Abstract
The introduction of new technology and the evolution of business models have resulted in a significant transformation in the Fintech sector in recent years. Improved financial inclusion and lower transaction costs, on the other hand, have created several opportunities for both users and service providers. However, information security, data breaches, the possibility of cyberattacks, and the threat to financial stability continue to be a source of worry. Among the topics covered in this chapter are Fintech innovations and adaptations as well as growth, regulatory problems, policies, and recommendations. In addition, it discusses the relevance of the digital transformation that has occurred in the Fintech sector, as well as cross-country experiences in this area, among other things. An additional point of discussion is that frameworks for considering and evaluating the key challenges and regulatory consequences of this industry are required to be developed. The assessment of the many difficulties that regulatory bodies are confronted with can lead to the development of a range of innovative regulatory responses through initiatives such as regulatory sandboxes, innovation hubs, RegTech, regulatory reforms, and international cooperation.
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Rajaiah, J., Majumder, A., Ingale, K., Pasumarti, S.S. (2022). Central Bank and Fintech: Regulatory Challenges and Framework. In: Vukovic, D.B., Maiti, M., Grigorieva, E.M. (eds) Digitalization and the Future of Financial Services. Contributions to Finance and Accounting. Springer, Cham. https://doi.org/10.1007/978-3-031-11545-5_3
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