Original Article
FinTech, Lending and Payment Innovation: A Review
Sumit Agarwal,
Jian Zhang,
Corresponding Author
Sumit Agarwal
Department of Finance, National University of Singapore, Singapore
Corresponding author: Department of Finance, National University of Singapore, 15 Kent Ridge Drive, Singapore 119245. Tel: +65-6516-8119, email: ushakri@yahoo.com.
Search for more papers by this authorJian Zhang
School of Business, Hong Kong Baptist University, Hong Kong SAR, People’s Republic of China
Search for more papers by this authorSumit Agarwal,
Jian Zhang,
Corresponding Author
Sumit Agarwal
Department of Finance, National University of Singapore, Singapore
Corresponding author: Department of Finance, National University of Singapore, 15 Kent Ridge Drive, Singapore 119245. Tel: +65-6516-8119, email: ushakri@yahoo.com.
Search for more papers by this authorJian Zhang
School of Business, Hong Kong Baptist University, Hong Kong SAR, People’s Republic of China
Search for more papers by this authorAbstract
The global landscape has seen the advent of new technology in offering innovative financial services and products and reshaping the financial sector, namely FinTech. In this review, we discuss the literature on recent FinTech development and its interaction with both banks and consumers. We synthesize the insights it provides into two domains: credit supply and payment and clearing services. The rise of FinTech has introduced digital transformation of the “bricks-and-mortar” banking model and dramatically changed the way financial services are delivered. We also present several future questions and directions that are worthy of investigation for researchers and policy-makers.
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