Fintech Ecosystem Governance:Systemic Problems and Development Solutions in Iran

Fintechs or financial startups are progressively impacting the financial services value chain every day. Fintechs has provided the country's financial markets governors with an irreplaceable opportunity to reform the country's financial system mechanisms. The ecosystem development of these innovative businesses in the financial system is demanding as the prudential requirements of the financial system, and the obstacles that generally exist for innovative businesses. This descriptive research investigates the systemic problems of fintech ecosystem development and its solutions. The analytical texts published in one year and 49 semi-structured interviews with experts were analyzed with a deductive thematic analysis methodology based on Nicoletti's model. Then, the systemic network problems besides institutional mapping of the fintech ecosystem have been extracted; also its validity has been discussed in five focus groups. Then, the existing problems for the development of the fintech business ecosystem are categorized into six sectors: policy, regulation, and supervision (28 problems) such as the lack of a fintech development vision, science production, and promotion (4 problems) such as the lack of fintech scientific field in universities, investment (4 problems) such as the lack of investment statistics in fintech, financial solutions (10 problems) such as weakness in the inclusive financing system, and fintech demand (4 problems) such as low urgency of fintech with financial regulatory bodies. Ultimately, based on the issues raised, the policy implications of this research are presented to facilitate the governance of the