Figure 1
The figure is divided into three sections labeled “Macro,” “Meso,” and “Micro” arranged vertically from top to bottom. Each section contains bullet points, and each point has one plus or minus sign at the right of it. Three thick curved arrows are given on the left. One arrow connects “Macro” to “Meso” with the arrowheads on both sides. Another arrow connects “Meso” to “Micro” with arrowheads on both sides, sharing the same arrowhead on “Meso” as the arrow connecting “Macro” to “Meso.” One curved arrow connects “Macro” to “Micro” directly. The bullet points in the “Macro” section are as follows: “Banks are in high regards,” with a plus sign on the right. “Vietnam is amongst the top three Fintech payments markets in Asia,” with a plus sign on the right. “Population is young with a predominance of millennials who are in general tech savvy,” with a plus sign on the right. “Smartphones have a penetration of 45 percent of the population,” with a plus sign on the right. “Low degree of financial inclusion,” with a plus sign on the right. The bullet points in the “Meso” section are as follows: “The government has been proactive or even aggressive in promoting cashless payments,” with a plus sign on the right. “In Vietnam the Central Bank has prescribed that all payments need to run through a state entity called the National Payments Corporation (N a P a C),” with a plus sign on the right. “Concerns about privacy and data security regulation,” with a minus sign on the right. “Education system in Vietnam in skewed towards developing technical skills and less focus on managerial skills,” with both a plus and a minus sign on the right. The bullet points in the “Micro” section are as follows: “Two top player in this space Momo and V N Pay have obtained 336 million dollars in funding,” with a plus sign on the right. “Tele communication companies integrating with banks to facilitate the mobile payment services,” with a plus sign on the right. “Strong human capital in technology,” with a plus sign on the right. “Fintech founders lacks management skills,” with a minus sign on the right. “There is significant reverse learning. Younger users helping older users,” with a plus sign on the right.Factors affecting the diffusion of Fintech at various levels of the service ecosystem. Source: Authors’ own work