The Policy Implications and Economic Trade-Offs Involved with Contemporary Financial Technology- European Aspect

ABSTRACT

The recent acceptance of financial technology solutions has brought about noteworthy changes and improvements to financial process. The beginning of innovative solutions and advancements in technology has resulted in the rise of FinTech companies that provide financial services continuously across the globe. This has empowered businesses to reconnoiter new opportunities and has improved the overall quality of the customer know-how. However, the progression of the industry also pretenses weighty regulatory challenges that need to be addressed. Regulatory experts need to establish clear and precise standards to safeguard the interests and safety of customers and to keep up with the developments in the field of FinTech. Failure to do so could lead to potential security breaches and frauds, causing severe financial losses to individuals and businesses. Furthermore, ensuring that regulatory frameworks keep up with the rapid pace of innovation and development can be a test and challenge. This study aims to discover the FinTech landscape with a specific emphasis on the European framework. The study further analyzes the regulatory challenges posed by the rise of FinTech and suggests measures to address these issues. The research also seeks to assess the sustainability and safety of FinTech progress and sketch future directions that can empower the financial services industry to fully benefits from the application of FinTech in a safe and secure milieu.

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