시장 표준화 과정에서의 양의 피드백 메커니즘: 중국, 인도네시아, 한국의 Fintech 시장 사례 분석 및 시사점

Fintech has been one of the most outstanding emerging markets in the world last decade. This integration of IT-based technology and traditional banking is restructuring the individual’s financial activities as well as the banking market itself. Among many forms of fintech, e-Pay among other type of fintech is considered as the leading market player technology with the largest volume of market size, number of companies involved, and usage in the world. With an enormous potential, fintech affects various economies in different ways; use of fintech is being settled in some countries as de facto standards, whereas some countries like Japan and S. Korea are slow to foster it. Given the fact that Korea equips relatively well in terms of telecommunication technology, the related infrastructure, and IT-favoring culture, the slow growth of Fintech market in Korea is rather surprising. By looking into the case studies of the e-Pay markets in China, Indonesia, and Korea, this essay is to provide an macro-level analysis on ‘path-dependence’ related formation of positive feedback in the fintech markets. Then, I will point out that the formation of ‘critical mass’ is the key implication for the fintech market growth strategy in Korea in the aspect of the formation process of de facto standards.