Affiliation:
1. Sunway Business School, Sunway University, Malaysia
Abstract
The evolution of fintech significantly impacts the financial industry through technology and regulation. The chapter explores fintech's transformative journey, tracing its historical roots to its present-day importance in reshaping traditional financial processes. Addressing the challenges that emerge when fintech meets accounting regulations, the chapter seeks to highlight how important it is for the regulations to conform themselves with the aim of fostering the required innovation and managing risks. Some of the proposed ways of achieving harmonized compliance focus on international collaboration, adaptability of regulations, stakeholder engagement, and education initiatives. Additionally, the chapter features the importance of fostering a compliance culture, transparency, and investor confidence within the fintech landscape. Proactive measures and technological innovations drive fintech compliance, aiding in regulatory navigation. Overall, the chapter provides insights into the complex relationship between accounting regulatory compliance and standards in the fintech industry.
Reference60 articles.
1. Adrian, T., & Ferreira, C. (2023). Mounting cyber threats mean financial firm urgently need better safeguards. International Monetary Fund.https://www.imf.org/en/Blogs/Articles/2023/03/02/mounting-cyber-threats-mean-financial-firms-urgently-need-better-safeguards
2. Artificial intelligence and machine learning in fnance: A bibliometric review.;S.Ahmed;Research in International Business and Finance,2022
3. Alam, N., Gupta, L., Zameni, A., Alam, N., Gupta, L., & Zameni, A. (2019). Fintech regulation. Fintech and Islamic finance: Digitalization, development and disruption, 137-158.
4. Building Trust in Fintech: An Analysis of Ethical and Privacy Considerations in the Intersection of Big Data, AI, and Customer Trust
5. Fintech and regtech: Impact on regulators and banks