Fintech in International Relations: Some Reflections on Globalisation and Transnational Governance

The convergence of financial technology (fintech) with global economic integration signifies a paradigm shift in traditional financial systems. As exemplified by India’s expansion of UPI services across borders, the diminishing authority of nation-states is evident in the face of technological advancements. India’s burgeoning fintech landscape, driven by a diverse population and governmental initiatives, underscores its unique position. Fintech’s decentralisation and adherence to fiscal discipline highlight its pivotal role in governance and financial security. Defined as the digitalisation of banking services, fintech’s growth is propelled by innovative business models and consumer-centric approaches. Its impact extends from algorithmic trading to inclusive financial solutions. Understanding fintech necessitates examining its market functions, technological mechanisms and societal implications. As articulated by experts, fintech disrupts traditional financial models, ushering in a new era of financial services for businesses and consumers alike.