Ecosystem dynamics: exploring the interplay within fintech entrepreneurial ecosystems

Scholars and practitioners continue to recognize the crucial role of entrepreneurial ecosystems (EEs) in creating a conducive environment for productive entrepreneurship. Although EEs are fundamentally interaction systems of hierarchically independent yet mutually dependent actors, few studies have investigated how interactions among ecosystem actors drive the entrepreneurial process. Seeking to address this gap, this paper explores how ecosystem actor interactions influence new ventures in the financial technology (fintech) EE of Singapore. Guided by an EE framework and the use of an exploratory-abductive approach, empirical data from semi-structured interviews is collected and analyzed. The findings reveal four categories representing both the relational perspective, which features interaction and intermediation dynamics, and the cultural perspective, which encompasses ecosystem development and regulatory dynamics. These categories help explain how and why opportunity identification and resource exploitation are accelerated or inhibited for entrepreneurs in fintech EEs. The present study provides valuable contributions to scholars and practitioners interested in EEs and contributes to the academic understanding of the emerging fintech phenomenon.