Leveraging Technology for Robust Financial Facilities: A Comparative Assessment of BRICS Nations

The global economic environment had witnessed a sea change in the last few decades. There has been a progressive adoption of advanced technologies in banking and financial facilities. Innovative use of these advanced technologies is being primarily driven by “Financial Technology (Fintech) Companies”. Fintech applications help financial intermediaries design new financial products and promote financial inclusion and sustainable development. BRICS nations have been pioneer in the adoption and usage of Fintech. In the last decade, BRICS have amplified their technical and financial assistance and recognized divergent ways of economic cooperation. Also, these nations have significantly increased their weight in Global GDP. These developments demand timely and optimal regulatory response, sometime beyond the defined contours of extant financial regulations. Therefore, this study attempts to analyze the adoption and usage of various financial technologies in the BRICS nations. Also, the study identifies the challenges faced during implementation and the future prospects. The study also provides suggestions and remedial measures for the policy makers and regulators.