Society 5.0: Feasibilities and challenges of the implementation of fintech in small and medium industries

Abstract

In Society 5.0, financial capital is no longer the key, but data that are interconnected with each other. The Internet of things will be a new normal, dedicated to unlocking human potentials. The purpose of this study is to analyze the feasibilities and challenges of the implementation of fintech in small and medium industries. To this end, a survey was conducted on a sample of 60 small and medium industries. It was revealed that the implementation of fintech in small and medium industries did not seem ready to be achieved due to the limitations in technology infrastructure, data and information, human resources and policy. Therefore, improvement to these factors should be made to realize the human-centered and technology-based society.