Analysis of Fatwas on FinTech

Abstract

By the end of the twentieth century, the global financial system began experiencing a rapid financial technological development, which culminated in the first decade of the twenty-first century, with extraordinary increase in innovations of financial instruments (mostly technological). Today, a new wave of technological innovations often called “Fintech” is gradually dominating the financial sector. According to KPMG (2017), “the total global investment in Fintech companies increased from US$9 billion in 2010 to over US$25 billion in 2016. Venture capital investment has also risen steadily, from US$0.8 billion in 2010 to US$ 13.6 billion in 2016". According to consultancy Accenture, more than US$50 billion has been invested in Fintech globally since 2010.