The Impact of Applying FinTech in Collecting Customs Duties and Charges: Literature Review

Abstract

The incorporation of fintech technology into the customs procedure appears to be transformative in terms of how governments collect money and handle commerce. Customs departments may increase security, efficiency, and cost-cutting by using the power of technology. Fintech systems provide real-time data on trade flows, allowing authorities to trace the transit of products and collect applicable levies on time. Fintech solutions will enhance transparency and decrease corruption in customs processes. Authorities may now monitor every transaction in real time and have a clear picture of the value of commodities imported and exported by automating the collection process. This removes the chance of corruption and fraud, guaranteeing that all money is properly accounted for. This has a favorable influence on the economy since it promotes a fair playing field and reduces economic uncertainty. Finally, the integration of fintech technologies in customs has resulted in several benefits such as better efficiency, lower costs, improved security, and transparency. This study will use a quantitative, descriptive research design. To explain the current status of phenomena or to investigate correlations between two or more variables. Descriptive statistics will be used in this study's data analysis and interpretation by SPSS program. The data, including the accuracy and speed of payments and the customer experience when making payments, will be described using descriptive statistics before and after Fintech technologies’ deployment.