Initial Stages and Evolution of FinTech: A Literature Study on Payment Innovations, Capital Structures, and Governance Dynamics

Abstract

This research aims to examine the evolution of financial technology (FinTech) from traditional payment systems to modern digital innovations through a systematic literature review approach. The main focus lies on the transformation of the payment system, the dynamics of capital structure and regulation, and the role of corporate governance in strengthening the FinTech ecosystem. The study analyzed 16 scientific articles that were selected based on their thematic relevance and contribution to the comprehensive understanding of FinTech. The results of the study show that innovations such as blockchain, mobile payments, and artificial intelligence play a significant role in improving transaction efficiency and encouraging financial inclusion, especially in developing countries. FinTech capital structures tend to be equity-based and are influenced by regulations and macroeconomic conditions. Meanwhile, transparent and sustainability-oriented corporate governance has been proven to support investor performance and confidence. The study also identified gaps in cross-border research related to capital structure and corporate governance. These findings are important for policymakers and industry players to design innovative, adaptive and sustainable digital finance strategies.