Research on the Development of Inclusive Finance in Hong Kong: A Fintech Perspective

Chen Xiangshan

International Journal of Economics and Finance, 2024, vol. 16, issue 5, 28

Abstract: The concept of inclusive finance encompasses the dissemination of accessible, efficient, and affordable financial services to every segment and stratum of society, fostering the broader reach and intensification of financial services. As the global economy evolves, inclusive finance has emerged as a critical component within the financial frameworks of numerous nations. Nevertheless, conventional financial systems exhibit certain constraints when catering to micro, small, and medium enterprises, as well as individuals with lower incomes, leaving unresolved issues of service universality and disparities in financial access. Financial technology, or FinTech, involves a collection of technologies and business models that leverage technological innovation to create new financial products, enhance service delivery, and streamline financial operations, thereby improving overall efficiency. The advent of FinTech presents both new avenues and challenges for the integration of financial services. Hong Kong, a prominent international financial hub, boasts a sophisticated, resilient, and highly liberalized financial architecture. The surge in FinTech innovation within Hong Kong has introduced fresh avenues for the advancement of inclusive financial services. Despite this, the progression of inclusive finance in Hong Kong encounters certain obstacles, including the persistence of financial exclusion and the need for enhanced financial literacy. This study evaluates the current state of inclusive financial development in Hong Kong, scrutinizes the deployment of FinTech within the context of inclusive finance, and offers pertinent policy suggestions to bolster the growth of inclusive financial services in the region. The insights derived from this research facilitate a deeper comprehension of the landscape and challenges of inclusive finance in Hong Kong, investigate the role and integration of FinTech in this domain, and provide valuable guidance and proposals for the further development of inclusive financial services in Hong Kong. Furthermore, the findings of this paper hold relevance and potential implications for the advancement of inclusive financial systems in other jurisdictions.

Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://ccsenet.org/journal/index.php/ijef/article/download/0/0/50009/54095 (application/pdf)
https://ccsenet.org/journal/index.php/ijef/article/view/0/50009 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ibn:ijefaa:v:16:y:2024:i:5:p:28

Access Statistics for this article

More articles in International Journal of Economics and Finance from Canadian Center of Science and Education Contact information at EDIRC.
Bibliographic data for series maintained by Canadian Center of Science and Education ().