Fintech in Ecuador in the process of financial digitalization
DOI:
https://doi.org/10.29076/issn.2528-7737vol17iss46.2024pp%25ppKeywords:
Fintech in Ecuador, Financial inclusion, Technological infrastructure, financial regulation, cybersecurityAbstract
The study examines the current situation of Fintech in Ecuador and the challenges they face amid the rapid financial digitalization. It begins by highlighting the transformative impact of Fintech in the global financial sphere and its local growth. The research question is raised about the situation and specific challenges of Fintech in the country. The general objective is to analyze their situation, development, economic impact and financial inclusion, as well as the challenges they face. The methodology used is descriptive, using documentary analysis to collect relevant information. The methodological process and the search terms used are detailed. The findings are organized into thematic categories such as the transformation of the financial sector, financial inclusion, growth and challenges of Fintech, technological infrastructure, cybersecurity and financial regulation. The discussion highlights the role of Fintech in technological and financial transformation, financial inclusion and payment digitalization, as well as the challenges and opportunities they face. In conclusion, the need for collaboration between the public and private sectors is highlighted to address the challenges and promote the sustainable growth of the Fintech sector in Ecuador, for the economic and social development of the country.
Downloads
References
to León-Vega, Ron-Amores & Vergara-Romero. (2023). The challenges of taxation in the digital economy: analysis of the Ecuadorian tax system. Amazonia Investiga Magazine , 262-275.
April, L. (January 19, 2023). Ecuador is preparing to face digitalization in 2023. LÍDERES , pp. https://www.revistalideres.ec/lideres/ecuador-preparado-enfrentar-digitalizacion-informe.html.
ARCOTEL. (2023). Statistical Bulletin NO. 2023-01. Quito: Telecommunications Regulation and Control Agency.
asobanca. (2022). The advance of digital banking in Ecuador Report on transactions carried out through banking channels 2019 – 2021. Quito: asobanca.
asobanca. (2023). Obtained from https://asobanca.org.ec/bancos-ecuador-vanguardia-ciberseguro/
asobanca. (2023). The digital era in Ecuador Report on transactions carried out through banking channels 2019 – 2022. Quito: asobanca.
World Bank. (2020). Ecuador: Towards financial inclusion.
Bernards & Campbell-Verduyn. (2019). Understanding technological change in global finance through infrastructures. Review of International Political Economy, 26 .
Quito Chamber of Commerce. (October 22, 2021). Infrastructure and digitalization of SMEs are the main barriers to the growth of the digital economy . Obtained from https://ccq.ec/infraestructura-y-digitalizacion-de-pymes-son-las-principales-barreras-para-el-crecimiento-de-la-economia-digital/
Depraetere., et al. (2018). Depraetere et al - Critical interpretive synthesis: An assessment of reporting practices. .
Dhiipan, D. M. (2022). A Meta-Analysis of Efficient Countermeasures for Data Security. 2022 International Conference on Automation, Computing and Renewable Systems (ICACRS). Pudukkottai.
TRADE. (June 23, 2023). Retrieved from https://www.elcomercio.com/actualidad/negocios/ecuador-cuarto-pais-latino-con-intentos-ataque-cibernetico-por-minuto.html
Spain, AY (2023). Access to public information in Ecuador. Contemporary Dilemmas Magazine .
HEY. (2022). Fintech Ecosystem Study Challenges and Opportunities Ecuador 2022. Quito: HEY.
Finnovista. (2021). Fintech in Ecuador 2021: A study on the Ecuadorian fintech ecosystem.
George, Allayannis., Joseph, M., Becker. (2019). A Global Fintech Overview. Social Science Research Network .
Gopal., et al. (2023). Advancements in Fin-Tech and Security Challenges of Banking Industry. 2023 4th International Conference on Intelligent Engineering and Management (ICIEM). London.
GSMA. (2022). The Mobile Economy in Latin America 2022. GSMA.
H. Zhang, S. Cheng, Q. Cai and X. Jiang. (2022). Privacy security protection based on data life cycle. 2022 World Automation Congress (WAC). San Antonio.
Haripriya, Aleena & Venkadesh. (2024). Cyber Security Unveiled: Trends and Protections in the Digital World. International Journal of Scientific Research in Engineering and Management.
IJRASET. (2023). FinTech. International Journal For Science Technology And Engineering. 5734-5742.
Iryna Abramova, Larysa Nedilska, Nataliia Kurovska. (2023). MODERN STATE AND POST-WAR PROSPECTS OF FINANCIAL INCLUSION IN UKRAINE CONSIDERING THE EU EXPERIENCE. Fintech Alliance (53).
Kravchuck & Lutsyshyn. (2022). GLOBAL FINANCE AND FINTECH: CHALLENGES, TRENDS AND SYSTEM DETERMINANTS OF DEVELOPMENT. WORLD OF FINANCE .
Kumar, R. (2014). Chapter 2 - Regulatory Environment of Financial Institutions. In Strategies of Banks and Other Financial Institutions Theories and Cases (pp. 31-60). Academic Press.
Kutsyuruba, B. (2023). Document Analysis. In Varieties of Qualitative Research Methods (pp. 139–146). Springer.
León-Rodríguez, IX (2020). Vices and illegalities in the consent for improper charges to clients holding bank accounts. IUSTITIA SOCIALIS, 5 (3).
Lopes, D.S. (2022). Financial regulation. In A Handbook of Economic Anthropology (pp. 473–486). Edward Elgar Publishing.
Maxim, N. (April 2022). Financial technologies (FINTECH) - current reality in the rise of transnational corporations! Retrieved from https://irek.ase.md/xmlui/bitstream/handle/123456789/2468/Simp_tinerilor_cercet_8-9%20aprilie%202022%20Vol_1_p26-31.pdf?sequence=1&isAllowed=y
Grouper, R. (2022). Fintech companies and their impact on the simplification of face-to-face financial services in Ecuador. FINTECH COMPANIES AND THEIR IMPACT ON THE SIMPLIFICATION OF FACE-TO-FACE FINANCIAL SERVICES IN ECUADOR .
Mero., et al. (January 20, 2022). THE FINTECH COMPANIES AND THEIR IMPACT ON THE SIMPLIFICATION OF PRESENTIAL FINANCIAL SERVICES IN ECUADOR . Obtained from https://www.eumed.net/es/revistas/contribuciones-economia/4-febrero-julio-22/empresas-fintech
Mijwil., et al. (2023). Exploring the Top Five Evolving Threats in Cybersecurity: An In-Depth Overview. Mesopotamian Journal of Cybersecurity .
Miksza., et al. (2023). 12 Quantitative Descriptive and Correlational Research. Music Education Research , 241–C12P143.
Moreira-Zambrano., et al. (2020). Digital Gap Reduction with Wireless Networks in Rural Areas of Tosagua Town. Advances in Emerging Trends and Technologies Proceedings of ICAETT 2020.
Movistar, E. (2023). Inclusive Connectivity: The benefits of connectivity in rural areas . Obtained from https://blog.movistar.com.ec/la-conectividad-en-las-zonas-rurales/
Ordóñez-Granda., et al. (2020). The financial system in Ecuador: Innovative tools and new business models. Koinonía Interdisciplinary Refereed Journal, 5 (10).
Palacio, MG (2021). Falling through the Cracks: Digital Infrastructures of Social Protection in Ecuador. Development and Change .
Putra, A. (February 20, 2023). ZENODO . Retrieved from https://zenodo.org/records/7656915
Rajabion, L. (2023). Industry 5.0 and Cyber Crime Security Threats. GLOBAL IGI.
Rao, U. (2023). Overview of Cyber Security. International Journal of Advanced Research in Science, Communication and Technology (IJARSCT), 3 (7).
RÎMNICEANU, R. (2023). Innovation in the Financial Sector (FinTech): Paradigms, Causes, Effects and Perspectives. The International Conference on Cybersecurity and Cybercrime. Bucharest.
Rodrigo-Mendizábal., et al. (2020). Youth internet consumption in Ecuador: indicators of the national digital generation. International Journal of Web Based Communities, 16 (3), 296 - 320.
Seguros), S. (. (2022). Report on financial inclusion in Ecuador.
Shrier & Pentland. (2022). Global Fintech: Financial Innovation in the Connected World. The MIT Press.
Solis-Sotomayor., et al. (2022). Use of electronic payments by users in financial entities in Ecuador. DigitalPublisher .
Stinson, H. (2022). Impacts of Remote Learning Measures on Educational Access and Quality in Ecuador. Current Issues in Comparative Education, 24 (2).
Stuckey, H. L. (2015). The second step in data analysis: Coding qualitative research data. Journal of Social Health and Diabetes .
SUPERBAN. (2005). BOOK I.- GENERAL RULES FOR INSTITUTIONS OF THE FINANCIAL SYSTEM. Quito: Superintendency of Banks and Insurance.
The World Bank. (October 1, 2018). UFA2020 Overview: Universal Financial Access by 2020 . Retrieved from https://www.worldbank.org/en/topic/financialinclusion/brief/achieving-universal-financial-access-by-2020#:~:text=The%20UFA%20goal%20is%20that,to%20manage %20their%20financial%20lives.
The World Bank. (March 29, 2022). Financial Inclusion . (The World Bank) Obtained from https://www.bancomundial.org/es/topic/financialinclusion/overview
Wilson, J.D. (2017). What Is Financial Technology? In Creating Strategic Value Through Financial Technology.
WOOD, L. (2022). Interpreting the Results: Making Sense of Study Findings. In Applied Guide for Event Study Research in Supply Chain Management (p. 12). IGIGlobal.
Xiaoling Song, Jiaqi Li. (2024). Financial Inclusion, education, and employment: empirical evidence from 101 countries. Humanities & Social Sciences Communications, 11 .
Zhang, Y. (2023). Fintech: Exploring the Digital Transformation of Banking & Financial Services. BCP Business & Management, 46 .
Бессчастная & Горшкова. (2018). Documentary film-dissemination:.
Downloads
Published
Issue
Section
License
Copyright (c) 2024 CIENCIA UNEMI
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Authors can keep the copyright, granting the journal right of first publication. Alternatively, authors can transfer copyright to the journal, which allow authors non-commercial use of the work, including the right to place it in a file open access.
