Risk Management Implications of Financial Technology (Fintech) in GCC Countries

The present study investigated the risk management implications of Financial Technology (Fintech) in GCC countries, using a sample size of N=61 individuals associated with Fintech companies. The study used a quantitative design, with a descriptive approach to explore the research problem and address all the research questions. The major focus of the study was to identify the types of risks and risk categories that impact on the performance or operations of Fintech products and services. Survey questionnaires were used as the primary data collection tools, with both closed and open-ended options. The categories of risks considered include the operational risk, market risk, legal risk, liquidity risk, credit risk, strategic risk, cybersecurity risk, criminal use risk. The major statistical techniques used to explore the data included the descriptive statistics, one-way ANOVA, and the independent samples tests to demonstrate the difference in various risk categories. The findings of the study demonstrated that all the risk categories are considered to have a severe impact on Fintech products and services. The findings obtained in this study demonstrate the perception of different individuals linked to the companies offering Fintech products and services. The study considered the perception of stakeholders in Fintech companies such as the academic/researcher, client, employee, entrepreneur, investor, and regulator. The findings obtained in this study are used to develop recommendations that might benefit all the stakeholders of Fintech companies. Additionally, the findings also showed the probable limitations of the study, and enabled the researcher to suggest the aspects that should be included in future studies in the same field. Thus, the study recommended that the technological and security aspects of the Fintech products and services should be improved to reduce the possibility of risk occurrence among the GCC countries