Authors Title Year Source title Author Keywords

Firmansyah B.; Generic Solution 2023 Indonesian Generic Solution

Arman A.A. Architecture Journal of Architecture;
Design of Electrical RegTech;
Regulatory Engineering Regulatory
Technology and Compliance;
(RegTech) Informatics Regulatory
Technology;
Solution
Architecture
 Neuwirth R.J.; Regulating 2024 Chinese
Tan Y. FinTech in the Journal of
Greater Bay Area: Comparative
RegTech and the Law
Role of Regulatory
Sandboxes

Muganyi T.; Yan Fintech, regtech, 2022 Financial China; Financial

L.; Yin Y.; Sun and financial Innovation development;
H.; Gong X.; development: Fintech; Regtech
Taghizadeh- evidence from
Hesary F. China
 Nicholls R. Regtech as an 2021 Journal of antitrust;
antitrust Antitrust competition law;
enforcement tool Enforcement Fintech; Regtech;
resale price
maintenance;
vertical price
fixing

Butler T.; Brooks On the role of 2018 Journal of Risk Compliance

R. ontology-based Management reporting; Fintech;
regtech for in Financial Regtech;
managing risk and Institutions Regulation; Risk
compliance management;
reporting in the Semantic
age of regulation technology
 Arner D.W.; FinTech, regTech, 2017 Northwestern
Barberis J.; and the Journal of
Buckley R.P. reconceptualizatio International
n of financial Law and
regulation Business

Cruz Rambaud A RegTech 2022 European algorithmic

S.; Expósito Approach to Journal of Risk transparency; big
Gázquez A. Fintech Regulation data; data
Sustainability: The protection;
Case of Spain Fintech
sustainability;
RegTech
 Gasparri G. Risks and 2019 Frontiers in algorithmic
Opportunities of Artificial process; artificial
RegTech and Intelligence intelligence & law;
SupTech equality of arms;
Developments FinTech;
knowledge
impairment;
RegTech;
SupTech;
transparency &
disclosure

El Khoury R.; RegTech 2024 Journal of Bibliometrics;

Alshater M.M.; advancements-a Financial Blockchain;
Joshipura M. comprehensive Reporting and Compliance;
review of its Accounting Compliance
evolution, technology;
challenges, and Content analysis;
implications for Financial
financial regulation;
regulation and Fintech; RegTech;
compliance Regulatory
technology
Nasir F.; Saeedi ‘RegTech’ as a 2019 Journal of Artificial
M. Solution for Advanced Intelligence;
Compliance Research in Blockchain;
Challenge: A Dynamical and Compliance;
Review Article Control FinTech; RegTech
Systems

Wang J.-S.; Chen Configuring the 2024 Egyptian Business Model

Y.-T. RegTech business Informatics Canvas; Cloud
model to explore Journal Computing;
implications of FinTech; RegTech
FinTech
 Buckley R.P.; The road to 2020 Journal of Data protection;
Arner D.W.; RegTech: the Banking Digital identity;
Zetzsche D.A.; (astonishing) Regulation European Union;
Weber R.H. example of the Financial
European Union regulation;
FinTech; General
Data Protection
Regulation
(GDPR); Open
banking; Payment
Services Directive
2 (PSD 2);
RegTech

Grassi L.; RegTech in public 2022 Journal of Compliance; Data;

Lanfranchi D. and private Industrial and Digital innovation;
sectors: the nexus Business FinTech;
between data, Economics Insurtech;
technology and Monitoring;
regulation RegTech;
Regulation;
Regulatory
technology;
Reporting; Risk
management;
SupTech
Kanojia S.; Kaur Business 2024 Discover Business
S.; Bhavya sustainability in Sustainability sustainability;
the era of Fintech FinTech; RegTech;
and Regtech: a Systematic
systematic literature review
literature review

Charoenwong RegTech: 2024 Journal of Complementary

B.; Kowaleski Technology-driven Financial investments;
Z.T.; Kwan A.; compliance and Economics Compliance
Sutherland A.G. its effects on burden; Financial
profitability, regulation;
operations, and Fintech; Internal
market structure controls; RegTech;
Technology
adoption
 White E. What does finance 2023 Transnational decentralized
democracy look Legal Theory finance; Financial
like?: thinking democracy;
beyond fintech fintech; securities
and regtech law

Anagnostopoulo Fintech and 2018 Journal of Business models;

s I. regtech: Impact Economics and Financial services;
on regulators and Business FinTech; Future
banks research
direction;
RegTech;
Regulation
Index Keywords
 Laws and
legislation; Public
relations;
Business model
canvas; Business
models; Cloud-
computing;
Emerging
technologies;
Financial
technology; Laws
and regulations;
Multiple
dimensions;
Regulatory
technology;
Technology
fields;
Technology
sectors; Decision
making
 business;
financial
services;
literature review;
sustainability;
technological
development
 Abstract

Regulatory Technology, or RegTech, uses new technology that assists the

financial industry, such as FinTech and banks, in meeting regulatory
compliance. RegTech automates various regulatory compliance activities
that were previously manual, such as regulatory interpretation and
regulatory reporting, amidst the challenges of the increasing volume of
regulations and operational data. Some cutting-edge technologies
discovered at RegTech include big data analytics, artificial intelligence,
machine learning, robotic process automation, and cloud computing.
Although very dominant in the financial industry, RegTech solutions have
the potential to be applied in other regulated industries besides finance.
Several studies have explored the potential for applying RegTech in
industries other than finance, such as charitable organizations, real estate
marketplace, pharmaceuticals, and healthcare. Therefore, this study aims to
design a generic RegTech solution architecture so that it can be adopted
and applied in various regulated industries achieve regulatory compliance
more efficiently. Based on the evaluation results, the proposed architecture
can be applied in an industrial environment other than financial to be
considered generic. Furthermore, an evaluation of the comparison of
regulatory compliance business processes without and by implementing
RegTech can produce a time efficiency of 95.16%. These results show that
RegTech solutions can achieve regulatory compliance more efficiently. ©
2023 Institute of Advanced Engineering and Science. All rights reserved.
 In parallel to the growing impacts of various new technologies such as
artificial intelligence on societies, the environment, ecosystems, and human
lives, financial technologies (FinTech) are playing an increasingly important
role in the organization of financial systems and economies worldwide. To
verify this claim, the present article takes a closer look at the role of the
regulation of FinTech in the context of the regional cooperation in the
Greater Bay Area (GBA). The GBA currently comprises the two Special
Administrative Regions of Hong Kong and Macao and the nine municipalities
in the Guangdong Province of the People's Republic of China (PRC), which
together form one of the world's most dynamic and innovative regions.
Based on each of the GBA members' unique legal systems, united under the
principle of 'one country, two systems', the GBA can be regarded as a fertile
testing ground, 'legal laboratory', or 'regulatory sandbox' for the regulation
of FinTech worldwide. For this purpose, the article first introduces the
existing legal framework, fleshing out the contours of the GBA. Second, it
briefly outlines the current scope of FinTech and provides examples of its
use in the GBA. The main focus of the article then shifts from FinTech to the
regulatory challenges posed by FinTech in the GBA, and the article discusses
how these may best be addressed by, for instance, relying on regulatory
technology (RegTech) and so-called 'regulatory sandboxes'. The article
concludes by arguing for both an early and a comprehensive discussion
about the expected benefits and the potential risks of the rapid
implementation and use of FinTech in the GBA and the world at large. © The
Author(s) (2024). Published by Oxford University Press. All rights reserved.

This study investigates the influence of fintech on developments in China’s

financial sector across 290 cities and 31 provinces between 2011 and 2018.
Using a two-stage least squares instrumental variable regression approach
and correcting for cross-sectional dependency, simultaneity, and
endogeneity of regressors, the results establish a positive link between
fintech and financial development. Our findings show that fintech supports
financial sector development by enhancing access (loans), depth (deposits),
and savings within China’s financial institutions. We also show that the
emergence of fintech in the area of financial regulation (regulatory
technology: regtech) can significantly improve financial development
outcomes. Therefore, it is imperative for regulators to pursue policies that
balance growth in the fintech sector while mitigating the associated risks. In
addition, we use the difference-in-differences approach to show that policy
measures such as interest rates liberalization also positively impacted
financial development during the analysis period. In our conclusion, we
suggest a policy framework for balanced fintech sector growth in developing
countries. © 2022, The Author(s).
 Financial technology (Fintech) has been applied to business models in the
financial services sector. Associated with this has been the rise of regulatory
technology (Regtech) in that sector. However, the major application of
Regtech in financial services is as a tool for regulatory compliance, rather
than for regulatory enforcement. This article explores an approach to
applying Regtech techniques to antitrust enforcement. It does this by
applying those techniques to the detection of resale price maintenance
(vertical price fixing). The exploration is limited to pricing on e-commerce
platforms such as AliExpress, eBay, and Amazon Marketplace. The Regtech
application is effected by presenting the literature and cases on resale price
maintenance and the application of the law in Australia, the US, and the EU.
The article examines the application of machine learning in the Regtech
environment and the ways in which application programming interfaces
could be used. The article proposes approaches to machine learning
solutions for the detection of potentially infringing resale price maintenance
conduct. It also presents the basis of an algorithm for detecting that
conduct. © 2020 The Author(s).

This paper addresses important questions such as: what challenges are
presented by new regulation to banks’ infrastructure, risk management and
profitability, and how can these challenges be best addressed? It also
examines the potential impact FinTech has on the riskiness of banks and
proposes RegTech as the solution. Following a brief overview of the impact
and costs of regulation since the financial crisis, the paper introduces
RegTech in the context of challenges facing financial institutions and the
limitations of governance, risk and compliance (GRC) systems. This paper’s
main contribution is in its delineation of a regulatory compliance and risk
ontology, the technologies that underpin it and the related objective-risk-
control (ORC) model. The paper argues that these provide a platform on
which RegTech can perform effective risk management and compliance
reporting in a global post-crisis regulatory environment. © Henry Stewart
Publications 1752-8887 (2018).
 Regulatory change and technological developments following the 2008
Global Financial Crisis are changing the nature of financial markets,
services, and institutions. At the juncture of these phenomena lies
regulatory technology or “RegTech”—the use of technology, particularly
information technology, in the context of regulatory monitoring, reporting,
and compliance. Regulating rapidly transforming financial systems requires
increasing the use of and reliance on RegTech. Whilst the principal
regulatory objectives (e.g., financial stability, prudential safety and
soundness, consumer protection and market integrity, and market
competition and development) remain, their means of application are
increasingly inadequate. RegTech developments are leading towards a
paradigm shift necessitating the reconceptualization of financial regulation.
RegTech to date has focused on the digitization of manual reporting and
compliance processes. This offers tremendous cost savings to the financial
services industry and regulators. However, the potential of RegTech is far
greater – it has the potential to enable a nearly real-time and proportionate
regulatory regime that identifies and addresses risk while facilitating more
efficient regulatory compliance. We argue that the transformative nature of
technology will only be captured by a new approach at the nexus of data,
digital identity, and regulation. This paper seeks to expose the inadequacy
of digitizing analogue processes in a digital financial world, sets the
foundation for a practical understanding of RegTech, and proposes
sequenced reforms that could benefit regulators, industry, and
entrepreneurs in the financial sector and other industries. © 2017. All rights
reserved.

Framework: It is well known that the financial technology (Fintech) industry

has great potential not only to transform the financial system, but also to
build an equitable and sustainable society. In effect, if this technology is
applied in the right way, it could be used to overcome the social and
economic gaps that exist worldwide. Justification: However, until now, the
specific legal regimes (RegTech) that have been established for Fintech
have, in addition to the general lack of confidence in new technologies,
made its implementation more difficult. Nevertheless, in order to
consolidate Fintech, it is necessary to design suitable regulation to
transform these new technologies into ordinary instruments of our financial
system. Objective: Therefore, in order to promote an appropriate RegTech
that allows for the progress of Fintech, it is necessary to analyse the legal
problems that restrict their expansion by using an analytical methodology
and a bibliographic compilation of legal resolutions. Main conclusion: Legal
personal data protection is the main obstacle that must be overcome by
paying attention to the guarantees inherent to this fundamental right. In this
way, if the legal system is to be ready for the Digital Revolution, society
must not be worried about either the loss of rights or increases in
inequalities. ©
 [No abstract available]

Purpose: This study aims to assess the current state and impact of the
RegTech industry on financial regulation and compliance by providing a
comprehensive overview of its evolution and identifying key challenges and
opportunities. Design/methodology/approach: A hybrid review approach was
employed, involving a detailed bibliometric analysis of 89 scholarly articles
and a content analysis of 47 key studies, covering the period from 2010 to
2023. Findings: The research identifies critical trends and challenges within
the RegTech industry, focusing on the roles of regulatory bodies and
technological innovations. It explores four major themes: (1) RegTech
applications in FinTech, financial services and banking regulations; (2)
RegTech’s role in compliance management and fraud prevention; (3) the
impact of digital transformation, governance and regulations; and (4) the
integration of Big Data, AI, ML and blockchain in regulatory systems.
Practical implications: This study provides a comprehensive framework for
understanding the complicated applications of RegTech, highlighting its
potential to enhance compliance efficiency, mitigate risks and foster
innovation within the financial sector. The insights provided are valuable for
policymakers and financial institutions aiming to develop more robust
regulatory frameworks and practices. Originality/value: This study uniquely
integrates bibliometric and content analysis to provide an up-to-date and
nuanced overview of RegTech, focusing on recent advancements in AI, ML
and blockchain technologies. It not only maps current trends but also
identifies research gaps and offers new directions for future research. ©
2024, Emerald Publishing Limited.
Due to the global financial crisis of 2007-2008, several financial regulations
are brought by the regulators with high reporting standards, which are to be
followed by financial institutions. Every year, these requirements are
increasing and it has become a challenge for financial institutions to meet
the requirements manually, due to the high cost and increasing number of
complex compliance requirements. These compliance challenges created
the market for RegTech, which is a part of FinTech industry, where the
RegTech industry promise to act as a solution to reduce compliance cost
and burden for financial institutions as well as regulators. The purpose of
this paper is to present a systematic literature review conducted, on
applying RegTech to reduce compliance cost and burden, while focusing on
promising RegTech tools and various benefits and challenges of RegTech.
The area of RegTech is very recent, which results in a gap in literature and
research for the purpose of this review. Future areas for research are
provided in this paper. © 2019, Institute of Advanced Scientific Research,
Inc. All rights reserved.

Regulatory technology (RegTech) is a significant technology in the financial

technology (FinTech) field that can assist FinTech and innovations to solve
issues of complying with laws and regulations. However, RegTech is mainly
composed of the finance, regulatory and emerging technology sectors, and
its business model involves multiple dimensions, such as those among
governments, banks and technology companies and cross-border FinTech.
Therefore, RegTech startups exhibit distinctive features, and the optimum
business model for their operation needs to be rapidly determined. This
study uses a business model canvas (BMC) as an example to configure the
elements and determinants of a RegTech start-ups and applies the Delphi
technique and multiple criteria decision-making (MCDM) approaches for the
analysis. The results indicate that ‘customer relations (CR)’ and ‘key
activities (KA)’ are the most significant BMC elements. Additionally, the
relevant top-ranked determinants are, in their order of importance, ‘Big
Data analysis’, ‘system feasibility evaluation’, ‘long-term customization’,
‘data assessment and stakeholder descriptions’, and ‘short-term projects’. In
particular, business models of RegTech are the most complex in FinTech.
This study concludes with business elements that can be beneficial not only
for RegTech advancement but also for other emerging technologies in the
FinTech. © 2024
Europe’s road to RegTech has rested upon four apparently unrelated pillars:
(1) extensive reporting requirements imposed after the Global Financial
Crisis to control systemic risk and change in financial sector behaviour; (2)
strict data protection rules reflecting European cultural concerns about data
privacy and protection; (3) the facilitation of open banking to enhance
competition in banking and particularly payments; and (4) a legislative
framework for digital identification to further the European Single Market.
The paper analyses these four pillars and suggests that together they are
underpinning the development of a RegTech ecosystem in Europe and will
continue to do so. We argue that the European Union’s financial services
and data protection regulatory reforms have unintentionally driven the use
of regulatory technologies (RegTech) by intermediaries, supervisors and
regulators, and provided an environment within which RegTech can flourish.
The experiences of Europe in this process will provide insights for other
societies in developing their own RegTech ecosystems in order to support
more efficient, stable, inclusive financial systems. © 2019, Springer Nature
Limited.

Higher regulatory compliance requirements, fast and continuous changes in

regulations and high digital dynamics in the financial markets are powering
RegTech (regulatory technology), defined as technology‐enabled innovation
applied to the world of regulation, compliance, risk management, reporting
and supervision. This work builds on a systematic literature review and a
bibliometric analysis of the literature on RegTech, its influential papers and
authors, its main areas of research, its past and its future. The resulting
multi-dimensional framework bridges across four main dimensions, starting
with regulation and technology, where one or more regulations, not
necessarily financial ones, are addressed with the support of technologies
(e.g. artificial intelligence, DLT, blockchain, smart contracts, API). Data play
a central role, as sharing them enables data ecosystems, where additional
value can be attained by each market participant, while data automation
and machine-readable regulations empower regulators to pull data directly
from the banks’ systems and combine these data with data obtained directly
from customers or other external sources. Several applications emerge,
both for regulated entities, covering matters of compliance, monitoring, risk
management, reporting and operations, as well as for authorities, which can
leverage on RegTech (SupTech) solutions to make policies, to undertake
their authorising, supervising and enforcement operations, for monitoring
and controlling purposes, and even to issue fines automatically. As a
consequence, stakeholders can reap a series of benefits, such as higher
efficiency and effectiveness, accuracy, transparency and lower compliance
costs but also risks, such as cyber risk, algorithmic biases, and
dehumanization. © 2022, The Author(s).
Purpose: The present paper examines the existing literature on how FinTech
and RegTech contribute to business sustainability and the sustainability of
new-age technology firms. It highlights the opportunities and challenges
faced by new age technology firms, especially in emerging markets, in
ushering in business sustainability and provides insights to attain economic
stability, growth, and social and environmental sustainability through
FinTech and RegTech. Methodology: We conducted a systematic literature
review using the SALSA (Search, Appraisal, Synthesis, and Analysis)
framework to examine existing literature on the topic of the current study.
To analyse the evolution and development of this domain, we extract
published literature from Scopus using search strings based on the PICOC
(Population, Intervention, Comparison, Outcome and Context) framework
population, without considering any time frame. Thematic synthesis is used
for data extraction and further classification of literature to synthesize the
current body of knowledge and ascertain future research agendas in
FinTech, RegTech and sustainability. Finding: We find that FinTech has
favourable influence on banks, SMEs and agriculture performance but is a
significant challenger to the traditional finance industry. Although, there is
suggestive evidence in favour of cyber security being a factor for FinTech
adoption, further evidence is still required. Results highlight differences in
market penetration of FinTech in developed and emerging economies, and
demographic factors like the age of the population and demographic
dividend of the emerging economies play an important role in the rise of
FinTech in emerging economies. RegTech has continuously evolved to
address the challenges posed by evolving financial technologies, with a
focus on improving internal control systems. This study outlines the future
research agenda in terms of protection against non-compliance, money
laundering, terror financing, and cyber security, which are other major
reasons for the adoption of RegTech. RegTech has also shown a positive
impact on preventing financial crime, reducing compliance costs, and easy
onboarding of clients. Practical implications: This paper reveals the
connection between FinTech and RegTech and business sustainability, the
Compliance-driven investments in technology—or “RegTech”—are growing
rapidly. To understand the effects on the financial sector, we study firms’
responses to new internal control requirements. Affected firms make
significant investments in ERP and hardware. These expenditures then
enable complementary investments that are leveraged for noncompliance
purposes, leading to modest savings from avoided customer complaints and
misconduct. IT budgets rise and profits fall, especially at small firms, and
acquisition activity and market concentration increase. Our results illustrate
how regulation can directly and indirectly affect technology adoption, which
in turn affects noncompliance functions and market structure. © 2024
Elsevier B.V.
 The paper addresses the purported ‘democratisation’ of finance as it has
been heralded among many proponents of decentralized finance (‘DeFi’). It
places the emergence of decentralised platform financing in the context of a
continuing neo-liberalization of public services to interrogate the
democratisation claim. Following a brief presentation of the guiding
principles for both Canadian and U.S. securities regulation law, the paper
explains the fast evolution of DeFi and argues that its driving impetus is the
inclusion of individuals into a financial system that features little
centralisation and even less regulatory oversight. While access to online
investment forms is broadened, it remains questionable to which degree
such a system can be an instrument in the pursuit of long-term oriented
public goods goals. © 2023 Informa UK Limited, trading as Taylor & Francis
Group.

The purpose of this paper is to develop an insight and review the effect of
FinTech development against the broader environment in financial
technology. We further aim to offer various perspectives in order to aid the
understanding of the disruptive potential of FinTech, and its implications for
the wider financial ecosystem. By drawing upon very recent and highly
topical research on this area this study examines the implications for
financial institutions, and regulation especially when technology poses a
challenge to the global banking and regulatory system. It is driven by a
wide-ranging overview of the development, the current state, and possible
future of fintech. This paper attempts to connect practitioner-led and
academic research. While it draws on academic research, the perspective it
takes is also practice-oriented. It relies on the current academic literature as
well as insights from industry sources, action research and other publicly
available commentaries. It also draws on professional practitioners’
roundtable discussions, and think-tanks in which the author has been an
active participant. We attempt to interpret banking, and regulatory issues
from a behavioural perspective. The last crisis exposed significant failures in
regulation and supervision. It has made the Financial Market Law and
Compliance a key topic on the current agenda. Disruptive technological
change also seems to be important in investigating regulatory compliance
followed by change. We contribute to the current literature review on
financial and digital innovation by new entrants where this has also practical
implications. We also provide for an updated review of the current
regulatory issues addressing the contextual root causes of disruption within
the financial services domain. The aim here is to assist market participants
to improve effectiveness and collaboration. The difficulties arising from
extensive regulation may suggest a more liberal and principled approach to
financial regulation. Disruptive innovation has the potential for welfare
outcomes for consumers, regulatory, and supervisory gains as well as
reputational gains for the financial services industry. It becomes even more
important as the financial services industry evolves. For example, the
preparedness of the regulators to instil culture change and harmonise
Keyword1 Keyword2 Other issue
 Regtech Antitrust Regulatory
enforcement compliance

Ontology-based Compliance reporting Risk management

regtech
 RegTech Reconceptualization Global Financial
Crisis

Fintech(Financial Digital Revolution Perssonal Data

Teachnology) Protection
Regtech(Regulatory Financial Compliance Fraud Prevention
Technology) Gaps
 Distributed Data Automation Cyber Risk
LedgerTechnology
(DLT)
 Emerging Market Financial Crime Internal Control
Prevention System

Enterprise Resource Market Concentration Impact of Regulation

Planning (ERP) on Technology
Adoption
Decentralized Long-term Financial Lack of
Finance (DeFi) Sustainability Centralization in
DeFi

Disruptive Global Banking Regulatory and

Innovation System Compliance Issues
for New Entrants
Key Finding Future Research
Agenda
 This article explores an N/A
approach to applying
Regtech techniques to
antitrust enforcement. The
article examines the
application of machine
learning in the Regtech
environment and the ways
in which application
programming interfaces
could be used.

What challenges are N/A

presented by new
regulation to banks’
infrastructure, risk
management and
profitability, and how can
these challenges be best
addressed? It also
examines the potential
impact FinTech has on the
riskiness of banks and
proposes RegTech as the
solution.
This paper seeks to expose [Link]
the inadequacy of digitizing
analogue processes in a
digital financial world.
Regulatory technology
(RegTech) is driving a
paradigm shift in financial
regulation by enabling
more efficient, real-time
compliance and risk
management.

This abstract shows that [Link]

many people and business
afriad to adopt fintech due
to security and and
realiability [Link] to
strict or outdated laws
fintechs are blocking their
path of expansion.
 How to prevent fraud and N/A
complience
[Link] also
regtech adpotion can be
better integration for the
financial [Link]
shows that Future research
should focus on bridging
gaps in AI driven financial
compliance.
 Several applications N/A
emerge,both for regulated
entities,covering matters of
compliance,monitoring,risk
management,reporting and
operation,as well as for
authorities,which can
leverage on
RegTech(SupTech)
solutions to make
policies,for monitoring and
controling purposes,and
even to issuefines
automatically.
 These expenditures then N/A
enable complementary
investments that are
leveraged for
noncompliance
purposes,leading to modest
savings from avoided
customers complaints and
misconduct.

IT budgets rise and profits N/A

fall, especially at small
firms, and acquisition
activity and market
concentration [Link]
results illustrate how
regulation can directly and
indirectly affect technology
adoption, which in turn
affects noncompliance
functions and market
structure.
 DeFi and argues that its N/A
driving impetus is the
inclusion of individuals into
a financial system that
features little centralisation
and even less regulatory
oversight. While access to
online investment forms is
broadened, it remains
questionable to which
degree such a system can
be an instrument in the
pursuit of long-term
oriented public goods goals.

As a perspective on a social N/A

construct, this study
appeals to regulators and
law makers, entrepreneurs,
and investors who
participate in technology
applied within the
innovative financial
services domain. It is also
of interest to bankers who
might consider FinTech and
strategic partnerships as a
prospective, future
strategic direction.