Sustainable economic growth for developing countries through fintech ecosystem: A systematic literature review

Abstract

The rapid growth of financial technology (FinTech) has disrupted traditional financial services and is transforming the financial landscape globally. This systematic literature review aims to synthesize the existing research on the impact of fintech on various aspects of the financial sector, such as financial inclusion, access to finance, financial stability, and consumer protection. A comprehensive search of relevant databases was conducted to identify relevant studies published between 2000 to 2022. A total of 450 studies were included in the final analysis, which was conducted using PRISMA. The results showed that fintech has the potential to enhance financial inclusion and access to finance, particularly for underserved populations. However, it also raises concerns regarding financial stability and consumer protection. The review highlights the need for further research to better understand the long-term impacts of fintech on the financial sector, as well as the role of regulators in ensuring that fintech develops in a way that benefits consumers and the economy as a whole.