A Review on the Digital Finance Revolution, Trends and Global Impacts

Abstract

This chapter summarizes the current state of digital finance (DF) research and draws attention to some of the most important worldwide trends in this area. The study highlights the crucial significance of DF within contemporary financial systems, primarily observed in various applications such as FinTech, integrated finance, open banking, decentralized finance and digital currencies issued by central banks. Additionally, it examines the global factors that influence DF, including the need for effective and streamlined financial services, the utilization of digital technologies to achieve the United Nations Sustainable Development Goals, the promotion of financial inclusion through digital methods and the improvement of payment and settlement efficiency. Further, this chapter focuses on analyzing global advancements in DF, highlighting the significant impact of investments in the FinTech and mobile money sectors. Moreover, this chapter envisions a forthcoming era in the realm of DF characterized by a conducive setting enabling the delivery of a wide range of financial offerings and solutions customized to meet the specific requirements of individuals, all within a unified digital framework. The current study proposes potential directions for future research, highlighting the importance of investigating regulatory approaches that can adapt to the changing landscape of DF.