Abstract
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.
Highlights
The fourth industrial revolution (IR4.0) has unfurled its wings over all industries; its positive impact on the modern global economy has emerged significantly
Financial Technologies (Fintech) is considered a new phenomenon in Malaysia, many Fintech startup companies have started to emerge due to increased interest from the general public (Razak et al, 2020; Baber, 2020; Cham et al, 2018; Chan et al, 2020)
Acknowledging the fact, this paper was set out to address the Fintech conceptualization and its governing issues based upon reviewing the Fintech works of literature from the context of the developing county, Malaysia
Summary
The fourth industrial revolution (IR4.0) has unfurled its wings over all industries; its positive impact on the modern global economy has emerged significantly. Rupeika-Apoga & Thalassinos (2020) postulated that Fintech refers to the advancement in technology that can transform the distribution of financial services spurring the development of new business models, applications, processes, and products. Any technology-focused firms that employ innovations like Fintech will disrupt the establishment of traditional financial services yet strive to revolutionize and reshape the financial ecosystem (Arslanian & Fischer, 2019). They believed it is not an easy road as the actual situation for Fintech development is far more complex to understand (Arslanian & Fischer, 2019). The contribution in the form of recommendation on how Fintech application could be utilized optimally by the Fintech companies would positively impact the Malaysia ecosystem and contribute to the national agenda
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