2008年全球金融危機導致金融合規更加嚴格，向金融機構貸款越發具有挑戰性且成本高昂。 然而，金融危機也為金融機構創造了一個機會：重置向客戶提供金融服務的方式。 曾經顛覆B2B和B2C商務的數位革命現在正在席捲金融服務領域：技術和商業模式的創新導致了數位金融服務（DFS）的興起。 DFS的特點是邊際成本低，透明度高。 因此，DFS可以協助個人和企業管理財務，應對日常開支，投資長期目標，增強抵禦意外衝擊。 然而，許多企業對DFS並不是很感興趣，DFS採用率仍然很低。已有研究僅將DFS視為一項新技術，並未結合其他阻礙金融服務採用的因素開展研究，例如結合經濟和社會因素。然而經濟和社會等因素在新興市場和發展中經濟體中卻有重要影響，在這些市場和經濟體中，常常缺乏金融服務部門良好營運所必需的結構或制度支持，所謂「制度真空」。本研究深入分析了制度真空對新興市場和發展中經濟體採用數位金融服務的影響：以貝里斯為研究脈絡，對9家企業進行半結構化訪談，發現貝里斯資本市場資料聚合商(Aggregator)和分銷商(Distributor)的不足是阻礙DFS被廣泛採用的主要因素； 交易促進者(Transaction facilitator)之間缺乏競爭，缺乏資訊分析工具(Information analyzer)，客戶需求較少(low customer demand)也是企業採用DFS的主要障礙。 制度真空雖然引發上述問題，但也為企業填補制度真空提供了機會：就現況而言，前述障礙即為非銀行類企業（金融科技公司和行動服務供應商）提供了作為催化劑的機會 — 為新興市場和發展中經濟體提供大量填補制度真空的服務，推動DFS被廣泛採用。 此外，也應增強現有公營和私營部門之資本市場運作的能力，以確保資本市場良性發展

The 2008 global financial crisis resulted in a drastic increase in capital and compliance requirements for the financial service sector, making it challenging and costly for financial institutions to lend. Paradoxically the crisis created an opportunity for institutions to reconfigure how services are delivered to customers. The digital revolution that once upended B2B and B2C commerce is now sweeping the financial service sector as innovations in technology and business models have resulted in the rise of digital financial services (DFS). These services are characterized by low marginal costs and high transparency. Consequently, DFS has the potential to assist individuals and enterprises in managing their finances, coping with daily expenses, investing in long-term goals, and bolstering resilience to unanticipated shocks. However, many enterprises are not highly enthusiastic about DFS as the adoption rate remains significantly low. Previous research on DFS adoption focuses solely on DFS as a new technology, excluding other aspects that hinder financial service adoption, such as economic and social factors. These factors are most prevalent in emerging markets and developing economies where users are often faced with institutions that are necessary to support a well-functioning financial service sector being absent or poorly functioning – institutional voids. Therefore, this study investigates the impact of institutional voids on digital financial service adoption in emerging markets and developing economies. Using Belize as the research context, semi-structured interviews conducted with 9 enterprises suggest that the insufficiency of aggregators and distributors in Belize’s capital market is the major factor inhibiting widespread adoption. The lack of competition among transaction facilitators, the absence of information analyzers, and low customer demand are major barriers to enterprises' adoption of DFS. Though this can be viewed as an issue, it also presents an opportunity for these voids to be filled. Given the current state of affairs, these barriers present an opportunity for product and service insertion as non-banks can act as a catalyst for DFS adoption by providing these services at mass in EMDE. In addition, giving public and private sector incumbents the ability to enhance the capital market institutions to ensure a better functioning market.

ABSTRACT---------------------------------------------------------iii
ACKNOWLEDGMENT---------------------------------------------------iv
TABLE OF CONTENTS------------------------------------------------v
TABLE OF FIGURES AND TABLES--------------------------------------vii
List of Figures--------------------------------------------------vii
List of Tables---------------------------------------------------vii
ABBREVIATION AND ACRONYM-----------------------------------------viii
CHAPTER 1: INTRODUCTION------------------------------------------1
1.1 Research Background------------------------------------------1
1.2 Research Question and Objectives-----------------------------2
1.3 Research Outline---------------------------------------------2
CHAPTER 2: LITERATURE REVIEW-------------------------------------4
2.1 Digital Financial Service------------------------------------4
2.2 Digital Banking----------------------------------------------5
2.3 Adoption of DFS in Emerging Markets and Developing Economies-7
2.4 Significance of Study----------------------------------------13
CHAPTER 3: METHODOLOGY-------------------------------------------18
3.1 Data Collection----------------------------------------------18
3.2 Methodological Approach--------------------------------------19
CHAPTER 4: COUNTRY ANALYSIS--------------------------------------21
4.1 Country Overview---------------------------------------------21
4.2 State of Affairs of Capital Market Institutions in Belize----21
4.2.1 Credibility Enhancers--------------------------------------22
4.2.2 Information Analyzers and Advisors-------------------------22
4.2.3 Aggregators and Distributors-------------------------------23
4.2.4 Transaction Facilitators-----------------------------------23
4.2.4 Adjudicators-----------------------------------------------24
4.2.5 Regulators and Policymakers--------------------------------24
4.3 Cost of doing Business in Belize-----------------------------24
4.4 Product Categories-------------------------------------------26
CHAPTER 5: CASE ANALYSIS-----------------------------------------28
5.1 Digital Financial Services Use-------------------------------28
5.2 Barriers to Adoption-----------------------------------------29
CHAPTER 6: CONCLUSION--------------------------------------------33
6.1 Institutional Voids in Belize’s Capital Market---------------33
6.2 The Effect of Institutional Voids on DFS Adoption in Belize--33
6.2 Limitation and Future Research-------------------------------35
REFERENCE--------------------------------------------------------36
APPENDICES-------------------------------------------------------42
Appendix 1: Interview Request Letter-----------------------------42
Appendix 2: Interview Questions----------------------------------43

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