Document Type : Research Paper
PhD Candidate, South Branch, Islamic Azad University, Tehran, Iran.
Faculty Member, South Branch, Islamic Azad University, Tehran, Iran.
Faculty Member, South Tehran Branch, Islamic Azad university, Tehran, Iran.
The global banking industry has recently been undergoing fundamental changes. The financial system has to react to these changes worldwide. Start-up financial technology companies called Fintech are looking to respond to emerging customer needs and even create new customers' needs. According to available statistics, a large number of Fintech businesses have failed for various reasons, such as not having a clear framework for their business development, which has led to the wastage of resources. This study has provided a suitable model for the development of Fintech businesses. It used the methodology of "Grounded Theory". Based on this method, it conducted more than a thousand minutes of semi-structured interviews with experts in the Fintech industry. The findings are the extraction of 686 components out of which 112 were, specifically, related the Fintech. Based on these findings, the research model was constructed and theory by doing open, axial, and selective coding. In the end, the components of "recognition and creation of value and its accurate measurement" were identified as the central factors of the model.