Prof. YEUNG Wing Kay, DavidDavidProf. YEUNG Wing KayPetrosyan, Leon A.Leon A.PetrosyanZhang, Ying-XuanYing-XuanZhang2023-02-082023-02-082024Journal of the Operations Research Society of China, 2024, vol. 12, pp. 5-33.2194-668X2194-6698http://hdl.handle.net/20.500.11861/7365Economies of scale, economies of scope, and technology spillover are decisive economic elements that are crucial to the development in the Fintech industry. These positive externalities are often realized through network links. In this paper, we present a dynamic network of financial firms which exhibits these decisive elements. The network game equilibria are characterized. A Pareto efficient solution involving collaboration of all firms is provided. To obtain a fair-share distribution of cooperative gains, the Shapley value is adopted as the sharing mechanism. Payoff distribution mechanisms which guarantee the fulfilment of the Shapley value distribution in each stage of the cooperation duration are derived.enNetwork GameNetwork EquilibriaShapley ValuePareto Efficient CooperationPeer Reviewed Journal Article10.1007/s40305-022-00434-4