Multifractal analysis of Fintech market

In this paper, we delve into the intricate nonlinear dynamics of the FinTech market by clearly quantifying its multifractal characteristics, with a particular emphasis on the disruptions caused by the COVID-19 pandemic. We examined the return time series data of four pivotal FinTech indices: the Alternative Finance Index, the Democratized Banking Index, the Distributed Ledger Index, and the Future Payments Index, each representing a fundamental aspect of the FinTech ecosystem. Our analysis uncovers pronounced multifractal spectrum features within these indices, indicating a complex interplay of factors infuencing their market behaviors. To assess the impact of the COVID-19 crisis, we conducted a comparative analysis of the multifractality in these time series before and after the onset of the pandemic. This methodical comparison reveals a signifcant intensifcation of multifractal behaviors across all FinTech indices under study during the period infuenced by COVID-19. Our fndings underscore the signifcant impact of the COVID-19 crisis on the complex nonlinear characteristics of fnancial markets, particularly highlighting its pronounced efects on the rapidly evolving FinTech sector.