Fintech Services in Guangdong-Macao in Depth Cooperation Zone in Hengqin: An investigation of Macao Users' Adoption

The Central Committee of the Chinese Communist Party (CCP) and the State Council released the development plan for the Guangdong-Macao In-Depth Cooperation Zone in Hengqin on September 5, 2021. The initiative includes a series of policies to encourage Macao people to live and work in the Hengqin Cooperation Zone. The usage of fintech is crucial in the daily life of Macao people. While the types and the platforms of fintech currently in use in Hengqin and in Macao are different, it becomes increasingly important to ensure the well adoption of fintech by Macao people in the Hengqin Cooperation Zone. Since this is an under-explored research problem, this dissertation aims to provide insights into how Macao people adopt fintech in the Hengqin Cooperation Zone. Hence, this dissertation has to investigate: (1) the fintech services Macao people use in the Hengqin Cooperation Zone, (2) the factors that attribute to Macao people’s intention to use fintech services in the Hengqin Cooperation Zone, (3) the reasons why Macao people do not use some of the fintech services currently available in the Hengqin Cooperation Zone, and (4) the difficulties Macao people have experienced when using fintech in the Hengqin Cooperation Zone.

This study adopts a mix of quantitative and qualitative methods to find answers to these research questions. From the literature review, this study identifies that Davis's (1989) technology acceptance model (TAM) can be applied as the baseline model for research. The elements of its predecessors, the theory of reasoned action (TRA) and the theory of planned behavior (TPB), are also considered in the hypothesized model. In the survey, an online questionnaire was used to collect data from 103 Macao residents who were active in the Hengqin Cooperation Zone. The survey finds that many Macao people are users of fintech, particularly the electronic payment type. However, some experienced difficulties when using fintech in the Hengqin Cooperation Zone, such as the fintech’s lack of interoperability between the zone and Macao.

The questionnaire is also designed for respondents to rate statements that indicate the TRA-TPB-TAM components. The data collected are analyzed by structural equation modelling (SEM) and confirmatory factor analysis (CFA) techniques using the statistical tool in SPSS AMOS. The model includes 8 hypotheses, and 4 are supported. This implies that all the model components, except for subjective norm, are significant factors that attribute to Macao people’s intention to use fintech in the Hengqin Cooperation Zone. The causal paths are such that the Macao people’s perceived ease of use directly affects their perceived usefulness, which in turn influences their attitude. On the other hand, their attitude and their perceived behavioral control have significant impacts over their behavioral intentions to use fintech in the Hengqin Cooperation Zone. Based on these important findings of the data analysis, this dissertation is able to provide important insights, explain the theoretical and practical implications, and make suggestions on future research directions.