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Unveiling the landscape of Fintech in ASEAN: assessing development, regulations, and economic implications by decision-making approach

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  • Chia-Nan Wang

    (National Kaohsiung University of Science and Technology)

  • Nhat-Luong Nhieu

    (National Kaohsiung University of Science and Technology)

  • Wei-Lin Liu

    (National Kaohsiung University of Science and Technology)

Abstract

Fintech has gained immense importance as a catalyst for economic growth, trade enhancement, and global prosperity. This study aims to comprehensively assess the influence and potential of Fintech in the Association of Southeast Asian Nations (ASEAN) countries. The research objective is to evaluate the levels of development in financial activities, technology infrastructure, and Fintech-enabling regulations across the region. A robust decision-making framework combining numerical and linguistic assessments is applied, utilizing the Distance-based CRiteria Importance Through Inter-criteria Correlation (DCRITIC) method and the Fuzzy extension of Evaluation based on Distance from Average Solution (F-EDAS approach). The findings reveal varying levels of development among ASEAN countries about Fintech. Governments and policymakers are urged to prioritize the creation of a supportive environment for Fintech innovation to spur economic growth, attract investments, and foster digital transformation. The study is limited because the weights of the key regulations have not been investigated.

Suggested Citation

  • Chia-Nan Wang & Nhat-Luong Nhieu & Wei-Lin Liu, 2024. "Unveiling the landscape of Fintech in ASEAN: assessing development, regulations, and economic implications by decision-making approach," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-16, December.
    • Handle: RePEc:pal:palcom:v:11:y:2024:i:1:d:10.1057_s41599-023-02581-2
    DOI: 10.1057/s41599-023-02581-2
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    References listed on IDEAS

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    1. Zonghuang Xu & Yao Lin & Hongyu Cai & Wei Zhang & Jin Shi & Lingyun Situ, 2024. "Risk assessment and categorization of terrorist attacks based on the Global Terrorism Database from 1970 to 2020," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-14, December.
    2. Chia-Nan Wang & Nhat-Luong Nhieu & Chen-Te Chiang & Yen-Hui Wang, 2024. "Assessing Southeast Asia countries’ potential in the semiconductor supply chain: an objectively weighting multi-criteria decision-making approach," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-17, December.

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