Synopsis
The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement between the Asia-Pacific nations of Australia, Brunei, Cambodia, China, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, South Korea, Thailand, and Vietnam. The 15 member countries account for about 30% of the world's population and 30% of global GDP as of 2020, making it the biggest trade bloc in history. It is expected to eliminate about 90% of the tariffs on imports between its signatories within 20 years of coming into force, and establish common rules for e-commerce, trade, and intellectual property. The unified rules of origin will help facilitate international supply chains and reduce export costs throughout the bloc.
The emergence of Financial Technology (FinTech) related products are major disruptions in financial services including in RCEP that enables financial solutions and innovative business models resulting the fusion of finance and smart mobile technology. FinTech includes five major areas which are finance and investment, operations and risk management, payments and infrastructure, data security and monetization, and customer interface. Since RCEP will strengthen economic linkages and to enhance trade and investment the book will portray and assess FinTech's adoption, challenges, and its potentials to facilitate RCEP.
The book will overcome solid knowledge dissemination of FinTech's development in RCEP featuring conceptual, case studies, recent development, best practices, comparative assessment, business processes, as well as strategies and outputs in studies of FinTech from multi-domains of knowledge. Therefore, the book seeks to move beyond the theoretical areas of FinTech to comprehensively explore the recent FinTech initiative in RCEP scenarios with respect to processes, strategies, challenges, lessons learned, as well as outcomes. In addition, the book highlights in new business models, applications, processes, products, or services with an associated material effect on financial markets and institutions and the provision of financial services.
About the Authors
Muhammad Anshari is a researcher at Universiti Brunei Darussalam.
Mohammad Nabil Almunawar is currently an associate professor at the School of Business and Economics, Universiti of Brunei Darussalam (UBDSBE), Brunei Darussalam. He was the former dean of UBDSBE. He received his bachelor's degree in 1983 from Bogor Agricultural University, Indonesia, master's degree (MSc) from the Department of Computer Science, University of Western Ontario, London, Canada in 1991, and PhD in Computer Science/Information Systems from the University of New South Wales in 1998. Dr. Almunawar has published more than 100 papers in refereed journals, books, book chapters, encyclopedias, and international conference proceedings. He has more than 30 years of teaching experience in the area of information systems and e-business/e-commerce. His overall research interests include applications of IT in management, e-business/commerce, digital marketplace/platform, digital business ecosystem, health informatics, information security, and cloud computing. Currently, he focuses his research on digital transformation, digital marketplace, digital platform, and digital business ecosystem.
Masairol Haji Masri earned his Ph.D. in Business Administration from Manchester Business School, University of Manchester, UK. He joined Universiti Brunei Darussalam in 2001 as a Tutor before pursuing his Master in Business Administration in 2002 at International Islamic University, Malaysia. Prior to that, he worked as an Audit Assistant at Deloitte & Touche, Brunei Darussalam from 1999. His research interests are in the performance measurement, financial reporting, Islamic accounting and finance with particular reference to small and medium enterprises. While in Universiti Brunei Darussalam, he has held various administrative position such as the Deputy Director for Office of Studies, the Deputy Dean of Academic and Administration at the School of Business and Economics and the Accounting Programme Coordinator. He was also a member of the Brunei Darussalam Accounting Standard (BDASC) working committee for Non-Public Interest Entities. He is currently a member of the Brunei Darussalam Public Accountant Oversight committee (PAOC) under Ministry of Finance and Economics.
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