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Empowering Financial Inclusion Through Fintech

Author

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  • Andrei-DragoÅŸ POPESCU

    (SCX Holdings Pte. Ltd., Singapore)

Abstract

Financial Technology (FinTech) is used to describe new tech that seeks to improve and automate the delivery and use of financial services. At its core, fintech is utilized to help companies, business owners and consumers better manage their financial operations, processes, and lives by utilizing specialized software and algorithms that are used on computers and, increasingly, smartphones and mobile devices. Fintech, the word, is a combination of "financial technology". Over the past few years, FinTech has been embedded in the financial services ecosystem to such an extent that the term has now made its way into a few leading dictionaries. While the general perception of FinTech is ‘products and companies that employ newly developed digital and online technologies in the banking and financial services industries’, we believe that FinTech has evolved to perform a much more strategic and focused role. The wider objective of FinTech is to serve the unmet financial needs of those segments of the population which are not the core target segments of traditional financial services models. Thus, FinTech aims to contribute to the larger goal of financial inclusion (Lele S.,2019). This article will analyses several studies which focus on the characteristics of FinTech, intending to offer a synthesis of the ways in which it impacts financial inclusion.

Suggested Citation

  • Andrei-DragoÅŸ POPESCU, 2019. "Empowering Financial Inclusion Through Fintech," Social Sciences and Education Research Review, Department of Communication, Journalism and Education Sciences, University of Craiova, vol. 6(2), pages 198-215, November.
    • Handle: RePEc:edt:jsserr:v:6:y:2019:i:2:p:198-215
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    References listed on IDEAS

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    1. Arjuna Costa & Tilman Ehrbeck, 2015. "A Market-Building Approach to Financial Inclusion," Innovations: Technology, Governance, Globalization, MIT Press, vol. 10(1-2), pages 53-59, Winter-Sp.
    2. Mr. Alexander Massara & André Mialou, 2014. "Assessing Countries’ Financial Inclusion Standing - A New Composite Index," IMF Working Papers 2014/036, International Monetary Fund.
    3. Kuo Chuen, David LEE & Teo, Ernie G.S., 2015. "Emergence of FinTech and the LASIC principles," Journal of Financial Perspectives, EY Global FS Institute, vol. 3(3), pages 24-36.
    4. Michael Chibba, 2009. "Financial Inclusion, Poverty Reduction and the Millennium Development Goals," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 21(2), pages 213-230, April.
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    Cited by:

    1. Shahid Manzoor Shah & Amjad Ali, 2022. "A Survey on Financial Inclusion: Theoretical and Empirical Literature Review," Journal of Policy Research (JPR), Research Foundation for Humanity (RFH), vol. 8(4), pages 310-330, December.
    2. Betgilu Oshora & Goshu Desalegn & Eva Gorgenyi-Hegyes & Maria Fekete-Farkas & Zoltan Zeman, 2021. "Determinants of Financial Inclusion in Small and Medium Enterprises: Evidence from Ethiopia," JRFM, MDPI, vol. 14(7), pages 1-19, June.

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    More about this item

    Keywords

    FinTech; Financial Inclusion; Financial Exclusion; Blockchain; Digital Identity; Financial Literacy;
    All these keywords.

    JEL classification:

    • Z0 - Other Special Topics - - General

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