Nigerian Journal of Banking and Financial Issues (NJBFI)

Financial Technology Development And Global Financial Markets

Abstract

The global financial markets encounter numerous challenges, such as liquidity issues, unsustainable loan practices, a lack of transparency in transactions, tax evasion, and the looming threat of collapse due to interconnectedness and instability in emerging economies. The integration of financial technology (Fintech) has now become indispensable in enhancing the efficiency of these markets, expanding their reach, and facilitating their digital transformation. This research explored the impact of Fintech on the global financial markets. Using a survey-based approach, self-structured questionnaires were distributed to senior managers in the financial services sector through the Google+ platform. The study validated only 356 out of the total 366 retrieved questionnaires. The reliability of the questionnaire was assessed using Cronbach's alpha, yielding coefficients ranging from 0.928 to 0.80. Both descriptive and inferential statistics were employed for analysis. The findings indicated a significant positive effect of financial technology on the global financial markets. The study demonstrates the importance for financial service industry management to strategically deploy financial technology for enhanced market operations.