ABSTRACT
Despite the Covid-19 pandemic, digital transformation is changing society’s modus operandi of doing business from the “old” to the “new” knowledge-driven economy, where organizations must have the right organizational design to ensure they are competitive. In particular, the banking and finance ecosystem has been revolutionized by technology, where fintech has brought technological innovation to financial services by transforming how customers access financial services. Asia seems to possess great potential in technology, and several companies are revolutionizing all financial sectors, including banking services. WeChat represents a successful product of the company, demonstrating how a society changes and develops new entrepreneurial and business opportunities through technology. WeChat, developed by the Chinese company Tencent has multiplied in the Asian market, where it may soon have no rivals, given that China is at the forefront of Asia’s economic development.
This chapter shows how Asia as innovation ecosystem is continuously transforming towards digital through its dynamic capabilities. It also exposes the benefits associated with the use of digital technologies in the Asian economy, highlighting how the interaction between business model innovation and knowledge exploration and exploitation mechanisms foster and improve human and social well-being. The originality of the chapter consists of a changing perspective grounded on fintech that explores the impact of digital transformation on value creation.
