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FinTech Innovation Ecosystems

In: Transformation Dynamics in FinTech An Open Innovation Ecosystem Outlook

Author

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  • Wajeeha H. Awadh

Abstract

The FinTech disruption has affected the global financial industry, which required many countries to cater to this disruption by building the right FinTech Innovation Ecosystems. For these types of ecosystems to succeed, they need to be based on open innovation concept, where multiple players in the ecosystem can work together to ensure FinTech innovation. The FinTech industry itself is formed based on various collaborations between different stakeholders to come up with innovative products. However, on a macro level, for countries to become a global FinTech hub, they need to ensure the existence of nine important components of FinTech Innovation Ecosystem. These components are FinTech Start-ups, Traditional Financial Institutions (FIs), Government, Financial Customers, Technology Providers, Human Capital, Supporting Platforms, Associations, and International Profile. These nine components, using an open innovation concept, can play a major role in establishing the right FinTech Innovation Ecosystems, which shall lead countries to become global FinTech hubs.

Suggested Citation

  • Wajeeha H. Awadh, 2021. "FinTech Innovation Ecosystems," World Scientific Book Chapters, in: Dimitrios Salampasis & Anne-Laure Mention (ed.), Transformation Dynamics in FinTech An Open Innovation Ecosystem Outlook, chapter 6, pages 161-177, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811239731_0006
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    More about this item

    Keywords

    FinTech; Open Innovation; Financial Services; Ecosystems; Innovation Management; Banking and Finance; Technology Management; Emerging Technologies;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • G2 - Financial Economics - - Financial Institutions and Services

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