Beyond Universal Models a Dual-Pathway Conceptual Framework for Fintech Adoption in Multi-Ethnic Emerging Economies

摘要

A financing deficit for Micro Small and Medium Enterprises (MSMEs) blocks economic progress in developing nations (World Bank Group, 2022). Financial Technology (FinTech) and hybrid financial structures are presented as solutions like Integrated Challenger Bank Peer-to-Peer (CB-P2P) Lending Platform is one such structure (Feyen et al., 2021; Gomber et al., 2018). An Integrated CB-P2P platform is a strategic instrument for financial inclusion because it combines the regulatory trust of a digital bank and efficiency of a P2P lending system (Imerman & Fabozzi, 2020; Nicoletti 2021). The success of this integration depends on voluntary adoption by potential entrepreneurs. The integrated platform idea grew from a global change in financial services. Technology first unbundled traditional banking and allowed specialized FinTech firms to provide certain services efficiently. These services were then re-bundled into new digital systems for complete solutions and policymakers supported this market-driven integration. The World Bank Group identifies digital transformation and FinTech partnerships as a main path to create efficient and inclusive financial systems. Bank Negara Malaysia's Financial Sector Blueprint 2022-2026 (Bank Negara, 2022) advocates for partnerships and cooperation for a dynamic digital financial services system in Malaysia. The potential Integrated CB-P2P Lending Platform could be a direct result of this policy. Licensing frameworks for digital banks in Malaysia require product diversification to meet the financing needs of unserved and underserved segments like MSMEs.