Responsible Financial Technology
ResFinTech Research Group
The Responsible Financial Technology (ResFinTech) Research Group is a hub for interdisciplinary research, innovation and engagement initiatives aiming to produce impactful intellectual contributions in support of responsible management themes.
As a group we aim to bridge knowledge across academic experts, industry professionals and wider stakeholders through innovative research projects in our advocacy to influence the development of governance for the FinTech sector. This includes impacting risk management through regulation in a broader sense to help grow the FinTech sector in line with the United Nations' Sustainable Development Goals (SDGs).
As new and rapidly developing technologies hold incredible promise for the advancement of human welfare, they also hold the potential to generate more inequality and insecurity as detailed in the United Nations Strategy on New Technologies. FinTech is fast growing meaning it comes with risks and governance challenges. The basis of the research group is to find plausible solutions through research initiatives to guide financial community, policymakers, and regulators towards building a responsible FinTech ecosystem for the betterment and sustainability of humanity.
ResFinTech Research Team
Given the interdisciplinary direction the group is armed with experts in accounting and finance including professionally qualified accountants, artificial intelligence experts including focus on machine learning, cyber security and computing, and experts in development economics, governance and law.
In addition, PhD applicants are invited should they have a background in accounting, finance, law, technology or other relevant disciplines as the team welcome interdisciplinary projects. If successful you will have the opportunity to join the ResFinTech team and access opportunities to engage with practitioners in the FinTech world. Find out more about FinTech PhD Opportunities at the University of Bradford.
The team is committed to continuous engagement and knowledge exchange with industry professionals, business and community in order to bridge and build knowledge for public interest.
So, the big question is, do we still need cash? Should it be abolished? In my opinion, we will continue to use cash, certainly for the foreseeable future. Dr Rashmi Arora, Associate Professor in Development Economics
The ResFinTech Research Group is focused on building collaboration and engagement activities with a range of individuals from global organisations. These organisations include but are not limited to;
- Financial Services Faculty of the Institute of Chartered Accountants in England and Wales (ICAEW)
- ICAEW Scotland
- Financial Computing and Analytics Group at University College London (UCL)
- UCL Centre for Blockchain Technologies
- Internet Interdisciplinary Institute (IN3) at Universitat Oberta de Catalunya (UOC)
- Technology and Society (LTS) Group at London School of Economics and Political Science (LSE)
- FinTech North
Collaborations with these organisations have been made to build research proposals which aim to tackle cybersecurity risk in the market for cryptoassets.
The ResFinTech research group also continues to build networks such as the ICAEW Scotland Tech Sub-Group which was launched in 2022.
The group has also collaborated with researchers at the University of Malaya including a project surrounding "Cryptocurrencies: Risk and Governance" that was funded by a trust body of Malaysian Institute of Accountants.
HM Treasury Consultation
On 30 April 2023 the ResFinTech Research Group submitted their findings to the HM Treasury Consultation for the Future Financial Services Regulatory Regime for Cryptoasset.
The group collaborated to gather and collate responses from the contributing academics members and students of the MSc Financial Technology programme.
Find out more about the HM Treasury Consultation.
Digital Assets, Cryptoassets and CBDCs' Event
On the 12 June 2023 the ResFinTech Research Group will be hosting a one-day event covering digital assets, cryptoassets and CBDCs' (central bank digital currency) at the Chartered Accountants Hall in London.
Cryptoasset markets continue to develop with increasing pace and complexity, bringing both risks and opportunities. We have seen a growing number of events hosted to promote commercial interests in this area. While we are supporting the commercial activities and the plan to make Britain a global hub for cryptoasset technology and investment, we are mindful of the risks. To help grow the markets with public interest in mind, we acknowledge risk taking as part of the cycle of innovation and we wish to engage in discourse with stakeholders in formulating ways to prudently manage the risks.
The event features speakers from diverse professional backgrounds. We receive support from ICAEW Digital Assets Working Party in identifying suitable participants including representation from accounting practitioners, industry players and regulators.
It is clear that financial technology is going to play a much larger role in our economies, and cryptocurrencies are part of that. Governments around the world are looking at ways of regulating this market, so graduates who have an understanding of how things like blockchain and crypto work will be better placed to get jobs in this field Dr Marizah Minhat, ResFinTech Research Group Lead
The ResFinTech Research Group aims to impact and contribute to successful delivery of their programmes including the MSc FinTech programme. Dr Marizah Minhat has identified that FinTech is going to be integral to our economies in the future. The MSc FinTech programme aims to build on this and put graduates in a better placed position to get jobs in the field as governments globally explore ways of regulating the market.
The research group allows the academics to provide relevant content on a timely basis to their students and explore key topics such as blockchain, cryptoassets and crypto currencies in an ever evolving industry.
Relationships built from research collaborations have also contributed to the student experience with individuals from Calls9 and FinTech North delivering guest lectures which provide practical insights into the FinTech sector.
The ResFinTech research team have made a number of key publications already including the below;
- Abdullah, M., Minhat, M., Dzolkarnaini, N. and Sapiei, N. S. (2021) Cryptocurrencies: Risk and Governance. Research Report submitted Malaysian Accountancy Research and Education Foundation (MAREF), November
- Akyildirim E.;Conlon T.;Corbet S.;Goodell J.W. (2023) Understanding the FTX exchange collapse: A dynamic connectedness approach. Finance Research Letters.
- Akyildirim E.;Aysan A.F.;Cepni O.;Darendeli S.P.C. (2021) Do investor sentiments drive cryptocurrency prices? Economics Letters.
- Akyildirim E.;Goncu A.;Sensoy A. (2021) Prediction of cryptocurrency returns using machine learning. Annals of Operations Research.
- Akyildirim E;Cepni O;Corbet S;Uddin GS; (2021) Forecasting mid-price movement of Bitcoin futures using machine learning. Annals of Operations Research.
- Akyildirim E.;Corbet S.;Lucey B.;Sensoy A.;Yarovaya L. (2020) The relationship between implied volatility and cryptocurrency returns. Finance Research Letters.
- Kapsis, I. (2020) A Truly Future-Oriented Legal Framework for Fintech in the EU. European Business Law Review.
- Kapsis, I. (2020) Blockchain and cryptocurrencies: essential tools in a two-tier financial system. Capital Markets Law Journal.
- Kapsis, I. (2020) Artificial intelligence in financial services: systemic implications and regulatory responses. Banking and Financial Services Policy Report: A Journal on Trends in Regulation and Supervision.
- Minhat, M., Abdullah, M., Dzolkarnaini, N. and Sapiei, N. S. (2024). Cryptocurrency Risk and Governance Challenges, Routledge.
- Minhat, M., Abdullah, M., Dzolkarnaini, N. and Sapiei, N. S. (2022), Cryptocurrency and Uncertainty. Accountants Today, 26 January.
- Minhat, M. and Dzolkarnaini, N. (2019) Islamic finance: digital assets, crypto assets and cryptocurrencies. The Malaysian Reserve, 25 February.
- Qureshi, A.; Megías Jiménez, D. Blockchain-Based Multimedia Content Protection: Review and Open Challenges. Appl. Sci. 2021, 11, 1. https://doi.org/10.3390/app11010001
- Qureshi, A. and D. Megías, "Blockchain-based P2P multimedia content distribution using collusion-resistant fingerprinting," 2019 Asia-Pacific Signal and Information Processing Association Annual Summit and Conference (APSIPA ASC), Lanzhou, China, 2019, pp. 1606-1615, doi: 10.1109/APSIPAASC47483.2019.9023054.
- Qureshi, A.. D. Megías and M. Kuribayashi, "Detecting Deepfake Videos using Digital Watermarking," 2021 Asia-Pacific Signal and Information Processing Association Annual Summit and Conference (APSIPA ASC), Tokyo, Japan, 2021, pp. 1786-1793.
- Yao S.;Kong X.;Sensoy A.; Akyildirim E.;Cheng F. (2021) Investor attention and idiosyncratic risk in cryptocurrency markets. European Journal of Finance.
- Arora, R.U. (2020). Gender Bias and Digital Financial Services in South Asia: Obstacles and Opportunities on the Road to Equal Access, Emerald Publishers.
- Arora, R U (2021). Digital financial services, gendered digital divide and financial inclusion: Evidence from South Asia in ‘The Digital Disruption of Financial Services: International Perspectives’ Edts. Adam Marszk and Ewa Lechman, Gdansk University of Technology, Routledge, 121-140.
Find out more through our Library Services.
Members of the research team (Dr Marizah Minhat & Dr Nazam Dzolkarnaini) have co-authored a book with the team from the University of Malaya focused on Cryptocurrency Risk and Governance Challenges. The book provides an interdisciplinary critical perspective regarding risk, uncertainty and governance challenges of cryptocurrencies.
The book, which is due for release in August 2023, considers perspectives of several disciplines including accounting, cybersecurity, cyberlaw, economics, ethics, finance, financial regulation, Shariah (Islamic) law and technology. Different to other books on similar topics the book provides an in-depth analysis and critical discourse on cryptocurrency risk categories supplemented by research evidence gathered from surveys and interviews with stakeholders.
The inclusion of Islamic insight matters given mixed views at present regarding the permissibility of cryptocurrencies and some countries have indeed imposed somewhat restricted function of cryptocurrencies for non-religious reasons.
The co-authors envisage that the book will help to enlighten stakeholders on this aspect of uncertainty and inspire fit and proper governance strategies for public interest.
Society of FinTech Students
The UoB Society of FinTech Students (SoFTS) is student-led society that strives to serve as a lodestar for technologically driven students, empowered with adequate knowledge and skill set to redefine the financial sector within their immediate society and beyond. We seek to achieve this goal through academic peer sessions, building soft skills of members through presentations on relevant FinTech topics, organizing events and talks by academics and industry players, attending FinTech-related forums and conferences as a group and collaborating with other UBU Societies and staff.
"Our ultimate vision is to build a hub of FinTech students that promotes knowledge and skills acquisition, capacity building and networking amongst peers, academics and industry leaders for a rewarding career in the future." - Reuben Obasi, MSc FinTech
Find out more on their LinkedIn Page