The evolution of the financial technology ecosystem: An introduction and agenda for future research on disruptive innovations in ecosystems

Palmié, Maximilian; Wincent, Joakim; Parida, Vinit; Caglar, Umur

doi:10.1016/j.techfore.2019.119779

Cited by 186 publications

(148 citation statements)

References 32 publications

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“…Existing literature has also analyzed the financial technologies as "disruptive innovation" (Palmié et al 2020) and new mechanisms by governments, institutions and firms to adapt to rapid technological change. For instance, research has examined the phases of development of the industry, and the legal, financial, and institutional designs required to spur innovation by balancing competition and collaboration, with the responsibility to mitigate risks for consumers, investors, and the financial system from technology development (Pei 2018;Palmié et al 2020). A major focus in new government policy mechanisms is the regulatory sandbox approach, launched in the United Kingdom in 2016 and subsequently emulated by numerous other countries.…”

Section: Literature Reviewmentioning

confidence: 99%

“…This paper contributes to the existing literature in two ways. Firstly, existing fintech literature tends to conceptualize and analyze regulatory changes in a country by tracing domestic market expansion along with the economic and social impacts that warrant enhanced regulation, or domestic stakeholder actions, or networks that drive policy changes (Shim and Shin 2016;Davis et al 2017;Claessens et al 2018;Wang 2018a;Palmié et al 2020). What has garnered less attention is the broader picture of fintech as a global industry powered by transnational capital flows and the role of foreign business practices and investments in influencing the domestic environment, triggering governance responses.…”

Section: Literature Reviewmentioning

confidence: 99%

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Governing the gold rush into emerging markets: a case study of Indonesia’s regulatory responses to the expansion of Chinese-backed online P2P lending

Tritto

Junaedi

2020

Financ Innov

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Peer-to-peer (P2P) lending has the potential to boost financial inclusion in emerging markets. This paper contributes to the literature on fintech governance in emerging Asian markets. It examines the case of the Indonesian government’s approach in regulating the P2P lending sector using both primary interviews and secondary firm-level data. Driven by regulation tightening in China and regulatory gaps in Indonesia, Chinese investments became the largest in this sector contributing, however, to growing risks from illegal business practices. The Indonesian government responded by creating new regulations and institutions, mitigating risks without stifling the potential for financial inclusion. We conclude a proactive approach towards monitoring and regulating emerging high-tech industries should be sought by strengthening links with industry and civil society, and through international cooperation for policy and knowledge sharing.

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Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Governing the gold rush into emerging markets: a case study of Indonesia’s regulatory responses to the expansion of Chinese-backed online P2P lending

Tritto

Junaedi

2020

Financ Innov

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“…Moreover, a group of researchers considered cooperation among finance, commercial activities, and scientific research as an ecosystem (Lee & Shin, 2018;Mackenzie, 2015), which mainly referred to the basic concepts of this kind of study and how to bring into full play the advantages of each part in practice. Palmie et al (2020) illustrated the impact the FinTech ecosystem has had on disrupting the financial services industry. Hendrikse et al (2020) believed that FinTech plays an important role in the formation of the financial ecosystem.…”

Section: Introductionmentioning

confidence: 99%

Multi-stage collaborative efficiency measurement of sci-tech finance: network-DEA analysis and spatial impact research

Chen

et al. 2021

Economic Research-Ekonomska Istraživanja

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Sci-tech and finance plays an increasingly important role and have become an important driving force in economic development. In China, the problem of insufficient financial support for sci-tech innovation is important to enterprises. According to the internal relationship between different stages of Sci-tech and the finance system, this paper is aimed at exploring the efficiency measurement method between sci-tech and finance systems. Firstly the multi-stage collaborative structure of sci-tech finance is built, where the system of sci-tech is divided into three stages including the R&D stage, transformation stage of sci-tech achievements and industrialization stage, and the financing channel is the input of the finance system into the sci-tech system at different stages. The measurement method of the multi-stage collaborative efficiency between sci-tech and finance systems is put forward by the framework of network DEA. Then, taking China as an example, we collect the information of 30 provinces and cities from 2009 to 2016 and measure the efficiency of each system and the collaborative efficiency of the both. The efficiency's spatial correlation is tested by means of Moran index. Finally, the influencing factors of the collaborative efficiency are analyzed based on the spatial econometric regression model, which considers the financing channels and human capital. To sum up, there are significant differences in the sci-tech finance collaborative efficiency among regions in China. Among them, the collaborative efficiency of Beijing, Shanghai and Jiangsu ranks in the top three. Comparing the different stages of the sci-tech system, the commercialization stage is a weak link in many regions of China. Human capital and financing channels of sci-tech finance have different degrees of positive impact on the sci-tech finance collaborative efficiency. Among them, human capital plays a greater role in promoting the sci-tech finance collaborative development.

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“…Consumer based brand equity is conceptually boarder than brand image and brand familiarity. Palmié et al, (2019), stated that the evolution of financial technology servies provide a clear message that the business environment which is driven by disruptive innovation should not be neglect. This research addresses the oversight by exploring the disruptive innovation particularly islamic financial technology.…”

Section: Introductionmentioning

confidence: 99%

What Drives Consumer Satisfaction in Using Islamic Financial Technology?

Utami¹,

Slamet

2021

IJIBE

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The purpose of this study is to examine the relationship between attitude toward Islamic financial technology as specific religious attitude and consumer based brand equity as market driven variable toward consumer satisfaction in Islamic financial technology. A questionnaire was designed to collect data from users of online service of Islamic financial technology in Indonesia. Incidental sampling method was adopted to collect data from the existing users. Regression analysis was used to test the proposed research model. This study become the first research how specific religious attitudes and market driven affect the consumer satisfaction. This research is a survey-based study. Hence a representative sample is mandatory. The result show that attitude toward Islamic financial technology insignificantly influences consumer satisfaction, meanwhile the consumer based brand equity has a positive effect on consumer satisfaction.

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The evolution of the financial technology ecosystem: An introduction and agenda for future research on disruptive innovations in ecosystems

Cited by 186 publications

References 32 publications

Governing the gold rush into emerging markets: a case study of Indonesia’s regulatory responses to the expansion of Chinese-backed online P2P lending

Governing the gold rush into emerging markets: a case study of Indonesia’s regulatory responses to the expansion of Chinese-backed online P2P lending

Multi-stage collaborative efficiency measurement of sci-tech finance: network-DEA analysis and spatial impact research

What Drives Consumer Satisfaction in Using Islamic Financial Technology?

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