MODERNISATION OF FINANCIAL SYSTEMS WITH THE DEVELOPMENT OF FINTECH

Abstract

This paper aims to review the modernisation of financial systems using fintech. Although the concept of fintech has an older origin, its wide use is recent starting from the global financial crisis of 2008-2009 and multiplied during and after the COVID-19 pandemic. For this review, 15 papers were selected using the topic as the search term on Google Scholar. PRISMA flow diagram was used to screen and select 15 papers. The review provided an overview of fintech operating globally and in some specific countries. The papers defined fintech in various ways. They described the technologies, applications and uses of fintech. Some challenges and problems were also dealt with. Some papers provided solutions for these problems and challenges. Country-specific papers dealt with its status in all these aspects. The poor quality of the papers does not allow generalisations. Based on the results of the review, the scope for future research has been indicated. Some limitations of this review have been listed.