FINTECH REGULATION IN SCHOLARLY DEBATE: A BIBLIOMETRIC ANALYSIS

##plugins.themes.academic_pro.article.sidebar##

Published May 26, 2025
https://doi.org/10.21098/jcli.v4i2.259


Download
PDF
Statistic

Downloads

Download data is not yet available.
Vol. 4 No. 2 (2025)

##plugins.themes.academic_pro.article.main##

Fahmi Ali Hudaefi
Faculty of Economics and Business, University of Szeged, Hungary

Abstract

This study used bibliometric analysis to assess 688 scientific publications on fintech regulation, which were published across 436 academic publishing outlets and authored by 1,395 scholars. Research questions were developed through the lens of bibliometric theories, e.g., performance evaluation, citation and co-citation analysis, keywords analytics, and bibliographic coupling, to investigate the most influential papers, scientific publication outlets, authors, emerging trends, and affiliated institutions related to fintech regulation. This work primarily employed R Studio and VOSviewer to analyse bibliographic data from the Scopus database. Of the findings, the most influential source for fintech regulation was Sustainability (Switzerland), the most influential author was Douglas W. Arner (Professor at the University of Hong Kong), and the foremost institution was the University of Cambridge. Furthermore, qualitative inductive analysis was performed to address timely issues from the bibliometric findings. The issues identified were fintech and banking regulation, the implications of money laundering for financial regulators, the impact of central bank digital currency (CBDC) on financial inclusion and stability, and the challenges posed by cloud technology for fintech firms. Employing quantitative bibliometric analysis and qualitative inductive reasoning offers critical novelty in evaluating academic debates on fintech regulation, providing practical implications for the regulators, academia, and industry professionals.

Keywords: bibliometric analysis, cbdc, fintech regulation, machine learning, money laundering

##plugins.themes.academic_pro.article.details##

How to Cite
Hudaefi, F. A. (2025). FINTECH REGULATION IN SCHOLARLY DEBATE: A BIBLIOMETRIC ANALYSIS. Journal of Central Banking Law and Institutions, 4(2), 359–386. https://doi.org/10.21098/jcli.v4i2.259

References

  1. Alabi, G. “Bradford’s Law and Its Application.” International Library Review 11, no. 1 (January 1, 1979): 151–58. https://doi.org/10.1016/00207837(79)90044-X.
  2. Anagnostopoulos, Ioannis. “Fintech and Regtech: Impact on Regulators and Banks.” Journal of Economics and Business 100 (2018): 7–25. https://doi.org/10.1016/j.jeconbus.2018.07.003.
  3. Apriantoro, Muhamad Subhi, Dartim, and Ninik Andriyani. “Bibliometric Analysis of Carbon Capture and Storage (CCS) Research: Evolution, Impact, and Future Directions.” Challenges in Sustainability 12, no. 2 (2024): 152 – 162. https://doi.org/10.56578/cis120205.
  4. Apriantoro, Muhamad Subhi, Rizki Dwi Putra Rosadi, Arminda Cahya Ramdhani, and Ninik Andriyani. “Shaping the Future of Environmental Economics: A Bibliometric Review of Current Trends and Future
  5. Directions.” International Journal of Energy Economics and Policy 14, no. 3 (2024): 549 – 559. https://doi.org/10.32479/ijeep.15502.
  6. Apriantoro, Muhamad Subhi, and Sendy Septianozakia. “The Potential of Productive Waqf: Research Stream and Future Direction.” Pakistan Journal of Life and Social Sciences 22, no. 1 (2024): 1291 – 1306. https://doi.org/10.57239/PJLSS-2024-22.1.0087.
  7. Aria, Massimo, and Corrado Cuccurullo. “Bibliometrix: An R-Tool for Comprehensive Science Mapping Analysis.” Journal of Informetrics 11, no. 4 (2017): 959–75. https://doi.org/10.1016/j.joi.2017.08.007.
  8. Aria, Massimo, Corrado Cuccurullo, Luca D’Aniello, Michelangelo Misuraca, and Maria Spano. “Thematic Analysis as a New Culturomic Tool: The Social Media Coverage on COVID-19 Pandemic in Italy.” Sustainability 14, no. 6 (2022). https://doi.org/10.3390/su14063643.
  9. Ariona, Vanneza Diva, Nurul Latifatul Inayati, Muhamad Subhi Apriantoro, Afief El Ashfahany, and Eka Anugerah Tjandra. “Charting the Course of Islamic Education Management Research: A Comprehensive Bibliometric Analysis for Future Inquiry.” Munaddhomah 4, no. 4 (2023): 950 – 963. https://doi.org/10.31538/munaddhomah.v4i4.711.
  10. Arner, Douglas W., Janos Nathan Barberis, and Ross P. Buckley. “The Evolution of Fintech: A New Post-Crisis Paradigm?” University of Hong Kong Faculty of Law Research Paper No. 2015/047, October 22, 2015. https://doi.org/10.2139/ssrn.2676553.
  11. Athief, Fauzul Hanif Noor, Dafa Anisa, Qoshid Al Hadi, and Azhar Alam. “Profit-Loss Sharing Principle in the Islamic Finance Industry: Current Pattern and Future Direction.” International Journal of Advanced and Applied Sciences 11, no. 9 (2024): 23 – 35. https://doi.org/10.21833/ijaas.2024.09.004.
  12. Boston Consulting Group (BCG), and QED Investors. “Global Fintech 2023: Reimagining the Future of Finance,” 2023. https://www.bcg.com/publications/2023/future-of-fintech-and-banking.
  13. Brika, Said Khalfa Mokhtar. “A Bibliometric Analysis of Fintech Trends and Digital Finance.” Frontiers in Environmental Science 9 (2022). https://doi.org/10.3389/fenvs.2021.796495.
  14. Buchak, Greg, Gregor Matvos, Tomasz Piskorski, and Amit Seru. “Fintech, Regulatory Arbitrage, and the Rise of Shadow Banks.” Journal of Financial Economics 130, no. 3 (2018): 453 – 483. https://doi.org/10.1016/j.jfineco.2018.03.011.
  15. Donthu, Naveen, Satish Kumar, Debmalya Mukherjee, Nitesh Pandey, and Weng Marc Lim. “How to Conduct a Bibliometric Analysis: An Overview and Guidelines.” Journal of Business Research 133 (2021): 285–96. https://doi.org/https://doi.org/10.1016/j.jbusres.2021.04.070.
  16. Dupuis, Daniel, and Kimberly Gleason. “Money Laundering with Cryptocurrency: Open Doors and the Regulatory Dialectic.” Journal of Financial Crime 28, no. 1 (2020): 60–74. https://doi.org/10.1108/JFC-06-2020-0113.
  17. van Eck, Nees Jan, and Ludo Waltman. “Software Survey: VOSviewer, a Computer Program for Bibliometric Mapping.” Scientometrics 84, no. 2 (2010): 523–38. https://doi.org/10.1007/s11192-009-0146-3.
  18. van Eck, Nees Jan, and Ludo Waltman. VOSviewer Manual, issued 2018. https://www.vosviewer.com/documentation/Manual_VOSviewer_1.6.7.pdf.
  19. Fachsandy, Faturrahman. “Regulatory and Supervisory Technology Research: A Bibliometric Analysis.” Journal of Central Banking Law and Institutions 4, no. 1 (2025): 181–202.
  20. Firmansyah, Egi Arvian, Hairunnizam Wahid, Ardi Gunardi, and Fahmi Ali Hudaefi. “A Scientometric Study on Management Literature in Southeast
  21. Asia.” Journal of Risk and Financial Management 15, no. 11 (2022). https://doi.org/10.3390/jrfm15110507.
  22. Fitriana, Wulan, and Maiza Dea Nuraini. “Juridical Analysis of Legal Updates on Crypto Assets in Indonesia (Comparative Study of Indonesian Law with Singapore and Islamic Law Views).” Journal of Transcendental Law 5, no. 1 (2023): 55–72.
  23. Gaviyau, William, and Athenia Bongani Sibindi. “Customer Due Diligence in the FinTech Era: A Bibliometric Analysis.” Risks 11, no. 1 (2023). https://doi.org/10.3390/risks11010011.
  24. Gomber, Peter, Robert J Kauffman, Chris Parker, and Bruce W Weber. “On the Fintech Revolution: Interpreting the Forces of Innovation, Disruption, and Transformation in Financial Services.” Journal of Management Information Systems 35, no. 1 (2018): 220 – 265. https://doi.org/10.1080/07421222.2018.1440766.
  25. Gozman, Daniel, and Leslie Willcocks. “The Emerging Cloud Dilemma: Balancing Innovation with Cross-Border Privacy and Outsourcing Regulations.” Journal of Business Research 97 (2019): 235–56. https://doi.org/https://doi.org/10.1016/j.jbusres.2018.06.006.
  26. Gunawan, Indra Jaya, and Sylvia Janisriwati. “Legal Analysis on the Use of Deepfake Technology: Threats to Indonesian Banking Institutions.” Law and Justice 8, no. 2 (2023): 192–210.
  27. Hassan, M. Kabir, Fahmi Ali Hudaefi, and Ahmad Agung. “Evaluating Indonesian Islamic Banking Scholarly Publications: A Data Analytics.” Journal of Islamic Monetary Economics and Finance 8, no. 3 (2022). https://doi.org/https://doi.org/10.21098/jimf.v8i3.1560.
  28. Hudaefi, Fahmi Ali. “How Does Islamic Fintech Promote the SDGs? Qualitative Evidence from Indonesia.” Qualitative Research in Financial Markets 12, no. 4 (2020): 353–66. https://doi.org/10.1108/QRFM-05-2019-0058.
  29. Hudaefi, Fahmi Ali, M Kabir Hassan, and Muhamad Abduh. “Exploring the Development of Islamic Fintech Ecosystem in Indonesia: A Text Analytics.” Qualitative Research in Financial Markets 15, no. 3 (2023): 514–33. https://doi.org/10.1108/QRFM-04-2022-0058.
  30. Kessler, M. M. “Bibliographic Coupling between Scientific Papers.” American Documentation 14, no. 1 (1963): 10–25.
  31. Lee, In, and Yong Jae Shin. “Fintech: Ecosystem, Business Models, Investment Decisions, and Challenges.” Business Horizons 61, no. 1 (2018): 35–46. https://doi.org/10.1016/j.bushor.2017.09.003.
  32. Li, Bo, and Zeshui Xu. “Insights into Financial Technology (FinTech): A Bibliometric and Visual Study.” Financial Innovation 7, no. 1 (2021). https://doi.org/10.1186/s40854-021-00285-7.
  33. Linnan, David K. “Central Bank Digital Currencies in the Indonesian Setting: Questions & Choices.” Journal of Central Banking Law and Institutions 2, no. 2 (2023): 221–64.
  34. Mahardika, Zahrashafa, Rizky Banyualam Permana, and Nadia Maulisa. “Going Digital Rupiah: Some Considerations from Sovereignty and Cybersecurity Perspectives.” Journal of Central Banking Law and Institutions 2, no. 1 (2023): 25–54.
  35. Milian, Eduardo Z, Mauro de M Spinola, and Marly M de Carvalho. “Fintechs: A Literature Review and Research Agenda.” Electronic Commerce Research and Applications 34 (2019): 100833. https://doi.org/10.1016/j.elerap.2019.100833.
  36. Murinde, Victor, Efthymios Rizopoulos, and Markos Zachariadis. “The Impact of the FinTech Revolution on the Future of Banking: Opportunities and Risks.” International Review of Financial Analysis 81 (2022): 102103. https://doi.org/10.1016/j.irfa.2022.102103.
  37. Nefi, Arman, and Agus Sardjono. “The Urgent Need to Amend the Indonesian Law on Currencies to Face the Digital Age.” Journal of Central Banking Law and Institutions 1, no. 1 (2022): 23–46.
  38. Nicoletti, Bernardo. The Future of FinTech: Integrating Finance and Technology in Financial Services. Palgrave McMillan, 2017. Ozili, Peterson K. “CBDC, Fintech and Cryptocurrency for Financial Inclusion and Financial Stability.” Digital Policy, Regulation and Governance 25, no. 1 (2023): 40–57. https://doi.org/10.1108/DPRG-04-2022-0033.
  39. Pao, Miranda Lee. “Lotka’s Law: A Testing Procedure.” Information Processing & Management 21, no. 4 (1985): 305–20. https://doi.org/10.1016/03064573(85)90055-X.
  40. Price, Derek De Solla. “A General Theory of Bibliometric and Other Cumulative Advantage Processes.” Journal of the American Society for Information Science 27, no. 5 (1976): 292–306. https://doi.org/10.1002/asi.4630270505.
  41. Putri, Eskasari, Aflit Nuryulia Praswati, Nalal Muna, and Nelly Purnama Sari. “E-Finance Transformation: A Study of M-Wallet Adoption in Indonesia.” Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi Dan Pembangunan 23, no. 1 (2022): 123–34.
  42. Ramadhani, Ressita, Zakka Farisy, and Dina Silvia Puteri. “Comparative Analysis of CBDC and Tax Law Enforcement in Selected Countries.” Journal of Central Banking Law and Institutions 4, no. 1 (2025): 141–80.
  43. Riani, Ririn, and Nashr Akbar. “Mapping Central Bank Digital Currency Literature: Lessons for Governments and Research.” Journal of Central Banking Law and Institutions 3, no. 2 (2024): 203–38.
  44. Rupeika-Apoga, Ramona, and Eleftherios I Thalassinos. “Ideas for a Regulatory Definition of FinTech.” International Journal of Economics and Business Administration 8, no. 2 (2020): 136 – 154. https://doi.org/10.35808/ijeba/448.
  45. Sahabuddin, Mohammad, Md. Nazmus Sakib, Md. Mahbubur Rahman, Adamu Jibir, Mochammad Fahlevi, Mohammed Aljuaid, and Sandra Grabowska. “The Evolution of FinTech in Scientific Research: A
  46. Bibliometric Analysis.” Sustainability (Switzerland) 15, no. 9 (2023). https://doi.org/10.3390/su15097176.
  47. Sanga, Bahati, and Meshach Aziakpono. “FinTech and SMEs Financing: A Systematic Literature Review and Bibliometric Analysis.” Digital Business 3, no. 2 (2023). https://doi.org/10.1016/j.digbus.2023.100067.
  48. Syarifuddin, Ferry. “Optimal Central Bank Digital Currency Design for Emerging Economies.” Journal of Central Banking Law and Institutions 3, no. 2 (2024): 361–92.
  49. The World Bank. “Global Patterns of Fintech Activity and Enabling Factors,” 2022. https://www.worldbank.org/en/publication/fintech-and-the-future-of-finance.
  50. Wiwoho, Jamal, Dona Budi Kharisma, and Dwi Tjahja K Wardhono. “Financial Crime in Digital Payments.” Journal of Central Banking Law and Institutions 1, no. 1 (2022): 47–70.
  51. Wouters, P., and L Leydesdorff. “Has Price’s Dream Come True: Is Scientometrics a Hard Science?” Scientometrics 31, no. 2 (1994): 193–222. https://doi.org/10.1007/BF02018560
  52. Zou, Zongsen, Xindi Liu, Meng Wang, and Xinze Yang. “Insight into Digital Finance and Fintech: A Bibliometric and Content Analysis.” Technology in Society 73 (2023). https://doi.org/10.1016/j.techsoc.2023.102221.
Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.