Critical Success Factors in Fintech Ecosystems: A Framework for Application-Based Payment Platforms

Key success factors of the Malaysian Fintech sector were explored among application-based platforms, focusing on how trust, innovation, and user-centred design contribute to the adoption of platform technology and sustainability aspects. Using Atlas Ti as a key tool to assess the qualitative aspect of the interview data, the semi-structured interviews offer insights to frame the conceptual framework across payments, e-wallets, proptech, and e-lending sectors in Malaysia. It was found that six themes emerged. Firstly, customer-centric innovation was identified as the key driver for product development. Secondly, fintechs noted that to meet user needs quickly, iterative development efforts are necessary. The third emphasises the importance of designing a high-quality user interface. To deliver capabilities and growth, collaboration and compliance with regulatory policies are deemed crucial. This paper proposes an interconnected theme that explains factors to enhance platform performance, with efficiency, accessibility, product differentiation, and stakeholder engagement playing vital roles. It contributes theoretically to the understanding of trust and user-centred design within fintech perspectives. Consequently, it provides practical guidance for developers, financial institutions, and regulators. Nonetheless, it is worth emphasising that technical sophistication is not the key to success; rather, success depends on meeting customers’ needs and being responsive within an inclusive ecosystem, which involves building an agile and secure platform.