Critical development of Islamic financial technology ecosystem: lesson learned from financial technology literature

Abstract

Purpose This study aims to draw lessons from the financial technology (FinTech) ecosystem literature through a systematic literature review. Design/methodology/approach This study systematically studied a sample of 134 articles from the Scopus database to assess the pattern of research development within the scope of the FinTech ecosystem over the last 15 years (2008–2023). Findings The results obtained indicated that the current research focus leads to several aspects: digital technology and financial inclusion, FinTech and customer behavior, FinTech ecosystem, business model, as well as aspects of governance and regulation. In the effort to develop Islamic FinTech, some aspects that might be targeted include aspects of business development and the Islamic FinTech ecosystem in general, extending financial inclusion to governance and managerial implementation of Islamic FinTech itself. Research limitations/implications This research has limitations because it did not focus on the study of more specialized sectors, such as insurance or microfinance institutions, in adopting FinTech, requiring the use of other specifications of institutions in addition to Islamic banking. Practical implications This research has substantial theoretical implications in mapping the intellectual structure of Islamic FinTech research, which has been underexplored by previous researchers, as well as providing essential information about which sectors should be prioritized to encourage inclusiveness and overall performance of financial institutions. Originality/value This research explores more deeply with a comprehensive approach so that it becomes a pioneer in the study of FinTech ecosystem literature for the development of Islamic FinTech.