Title: Dynamics of crowdfunding and FinTech challenges

Authors: Wesley L. Harris; Jarunee Wonglimpiyarat

Addresses: Department of Aeronautics and Astronautics, Massachusetts Institute of Technology, 77 Massachusetts Avenue, Cambridge, Massachusetts 02139, USA ' Department of Aeronautics and Astronautics, Massachusetts Institute of Technology, 77 Massachusetts Avenue, Cambridge, Massachusetts 02139, USA

Abstract: The financial technology or FinTech has received worldwide attention as the technology having the potential to disrupt various industries including the financial services industry. This study explores the dynamics of crowdfunding and FinTech challenges of Thailand. The paper specifically analyses FinTech crowdfunding, the latest peer-to-peer (P2P) platform for fund transfer under digital transformation. The empirical analyses of Thailand 4.0 policy, based on the national innovation system (NIS) approach, have shown that the Thai Government plays a key role in building a crowdfunding platform to promote entrepreneurship. The Thai Government attempts to endorse Thailand 4.0 policy to drive the nation towards the value-based economy and innovation driven economy. The findings point out the barriers both at the policy and operation levels underlying the Thai entrepreneurial innovation system. The study offers insightful lessons and implications to strengthen the crowdfunding platform for promoting knowledge-intensive economic growth.

Keywords: financial technology; FinTech; crowdfunding; start-ups; small- and medium-sized enterprises; SMEs; innovation system.

DOI: 10.1504/IJBIR.2020.111762

International Journal of Business Innovation and Research, 2020 Vol.23 No.4, pp.501 - 514

Received: 31 Mar 2018
Accepted: 18 Jun 2019
Published online: 14 Dec 2020 *

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