A Flourishing Fintech Ecosystem: Conceptualization and Governing Issues in Malaysia

Transforming business transactions from the old "bricks and mortar" physical transaction to "click and order" via digital devices gave birth to financial technology or Fintech. Fintech has arguably democratized financial services, allowing non-traditional firms to enter the space. Fintech refers to digital technologies that integrate various forms of technology, including Blockchain, Robo-advisors, Crowdfunding, Big Data, Peer-to-peer (P2P) lending and intelligent investment consulting in the financial sector. Nonetheless, the Fintech research topic in developing countries like Malaysia is still at the nascent stage. The previous literature has recognized the Fintech evolvement, features, and effect but has not yet provided a comprehensive conceptualization and manifestation. The governing issues of Fintech are also still worth further investigation. Based on the fintech literature review, this paper explores the Fintech conceptualization and its governing issues in-depth. The study will contribute to understanding Fintech, its manifestation, and how Fintech evolves. This concept paper also shed some light on Fintech research areas by identifying the governing issues surrounding Fintech implementation. From the practical perspective, the contribution is a recommendation on how the Fintech application could be utilized optimally by the Fintech companies that would positively impact the Malaysia ecosystem and contribute to the national agenda.

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Digitalisation of the Global FinTech Industry

Handbook of Research on Innovations in Technology and Marketing for the Connected Consumer - Advances in Marketing, Customer Relationship Management, and E-Services ◽

10.4018/978-1-7998-0131-3.ch021 ◽

2020 ◽

pp. 431-449 ◽

Cited By ~ 1

Author(s):

Muhammad Waleed Butt ◽

Usman Javed Butt

Keyword(s):

Developing Countries ◽

Digital Media ◽

Financial Services ◽

Business Models ◽

Banking Industry ◽

Digital Technologies ◽

Value Proposition ◽

Goods And Services ◽

Digital Disruption ◽

Financial Technology

The digitalisation of global financial technology and marketing is central for the success of many banking organisations across the globe. Digital disruption is a change that occurs when new emerging digital technologies and business models affect the value proposition of existing goods and services for low end demanding customers or for new market customers. Digital banking or online or virtual banking is leading to the digitization of all the traditional banking activities, products, process, or services. It is needless to state that mere adaptation of digital media to comply with trends does not guarantee success. The digital trends in the banking industry has seen banks focusing on digitalization core processes, increasing awareness, financial inclusions, and undertaking sustainable practices. FinTech (i.e., financial technology) is competing with traditional financial methods in the delivery of financial services and reaching the unbanked segment of society, particularly in developing countries. There is a strong need to understand drivers and trends in the FinTech industry.

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Digitalisation of the Global FinTech Industry

Research Anthology on Concepts, Applications, and Challenges of FinTech ◽

10.4018/978-1-7998-8546-7.ch011 ◽

2021 ◽

pp. 167-185

Author(s):

Muhammad Waleed Butt ◽

Usman Javed Butt

Keyword(s):

Developing Countries ◽

Digital Media ◽

Financial Services ◽

Business Models ◽

Banking Industry ◽

Digital Technologies ◽

Value Proposition ◽

Goods And Services ◽

Digital Disruption ◽

Financial Technology

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Empowering Small Businesses with Financial Technology: The Road Less Travelled

10.54728/2112211640063460 ◽

2021 ◽

Vol 1 (1) ◽

Author(s):

Roksana Akter ◽

◽

Adrita Priyodarshini ◽

Suborna Barua ◽

Keyword(s):

Financial Services ◽

Small Businesses ◽

Business Owners ◽

Small Business Owners ◽

Credit Management ◽

Business Opportunity ◽

The Road ◽

Business Transactions ◽

Mobile Financial Services ◽

Financial Technology

Financial services remain untapped by most of the small business owners in Bangladesh. This limited access to mobile financial services and FinTech presents a business opportunity for the FinTech startups in the market. TallyKhata and Upayare digital financial services platforms visualizing to capture the untapped sector by becoming one of the first movers in the industry. This article has studied the cases of TallyKhata and Upay in empowering small businesses in Bangladesh through the services that have made business transactions and credit management hassle-free.

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Data Analytics in Banking and Financial Services

Asian Journal of Computer Science and Technology ◽

10.51983/ajcst-2019.8.s1.1955 ◽

2019 ◽

Vol 8 (S1) ◽

pp. 67-69

Author(s):

S. Palaniammal ◽

V. S. Thangamani

Keyword(s):

Decision Making ◽

Developing Countries ◽

Big Data ◽

Financial Services ◽

Data Analytics ◽

Data Science ◽

Banking Industry ◽

Rapid Development ◽

Banking Services ◽

The Impact

In Journal of Banking and Finance [1] we are living in the era of the big data. The rapid development of scientific and data technology over the past decade has brought not only new and sophisticated analytical tools into Financial and Banking services, but also introduced the power of data science application in everyday strategic and operational management. Data analytics and science developments have been particularly valuable to financial organizations that heavily depend on financial information in their decision making processes. The article presents the research that focuses on the impact of the data and technology trends on decision making, particularly in Finance and Banking services. It covers an overview of the benefits associated with the decision analytics and the use of big data by financial organizations. The aim of the research is to highlight the areas of impact where the big data trends are creating disruptive changes to the way the Finance and banking industry traditionally operates. For example, we can see rapid changes to organisation structures, approach to competition and customer as well as the recognition of the importance of data analytics in strategic and tactical decision making. Investment in data analytics is no longer considered a luxury, but necessity, especially for the financial organizations in developing countries. Technology and data science are both forcing and enabling the financial and banking industry to respond to transformative demands and adapt to rapidly changing market conditions in order to survive and thrive in highly competitive global environment. Financial companies operating in developing countries must develop strong understanding of data-related trends and impacts as well as opportunities. This knowledge should not only be utilized for survival efforts, but also seen as the opportunity to engage at global level through innovation, flexibility, and early adoption of data science benefits. The paper also recommends further studies in related areas, which would provide additional value and awareness to the organizations that are considering their participation in the global data and analytical trends.

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ANALISIS AKAD TIJARAH PADA TRANSAKSI FINTECH SYARIAH DENGAN PENDEKATAN MAQHASID

YUDISIA : Jurnal Pemikiran Hukum dan Hukum Islam ◽

10.21043/yudisia.v9i2.4766 ◽

2018 ◽

Vol 9 (2) ◽

Author(s):

Dodi Yarli

Keyword(s):

Financial Services ◽

Business Transactions ◽

Financial Technology

Financial technology is an activity that focuses on providing financial services ideas using software. Which is fintech, it expected that various facilities can be obtained later. The development of fintech began since the discovery of blockhain and cryptocurrency. In addition, this development is also one of the developments in digital-based technology and is a new innovation and his impact on all economic activities, especially in the Islamic economy. As for Fintech Syariah, of course it must be based on an Islamic perspective and refer to Maqashid Syari'ah al-Khams and contain benefits for every transaction carried out by the contractor. All forms of economy and business transactions originating from the Qur'an and the Sunnah are clear, paying attention to and protecting the rights of each individual in order to uphold justice and eliminate injustice in transacting through the shariah fintech.

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Prospects, Challenges, and Opportunities of Digital Financial Services in Developing Countries

Managerial Issues in Digital Transformation of Global Modern Corporations - Advances in Logistics, Operations, and Management Science ◽

10.4018/978-1-7998-2402-2.ch006 ◽

2021 ◽

pp. 69-88

Author(s):

Viju Mathew

Keyword(s):

Developing Countries ◽

Emerging Markets ◽

Financial Services ◽

Large Population ◽

Digital Technologies ◽

Digital Marketing ◽

Marketing Function ◽

Challenges And Opportunities ◽

Digital Strategy ◽

Rapid Transformation

The chapter aims to show the challenges and opportunities of digital financial services (DFS) in emerging markets like India and to show how the adoption of innovative DFS marketing can support the outreach of its large population. The chapter reveals the digital marketing priorities of these forces powered by new digital technologies to drive the rapid transformation of financial sector marketing function into a cash cow position. The implication of this research supports the institutions to formulate the framework to overcome the challenges and create an advantage by grabbing the opportunities. The results reveal the gaps, adjusting the organizational digital strategy for companies across sectors.

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INDONESIAN FINTECH: BUSINESS ECOSYSTEM AND REGULATION

Diponegoro Law Review ◽

10.14710/dilrev.5.2.2020.277-295 ◽

2020 ◽

Vol 5 (2) ◽

pp. 277-295

Author(s):

Sugeng Sugeng ◽

Clara Ignatia Tobing ◽

Rona Fajarwati

Keyword(s):

Financial Services ◽

Secondary Data ◽

Peer To Peer ◽

Social Phenomena ◽

Business Ecosystem ◽

Criminal Offenses ◽

Electronic Transactions ◽

P2p Lending ◽

Short Time ◽

Financial Technology

This article will examine the development of the business ecosystem and regulation of Financial Technology (Fintech) in Indonesia, especially lending through electronic transactions, or peer to peer lending (P2P Lending). Although the Financial Services Authority (OJK) has closed the company's activities, but in a short time other illegal companies have emerged, even in larger numbers. This research uses the doctrinal method with the statutory approach. Secondary data is used to explain of legal and social phenomena related to the research topic.The Fintech industry requires specific provisions governing criminal offenses related to Illegal companies.

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Characteristics of Financial Technology as Financing Alternative Capitalization of Medium Small-Medium Enterprises (MSME)

FIAT JUSTISIA ◽

10.25041/fiatjustisia.v15no2.1933 ◽

2021 ◽

Vol 15 (2) ◽

pp. 133-158

Author(s):

Dwi Tatak Subagiyo

Keyword(s):

Information Technology ◽

Financial Services ◽

Financial Institution ◽

Small And Medium Enterprises ◽

Peer To Peer ◽

P2p Lending ◽

Peer Lending ◽

Small Medium Enterprises ◽

Medium Enterprises ◽

Financial Technology

Characteristics of Financial Technology as a Financial Institution that uses information technology to provide financial solutions by prioritizing compliance with the principles of prudence and risk management. The characteristics of Financial Technology institutions are getting a loan quickly; Makes Payment Easier; Make Loan Payments without Additional Fees. Peer to Peer Lending (P2P lending) system in providing financial services is done through information technology based. The financial services institution Peer to Peer Lending (P2P Lending) is a financial technology financial institution (Fintech). Financial Technology (Fintech) as a Literacy Source for Financing Micro, Small and Medium Enterprises; Financial Technology (Fintech) As a Facilitator in MSME Development; Financial Tecnology (Fintech) as a driver for Micro, Small and Medium Enterprises to Increase National Financial Inclusion. The Role of the Financial Services Authority (OJK) and the Indonesian Joint Funding Fintech Association (AFPI) As Regulations and Oversight of Financial Technology Institutions (Fintech) in Indonesia.

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Penerapan Konsep Utilitarianisme Untuk Mewujudkan Perlindungan Konsumen Yang Berkeadilan Kajian Peraturan Otoritas Jasa Keuangan Nomor: 1/POJK.07/2013 Tentang Perlindungan Konsumen Sektor Jasa Keuangan

Syariah Jurnal Hukum dan Pemikiran ◽

10.18592/sy.v19i1.2296 ◽

2019 ◽

Vol 19 (1) ◽

pp. 15

Author(s):

Dwi Edi Wibowo

Keyword(s):

Consumer Protection ◽

Financial Services ◽

Peer To Peer ◽

Financial Industry ◽

Fast Process ◽

Bank Institution ◽

P2p Lending ◽

Peer Lending ◽

Financial Technology

Abstrak Peranan internet dalam teknologi informasi telah digunakan untuk mengembangkan industri keuangan (financial industry) melalui modifikasi dan efisiensi layanan jasa keuangan yaitu dikenal dengan istilah Financial Technology atau Fintech. Fintech jenis pinjam-miminjam uang berbasis teknologi atau peer to peer lending (P2P-lending) merupakan jenis Fintech yang tumbuh pesat di Indonesia, kelebihan pinjam meminjam uang melalui layanan P2P-lending lainnya adalah syarat yang sangat mudah dan proses yang cepat dibandingkan meminjam uang melalui Lembaga Bank. Namun kemudahan transaksi yang ditawarkan oleh layanan P2P- lending justru memperlemah posisi dari konsumen. Permasalahan Bagaimanakah Penerapan Konsep Utilitarianisme Untuk Mewujudkan Perlindungan Konsumen Fintech. (Financial Technology) Yang Berkeadilan, Tujuan untuk mengetahui bagaimanakah penerapan konsep utilitarianisme untuk mewujudkan perlindungan kosnumen fintech ( finansial technology yang berkeadilan . Kata kunci : utilitarianisme, perlindungan konsumen, berkeadilan Abstrak The role of the internet in information technology has been used to develop the financial industry through the modification and efficiency of financial services, known as Financial Technology or Fintech. Fintech borrows money based on technology or peer to peer lending (P2P-lending) is a fast-growing type of Fintech in Indonesia, the advantages of lending and borrowing via other P2P-lending services are very easy conditions and a fast process compared to borrowing money through Bank Institution. But the ease of transactions offered by P2P-lending services actually weakens the position of consumers. Problems How to Implement the Utilitarianism Concept to Realize Fintech Consumer Protection. (Financial Technology) that is just, the aim is to find out how the application of the concept of utilitarianism is to realize the protection of fintech consumers (equitable technology finance. Keywords: utilitarianism, consumer protection, justice

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FinTech's Interpretations and Tunisian Ecosystem Analysis

Advances in Finance, Accounting, and Economics - Influence of FinTech on Management Transformation ◽

10.4018/978-1-7998-7110-1.ch008 ◽

2021 ◽

pp. 167-190

Author(s):

Fatma Bouaziz ◽

Amira Sghari

Keyword(s):

Central Bank ◽

Financial Institutions ◽

Communication Technology ◽

Financial Services ◽

Rapid Development ◽

Digital Technologies ◽

Financial Industry ◽

Loyalty Program ◽

Information And Communication ◽

Financial Technology

The evolution of information and communication technology (ICT) affects all areas of activity including the financial industry. Indeed, it leads to rapid development of innovative and modern financial services, namely financial technology (Fintech). The latter is not well defined in the literature. This descriptive chapter aims to propose a comprehension of the Fintech concept based on three interpretations: Fintech as financial services relying on digital technologies, Fintech as startups and IT companies, and Fintech as an industry. An analysis of the components of the Tunisian Fintech ecosystem is then presented. The latter is mainly composed-of Central Bank of Tunisia, fintech startups (financing, payments, loyalty program, blockchain and cryptocurrencies, exchange services and insurance, and technology, IT, and infrastructure), technology developers, traditional financial institutions, and financial customers.

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