“…For the current study, we identified medium run as the period between one year to five years. The after effects of the pandemic are going to be long and it can be felt even a few years from now [ 84 , 131 ]. The role of financial institutions and especially Islamic financial institutions will be key in the medium term when small scale industries and corporates need finances to restart business.…”
Section: Results and The Proposed Modelmentioning
confidence: 99%
“…Financial consumers, including individuals and organizations, Islamic financial institutions, and government and regulators, have an important role to play in the future Islamic Fintech ecosystem. The government and regulators must bring this legislation to help in the growth of innovations and Fintech rather than curb innovation [ 84 , 85 ]. Figure 2 Future Islamic Fintech ecosystem; Source: Author’s own compilation.…”
Section: Literature Review and Research Frameworkmentioning
The purpose of the current study is to investigate the role of the Islamic financial system in recovery post-COVID-19 and the way Fintech can be utilized to combat the economic reverberations created by COVID-19. The global financial crisis of 2008 has established the credentials of the Islamic financial system as a sustainable financial system which can save the long run interests of the average citizens around the world while adding value to the real economy. The basic ethical tenets available in the Islamic financial system make it more suited and readymade to fight the economic aftershocks of a pandemic like COVID-19. The basic principles of ethical Islamic finance have solid connections to financial stability and corporate social responsibility within the wide-reaching business context. With the emergence of Financial technology (Fintech) it has provided a missing impetus to the Islamic financial system to compete on equal ground with its conventional counterpart and prove its mettle. The study uses discourse analysis along with the content analysis to extract content and draw a conclusion. The findings of the study indicate that COVID-19 pandemic has provided the opportunity for the social and open innovation to grow and finance world have turned to open innovation to provide a speedy, timely, reliable, and sustainable solution to the world. The findings of the study provide significant implications for governments and policy makers in efficient application of Fintech and innovative Islamic financial services to fight the economic consequences of the COVID-19 pandemic.
“…For the current study, we identified medium run as the period between one year to five years. The after effects of the pandemic are going to be long and it can be felt even a few years from now [ 84 , 131 ]. The role of financial institutions and especially Islamic financial institutions will be key in the medium term when small scale industries and corporates need finances to restart business.…”
Section: Results and The Proposed Modelmentioning
confidence: 99%
“…Financial consumers, including individuals and organizations, Islamic financial institutions, and government and regulators, have an important role to play in the future Islamic Fintech ecosystem. The government and regulators must bring this legislation to help in the growth of innovations and Fintech rather than curb innovation [ 84 , 85 ]. Figure 2 Future Islamic Fintech ecosystem; Source: Author’s own compilation.…”
Section: Literature Review and Research Frameworkmentioning
The purpose of the current study is to investigate the role of the Islamic financial system in recovery post-COVID-19 and the way Fintech can be utilized to combat the economic reverberations created by COVID-19. The global financial crisis of 2008 has established the credentials of the Islamic financial system as a sustainable financial system which can save the long run interests of the average citizens around the world while adding value to the real economy. The basic ethical tenets available in the Islamic financial system make it more suited and readymade to fight the economic aftershocks of a pandemic like COVID-19. The basic principles of ethical Islamic finance have solid connections to financial stability and corporate social responsibility within the wide-reaching business context. With the emergence of Financial technology (Fintech) it has provided a missing impetus to the Islamic financial system to compete on equal ground with its conventional counterpart and prove its mettle. The study uses discourse analysis along with the content analysis to extract content and draw a conclusion. The findings of the study indicate that COVID-19 pandemic has provided the opportunity for the social and open innovation to grow and finance world have turned to open innovation to provide a speedy, timely, reliable, and sustainable solution to the world. The findings of the study provide significant implications for governments and policy makers in efficient application of Fintech and innovative Islamic financial services to fight the economic consequences of the COVID-19 pandemic.
“…It is the stepping stone towards developing and changing businesses' technological environments and significantly achieving entrepreneurial goals [118]. Regtech represents regulation technology and is mainly associated with data protection [41], algorithmic regulations [112], decentralized blockchain [70,118,119], financial markets and risk management [119,120], artificial intelligence [121], anti-money laundering [29], and superior supply chain management [122].…”
Commons Attribution (CC BY) license, which allows users to download, copy and build upon published articles, as long as the author and publisher are properly credited, which ensures maximum dissemination and a wider impact of our publications.
“…The second group presents articles, that consider RegTech as the single technological dimension with its main technologies and tools, practical areas, challenges, and benefits. They often use bibliometric methods and analysis of companies' databases [Nasir, Saeedi, 2019;Becker, Merz, Buchkremer, 2020].…”
The article considers regulatory technologies as one of the key topics in finance digitalization due to the consistent growth of fraud, compliance rules, and procedures. It also gains attention in other traditional industries to answer similar scope of challenges. Regulatory technologies have become a common element of digitalization which allows for effective management of a growing administrative burden and reduces associated risks. At the same time, regulatory technologies adoption can be considered as an indirect indicator of the digitalization effects, including the growth of regulatory burden. This paper identifies the main objectives of regulatory technologies adoption relevant to traditional industries (telecommunication, trade, manufacturing, transport, construction, energy and utilities, healthcare, public administration). Based on the results, the study offers the prospects for regulatory technologies development in these industries according to the proposed composite index. It comprises nine indicators in four groups measuring financial losses from fraud and data leakages, administrative compliance workload, the digital maturity of sectors. The results indicate that the highest potential for regulatory technologies adoption, apart from service (finance, telecommunication, trade), is significant for manufacturing and healthcare due to a high frequency of fraud, data breaches, high compliance costs, and new regulatory requirements associated with the increasing pace of digitalization.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
