Assessing Opportunities and Challenges of FinTech: A Bahrain’s View of Fintech

Abstract

FinTech (Financial Technology) is the state-of-the-art technology used by businesses to improve their financial services. The changing customer behaviour towards digital platforms, the increase in the financial service businesses on the digital platforms, the availability of banking options on mobile, and the advent of COVID-19 has further increased the adoption of Fintech by Bahrain and several other countries. The increase in the demand for digital technologies has increased the challenges and issues also in shifting towards the digital technologies such as Fintech. The study work described in this article assesses the potential impact of the advancements in the Fintech on Bahrain’s financial industry. The study is focused at identifying the challenges faced by the Bahrain’s FinTech firms and other such innovators in implementing the Fintech, assessing the current developments and implementations of Fintech in Bahrain, identifying gaps in the existing research, and proposing a FinTech investment model. The article is based around carrying out a critical review of the relevant articles to understand the key aspects of Fintech in Bahrain and other countries such as the challenges faced, current state of development, scope of Fintech in Bahrain, viewpoints on Fintech by different researchers, etc. The study work provides a comprehensive understanding of various aspects of FinTech for licensees, FinTech firms, FinTech start-ups, and other innovators to utilize FinTech services and solutions in their operations.