FACTORS AFFECTING FINTECH ADOPTION IN KLANG VALLEY, MALAYSIA
Asia Pacific Journal of Emerging Markets, Vol. 7, No. 1, 2023 ISSN: 2706-5634
Authors: Aizat Ayob , Vikneswaran Manual
ABSTRACT
This study delves into the intricate landscape of financial technology (fintech) adoption within the Klang Valley region of Malaysia. Against the backdrop of fintech’s meteoric global ascent, comprehending the pivotal catalysts driving its adoption becomes imperative for a diverse spectrum of stakeholders, spanning policymakers, financial institutions, ecommerce enterprises, and fintech entities. The main aim of this study is to dissect and assess the multifaceted factors dictating the velocity at which individuals and businesses in the Klang Valley embrace fintech innovations. Employing quantitative surveys and in-depth interviews, this research plumbs the perceptions, attitudes, and behaviors of potential fintech adopters. The comprehensive survey instrument encompasses dimensions such as perceived utility, ease of use, trust, security apprehensions, awareness, and regulatory dynamics. The findings crystallize the essential determinants of fintech adoption within the Klang Valley, encompassing perceived utility, usability, supplier trustworthiness, security concerns, awareness, and the regulatory milieu. This study augments the collective understanding of these factors and their pivotal influence on adoption decision-making….
INTRODUCTION
Information technology (IT) has evolved globally, permeating nearly every facet of human existence which also include the financial industry has not been immune to its transformative influence. This evolution has given rise to the field of Financial Technology, or “FinTech”, which is poised to play a pivotal role in the future of financial industries and businesses. As “FinTech” is a modern term but its foundation seems to date back to the 1950s. when credit cards were introduced for simplifying daily transactions and ATMs began replacing traditional bank tellers (Rani, 2021). The late 1970s saw the early adoption of mainframe computers and computerized stock trading by banks. The 1990s witnessed the rapid upsurge in e-commerce and the adoption of internet….
Keywords: Fintech adoption, Klang Valley, Perceived utility , Ease of
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