Digitalization of the Financial Sector

Abstract

Digital finance emerges and grows along with the environment of the unlimited integration of information technology and finance. This led to a shift from the traditional way of performing finance in different areas to another digital one. With the ongoing evolution of technology, financial innovation has made new inventions. More intelligent digital finance has emerged, which creates new opportunities and facilities. The COVID-19 pandemic has accelerated global digital transformation by altering businesses' and consumers' relationships with digital technologies in months. Digital finance becomes a necessity and offers previously unseen opportunities. The digitalization process also poses new challenges and risks which require a continuous update of regulations set by supreme committees and institutions to safeguard national security. Strict legal law is needed to strengthen trust and confidence in using e-services. Progress in three key areas will boost the prospects for broader adoption of digital finance, crypto, and decentralized finance (DeFi) markets.