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Blockchain, cryptocurrency and FinTech market growth in Malaysia


Ku-Mahamud, Ku Ruhana and Abu Bakar, Nur Azzah and Omar, Mazni (2018) Blockchain, cryptocurrency and FinTech market growth in Malaysia. Journal of Advance Research in Dynamical & Control Systems, 10 (14 SI). pp. 2074-2082. ISSN 1943-023X

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Abstract

Blockchain has emerged as a popular digital technology aimed at ensuring that financial transactions can be secured and trusted. The expansion of FinTech industry has encouraged the use of blockchain technology and cryptocurrencies. A study has been conducted to assess the blockchain, cryptocurrency and FinTech market growth. This paper provides empirical evidence on the factors influencing the market growth in Malaysia and highlights the factors that could spur and hinder its future use. A survey of 304 blockchain users and industry players in Malaysia was conducted and quantitative results revealed that privacy is the most significant barrier to the adoption of blockchain technology and cryptocurrency ecosystem. Other barriers include those related to legality, cost, security, and stability, as well as difficulties in switching to a new technology. Thus, government regulation is needed to provide guidelines for ensuring the sustainability and growth of this technology in the near future. In addition, results demonstrate that the banking sector is going to be the most affected by the FinTech industry. This current trend may assist the decision makers in evaluating the potential usage of this technology, allowing them to make strategic decisions to improve business and services.

Item Type: Article
Uncontrolled Keywords: Bitcoin, Digital Technology, Blockchain Technology, FinTech, Cryptocurrency.
Subjects: Q Science > QA Mathematics > QA75 Electronic computers. Computer science
Divisions: School of Computing
Depositing User: Mrs. Norazmilah Yaakub
Date Deposited: 11 Nov 2020 05:53
Last Modified: 11 Nov 2020 05:53
URI: http://repo.uum.edu.my/id/eprint/27869

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