Consumer Acceptance and Adoption towards Payment-Type … · 2019. 12. 18. · a rapid speed, driven by favorable regulation, ... This study focuses on understanding consumers in

International Journal of Advanced Science and Technology

Vol. 28, No. 15, (2019), pp. 148-163

148 ISSN: 2005-4238 IJAST

Copyright ⓒ 2019 SERSC

Consumer Acceptance and Adoption towards Payment-Type

Fintech Services from Malaysian Perspective

Shaliza Alwi1*, Masrina Nadia Mohd Salleh

2,ShazrulEkmar Abdul Razak

3and

NorbaizuraMohd Naim4

1Taylors University

2INTI International College & University

3Taylors University

4Taylors University

Abstract

Fintech is touted as a new paradigm in which information technology is driving

thetransformation and innovation in the financial services industry. Fintech is evolving at

a rapid speed, driven by favorable regulation, information technology and led by the

consumer’s acceptance and adoption whose keen for cost reduction and improved quality

of financial services. This paper conducted a descriptive analysis on consumer

acceptancetowardspayment-type Fintech service by applying variables associated with

Technology Acceptance Model and Diffusion of Technology. In addition, it analyzed the

determinants of payment-type Fintech service adoption among Malaysian’s mobile user

and the causal relationship between variables towards consumer decision in adopting

payment-type Fintech service. Quantitative research and descriptive research are

utilized.The outcome indicates all variable are significant except perceived ease of use

and social influence.

Keywords: Fintech, payment-type Fintech service, technology acceptance model,

innovation diffusion theory, consumers’ acceptance, consumers’ adoption

1. Introduction

In this era of Industrial Revolution (IR 4.0), mobile technology has been burning issue

for current conversation due to its phenomenon status. The proliferation of mobile

payment market led by the easy payment services is the fastest growing among Fintech

services. Mobile technology has developed in a glimpse of an eye and this pervasive

technology has accessed individual domain and business landscape at the same time.

Mobile technology has an important impact on consumer behavior due to its accessible to

information and service as well as the potential for an exclusive and tailored exchange of

information[1]. In a same line, mobile devices occupied most part of daily life. According

to a statistic from Statista, approximately 62.9% of population worldwide owned a

mobile phone and the number of mobile phones user isexpected to reach 4.68 billion in

2019[2]. This phenomenon can be seen since 2012 on 66% of respondent has shown the

willingness to use mobile phone as wallet[3]. A further report found that more than 2

billion mobile users will be utilizing their mobile services for mobile-based financial

services by the end of 2021[4]. It is clear from evidence that mobile-based financial

services are spreading at great speed as they allow users to bypass security concerns by

simply inputting their password or without having to install Active-X. The growth of

smartphone user and internet based technology in the mid-2000s facilitated the growth of

mobile finance which include both mobile payment and payment-type Fintech services[5].

Financial system has been digitalized long time ago but due to regulations and

marketability, mobile payment services is still used in limited areas.Nevertheless, the

emergent of online shopping and mobile devices has created an enormous mobile

payment market However, there is a relative shortage of studies on whatdeterminants

induce the acceptance or denial of payment-type Fintech servicesespecially in Malaysian


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context. Mobile phone has always been part of human‟s life ever since it was introduced.

It shaped our lives by staying us connected with the world. Mobile technology has

evolved over the centuries and payment-type Fintech services being one of the latest

mobile technologies has actively gained concerns. The emergent of Fintech innovation

after the worldwide financial crisis in 2008 can be seen through the advancement in e-

finance and mobile technology for financial services. The combination of e-finance,

internet technology, social networking services, social media, artificial intelligence, and

big data analytics are the clear indication that Fintech is now beyond the stage of hype

and has become major player in financial world.

The first objective of this research is toexamine the determinants of payment-type

Fintech service which has been defined by numerous scholars throughout the years but is

generally understood as the using of mobile devices regardless anywhere or anytime to

conduct transaction such as transfer of ownership on good and services, checking account

status, transferring money, settling payment, and even selling stocks[6]-[7]. Secondly, the

objective of this study is to analyze the causal relationship between variables towards the

consumer decision in adopting the payment-type Fintech service.The payment-type

Fintech service aids the traditional banks to improve service quality and decrease service

charges [8]. According to the statistics distributed by Bank Negara Malaysia (BNM), 14.4

millions of users were recorded using payment-type Fintech services as at2018. It is

evidence that payment-type Fintech services users are increasing tremendously as

compared to 127,600of users in 2005[9]. This indicates payment-type Fintech service‟

user in Malaysia has potential to furtherdevelop with the aid of technology innovation.

The growing trend in number of payment-type Fintech service suggests a good sign as

more Malaysian are getting in touch with the technology innovation or Fintech.

This study focuses on understanding consumers in the decision making process to

utilize mobile financial services in their daily life. The findings from this study is able to

benefit the banking industry and consumers at the same time. From banks‟ perspective,

the result is able to identify the main contributor that influence consumer acceptance and

giving a direction to figure out the concerns of consumers and constantly improve in order

to gain competitive advantages. The findings will also provide a better insight for industry

players in making a better marketing strategy to raise the awareness of consumer in

Malaysia to adopt payment-type Fintech services as [10] suggested that providing a

professional and premium quality service is gradually recognized as an important factor

that leads to a successful implementation of payment-type Fintech services.Some benefits

of payment-type Fintech service are able to derived from this study and could potentially

leads to a rise of adoption rate towards payment-type Fintech services as consumers will

have a better knowledge and confidence when encounter with payment-type Fintech

service. Nevertheless, this study is able to fill the gap which is the limited studies that

were conducted on payment-type Fintech service in Malaysia as mentioned in problem

statement. Apart from that, this study aims to eliminate some worries among potential

users on the usage of payment-type Fintech service through research and survey results.

2. Literature Review

2.1. Consumer Acceptance and Adoption

Intention to adopt is referring to individuals‟ acceptance of somethings based on his or

her willingness on the particular object[11]. Besides, intention to adopt also indicates

based on that consumers‟ understanding and their behavior of use of new technologies.

Meanwhile, consumer acceptance in this study refers to the willingness that demonstrate

by user group to use the technology information that it is created to support. User

acceptance is not proven if users only claim that they will employ without providing proof

or using a technology in an unintended purpose by designers or customers[12]. In other

words, a consumer should accept a technology by actually using it. Moreover, acceptance


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is an essential field of research since mid-1900s. The research of acceptance has provided

useful insights in demonstrating a success or failure of a new products or services.

Individual‟s acceptance towards technology revealed that individual perception and

attitudes can affect consumer acceptance[13]. Thus, the key findings of this research is to

identify consumer acceptance towards payment-type Fintech services by measuring

consumers‟ behavioral intention and the actual usage behavior. This study will focus

onindividual‟s acceptance and adoption towards Payment-type Fintech service

considering the significance of consumer behavior.

2.2. Theory of Technology Acceptance (TAM)

Technology Acceptance Model (TAM) has been widely adopted by scholars

throughout the decades to explain and understand consumer acceptance towards

information technology. The development of TAM was adapted from Theory of

Reasoned Action (TRA) which studied the theory of human behavior. TAM is

widely used to predict an individual‟s use and acceptance towards information

system and technology in various organisations[14]. TAM is defined as an

information system (a system that contains the network of all communication

channels use within an organization) theory that shows how users approach, accept

and adapt to a technology[15]. TAM suggests when users are exposed to a new

software, a number of determinants will influence their decision. Perceived

usefulness and perceived ease of use are the fundamental factors that affect users‟

behavior and acceptance towards information technology[16].

Figure 1. Technology Acceptance Model (TAM)

2.3. Innovation Diffusion Theory (IDT)

IDT is proposed by [17] as an earlier theory of technology acceptance. The

theory signified that one of the methods that reduces conviction is through the

adoption of an innovation. Four major components are identified under IDT which

are innovation, social system, time and communication channel. A full utilize of an

innovation as “the available actions” results in adoption while “not practicing

innovation” is the consequence of a rejection. Moving on, five characteristics are

further suggestedeffects the individual‟s perception towards an innovation that will

impact the adoption of the particular technology innovation namely: relevant

advantage, compatibility, complexity, trialability, and observability.


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Figure 2. Innovation Diffusion Theory (IDT)

2.4. Perceived Usefulness

Perceived usefulness in TAM refers to “the degree to which a person trusts that

his or her job performance would enhance by utilizing a specific system”. A system

that presents high level of perceived usefulness is likely to create a positive use-

performance relationship [17]. Likewise, perceived usefulness is elaborated as the

extent to which a person views a particular system able to boost his or her work

performance[18]. People would adopt online banking service due to the

effectiveness of website in enhancing banking activities and useful for financial

transactions. In another word, perceived usefulness refers to work effectivity, time

saving and the relevant significance of the system for the work of. Similarly, mobile

services must presented certain level of usefulness to develop the positive attitudes

of consumers to adopt the services[19]. A system that does not aid consumers in

performing their tasks is likely to be unfavorable. Perceived usefulness has found to

have significant impact on consumers‟ attitudes and intention toadopt an innovation

since a long time ago[16]. Initially related to job productivity, performance and

effectivity, perceived usefulness is an important factor.

H1: Perceived usefulness has a significant impact towards consumers‟ acceptance to

adopt payment-type Fintech services.

2.5. Perceived Ease of Use

Perceived ease of use is identified as “the degree to which a person believes that

using a specific system would be effort free” [16].Perceived ease of use has a

positive impact on perceived usefulness and is an important motivation for

consumers to adopt a technology innovation. It is suggested that consumers will

tend to use an innovation if it appears to be easy to use. Complexity is touted as the

extent of an innovation is perceived as hard to understand and use which can affect

the adoption rate of individual towards an innovation[17]. Individual especially

beginner will likely use a system if he/she perceives the system to be easy to use

and develop the positive attitudes of consumers to adopt the services[20]. A system

that does not aid consumers in performing their tasks is likely to be unfavorable.

Perceived usefulness has found to have significant impact on consumers‟ attitudes

and intention toadopt an innovation since a long time ago[16]. Initially related to job


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productivity, performance and effectivity, perceived usefulness is an important

factor. Research conducted on mobile context has recognized perceived ease of use

as a significant factor influencing consumers‟ attitude in using mobile internet in

Korea[21].

H2: Perceived ease of use has a significant impact towards consumers‟ acceptance

to adopt payment-type Fintech services.

2.6. Trust

Trust is described as the willingness to be in danger to the actions of another

party based on the expectation that the others will perform particular actions which

are significance to the trustor regardless the ability to oversee or control the other

party[22]. Trust appears in payment-type Fintech services when consumers adopt

the mobile terminals to perform financial transaction and any other purposes at

anywhere and anytime. In general, payment-type Fintech services is very convenient

for user to carry out any transaction without limitation of space and time. However,

the virtuality and lack of control has exposed payment-type Fintech services to

uncertain risk. Hence, a strong trust is significant for users to use payment-type

Fintech services. Previous studies had found trust as an important element in

affecting decision of consumers and the initial trust is developed in consumers when

they log into payment-type Fintech services system for the first time[23]. Hence, it

is compulsory to build up initial trust in order to overcome consumers‟ perceived

risk towards payment-type Fintech services or alternatively consumer will switch

back to online banking.

H3: Trust has a significant impact towards consumers‟ acceptance to adopt

payment-type Fintech services.

2.7. Compatibility with Lifestyle

Compatibility is described as the degree to which an innovation is perceived less

uncertain expose to potential adopters, and fits more with an individual‟s life

situation [24]. In this study, compatibility is concerned with how payment-type

Fintech services are in line with consumers‟ lifestyle and needs. Compatibility is a

critical attribute in the adoption of payment-type Fintech services and it was found

that the more payment-type Fintech services conforms with consumers‟ values,

habits or needs, the more they see payment-type Fintech services as useful[25]. This

statement is supported by the findings of positive relationship between compatibility

and perceived usefulness and intention to continue adopt payment-type Fintech

services[26]. More than two-thirds of financial transaction services fail to meet the

needs of customers as traditional channel do not offer the ubiquity that exist in

mobile channel[27]. It is evidenced that high compatibility with lifestyle leads to

higher adoption to technology acceptance. The compatibility with lifestyle is

significant as a communication channel that offers by firms and organizations will

likely fail and avoid by customers if the channel does not compatible with the

lifestyle and needs of customers [28]

H4: Compatibility with lifestyle has a significant impact towards consumers‟

acceptance to adopt payment-type Fintech services.

2.8. Social Influence

Social influence is defined as the extent to which an individual perceives that

significance others believe he/she should use the new system[29]. Social influence

in payment-type Fintech services could be conceptualized as the influence of an

individual‟s surrounding social environment on his or her intention to adopt


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payment-type Fintech services[8]. The attitudes of an individual towards an

innovation can be affected by friends, relatives and. In another word, a customer‟s

awareness and intention towards a technology could be significantly affected by the

information and encouragement of people surrounding customers [30]. Social

influence is added as a construct in previous research to determine the role of social

influence on customers‟ tendency to adopt payment-type Fintech services and

different results have shown that social influence likely affects the tendency of

consumers‟ intention to use payment-type Fintech services.

H5: Social influence has a significant impact towards consumers‟ acceptance to

adopt payment-type Fintech services.

2.9. Theoretical Framework

Figure 3. Theoretical Framework

3.Methodology

This study focuses on quantitative research and descriptive research as the

objective of this study is to determine the factors that have a significant impact

towards consumers‟ acceptance to adopt payment-type Fintech services. Descriptive

research which also known as observational designs is a type of conclusive research

that the main objective is to determine the description and function of market

characteristics. Descriptive research is applied in this study to figure out

relationship among variables and what factors are actually affect the consumers‟

acceptance to adopt payment-type Fintech services. Hence, this research includes a

self-reported questionnaire to provide more specific description of the determinants.

In this study, primary data collected method is applied due to accuracy and

reliability. Primary data is collected through survey method in which consumers

from of Malaysia will be surveyed with respect of their attitude and opinions

towards payment-type Fintech services. Survey method is adopted in this study due

to low cost and more accessible. 300 sets of questionnaires will be distributed from

1/5/2019-10/6/2019. The questionnaires are distributed through online survey. All

data are collected through snowball sampling and convenient sampling due to the

time constraint and the difficulty to access every area in Malaysia. Researcher get

assistance from friends and family.

Secondary data is the existing information that has been gathered and interpreted

by past researches. By using the secondary data, the validity and reliability of

information are ensured. The various sources of secondary data for research


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purposes can be extracted from libraries, museums, databases, government agencies,

or even newspaper and magazines. This study has extracted most of the secondary

data from academic journals through online academy databases for instance

Emerald, JSTOR, ScienceDirect. Research engine such as Google Scholar is also

utilized in this study to collect the information. members in re-distributing the

online survey form to reduce the time and effort consumption in getting responses.

The sampling frame of this study involves all payment-type Fintech services

users in Malaysia regardless of their locations. The questionnaires are distributed

through „Google Survey‟- an online spreadsheet program that consume less effort

and time during data collection process. Apart from that, the online questionnaires

overcome the problems of geographical barriers as compared to traditional survey

method as the questionnaires can be answered. Closed-ended/ structured questions

were adopted in this study to standardized the responses in easing the process of

interpreting data from large amount of responses to ensure the information accuracy

and reliability. Besides that, closed-ended questionnaires limit the number the

responses from respondents and reduce the time as respondents only need to choose

the best alternatives from the given answers.

4. Results and Discussion

A total of 300 questionnaires were distributed and researcher received 271 responses.

21 of the responses were excluded from the study due to inaccurate data or incomplete

response. The remaining 250 samples are analyzed through Statistical Package for the

Social Sciences (SPSS) to determine the validity of the hypothesis. The result will be

presented in tables and diagrams.

Figure 4. Respondents’ Gender

Figure 5. Respondents’ Age

Figure 6. Respondents’ Frequency on Internet


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Figure 7. Respondents’ Traditional Banking Experience

Figure 8. Payment-Type Fintech Services Experience

Figure 9. Payment-Type Fintech Services Usage

Figure 10. Frequency on Payment-Type Fintech Services Usage

A total of 300 questionnaires were distributed and researcher received 271 responses.

21 of the responses were excluded from the study due to inaccurate data or incomplete

response. The remaining 250 samples are analyzed through Statistical Package for the

Social Sciences (SPSS) to determine the validity of the hypothesis. The result will be

presented in tables and diagrams. Gender demographic has shown 94 (37.6%) out of 250

respondents are male while the remaining 156 (62.4%) of respondents arefemale.

Whilst,the majority of respondents are made up from the age of 18-24 years old (143 or

57.2%). 54 (21.6%) respondents are between 25-34 years old while 41 (16.4%) are in the

range of 35-44 years old. 11 (4.4%) respondents are in the age of 45-54 years old while

only 1 (0.4%) respondent is 55 years old and above. The result on frequency of usage

has shown 165 (66%) respondents recorded that they are always on Internet and 45

(18%) respondents are often online. While 30 (12%) respondents reveal that they are on

the internet sometimes and only 10 (4%) respondents access to Internet occasionally. As

this study emphasizes on payment-type Fintech services, hence respondents‟ should be

customers of any Fintech services in Malaysia.

4.1. Tendency of Measurement of Construct


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Figure 11. Perceived Usefulness

Figure 11 showsthe central tendencies measurement of perceived usefulness. The

highest mean would be question 6 of perceived usefulness which would indicates that

people adopt payment-type Fintech services due to the mobility of payment-type Fintech

services that allows people to do banking transaction regardless the time and location

hence it has the highest ranking. The lowest mean goes to question 3 where some

respondents might have an easier option to conduct banking activities besides mobile.

Figure 12. Perceived Ease of Use

Figure 12 showsthe central tendencies measurement of perceived ease of use. The

lowest mean goes to difficulties in using payment-type Fintech services which indicate

that most people do not have difficultiesin using payment-type Fintech services.


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.

Figure 13. Trust

Figure 13 showslikely suggest that most respondents think that payment-type Fintech

services is trustworthy and the lowest mean goes to question 15 which people found that

payment-type Fintech services is likely to be reliable

Figure 14. Compatibility with Lifestyle

Figure 14 showsall variables have the similar means which suggest payment-type

Fintech services is likely compatible with lifestyle but question 16 has the highest mean

which indicates that payment-type Fintech services has the biggest effect on users‟

lifestyles.


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Figure 15. Social Influence

Figure 15 showsall variables have the similar means which suggest payment-type

Fintech services is likely compatible withlifestyle but question 16 has the highest mean

which indicates that payment-type Fintech services has the biggest effect on users‟

lifestyles.

Figure 16. Behavioural Intention

Figure 16 shows the dependent variables record a higher mean as compared to other

variables which indicates that payment-type Fintech services users will likely adopt

payment-type Fintech services in the future

4.2. Internal Reliability Test


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Figure 17. Reliability Test on Survey

Cronbach‟s Coefficient Alpha is used in this section to determine the reliability of the

data in this study which range from 0 to 1 whereby 0.7 alpha and above is deemed as

acceptable range of reliability coefficient. The reliability coefficient is above 0.7 but trust

below 0.7. Value that lower than 0.7 as acceptance value. The highest level is perceived

usefulness with a value of 0.947 and the lowest level is trust with a value of 0.590.

4.3. Inferential Analyses

Figure 18. Pearson Correlation Analysis

4.4. Hypotheses Testing

4.4.1. Relationship between Perceived Usefulness (PU) and Intention to Adopt

Payment-Type Fintech Services (PTFS)

H1: Perceived usefulness (PU) has a significant impact towards users‟ intention to adopt

Payment-type Fintech services (PTFS).

The significant value of PU is 0.000 which is less than the proposed p-value, hence H1

is acceptedindicates significant relationship between PU and PTFS.

4.4.2. Relationship between Perceived Ease of Use (PEOU) and Intention to Adopt

Payment-Type Fintech Services (PTFS)

H2: Perceived Ease of Use (PEOU) does not have a significant impact towards users‟

intention to adopt Payment-type Fintech services (PTFS).


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The significant value of PEOU is 0.545 which exceeds the proposed p-value which

suggests a nonsignificant relationship between PEOU and payment-type Fintech services

adoption. Hence, H2 is accepted

4.4.3. Relationship between Trust (T) and Intention to Adopt Payment-type Fintech

services (PTFS)

H3: Trust (T) has a significant impact towards users‟ intention to adopt Payment-type

Fintech services (PTFS).

The significant value of trust is 0.002 which is less than the p-value of 0.05 hence H3 is

accepted which suggests a significant relationship between trust and Payment-type

Fintech services (PTFS) adoption.

4.4.4. Relationship between Compatibility (C) and Intention to Adopt Payment-type

Fintech services (PTFS)

H4: Compatibility with lifestyle (C) has a significant impact towards users‟ intention to

adopt Payment-type Fintech services (PTFS).

The significant value for C is 0.000 which is less than 0.05 therefore H4 is supported.

There is a significant relationship between compatibility with lifestyle and Payment-type

Fintech services (PTFS) adoption.

4.5. Discussion

From the result, 62.4% of the respondents are female and the remaining 37.6% of

respondents are male. This is not in line with Statistic Department that reported that the

ratio between male and female in May 2019 was 107:100. The imbalanced ratio between

male and female might lead to the different payment-type Fintech services adoption rate

due to gender difference. In terms of age, 57.2% of the respondents are aged between 18-

24 years‟ old hence age is considered not having significant impact on the level of usage

as more than half of the respondents are from similar age group. In [17] further proven

that young consumer has more intention to adopt the technology. In terms of ethnicity,

64.8% of respondents is from Chinese, 18.4% is from Malay, 16% is from Indian and 0.4%

is from other ethnics. The highest ethic is from Chinese however all ethnics group

contribute to the adoption of payment-type Fintech services. On the education level, most

of the respondents enrolled in bachelor program (70.4%) which suggest that students from

bachelor degree has higher payment-type Fintech services usage.

The result (β=0.483, p< 0.000) proves a significant positive relationship hence H1 is

accepted. PU is the most significant factor that affect the decision of users in this study.

This in line with the result from [8], [30] who found that PU strongly affect intention to

use payment-type Fintech services. Previous literature also suggested that perceived

usefulness has a greater effect on actual usage as compared to PEOU [20]. The result

((β=-0.029, p> 0.0545) suggests that perceived ease of use does not have significant

relationship with intention to use payment-type Fintech services which H2 is accepted. In

[8] found a similar result which perceived ease of use does not have significant effect on

payment-type Fintech servicesusage. TAM studies [16], [29] concluded that ease of use

has less impact on technology acceptance as compared to usefulness. While from

researcher perspective, as payment-type Fintech services is providing increase

convenience, users are more likely to adopt and learn payment-type Fintech services

voluntarily hence perceived ease of use does not play an essential role in deciding the

intention of users to adopt payment-type Fintech services.

The result (β=0.209, p< 0.002) shows that trust has a significant positive relationship

with intention to adopt payment-type Fintech services therefor H3 is accepted. Similarly,

in [28] found that trust is second most influential factors in payment-type Fintech services


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adoption. However, in [25] has concluded that trust does not affect payment-type Fintech

services directly but has a direct effect on the credibility of payment-type Fintech services.

As payment-type Fintech services is one of the latest technology, researcher believes that

trust is an essential factor in determining the adoption of payment-type Fintech services as

users are highly concerned with the safety and privacy of their financial account

especially when conducting financial transactions through online account.

The result (β=0.235, p<0.000) suggests a second most significant positive relationship

between compatibility with lifestyle and adoption of payment-type Fintech services hence

H4 is accepted. This in line with [28] who found that compatibility with lifestyle is the

most significantdeterminants to adopt payment-type Fintech services. Similar result is

also found in [31] who identified compatibility has the most influence on intention to use.

This indicates that users emphasize on the compatibility of payment-type Fintech services

with their lifestyle.

In contrary of researcher‟s expectation, the result (β=-0.04, p>0.12) indicates a

negative relationship between social influence and payment-type Fintech services

adoption therefore H5 is rejected. In [30] suggested that participants‟ in the process of

shaping intention to adopt payment-type Fintech services is less likely related with

recommendations and attitudes of reference groups. The role of social influence in is

controversial [29] as some studies that adopted UTAUT2 support while some studies

reject social influence. In contrast of [8], in [32] does not found a significant relationship

between social influence and intention to adopt payment-type Fintech services. In

researcher‟s opinion, social influence has a less effect on users‟ intention to adopt

payment-type Fintech services may partly due to the age of respondents.

5.Conclusion

In conclusion. the outcome indicates all variable are significant except perceived

ease of use and social influence. With the supported result and past literature,

researcher believes that this study can be a guideline to provide an insight for future

study and business field to identify users‟ intention to adopt or continue to adopt

Payment-type Fintech services (PTFS). Understanding consumers‟ needs and

preference is vital in this dynamic competitive and collaborative economic

environment. Consumer, rather than relying on single financial services are

beginning to recognize the symbiotic financial services offered by Fintech. In regard

to the recent development of Fintech, there is still a paucity of studies on the

social,regulatory,technological, and managerial aspects of Fintech.

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