The Impact of Fintech on Economic Growth: Evidence from China

Song, Na; Appiah-Otoo, Isaac

doi:10.3390/su14106211

Cited by 44 publications

(30 citation statements)

References 55 publications

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“…The financial industry, as a result, has been characterized by technology throughout its history [ 13 ]. Due to the rapid development of the Internet, information technology, mobile phones, and other digital technologies [ 14 ], Fintech has expanded dramatically in the financial sector. For example, IT costs account for 15–20% of the total costs in the banking industry and have become the second largest cost factor following labor costs [ 15 ].…”

Section: Introductionmentioning

confidence: 99%

“…Therefore, the development of Fintech will affect the liquidity of traditional banking deposits and impact economic development [ 21 ]. Fintech, third-party payment, credit, and insurance significantly boost China’s economic growth, and there is a two-way causal relationship between Fintech and economic growth [ 14 ]. Some scholars have demonstrated the importance of Fintech in economic growth regarding financial resource aggregation, financial efficiency, and regional innovation levels [ 22 , 23 , 24 ].…”

Section: Introductionmentioning

confidence: 99%

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The Impact of Fintech Development on Air Pollution

Wei

Yan

et al. 2023

IJERPH

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Over the past 40 years of reform and opening-up, China has achieved rapid economic and technological growth at the cost of severe air pollution. The emerging Fintech, as the result of financial institutions’ adapting to the latest digital technology, might be a solution to reduce air pollution. This paper investigates the impact of Fintech development on air pollution using a two-factor fixed effects model based on data for prefecture-level cities in China from 2011 to 2017. The findings show that Fintech development can effectively reduce air pollution emissions, and this conclusion is proved to be robust throughout a series of tests. The mechanism analysis shows that Fintech reduces air pollution by promoting digital finance and green innovation.

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

The Impact of Fintech Development on Air Pollution

Wei

Yan

et al. 2023

IJERPH

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“…Moreover, the Academy will provide additional advanced courses the following year and give participants the chance to delve further into previously studied ideas and explore them using a practice-oriented approach [18].…”

Section: Literature Reviewmentioning

confidence: 99%

“…(ICT) made it possible for the globe to advance and adapt to the new environment, which presented governments with a growing issue [15,17]. Internet applications including electronic banking, financial technology FinTech, and electronic commerce have emerged and grown significantly in the contemporary period, allowing (ICT) to contribute to the creation of economic value [17,18].…”

Section: Introductionmentioning

confidence: 99%

The Impact of Financial Technological Advancement (FinTech) on the Economic Growth: Evidence from Palestine

Badwan

Awad

2022

AJEBA

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This study examined the impact of financial technology FinTech on economic growth in Palestine, moreover, the study used annual time series data from the Palestinian Ministry of National Economy (MoNE), the Palestinian Ministry of Finance and Planning (MoFP), as well as the Palestinian Central Bureau of Statistics (PCBS) and the Palestinian Monetary Authority (PMA), in addition to investigating the current study of the impact of FinTech on Palestinian economic development for the period (2008 to 2021). In addition, the co-integration was evaluated using a distributed autoregressive approach, and a vector error correction model was used to consider long- and short-term causation. However, the data shows that FinTech products (number of people using the Internet, number of broadband subscriptions, number of mobile cellular subscriptions, number of automated transfer machines, number of branches) contribute to the growth in financial inclusion, which in turn fuels the growth economy in Palestine. Moreover, these results indicate that the (PMA) in Palestine is focusing more on expanding access to financial services. Moreover, this study aims to explore opinions and attitudes regarding the emergence of financial technology in Palestine's future financial services industry. The study’s objectives were also achieved by speaking to a group of managers in the banking and financial services industries, who were administrative employees from departments with technical, software and information technology departments, in addition to departments specialized in technological fields electronic payment services. The study analysis was performed based on the objectivity of the data collected. The approach used in this study was used to produce and rank data-related results for these traits and patterns. According to the findings of the study, it is critical that existing banking and financial institutions, academic institutions, technology companies and business incubators work together to build a supportive environment for the Fintech system in Palestine. According to the ADFGLS co-integration test results, all variables are stable at the initial difference. The results of the ARDL technique show that the co-integration of the variables occurs and that the null hypothesis is rejected. The VECM results show that fintech products have a long-term and short-term causal relationship with both economic growth and financial development. Thus, the results indicate that financial technology in Palestine has many obstacles: rules and regulations, cybersecurity, customer distrust of digital services, etc. All of this is believed to have a direct and beneficial impact on the Palestinian economy.

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“…The demand expansion of consumer market is an important long-term driving force for the development of economic sustainability. In the digital age, firms can reach accurately and stimulate effectively the capital-constrained consumer market dominated by young people with data-driven credit payment services, thereby promoting sustainable economic development [1][2][3]. Although firms and supply chains could benefit from the increased demand of credit payment services, they will bear the cash opportunity cost because of the long turnover period of the actual payment.…”

Section: Introductionmentioning

confidence: 99%

Enhancing Economic Sustainability with Credit Payment Services in a Dual-Channel Supply Chain

Huang

et al. 2022

Sustainability

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In the digital age, data-driven credit payment services play a significant role in constructing sustainable supply chains, which can stimulate consumption by reducing consumers’ cash pressure, thereby promoting a sustainable economic development. Our study investigates a dual-channel supply chain consisting of a supplier and a retailer, wherein the supplier ex-ante decides whether to implement the credit payment policy in the consumer market, and then the retailer determines whether to provide credit payment services in the reselling channel. We uncover that the supplier’s preference toward credit payment policy is not unidirectional. Specifically, the supplier establishes credit payment policy in the consumer market unless the discount of cash opportunity cost is lower than the price discount of credit payment services. Moreover, we find that, under credit payment policy of the supplier, the retailer opts to provide credit payment services when the discount of cash opportunity cost is higher than the price discount of credit payment services. Interestingly, our results demonstrate that, compared with non-credit payment policy, credit payment policy may restrict the development of economics sustainability, which undermines the whole supply chain.

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The Impact of Fintech on Economic Growth: Evidence from China

Cited by 44 publications

References 55 publications

The Impact of Fintech Development on Air Pollution

The Impact of Fintech Development on Air Pollution

The Impact of Financial Technological Advancement (FinTech) on the Economic Growth: Evidence from Palestine

Enhancing Economic Sustainability with Credit Payment Services in a Dual-Channel Supply Chain

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