Fintech and Financial Inclusion in Pakistan: An Exploratory Study

Hassnian Ali () and Rose Abdullah ()
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Hassnian Ali: ICRIE, Minhaj University Lahore
Rose Abdullah: Centre for Research and Publication, Universiti Islam Sultan Sharif Ali

Chapter Chapter 9 in Enhancing Financial Inclusion through Islamic Finance, Volume I, 2020, pp 159-192 from Palgrave Macmillan

Abstract: Abstract Fintech has the potential of promoting financial inclusion in terms of secured digital payments, financing, InsureTech, and investments through crowdfunding and P2P lending to unserved or less served businesses, start-ups, and segments of the population. Fintech is deployed using the latest technologies such as big data analytics, clouds, Internet of Things, blockchain, and artificial intelligence to provide highly secured, instant, easy-to-access, easy-to-use, low-cost, and finally more customer-centric financial services and products. For Fintech to boost Islamic financial inclusion, shariah compatibility in the applications is necessary. Empirical evidence shows that Pakistan is a highly financially exclusive country. This study provides an overview of financial inclusion and digital finance status in Pakistan, a comparative analysis of information and communication technologies (ICT) environment, and Pakistan’s performance in ICTs. This study elucidates the potential of Fintech applications and proposes a pragmatic scheme to develop a Fintech ecosystem capable of achieving the goal of financial inclusion in Pakistan.

Keywords: Financial inclusion; Fintech; Pakistan; Digital finance; Shariah (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1007/978-3-030-39935-1_9

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