FinTech and small and medium enterprises: current state and future directions

Purpose - Financial technology (FinTech) is the result of the rapid convergence of financial services and advanced technology. FinTech has significantly transformed traditional financial institutions and the financial landscape for small and medium enterprises (SMEs). This study examined the current state and future directions of FinTech adoption and its implications for SMEs. Design/methodology/approach - Citation analysis, bibliographic coupling and keyword co-occurrence analysis were employed to perform a bibliometric analysis of 125 Scopus-indexed documents published from 2016 to April 2024. The analysis synthesized existing research and identified key themes, influential research and emerging trends in FinTech and SMEs. The study used VOSviewer and Gephi for the analysis and visualization. Findings - FinTech has introduced novel approaches to credit scoring, alternative financing and digital financial inclusion. However, gaps remain in understanding the full scope of these innovations and their impact on corporate supply chains and Islamic finance. The role of artificial intelligence in revolutionizing credit assessment and the regulatory frameworks governing FinTech companies remains underexplored. The findings highlight the role of FinTech in addressing challenges that SMEs face, such as regulatory complexities and access to financing, thus fostering innovation and economic growth. This study highlights underexplored areas for future research. Originality/value - The novelty of the study lies in its bibliometric analysis of FinTech-SME literature. It maps the existing body of research to contribute to academic discourse by identifying emerging research trends, gaps and opportunities for future research. The study also provides valuable insights for researchers, policymakers and practitioners on leveraging FinTech to benefit SMEs.