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Association between Global Financial competitiveness and FinTech Consumer experience; FinTech Ecosystem; FinTech Firms
Author(s)
Date Issued
2022
Conference
Citation
Yuen, Thomas Wai Kee & Yuen, Alpha Tin Hei (2022 May 27-28). Association between Global Financial competitiveness and FinTech Consumer experience; FinTech Ecosystem; FinTech Firms. The 9th Conference on Asia and Pacific Economies, The Asian Development Bank Institute (ADBI) , Suzhou, China. https://thomasyuenwaikee.files.wordpress.com/2022/10/association-between-gfci-and-fintech-submit.pdf.
Type
Conference Paper
Abstract
This paper investigates the association between international financial competitiveness and
three important FinTech aspects: FinTech Consumer experience, FinTech Ecosystem, and
FinTech firms in Asia, Western and American cities. FinTech Consumer experiences represent
the demand side, FinTech firms represent the supply side, and FinTech Ecosystem represents
the government policy. Improvement in the three FinTech aspects is expected to enhance
FinTech development and improve international financial competitiveness. Indicators for the
three FinTech aspects are extracted from the Global FinTech Hub report 2020; the proxy for
the financial competitiveness comes from the Global Financial Centres Index 28 on Sep 2020.
Data from 34 cities across 20 countries globally are analyzed using maximum likelihood
estimation with Newton-Raphson/Marquardt steps with the assumption of Poisson distribution
as the data generation process. It is usually believed that there is a high positive association
between international financial competitiveness and the three FinTech aspects. However, the
empirical result in this paper shows that only the FinTech ecosystem is essential in enhancing
global financial competitiveness. The effects of FinTech Consumer experience and FinTech
industry in enhancing global financial competitiveness are insignificant in Western and
America and are negatively significant in Asia.
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