huang etal. (2016); Hung Khraisha Shen J. Wang etal. (2016); Wonglimpiyarat (2018); Xie etal. (2016); Gomber etal. (2018a); Gomber etal. (2018b); Gomber etal. (2017) FinTech and others Anagnostopoulos (2018); Buchak etal. (2017); Cumming Fan (2018); Gimpel et al. (2018); Gomber et al. (2018a); Gozman etal. (2018); Hornuf Hung Jagtiani Jaki Lee Leong etal. (2017); Y. Li etal. (2017); Ma Nakashima (2018); Ohdoi (2018); Shim D. H. Shin (2016b, 2016a); D. D. Shin (2019); D. H. Shin D. H. Shin Todorof (2018); Zavolokina etal. (2016) Note. IT = information technology; GDP = gross domestic product; IoT = Internet of Things. Table 1. (continued) Hasan and Yajuan 5 selected by relating to internet finance, FinTech, and inclu- sive finance. Here, the working population and nonworking population, and constant population and moving population have characterized as parts of the population. From this aspect, we have just considered the population by citizen- ship. For instance, total population by province to province is selected according to the citizenship criteria. Data Analysis and Interpretation This study shows the developing status of inclusive finance development through internet finance. According to the China Internet Network Information Center (CNNIC), almost 97% of people who use internet use internet on their mobile phone. That is why smartphones and the internet are the two most important variables for the development of inclusive finance through internet finance, and here we related internet use with the developing status. However, Table 2 shows ranking and percentile calculation to show the state of developing of all provinces based on internet finance assumptions. To show a more accurate result, the APU percentage calculation method is used here (in this case, A for Area, P for Population, and U for User). This method is used here because the areas of all provinces are not the same. If we count only internet user, Shanghai stands first rather than Beijing, because the number of internet users in Shanghai is bigger than in Beijing. However, Beijing is standing here as first because the ranking is calculated con- sidering not only the users but also the area and total popula- tion of the respective provinces. Therefore, inaccurate ranking may arise only by user ranking. However, the per- centage calculated by the APU method shows that the per- centage in Beijing is higher than that of Shanghai. In this sense, the percentage of per km2 internet user from per km2 population is calculated here to show a more accurate devel- oping status. The APU formula is given below: Area PopulationUser APU unit()= () Internet User TotalAreakm 2 TTotalPopulation TotalAreakm 2 100 () After identifying the percentage of internet users per km 2 from the per km 2 population, we ranked it according to rank and percentile calculation methods from MS Excel. Whatever, digital finance or FinTech are the technological innovations and applications that make the financial services and processes more efficient (Thompson, 2017). For that rea- son, this study interprets the data sequentially in a user- friendly way relating to finance. All the data are manually categorized by its nature. The central theme of this research is also extracted from the reviewed arti