Enhancing Fintech Security and Countering Terrorist Financing: A Case Study of Kenya's Fintech Landscape
DOI:
https://doi.org/10.59569/jceeas.2024.4.1.276Keywords:
Fintech, Security Challenges, War on Terror, Kenya, Terrorist Financing, Cybersecurity, Financial Integrity, National Security, Regulatory FrameworksAbstract
This research aims to investigate the intersection of fintech security and the War on Terror within the context of Kenya's burgeoning fintech landscape. With the rapid growth of fintech solutions in Kenya, there arises a pressing need to assess the security challenges and vulnerabilities that accompany this growth, particularly in light of the country's ongoing efforts to combat terrorism. The research will delve into the present challenges and prospects of fintech security, with a specific focus on strategies for managing complex threats and risks associated with terrorist financing, both locally and globally. By examining the unique socio-economic and geopolitical dynamics of Kenya, this study will shed light on the critical role of fintech in national security efforts, including the detection and prevention of illicit financial activities linked to terrorism.
References
Aduda, J., & Kingoo, N. (2012). The relationship between electronic banking and financial performance of commercial banks in Kenya. Journal of Finance and Investment Analysis, 1(3), 99-118.
Alam, N., Gupta, L., & Zameni, A. (2019). Fintech Regulation. In N. Alam, L. Gupta, & A. Zameni (Eds.), Fintech and Islamic Finance: Digitalization, Development and Disruption (pp. 137-158). Springer International Publishing. https://doi.org/10.1007/978-3-030-24666-2_8
Allen, H. J. (2022). Driverless Finance: Fintech's Impact on Financial Stability. Oxford University Press. https://doi.org/10.1093/oso/9780197626801.001.0001
Amutabi, M. (2006). The NGO factor in Africa: the case of arrested development in Kenya. Routledge.
Anyasi, F. I., & Otubu, P. A. (2018). Mobile phone technology in banking: its economic effect. European Journal of Business and Strategic Management, 3(3), 29-44.
Avgouleas, E. (2018). The Role of Financial Innovation in EU Market Integration and the Capital Markets Union: A Reconceptualization of Policy Objectives. In Capital Markets Union in Europe (pp. 0). Oxford University Press. https://doi.org/10.1093/oso/9780198813392.003.0008
Disemadi, H. S., Yusro, M. A., & Balqis, W. G. (2020). The Problems of Consumer Protection in Fintech Peer-to-Peer Lending Business Activities in Indonesia. Sociological Jurisprudence Journal, 3(2), 91-97. https://doi.org/http://dx.doi.org/10.22225/scj.3.2.1798.91-97
Fenwick, M., Uytsel, S. V., & Ying, B. (Eds.). (2020). Regulating FinTech in Asia. Global Context, Local Perspectives. https://doi.org/http://dx.doi.org/10.1007/978-981-15-5819-1.
Fintech Policy Tool Kit for Regulators and Policy Makers in Asia and the Pacific. (2022). Asian Development Bank. https://doi.org/http://dx.doi.org/10.22617/tim220043-2
Haonan, S., Chen, G., Su, Y., Hu, W., & Wang, W. (2022). Building of a standard system for supervision over financial technology enterprises from the perspective of governmental regulation. Journal of Sociology and Ethnology, 4(2), 101–106. https://doi.org/http://dx.doi.org/10.23977/jsoce.2022.040220
International Financial Centres after the Global Financial Crisis and Brexit. (2018). Oxford University Press. https://doi.org/10.1093/oso/9780198817314.001.0001
Irawansah, D., Yuspin, W., Ridwan, R., & Nasrullah, N. (2021). Urgensi Pembentukan Undang-Undang Fintech Di Indonesia: Harapan Dan Realita Di Era Pandemic Covid-19. SASI, 27(4), 532 - 548. https://doi.org/https://doi.org/10.47268/sasi.v27i4.581
Ji, Y., Gu, W., Chen, F., Xiao, X., Sun, J., Liu, S., He, J., Li, Y., Zhang, K., Mei, F., & Wu, F. (2020). SEBF: A Single-Chain based Extension Model of Blockchain for Fintech International Joint Conferences on Artificial Intelligence Organization. Retrieved Oktober 11, 2024 from http://dx.doi.org/10.24963/ijcai.2020/620
Lara Marie, D., Vella, V., & Dingli, A. (2020). "Explainable AI for Interpretable Credit Scoring." In 10th International Conference on Advances in Computing and Information Technology (ACITY 2020). http://dx.doi.org/10.5121/csit.2020.101516.
Lemma, V. (2020a). Fintech Firms. In V. Lemma (Ed.), FinTech Regulation: Exploring New Challenges of the Capital Markets Union (pp. 299-361). Springer International Publishing. https://doi.org/10.1007/978-3-030-42347-6_6
Lemma, V. (2020b). FinTech Regulation. Palgrave Macmillan. https://doi.org/http://dx.doi.org/10.1007/978-3-030-42347-6
Lemma, V. (2020c). FinTech Regulation: Exploring New Challenges of the Capital Markets Union. Springer.
Loesch, S. (2018). A Guide to Financial Regulation for Fintech Entrepreneurs. John Wiley & Sons. https://doi.org/DOI:10.1002/9781119436775
Macchiavello, E. (2017). Financial-return Crowdfunding and Regulatory Approaches in the Shadow Banking, FinTech and Collaborative Finance Era. 14(4), 662-722. https://doi.org/doi:10.1515/ecfr-2017-0030 (European Company and Financial Law Review)
Mobarek, A., & Fiorante, A. (2014). The prospects of BRIC countries: Testing weak-form market efficiency. Research in International Business and Finance, 30, 217-232. https://doi.org/https://doi.org/10.1016/j.ribaf.2013.06.004
Momeni, M., Kheiry, B., & Dashtipour, M. (2013). Analysis of the effects of electronic banking on customer satisfaction and loyalty (Case study: selected branches of Melli Bank in Tehran). Interdisciplinary Journal of Contemporary Business Research, 4(12). https://doi.org/http://journal-archives31.webs.com/230-241.pdf
Muthinja, M. M. (2016). Financial innovations and bank performance in Kenya: Evidence from branchless banking models [Ph.D. Thesis] University of the Witwatersrand]. Johannesburg.
Mwando, S. (2013). Contribution Of Agency Banking On Financial Performance Of Commercial Banks In Kenya. Journal of economics and sustainable development, 4, 26-34.
Mwangi, M. K. (2007). Factors Influencing Financial Innovation in Kenya’s Securities Market: a Study of Firms’ Listed at the Nairobi Stock Exchange [PhD Thesis] University of Nairobi]. http://erepository.uonbi.ac.ke:8080/xmlui/handle/123456789/7444
Njenga, K. (2010). Mobile phone banking: Usage experiences in Kenya By.
Noor, A., Ahamat, H., Marzuki, I., Wulandari, D., Junaidi, A. A., Lisdiyono, E., & Trisnawati, B. (2021). Regulation and consumer protection of fintech in Indonesia. The case of Islamic fintech lending 49-63. http://dx.doi.org/10.21744/lingcure.v6ns3.1938
Nurhasanah, N., & Rahmatullah, I. (2020). Financial Technology and the Legal Protection of Personal Data: The Case of Malaysia and Indonesia. Al-Risalah: Forum Kajian Hukum Dan Sosial Kemasyarakatan, 20(27), 197–214. https://doi.org/https://doi.org/10.30631/alrisalah.v20i2.602
Robert, H. D., & Chuen, D. L. K. (2017). Handbook of Blockchain, Digital Finance, and Inclusion, Volume 1: Cryptocurrency, FinTech, InsurTech, and Regulation. Elsevier Science & Technology.
Shashkova, A. V., Agranovskaya, M. A., & Kitsmarishvili, D. E. (2020). FinTech & New Digital Instruments. Post-Crisis Developments: Russia and Europe. Digital Law Journal, 1(4), 25–37. https://doi.org/http://dx.doi.org/10.38044/2686-9136-2020-1-4-25-37
Shin, Y., & Choi, Y. (2019). Feasibility of the Fintech Industry as an Innovation Platform for Sustainable Economic Growth in Korea. Sustainability, 11, 5351. https://doi.org/10.3390/su11195351
Xu, D., & Xu, D. (2020). Concealed Risks of FinTech and Goal-Oriented Responsive Regulation: China’s Background and Global Perspective. Asian Journal of Law and Society, 7(2), 305-324. https://doi.org/10.1017/als.2019.29
Yimeng, Z. Analysis of Fintech Regulation Based on G-SIBs Fintech Index. Journal of Finance Research, 4(1), 69. https://doi.org/http://dx.doi.org/10.26549/jfr.v4i1.3250
