Financial Technology and Global Supply Chains Integration towards a more Efficient and Cost-Effective Trade System
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Abstract
Technological innovation serves as both a driver and beacon for adaptability, promising to alleviate some of the challenges posed by geopolitical tensions and macroeconomic pressures. In this research, we aim to explore the advantages and disadvantages of using financial technology. Ultimately, we conclude that fintech is a comprehensive tool for enhancing financial transactions. By utilizing fintech, consumers and businesses can accelerate and simplify financial transactions without delving into complexities, making the process more secure, trustworthy, and private. The adoption of technology across global supply chains makes the regulation of trade technology a crucial element in its widespread implementation. Mechanisms for safeguarding trade-related data, ensuring fair competition, and providing security and privacy for consumers require development and testing, alongside solidifying legal clarity to resolve potential disputes between trading partners. As new fintech applications have not yet been subjected to the same security laws, caution is needed when dealing with them. However, the benefits of working with a fintech company far outweigh the perceived risks.