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The Influence of FinTech on Financial Sector and Economic Growth: An Analysis of Recent Literature

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Proceedings of the 2nd International Conference on Emerging Technologies and Intelligent Systems (ICETIS 2022)

Part of the book series: Lecture Notes in Networks and Systems ((LNNS,volume 584))

Abstract

Even though financial technology (FinTech) has become one of the essential financial sector development strategies of many countries around the world in recent years, previous studies have analyzed the influence of financial growth from different aspects, but there are few works of literature devoted to the impact of FinTech on the financial sector and economic progress together. Fintech’s innovative banking and financial products are in high demand due to its uniqueness, cost efficiency, and user-friendly nature. This has caused disruption in traditional banking and finance sector of the economy. The question of whether the financial sector and the economy would not suffer from the incursions of FinTech, is not unreasonable. Using a review methodology, this paper finds that, Fintech has potential to influence the realization of increase in financial development and economic growth, only when appropriate regulation is put in place. Important policy implications and future directions are discussed accordingly.

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Authors and Affiliations

  1. Department of Accounting and Finance, UCSI University, Kuala Lumpur, Malaysia

    Mosharrof Hosen, Hooi-Cheng Eaw, Vasanthan Subramaniam & Hassanudin Mohd Thas Thaker

  2. UCSI Graduate Business School, UCSI University, Kuala Lumpur, Malaysia

    Tat-Huei Cham

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  1. Mosharrof Hosen
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  2. Tat-Huei Cham
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  3. Hooi-Cheng Eaw
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  4. Vasanthan Subramaniam
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  5. Hassanudin Mohd Thas Thaker
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Correspondence to Mosharrof Hosen .

Editor information

Editors and Affiliations

  1. Universiti Teknologi Malaysia, Johor, Malaysia

    Mohammed A. Al-Sharafi

  2. The British University in Dubai, Dubai, United Arab Emirates

    Mostafa Al-Emran

  3. Al-Buraimi University College, Al Buraimi, Oman

    Mohammed Naji Al-Kabi

  4. The British University in Dubai, Dubai, United Arab Emirates

    Khaled Shaalan

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Hosen, M., Cham, TH., Eaw, HC., Subramaniam, V., Thaker, H.M.T. (2023). The Influence of FinTech on Financial Sector and Economic Growth: An Analysis of Recent Literature. In: Al-Sharafi, M.A., Al-Emran, M., Al-Kabi, M.N., Shaalan, K. (eds) Proceedings of the 2nd International Conference on Emerging Technologies and Intelligent Systems. ICETIS 2022. Lecture Notes in Networks and Systems, vol 584. Springer, Cham. https://doi.org/10.1007/978-3-031-25274-7_21

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