Human and Information Interaction

Governance Dimensions and Sub-dimensions Framework Applicable to Fintech Industry

Document Type : Original Article

Authors

Hourieh Aarabi Moghaddam 1
Alireza Motameni 2
Ali Otarkhani 3

1 Ph.D. Student in Information Technology Management, Faculty of Management and Accounting, Shahid Beheshti University, Tehran, Iran. E-mail: H2011arabi@gmail.com

2 Corresponding Author, Associate Professor, Faculty of Management and Accounting, Shahid Beheshti University, Tehran, Iran . E-mail: A_Motameni@sbu.ac.ir

3 Assistant Professor, Faculty of Management and Accounting, Shahid Beheshti University, Tehran, Iran. E-mail: A_Otarkhani@sbu.ac.ir

Abstract
Background and Purpose: Governance has been at the center of attentions for centuries at different levels of administration. Also, the increasing new challenges of Fintech advent and development reveals the need for a proper governance framework. Current governance studies in Fintech mainly discuss internal Fintech issues at the enterprise level, hence, the need for macro-level Fintech governance is dramatically obvious. Therefore, the current research seeks to answer what Fintech Governance dimensions at the macro-level are and establish a framework of governance dimensions and sub-dimensions to apply to Fintech at the macro level.
Method: The method of conducting this research is mixed. In the qualitative part, by using Systematic Literature Review and Content Analysis, various scattered topics about governance, Fintech and Fintech governance were collected and categorizes and sub-dimensions. In the quantitative part, the fuzzy Delphi method was used to validate the sub-dimensions, and then, Exploratory Factor Analysis was performed to extract the potential hidden correlation between the sub-dimensions.
Findings: The findings showed that the extracted sub-dimensions were categorized into Policy-Making, Fore-Sighting, Facilitation, Infrastructure-Delivery, Regulation, Monitoring and Evaluation. All these sub-dimensions were validated by experts and they could be grouped into 3 main groups under the names Contrive, Collaborate, and Control. Finally, we determined the governance dimensions applicable to Fintech industry are Contrive, Collaborate, and Control with their corresponding sub-dimensions.
Conclusion: The framework of dimensions and sub-dimensions of governance is crucial for transparency in the duties of the governor towards the financial technology industry. By committing to this framework, the rulers can implement the Fintech governance, and the financial technology industry will be informed about the governors’ responsibility towards it.

Keywords

Governance Dimensions
Governance Sub-dimensions
Governance
Fintech Governance
Fintech Industry
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Human and Information Interaction
Volume 11, Issue 2
Summer 2024
Pages 83-99