Is FinTech providing effective solutions to Small and Medium Enterprises (SMEs) in ASEAN countries?

Sitara Karim, Farah Naz, Muhammad Abubakr Naeem, Samuel A. Vigne

Research output: Contribution to journalArticlepeer-review

40 Citations (Scopus)


With the continuous boom of FinTech, the similar features of different platforms provide effective solutions for small and medium enterprises. This study examines whether FinTech offers useful business mechanisms for SMEs in selected ASEAN countries. The ASEAN countries included in the study are Indonesia, Malaysia, Philippine, Singapore, and Thailand. The study employed factor analysis and segregated the FinTech-SME nexus into five factors. The responses of 300 SME owners were collected through interview questionnaires and surveys. We find that new FinTech and SMEs ‘collisions’ (our term for new utilization) during COVID-19 are the most important factors in the growth of FinTech and the strength of SMEs. Further, we utilized the Kruskal–Wallis test to validate our results and for ranking the factors alongside the ASEAN countries. We present useful implications for policymakers, regulatory bodies, ASEAN countries, and SMEs for welcoming FinTech solutions to facilitate digital transactions.

Original languageEnglish
Pages (from-to)335-344
Number of pages10
JournalEconomic Analysis and Policy
Publication statusPublished - Sept 2022


  • ASEAN countries
  • COVID-19
  • Factor analysis
  • FinTech
  • Small and medium-sized enterprises

ASJC Scopus subject areas

  • Economics and Econometrics


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