Sustained FinTech Adoption in Malaysian Food and Beverage SMEs: Antecedents and Business Performance

Abstract

Financial technology (FinTech) supports payment, transaction-recording, settlement, and operational activities among Malaysian food and beverage (F&B) small and medium-sized enterprises (SMEs). Research has concentrated on initial adoption, so little is known about what sustains FinTech use at firm level, or how continued use relates to performance in this transaction-intensive sector. This study examines the antecedents and outcomes of sustained FinTech adoption among Malaysian F&B SMEs. A cross-sectional survey of 250 management-level respondents was analysed using partial least squares structural equation modelling. Perceived ease of use (β = 0.182) and economic benefit (β = 0.296) were positively associated with sustained FinTech adoption, whereas privacy and security was not; the social impact path was borderline and was treated conservatively as unsupported. Sustained adoption was positively associated with operational performance (β = 0.565) and with financial performance (β = 0.246), and operational performance was in turn positively associated with financial performance (β = 0.460). The indirect association through operational performance was also significant (β = 0.260), indicating complementary partial mediation. FinTech therefore appears to carry greater business value when its continued use is embedded in routine transaction handling. Managers, providers, financial institutions, and policymakers should look beyond initial adoption by strengthening usability, visible economic benefits, and post-adoption support. The cross-sectional design does not support causal interpretation.