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Fintech and Financial Inclusion in Southeast Asia and India

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  • Peter J. Morgan

Abstract

Financial inclusion, that is, access of excluded households and small firms to financial products and services, is seen as a way to promote more inclusive growth by providing the previously unbanked with access to means for savings, investment, consumption smoothing, and insurance. Financial technology (Fintech), that is, using software, applications, and digital platforms to deliver financial services to consumers and businesses through digital devices such as smartphones, has become recognized as a promising tool to promote financial inclusion. The present paper investigates the developments of financial inclusion and Fintech in the Association of Southeast Asian Nations (ASEAN) member countries and India to identify the ways that Fintech is contributing and can potentially contribute to increased financial inclusion. It also examines potential risks arising from use of Fintech, highlights differences in the strategies and implementation of financial inclusion and Fintech between India and ASEAN, and draws lessons and policy recommendations from these findings.

Suggested Citation

  • Peter J. Morgan, 2022. "Fintech and Financial Inclusion in Southeast Asia and India," Asian Economic Policy Review, Japan Center for Economic Research, vol. 17(2), pages 183-208, July.
    • Handle: RePEc:bla:asiapr:v:17:y:2022:i:2:p:183-208
    DOI: 10.1111/aepr.12379
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    References listed on IDEAS

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    Cited by:

    1. Nasir Khan & Mahwish Zafar & Abiodun Funso Okunlola & Zeman Zoltan & Magda Robert, 2022. "Effects of Financial Inclusion on Economic Growth, Poverty, Sustainability, and Financial Efficiency: Evidence from the G20 Countries," Sustainability, MDPI, vol. 14(19), pages 1-19, October.
    2. Jun Wang & Xinyi Zhang & Yingying Deng & Jianmin Cao & Yuan Liang, 2024. "The Impact of Digital Inclusive Finance on the Sustainable Growth of Income of Herdsmen in China’s Pastoral Areas," Sustainability, MDPI, vol. 16(17), pages 1-17, September.
    3. John Beirne & David G. Fernandez, 2023. "Digital Finance and Sustainability: Impacts, Challenges, and Policy Priorities," Sustainability, MDPI, vol. 15(20), pages 1-5, October.
    4. Minghua Chen & Qinru Chu & Tengwen Zhang & Qian Li & Jianxu Liu & Woraphon Yamaka, 2023. "The Structural Causes and Trend Evolution of Imbalance and Insufficiency of Development of Digital Inclusive Finance in China," Sustainability, MDPI, vol. 15(13), pages 1-22, June.
    5. Murshed, Muntasir & Ahmed, Rizwan & Al-Tal, Raad Mahmoud & Kumpamool, Chamaiporn & Vetchagool, Witchulada & Avarado, Rafael, 2023. "Determinants of financial inclusion in South Asia: The moderating and mediating roles of internal conflict settlement," Research in International Business and Finance, Elsevier, vol. 64(C).
    6. Zhian Zhiow Augustinne Wong & Ramez Abubakr Badeeb & Abey P. Philip, 2023. "Financial Inclusion, Poverty, and Income Inequality in ASEAN Countries: Does Financial Innovation Matter?," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 169(1), pages 471-503, September.
    7. Bhaskar, Ratikant & Hunjra, Ahmed Imran & Bansal, Shashank & Pandey, Dharen Kumar, 2022. "Central Bank Digital Currencies: Agendas for future research," Research in International Business and Finance, Elsevier, vol. 62(C).
    8. Esi A. Elliot & Carmina Cavazos & Benjamin Ngugi, 2022. "Digital Financial Services and Strategic Financial Management: Financial Services Firms and Microenterprises in African Markets," Sustainability, MDPI, vol. 14(24), pages 1-15, December.
    9. Suhrab, Muhammad & Chen, Pinglu & Ullah, Atta, 2024. "Digital financial inclusion and income inequality nexus: Can technology innovation and infrastructure development help in achieving sustainable development goals?," Technology in Society, Elsevier, vol. 76(C).
    10. Vavangani Ishtiyaq Nadeem & Khalid Waheed & Arshiya Fathima M.S, 2024. "Financial inclusion of Muslim minority in Vellore, Tamil Nadu," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 53(1), February.
    11. Kaori Iwasaki, 2022. "Comment on “Fintech and Financial Inclusion in Southeast Asia and India”," Asian Economic Policy Review, Japan Center for Economic Research, vol. 17(2), pages 211-212, July.

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