Title: The Two Pathways of Global Fintech Development
Stream: Economics and Business Studies
Presentation Type: Virtual Poster Presentation
Authors:
Tin Hei Alpha Yuen, The University of Hong Kong, Hong Kong
Wai Kee Thomas Yuen, Hong Kong Shue Yan University, Hong Kong
Abstract:
In the past few decades, the worldwide development of fintech have been rapid. The current development of the global Fintech Industry can be divided into two distinct pathways, which are promoting fintech within the current financial ecosystem and incorporating technology firms into the current financial ecosystem. The rise of the two current pathway for global fintech development is predominantly induced by the emergence of techfins that forced traditional financial institutions like international banks to incorporate fintech into their system to encounter the challenge from techfins. The two distinct pathways of global fintech development both has their own edges and shortcomings. Even though the incorporation of technology firms into the current financial ecosystem would be significantly benefited by the technological and data analytical competitive advantage technology firms holds, the risk posed by techfins due to the lenient regulation is an inevitable issue. While tight regulation on banks have limited the risk of promoting fintech within the current financial ecosystem, it would also limit the trial of innovation and fintech development. This study tend to analyze the correlation between the global FinTech hub Index (GFHI) ranking with the global financial center index (GHCI) ranking to evaluate the current mainstream pathway of global fintech development. Two hypotheses would be set up. For the null hypothesis, a positive correlation between the two rankings indicated that global fintech development is following pathway one. For the alternative hypothesis, no or negative correlation would instead indicate that the global fintech development is following the second pathway.
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