FinTech and its Role in Achieving Sustainable Development: Reality and Challenges- د.رائد حسن محمد بني عيسى -الأردن-

FinTech and its Role in Achieving Sustainable Development: Reality and Challenges

[RaedHasanBany Issa¹], [raed.banyissa@gmail.com]

RaedHasanBanyissa Ph. D – Economics and Financial Islamic Banking, Jordan –  Assistant Professor at the College of Economics and Business Administration, Department of Islamic Economics, Islamic University of Minnesota. USA.Part-time lecturer – at Al-Balqa Applied University.Member of the Jordanian Scholars Association, and a Sharia lawyer in the Jordanian Sharia courts.

 

Abstract

This study aims to highlight the role of financial technology as a financial experiment whose novelty in the banking sector has enabled this sector to achieve economic and social development. This is achieved by enabling various social groups to use and benefit from electronic services characterized by high flexibility compared to traditional tools, while enhancing customer desire to obtain them.

The study addressed the nature of financial technology, its objectives, characteristics, and the means used to deliver its services, in addition to the importance of financial technology innovations.

The study then identified the most prominent challenges facing financial technology, summarized its findings, and proposed recommendations to overcome these difficulties and challenges. These services have become an integral part of society, with people actively participating in all its vital sectors. Through its innovations, financial technology has contributed to meeting the diverse needs and desires of customers at a lower cost compared to its traditional counterparts.

Introduction

Today, financial transactions are witnessing a widespread technological revolution across various industrial and economic sectors, contributing to the development of the banking industry through the production of financial instruments. This widespread diffusion of technology has had a significant global impact, as it has become an essential and necessary part of human life. This has prompted banks to leverage this innovation and employ financial technology in this field to meet the needs and desires of their customers.

FinTech is a fundamental pillar of the banking sector, given the growing demand for banking services and the implementation of their transactions via electronic applications and smart cards. It also changes the pattern of traditional services, making financial services faster, cheaper, safer, more transparent, and easier to access, especially for a large segment of the population who do not interact directly with the banking sector. Despite the opportunities offered by FinTech and its diverse applications, banks and financial institutions face difficulties and challenges. In light of these difficulties, the importance of a legislative, regulatory, and supervisory framework that enables the development and operation of FinTech and financial artificial intelligence business models has emerged. This framework enables supervisory and regulatory authorities to mitigate risks and provide growth opportunities in a competitive environment, while maintaining financial safety and stability. Therefore, banks and financial institutions are seeking to introduce some changes to their business models by expanding their adoption of technology, investing in their own infrastructure, and possibly entering into partnerships with startups to improve their competitiveness and increase their reliance on modern technology in providing financial services.

Research Problem

Given the growing potential of financial technology and the services it provides, they have faced difficulties and challenges in this area due to the intense competition between banks and financial technology companies entering the banking sector. Therefore, the research problem lies in the following question: Does financial technology achieve social welfare for the country, and thus achieve sustainable development in light of these challenges?

Importance of the Study

The importance of the study stems from the important role of the banking sector in achieving sustainable development in the country. Development processes must include financing important projects, especially small projects, and exploring ways to finance them. This increases financing opportunities, stimulates the economy, and employs the country’s workforce. This contributes to production and reduces unemployment, which positively impacts sustainable development.

Research Objectives:

1. Explain the concept of financial technology and sustainable development.
2. Explain the role of financial technology in banking transactions.
3. Highlight the difficulties and challenges facing financial technology and attempt to find the necessary solutions.

 

Chapter One: Financial Technology: The Reality of Financial Technology and Sustainable Development – General Concepts

An Overview of Financial Technology

Fintech is generally defined as any technological invention employed in financial services. These innovations have been used in this industry and have developed new technologies that compete with traditional financial markets.(What is FinTech? Iraqi Translation Project, (2018).

According to the Digital Research Institute in Dublin, Poland, financial technology is the modern technological inventions and innovations in the financial sector. These inventions include a set of digital programs used in banks’ financial operations, including customer transactions and financial services such as money transfers, currency exchanges, interest rate and profit calculations, forecasting investment returns, and other banking operations.(Muhammad Mahmoud, 1922)

First Section: Financial Technology – Its Concept and Main Areas

First Section: The Concept and Importance of Financial Technology

First: Definition of Financial Technology:

1- Financial technology, often abbreviated as FinTech or fintech, is the technology and innovations that traditional financial methods seek to provide financial services. It is considered an emerging industry that uses technology to improve activities in the field of finance. Examples of this technology include the use of smartphones in banking services, also known as mobile banking, as well as mobile investment services.(Sanicolla, Lenny, 2018).

According to the Financial Technology Report issued by Payfor, financial technology is described as those services and products that use technology to improve the quality of traditional financial services. This technology is characterized by being faster, cheaper, easier, and more accessible to a greater number of people. Startups are small, newly established companies that aim to expand by creating new markets or capturing a significant share of existing markets by offering valuable offerings. Therefore, fintech startups are small, new companies that promise to improve banking services for individuals and businesses, in cooperation or competition with existing financial service providers.(Sandy Fox; Mati Greenspan, 2019).

2- FinTech: Financial innovations using technology that can create new business models, applications, processes, or products that have a tangible impact on financial markets and institutions, and the provision of financial services.(Fintech: Unlocking the Potential of the MENA, Afghanistan, and Pakistan, 2017).

FinTech companies comprise startups, financial institutions, and established technology companies that aim to enhance the use of financial services provided by existing financial companies, or to replace them. Many existing financial institutions are implementing FinTech solutions and technologies to improve and develop their services and enhance their competitive position. In a broader perspective, FinTech can be defined as the application and use of modern technology in the financial sector.(Sandy Fox; Mati Greenspan, 2019).

Second: The Importance of FinTech Innovations:(Zahraa, andHamou (2020), p. 98).

The importance of financial technology in serving beneficiaries through its modern financial products and services is highlighted. It provides significant technologies for banks that contribute to financing various institutions and capital markets, as well as data analysis, financial statements, payments, and customer management of their funds. FinTech also contributes fundamentally to reducing costs and increasing capital in the quantity and speed appropriate for all beneficiaries. Technology also plays a role in enhancing the economy’s gross domestic product by enabling individuals and institutions to easily access financial instruments such as credit facilities. Some of the innovations in the field of financial technology include the following:(Shahata, Mohamed Mousa, (2019),p. 17).

1. Covering a wide range of financial services, such as crowd funding, mobile payment solutions, international money transfers, and investment portfolio management.
2. It works to change the structure of financial services in general, as well as the methodology and mechanism for providing banking services to customers, making them faster, cheaper, more secure, and more transparent.
3. It helps improve the quality and variety of financial services provided, enabling them to be available anytime, anywhere.
4. It contributes to achieving a competitive advantage for financial institutions and emerging companies in the field of financial technology.

Section Two: The main areas of FinTech and the reasons the world is turning to it

First: The main areas of FinTech(Aldridg, Krawciw S, 2017).

Fintech has been used in insurance automation, trading and trading, fraud prevention, and risk management. Many independent service providers, including at least one licensed insurance company, offer this technology. Access is possible through open APIs and open banking services, and is supported by regulations and legislation such as the European Payment Services Directive.(Schoolten, Ulrich, 2019).

When trading in financial markets, innovative electronic trading platforms facilitate instant online trading. Social trading networks allow investors to monitor the trading behavior of their peers and expert traders and track their investment strategies in the foreign exchange and financial markets(R. Jesse McWaters , (2018), p. 125).

Robo-advisors are defined as automated financial advisors who provide financial advice or investment management online with minimal human intervention. They also provide digital financial advice based on mathematical rules or algorithms, and can therefore be a lower-cost alternative to human advisors.(Lieber, Ron , 2019).

The fintech sector is witnessing rapid growth globally, attracting 1,824 investment deals worth $14.2 billion in venture capital investments in 2017, according to the 2018 Bahrain.(HebaElmansy, 2019).

Fintech Ecosystem Report. Furthermore, the number of European fintech deals reached a five-quarter high, rising from 37 in the fourth quarter of 2015 to 47 in the first quarter of 2016. (Stockholm FinTech:, 2019).

Second: Digital Transformation: Digital transformation addresses the question, “How can we maximize the use of digital technology for the benefit of all people?” Not just for the benefit of residents of large cities and universities. (Digitization or digital transformation represents the process of converting data and information from written paper form into digital form for electronic processing, storage, and management via computers. Traditional data and information then becomes digitized and can be circulated electronically over the local network or the Internet.(Reitz, J.2020), p:31).

Third: Reasons for the world’s resort to financial technology:(Fintech), “A Revolution in the Global Economy,1922).

Fintech technology contributes to eliminating old financing habits related to starting a business, for example, which require an investor to go to a local private bank and apply for a loan. It also invalidates the habit of accepting credit cards by companies, which required an account with a large credit provider. Financial technology companies sought solutions to the financial problems of investors outside the financial system, estimated at two billion individuals worldwide and 70 million individuals in the United States.

Using financial technology, financing is considered a crowd funding or mobile payment. Money transfer services are revolutionizing the way small businesses start, accept payments, and then expand globally, thus facilitating the process of starting businesses.

Crowd funding is a rapid and inexpensive way to raise money worldwide, something that was previously impossible. It shortens the timeline for starting a business from meetings lasting several months to a few weeks, facilitating the process of finding the necessary capital to begin operations.

Second Section: Sustainable Development – ​​Its Concept and Requirements

Section One: The Concept of Development and Sustainable Development

First: Definition of Economic Development(Rizkallah, Saad, and Khalifa, Mustafa (2002).

Economic development, in its general form, aims to provide a solution to the problem of economic backwardness over time. Therefore, it focuses on the most comprehensive and efficient use of available economic resources for the purpose of reconstruction and advancement of human well-being; with the goal of improving the quality of human life, i.e., living a long and healthy life, acquiring knowledge, and accessing the resources necessary for a decent standard of living.

Second: The Concept of Sustainable Development(The Millennium Development Goals in Arab countries)

Sustainable development is the process by which current generations of people work to meet their present needs without neglecting the future. This involves ensuring that natural resources are not depleted and that a greater portion of them is saved for the future, while exerting maximum effort to avoid polluting the environment to a degree that would make it impossible for future generations to enjoy the standard of living enjoyed by previous generations. Section Two: Requirements and Specificities of Sustainable Development

The general requirements of sustainable development can be identified by referring to their counterparts and reviewing their various concepts:

First: Requirements of Sustainable Development: To achieve these requirements, the following is necessary:

1. Purposeful consumption of natural wealth and resources
2. Meeting human needs while rationalizing consumption
3. Attention to human development in society
4. Rational economic development
5. Environmental preservation
6. Partnership in external and internal relations

Second: Specificities of Sustainable Development

The success of sustainable development in the Arab world requires presenting a concept stemming from the needs of Arab society, regardless of its orientations. This concept reflects the nature of the geographical interconnectedness and environmental connectivity between its countries, and placing this within a framework that is compatible with the deep-rooted Arab culture and traditions, the available resources, and the nature of the environment. In fact, “development” is one of the few concepts that combines theoretical and practical dimensions, and calls for a philosophical and metaphysical vision of societies and the purposes of their development.(ChetanGhate (2003) , Vol. 3, No.1, Article 9).

Section Two: The Role of Financial Technology in Achieving Sustainable Development and the Challenges It Faces

First Section: The Role of Financial Technology in Development:

The most prominent current challenges hindering the integration of a broad segment of individuals, companies, and institutions within the scope of formal financial services are the following:

1. The current high cost of financial services.
2. The long distances between remote areas and financial service centers.
3. The somewhat complex requirements of financial institutions for these groups, such as identity papers and official documents.

Therefore, financial technology, with its easy-to-use mechanisms, is a way to solve these problems. It possesses the required flexibility to reach all areas easily via smart devices. It reaches people, even though people do not have to physically visit it. Its cost is also extremely low, as it does not require the traditional equipment and facilities of financial institutions in their current form.

Section One: The Role of Technology in Community Development from a Shari’ah Perspective

First: The Need for the Islamic Financial Industry(Suwailem, Sami, 2004, pp. 10-11).

The need to seek Islamic financial solutions arises from several aspects, the most important of which is that the rules of Islamic Sharia law pertaining to exchange are precise and specific. Therefore, the acceptance of transactions that meet people’s needs in an economically efficient manner remains contingent upon their compliance with these rules. Fulfilling this condition requires an understanding of the rules and objectives of Sharia law, while simultaneously recognizing and appreciating people’s economic needs. Combining these two aspects requires a degree of research and care to achieve the desired goal. Islamic financial engineering is required to seek solutions that meet economic needs while fulfilling the requirements of Sharia law. Another aspect is the evolution of financial transactions in the present era, the increase in risk factors, and the changing systems governing finance and economic exchange. This makes economic needs complex and diverse, increasing the need to seek appropriate solutions.

Second: Financial technology from an objective perspective:(Taqrib al-Wusul ,IbnJuzayy, p. 253).

When discussing financial technology in this context, we are talking about the means used to achieve the desired goal. In the principles of Islamic jurisprudence, a means is defined as the means by which the goal is reached. It is not an objective in and of itself except for the fact that it leads to that goal.

Financial technology is one of the most important means that can be used to achieve satisfactory results in the financial products and services that support the social finance we are discussing.

Al-Wajeez fi Usul al-Fiqh states: “People’s interests and their means of achieving them change with changing circumstances, conditions, and times. They cannot be limited in advance, and there is no need for such a limitation as long as the Lawgiver has indicated his care for the public interest. If we only consider what specific evidence indicates, we will have narrowed the scope and missed out on many benefits for people. This is inconsistent with the universality and permanence of the Shari’ah.”( Zaydan, p. 241).

The scholars of the principles of jurisprudence have stated that when multiple means can be used to achieve the desired goal, we should use the best of those means that lead to the goal. The more fully the means leads to achieving the goal, the better and more deserving of use.

Imam al-Ghazali described those who use evil to achieve good: “All of this is ignorance, and intention has no effect in removing it from being injustice, aggression, and disobedience”(Al-Ghazali, 4/368).

Hence, it is imperative to emphasize that the financial technology we are discussing here is a means that must be fully Shariah-compliant, with regard to contracts and products. If financial technology is to be used to implement contracts such as sales, leasing, partnerships, and the provision of financial services, then these contracts and their implementation mechanisms must be thoroughly reviewed by specialists who combine Shariah knowledge with practical and technical expertise to ensure that these tools combine sound structure and sound implementation, ensuring that their implementations comply with the Shariah controls for each contract, in accordance with the findings of the Islamic jurisprudence assemblies and respected bodies that set Shariah standards. Otherwise, consideration of the Shariah objectives achieved through non-Shariah means is irrelevant. It is also important to remember that the financial engineering used to build these new products and services must avoid illicit tricks. Anything intended to make something forbidden permissible, waive a duty, or nullify a right is an illicit trick. Fraud empties formulas of their substance, leading to what is forbidden in a manner that appears legitimate, but is not. In fact, it is illicit and even more so, because it leads to what is forbidden, with an additional cost in exchange for this fraudulent scheme designed to simplify these formulas to appear legitimate.(Al-Dakash, p. 37).

Section Two: Financial Technology and Social Finance:

First: The Role of Financial Technology in Supporting Social Finance and Achieving Financial Inclusion( Technological Finance Concepts, Central Bank of Egypt, p. 3).

Financial technology represents a revolution in the field of business that may push some institutions out of the market unless they change their operating methods to align with modern mechanisms and market requirements. Therefore, financial institutions are currently among the largest investors in financial technology. However, they (for the most part) view financial technology as a new investment opportunity. Through technology, they can reduce current operating costs, including automated software, commissions paid to other institutions and entities, and other expenses. Through financial technology, these expenses can be significantly reduced, thus achieving a higher profit margin, which is what they aspire to. However, the legal and social obligations and the requirements of the current stage compel these banks to view financial technology not only as an opportunity to reduce their expenses and increase their profits, but also as an opportunity to increase their beneficial contributions to society. They can develop new mechanisms for essential financial services that make life easier for people, making them available to most segments of society at a reasonable cost. They can also make modern financial services available to non-profit organizations with a small profit margin covered through electronic donation portals available on banks’ mobile applications.(Central Bank of Malaysia, 2018)

Second: The Role of Banks in Supporting Social Finance(BANK_MUAMALAT_Debit_Card_Launch_2016).

Banks can manage the accounts of endowment entities (if they are large institutions) in exchange for a reduced management fee and issue credit cards, a portion of whose fees go to support endowment or charitable entities, national housing, or similar projects. These banks thus maintain profitability, which is the raison d’être of their existence as for-profit banks, while supporting the social aspect to their own benefit. Market recovery, project growth, and the availability of financial services to most segments of society mean more deposits, financing, and services, which increases the profitability of these banks.

All of this and more can be provided by banks to social finance through financial technology. Modern financial technology continues to witness rapid developments, which calls for monitoring and leveraging these developments in the areas of social finance, community development, and supporting national housing projects so that they become sustainable through acceptable returns. They also support clean energy projects and collaborative solutions, and provide high-quality financial services at an acceptable cost. There is no doubt that the use of financial technology entails risks, whether at the level of credit, compliance, or cybercrime. However, these challenges can be addressed through concerted efforts to take measures that limit these risks, whether by establishing policies and procedures for financial transactions conducted through electronic platforms, or by establishing cybersecurity units that monitor financial activities and seek to address any breach or fraud, and by drafting laws that guarantee user protection. This transfers risks and regulates transactions. It is worth noting that banking operations in their current traditional form are not without significant risks. However, risk management and other responsible entities seek to continuously control financial transactions, which is required for this type of business in the new business model as well.

Section Two: Challenges and Obstacles Hindering FinTech

Section One: Motivations for Using FinTech:(FinTech Report , pp. 20-42)

1. People are increasingly seeking to use some form of financial services, and the key to overcoming this is technology. With the increasing use of technology in all aspects of life and the increasing prevalence of smartphones, fintech services have become widely used.
2. Direct lending platforms and crowd funding for social and creative projects have proven popular in the region through the use of fintech services, due to their widespread availability and low cost.
3. Fintech has contributed significantly to e-commerce, contributing to GDP, due to customers’ preference for cash on delivery, even if they have credit or debit cards.

Section One: Incentives that Drive Companies and Individuals to Use FinTech

First, the incentives that drive companies and individuals to use financial technology are as follows:(Haizia, Benya , 2018 , pp. 11-12).

1. The widespread spread of financial exclusion carries a high cost for both individuals and governments, while people increasingly seek to use some form of financial services. The way to overcome this is through technology and the use of the internet in all aspects of life, which is expected to increase the need for digital payment solutions.
2. Lending to small and medium-sized enterprises (SMEs) represents a significant proportion of the credit provided by banks, and the trend toward using financial technology has become significant. Direct lending platforms and crowd funding for social and creative projects have proven popular in the region.
3. FinTech plays a fundamental role, contributing to the improvement of e-commerce and benefiting from its growth. The quality of services provided by startups, in terms of speed, security, and ease, including installment services, will encourage customers to rely on these services, thus enhancing the growth of the digital economy. 4. Fintech is experiencing significant growth, and the first wave of fintech startups has begun to expand.

Second Section: Challenges and Obstacles Hindering Fintech

Section One: Obstacles and Barriers Hindering Fintech Achievement

First: Obstacles to the Use of Fintech: There are still significant structural, institutional, and policy obstacles facing the growth of fintech:(International Monetary Fund , 2017, pp. 3-6)

1. The generally weak business environment, and restrictions on foreign entities entering markets, continue to limit the entry of existing global fintech companies.
2. The scarcity of private equity and venture capital, upon which fintech growth is based in advanced economies, while several factors limit growth, including regulatory restrictions.
3. Legal uncertainty due to regulatory gaps hinders the growth of this sector, and the large regulatory capital in banks poses a significant obstacle to the entry of fintech startups into the market.
4. ICT penetration rates have increased significantly in recent years, but the quality and affordability of internet and mobile phone services remain barriers to the adoption of fintech. Internet access has reached all countries, but penetration remains low in many.
5. Broader institutional support remains limited: Very few countries have established incubators and accelerators to help scale up startups, or established regulatory sandboxes that allow fintech companies and traditional financial institutions to test innovations in a real-world environment.
6. On the demand side, the “trust gap” and financial literacy levels pose major constraints to fintech startups: Using fintech as a payment channel requires trust to reduce uncertainty and contain transaction costs.

Second: Obstacles to FinTech Growth:( Taylor Wessing, 2014)

In addition to the constant competition, fintech companies often face skepticism raised by financial regulators, such as banks and governments.

Data security is a prominent issue of concern to regulators due to the threat of hacking, as well as the need to protect sensitive consumer and corporate financial data.(Groundbreaking FinTechInnovations , 2019) Leading global fintech companies are proactively turning to cloud computing technologies to meet increasingly stringent compliance requirements.(How FinTech Leaders Are Using The Cloud To Meet Compliance , 2020)

The online financial sector is a growing target for extortion via distributed denial-of-service (DDoS) services. This security challenge also faces established banking companies that provide online services to customers.

Section Two: Opportunities and Challenges of Digital Entrepreneurship and Digital Transformation(Abu Al-Dhahab , 2020).

First: Political and Economic Opportunities and Challenges

1- The lack of preparedness of many governments, which calls for accelerating their digital transformation plans, opens up a wide range of job opportunities for digital entrepreneurs.

2- Changes in the trade balance, as many countries have begun to realize the extent to which their supply chains depend on other countries, giving entrepreneurs the opportunity to meet their countries’ needs locally.

3- Increased opportunities for digital entrepreneurship with the provision of government facilities. However, governments face challenges in strengthening communications infrastructure and providing a legal and legislative basis to provide protection and confidence for those involved in this activity.

4- There are concerns that these ongoing losses could lead to a global economic recession, as investors will withdraw their capital from financial markets to protect their investments from unexpected economic fluctuations in the coming periods.(Hour to Shorter, American Banker, 2015).

Second: Cultural and Social Opportunities and Challenges(Abu Al-Dhahab, 2020).

1- Some companies are encouraging remote work models. Some jobs do not require employees to be present in the workplace daily. Although this is a temporary trend, it has drawn companies’ attention to the possibility of implementing remote work models in the future.

2- Investors’ fears for entrepreneurship. The onset of the COVID-19 pandemic has led to a loss of confidence among capital holders in financial markets, and many foreign investors have withdrawn their investments.

3- Travel plans are being thwarted for many, especially air travel, due to the possibility of contracting the virus, as happened with the COVID-19 pandemic due to contact with infected individuals or the traveler being quarantined away from home. Although this is a challenge resulting from cultural and social variables, it could cause significant damage to the aviation and tourism industries and the entrepreneurial enterprises that depend on them.

Third: Technological Opportunities and Challenges

1- Limited use of information technology in commercial institutions, which hinders the progress of digital entrepreneurship.

2- Lack of awareness and knowledge of digital entrepreneurship among many entrepreneurs.(Abu Al-Dhahab, Bassam , 2020).

 

 

 

 

Conclusion:

Results and Recommendations

1. Results
2. Financial technology has occupied vast areas of land and vast sectors, becoming an integral part of community life and an active participant in all aspects of life, as it has introduced various innovations to various segments of society.
3. Financial technology has contributed to meeting the needs and desires of customers through its various innovations and its entry into diverse local and global markets.
4. Fintech innovations have addressed various banking operations at low costs, in addition to their high quality.
5. Recommendations
6. Work to employ the innovations offered by financial technology and utilize them to meet the renewed desires of the customer base.
7. Take advantage of the economic and banking production advantage provided by financial technology by linking the banking sector with global sectors.
8. Take advantage of the lower costs of financial technology to provide banking services on a broader scale, which may lead to expanding the service network and narrowing the windows of traditional banks.

4- Working to develop banking awareness among all segments of society by promoting and explaining to customers dealing with the banking sector and electronic banking services.

 

 

 

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