Big Data, Green Growth, and Technology Disruption in Asian Companies and Societies: Application of Fintech in Brunei Darussalam – Embracing E-Wallet in the Retail Sector

Big Data, Green Growth, and Technology Disruption in Asian Companies and Societies: Application of Fintech in Brunei Darussalam – Embracing E-Wallet in the Retail Sector

Fairul Rizal Rashid, Muhammad Zulqarnain Haji Julaihi
Copyright: © 2022 |Pages: 20
DOI: 10.4018/978-1-7998-8524-5.ch003
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Abstract

The rise of digitalization has inevitably impacted the growth of financial technology (FinTech) in Brunei Darussalam. The presence of e-wallet QR code-based payment system, as part of the Fintech development, deems to be the latest payment mode that hits the retail sector of the Sultanate in recent years. Thus, the chapter is aimed to understand the role and impact of e-wallet application in the retail sector. Despite the positive trending indicators for e-wallet growth amongst the population, the utilization of e-wallet in the retail sector is still quite low. Both driving factors and barriers towards e-wallet utilization in the retail sector are discussed by taking account of the views of both customers and retailers. Recommendation steps are also suggested especially on the roles played by both business and government in empowering this new payment system and to drive the population toward a cashless society and attain a smart nation aspiration.
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Literature Review

Financial Technology (FinTech) is the innovative utilisation of technology to deliver user-friendly financial products and services as a means of financial management which has been diverted from the traditional method (Gregrio, 2017). According to Fauzia (2020), Fintech can be generally divided into three categories:-

  • 1.

    Fintech payment system – This Fintech simply revolutionised a payment system. It simply support both B2B and B2C transactions. It includes mobile E-wallet, digital currency and POS software, and etc. It simply enables users to send money faster, cheaper, safer, and more convenient and that are easily accessible for all.

  • 2.

    Fintech Peer-to Peer (P2P) Lending – The activities under this Fintech simply enable people to borrow money without the needs of going to the bank or other financial institutions. In fact, both creditors and debtors do not have to meet face-to-face to finalise the transactions. Debtors simply can get the loan requested quickly online.

  • 3.

    Fintech Crowd funding – This Fintech provides a platform for collection of individuals to provide fund contributions for companies, new business ventures, and commercial projects or even for charity courses.

Nonetheless, the focus on this chapter is surrounded on the E-Wallet application that is on the domain of Fintech payment system.

Key Terms in this Chapter

Perceived ease of use: The range of how easy it is to use one particular approach, tool, or system.

Information privacy: The process where the users are able to keep their self- pertinent information from public domain.

Driving Factors: The impetus, motivator, or energy that force someone to perform certain act.

Information Security: The process where the users can protect their private information from unauthorised access.

E-Wallet: A software programme that enable users to make payment through their smartphones. It is one of the domains of Fintech payment system.

Financial Technology (FinTech): An advanced technology that offers financial products and services. It means to be faster, safer and more convenience than traditional mode of payment system.

Perceived usefulness: The range in which the users feel that the application of one particular approach, tool, or system can actually boost his or her performance.

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