FinTech, Regulation, and Cybercrime: Opportunities Arising From New Technologies

Abstract

The main goal of this work is to address the main issues that derive from the adoption of Financial Technologies (FinTech). We conduct a bibliometric and systematic literature review to assess the theoretical background on the subject matter based on the specialized literature, in a way that elucidates the reasons for the topic's significance, ultimately revealing the research gap that this study intends to address. We discuss important topics related to FinTech, such as the advantages and risks, the huge need for regulation, the need for financial inclusion, the increased risks given to the financial transactions and how to face these cybercrimes within potential solutions. We also explore how financial companies can use new technologies to create new services and products using the large amount of data they have. We present the implications of our work for policy makers from different levels - microeconomic, macroeconomic, and European level.

Keywords: FinTech, regulations, cybercrime, AI, ML, GDPR, AI Act