Striking the Balance
Shir Li Ng · Advances in finance, accounting, and economics book series · 2024
The evolution of fintech significantly impacts the financial industry through technology and regulation. The chapter explores fintech's transformative journey, tracing its historical roots to its present-day importance in reshaping traditional financial processes. Addressing the challenges that emerge when fintech meets accounting regulations, the chapter seeks to highlight how important it is for the regulations to conform themselves with the aim of fostering the required innovation and managing risks. Some of the proposed ways of achieving harmonized compliance focus on international collaboration, adaptability of regulations, stakeholder engagement, and education initiatives. Additionally, the chapter features the importance of fostering a compliance culture, transparency, and investor confidence within the fintech landscape. Proactive measures and technological innovations drive fintech compliance, aiding in regulatory navigation. Overall, the chapter provides insights into the complex relationship between accounting regulatory compliance and standards in the fintech industry.