Fintech Adoption: A Study of Users in the Guangdong-Macao In-Depth Cooperation Zone in Hengqin (China)

Abstract

Intended as an economic and development hub, the Hengqin Cooperation Zone aims to foster
collaboration and integration between mainland China, Hong Kong, and Macao, serving as a
platform for economic development and innovation among the three regions. The zone's
development has increased demand for financial services, often offered through fintech. There is,
however, a lack of interoperability between the fintech services currently used in Macao and
Hengqin. This may hinder Macao users' adoption of the technology. Thus, our research objective
is to identify the factors determining Macao residents' adoption of fintech services in the area and
provide insights for service providers, developers, and policymakers. A framework based on the
Technology Acceptance Model (TAM) and Theory of Planned Behavior (TPB) was used for this
purpose. The responses of 103 Macao residents provided evidence that ease of use significantly
and positively impacts the usefulness of the technology. This in turn influences attitudes towards
fintech usage. Subjective norms and perceived behavioral control positively impact fintech
adoption intentions. The fintech industry and the governments of Macao and Hengqin can work
on improving technology's ease of use and usefulness. They can also promote them to Macao users,
and provide the resources required for better access to fintech in the zone.