2024, Vol. 7, Issue 2

author(s)
Ali Abudel Qader Ahmed

abstract
Fintech is one of the most important supports that have contributed significantly to the progress and development of the private sector in financial and banking services. It constitutes a vital meeting point between emerging technology and the infrastructure of financial systems, which has led to the shift towards digital transactions through modern and secure payment and money transfer systems, such as mobile payment, ATM, smart cards, online payment, and electronic bill display and collection system. These developments have helped provide advanced financial services at low costs, which has increased the comprehensiveness of the financial system for individuals and the business sector in Iraq, especially in light of the knowledge economy. Fintech is an integral part of the global digital revolution, as emerging companies that provide innovative financial solutions and services have shown great importance in enhancing banking performance and facilitating financial transactions. This study reviews the opportunities and challenges facing financial technology, focusing on aspects of security, ease of use, effectiveness, and trust, and suggests possible measures to improve this technology for all segments of society with the aim of enhancing banking performance, stimulating economic growth, and creating new job opportunities.