The Challenges of Financial Technology in Libya Applied study on the stakeholders of Financial Technology

Abstract

This study aims to discover the challenges of financial technology in Libyan economy. To do so, the ecosystem of FinTech was presented in the first stage.In this regard, we propose and proveuniversities as a new element of the FinTech ecosystem based on the culture and characteristics of Libyan economic. In the second stage, we lay out the challenges of FinTech start-ups. Namely: Weakness of (1) regulations and policies, (2) support and investment, (3) venture capital, (4) technology cooperation and integration and last (5) Security and privacy. To illustrate the level of these challenges in Libyan economy, a survey had been designed and distributedelectronically and physically to the most of the FinTech ecosystem, i.e., Central Bank of Libya, Jumhoria's main Bank, Entrepreneurial and Innovation Centre and Libyan Enterprise. In general, results reveal that the challenges of FinTech start-ups are existed in a moderate level. Therefore, this study provides two types of recommendations. First, universities have to raise the awareness of FinTech start-ups by exciting workshops, conferences and incorporate few courses among the education system to equip students with such information with respect to FinTech start-ups. Second and more importantly, we believe that it is of paramount importance to bring the players of FinTech ecosystem together in harmony and start working on national blueprint concerning the future of FinTech start-ups in Libya