Abstract

Background: The rise of financial technology (FinTech) has opened avenues for non-financial companies to innovate and provide personalized financial services. Despite the benefits of FinTech innovations, ensuring quality governance remains a significant challenge for the entire FinTech ecosystem. Existing literature primarily addresses general challenges at the enterprise level, with limited focus on the multi-faceted governance of FinTech. This study aims to present a taxonomical classification by synthesizing relevant issues and proposing theoretically feasible solutions for the governance of the entire FinTech ecosystem.

Method: This study conducts a comprehensive literature review of 38 published articles on FinTech challenges and governance over the past two decades. Employing a theoretical review approach, the collected articles are initially analyzed and synthesized into 105 concepts with the assistance of ChatGPT-3.5 and then manually categorized into challenges and their corresponding solutions.

Results: A total of 29 issues from the pool of literature are classified into 7 categories along with 53 corresponding solutions. This study confirms that FinTech governance should be undertaken collaboratively by all actors across the ecosystem.

Conclusion: Through reviewing and analyzing the existing literature, this study provides an overview of the present knowledge base of FinTech governance and formulates a taxonomy for the challenges and solutions of FinTech governance. The identified issues and potential solutions may serve as a valuable reference for stakeholders in the FinTech ecosystem, offering practical insights for improving governance practices. In theory, this study contributes to the literature by expanding the understanding of FinTech governance beyond individual enterprises to encompass the entire ecosystem, thus highlighting the interconnected nature of governance challenges and solutions.

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