Author(s)

BoFan He¹, XiaoLu Ruan¹, Wei Mao¹, Gang Chen¹, Yao Chen^2*

Affiliation(s)

¹ School of International Business, Zhejiang Yuexiu University, Shaoxing 312000, Zhejiang, China.

² School of Chinese, Zhejiang Yuexiu University, Shaoxing 312000, Zhejiang, China.

Corresponding Author

Yao Chen

ABSTRACT

This article will focus on the impact of fintech on the microeconomy and macroeconomy. At present, the status and role of scientific and technological innovation in economic and social development is becoming more and more prominent, and financial technology, as an emerging form of scientific and technological innovation, has also developed rapidly in recent years. Financial technology refers to the use of modern information technology means, especially mobile Internet, cloud computing, big data and other technical means to innovate financial services, provide new functions and services for financial activities, so as to improve the efficiency of financial resource allocation, reduce costs and risks of a new financial form. As the IMF develops policies to help member countries respond to a rapidly changing environment, we need to better understand the economic impact of fintech. How will Fintech change the financial world? Will it change the whole face of finance? Will banks be replaced by blockchain systems that support peer-to-peer transactions? Will AI reduce the need for trained professionals? These are all questions we need to discuss.

KEYWORDS

Fintech; Microeconomy; Macroeconomy

CITE THIS PAPER

BoFan He, XiaoLu Ruan, Wei Mao, Gang Chen, Yao Chen. Analysis of the role of financial technology in shaping microeconomic and macroeconomic dynamics in today's business world. Trends in Social Sciences and Humanities Research. 2024, 2(2): 1-7. DOI: 10.61784/tsshrv2n266.

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