Key Factors Influencing Fintech Development in ASEAN-4 Countries: A Mediation Analysis
Financial technology (FinTech) rapidly transforms financial landscapes across ASEAN-4 countries by enhancing financial inclusion and digital service accessibility. However, the key factors driving FinTech development in these economies remain ambiguous. While existing studies highlight the economic...
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| Format: | Article |
| Language: | English |
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MDPI AG
2025-04-01
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| Series: | FinTech |
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| Online Access: | https://www.mdpi.com/2674-1032/4/2/17 |
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| author | Ari Warokka Aris Setiawan Aina Zatil Aqmar |
| author_facet | Ari Warokka Aris Setiawan Aina Zatil Aqmar |
| author_sort | Ari Warokka |
| collection | DOAJ |
| description | Financial technology (FinTech) rapidly transforms financial landscapes across ASEAN-4 countries by enhancing financial inclusion and digital service accessibility. However, the key factors driving FinTech development in these economies remain ambiguous. While existing studies highlight the economic and technological aspects of FinTech adoption, limited research distinguishes the unique conditions shaping FinTech’s evolution in developing ASEAN markets. This study bridges this gap by identifying economic and non-economic determinants and exploring their mediating effects. This research aims to investigate the primary drivers of FinTech development in ASEAN-4, emphasizing the roles of financial access and technological readiness as mediators in fostering a sustainable FinTech ecosystem. Utilizing structural equation modeling (SEM) with SmartPLS3, this study analyzes secondary data from 2008 to 2018, evaluating macroeconomic indicators, banking conditions, internet penetration, innovation levels, population dynamics, and human development factors. General banking conditions, access to finance, and technological readiness significantly impact FinTech development. Additionally, financial accessibility and technological infrastructure mediate the influence of economic stability, innovation, and digital penetration on FinTech growth. This study underscores policymakers’ and stakeholders’ need to enhance digital infrastructure and financial accessibility to accelerate FinTech growth. Strengthening financial ecosystems will drive digital transformation and economic resilience in emerging ASEAN economies. |
| format | Article |
| id | doaj-art-7980d52a840a4db395ab799f173dca4e |
| institution | Kabale University |
| issn | 2674-1032 |
| language | English |
| publishDate | 2025-04-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | FinTech |
| spelling | doaj-art-7980d52a840a4db395ab799f173dca4e2025-08-20T03:27:18ZengMDPI AGFinTech2674-10322025-04-01421710.3390/fintech4020017Key Factors Influencing Fintech Development in ASEAN-4 Countries: A Mediation AnalysisAri Warokka0Aris Setiawan1Aina Zatil Aqmar2Global Business Department, Busan International College, Tongmyong University, Busan 48520, Republic of KoreaFaculty of Economics and Business, Universitas Negeri Jakarta, East Jakarta 13220, IndonesiaProsemora Consulting, Central Jakarta 10440, IndonesiaFinancial technology (FinTech) rapidly transforms financial landscapes across ASEAN-4 countries by enhancing financial inclusion and digital service accessibility. However, the key factors driving FinTech development in these economies remain ambiguous. While existing studies highlight the economic and technological aspects of FinTech adoption, limited research distinguishes the unique conditions shaping FinTech’s evolution in developing ASEAN markets. This study bridges this gap by identifying economic and non-economic determinants and exploring their mediating effects. This research aims to investigate the primary drivers of FinTech development in ASEAN-4, emphasizing the roles of financial access and technological readiness as mediators in fostering a sustainable FinTech ecosystem. Utilizing structural equation modeling (SEM) with SmartPLS3, this study analyzes secondary data from 2008 to 2018, evaluating macroeconomic indicators, banking conditions, internet penetration, innovation levels, population dynamics, and human development factors. General banking conditions, access to finance, and technological readiness significantly impact FinTech development. Additionally, financial accessibility and technological infrastructure mediate the influence of economic stability, innovation, and digital penetration on FinTech growth. This study underscores policymakers’ and stakeholders’ need to enhance digital infrastructure and financial accessibility to accelerate FinTech growth. Strengthening financial ecosystems will drive digital transformation and economic resilience in emerging ASEAN economies.https://www.mdpi.com/2674-1032/4/2/17FinTechbankaccess to financetechnology readinessinternetinnovation |
| spellingShingle | Ari Warokka Aris Setiawan Aina Zatil Aqmar Key Factors Influencing Fintech Development in ASEAN-4 Countries: A Mediation Analysis FinTech FinTech bank access to finance technology readiness internet innovation |
| title | Key Factors Influencing Fintech Development in ASEAN-4 Countries: A Mediation Analysis |
| title_full | Key Factors Influencing Fintech Development in ASEAN-4 Countries: A Mediation Analysis |
| title_fullStr | Key Factors Influencing Fintech Development in ASEAN-4 Countries: A Mediation Analysis |
| title_full_unstemmed | Key Factors Influencing Fintech Development in ASEAN-4 Countries: A Mediation Analysis |
| title_short | Key Factors Influencing Fintech Development in ASEAN-4 Countries: A Mediation Analysis |
| title_sort | key factors influencing fintech development in asean 4 countries a mediation analysis |
| topic | FinTech bank access to finance technology readiness internet innovation |
| url | https://www.mdpi.com/2674-1032/4/2/17 |
| work_keys_str_mv | AT ariwarokka keyfactorsinfluencingfintechdevelopmentinasean4countriesamediationanalysis AT arissetiawan keyfactorsinfluencingfintechdevelopmentinasean4countriesamediationanalysis AT ainazatilaqmar keyfactorsinfluencingfintechdevelopmentinasean4countriesamediationanalysis |