Perceptions on the Adoption of Blockchain for FinTech Applications in the Banking Industry in Developing Countries

This study explores the adoption of blockchain for FinTech applications in the banking industry in developing countries to understand the perceptions and identify use cases and factors affecting the adoption. Thematic analysis was performed on data collected through semi-structured interviews across four banking-related firms. Results suggest a lack of understanding and FinTech perceptions negatively associated with Bitcoin. It is proposed that through further education and implementation of working production-grade use cases, the perception will improve. Several use cases were identified, with Real-Time Gross Settlement as the most prevalent. Based on the Technology-Organisation-Environment (TOE) model particularised, 13 factors were found to affect the adoption positively or negatively. Theoretical insights gained about TOE suggest the issue of similar factors designated using different terminologies across different related studies.