Data extraction stage

The data extraction stage, also referred to as including stage, is the final stage for accepting articles. All selected files were imported in NVIVO software (NVivo, RRID:SCR_014802) ¹⁶ . Then using search options, we searched for 23 types of FinTech business models, both vertical and horizonal, as per the classifications by Lee and Shin (2018) and Omerman & Fabozzi (2020). Using codes, we coded each type of the eight challenges in FinTech as classified by Lee and Shin (2018) and Li and Xu (2021). Any challenge found related to one article that discuss multiple FinTech business model, is classified under mix of business model category. However, we found that some articles discussed one or more challenges of the eight challenges but there are other business models that are not classified from the 23 types of business models based in this study, thus these were kept under the “Other” category. We read each article and categorize each issue under of these eight challenges. This process was carried out by three authors, and then two supervisors. The NVIVO software (free trial) gave a list of issues under each coded challenge. We filtered and combined the issues that were identical but different phrases.