Main Article Content
Abstract
The development of digital technology has succeeded in providing alternative financial services with the FinTech lending industry. This industry allows direct connection between lenders and borrowers through a digital platform. FinTech lending has unique characteristics that provide advantages over traditional financial institution services, such as utilizing soft information for credit risk assessment, providing unsecured loans, and using third-party platforms to secure transactions. Indonesian government continues to update the regulatory framework for the FinTech industry including the implementation of regulatory sandbox. This effort aims to ensure that the development of digital financial innovation is beneficial and safe for society. Various jurisdictions have also implemented similar initiatives to address issues in FinTech lending, allowing companies to test their operations under regulatory supervision. This research conducted a systematic review using the PRISMA 2020 methodology to understand issues related to FinTech lending and the initiatives provided by regulatory sandboxes to address the issues. The study identified 10 issues in the FinTech lending sector using the Technology, Organization, and Environment (TOE) framework and 11 initiatives from implementing regulatory sandboxes using the Diffusion of Innovation (DOI) framework. Finally, this study highlights the potential for further research regarding the issues of algorithmic bias and monopolistic practices, as well as the exploration of how regulatory sandboxes can mitigate these issues.
Keywords
Article Details
Copyright (c) 2024 Rahardito Dio Prastowo, Dana Indra Sensuse, Sofian Lusa, Prasetyo Adi Wibowo Putro
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
References
- Alkhalil, A., Sahandi, R., & John, D. (2017). An exploration of the determinants for decision to migrate existing resources to cloud computing using an integrated TOE-DOI model. Journal of Cloud Computing, 6(2), 1-20. https://doi.org/10.1186/s13677-016-0072-x
- Allayarov, Sh., Mirzamakhmudov, M., & Mirzamakhmudova, M. (2020). Analysis of regulatory sandbox in the Netherlands that promote development of innovative fintech start-ups. International Finance and Accounting, 2020(3), 1-13. https://uzjournals.edu.uz/interfinance/vol2020/iss3/34
- Aloulou, M., Grati, R., Al-Qudah, A. A., & Al-Okaily, M. (2024). Does fintech adoption increase the diffusion rate of digital financial inclusion? A study of the banking industry sector. Journal of Financial Reporting and Accounting, 22(2), 289–307. https://doi.org/10.1108/JFRA-05-2023-0224
- Arslan, A., Buchanan, B. G., Kamara, S., & Al Nabulsi, N. (2022). Fintech, base of the pyramid entrepreneurs and social value creation. Journal of Small Business and Enterprise Development, 29(3), 335–353. https://doi.org/10.1108/JSBED-10-2020-0370
- Basha, S. A., Elgammal, M. M., & Abuzayed, B. M. (2021). Online peer-to-peer lending: A review of the literature. Electronic Commerce Research and Applications, 48, 101069. https://doi.org/10.1016/j.elerap.2021.101069
- Basloom, R. S., Sani Mohamad, M. H., & Auzair, S. M. (2022). Applicability of public sector reform initiatives of the Yemeni government from the integrated TOE-DOI framework. International Journal of Innovation Studies, 6(4), 286–302. https://doi.org/10.1016/j.ijis.2022.08.005
- Bastani, K., Asgari, E., & Namavari, H. (2019). Wide and deep learning for peer-to-peer lending. Expert Systems with Applications, 134, 209–224. https://doi.org/10.1016/j.eswa.2019.05.042
- Bayram, O., Talay, I., & Feridun, M. (2022). Can fintech promote sustainable finance? Policy lessons from the case of Turkey. Sustainability (Switzerland), 14(19), 12414. https://doi.org/10.3390/su141912414
- Bejar, P., Ishi, K., Komatsuzaki, T., Shibata, I., Sin, J., & Tambunlertchai, S. (2022). Can fintech foster competition in the banking system in Latin America and the Caribbean? Latin American Journal of Central Banking, 3(2), 100061. https://doi.org/10.1016/j.latcb.2022.100061
- Butor-Keler, A., & Polasik, M. (2020). The role of regulatory sandboxes in the development of innovations on the financial services market: The case of the United Kingdom. Ekonomia i Prawo, 19(4), 621. https://doi.org/10.12775/eip.2020.041
- Chang, H. H., Lu, M. T., Huang, L. H., Ling, H. F., & Yen, Y. C. (2024). Assessing the diffusion of fintech innovation in financial industry: Using the rough MCDM model. Technological and Economic Development of Economy, 30(1), 261–286. https://doi.org/10.3846/tede.2024.20260
- Chemmanur, T. J., Imerman, M. B., Rajaiya, H., & Yu, Q. (2020). Recent developments in the fintech industry. Journal of Financial Management, Markets and Institutions, 8(01), 20400022. https://doi.org/10.1142/S2282717X20400022
- Chen, D., Deakin, S., Johnston, A., & Wang, B. (2021). Too much technology and too little regulation? The spectacular demise of P2P lending in China. Accounting, Economics and Law: A Convivium, 1-48 https://doi.org/10.1515/ael-2021-0056
- Chen, X., Huang, B., & Ye, D. (2020). Gender gap in peer-to-peer lending: Evidence from China. Journal of Banking and Finance, 112, 105633. https://doi.org/10.1016/j.jbankfin.2019.105633
- Crema, E. R., Bloxam, A., Stevens, C. J., & Vander Linden, M. (2024). Modelling diffusion of innovation curves using radiocarbon data. Journal of Archaeological Science, 165, 105962. https://doi.org/10.1016/j.jas.2024.105962
- Cumming, D., Johan, S., & Reardon, R. (2023). Global fintech trends and their impact on international business: A review. Multinational Business Review, 31(3), 413–436. https://doi.org/10.1108/MBR-05-2023-0077
- Fáykiss, P., Papp, D., Sajtos, P., & Tőrös, Á. (2018). Regulatory tools to encourage fintech innovations: The innovation hub and regulatory sandbox in international practice. Financial and Economic Review, 2017(2), 43–67. https://doi.org/10.25201/fer.17.2.4367
- Gerlach, J. M., Rugilo, D., & Sc, M. (2019). The predicament of fintechs in the environment of traditional banking sector regulation – An analysis of regulatory sandboxes as a possible solution. Credit and Capital Markets, 52(3), 323–373. https://doi.org/10.1108/MBR-05-2023-0077
- Ghahroud, M. L., Ebrahimiyan, N., Bastani, S., Abadi, A., Jafari, F., & Tajdini, S. (2021). The sandbox approach. Journal of FinTech and Artificial Intelligence, 1(1), 3-3. https://doi.org/10.47277/JFAI/1(1)022
- Goo, J. J., & Heo, J. Y. (2020). The impact of the regulatory sandbox on the fintech industry, with a discussion on the relation between regulatory sandboxes and open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 6(2), 43. https://doi.org/10.3390/JOITMC6020043
- Hellmann, T., Montag, A., & Vulkan, N. (2024). The impact of the regulatory sandbox on the fintech industry. SSRN 4187295, 1-52. https://dx.doi.org/10.2139/ssrn.4187295
- Hemphill, T. A. (2023). Technology entrepreneurship and innovation hubs: Perspectives on the universal regulatory sandbox. Science and Public Policy, 50(2), 350–353. https://doi.org/10.1093/scipol/scac072
- Hesekova Bojmirova, S. (2022). Fintech and regulatory sandbox – New challenges for the financial market: The case of the Slovak Republic. Juridical Tribune, 12(3), 399–411. https://doi.org/10.24818/TBJ/2022/12/3.06
- Hiebl, M. R. W. (2023). Sample selection in systematic literature reviews of management research. Organizational Research Methods, 26(2), 229–261. https://doi.org/10.1177/1094428120986851
- Hiran, K. K., & Henten, A. (2020). An integrated TOE–DOI framework for cloud computing adoption in the higher education sector: Case study of Sub-Saharan Africa, Ethiopia. International Journal of System Assurance Engineering and Management, 11(2), 441–449. https://doi.org/10.1007/s13198-019-00872-z
- Huang, R. H., & Wang, C. M. (2023). Fintech-bank partnership in China’s credit market: Models, risks and regulatory responses. European Business Organization Law Review, 24(4), 721–755. https://doi.org/10.1007/s40804-023-00269-3
- Iqbal, M., & Zahidie, A. (2022). Diffusion of innovations: A guiding framework for public health. Scandinavian Journal of Public Health, 50(5), 533–537. https://doi.org/10.1177/14034948211014104
- Jaakkola, E. (2020). Designing conceptual articles: Four approaches. AMS Review, 10(1–2), 18–26. https://doi.org/10.1007/s13162-020-00161-0
- Jinasena, D. N., Spanaki, K., Papadopoulos, T., & Balta, M. E. (2023). Success and failure retrospectives of fintech projects: A case study approach. Information Systems Frontiers, 25, 259-274. https://doi.org/10.1007/s10796-020-10079-4
- Just, S. N., Sivertsen, M. F., & Lewin, S. (2024). Open for business: The discursive diffusion of regulatory sandboxes for fintech innovation. Journal of Cultural Economy, 17(3), 360–378. https://doi.org/10.1080/17530350.2023.2282131
- Kaur, M., Ahmad, W., Hari, K. S., & Kattumuri, R. (2024). Fintech entrepreneurial ecosystem in India: Role of incubators and accelerators. Global Finance Journal, 60, 100933. https://doi.org/10.1016/j.gfj.2024.100933
- Kemal Tosun, O., Eshraghi, A., & Muradoglu, G. (2023). Learning financial survival from disasters. Journal of International Financial Markets, Institutions and Money, 85, 101778. https://doi.org/10.1016/j.intfin.2023.101778
- Nguyen, Q. K., & Dang, V. C. (2022). The effect of fintech development on financial stability in an emerging market: The role of market discipline. Research in Globalization, 5, 100105. https://doi.org/10.1016/j.resglo.2022.100105
- Klein, G., Shtudiner, Z., & Zwilling, M. (2023). Why do peer-to-peer (P2P) lending platforms fail? The gap between P2P lenders’ preferences and the platforms’ intentions. Electronic Commerce Research, 23(2), 709–738. https://doi.org/10.1007/s10660-021-09489-6
- Koloseni, D., & Mandari, H. (2024). Expediting financial inclusion in Tanzania using fintech: The perspective of diffusion of innovation theory. Technological Sustainability, 3(2), 171–194. https://doi.org/10.1108/TECHS-11-2023-0048
- Lee, S., & Seo, Y. (2022). Exploring how interest groups affect regulation and innovation based on the two-level games: The case of regulatory sandboxes in Korea. Technological Forecasting and Social Change, 183, 121880. https://doi.org/10.1016/j.techfore.2022.121880
- Liu, Z., Shang, J., Wu, S. yi, & Chen, P. yu. (2020). Social collateral, soft information and online peer-to-peer lending: A theoretical model. European Journal of Operational Research, 281(2), 428–438. https://doi.org/10.1016/j.ejor.2019.08.038
- Masood, T., & Egger, J. (2019). Augmented reality in support of Industry 4.0—Implementation challenges and success factors. Robotics and Computer-Integrated Manufacturing, 58, 181–195. https://doi.org/10.1016/j.rcim.2019.02.003
- McCarthy, J. (2023). The regulation of regtech and suptech in finance: Ensuring consistency in principle and in practice. Journal of Financial Regulation and Compliance, 31(2), 186–199. https://doi.org/10.1108/JFRC-01-2022-0004
- Mohd Haridan, N., Sheikh Hassan, A. F., Mohammed Shah, S., & Mustafa, H. (2023). Financial innovation in Islamic banks: Evidence on the interaction between Shariah board and fintech. Journal of Islamic Accounting and Business Research, 14(6), 911–930. https://doi.org/10.1108/JIABR-11-2022-0305
- Molla, A., & Biru, A. (2023). The evolution of the Fintech entrepreneurial ecosystem in Africa: An exploratory study and model for future development. Technological Forecasting and Social Change, 186, 122123. https://doi.org/10.1016/j.techfore.2022.122123
- Najaf, K., Subramaniam, R. K., & Atayah, O. F. (2022). Understanding the implications of fintech peer-to-peer (P2P) lending during the COVID-19 pandemic. Journal of Sustainable Finance and Investment, 12(1), 87–102. https://doi.org/10.1080/20430795.2021.1917225
- Peón, D., Antelo, M., & Sun, Y. (2024). Market competition and strategic interaction in the Spanish fintech industry. Research in International Business and Finance, 70, 102365. https://doi.org/10.1016/j.ribaf.2024.102365
- Rupeika-Apoga, R., & Wendt, S. (2022). Fintech development and regulatory scrutiny: a contradiction? The case of Latvia. Risks, 10(9), 167. https://doi.org/10.3390/risks10090167
- Saklain, M. S. (2024). Fintech, systemic risk and bank market power – Australian perspective. International Review of Financial Analysis, 95, 103351. https://doi.org/10.1016/j.irfa.2024.103351
- Sampat, B., Mogaji, E., & Nguyen, N. P. (2024). The dark side of fintech in financial services: A qualitative enquiry into fintech developers’ perspective. International Journal of Bank Marketing, 42(1), 38–65. https://doi.org/10.1108/IJBM-07-2022-0328
- Sarabdeen, J. (2023). Laws on regulatory technology (RegTech) in Saudi Arabia: Are they adequate? International Journal of Law and Management, 65(6), 523–537. https://doi.org/10.1108/IJLMA-03-2023-0042
- Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 104, 333–339. https://doi.org/10.1016/j.jbusres.2019.07.039
- Sunio, V., Mendejar, J., Nery, J. R., & Carlos, J. P. (2023). Generalization of digital innovation for financial inclusion by means of market creation through regulation and governance. Global Transitions, 5, 29–39. https://doi.org/10.1016/j.glt.2023.04.001
- Suryono, R. R., Budi, I., & Purwandari, B. (2021). Detection of fintech P2P lending issues in Indonesia. Heliyon, 7(4), e06782. https://doi.org/10.1016/j.heliyon.2021.e06782
- Truby, J. (2020). Fintech and the city: Sandbox 2.0 policy and regulatory reform proposals. International Review of Law, Computers and Technology, 34(3), 277–309. https://doi.org/10.1080/13600869.2018.1546542
- Tsang, C. Y., & Chen, P. K. (2022). Understanding policy diffusion mechanism of financial regulatory innovation: The experience of Taiwan. Asia Pacific Law Review, 30(1), 21–43. https://doi.org/10.1080/10192557.2022.2045705
- Vijayakumar Bharathi, S., Perdana, A., & Kulkarni, M. S. (2023). Exploring the synergy between financial technologies and financial inclusion: What we know and where we should be heading? Pacific Asia Journal of the Association for Information Systems, 15(1), 87–126. https://doi.org/10.17705/1pais.15104
- Washington, P. B., Rehman, S. U., & Lee, E. (2022). Nexus between regulatory sandbox and performance of digital banks—A study on UK digital banks. Journal of Risk and Financial Management, 15(12), 610. https://doi.org/10.3390/jrfm15120610
References
Alkhalil, A., Sahandi, R., & John, D. (2017). An exploration of the determinants for decision to migrate existing resources to cloud computing using an integrated TOE-DOI model. Journal of Cloud Computing, 6(2), 1-20. https://doi.org/10.1186/s13677-016-0072-x
Allayarov, Sh., Mirzamakhmudov, M., & Mirzamakhmudova, M. (2020). Analysis of regulatory sandbox in the Netherlands that promote development of innovative fintech start-ups. International Finance and Accounting, 2020(3), 1-13. https://uzjournals.edu.uz/interfinance/vol2020/iss3/34
Aloulou, M., Grati, R., Al-Qudah, A. A., & Al-Okaily, M. (2024). Does fintech adoption increase the diffusion rate of digital financial inclusion? A study of the banking industry sector. Journal of Financial Reporting and Accounting, 22(2), 289–307. https://doi.org/10.1108/JFRA-05-2023-0224
Arslan, A., Buchanan, B. G., Kamara, S., & Al Nabulsi, N. (2022). Fintech, base of the pyramid entrepreneurs and social value creation. Journal of Small Business and Enterprise Development, 29(3), 335–353. https://doi.org/10.1108/JSBED-10-2020-0370
Basha, S. A., Elgammal, M. M., & Abuzayed, B. M. (2021). Online peer-to-peer lending: A review of the literature. Electronic Commerce Research and Applications, 48, 101069. https://doi.org/10.1016/j.elerap.2021.101069
Basloom, R. S., Sani Mohamad, M. H., & Auzair, S. M. (2022). Applicability of public sector reform initiatives of the Yemeni government from the integrated TOE-DOI framework. International Journal of Innovation Studies, 6(4), 286–302. https://doi.org/10.1016/j.ijis.2022.08.005
Bastani, K., Asgari, E., & Namavari, H. (2019). Wide and deep learning for peer-to-peer lending. Expert Systems with Applications, 134, 209–224. https://doi.org/10.1016/j.eswa.2019.05.042
Bayram, O., Talay, I., & Feridun, M. (2022). Can fintech promote sustainable finance? Policy lessons from the case of Turkey. Sustainability (Switzerland), 14(19), 12414. https://doi.org/10.3390/su141912414
Bejar, P., Ishi, K., Komatsuzaki, T., Shibata, I., Sin, J., & Tambunlertchai, S. (2022). Can fintech foster competition in the banking system in Latin America and the Caribbean? Latin American Journal of Central Banking, 3(2), 100061. https://doi.org/10.1016/j.latcb.2022.100061
Butor-Keler, A., & Polasik, M. (2020). The role of regulatory sandboxes in the development of innovations on the financial services market: The case of the United Kingdom. Ekonomia i Prawo, 19(4), 621. https://doi.org/10.12775/eip.2020.041
Chang, H. H., Lu, M. T., Huang, L. H., Ling, H. F., & Yen, Y. C. (2024). Assessing the diffusion of fintech innovation in financial industry: Using the rough MCDM model. Technological and Economic Development of Economy, 30(1), 261–286. https://doi.org/10.3846/tede.2024.20260
Chemmanur, T. J., Imerman, M. B., Rajaiya, H., & Yu, Q. (2020). Recent developments in the fintech industry. Journal of Financial Management, Markets and Institutions, 8(01), 20400022. https://doi.org/10.1142/S2282717X20400022
Chen, D., Deakin, S., Johnston, A., & Wang, B. (2021). Too much technology and too little regulation? The spectacular demise of P2P lending in China. Accounting, Economics and Law: A Convivium, 1-48 https://doi.org/10.1515/ael-2021-0056
Chen, X., Huang, B., & Ye, D. (2020). Gender gap in peer-to-peer lending: Evidence from China. Journal of Banking and Finance, 112, 105633. https://doi.org/10.1016/j.jbankfin.2019.105633
Crema, E. R., Bloxam, A., Stevens, C. J., & Vander Linden, M. (2024). Modelling diffusion of innovation curves using radiocarbon data. Journal of Archaeological Science, 165, 105962. https://doi.org/10.1016/j.jas.2024.105962
Cumming, D., Johan, S., & Reardon, R. (2023). Global fintech trends and their impact on international business: A review. Multinational Business Review, 31(3), 413–436. https://doi.org/10.1108/MBR-05-2023-0077
Fáykiss, P., Papp, D., Sajtos, P., & Tőrös, Á. (2018). Regulatory tools to encourage fintech innovations: The innovation hub and regulatory sandbox in international practice. Financial and Economic Review, 2017(2), 43–67. https://doi.org/10.25201/fer.17.2.4367
Gerlach, J. M., Rugilo, D., & Sc, M. (2019). The predicament of fintechs in the environment of traditional banking sector regulation – An analysis of regulatory sandboxes as a possible solution. Credit and Capital Markets, 52(3), 323–373. https://doi.org/10.1108/MBR-05-2023-0077
Ghahroud, M. L., Ebrahimiyan, N., Bastani, S., Abadi, A., Jafari, F., & Tajdini, S. (2021). The sandbox approach. Journal of FinTech and Artificial Intelligence, 1(1), 3-3. https://doi.org/10.47277/JFAI/1(1)022
Goo, J. J., & Heo, J. Y. (2020). The impact of the regulatory sandbox on the fintech industry, with a discussion on the relation between regulatory sandboxes and open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 6(2), 43. https://doi.org/10.3390/JOITMC6020043
Hellmann, T., Montag, A., & Vulkan, N. (2024). The impact of the regulatory sandbox on the fintech industry. SSRN 4187295, 1-52. https://dx.doi.org/10.2139/ssrn.4187295
Hemphill, T. A. (2023). Technology entrepreneurship and innovation hubs: Perspectives on the universal regulatory sandbox. Science and Public Policy, 50(2), 350–353. https://doi.org/10.1093/scipol/scac072
Hesekova Bojmirova, S. (2022). Fintech and regulatory sandbox – New challenges for the financial market: The case of the Slovak Republic. Juridical Tribune, 12(3), 399–411. https://doi.org/10.24818/TBJ/2022/12/3.06
Hiebl, M. R. W. (2023). Sample selection in systematic literature reviews of management research. Organizational Research Methods, 26(2), 229–261. https://doi.org/10.1177/1094428120986851
Hiran, K. K., & Henten, A. (2020). An integrated TOE–DOI framework for cloud computing adoption in the higher education sector: Case study of Sub-Saharan Africa, Ethiopia. International Journal of System Assurance Engineering and Management, 11(2), 441–449. https://doi.org/10.1007/s13198-019-00872-z
Huang, R. H., & Wang, C. M. (2023). Fintech-bank partnership in China’s credit market: Models, risks and regulatory responses. European Business Organization Law Review, 24(4), 721–755. https://doi.org/10.1007/s40804-023-00269-3
Iqbal, M., & Zahidie, A. (2022). Diffusion of innovations: A guiding framework for public health. Scandinavian Journal of Public Health, 50(5), 533–537. https://doi.org/10.1177/14034948211014104
Jaakkola, E. (2020). Designing conceptual articles: Four approaches. AMS Review, 10(1–2), 18–26. https://doi.org/10.1007/s13162-020-00161-0
Jinasena, D. N., Spanaki, K., Papadopoulos, T., & Balta, M. E. (2023). Success and failure retrospectives of fintech projects: A case study approach. Information Systems Frontiers, 25, 259-274. https://doi.org/10.1007/s10796-020-10079-4
Just, S. N., Sivertsen, M. F., & Lewin, S. (2024). Open for business: The discursive diffusion of regulatory sandboxes for fintech innovation. Journal of Cultural Economy, 17(3), 360–378. https://doi.org/10.1080/17530350.2023.2282131
Kaur, M., Ahmad, W., Hari, K. S., & Kattumuri, R. (2024). Fintech entrepreneurial ecosystem in India: Role of incubators and accelerators. Global Finance Journal, 60, 100933. https://doi.org/10.1016/j.gfj.2024.100933
Kemal Tosun, O., Eshraghi, A., & Muradoglu, G. (2023). Learning financial survival from disasters. Journal of International Financial Markets, Institutions and Money, 85, 101778. https://doi.org/10.1016/j.intfin.2023.101778
Nguyen, Q. K., & Dang, V. C. (2022). The effect of fintech development on financial stability in an emerging market: The role of market discipline. Research in Globalization, 5, 100105. https://doi.org/10.1016/j.resglo.2022.100105
Klein, G., Shtudiner, Z., & Zwilling, M. (2023). Why do peer-to-peer (P2P) lending platforms fail? The gap between P2P lenders’ preferences and the platforms’ intentions. Electronic Commerce Research, 23(2), 709–738. https://doi.org/10.1007/s10660-021-09489-6
Koloseni, D., & Mandari, H. (2024). Expediting financial inclusion in Tanzania using fintech: The perspective of diffusion of innovation theory. Technological Sustainability, 3(2), 171–194. https://doi.org/10.1108/TECHS-11-2023-0048
Lee, S., & Seo, Y. (2022). Exploring how interest groups affect regulation and innovation based on the two-level games: The case of regulatory sandboxes in Korea. Technological Forecasting and Social Change, 183, 121880. https://doi.org/10.1016/j.techfore.2022.121880
Liu, Z., Shang, J., Wu, S. yi, & Chen, P. yu. (2020). Social collateral, soft information and online peer-to-peer lending: A theoretical model. European Journal of Operational Research, 281(2), 428–438. https://doi.org/10.1016/j.ejor.2019.08.038
Masood, T., & Egger, J. (2019). Augmented reality in support of Industry 4.0—Implementation challenges and success factors. Robotics and Computer-Integrated Manufacturing, 58, 181–195. https://doi.org/10.1016/j.rcim.2019.02.003
McCarthy, J. (2023). The regulation of regtech and suptech in finance: Ensuring consistency in principle and in practice. Journal of Financial Regulation and Compliance, 31(2), 186–199. https://doi.org/10.1108/JFRC-01-2022-0004
Mohd Haridan, N., Sheikh Hassan, A. F., Mohammed Shah, S., & Mustafa, H. (2023). Financial innovation in Islamic banks: Evidence on the interaction between Shariah board and fintech. Journal of Islamic Accounting and Business Research, 14(6), 911–930. https://doi.org/10.1108/JIABR-11-2022-0305
Molla, A., & Biru, A. (2023). The evolution of the Fintech entrepreneurial ecosystem in Africa: An exploratory study and model for future development. Technological Forecasting and Social Change, 186, 122123. https://doi.org/10.1016/j.techfore.2022.122123
Najaf, K., Subramaniam, R. K., & Atayah, O. F. (2022). Understanding the implications of fintech peer-to-peer (P2P) lending during the COVID-19 pandemic. Journal of Sustainable Finance and Investment, 12(1), 87–102. https://doi.org/10.1080/20430795.2021.1917225
Peón, D., Antelo, M., & Sun, Y. (2024). Market competition and strategic interaction in the Spanish fintech industry. Research in International Business and Finance, 70, 102365. https://doi.org/10.1016/j.ribaf.2024.102365
Rupeika-Apoga, R., & Wendt, S. (2022). Fintech development and regulatory scrutiny: a contradiction? The case of Latvia. Risks, 10(9), 167. https://doi.org/10.3390/risks10090167
Saklain, M. S. (2024). Fintech, systemic risk and bank market power – Australian perspective. International Review of Financial Analysis, 95, 103351. https://doi.org/10.1016/j.irfa.2024.103351
Sampat, B., Mogaji, E., & Nguyen, N. P. (2024). The dark side of fintech in financial services: A qualitative enquiry into fintech developers’ perspective. International Journal of Bank Marketing, 42(1), 38–65. https://doi.org/10.1108/IJBM-07-2022-0328
Sarabdeen, J. (2023). Laws on regulatory technology (RegTech) in Saudi Arabia: Are they adequate? International Journal of Law and Management, 65(6), 523–537. https://doi.org/10.1108/IJLMA-03-2023-0042
Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 104, 333–339. https://doi.org/10.1016/j.jbusres.2019.07.039
Sunio, V., Mendejar, J., Nery, J. R., & Carlos, J. P. (2023). Generalization of digital innovation for financial inclusion by means of market creation through regulation and governance. Global Transitions, 5, 29–39. https://doi.org/10.1016/j.glt.2023.04.001
Suryono, R. R., Budi, I., & Purwandari, B. (2021). Detection of fintech P2P lending issues in Indonesia. Heliyon, 7(4), e06782. https://doi.org/10.1016/j.heliyon.2021.e06782
Truby, J. (2020). Fintech and the city: Sandbox 2.0 policy and regulatory reform proposals. International Review of Law, Computers and Technology, 34(3), 277–309. https://doi.org/10.1080/13600869.2018.1546542
Tsang, C. Y., & Chen, P. K. (2022). Understanding policy diffusion mechanism of financial regulatory innovation: The experience of Taiwan. Asia Pacific Law Review, 30(1), 21–43. https://doi.org/10.1080/10192557.2022.2045705
Vijayakumar Bharathi, S., Perdana, A., & Kulkarni, M. S. (2023). Exploring the synergy between financial technologies and financial inclusion: What we know and where we should be heading? Pacific Asia Journal of the Association for Information Systems, 15(1), 87–126. https://doi.org/10.17705/1pais.15104
Washington, P. B., Rehman, S. U., & Lee, E. (2022). Nexus between regulatory sandbox and performance of digital banks—A study on UK digital banks. Journal of Risk and Financial Management, 15(12), 610. https://doi.org/10.3390/jrfm15120610