Opportunities and Barriers for FinTech in SAARC and ASEAN Countries

Tasadduq Imam, Angelique McInnes, Sisira Colombage and Robert Grose
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Tasadduq Imam: School of Business & Law, CQUniversity (Melbourne Campus), Melbourne, VIC 3000, Australia
Angelique McInnes: School of Business & Law, CQUniversity (Brisbane Campus), Brisbane, QLD 4000, Australia
Sisira Colombage: Federation Business School, Federation University, Berwick, VIC 3806, Australia
Robert Grose: School of Business & Law, CQUniversity (Melbourne Campus), Melbourne, VIC 3000, Australia

JRFM, 2022, vol. 15, issue 2, 1-37

Abstract: This article assesses the opportunities and challenges for different categories of FinTechs in the SAARC and ASEAN regions. We consider the global financial inclusion data released by the World Bank and map the responses to gain insights into the opportunities and challenges for FinTechs in the respective regions. We develop a new index, termed the FinTech Opportunity Index ( FOI ), to conceptualise the opportunities and barriers based on individual savings, borrowings, purchasing behaviour, and payment preferences. We note that FinTech services have potential opportunities for expansion in the ASEAN regions but less so in the SAARC regions. The need for different types of FinTech services varies between regions. Services such as crowdfunding, neobanks, and InsurTech have potential in the ASEAN regions, especially with the positive attitude towards entrepreneurship and asset investments. In the SAARC regions, InsurTechs linked to health care has potential along with LendTechs and neobanks. We further note that males, and the young are more likely adopters of FinTechs in both regions. The analysis suggests the need for innovative promotions and education to motivate the more sceptical, especially women and the elderly population, to adopt FinTech services.

Keywords: FinTech; SAARC; ASEAN; technology adoption (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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