Design and Validation of a Model for the Development of Asset Management FinTechs in the Iranian Capital Market

Mohammadreza  Navaeean; Mehdi Khoshnood; Mojtaba  Maleki Choobari

Authors

Mohammadreza Navaeean Department of Financial Engineering, Ra.C., Islamic Azad University, Rasht, Iran Author https://orcid.org/0009-0003-5908-1976
Mehdi Khoshnood Department of Financial Engineering, RoA.C., Islamic Azad University, Roudsar, Iran https://orcid.org/0000-0002-3196-4860
Mojtaba Maleki Choobari Department of Accounting, Ra.C., Islamic Azad University, Rasht, Iran Author https://orcid.org/0000-0001-7319-1328

Keywords:

FinTech, asset management, WealthTech, capital market, data-driven

Abstract

The present study aimed to design and validate a model for the development of asset management FinTechs in the Iranian capital market. Given the expansion of digital financial services, the growth of intelligent investment instruments, and the role of FinTechs in reducing transaction costs, increasing accessibility, and improving the quality of decision-making, the absence of an integrated framework compatible with the institutional, legal, technological, and behavioral characteristics of the Iranian capital market was identified as the principal research problem. In terms of purpose, the study was applied and developmental, and in terms of methodology, it employed an exploratory mixed-methods design. In the qualitative phase, purposive sampling was used to conduct 10 semi-structured interviews with managers and experts possessing specialized experience in the capital market and FinTech sectors. The data were analyzed through open, axial, and selective coding. In the quantitative phase, a researcher-developed questionnaire was distributed among 169 professionals and managers in the field, and the model was evaluated using the partial least squares approach. In addition, the opinions of 10 experts and the Analytical Hierarchy Process (AHP) and Interpretive Structural Modeling (ISM) techniques were used to prioritize the components and determine the hierarchical structure of the relationships. The qualitative findings revealed 33 categories across six dimensions: causal conditions, the central phenomenon, contextual conditions, intervening conditions, strategies, and consequences. Cronbach’s alpha coefficients for the constructs ranged from 0.780 to 0.910, while composite reliability values ranged from 0.846 to 0.931. The R² values for the central phenomenon, strategies, and consequences were 0.671, 0.700, and 0.509, respectively. In the AHP prioritization, consequences ranked first with a weight of 0.3641, followed by strategies and contextual conditions. The ISM results also placed causal conditions at the most fundamental level and consequences at the final level of the model. Accordingly, the sustainable development of WealthTech in Iran requires the simultaneous reform of the regulatory environment, data and technological infrastructures, financial literacy, public trust, innovation-support mechanisms, and the design of multifunctional platforms.

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