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

33 Pages Posted: 4 Jan 2024

See all articles by Monica Violeta Achim

Monica Violeta Achim

Babes-Bolyai University, Faculty of Economics and Business Administration

Galena Pisoni

York St John University

Codruta Mare

Babes-Bolyai University - Faculty of Economics and Business Administration

Maria Moloney

University College Dublin (UCD) - College of Business and Law; Trinity College (Dublin)

Szabolcs Korba

Independent

Bálint Molnár

Eötvös Loránd University

Barbara Bedowska-Sojka

Poznań University of Economics and Business

Ioana Florina Coita

Universitatea din Oradea; University of Economics in Bratislava; "Sofia University "St. Kliment Ohridski

Date Written: November 1, 2023

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

Suggested Citation

Achim, Monica Violeta and Pisoni, Galena and Mare, Codruta and Moloney, Maria and Korba, Szabolcs and Molnár, Bálint and Bedowska-Sojka, Barbara and Coita, Ioana Florina, FinTech, Regulation, and Cybercrime: Opportunities Arising From New Technologies (November 1, 2023). Available at SSRN: https://ssrn.com/abstract=4620106 or http://dx.doi.org/10.2139/ssrn.4620106

Monica Violeta Achim

Babes-Bolyai University, Faculty of Economics and Business Administration ( email )

58-60 Teodor Mihali Cluj-Napoca
Cluj-Napoca, Cluj 400591
Romania

HOME PAGE: http://https://econ.ubbcluj.ro/cv.php?id=40

Galena Pisoni

York St John University ( email )

Lord Mayor's Walk York
York, YO31 7EX
United Kingdom

Codruta Mare (Contact Author)

Babes-Bolyai University - Faculty of Economics and Business Administration ( email )

58-60, Teodor Mihali str
Cluj-Napoca, Cluj 400591
Romania
0745324563 (Phone)

Maria Moloney

University College Dublin (UCD) - College of Business and Law ( email )

Ireland

Trinity College (Dublin) ( email )

2-3 College Green
Dublin, D2
Ireland

Szabolcs Korba

Independent ( email )

Bálint Molnár

Eötvös Loránd University ( email )

Pázmány Péter sétány 1/C
Budapest, -- 1117
Hungary

HOME PAGE: http://irtsz.elte.hu/index.php/en/balint-molnar-bio/

Barbara Bedowska-Sojka

Poznań University of Economics and Business ( email )

Al. Niepodległości 10
Poznań, Great Poland 61-875
Poland

Ioana Florina Coita

Universitatea din Oradea ( email )

Str. Universităţii nr. 1
Oradea
Romania
+40744369226 (Phone)

HOME PAGE: http://https://steconomice.uoradea.ro/

University of Economics in Bratislava ( email )

Dolnozemská cesta 1
Bratislava, 852 35
Slovakia
+40744369226 (Phone)

HOME PAGE: http://www.euba.sk

"Sofia University "St. Kliment Ohridski ( email )

1 Koziak, str
Sofia, 1407
Bulgaria
+40744369226 (Phone)

HOME PAGE: http://https://www.uni-sofia.bg/eng

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