Financial Innovation as a Determinant of Economic Growth

Zeyang Zhuo ()
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Zeyang Zhuo: The University of Nottingham-Ningbo, Faculty of Humanities and Social Sciences

A chapter in Proceedings of the 2025 International Conference on Financial Innovation and Marketing Management (FIMM 2025), 2025, pp 7-15 from Springer

Abstract: Abstract The rapid advancement of digital technology has transformed the financial sector, making digital finance a pivotal driver of global economic growth. This paper explores the role of digital finance in fostering economic development, emphasizing its potential to enhance financial inclusion, reduce transaction costs, and stimulate innovation. Also, the study highlights key mechanisms through which digital finance contributes to economic growth, including its ability to integrate underserved populations into formal financial systems, support small and medium enterprises (SMEs), and facilitate cross-border trade through technologies like blockchain and mobile payments. Additionally, the paper addresses challenges such as regulatory gaps, cybersecurity risks, and environmental concerns associated with energy-intensive technologies. Utilizing both current academic literature and case-based evidence, this paper provides a comprehensive analysis of digital finance’s benefits and limitations, offering insights for policymakers and stakeholders to harness its potential for inclusive and sustainable economic progress. The findings underscore the need for balanced development, robust regulatory frameworks, and technological innovation to maximize the positive impact of digital finance on global economies.

Keywords: Digital Finance; Economic Growth; Mobile Payment (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-874-5_2

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DOI: 10.2991/978-94-6463-874-5_2

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