Review of Corporate Finance > Vol 1 > Issue 3-4

A Survey of Fintech Research and Policy Discussion

Franklin Allen, Imperial College London, UK, , Xian Gu, Durham University, UK, , Julapa Jagtiani, Federal Reserve Bank of Philadelphia, USA,
Suggested Citation
Franklin Allen, Xian Gu and Julapa Jagtiani (2021), "A Survey of Fintech Research and Policy Discussion", Review of Corporate Finance: Vol. 1: No. 3-4, pp 259-339.

Publication Date: 13 Jul 2021
© 2021 F. Allen, X. Gu and J. Jagtiani
Corporate finance,  Asset pricing,  Financial markets,  Behavioral strategy,  Competitive strategy,  Collaborative strategy,  Corporate strategy,  Financial reporting,  Financial statement analysis and equity valuation,  High technology,  Management structure, governance and performance,  New business financing,  Small business and economic growth,  Financial services,  Technology management and strategy,  Consumer behavior,  Public policy,  Regulation
Fintechmarketplace lendingP2Palternative dataDLTblockchainrobo-advisorregtechinsuretechcryptocurrenciesICOsCBDCcloud computingAMLKYCNLPfintech regulations


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In this article:
1. Introduction 
2. Credit Scoring, Digital Banking, and Marketplace Lending 
3. Fintech and Financial Inclusion 
4. Distributed Ledger Technology (DLT), Blockchain, and Smart Contracts 
5. Cryptocurrencies, Initial Coin Offerings, and Central Bank Digital Currencies 
6. Fintech, Trading, and Algorithmic Investment Strategies 
7. Cybersecurity 
8. Cloud Computing and the Roles of BigTech 
9. Regulation of Fintech 
10. Concluding Remarks 


The intersection of finance and technology, known as fintech, has resulted in the dramatic growth of innovations and has changed the entire financial landscape. While fintech has a critical role to play in democratizing credit access to the unbanked and thin-file consumers around the globe, those consumers who are currently well served also turn to fintech for faster services and greater transparency. Fintech, particularly the blockchain, has the potential to be disruptive to financial systems and intermediation. Our aim in this paper is to provide a comprehensive fintech literature survey with relevant research studies and policy discussion around the various aspects of fintech. The topics include marketplace and peerto- peer lending; credit scoring; alternative data; distributed ledger technologies; blockchain; smart contracts; cryptocurrencies and initial coin offerings; central bank digital currency; robo-advising; quantitative investment and trading strategies; cybersecurity; identity theft; cloud computing; use of big data, artificial intelligence. and machine learning; identity and fraud detection; anti-money laundering; Know Your Customers; natural language processing; regtech; insuretech; sandboxes; and fintech regulations.