Critical Success Factors in Fintech Ecosystems: A Framework for Application-Based Payment Platforms

Raja Suzana Raja Kasim (), Mohd Zulkifli Muhammad, Wan Fariza Azima Che Azman, Wan Nor Munirah Ariffin, Hazrina Hasbolah and Rooshihan Merican B. Abdul Rahim Merican
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Raja Suzana Raja Kasim: Universiti Malaysia, Faculty of Entrepreneurship and Business
Mohd Zulkifli Muhammad: Universiti Malaysia, Faculty of Entrepreneurship and Business
Wan Fariza Azima Che Azman: Universiti Malaysia, Faculty of Entrepreneurship and Business
Wan Nor Munirah Ariffin: Universiti Tun Hussein Onn Malaysia, Faculty of Applied Sciences and Technology
Hazrina Hasbolah: Universiti Malaysia, Faculty of Entrepreneurship and Business
Rooshihan Merican B. Abdul Rahim Merican: Universiti Malaysia, Faculty of Entrepreneurship and Business

A chapter in Entrepreneurship and Human-Centric Business Strategies for Social and Economic Resilience, 2026, pp 555-572 from Springer

Abstract: Abstract Key success factors of the Malaysian Fintech sector were explored among application-based platforms, focusing on how trust, innovation, and user-centred design contribute to the adoption of platform technology and sustainability aspects. Using Atlas Ti as a key tool to assess the qualitative aspect of the interview data, the semi-structured interviews offer insights to frame the conceptual framework across payments, e-wallets, proptech, and e-lending sectors in Malaysia. It was found that six themes emerged. Firstly, customer-centric innovation was identified as the key driver for product development. Secondly, fintechs noted that to meet user needs quickly, iterative development efforts are necessary. The third emphasises the importance of designing a high-quality user interface. To deliver capabilities and growth, collaboration and compliance with regulatory policies are deemed crucial. This paper proposes an interconnected theme that explains factors to enhance platform performance, with efficiency, accessibility, product differentiation, and stakeholder engagement playing vital roles. It contributes theoretically to the understanding of trust and user-centred design within fintech perspectives. Consequently, it provides practical guidance for developers, financial institutions, and regulators. Nonetheless, it is worth emphasising that technical sophistication is not the key to success; rather, success depends on meeting customers’ needs and being responsive within an inclusive ecosystem, which involves building an agile and secure platform.

Keywords: Digital Transformation; Efficiency; Customer-centric; Innovation; Fintech Sector; Malaysia (search for similar items in EconPapers)
Date: 2026
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DOI: 10.1007/978-981-95-6415-6_36

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