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Practice paper

Managing risk in FinTech: Balancing innovation, regulation and consumer protection

Anat Goldstein and Subramanian Narayanaswamy
Journal of Risk Management in Financial Institutions, 18 (3), 219-231 (2025)
https://doi.org/10.69554/DVEQ8920

Abstract

This paper examines the complex field of risk management in the FinTech industry, highlighting the need for robust methods to mitigate inherent risks and leverage new technologies. FinTech presents various operational and regulatory challenges that call for thorough management to support stability and growth as it continues to upend established financial paradigms. We examine the high failure rates in innovative endeavours, emphasising the significance of strategic financial planning and entrepreneurial agility for long-term viability. The potential for operational hazards to compromise financial integrity and trust is closely examined, with a focus on cyber security, business continuity and intellectual property protection. The paper also discusses the evolving regulatory frameworks that have a significant impact on the development and implementation of new financial technologies. We evaluate how these rules affect the preservation of competitive advantages, the defence of consumer rights, and the overall stability of the economic system. Additionally, the report examines market dynamics that affect liquidity and investment strategies, which are essential to FinTech’s long-term viability and profitability. This study employs a combination of qualitative observations and case studies to describe the most effective risk management techniques for safeguarding FinTech businesses against common mistakes. These techniques help ensure their long-term viability and establish new standards in the financial sector. The main objective is to provide stakeholders, including investors, business owners and legislators, with a clearer understanding of operating ethically and profitably in the FinTech sector. This article is also included in The Business & Management Collection, which can be accessed at https://hstalks.com/business/.

Keywords: risk management; FinTech; regulatory challenges; banking; innovation; cyber security; embedded lending; BaaS

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Author's Biography

Anat Goldstein is a FinTech strategist and co-founder of FinOptima Solutions Inc., a US-based start-up developing real-time fraud detection technology for community banks and credit unions. She holds an MS in FinTech from NYU Stern and brings over a decade of cross-border experience in investment banking (mergers and acquisitions [M&A], capital raising), venture capital (VC)/private equity (PE) and innovation in FinTech and regtech. Anat also serves as a start-up angel investor and judge for the Most Fundable Companies Competition, and brings a global, institutional perspective to financial risk strategy and collaborative innovation.

Subramanian Narayanaswamy is a seasoned banking and FinTech leader with over 15 years’ experience across North America, South Africa and Asia. A recognised expert in consumer risk management, he has successfully launched several enterprise-wide credit and fraud strategies that have safeguarded and prudently grown multi-billion-dollar portfolios. His work has strengthened risk infrastructure and promoted resilient, regulation-ready financial systems, setting new industry benchmarks for innovation in credit, fraud and FinTech risk management.

Citation

Goldstein, Anat and Narayanaswamy, Subramanian (2025, June 1). Managing risk in FinTech: Balancing innovation, regulation and consumer protection. In the Journal of Risk Management in Financial Institutions, Volume 18, Issue 3. https://doi.org/10.69554/DVEQ8920.

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cover image, Journal of Risk Management in Financial Institutions
Journal of Risk Management in Financial Institutions
Volume 18 / Issue 3
© Henry Stewart
Publications LLP

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