RT Journal Article
T1 Market competition and strategic interaction in the Spanish FinTech industry
A1 Peón Pose, David
A1 Antelo Suárez, Manel
A1 Sun, Yanfei
K1 FinTech
K1 Digital finance
K1 Panzar-Rosse H statistic
K1 Boone indicator
K1 Lerner index
K1 Conjectural variation
K1 Banking
K1 Panel data
K1 Sandbox
AB Financial technology (FinTech) is driving innovation in the financial industry worldwide, but it also poses a threat to traditional banks by the new FinTech start-ups. This article contributes by analysing whether incumbent financial institutions, through their FinTech ventures, compete or collaborate with the new FinTech firms. As a case study, we use the emergent FinTech industry in Spain during the decade of 2010s – a country with a world-leading banking sector before the global financial crisis and now third in Europe by number of FinTech firms. Competition among FinTech firms is measured using the Herfindahl–Hirschman index, the Panzar-Rosse H statistic, the Lerner index, and the Boone indicator, while an oligopolistic conjectural variation model tests interaction between bank-owned and independent FinTech start-ups. The results show that traditional banks use their FinTech ventures to compete against the new players in the industry. The process has led to sharp reductions in concentration but moderate, albeit increasing, market competition in the context of a twentyfold increase in revenues during the decade. Authorities can draw lessons for policy-making in favour of regulation that promotes a level playing field in which independent FinTech start-ups can compete.
PB Elsevier
SN 0275-5319
YR 2024
FD 2024
LK https://hdl.handle.net/10347/39954
UL https://hdl.handle.net/10347/39954
LA eng
NO Peón, D., Antelo, M., & Sun, Y. (2024). Market competition and strategic interaction in the Spanish FinTech industry. Research in International Business and Finance, 70, 102365. https://doi.org/10.1016/J.RIBAF.2024.102365
NO The authors acknowledge funding for open access charge by Universidade da Coruña/CISUG, as well as financial support from Consellería de Cultura, Educación e Ordenación Universitaria (Xunta de Galicia) through Grant GRC 2023 GI-2060 AEMI.
DS Minerva
RD 24 abr 2026