The Association of Southeast Asian Nations (ASEAN), comprising ten diverse nations, plays a significant role in global economic dynamics, contributing over 10% to the East Asia and Pacific region's GDP. While ASEAN exhibits advancements, economic performance, development strategies, and policy priorities vary significantly across member states. Fintech's transformative impact on the financial sector is widely recognized, revolutionizing financial services through technological enhancements for financial inclusion, streamlined processes, and broader capital access. In ASEAN, Fintech significantly contributes to economic growth and financial inclusion, challenging traditional institutions with innovative technologies like AI, blockchain, and data analytics. The sector's digital payments and remittances transformation has streamlined processes, reduced costs, and enhanced efficiency, while also supporting SMEs and promoting financial literacy. However, a research gap exists in understanding the disparities in Fintech development across ASEAN countries, prompting this study to analyze Fintech's influence and potential across the region, evaluating its impact based on financial activities, technology infrastructure, and Fintech-enabling regulations. The study utilizes an integrated multiple-criteria decision-making approach, combining the DCRITIC and EDAS/F-EDAS methods to analyze numerical and linguistic data, providing a unique framework for assessing Fintech development.

The literature review examines existing research on Fintech, encompassing themes such as adoption behavior, financial inclusion, blockchain technology, cryptocurrencies, interactions with traditional financial institutions, and the associated regulatory challenges. Studies have investigated factors influencing Fintech adoption (trust, perceived usefulness, ease of use), demographic impacts on usage patterns, and Fintech's role in financial inclusion, particularly for underserved populations. Research on blockchain technology and cryptocurrencies explores their potential for enhanced transparency, security, and efficiency, as well as the dynamics of cryptocurrency markets and regulatory challenges. The impact of Fintech on traditional financial institutions, strategies for collaboration and competition, and regulatory implications (consumer protection, data privacy, cybersecurity) are also examined. Recent research additionally focuses on the intersection of Fintech innovation, green transformational leadership, corporate environmental performance, and sustainability in business, specifically within the context of Bangladeshi manufacturing SMEs and the apparel industry. Studies utilize various methodological approaches, including SEM-ANN, Morlet Wavelet analysis, and time-frequency decomposition techniques. The literature highlights a gap in understanding the specific application of Fintech to advance CSR and sustainability within ASEAN's unique economic and regulatory landscapes, which this study aims to address.

The study employs a novel assessment framework that integrates quantitative and qualitative data analysis. Fuzzy sets, triangular fuzzy numbers (TFNs), and their basic operators are defined to handle ambiguous conditions. The framework uses a two-pronged approach: Firstly, it utilizes the Distance-based CRiteria Importance Through Inter-criteria Correlation (DCRITIC) method to objectively weight quantitative indicators (GDP by financial and insurance activities, money supply, secure internet servers, telecommunication infrastructure index, online service index, individuals using the internet) reflecting financial activities and technology infrastructure. The EDAS method is then used to determine the scores of alternatives based on these weighted indicators. Secondly, the qualitative information on Fintech-enabling regulations (anti-money laundering rules, equity crowdfunding regulations, digital ID regulations, etc.) is quantified using fuzzy theory. The Fuzzy EDAS (F-EDAS) method is then applied to determine the scores of alternatives based on this fuzzy information. The DCRITIC method's steps involve creating a decision matrix, normalizing it, calculating standard deviations, constructing Euclidean distance matrices, performing double-centering, determining distance covariance and variance, calculating information content, and finally, determining absolute weights. The EDAS method involves determining the average solution, calculating positive and negative distances from the average, weighting these distances, and computing appraisal scores. The F-EDAS method adapts this for fuzzy environments using TFNs. The overall assessment combines the results from both quantitative and qualitative analyses.

The study's application of the proposed framework reveals significant variations in Fintech development across ASEAN countries. Singapore leads in both financial activities and technology infrastructure (FA&TI), followed by a group including Vietnam and Thailand showing rapid growth. Cambodia and Malaysia show intermediate FA&TI levels, while Indonesia, the Philippines, and Brunei Darussalam exhibit relatively lower scores. Myanmar and Lao PDR have the lowest FA&TI scores. In terms of Fintech-enabling regulations (FERs), Singapore again leads with a well-developed regulatory environment, followed by the Philippines, Thailand, and Malaysia. Indonesia, Lao PDR, and Brunei Darussalam exhibit moderate FER development, while Vietnam, Cambodia, and Myanmar show lower scores, indicating a need for significant regulatory development. The combined FA&TI and FER scores highlight Singapore's leading position, followed by the Philippines demonstrating strong regulatory progress but moderate FA&TI development. Thailand, Malaysia, and Indonesia show varying levels of advancement in both areas. Brunei Darussalam and Cambodia require FA&TI improvements, while Lao PDR and Vietnam need to enhance both FA&TI and FERs. Myanmar lags in both areas.

The findings address the research question by demonstrating significant heterogeneity in Fintech development across ASEAN, influenced by both FA&TI and FERs. Singapore's leading position reflects its robust financial ecosystem, advanced technology, and supportive regulatory framework, serving as a model for other countries. The varying levels of development highlight the need for tailored strategies to foster Fintech growth in different contexts. Countries with strong regulatory environments but less developed FA&TI should prioritize infrastructure investments, while those with strong FA&TI but weaker regulations need to focus on regulatory improvements. The study's findings are relevant to policymakers, investors, and Fintech companies, informing investment decisions, policy design, and strategic planning. The integrated methodological approach contributes to the field by offering a robust framework for assessing complex and multifaceted Fintech landscapes.

This study offers a comprehensive assessment of Fintech's influence and potential in ASEAN, utilizing a novel framework combining DCRITIC and F-EDAS methods. The findings reveal varying levels of Fintech development across the region, with Singapore as a leader, while others lag, especially in FA&TI and FERs. Policymakers should focus on creating supportive environments for Fintech innovation to stimulate economic growth and digital transformation. Future research should include longitudinal studies, incorporate primary data, expand indicator sets, and conduct regional comparisons for a more comprehensive understanding.

The study's limitations include the use of secondary data, potentially introducing biases and not fully reflecting ground realities. The rapid changes in the Fintech sector may also affect data currency. The chosen indicators might not capture all nuances of Fintech development. Future research should address these limitations through longitudinal studies, primary data collection, and expanded indicator sets. Furthermore, the weighting of key regulations was not investigated, representing a limitation in the study's scope.