The growth of FinTech and blockchain technology in developing countries: UAE’s evidence

Abstract

Purpose The purpose of this study is to investigate the continuous intention to use blockchain and FinTech innovations, focusing on the direct impact of user trust and perceived risks. It seeks to test how information technology (IT) quality directly affects user-perceived risk and trust and to identify how IT quality can influence FinTech continuance intentions. By examining these relationships, the study provides insights into how improvements in IT quality can mitigate perceived risks and enhance user trust, ultimately fostering sustained use of FinTech and blockchain technologies. Design/methodology/approach To achieve the purpose of this study, the model and hypotheses were examined based on the partial least squares structural equation modeling (PLS-SEM). Findings Results revealed that perceived risk is negatively impacted by system quality, while trust is positively impacted by information quality, and the most significant result in the study is continuous-use intention and uncertainty both are impacted by service quality. Also, the study used some control variables, and two of them (i.e. FinTech type and education) showed a positive significant relationship with continuance-use intention. Practical implications This study identifies several causal relationships between the continuance-use intention of blockchain and FinTech innovations and various factors, which can provide valuable insights for managers, enabling them to formulate appropriate strategies to foster sustainable growth in FinTech and blockchain. By leveraging these findings, managers can enhance IT quality, reduce perceived risks and build user trust, thereby promoting the ongoing adoption and success of blockchain and FinTech innovations. Originality/value The outcomes obtained will help both FinTech providers and researchers elucidate and understand the situation of users’ concerns about the unexpected risks/uncertainty in FinTech transactions can be mitigated through providing a high level of quality IT service and systems. Two main strategies can be merged to be used by FinTech providers/managers, first: trust building, second: risk-mitigating, both strategies can be used in the light of IT innovation and its aspects to meet the sustainable growth of FinTech.