Universal Journal of Accounting and Finance Vol. 10(3), pp. 772 - 783
DOI: 10.13189/ujaf.2022.100313
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Systematic Review & Implications of FinTech Instruments in Indian Micro Small and Medium Enterprises


Naresh Sachdev 1,*, Kawal Nain Singh 2, Kamal Vohra 3, Vishal Vinayak 4
1 Department of Business Management, CT University, Sidhwan Khurd Ludhiana, Punjab, India
2 School of Management Studies, CT University, Sidhwan Khurd, Ludhiana, Punjab, India
3 Swami Ganga Giri Janta Girls College, Raikot, Ludhiana, Punjab, India
4 School of Management & Commerce, RIMT University, Mandi Gobindgarh, Punjab, India

ABSTRACT

One of the recent developments taken place due to the evolution of technology is FinTech. The operations of FinTech instruments across various sectors have brought benefits all around. There are several FinTech instruments that have been launched in the market recently. Out of them, two of the most prominent ones involve the use of P2P lending and Crowdfunding as a source of funding among the businesses. Therefore, this study is an attempt to conduct a systematic review on these two FinTech instruments and wants to draw the feasibility of its application into the Medium Small and Micro Enterprises along with the start-ups evolving in a developing country like India. The study considers a detailed review of 40 articles, 20 of which correspond to each type of instrument. The study looks into a number of different aspects to integrate the outcomes. The results of the review show that the use of FinTech instruments successfully causes an increase in the compounded annual growth rates along with providing a hassle-free source of funds to smaller and innovative businesses. The study suggests the extension of use of FinTech instruments such as P2P lending and Crowdfunding in the medium and small size enterprises as well. As in a developing nation, the role of upcoming ventures plays an inevitable role. It can be successfully made to move towards development by including the two Fintech instruments considered in the study. This would help in generating a profitable environment for the MSMEs and make others around aware of these sources of funding especially in a developing country like India. Moreover, it would contribute towards the generation of employment through the optimal funding of the potential MSMEs and start-ups.

KEYWORDS
FinTech, P2P lending, Crowdfunding, MSME, CAGR

Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Naresh Sachdev , Kawal Nain Singh , Kamal Vohra , Vishal Vinayak , "Systematic Review & Implications of FinTech Instruments in Indian Micro Small and Medium Enterprises," Universal Journal of Accounting and Finance, Vol. 10, No. 3, pp. 772 - 783, 2022. DOI: 10.13189/ujaf.2022.100313.

(b). APA Format:
Naresh Sachdev , Kawal Nain Singh , Kamal Vohra , Vishal Vinayak (2022). Systematic Review & Implications of FinTech Instruments in Indian Micro Small and Medium Enterprises. Universal Journal of Accounting and Finance, 10(3), 772 - 783. DOI: 10.13189/ujaf.2022.100313.