Financial Digitalization and Economic Growth:Recent Developments in Banks and Fintech

Boskov, Tatjana and Josheski, Dushko and Miteva, Natasha (2023) Financial Digitalization and Economic Growth:Recent Developments in Banks and Fintech. In: Sixth International Scientific Conference: „Challenges of Tourism аnd Business Logistics In the 21st Century“ ISCTBL 2023, 19 May 2023, Porta Makedonija, Skopje.

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Abstract

High technology enables payment evolution and global competition. The ambiguity surrounding the
digital currency still leaves ample room for analysis of its unreserved acceptance, trust and anticipation,
which are the main drivers of the network's spread. Bitcoin and other cryptocurrencies have the potential
to replace traditional and new forms of payment. But to achieve this and become a dominant force in
the global payments system, they must provide distinctive individual value, address and overcome a
number of critical challenges, such as formal regulatory issues. Banks should take a close look at the
technology underlying these cryptocurrencies as a potential generic new way to transfer ownership of
value in the long term.
The objective view is that the future of digital currency is currently still an open question due to the
existence of a "critical mass". The research showed that the future of cryptocurrencies can be bright if
some institutional-formal conditions are met due to the fact that the successful evolution of e-money
requires building security payments through three criteria – standardization, compatibility and
innovation.
Also, the partnership between Fintech companies and banks is an already implemented formula that
bears fruit, but we must not leave out the fact that all developed countries in their platforms, in addition
to connecting banks, implement the platforms with the direct participation of e-Government and the
concept of interoperability.

Item Type:	Conference or Workshop Item (Paper)
Subjects:	Social Sciences > Economics and business
Divisions:	Faculty of Tourism and Business Logistics
Depositing User:	Tatjana Boskov
Date Deposited:	23 Jan 2024 10:34
Last Modified:	23 Jan 2024 10:34
URI:	https://eprints.ugd.edu.mk/id/eprint/33272

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