Thu Thi Nguyen

Type of the article: Research Article

Abstract
Vietnam’s FinTech-enabled lending market has expanded rapidly, yet concerns regarding trust, service quality, and regulatory legitimacy persist. Understanding gender-based differences in customer experiences is therefore important for sustainable sector development. This study examines the influence of gender on the satisfaction-loyalty mechanism in Vietnam’s FinTech personal lending context. A structured survey conducted between September 2023 and September 2024 produced 952 valid responses (47.3% male; 52.7% female) from active borrowers across the country’s three major regions. Measurement instruments, adapted from validated scales, demonstrated strong reliability (Cronbach’s alpha > 0.78) and validity (CR > 0.81; AVE > 0.51). Data were analyzed using covariance-based Structural Equation Modeling (CB-SEM) and multi-group analysis. The model achieved a satisfactory fit (CFI = 0.916; TLI = 0.904; RMSEA = 0.059). Six of seven hypotheses were supported: perceived usefulness (β = 0.181, p < 0.001), trust (β = 0.132, p < 0.001), service quality (β = 0.173, p < 0.001), social influence (β = 0.070, p = 0.019), and hedonic motivation (β = 0.082, p < 0.001) enhanced satisfaction, which strongly predicted loyalty (β = 0.514, p < 0.001). Ease of use showed no significant effect (β = 0.052, p = 0.159). Multi-group analysis revealed gender asymmetries: perceived usefulness and hedonic motivation were decisive for men, whereas trust, service quality, and social influence were more influential for women. These findings highlight the need for gender-sensitive strategies to strengthen loyalty and support inclusive growth in Vietnam’s regulated FinTech lending sector.

Acknowledgment
This study would not have been possible without the support and guidance of several individuals and organizations. We extend our sincere gratitude to International School – Vietnam National University, Hanoi; Thuyloi University; and Banking Academy of Vietnam for providing the academic environment and resources necessary for this research.
Furthermore, we would like to express our gratitude to our family and friends for their unwavering support and encouragement throughout this research journey.

Type of the article: Research Article

Abstract
Vietnam’s rapid transition toward cashless payments offers a pertinent context for examining post-adoption behavior in digital finance. This study investigates the determinants of customer satisfaction and loyalty among MoMo e-wallet users, with particular attention to the mediating role of satisfaction and the moderating influence of the Urban-Rural Digital Divide. A cross-sectional survey of 1,015 active users across Vietnam’s North, Central, and South regions was conducted from September 2023 to September 2024 using both online and offline methods. Integrating TAM, UTAUT2, SERVQUAL, and Expectation-Confirmation Theory, the model includes perceived usefulness, perceived ease of use, trust, service quality, social influence, hedonic motivation, and regulatory awareness as antecedents of satisfaction and loyalty. Covariance-based structural equation modeling and multi-group analysis were employed to test the hypothesized relationships.
The findings confirm the central mediating role of satisfaction: service quality, trust, perceived usefulness, hedonic motiva-tion, and regulatory awareness significantly enhance satisfaction, which in turn strongly predicts loyalty. Loyalty is additionally shaped by service quality, trust, social influence, and perceived ease of use. Perceived ease of use and social influence do not significantly influence satisfaction, indicating that these factors diminish in importance as users gain experience. The Urban-Rural Digital Divide moderates several relationships, with rural users placing greater emphasis on trust and hedonic motivation, whereas urban users prioritize perceived usefulness and regulatory awareness. The study contributes to post-adoption FinTech research and provides context-specific implications for improving service performance, regulatory communication, and digital financial inclusion in Vietnam.

Acknowledgment
This study would not have been possible without the support and guidance of several individuals and organizations. We extend our sincere gratitude to Thuyloi University; International school- Vietnam National University, Hanoi, and Banking Academy of Vietnam for providing the academic environment and financial support that made this research possible.
Furthermore, we would like to express our gratitude to our family and friends for their unwavering support and encourage-ment throughout this research journey.