Evolution of FinTech: A Systematic Literature Review
Evolution of FinTech: A Systematic Literature Review

Summary/Abstract: “FinTech” is a term derived from “Financial technology,” relating to innovative financial solutionspermitted by technology. It denotes a contemporary combination of financial services and information tech-nology. However, the integration of finance and technology has deep historical heritages and has advancedthrough four distinct eras: initially financial globalization then Analogue to digital, after transitioning to digitalfinance in the late 20th century. Since 2018, a new FinTech era has emerged globally, marked not merelyby new financial products, but by state-of-the-art delivery methods driven by swiftly advancing technology,particularly in retail banking. This latest phase, Disruptive Technologies, presents regulatory and operationalchallenges, emphasizing the need to balance the potential aids of innovation against inherent risks. Our analysisof FinTech’s 157-year evolution maintains against premature or overly rigid regulation at this fundamental crisis.

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