What are the major flaws of financial systems in the under developed markets?

If are taking about Information Technology Financial Systems, they are the same around the globe as far as functionalities are concerned.

 

If you taking about economic financial systems they are lacking good policies and long term consistency.

Poor accounting standards, heavily restricted banking systems, and high inflation generally tend to have underdeveloped financial systems, even after controlling for income.
plus depends if it is a bank based or market based financial system and if its hybrid who rules.