FinTech Financing Platforms and Bank Lending to SMEs in Malaysia: Complements or Substitutes
Keywords:
FinTech, SME Financing, Bank Lending, P2P, ECF
Abstract
This study examines the complementarities or substitutability between financial technology (FinTech) financing platforms and bank financing for small and medium-sized enterprises (SMEs) in Malaysia. The study uses a six-variable structural vector autoregression (SVAR) framework, which includes the Overnight Policy Rate (OPR), Industrial Production Index (IPI), Consumer Price Index (CPI), peer-to-peer (P2P) financing, equity crowdfunding (ECF) capital raised, and aggregate outstanding SME bank loans, with monthly observations from 2017 to 2026. The SVAR results are complemented by structural impulse response functions (IRFs) with 95% bootstrap confidence intervals, forecast error variance decomposition (FEVD), diagnostic tests, stability assessment, and alternative lag specifications. The results show that P2P and ECF shocks generate small dynamic responses in SME bank lending and their 95% bootstrap confidence intervals generally include zero. An OPR shock produces a positive point response in SME bank lending, which is statistically distinguishable from zero only over part of the response horizon, while the P2P response is statistically distinguishable from zero only at an early horizon. FEVD results indicate that P2P and ECF shocks account for a growing share of the forecast-error variance of SME bank loans. Overall, the aggregate evidence does not provide robust support for a definitive complementarity, substitution, or fallback credit-valve mechanism.
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References
Agu, E. E., Idemudia, C., & Obeng, S. (2024). The revolutionary role of digital transformation in financing Small and Medium Enterprises (SMEs). International Journal of Management & Entrepreneurship Research, 6(8), 2476–2487. https://doi.org/10.51594/ijmer.v6i8.1366
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Bank Negara Malaysia. (2022). Financial Stability Review - First Half 2022. Kuala Lumpur: Bank Negara Malaysia.
Banna, H., Hassan, M. K., & Rashid, M. (2021). Fintech-based financial inclusion and bank risk-taking: Evidence from OIC countries. Journal of International Financial Markets Institutions and Money, 75, 101447–101447. https://doi.org/10.1016/j.intfin.2021.101447
Beaumont, P. M., Tang, H., & Vansteenberghe, E. (2025). Collateral Effects: The Role of FinTech in Small Business Lending. Review of Financial Studies. https://doi.org/10.1093/rfs/hhaf080
Block, J., Colombo, M. G., Cumming, D. J., & Vismara, S. (2017). New Players in Entrepreneurial Finance and Why they are there. Small Business Economics, 50(2), 239–250. https://doi.org/10.1007/s11187-016-9826-6
Boot, A. W. A., Hoffmann, P., Laeven, L., & Ratnovski, L. (2020). Fintech: What’s old, What’s new? Data Archiving and Networked Services (DANS), 53, 100836–100836. https://doi.org/10.1016/j.jfs.2020.100836
Brown, R., Mawson, S., Rowe, A., & Mason, C. (2017). Working the crowd: Improvisational entrepreneurship and equity crowdfunding in nascent entrepreneurial ventures. Stirling Online Research Repository (University of Stirling), 36(2), 169–193. https://doi.org/10.1177/0266242617729743
Butticè, V., & Vismara, S. (2021). Inclusive digital finance: the industry of equity crowdfunding. The Journal of Technology Transfer, 47(4), 1224–1241. https://doi.org/10.1007/s10961-021-09875-0
Camilleri, M. A., & Bresciani, S. (2022). Crowdfunding Small Businesses and Startups: A Systematic Review, an Appraisal of Theoretical Insights and Future Research Directions. European Journal of Innovation Management, 27(7), 2183–2209. https://doi.org/10.1108/ejim-02-2022-0060
Christensen, C. M. (1997). The innovator's dilemma: When new technologies cause great firms to fail. Harvard Business Review Press.
Coakley, J., & Huang, W. (2020). P2P lending and outside entrepreneurial finance. Pure (University of Bath), 29(13), 1520–1537. https://doi.org/10.1080/1351847x.2020.1842223
Coakley, J., & Lazos, A. (2021). New Developments in Equity Crowdfunding: A Review. Review of Corporate Finance, 1, 341–405. https://doi.org/10.1561/114.00000008
Coakley, J., Lazos, A., & Liñares-Zegarra, J. M. (2021). Strategic entrepreneurial choice between competing crowdfunding platforms. The Journal of Technology Transfer, 47(6), 1794–1824. https://doi.org/10.1007/s10961-021-09891-0
Croce, A., Quas, A., & Tenca, F. (2024). SME’s bond issuance and access to bank credit: evidence from Italy. Review of Managerial Science, 19(2), 499–535. https://doi.org/10.1007/s11846-024-00760-2
Cumming, D. J., Salgueiro, A. M., Reardon, R. S., & Sewaid, A. (2021). COVID-19 Bust, Policy Response, And Rebound: Equity Crowdfunding and P2P Versus Banks. The Journal of Technology Transfer, 47(6), 1825–1846. https://doi.org/10.1007/s10961-021-09899-6
Degryse, H., Matthews, K., & Zhao, T. (2018). SMEs and Access to Bank Credit: Evidence on the Regional Propagation of the Financial Crisis in the UK. University of Birmingham Research Portal (University of Birmingham), 38, 53–70. https://doi.org/10.1016/j.jfs.2018.08.006
Department of Statistics Malaysia. (2024). OpenDOSM data catalogue: Consumer price index and industrial production index series. dosm.gov.my
Farag, H., & Johan, S. (2022). How Alternative Finance Informs Central Themes in Corporate Finance. Journal of Corporate Finance, 77, 102318–102318. https://doi.org/10.1016/j.jcorpfin.2022.102318
Fasano, F., Rocca, M. L., Vidal, J. S., & Boutouar, Y. (2025). Why SMEs go to Crowdfunding? The Role of Financial Constraints and Agency Issues. Small Business Economics, 65(2), 1183–1207. https://doi.org/10.1007/s11187-025-01046-x
Finnegan, M., & Kapoor, S. (2023). ECB Unconventional Monetary Policy and SME Access to Finance. Small Business Economics, 61(3), 1253–1288. https://doi.org/10.1007/s11187-023-00730-0
Gaibulloev, K., Mirzaei, A., Moore, T., & Saad, M. (2025). The Effect of Fintech Financing on Firm Performance: Evidence from Emerging Economies. Journal of International Financial Markets Institutions and Money, 103, 102201–102201. https://doi.org/10.1016/j.intfin.2025.102201
Guo, Y., Liu, X., & Zhang, M. (2025). From Advantage to Disadvantage: how FinTech impacts Small Banks? Financial Innovation, 11(1). https://doi.org/10.1186/s40854-025-00794-9
Hervé, F., & Schwienbacher, A. (2018). Crowdfunding and Innovation. Journal of Economic Surveys, 32(5), 1514–1530. https://doi.org/10.1111/joes.12274
Kazembalaghi, S., Coakley, J., Liñares-Zegarra, J. M., & Vismara, S. (2024). Digital equity and government support during COVID-19. Small Business Economics, 64(4), 1679–1705. https://doi.org/10.1007/s11187-024-00961-9
Khan, M. Z., Khan, Z. U., Hameed, A., & Zada, S. S. (2021). On the upside or flipside: Where is venture capital positioned in the era of digital disruptions? Technology in Society, 65, 101555–101555. https://doi.org/10.1016/j.techsoc.2021.101555
Kohardinata, C., Widianingsih, L. P., Stanley, N., Junianto, Y., Ismawati, A. F., & Sari, E. T. (2023). Collaborative enhancement of non-MSME credit and optimization of banking idle funds through P2P platforms. Uncertain Supply Chain Management, 12(1), 37–44. https://doi.org/10.5267/j.uscm.2023.10.019
Laso, J. M., Clemente, I. M., & Ribes?Giner, G. (2025). Accessing Alternative Finance in Europe: The Role of SMEs, Innovation, and Digital Platforms. Journal of Risk and Financial Management, 18(9), 496–496. https://doi.org/10.3390/jrfm18090496
Le, V. P. M., Matthews, K., Meenagh, D., Minford, P., & Xiao, Z. (2021). Shadow banks, banking policies and China’s macroeconomic fluctuations. Journal of International Money and Finance, 116, 102415–102415. https://doi.org/10.1016/j.jimonfin.2021.102415
Le, V. P. M., Matthews, K., Meenagh, D., Minford, P., & Xiao, Z. (2022). Regulatory arbitrage, shadow banking and monetary policy in China. Journal of International Financial Markets Institutions and Money, 80, 101640–101640. https://doi.org/10.1016/j.intfin.2022.101640
Mamatzakis, E., Ongena, S., & Tsionas, M. (2021). Does alternative finance moderate bank fragility? Evidence from the euro area. Journal of International Financial Markets Institutions and Money, 72, 101340–101340. https://doi.org/10.1016/j.intfin.2021.101340
Mashamba, T., & Gani, S. (2024). Upstarts vs incumbents: the interaction between fintech credit and bank lending in Sub-Saharan Africa. Cogent Economics & Finance, 12(1). https://doi.org/10.1080/23322039.2024.2375643
Naceur, S. B., Candelon, B., Elekda?, S., & Emrullahu, D. (2025). Is FinTech Eating the Bank’s Lunch? Journal of International Financial Management and Accounting, 37(1), 225–246. https://doi.org/10.1111/jifm.12242
Nugraha, D. P., Setiawan, B., Nathan, R. J., & Fekete?Farkas, M. (2022). Fintech Adoption Drivers for Innovation for SMEs in Indonesia. Journal of Open Innovation Technology Market and Complexity, 8(4), 208–208. https://doi.org/10.3390/joitmc8040208
Ololade, Y. J. (2024). SME Financing Through Fintech: An Analytical Study of Trends in Nigeria and the USA. International Journal of Management & Entrepreneurship Research, 6(4), 1078–1102. https://doi.org/10.51594/ijmer.v6i4.1001
Ribeiro?Navarrete, S., Chousa, J. P., Cabarcos, Á. L., & Palacios?Marqués, D. (2021). Crowdlending: mapping the core literature and research frontiers. Review of Managerial Science, 16(8), 2381–2411. https://doi.org/10.1007/s11846-021-00491-8
Safiullah, M., & Paramati, S. R. (2022). The impact of FinTech firms on bank financial stability. Electronic Commerce Research, 24(1), 453–475. https://doi.org/10.1007/s10660-022-09595-z
Sanga, B., & Aziakpono, M. (2023). FinTech and SMEs financing: A systematic literature review and bibliometric analysis. Digital Business, 3(2), 100067–100067. https://doi.org/10.1016/j.digbus.2023.100067
Securities Commission Malaysia. (2026). Digital analytics platform: Capital formation dashboards for recognized market operators. sc.com.my
Song, P., Zhang, H., & Zhao, Q. (2021). Innovative Credit Guarantee Schemes with equity-for-guarantee swaps. International Review of Financial Analysis, 77, 101809–101809. https://doi.org/10.1016/j.irfa.2021.101809
Stiglitz, J. E., & Weiss, A. (1981). Credit rationing in markets with imperfect information. The American Economic Review, 71(3), 393–410. jstor.org
Tang, H. (2018). Peer-to-Peer Lenders Versus Banks: Substitutes or Complements? Review of Financial Studies, 32(5), 1900–1938. https://doi.org/10.1093/rfs/hhy137
Troise, C., Giovando, G., Jabeen, F., & Bresciani, S. (2024). Unveiling the role of entrepreneurial teams in the equity crowdfunding journey. Small Business Economics, 63(4), 1517–1538. https://doi.org/10.1007/s11187-024-00873-8
Ul?Durar, S., Bakkar, Y., Arshed, N., Naveed, S., & Zhang, B. (2024). FinTech and economic readiness: Institutional navigation amid climate risks. Research in International Business and Finance, 73, 102543–102543. https://doi.org/10.1016/j.ribaf.2024.102543
Vismara, S. (2016). Equity retention and social network theory in equity crowdfunding. Aisberg (University of Bergamo), 46(4), 579–590. https://doi.org/10.1007/s11187-016-9710-4
Waliszewski, K., Cichowicz, E., G?bski, ?., Kliber, F., Kubiczek, J., Niedzió?ka, P., Solarz, M., & Warchlewska, A. (2024). Digital loans and buy now pay later from LendTech versus bank loans in the era of ‘black swans’: Complementarity in the area of consumer financing. Equilibrium Quarterly Journal of Economics and Economic Policy, 19(1), 241–278. https://doi.org/10.24136/eq.2982
Wang, W., Mahmood, A., Sismeiro, C., & Vulkan, N. (2019). The evolution of equity crowdfunding: Insights from co-investments of angels and the crowd. Research Policy, 48(8), 103727–103727. https://doi.org/10.1016/j.respol.2019.01.003
Wang, X., Han, L., & Huang, X. (2020). Bank competition, concentration and EU SME cost of debt. International Review of Financial Analysis, 71, 101534–101534. https://doi.org/10.1016/j.irfa.2020.101534
Yin, F., Jiao, X., Zhou, J., Yin, X., Ibeke, E., Iwendi, M., & Biamba, C. (2022). Fintech application on banking stability using Big Data of an emerging economy. Journal of Cloud Computing Advances Systems and Applications, 11(1). https://doi.org/10.1186/s13677-022-00320-7
Balyuk, T. (2022). FinTech Lending and Bank Credit Access for Consumers. Management Science, 69(1), 555–575. https://doi.org/10.1287/mnsc.2022.4319
Bank Negara Malaysia. (2022). Financial Stability Review - First Half 2022. Kuala Lumpur: Bank Negara Malaysia.
Banna, H., Hassan, M. K., & Rashid, M. (2021). Fintech-based financial inclusion and bank risk-taking: Evidence from OIC countries. Journal of International Financial Markets Institutions and Money, 75, 101447–101447. https://doi.org/10.1016/j.intfin.2021.101447
Beaumont, P. M., Tang, H., & Vansteenberghe, E. (2025). Collateral Effects: The Role of FinTech in Small Business Lending. Review of Financial Studies. https://doi.org/10.1093/rfs/hhaf080
Block, J., Colombo, M. G., Cumming, D. J., & Vismara, S. (2017). New Players in Entrepreneurial Finance and Why they are there. Small Business Economics, 50(2), 239–250. https://doi.org/10.1007/s11187-016-9826-6
Boot, A. W. A., Hoffmann, P., Laeven, L., & Ratnovski, L. (2020). Fintech: What’s old, What’s new? Data Archiving and Networked Services (DANS), 53, 100836–100836. https://doi.org/10.1016/j.jfs.2020.100836
Brown, R., Mawson, S., Rowe, A., & Mason, C. (2017). Working the crowd: Improvisational entrepreneurship and equity crowdfunding in nascent entrepreneurial ventures. Stirling Online Research Repository (University of Stirling), 36(2), 169–193. https://doi.org/10.1177/0266242617729743
Butticè, V., & Vismara, S. (2021). Inclusive digital finance: the industry of equity crowdfunding. The Journal of Technology Transfer, 47(4), 1224–1241. https://doi.org/10.1007/s10961-021-09875-0
Camilleri, M. A., & Bresciani, S. (2022). Crowdfunding Small Businesses and Startups: A Systematic Review, an Appraisal of Theoretical Insights and Future Research Directions. European Journal of Innovation Management, 27(7), 2183–2209. https://doi.org/10.1108/ejim-02-2022-0060
Christensen, C. M. (1997). The innovator's dilemma: When new technologies cause great firms to fail. Harvard Business Review Press.
Coakley, J., & Huang, W. (2020). P2P lending and outside entrepreneurial finance. Pure (University of Bath), 29(13), 1520–1537. https://doi.org/10.1080/1351847x.2020.1842223
Coakley, J., & Lazos, A. (2021). New Developments in Equity Crowdfunding: A Review. Review of Corporate Finance, 1, 341–405. https://doi.org/10.1561/114.00000008
Coakley, J., Lazos, A., & Liñares-Zegarra, J. M. (2021). Strategic entrepreneurial choice between competing crowdfunding platforms. The Journal of Technology Transfer, 47(6), 1794–1824. https://doi.org/10.1007/s10961-021-09891-0
Croce, A., Quas, A., & Tenca, F. (2024). SME’s bond issuance and access to bank credit: evidence from Italy. Review of Managerial Science, 19(2), 499–535. https://doi.org/10.1007/s11846-024-00760-2
Cumming, D. J., Salgueiro, A. M., Reardon, R. S., & Sewaid, A. (2021). COVID-19 Bust, Policy Response, And Rebound: Equity Crowdfunding and P2P Versus Banks. The Journal of Technology Transfer, 47(6), 1825–1846. https://doi.org/10.1007/s10961-021-09899-6
Degryse, H., Matthews, K., & Zhao, T. (2018). SMEs and Access to Bank Credit: Evidence on the Regional Propagation of the Financial Crisis in the UK. University of Birmingham Research Portal (University of Birmingham), 38, 53–70. https://doi.org/10.1016/j.jfs.2018.08.006
Department of Statistics Malaysia. (2024). OpenDOSM data catalogue: Consumer price index and industrial production index series. dosm.gov.my
Farag, H., & Johan, S. (2022). How Alternative Finance Informs Central Themes in Corporate Finance. Journal of Corporate Finance, 77, 102318–102318. https://doi.org/10.1016/j.jcorpfin.2022.102318
Fasano, F., Rocca, M. L., Vidal, J. S., & Boutouar, Y. (2025). Why SMEs go to Crowdfunding? The Role of Financial Constraints and Agency Issues. Small Business Economics, 65(2), 1183–1207. https://doi.org/10.1007/s11187-025-01046-x
Finnegan, M., & Kapoor, S. (2023). ECB Unconventional Monetary Policy and SME Access to Finance. Small Business Economics, 61(3), 1253–1288. https://doi.org/10.1007/s11187-023-00730-0
Gaibulloev, K., Mirzaei, A., Moore, T., & Saad, M. (2025). The Effect of Fintech Financing on Firm Performance: Evidence from Emerging Economies. Journal of International Financial Markets Institutions and Money, 103, 102201–102201. https://doi.org/10.1016/j.intfin.2025.102201
Guo, Y., Liu, X., & Zhang, M. (2025). From Advantage to Disadvantage: how FinTech impacts Small Banks? Financial Innovation, 11(1). https://doi.org/10.1186/s40854-025-00794-9
Hervé, F., & Schwienbacher, A. (2018). Crowdfunding and Innovation. Journal of Economic Surveys, 32(5), 1514–1530. https://doi.org/10.1111/joes.12274
Kazembalaghi, S., Coakley, J., Liñares-Zegarra, J. M., & Vismara, S. (2024). Digital equity and government support during COVID-19. Small Business Economics, 64(4), 1679–1705. https://doi.org/10.1007/s11187-024-00961-9
Khan, M. Z., Khan, Z. U., Hameed, A., & Zada, S. S. (2021). On the upside or flipside: Where is venture capital positioned in the era of digital disruptions? Technology in Society, 65, 101555–101555. https://doi.org/10.1016/j.techsoc.2021.101555
Kohardinata, C., Widianingsih, L. P., Stanley, N., Junianto, Y., Ismawati, A. F., & Sari, E. T. (2023). Collaborative enhancement of non-MSME credit and optimization of banking idle funds through P2P platforms. Uncertain Supply Chain Management, 12(1), 37–44. https://doi.org/10.5267/j.uscm.2023.10.019
Laso, J. M., Clemente, I. M., & Ribes?Giner, G. (2025). Accessing Alternative Finance in Europe: The Role of SMEs, Innovation, and Digital Platforms. Journal of Risk and Financial Management, 18(9), 496–496. https://doi.org/10.3390/jrfm18090496
Le, V. P. M., Matthews, K., Meenagh, D., Minford, P., & Xiao, Z. (2021). Shadow banks, banking policies and China’s macroeconomic fluctuations. Journal of International Money and Finance, 116, 102415–102415. https://doi.org/10.1016/j.jimonfin.2021.102415
Le, V. P. M., Matthews, K., Meenagh, D., Minford, P., & Xiao, Z. (2022). Regulatory arbitrage, shadow banking and monetary policy in China. Journal of International Financial Markets Institutions and Money, 80, 101640–101640. https://doi.org/10.1016/j.intfin.2022.101640
Mamatzakis, E., Ongena, S., & Tsionas, M. (2021). Does alternative finance moderate bank fragility? Evidence from the euro area. Journal of International Financial Markets Institutions and Money, 72, 101340–101340. https://doi.org/10.1016/j.intfin.2021.101340
Mashamba, T., & Gani, S. (2024). Upstarts vs incumbents: the interaction between fintech credit and bank lending in Sub-Saharan Africa. Cogent Economics & Finance, 12(1). https://doi.org/10.1080/23322039.2024.2375643
Naceur, S. B., Candelon, B., Elekda?, S., & Emrullahu, D. (2025). Is FinTech Eating the Bank’s Lunch? Journal of International Financial Management and Accounting, 37(1), 225–246. https://doi.org/10.1111/jifm.12242
Nugraha, D. P., Setiawan, B., Nathan, R. J., & Fekete?Farkas, M. (2022). Fintech Adoption Drivers for Innovation for SMEs in Indonesia. Journal of Open Innovation Technology Market and Complexity, 8(4), 208–208. https://doi.org/10.3390/joitmc8040208
Ololade, Y. J. (2024). SME Financing Through Fintech: An Analytical Study of Trends in Nigeria and the USA. International Journal of Management & Entrepreneurship Research, 6(4), 1078–1102. https://doi.org/10.51594/ijmer.v6i4.1001
Ribeiro?Navarrete, S., Chousa, J. P., Cabarcos, Á. L., & Palacios?Marqués, D. (2021). Crowdlending: mapping the core literature and research frontiers. Review of Managerial Science, 16(8), 2381–2411. https://doi.org/10.1007/s11846-021-00491-8
Safiullah, M., & Paramati, S. R. (2022). The impact of FinTech firms on bank financial stability. Electronic Commerce Research, 24(1), 453–475. https://doi.org/10.1007/s10660-022-09595-z
Sanga, B., & Aziakpono, M. (2023). FinTech and SMEs financing: A systematic literature review and bibliometric analysis. Digital Business, 3(2), 100067–100067. https://doi.org/10.1016/j.digbus.2023.100067
Securities Commission Malaysia. (2026). Digital analytics platform: Capital formation dashboards for recognized market operators. sc.com.my
Song, P., Zhang, H., & Zhao, Q. (2021). Innovative Credit Guarantee Schemes with equity-for-guarantee swaps. International Review of Financial Analysis, 77, 101809–101809. https://doi.org/10.1016/j.irfa.2021.101809
Stiglitz, J. E., & Weiss, A. (1981). Credit rationing in markets with imperfect information. The American Economic Review, 71(3), 393–410. jstor.org
Tang, H. (2018). Peer-to-Peer Lenders Versus Banks: Substitutes or Complements? Review of Financial Studies, 32(5), 1900–1938. https://doi.org/10.1093/rfs/hhy137
Troise, C., Giovando, G., Jabeen, F., & Bresciani, S. (2024). Unveiling the role of entrepreneurial teams in the equity crowdfunding journey. Small Business Economics, 63(4), 1517–1538. https://doi.org/10.1007/s11187-024-00873-8
Ul?Durar, S., Bakkar, Y., Arshed, N., Naveed, S., & Zhang, B. (2024). FinTech and economic readiness: Institutional navigation amid climate risks. Research in International Business and Finance, 73, 102543–102543. https://doi.org/10.1016/j.ribaf.2024.102543
Vismara, S. (2016). Equity retention and social network theory in equity crowdfunding. Aisberg (University of Bergamo), 46(4), 579–590. https://doi.org/10.1007/s11187-016-9710-4
Waliszewski, K., Cichowicz, E., G?bski, ?., Kliber, F., Kubiczek, J., Niedzió?ka, P., Solarz, M., & Warchlewska, A. (2024). Digital loans and buy now pay later from LendTech versus bank loans in the era of ‘black swans’: Complementarity in the area of consumer financing. Equilibrium Quarterly Journal of Economics and Economic Policy, 19(1), 241–278. https://doi.org/10.24136/eq.2982
Wang, W., Mahmood, A., Sismeiro, C., & Vulkan, N. (2019). The evolution of equity crowdfunding: Insights from co-investments of angels and the crowd. Research Policy, 48(8), 103727–103727. https://doi.org/10.1016/j.respol.2019.01.003
Wang, X., Han, L., & Huang, X. (2020). Bank competition, concentration and EU SME cost of debt. International Review of Financial Analysis, 71, 101534–101534. https://doi.org/10.1016/j.irfa.2020.101534
Yin, F., Jiao, X., Zhou, J., Yin, X., Ibeke, E., Iwendi, M., & Biamba, C. (2022). Fintech application on banking stability using Big Data of an emerging economy. Journal of Cloud Computing Advances Systems and Applications, 11(1). https://doi.org/10.1186/s13677-022-00320-7
Published
2026-09-16
How to Cite
Ramdhan, N., Md Lazan, R., & Abu Bakar, N. (2026). FinTech Financing Platforms and Bank Lending to SMEs in Malaysia: Complements or Substitutes. Information Management and Business Review, 18(3(I), 222-238. https://doi.org/10.22610/imbr.v18i3(I).4864
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Research Paper
Copyright (c) 2026 Nur'Asyiqin Ramdhan, Rohanizan Md Lazan, Norsaliza Abu Bakar
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