This paper provides a comprehensive systematic review of the transformative impact of Artificial Intelligence (AI) on the global financial landscape. By synthesising 249 peer-reviewed studies published between 1990 and 2025, the research categorises AI’s contributions into three primary domains: asset pricing and portfolio management; financial markets and institutions; and corporate finance and governance. Furthermore, the review offers a specialised assessment of AI’s implications for financial stability within Asia. The findings reveal that while AI acts as a “stabilising intelligence” by enhancing efficiency, predictive precision, and financial inclusion, it simultaneously introduces “adaptive fragility” by concentrating market power, embedding algorithmic biases, and intensifying systemic linkages.
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