The study examines the role of Fintech in Singapore’s financial services sector, focusing on its impact on businesses and consumers. Fintech has emerged as a disruptive force, revolutionizing the delivery and management of financial services. However, limited research exists on Fintech’s role in Singapore, highlighting the need for this investigation.
Employing a mixed-method research methodology with a concurrent triangulation design, the study utilizes a case study and correlational approach for qualitative and quantitative analysis. The findings reveal significant areas of transformation facilitated by Fintech, including process automation, new product creation, increased competition, and improved accessibility of financial services.
Moreover, the study uncovers the benefits and risks of Fintech, encompassing challenges related to data privacy, regulatory frameworks, and market concentration. Strategies for effectively managing these risks are provided. Additionally, the study highlights the impact of open innovation in accelerating Fintech development.
Regarding consumer perception, the study demonstrates that demographic factors have limited influence, whereas behavioral factors significantly impact consumers’ choice of Fintech providers. These insights offer valuable guidance for Fintech practitioners navigating the complexities of implementation in Singapore’s financial services sector.
Overall, the study contributes theoretical and empirical knowledge regarding Fintech transformation, implementation, and consumer perception in the local context. The findings provide valuable insights for both academics and practitioners seeking to understand Fintech implementation, including its benefits, risks, limitations, and consumer perception. Furthermore, the study offers practical recommendations to enhance the impact of Fintech in Singapore’s financial services sector.