The economic forces driving fintech adoption across countries

Jon Frost

No 838, BIS Working Papers from Bank for International Settlements

Abstract: Fintech is being adopted across markets worldwide - but not evenly. Why not? This paper reviews the evidence. In some economies, especially in the developing world, adoption is being driven by an unmet demand for financial services. Fintech promises to deliver greater financial inclusion. In other economies, adoption can be related to the high cost of traditional finance, a supportive regulatory environment, and other macroeconomic factors. Finally, demographics play an important role, as younger cohorts are more likely to trust and adopt fintech services. Where fintech helps to make the financial system more inclusive and efficient, this could benefit economic growth. Yet the market failures traditionally present in finance remain relevant, and may manifest themselves in new guises.

Keywords: fintech; digital innovation; financial inclusion; financial regulation (search for similar items in EconPapers)
JEL-codes: E51 G23 O33 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2020-02
New Economics Papers: this item is included in nep-fdg, nep-fle, nep-ino, nep-mac and nep-pay
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (52)

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Related works:
Working Paper: The economic forces driving FinTech adoption across countries (2020)
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