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fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\b1 \fs32 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 REVIEW
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af0 \loch \af0 {\b1 \fs32 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
lang9 \langnp9 Insights into financial technology (}{\b1 \fs32 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 Fin Tech}{\b1 \fs32 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 ): a }{\b1 \
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biometric}{\b1 \fs32 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9
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fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 In
this paper, we have presented an overall analysis of publications in the field of }
{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \
langnp1033 Fin Tech}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \
f0 \lang9 \langnp9 up to 2020. Based on WoS, we obtained 848 publications; the
first document was published in 1996. Even though this topic appeared early, with
the advancement of the economy and technology, the real explosions of research
occurred in 2015 (see Fig. 2). From various aspects, this paper investigated the
characteristics of all publications in the field of }{\fs28 \kerning2 \rtlch \ltrch
\dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 Fin-tech}{\fs28 \kerning2 \
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 based on
visualization tools.}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0
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kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 First, the development of }{\
fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033
Fin-tech}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \
langnp9 benefits from common progress in many fields, such as }{\fs28 \kerning2 \
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 block-chain}{\
fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 , big
data, machine learning, artificial intelligence, and digital economy (see Fig. 6).
Moreover, mobile money is currently a hot topic and will continue to be one (see
Fig. 7). In light of countries/regions, China has the greatest number of
publications, which can be illustrated by the advanced technological environment of
China, such as the convenient mobile payment and intelligent life. Meanwhile, it is
expected to achieve the progress of citations (see Fig. 3 and Table 2). The
research }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
lang1033 \langnp1033 hotpots}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \
loch \f0 \lang9 \langnp9 of this field are clear. It can be reflected from
different angles: (1) from the top productive countries/regions (see Table 3),
their research topics concentrate on the }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0
\hich \af0 \loch \f0 \lang1033 \langnp1033 block-chain}{\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 , P2P lending, financial
inclusion and regulation; (2) from the popular journals (see Fig. 13), Electronic
Commerce Research and Applications, Journal of Management Information Systems, and
Financial Innovation are the top influential journals. Their research focuses on e-
commerce, digital economy, }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \
loch \f0 \lang1033 \langnp1033 block-chain}{\fs28 \kerning2 \rtlch \ltrch \dbch \
af0 \hich \af0 \loch \f0 \lang9 \langnp9 , big data, and banking; (3) from the
timeline view of author keywords (see Fig. 7), and it not only presents the popular
topics but also illustrates their time. Furthermore, burst detection analysis and
overlay analysis give impetus to the scholars who are interested in }{\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 Fin-
tech}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9
to grasp the dynamic changes more intuitively. With the overall results, the
current challenges (lending, risk management, and financial regulators) and future
possible research directions and extensions (introducing uncertain decision making
and speeding up the connection with machine learning and big data) are discussed.}
{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 \par
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dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich
\af0 \loch \f0 \lang9 \langnp9 In general, the findings in this paper play a key
role in the next stage and encourage scholars to conduct further studies. However,
because the publications presented in this paper are limited to the WoS score
database and the search keywords are related to }{\fs28 \kerning2 \rtlch \ltrch \
dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 Fin-tech}{\fs28 \kerning2 \
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 and financial
technology, the content needs to be enriched in the future. We will pay more
attention to the innovation research of }{\fs28 \kerning2 \rtlch \ltrch \dbch \
af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 Fin-tech}{\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 and its dynamic development}
{\b1 \fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \
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Fin-tech}{\b1 \fs32 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
lang9 \langnp9 and the Future of Financial Services (Anil Kavuri and Alistair
Milne)}{\b1 \fs32 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \
langnp9 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \
widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \
rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \
dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 This paper has o\uc1 \u64256 ?ered
research agendas under seven gaps highlighted by our lit-erature review and through
discussions and focus groups with academics and pol-icymakers. The seven gaps are
1) changing industrial structure and organisationof \uc1 \u64257 ?nancial services,
2) new forms of \uc1 \u64257 ?nancial intermediation (alternative \uc1 \u64257 ?
nance)such as loan-based and equity-based crowdfunding, 3) changing payments mecha-
nisms including central bank digital currencies and the shift to a cashless
society,4) reaching vulnerable and excluded customers in both developed and
developingcountries, 5) computation, arti\uc1 \u64257 ?cial intelligence and large-
scale data processing in\uc1 \u64257 ?nance, 6) the relationship bet}{\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 ween
the new \uc1 \u64257 ?nancial technologies and \uc1 \u64257 ?nancialregulation, 7)
identity, security, data privacy and their regulation in \uc1 \u64257 ?nancial ser-
vices.Some of the gaps have been researched more than others. For instance there
iswork in relation to 2) new forms of \uc1 \u64257 ?nancial intermediation
(alternative \uc1 \u64257 ?nance)such as loan-based and equity-based crowdfunding.
On the other hand, there isalmost no studies in regards to 7) and 5). }{\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 \
par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \
aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \
dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
af0 \loch \f0 \lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \
sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \
rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 \
par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \
aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \
dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
af0 \loch \f0 \lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \
sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \
rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\b1 \
fs32 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033
Fin-tech and the digital transformation of financial services: implications for
market structure and public policy [Erik Feyen (World Bank), Jon Frost (Bank for
International Settlements (BIS)] }{\b1 \fs32 \kerning2 \rtlch \ltrch \dbch \af0 \
hich \af0 \loch \f0 \lang9 \langnp9 \par }\pard \plain \ql \li0 \ri0 \lisb0 \
sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \
rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 This paper
has shown that digital innovation is bringing about economically meaningful changes
in the production of financial services, with implications for the industrial
structure of finance. Improvements in connectivity and computing can help to
enhance efficiency and competition. In many cases, financial services have seen
an }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \
langnp1033 UN-bundling}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \
f0 \lang9 \langnp9 of different products and services. At the same time, financial
frictions and forces that drove the need for financial }{\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 inter mediators}{\
fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 in
the first place have reasserted themselves. The financial sector may be tending
toward a barbell outcome in market structure, in which large multi-product
institutions exist alongside more specialized niche institutions.}{\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 \par }\
pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha
\aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \
hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0
\lang9 \langnp9 Regulatory and supervisory policy tools will have to adapt.
Existing regulatory perimeters may not adequately cover emerging providers of
financial services, and new players may pose challenges for day-to-day financial
supervision. It is increasingly challenging to balance competition and stability,
both among financial services providers and across myriad players in reconfigured
financial product value chains. Rules for control over data, and which data are
allowable for specific services,}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
af0 \loch \f0 \lang9 \langnp9 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0
\sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \
fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 will need to be
defined \uc1 \u8211 ? ideally in a way that gives individuals control, balances}{\
fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033
}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9
competition and efficiency with privacy and consumer protection, and enhances}{\
fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033
}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9
financial inclusion. New forms of discrimination and bias will need to be }{\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033
understood and}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
lang9 \langnp9 countered. A new balance will have to be struck across consumer
protection,}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
lang1033 \langnp1033 }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \
f0 \lang9 \langnp9 privacy considerations and stability and integrity in a way that
respects societal}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
lang1033 \langnp1033 }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \
f0 \lang9 \langnp9 preferences in different jurisdictions around the world, and
within different societies.}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \
loch \f0 \lang9 \langnp9 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \
sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \
kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 Monetary policy, systemic
stability, and consumer protection tools, which have been}{\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 }{\fs28 \kerning2 \
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 left largely beyond
the scope of this paper, may also need to adapt. Challenges}{\fs28 \kerning2 \rtlch
\ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 }{\fs28 \kerning2 \
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 include access to
lender of last resort programs by new providers, stabilizing credit}{\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 }{\
fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9
markets in which non-bank players become major lenders, and maintaining the}{\
fs28 \kerning2 \rtlch \ltrch
\dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 }{\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 viability of deposit
insurance programs where new players become large}{\fs28 \kerning2 \rtlch \ltrch \
dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 .}{\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 \par }\pard \plain \
ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \
adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \
af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \
slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \
kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\b1 \fs32 \kerning2 \rtlch
\ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 FINTECH IN INDIA \uc1 \u8211
? OPPORTUNITIES AND CHALLENGES}{\b1 \fs32 \kerning2 \rtlch \ltrch \dbch \af0 \
hich \af0 \loch \f0 \lang1033 \langnp1033 [}{\b1 \fs32 \kerning2 \rtlch \ltrch \
dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 Dr. C. Vijai}{\b1 \fs32 \kerning2 \
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 ]}{\b1 \fs32 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 \
par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \
aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \
dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
af0 \loch \f0 \lang1033 \langnp1033 The result of this study shows that Fin-tech
industry change for the financial services in India. and India's fastest growing
fin-tech industry in the world. In the feature, Indian fin-tech software market is
forecast-ed to touch USD 2.4 billion by 2020 from a current USD 1.2 billion, as per
NASSCOM. The traditionally cash-driven Indian economy has responded well to the
fin-tech opportunity, primarily triggered by a surge in e-commerce, and Smartphone
penetration. The transaction value for the Indian fin-tech sector is estimated to
be approximately USD 33 billion in 2016 and is forecast-ed to reach USD 73 billion
in 2020 growing at a five-year CAGR of 22 percent. The Indian government also
focuses on and encourages fin-tech industry and promote new ideas and innovations
refer to the fin-tech industry. Fin-tech is an emerging concept in the financial
industry.}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \
slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \
kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 Financial technology
innovation in India more advantage for the Indian economy, the fin-tech services
more secure and user-friendly. the fin-tech services reduce their costs for
financial services.}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \
f0 \lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \
sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \
kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 \par }\pard \plain \
ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \
adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \
af0 \loch \af0 {\b1 \fs32 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
lang1033 \langnp1033 Past, Present and Future of FinTech Research: A Biometric
Analysis [Ishtiaq Ahmad Bajwa , Shafiq Ur Rehman and Muhammad Ajmal Khan]}{\b1 \
fs32 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \
langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \
widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \
rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \
dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 An extensive review of the
Fin-tech literature was conducted in this study. The Web of Science Database was
selected for data extraction and the initial keywords search yielded 28,153
articles. The final analysis was conducted on 1,360 articles obtained after
excluding irrelevant papers. These articles had been published between the year
2006 and June 2020. Biometric Software like HistCite and VOSviewer were used to
conduct the data analyses. As a part of the meta literature review, the following
types of analyses were undertaken in this study (i) identification of the
influential aspects of Fin-tech literature, (ii) co-citation analysis, (iii) co-
authorship analysis, (iv) keyword analysis, (v) content analysis of major streams
available in the literature, and (vi) identification of the future directions.}{\
fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \
langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \
widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \
rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \
dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 Although there have been many
previous reviews available on FinTech, every new study adds value to the existing
literature due to the growing nature of the literature. Furthermore, this study
might be useful for future researchers as it provides an overview of significant
streams and sub-streams available in the FinTech literature. These streams include
(i) Bitcoin and digital currency stream, (ii) the crowdfunding stream, (iii) the
mobile payment stream, and (iv) the blockchain stream. The study results also
identify the main contributors, institutions, primary sources, and influential and
trending articles related to FinTech. Future research direction has also been
discussed.}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033
\langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \
widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \
rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \
dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 Regarding the study\uc1 \u8217
?s utility, the updated information about various researchers and institutions
would be useful for Fintech professionals and new startups for future
collaborations, testing, and upgrading of ideas across multiple business stages.
For young academic researchers, the information about main streams and sub-streams
might provide useful insights to initiate future research work. Furthermore, such
information could be useful for future networking opportunities among researchers
and other interested stakeholders.}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \
hich \af0 \loch \f0 \lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \
sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \
rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 No
study is without limitations and as such this research study was also limited by
several factors. Firstly, we have only used the Web of Science as a database to
extract the relevant studies. This was because of the limitation inherent to the
leading software used for analysis; HistCite, only processes WOS data. FinTech is a
growing domain, and new research available in other databases as well such as
Scopus and Google scholar has been missed. So any future research may combine the
data from all these databases to conduct a more comprehensive study. Another
potential limitation is related to the citation analysis. In Citation analysis, we
rate studies, authors, and institutions based on the number of citations received.
However, some recent good quality articles did not have many citations because of
their recent date of publication and were ignored by the analytical software used.
These articles would probably gain high citations in the future. So any future
research using the same methodology may highlight these articles.}{\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 \
par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \
aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \
dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
af0 \loch \f0 \lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \
sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \
rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\b1 \
fs32 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033
The Impact of Fintech and Digital Financial Services on Financial Inclusion in
India [by Mohammad Asif 1,Mohd Naved Khan,Sadhana Tiwari ,Showkat K. Wani and Firoz
Alam]}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \
langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \
widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \
rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \
dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 It is generally agreed that
financial inclusion is necessary for the alleviation of poverty, the promotion of
balanced economic growth, and the maintenance of economic stability. In
underdeveloped nations, a significant portion of the population do not have access
to even the most fundamental banking services. The
vast majority of them come from Asian and Middle Eastern countries. The provision
of fundamental monetary services, such as banking, is still largely out of reach
for millions of individuals, particularly those living in India\uc1 \u8217 ?s most
rural and isolated areas. It is necessary to make use of financial technology and
services related to mobile money in order to complete financial transactions and to
improve one\uc1 \u8217 ?s standard of living by investing in the creation of new
enterprises or initiatives related to self-employment. The sharing economy,
legislation, and information technology are all contributing to the rapid progress
that is being made owing to these initiatives. Despite this, research on the field
of fintech is still in its infant phases. In most nations that are still
developing, policy-makers see financial inclusion as a top objective for
development.}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \
slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \
kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 This work is a
contribution to the body of research that deals with factors associated with using
fintech for financial inclusion, particularly for economically disadvantaged people
living in rural India. The model that incorporated the input of rural residents
into financial decision-making emerged as the most important finding from this
empirical investigation. In addition, findings from the structural equation
modeling and route analysis led the researchers to the conclusion that customers,
who are meant to participate in financial inclusion via the use of fintech
services, should always make an effort to conduct transactions using fintech-based
mobile services. They have no plans to stop utilizing fintech for financial
inclusion, and they like the user-friendly nature of these services. The majority
of respondents make regular use of financial inclusion services based on fintech,
and they believe that this has increased their profitability and savings, in
addition to enabling them to transfer money to anybody in the globe at a reasonable
cost (Orlov et al. 2021). People living in rural India feel that fintech can be
used to increase rural income and can also be utilized to make financial services
more accessible to rural residents. This was also found in an earlier study (Demir
et al. 2022).}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \
slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \
kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 Rural India believes
that fintech is simple and straightforward to grasp. The people around them,
particularly those who expect them to employ financial inclusion services based on
fintech, have also had an impact on their behavior. A number of users shared the
opinion that making use of financial inclusion services offered by companies that
specialize in fintech has become second nature. People have the impression that the
service fees associated with fintech-based financial inclusion are fair and provide
good value for the money spent. They also showed faith in facilitators of
circumstances when it came to the provision of fintech services. However, they
concur that it is essential to exercise extreme caution when dealing with financial
inclusion services that are based on fintech. The results of this research indicate
that fintech is playing a significant role in the financial inclusion of rural
people in the Indian economy. In reality, behavioral intention, service trust,
usability, and social influence have a significant impact on the usage of fintech
services (Thomas and Hedrick-Wong 2019).}{\fs28 \kerning2 \rtlch \ltrch \dbch \
af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \
lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0
\rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\
fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033
Trust difficulties are more important in the area of fintech than they are in any
other industry. Digital services that manage people\uc1 \u8217 ?s money are
directly tied to their financial welfare. Therefore, trust is crucial, and fintech
is delivering it. The results of this study are aligned with earlier literature.}{\
fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \
langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \
widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \
rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \
dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 This study was confined to
behavioral intention, service trust, usability, and social influence. Government
support as a mediating factor could have been discussed as government support has
been remarkable for fintech companies in India, particularly since 2014.}{\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 \
par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \
aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \
dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
af0 \loch \f0 \lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \
sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \
rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\b1 \
fs32 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033
OBJECTIVES}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033
\langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \
widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \
rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \
dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 The paper reviews three
objectives of financial regulation (investor protection, market integrity,
safeguarding financial stability) in the context of recent fintech developments,
covers three guiding principles many regulators follow (legal certainty, technology
neutrality, and proportionality).}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
af0 \loch \f0 \lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \
sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \
rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033
Research in Finance seeks to provide a collection of quality research articles that
reflect the current and primary issues in financial markets.}{\fs28 \kerning2 \
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 \par }\pard \
plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \
aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \
hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0
\lang1033 \langnp1033 The general purpose of the financial statements is to provide
information about the results of operations, financial position, and cash flows of
an organization.}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \
slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \
kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 These are the pillars
of fintech}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033
\langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \
widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \
rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \
dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 a.Capital Formation.}{\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 \
par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \
aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \
dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
af0 \loch \f0 \lang1033 \langnp1033 b.Credit and Risk Solutions.}{\fs28 \kerning2 \
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 \par }\pard \
plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \
aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \
hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0
\lang1033 \langnp1033 c.Data & Distribution.}{\fs28 \kerning2 \rtlch \ltrch \dbch \
af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \
lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0
\rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\
fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033
d.Economics & Country Risk.}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \
loch \f0 \lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \
lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \
itap0 \fs21 \kerning2
\rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \
dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 e.Sustainability.}{\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 \
par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \
aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \
dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
af0 \loch \f0 \lang1033 \langnp1033 f.Financial Technology Solutions.}{\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 \
par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \
aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \
dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
af0 \loch \f0 \lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \
sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \
rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 \
par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \
aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \
dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
af0 \loch \f0 \lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \
sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \
rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 \
par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \
aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \
dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
af0 \loch \f0 \lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \
sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \
rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\b1 \
fs32 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033
RESEARCH GAP}{\b1 \fs32 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \
slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \
kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 Gap one: Changing
industrial structure and organisation of \uc1 \u64257 ?nancial services.}{\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 \
par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \
aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \rtlch \ltrch \
dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
af0 \loch \f0 \lang1033 \langnp1033 Gap two: New forms of \uc1 \u64257 ?nancial
intermedi-ation (alternative \uc1 \u64257 ?nance) such as loan-based and equity-
based crowdfunding.}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \
f0 \lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \
sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \
kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 Gap three: Changing
payments mechanismsincluding central bank digital currencies and the shift to a
cashless society.}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \
slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \
kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 Gap four: Reaching
vulnerable and excluded customers in both developed and developing countries.}{\
fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \
langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \
widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \kerning2 \
rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \
dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 Gap \uc1 \u64257 ?ve:
Computation, arti\uc1 \u64257 ?cial intelligence and large-scale data processing in
\uc1 \u64257 ?nance.}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0
\lang1033 \langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \
sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \itap0 \fs21 \
kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 Gap six: The
relationship between the new financial technologies andfinancial regulation}{\b1 \
fs32 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \
langnp1033 .}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
lang9 \langnp9 \par }}