Fintech Landscape Research Articles

Psychographic and demographic segmentation and customer profiling in mobile fintech services

PurposeThis research aims to comprehend the factors that impact the emerging inclination of consumers toward mobile finance technology (fintech) services over banking institutions. The study focuses on users' demographics and psychographics to delineate their unique segments and profiles.Design/methodology/approachThe study proposes a segmentation and profiling framework that includes variance analysis, two-step cluster analysis and pairwise statistical tests. This framework is applied to a dataset of customers using a range of mobile fintech services, specifically robo-investment, peer-to-peer (P2P) payments, robo-advisory and digital savings. The analysis creates distinct customer profile clusters, which are later validated using pairwise statistical tests based on segmentation output.FindingsEmpirical results reveal that P2P payment service users exhibit a higher frequency of usage, proficiency and intention to continue using the service compared to users of robo-investment or digital savings platforms. In contrast, individuals utilizing robo-advisory services are identified to have a significantly greater familiarity and intention to sustain engagement with the service compared to digital savings users.Practical implicationsThe findings provide financial institutions, especially traditional banks with actionable insights into their customer base. This information enables them to identify specific customer needs and preferences, thereby allowing them to tailor products and services accordingly. Ultimately, this understanding may strategically position traditional banks to maintain competitiveness amidst the increasing prominence of fintech enterprises.Originality/valueThis research provides an in-depth examination of customer segments and profiles within the mobile fintech services sphere, thus giving a nuanced understanding of customer behavior and preferences and generating practical recommendations for banks and other financial institutions. This study thereby sets the stage for further research and paves the way for developing personalized products and services in the evolving fintech landscape.

Balancing the Scales: Navigating Benefits and Risks in Indonesia’s Sharia FinTech Landscape

This research provides a thorough literature analysis to clarify the dynamics of advancing financial technology that complies with Shariah for inclusive development and implementing broad surveillance in Indonesia. The objective is to provide a qualitative review of the current studies to offer insightful perspectives on the growth and risks related to Shariah FinTech. This study integrates a library research approach with a qualitative research methodology. The literature results suggest that Shariah-compliant FinTech is being more widely used in Indonesia, demonstrating its advantages and disadvantages. This literature-based study advances our understanding of the complex balance needed for the ethical and sustainable development of Indonesia’s developing Shariah FinTech sector.

Examining Consumer Behavioural Intention Towards Cryptocurrency Adoption Readiness in Pakistan: A Religious Perspective

Cryptocurrencies have reshaped the global fintech landscape by providing an alternative system of digital payments, investments, trading, and exchange, thereby eliminating the constraints set by traditional currencies. Likewise, cryptocurrencies offer enormous potential to revolutionize the financial markets of Pakistan. This research was thus aimed at examining the underlying factors that shaped individuals’ behavioral intentions to adopt cryptocurrencies under the moderating influence of religion. Using a survey method, the data was collected from 220 professionals who worked in insurance, banking, investment, and trading firms in Pakistan. The data were subsequently processed for multivariate analyses using the smart PLS tool. This research contributes to the theory & research of and policy implications on cryptocurrencies by suggesting novel insights on their potential adoption and promising growth prospects in Pakistan. Notably, the results also reveal the level of influence that religion has on people when it comes to the adoption of these currencies in Pakistan, an Islamic state.

Safeguarding Its Way to Security or Not – Should Fintech Become a Bank(Tech)?

The purpose of the article. This article explores the trend of fintech firms obtaining banking licenses, challenging their traditional advantage of not being banking institutions. It investigates two hypotheses:
 H1 – Banking licenses bring more opportunities than threats for fintech companies;H2 – Obtaining licenses positively impacts their profitability.
 Methodology. The study utilizes the literature review and applies Porter’s Five Forces methodology to assess the strategic implications of banking licenses for fintech firms. Financial analysis is conducted on three selected companies based on market capitalization, banking license timeline, and geographical diversification. Profitability ratios (ROE and ROA) are analyzed before and after obtaining the license.
 Results of the research. Fintech firms with banking licenses experience more opportunities than threats, as confirmed by Porter’s analysis. However, only one out of three analysed companies immediately improved profitability ratios after obtaining the license. In conclusion, obtaining banking licenses opens growth opportunities for fintech firms, but immediate profitability improvements are not guaranteed. Additional requirements and challenges arise during the transition to a banking area. The study acknowledges limitations and suggests further research to confirm and expand these findings in the evolving fintech landscape.

Exploring User Acceptance of Digital Payments in India: An Empirical Study Using an Extended Technology Acceptance Model in the Fintech Landscape

Exploring User Acceptance of Digital Payments in India: An Empirical Study Using an Extended Technology Acceptance Model in the Fintech Landscape

Fintech Agents: Technologies and Theories

Many financial technology (fintech) applications have incorporated interactive computer agents to act as mediators between the user and the fintech system. This paper provides a comprehensive review of interactive fintech agents from technological and social science perspectives. First, we explain the general fintech landscape and define interactive fintech agents. Next, we review the major technologies involved in creating fintech: (1) artificial intelligence and machine learning, (2) big data, (3) cloud computing, and (4) blockchain; as well as the specific key technologies enabling the following aspects of interactive fintech agents: (1) intelligence, (2) understanding of users, and (3) manifestation as social actors. Following the technology review, we examine issues and theories related to human-fintech agent interaction in the following areas: (1) agents’ understanding of users, (2) agents’ manifestation as social actors (via embodiment, emotion, and personality), and (3) users’ social interaction with agents. Finally, we suggest directions for future research on fintech agents.

Unraveling the Fintech Landscape: A Systematic Mapping Study on the Impact of Financial Technology Innovation on Investment Decision-Making in ASEAN Banking

This systematic mapping study identifies and analyses fintech innovations that influence investment decision-making in ASEAN banking. Through a rigorous literature search and screening process, 128 relevant studies were analyzed, identifying four key fintech innovations that impact investment decision-making in ASEAN banking: advisory platforms, blockchain technology, peer-to-peer lending, and mobile banking. The analysis of these innovations reveals their potential to improve investment decision-making in terms of cost efficiency, speed, accessibility, and transparency. However, the study also identified several challenges associated with these innovations, including cybersecurity risks, regulatory issues, and a lack of customer trust. This study provides valuable insights into the current state of fintech innovation in ASEAN banking and its impact on investment decision-making. The findings can help policymakers, regulators, and financial institutions make informed decisions about developing and adopting fintech innovations in the region.

THE FUTURE OF FINANCIAL INCLUSION THROUGH FINTECH: A CONCEPTUAL STUDY IN POST PANDEMIC INDIA

Accessing adequate financial services is considered one of the main difficulties facing communities during periods of uncertainty and crisis. Applying technological innovations in the finance industry, such as digital cash transfers or mobile banking, along with governmental support and regulatory frameworks have the potential to reach out to people currently lacking access to basic financial requirements. Financial Technology or FinTech plays a crucial role in uplifting the state of financial inclusion in India in more ways than one. The current study aims to provide a conceptual understanding on how FinTech helps accelerate financial inclusion in India’s post pandemic landscape and throws light upon certain key regulatory initiatives that enable smooth execution of this objective. The paper also presents a brief discussion on the way forward for improvement of Fintech landscape in India. The methodology followed is descriptive in nature, focused on providing a conceptual overview of the topic at hand. The bottom line of the study states that Fintech will help the economy get back to its feet after the harsh realities of the pandemic through improvement and transformation so that it has a positive impact on all users.

Digitalization and informal MSME: Digital financial inclusion for MSME development in the formal economy

This study examines digital financial inclusion and uses Fintech for informal micro small and medium enterprises (MSMEs) to overcome the financing gap. The researchers used primarily qualitative methods, namely a qualitative analysis strategy verification through inductive analysis. The results show that Indonesia's fintech landscape makes MSME a driver of the digital economy so that they can overcome the financing gap in the informal sector. The challenges faced by Fintech in encouraging MSME business efficiency in the form of unbalanced agency distribution, data security, data access problems, low digital financial literacy, low connectivity, and interoperability can be overcome by taking advantage of existing opportunities. These opportunities include the role of MFIs and cooperatives in promoting financial inclusion and the development of telecommunications infrastructure networks in Indonesia. The novelty of this research is the comprehensive evaluation of achieved progress in digital financial inclusion for MSMEs in Indonesia and the developed recommendation for regulations by relevant authorities to encourage the business efficiency of MSMEs through facilitating digital financial inclusion.

Implementation Of Gateway Technology (Go-Pay) In Increasing Transaction Efficiency In MSMEs Dapur Restu

The Go-Pay payment gateway, available in the GoJek application, has revolutionized the traditional business model by adopting digital methods and offering user-friendly functionalities. This study examined the impact of using Go-Pay and leveraging analytics to enhance small and medium enterprise (SME) financial performance. Through descriptive analysis, the research revealed a positive influence of Go-Pay/Go-food on the micro business, Kitchen Restu, highlighting the benefits of digital payments for both sellers and buyers in terms of effectiveness and convenience. The findings shed light on the evolving fintech landscape, emphasizing the significance of payment gateways like Go-Pay in driving SME financial growth. The user-friendly and effective nature of Go-Pay shapes individuals' attitudes and intentions towards technology adoption. These insights hold implications for businesses, particularly SMEs, aiming to improve their financial performance. By adopting innovative payment solutions such as Go-Pay, sellers and buyers can enhance efficiency and convenience in their digital transactions. As the fintech industry continues to evolve, future research can explore the determinants and outcomes of using payment gateways like Go-Pay, providing deeper insights into their role in driving financial innovation and fostering growth. Ultimately, this study contributes to understanding the transformative power of payment gateways and their potential to reshape the business landscape.

СКЛАД ТА СТРУКТУРА ФІНТЕХ-ЛАНДШАФТУ ЯК ПРОСТОРУ З НАДАННЯ ЦИФРОВИХ ФІНАНСОВИХ ПОСЛУГ

The article deals with the author's approach and structural-logical scheme of the fintech landscape as a space in the system of economic relations where fintech companies provide digital financial services within different directions of fintech (digital payment services, digital banking, digital lending, crowdfunding, digital insurance, digital capital management), as well as representatives of fintech, which form fintech infrastructure. The paper also emphasises that fintech infrastructure helps to improve the quality and ensures confidence in digital financial services. It is determined that the success of the fintech landscape in the country is ensured by the effectiveness of interaction between fintech companies providing digital financial services and fintech infrastructure representatives in the form of innovative use of so-called enabling digital technologies. These include Blockchain, Artificial Intelligence, Robotics, Virtual and Augmented Reality, Big Data and Cloud Storage, the Internet of Things and Biometrics, and API. Besides, the paper presents the characteristics of fintech in the field of digital financial services, subtypes of fintech in different sectors of the financial services market and examples of companies engaged in the provision of digital financial services. The infrastructure of the fintech market is analysed in detail. It is determined that fintech infrastructure is provided by two groups of companies: those that promote the quality of digital financial services and those that promote trust. The first group includes fintech companies that provide fintech support (TechSup), digital financial planning and analytics services. The trust sector in digital financial services is represented by fintech companies engaged in digital security services, fintech regulation (RegTech) and fintech supervision (SupTech).

Fintech, Risk-Based Thinking and Cyber Risk

Abstract Financial technology innovations (Fintech) are changing the provision of traditional financial services. Although they bring with them various benefits and opportunities, they also have weaknesses and pose potential threats to financial systems. The paper examines the latest developments in the area of Fintech and outlines the potential benefits and associated risks. It highlights the vital role of the monetary authorities in the context of the policies and initiatives required in order to modernize the financial system, including research and the potential issuance of central bank digital currency, while simultaneously fulfilling their core objectives of preserving monetary and financial stability. The authors highlight the importance of artificial intelligence in Fintech development. They create a Fintech SWOT to support and analyse the above. It goes on further to explain the new management concept of “Risk-based thinking” as a way to approach these potential opportunities and threats of Fintech. Finally, the paper looks at cyber risk in the Fintech landscape as the latest and potentially greatest threat springing from these turbulent and uncertain times.

INVESTMENT TECH: THE RISE OF DISCOUNT BROKERS IN INDIA

This paper analyzes the emergence of discount retail investment platforms in India which have disrupted the Fintech landscape of the country, especially for the traditional brokerages, by presenting a technologically cost-efficient solution to the general public. Through this expository paper, the aim is to highlight the rising prominence of discount brokerages and their role in revolutionizing the Indian stock market. This analytical study endeavours to decipher the key reasons for the shift of retail investors to discount brokers recently and uses time-series data from 2013-14 to 2020-21 to gauge the strength of the relationship between mobile and internet-based trading and the broking leaders, like Zerodha.

Paradigm shift in fintech landscape: a perspective from the Indian marketplace

In the past decade the Financial Technology (FinTech) industry globally has moved evolved significantly enough to enter mainstream in financial services domain. The tailwinds showcase those lines between technology and business are ever-blurring, and players across the strata have realized the importance of technology innovation and are leveraging it to build novel products and solutions for their customers. India has been one of the pioneers of this trend with 2000+ FinTech startups and more than 20 billion dollars’ worth of reported investments. Major drivers of the growth are attributed to macro-economic headwinds, rapid evolution in technology landscape and drastic change in customer demand. Alongside, there are equally interesting challenges to cope with and they are primarily stemming from security risks, rapidly changing regulatory framework, lack of adoption and demographic opportunities. This study relies on the qualitative approach by reviewing contemporary published research articles, reports published by key players of fintech industry, government’s regulatory organizations, and leading newspapers. We find that globally FinTech has moved from startups to a ubiquitous expression for technology-based innovation in financial services. We increasingly see more collaboration and innovation driven by incumbent banks, prominent technology players, and even regulatory organizations in the market. This is especially true for the Indian FS market, as is evident from a few key trends we have tracked. Indian FinTech ecosystem is unique in the way that it is a playground for a variety of players and young FinTech startups are leading the charge and traditional banks countering with improved digital offerings. While there will be differences in the paths each segment and stakeholders within the FinTech industry take, the key success factors will remain focused on customer experience, innovation, collaboration and speed to value with eye on regulatory landscape. It will be exciting to watch where India is headed as the rising power of India as producer as well as consumer of Fintech tools, the key drivers behind this massive growth and trends shaping Indian Fintech industry

Исламский финтех: цифровизация исламских финансов

Over the past decade, the development of the fintech sector has been becoming one of the characteristics of Islamic finance. What are the key markets? Who are the investors? What areas of business are Islamic fintech companies represented by? This paper considers above questions by investigating more than 240 Islamic fintech companies, the data on which gathered from IFN Fintech Landscape and Crunchbase. The results of our study show that, firstly, the geography of origin and coverage of Islamic fintech companies is not limited to the countries of the Middle East (79 companies) and Southeast Asia (71), but also includes the developed markets of Western Europe (58 companies) and America (20). Moreover, the most attractive jurisdiction for the incorporation of such companies is the UK (18% of all Islamic fintech companies were created here). In the Middle East, such a center of gravity is the UAE (13%). Two markets in Southeast Asia – Indonesia and Malaysia – form almost a quarter (24%) of the global Islamic fintech. In addition, Islamic fintech is expanding financial inclusion in Africa, where 11 Islamic fintech companies have been established; secondly, 91% of all Islamic fintech projects were created in the last 10 years, and 58% in the last 5 years. The peak of activity in this sector fell on the period of 2017 and 2018, when 37 and 39 companies were created, respectively; thirdly, we classify the Islamic fintech into seven broad categories namely, P2P financing (39 companies), neobanks (38), payment services (37), asset management (35), blockchain and cryptocurrency (20), charity (16), real estate (15), among which the most successful cases are considered. In addition, 44 business initiatives were initiated in the field of other near-financial services, including business consulting, analytical support, etc.; fourthly, based on the financial data for 72 Islamic fintech companies in Crunchbase, we estimate the total volume of investments in the Islamic fintech at more than $2.44 bln, almost half of which fell on neobanks ($1.2 bln). If we exclude three mega-investments of more than $300 mln, then the average investment into one Islamic fintech company is $19.9 mln, and if we exclude eight investments worth more than $100 mln – $9.1 mln. Investors of Islamic fintech companies are mainly venture capital funds that finance businesses on the risk-sharing principle. The geography of such funds is not limited to the countries of the Middle East and Southeast Asia, but also includes Western countries (USA, UK, Germany, and Switzerland). We note that at the initial stage, many Islamic fintech projects undergo business mentoring and acceleration programs in special accelerators, including the leading Y Combinator (USA); fifth, we identify five Islamic fintech companies from the CIS, besides, we find Russian-speaking founders of five Islamic fintech companies established in the UAE, Singapore and UK. In addition, we identify Russian venture fund that has invested in two Islamic fintech companies in Bahrain and UAE. Thus, the features of Islamic fintech that we have identified show that the complex and intertwined world of finance is not constrained by borders and prejudices, but the only investment efficiency criteria is the optimal risk-to-reward ratio.

GLOBAL FINANCE AND FINTECH: CHALLENGES, TRENDS AND SYSTEM DETERMINANTS OF DEVELOPMENT

Introduction. Recent years have become, without exaggeration, turning points in the de­velopment of the global financial environment and the financial technology sector. Among the main triggers of change are global digitization; quarantine restrictions caused by COVID-19; military aggression and full-scale Russian invasion of Ukraine. The answers to these challenges were: virtualization of FinTech and the emergence of new tools in the financial services sector; development of new habits in the use of non-banking services; partial transfer of savings into cryptocurrencies; improvement of mobile financial applications and introduction of innovative IT technologies in the financial sphere. The purpose of the article is to scientifically substantiate the modern challenges faced by the global financial environment and the market of financial technologies (including in wartime condi­tions); identify main trends in the development and implement financial technologies in the world market of financial services; outline the system determinants and prospects for the use of innova­ tive solutions by financial intermediaries with the aim to create a safe space and protect personal data; justify the need to introduce artificial intelligence in the field of financial technologies. Results. It was found that financial technologies significantly affect the landscape of the mod­ern global financial environment, its spheres, functionality, set of tools, internal and external struc­ture, expand the range of opportunities, modify rules and establish new traditions. It is argued that the global challenges caused by the global financial crisis of 2008, the COVID-19 pandemic and the war in Ukraine created the prerequisites for the development of innovations in the field of financial technologies. The research has shown that new trends in the development of financial technologies are outlined in the global financial environment, and in particular: automation of var­ious processes in all industries; improving access to financial services in all segments and areas of the global financial environment; inclusiveness and accessibility of financial services through remote customer service channels and virtual communication channels. It has been proven that during the Russian aggression, FinTech companies developed flexibility and loyalty in product development, developed a network of new partnerships, and changed the focus of their activity from the marketing sector to business efficiency and profitability. It is substantiated that important determinants of the development of the field of financial technologies are: deep understanding of the essence of market problems; reformatting of the legislative field and prudential supervision; implementation of innovative ideas into a real final product; favorable conditions of taxation in the field of entrepreneurial activity; high quality and availability of the Internet. Conclusions. Based on the results of the research, it was concluded that new trends re­garding the development of FinTech are being outlined in the global financial environment, which have significant consequences for the growth of financial markets and optimization of the global financial ecosystem. Changes in the global FinTech landscape are predicted due to the operation of the "FinTech sandbox"; expansion of customer service markets and accounts’ management; the opening of opportunities for the emission of electronic money by non-banking financial institutions and the use of ARI technologies, which will eventually allow FinTech market companies to offer new products and implement new business models.

New Resources for Islamic Finance: Islamic Fintech

Financial Technologies (fintech) is the application of digital technology in financial services. It has been accelerated after the 20008 crisis. Fintech initiatives could be both disruptive and supportive for the finance industry. Even the sector has benefited from these innovations, most of the applications could change the game. The race started with cryptocurrencies (especially bitcoin) but in the meantime, fintech are diversified into more than 50 sub-branches. Almost all of them are innovative, applying high tech and competitive. Although the conventional banks (CBs) and financial intermediaries are giants (with respect to fintech start-ups) fintech are targeted new and worthless customers. Most of the start-ups find their path for growing their assets within this concept. Besides giant tech companies are formed their payment and financial systems and named Bigtech. On the other hand, almost %50 of fintech initiatives are collaborating with banks. Their innovations are based on optimizing and enriching the bank mechanism including mobile payment systems. These firms need customers to develop their findings and banks to apply their applications. In recent years, some fintech sub-branches such as crowdfunding, P2P lending, lendtech, etc. are based on social developments. The number and volume of these fintech are growing rapidly. The objection of new initiatives are changing into social projects and collaboration which are not subjected by CBs. Especially after the Covid-19 pandemic, these start-ups are being hyped projects in fintech ecosystem. In Islamic finance, unlike the capitalist mentality, intention and social benefit are primary goals. Islamic fintech could serve humanity and be even profitable. In this aspect, this group of fintech could serve as Islamic consciousness. The term “Islamic fintech” represents the fintech that designs and works according to Shariah principles. Some sub-branches of fintech are fit in the Islamic perspective that avoids interest (riba), uncertainty (gharar), and chance/gambling (maysir). Islamic finance -in general- shape by global financial standards and products. Almost all Islamic banking products are derived from conventional banks. So, they must compete and make a profit like CBs. Since CBs have no limitations and hunger for profit, Islamic banks (IBs) could not be able to keep up with them. Islamic fintech could serve as an intermediary for IBs without restrictions. Fintech initiatives do not need physical branches, centers, and appearance. They settled on the internet, could reach the unbanked population, and have the lowest spread for transactions. With these advantages, Islamic fintech could be the new resource for Islamic finance. There is more than 150 Islamic fintech around the world. Almost half of them are constructed in Islamic countries and others are in developed ones. Islamic fintech in the USA, UK, and Europe are much more professional. It seems that competition makes them better players in the same ecosystem. Islamic fintech has some opportunities and challenges. These challenges are based on the Shariah-compliance perspective and global issues. Almost every fintech start-ups (including non-Islamic ones) are faced the same challenges. On the other hand, Islamic fintech has opportunities because of being “Islamic”. The Muslim population is ready to accept these firms, the unbanked population is concentrated in Muslim countries, and the Islamic tenet supports social generosity could be some advantages for them. In this article Islamic fintech landscape has been evaluated. The benefits of fintech in Islamic finance are recognized and challenges and opportunities for Islamic fintech are studied. In the end, recommendations are listed and explained for the emerging of Islamic fintech.

FinTech: Ecosystem, Opportunities and Challenges in Saudi Arabia

FinTech is a disruptive international phenomenon that is expected to shape the future of the financial sector. This study describes the features and characteristics of the current Saudi Arabian FinTech landscape and ecosystem. Examples of innovative financial startups in Saudi Arabia, including online banking, transfer and payment services, crowdfunding platforms, peer-to-peer lending, and blockchain initiatives, are discussed. Several changes have occurred within the ecosystem in the last five years; for example, Saudi banks are taking a more cautious approach. However, FinTech initiatives are also being internally developed, encouraging technology companies and startups to focus their efforts on innovations aimed at improving current processes rather than novelty. The government directs its effort mainly toward initiatives related to regulations and laws. Customers are interested in new products that are convenient and easy to use. We compare the Saudi FinTech ecosystem to the United Arab Emirates’ FinTech ecosystem and conclude with recommendations for the different stakeholders.

Novel mechanisms of scalability of financial services in an emerging market context: Insights from Indonesian Fintech Ecosystem

Global Fintech phenomenon is driven by new technological innovations that attempt to unbundle and deconstruct conventional business models in the financial services sector. Existing research on platforms focus on platform leadership, governance, generativity and modularity, as well as their impact on agility and innovation. However, there are limited empirical studies, to explore the role of platform operators in providing scalable financial service delivery to a broader population. This study aims to enhance the understanding of an emerging Fintech landscape in Indonesia which is characterized by heterogeneous, dynamic and evolving network of organizations and the innovative mechanisms by which the scalability of financial services could be enhanced. Our study suggests that the mechanisms of platformization, decentralization, localization and democratization by Fintech platform operators positively impact the scalability of financial service delivery. This study has significant implications for policy makers especially in emerging markets who are seeking to scale, facilitate and govern the Fintech revolution, and for Fintech practitioners in the design of technology-enabled delivery of financial services.

Disruptions on India’s FinTech landscape: The 5G wave

The emergence of FinTech companies disrupts the banking and financial service industry through its technology-driven services. But with 5G, the 5th generation mobile network, the entire FinTech outlook is disrupted. The 5G technology is expected to create a new FinTech ecosystem in India. The 5G features like enhanced mobile broadband (eMBB), Lower latency and robust security aspects are certain to bring transformation in banking and FinTech industries. 5G’s application in different domains offers a ‘blue ocean’ of new prospects to FinTech companies. 5G technology offers necessary features to enable FinTech companies to bring a massive change in the banking and finance field. As 5G is on the brink of being a next-generation mobile network in India, it is necessary to examine its influence on the FinTech landscape. In this study, the authors have analyzed the effect of 5G on evolving bank technologies, with special focus on FinTech. This study also projects the authors’ view on the impact of 5G on FinTech firms’ future challenges and prospects.