Social media led co-creation of knowledge in developing societies: SME’s roles in the adoption, use and appropriation of smartphones in South Asia

Abstract

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Opportunities and Barriers for FinTech in SAARC and ASEAN Countries

“…The South Asian Association of Regional Cooperation (SAARC) region, currently comprises eight countries (India, Pakistan, Bangladesh, Sri Lanka, Nepal, Bhutan and the Maldives, and Afghanistan) and came into effect in 1985 with a view to encourage socio-cultural development and interregional cooperation and collaborations (South Asian Association for Regional Cooperation 2020). The total population of SAARC countries approximates the total population of China, South Korea, and Japan (Dey et al 2019). Although most SAARC countries have a strong historical connection with the late British/Indian Empire, South East Asian countries have a high diversity in ethnicity, religion, and language (Dey et al 2019) and have a median age of 27 (Prasad and Aravindakshan 2021).…”

“…The total population of SAARC countries approximates the total population of China, South Korea, and Japan (Dey et al 2019). Although most SAARC countries have a strong historical connection with the late British/Indian Empire, South East Asian countries have a high diversity in ethnicity, religion, and language (Dey et al 2019) and have a median age of 27 (Prasad and Aravindakshan 2021). The political and social systems of these countries have incorporated "the English language, standard English spelling, Westminster-style Parliamentary democracy, the common law legal system, driving on the left, etc."…”

“…The political and social systems of these countries have incorporated "the English language, standard English spelling, Westminster-style Parliamentary democracy, the common law legal system, driving on the left, etc." (Dey et al 2019(Dey et al , p. 1020. The region hosts a culture 2 of 37 that is strongly familial and collectivist in ethos and practices, and exists under an economic context that is highly reliant on banking systems, and where digital services are evolving (Dey et al 2019;Pandey et al 2019;Prasad and Aravindakshan 2021).…”

“…(Dey et al 2019(Dey et al , p. 1020. The region hosts a culture 2 of 37 that is strongly familial and collectivist in ethos and practices, and exists under an economic context that is highly reliant on banking systems, and where digital services are evolving (Dey et al 2019;Pandey et al 2019;Prasad and Aravindakshan 2021). The Association of South East Asian Nations (ASEAN), represents 10 countries (Brunei, Cambodia, Indonesia, Lao PDR (or Laos), Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam), and was established in 1967 (Association of South East Asian Nations 2020).…”

“…Thus, it is interesting to explore the extent that FinTech services, including those offered by traditional banks, can develop in these regions, and potentially contribute towards reducing the financial inclusion gap. Today, smartphone devices and their applications have become an integral part of people's daily lives, particularly in the SAARC and ASEAN regions, where the underlying context and social media have led to the high growth of smartphone adoptions (Babu 2016;Dey et al 2019;Prasad and Aravindakshan 2021;Widyastuti 2017). Different categories of FinTechs have the opportunity to benefit these regions, especially by making financial services accessible to rural and remote populations where banking services are not available (GSMA 2019;Gupta and Xia 2018;Jain and Gabor 2020;Patil et al 2018;Schatt 2014).…”