In order to meet public demand, especially the accessibility of financial
services for non-banking customers, financial technology continues to develop
and information systems continue generating innovations. These phenomena
have had given a positive impact both for consumers and businesses,
especially small and medium enterprises. On the other hand, certain aspects
of financial technology (“Fintech”) present a potential risk to the financial
system and an adverse effect on consumer protection if they cannot be
regulated and controlled properly, especially in payment system services.