Enhancing Financial Inclusion in ASEAN: Identifying the Best Growth Markets for Fintech
Round 1
Reviewer 1 Report
The aim of this research was to identify the countries with the highest need for financial inclusion by looking at the potential brought about by innovative and emerging technologies powered by the wide internet web. Hence the potential of Fintech growth.
The results are significant since the can help governments formulate policy that improve investment competitiveness of their countries
The methodology used includes identifying relevant criteria and allocating weight to each criterion to evaluate the best international markets.
The findings show Vietnam, Laos and Cambodia as the countries with the highest potential. The associated risks, managerial implications and opportunities are discussed.
Moreover, limitations and recommendations for future research are also noted
The recommendations that I would make are the following:
a) Limitations and mitigation/partial mitigation of such are to be put as a separate section.
b) Conclusions and recommendations are to relate to the study itself and not only to recommendations for further studies, which should be a separate section
c) There should be a strong section highlighting on the significance and originality of the study - why is it important and for whom
d) The methodology should highlight the reason why this method is appropriate.
e) Also, there is no need to repeat the aim in separate sections.
Otherwise, a well-flowing chapter
Author Response
Thank you for your kind comments.
Minor spell check required - Before I submitted my original manuscript, I had checked all the spellings using Canadian English. I checked again to fulfill your comment and it was the same results. The spell check cautions were mainly focused on names of authors.
(a) Limitations and mitigation to be in a separate section, and (b) Conclusions and recommendations in a separate section - Done, you will see the separated sections from line 531 to 614
(c) There should be a strong section highlight the significance and originality of the study - why it is important and for whom - Done, please see line 555 to 578.
(d) The methodology should highlight the reason why this method is appropriate - Done, please see line 148 to 151 and line 179 to 190.
(e) There is no need to repeat the aim in separate sections - the repetitive aims of this research have been removed - line 153 in the original manuscript. A word search on "objective" and "aim" was conducted and the remaining three each were used in the right context.
Reviewer 2 Report
Authors of the research paper ”Enhancing Financial Inclusion in ASEAN: Identifying the Best Growth Markets for Fintech” presented a research topic relevant to the global financial services industry, especially in the context of fintech financial instruments.
The specialized literature and bibliographic sources are relevant to the subject analyzed, especially due to the fact that many of them are also found in the research methodology. The authors of the paper properly cite the sources used.
The research methodology is relevant and based on specific elements of a scientific evaluation of international markets, starting from "identifying the key factors promoting Fintech growth" presented by the research authors, and calculating scores for the ten ASEAN nations (based on benchmarks and benchmarks). ), which helps the research authors to support the results and conclusions of the research.
The results of the research are adequately presented, but we suggest to the authors to highlight the own contributions of the research, both from the conceptual point of view and from the point of view of determining the reference indicators for the ASEAN Fintech market.
The findings and recommendations of the research authors are adequately presented, starting with debit card users and investigating the challenges of financial inclusion from an industry and governance perspective. However, starting from the results and recommendations, we propose to the research authors to structure the conclusions from the point of view of the scientific arguments of impact of the results of the research, as well as from the point of view of the practical utility of this research.
At the same time we suggest to the authors of the paper the verification of all the tables from the point of view of the correct framing of the text (some error information from the tables/or some information is missing).
With these recommendations of revision of the paper, we congratulate the authors of the research for the chosen topic and we propose (after review by the authors) the acceptance for publication of the research paper.
Author Response
Thank you for taking the time to provide your review. I appreciate your support. Please find below the changes I made following your advice.
The results of the research are adequately presented, but we suggest to the authors to highlight the own contributions of the research, both from the conceptual point of view and from the point of view of determining the reference indicators for the ASEAN Fintech market.
The findings and recommendations of the research authors are adequately presented, starting with debit card users and investigating the challenges of financial inclusion from an industry and governance perspective. However, starting from the results and recommendations, we propose to the research authors to structure the conclusions from the point of view of the scientific arguments of impact of the results of the research, as well as from the point of view of the practical utility of this research.
The answer to both the questions above is captured in the changes in the revised manuscript from:
Line 148 to 151
However, the uniqueness of this methodology is that it does not seek to identify the most advanced Fintech markets but the markets that need financial inclusion most urgently. Hence, the methodology executes the societal marketing philosophy and fulfills the social responsibility mission.
Line 178 to 190
The ING Economics Department (2016) developed the Fintech Index Methodology (FIM) comprising three Dimensions and four Sub-indices with respective Indicators. While the FIM used a set of data to determine the most advanced and commercial Fintech markets, this study seeks to identify the markets that need Fintech most to expand financial inclusion and thus, need a different approach in sourcing data to meet this objective.
This methodology undertakes a rigorous procedure to identify the markets with the highest potential to expand financial inclusion urgently to appeal to Fintech entrepreneurs. First, it determines the nations with low penetration and usage of credit and debit cards to facilitate cashless transactions. Second, it determines the most important factors to selecting markets with the best potential for growth such as ease of doing business and infrastructure, from the comparative surveys of four investment related organization as shown in Table 3. Third, it identifies sources of information that provide measurements for these factors as shown in the last column Data Sources in Table 4.
Line 554 to 579
CONCLUSION & RECOMMENDATIONS
The main contribution of this research lies in its originality of a research that seek not to maximize financial profit but financial inclusion for people in dire need for banking facilities to alleviate poverty and improve quality of life. This research fulfills the social responsibility mission while it offers high growth markets to Fintech entrepreneurs. While other research and their respective methodologies seek to determine the most advanced and commercial Fintech markets for gain, this research adopts rigorous filters that analyzes empirical data that identify (1) markets with lowest financial inclusion via data of ownership and usage of debit cards, (2) the most important investment attractiveness factors integrating findings from four reputable investment-related organizations, and (3) sources of information that provide measurements to the investment attractiveness factors. Fintech entrepreneurs who capitalize on this research’s findings will reap returns from largely untapped markets while they help to achieve societal marketing goals.
The research also contributes to the economic growth of the nation. Governments with poor ratings such as in governance and risk indicators can take measures to improve the relevant factors, and devise investment incentives to draw foreign investment. Another contribution is the potential collaboration with economists and other specialists who analyze such data to propose policy to their governments which in turn need to operationalize the policy. This research operationalizes the constructs of risk, demand and supply to draw investments to expand financial inclusion that will stimulate economic growth and stability. This research’s methodology is a first to identify the best growth markets for financial inclusion that will appeal to Fintech entrepreneurs with profit or altruistic motivations, to help narrow the gap in income equality within a nation and between nations. The step by step market selection methodology based on empirical analysis makes it easier for investors to follow than econometric models that may limit the discussion to and among economists. Integrating the expertise of economists and marketing specialists may create research that build growth models for the nation.
At the same time we suggest to the authors of the paper the verification of all the tables from the point of view of the correct framing of the text (some error information from the tables/or some information is missing).
I found Table 1 and Table 2 contents out of alignment. I submitted the manuscript in pdf to keep it in the right format but when I follow the journal’s instruction to download the manuscript for revision, I found the contents in the table out of alignment and with missing alphabets. I have corrected the format again and I will notify the journal likewise.
Author Response File: 
Author Response.pdf
