FINANCIAL TECHNOLOGY AND STOCK MARKET DEVELOPMENT: EVIDENCE ON EFFICIENCY, LIQUIDITY, AND INNOVATION

Recent studies have not clarified the impact of FinTech on the development of the stock market, especially in emerging stock markets such as Vietnam. This research was carried out to fill these gaps by analysing the impact of FinTech on the development of the Vietnamese stock market on the basis of stakeholder theory developed by Freeman (1984). Data were collected online by the author via Google Drive from 216 respondents, including investors, securities staff, and securities experts, from May 2024 to October 2024. This study employs a quantitative research method, applies the PLS‒SEM linear structural model, and uses SPSS and AMOS 20 software. As a result, the study provides evidence that FinTech strongly affects the development of the stock market through two factors: (i) supporting investors in conducting fundamental analysis to evaluate securities and technical analysis to determine optimal investment timing; and (ii) promoting securities companies to innovate their strategies toward sustainability, safety, and efficiency by providing services such as securities brokerage, securities trading, underwriting consulting, investment consulting, and financial consulting. However, the findings also suggest that FinTech applications have not yet had a positive effect on issuers or state regulatory agencies in the securities market, given the current institutional context, legal maturity level, and stage of FinTech adoption in Vietnam.