The emergence of the global fintech market: economic and technological determinants
Open accessAbstract
We investigate the economic and technological determinants inducing entrepreneurs to establish ventures with the purpose of reinventing financial technology (fintech). We find that countries witness more fintech startup formations when the economy is well-developed and venture capital is readily available. Furthermore, the number of secure Internet servers, mobile telephone subscriptions, and the available labor force has a positive impact on the development of this new market segment. Finally, the more difficult it is for companies to access loans, the higher is the number of fintech startups in a country. Overall, the evidence suggests that fintech startup formation need not be left to chance, but active policies can influence the emergence of this new sector.
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- Authors
- Haddad, C., & Hornuf, L.
- Affiliations
- SKEMA Business School (FR)
- Max Planck Society (DE)
- Corresponding author
- Hornuf, Lars
- Venue
- Small Business Economics
- Published
- 2018-03-27
- Volume
- 53
- Issue
- 1
- Pages
- 81-105
- ISSN
- 0921-898X (ISSN-L)
- 1573-0913
- OpenAlex
- W2794962887
- Cited by
- 754
- References
- 39
- Citations by year
- 2026: 85 · 2025: 121 · 2024: 112 · 2023: 139 · 2022: 115 · 2021: 78 · 2020: 69 · 2019: 26 · 2018: 6 · 2017: 2 · 2016: 1
- FWCI
- 67.41
- Type
- journal article
- Language
- en
- Open access
- hybrid
- doi.org
- Licence
- Locations
- Small Business Economics (publishedVersion, cc-by)
- RePEc: Research Papers in Economics (submittedVersion)
- Econstor (Econstor) (submittedVersion)
- University of Regensburg Publication Server (University of Regensburg) (submittedVersion)
- Max Planck Digital Library (submittedVersion)
- MPG.PuRe (Max Planck Society) (submittedVersion)
- Funders
- Max Planck Institute for Innovation and Competition
- Topics
- Social Sciences › Business, Management and Accounting › Management Information Systems › FinTech, Crowdfunding, Digital Finance
- Social Sciences › Business, Management and Accounting › Accounting › Private Equity and Venture Capital
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Digital Transformation in Financial Services
- Keywords
- fintech, fintech startups, startup creation, venture capital, economic development, technological factors, internet infrastructure, labor force, access to credit, financial innovation
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