FinTech and financial sustainability: A mediating role of financial inclusion

IF 12.9 1区管理学 Q1 BUSINESS

Technological Forecasting and Social Change Pub Date : 2025-04-28 DOI:10.1016/j.techfore.2025.124129

Sabeeh Ullah , Maryam Begum

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Abstract

Technological advancements and shifts in the financial landscape have made it imperative to delve into the nexus between FinTech, financial inclusion, and financial sustainability. Surprisingly, contemporary research has largely overlooked this crucial area of investigation. The current study examines the impact of changes primarily driven by FinTech and how they mediated financial inclusion to foster financial sustainability. For this purpose, the study encompassed a dataset of 141 countries from 2011 to 2021 and employed Structural Equation Modeling (SEM). In addition, the Sobel-Goodman test was employed to provide a comprehensive and robust understanding of the nexus. Our results across all specifications demonstrate that financial inclusion mediates the nexus between FinTech and financial sustainability. Furthermore, in some specifications, FinTech adversely affects financial sustainability by posing risk and regulatory challenges. Moreover, these findings remain robust in the whole sample and subsamples of developed and developing countries. These outcomes hold significant implications, as they underscore how FinTech enhances access to financial services, reshapes the financial landscape, and indirectly contributes substantially to financial sustainability.

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金融科技与金融可持续性：普惠金融的中介作用

技术进步和金融格局的变化使得深入研究金融科技、普惠金融和金融可持续性之间的关系势在必行。令人惊讶的是，当代研究在很大程度上忽视了这一关键的调查领域。本研究考察了主要由金融科技驱动的变革的影响，以及它们如何调节金融普惠以促进金融可持续性。为此，该研究包括2011年至2021年141个国家的数据集，并采用结构方程模型（SEM）。此外，索贝尔-古德曼测试被用来提供一个全面和稳健的关系的理解。我们对所有规范的研究结果表明，普惠金融介导了金融科技与金融可持续性之间的联系。此外，在某些规范中，金融科技通过带来风险和监管挑战，对金融可持续性产生不利影响。此外，这些发现在发达国家和发展中国家的整个样本和子样本中仍然是强有力的。这些成果具有重要意义，因为它们强调了金融科技如何增强金融服务的可及性，重塑金融格局，并间接为金融可持续性做出重大贡献。

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来源期刊

Technological Forecasting and Social Change Multiple-

CiteScore

21.30

自引率

10.80%

发文量

813

期刊介绍： Technological Forecasting and Social Change is a prominent platform for individuals engaged in the methodology and application of technological forecasting and future studies as planning tools, exploring the interconnectedness of social, environmental, and technological factors. In addition to serving as a key forum for these discussions, we offer numerous benefits for authors, including complimentary PDFs, a generous copyright policy, exclusive discounts on Elsevier publications, and more.