Fintech Development as Guerrilla Warfare: A Case Study of Vietnam’s Momopay

Fintech innovations have brought about a revolution in the financial sector, creating significant impacts and opportunities. However, the high failure rate of fintech firms underscores the need for a deeper understanding of competitive strategies in this rapidly evolving landscape. Existing research on fintech platform strategy remains limited, especially for resource-constrained platforms operating in emerging markets and assuming roles beyond transitioning consumers to digital options. Their broader societal responsibilities, coupled with regulatory uncertainties, add complexity to strategic formulation. This study aims to bridge the theoretical gap by developing a framework that outlines the stages of strategic development for fintech platforms in developing countries. By doing so, it also seeks to shed light on how these platforms can effectively manage their twin organizational identities: business-oriented and socially oriented.