Unveiling the landscape of Fintech in ASEAN: assessing development, regulations, and economic implications by decision-making approach

Abstract

Fintech has gained immense importance as a catalyst for economic growth, trade enhancement, and global prosperity. This study aims to comprehensively assess the influence and potential of Fintech in the Association of Southeast Asian Nations (ASEAN) countries. The research objective is to evaluate the levels of development in financial activities, technology infrastructure, and Fintech-enabling regulations across the region. A robust decision-making framework combining numerical and linguistic assessments is applied, utilizing the Distance-based CRiteria Importance Through Inter-criteria Correlation (DCRITIC) method and the Fuzzy extension of Evaluation based on Distance from Average Solution (F-EDAS approach). The findings reveal varying levels of development among ASEAN countries about Fintech. Governments and policymakers are urged to prioritize the creation of a supportive environment for Fintech innovation to spur economic growth, attract investments, and foster digital transformation. The study is limited because the weights of the key regulations have not been investigated.