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- Title
Law and Economics in Fintech with Swot Analysis: A Theoretical Approach.
- Authors
Gümüş, Öner; Ağırkaya, Melahat Batu; Ekici, Filiz; Karadeniz, Mustafa
- Abstract
Fintech is a new technology that facilitates traditional financial transactions, digitalizes, and makes them dependent on automation. Fintech is a word derived from the combination of the words "finance" and "technology". Although it has shown rapid development in the world, fintech is a new technology in Turkey. Businesses that use this method have emerged as new actors in the economy. These will naturally be affected by the fiscal and monetary policies implemented by the state. Similarly, these enterprises also influence economic policies through the economic activities they carry out. However, fintech does not yet have any specific legislation. Despite this, there are many elements such as acts, notifications, and codes that are used in disputes related to fintech. In this study, theoretical issues related to fintech are mentioned within the scope of economics and law and they are subjected to swot analysis. As a result of this analysis, the strengths of fintech are evaluated as advanced technology, employment potential, speed, and cost effectiveness; its weaknesses are evaluated as increasing the velocity of money, narrow customer portfolio and lack of services such as consulting. The opportunities that arise from the point of view of fintech are the gap created by banks, future regulations, promising future, revealing fintech shortcomings in administrative decisions and referring to many acts in administrative decisions, while the threats are that the jurisdiction is unclear in disputes, the lack of specific legislation, difficulty in market entry and an inability to provide the necessary functions. As a result, with the ability to maintain the strengths of fintech and improve its weakness, it will be possible to ensure effectiveness in economic policies. With the strengthening of the legal structure, opportunities will be evaluated, and threats will be eliminated.
- Subjects
ECONOMIC policy; SWOT analysis; FINANCIAL technology; DIGITAL technology; MARKET entry
- Publication
Turkish Studies - Economics, Finance, Politics, 2023, Vol 18, Issue 3, p885
- ISSN
2667-5625
- Publication type
Article
- DOI
10.7827/TurkishStudies.69246