Impact of Financial Technology on Sustainable Development with Moderating Role of Financial Development: Evidence from Asian Countries
Abstract
This study investigates financial growth in Asian countries as a moderating variable in the relationship between financial technology (fintech) and sustainable development. Digital financial services such as mobile banking, digital payments, and online lending are increasingly widespread and have the potential to support the achievement of the United Nations’ Sustainable Development Goals (SDGs). This growing relevance has encouraged extensive research in this area. The stability of the financial system is crucial for Fintech's capacity to provide access and foster growth. This will be achieved by using secondary panel data gathered from diverse sources, including the World Bank, the United Nations Development Program, and the State Bank of Pakistan, throughout the period of 2010–2023. A variety of indicators are used to monitor Sustainable Development, including economic advancement, gender parity, access to energy and potable water, and poverty alleviation. Digital payment and technology utilization serve as proxies for the degree of Fintech adoption, while credit to the private sector and money supply act as indicators of financial growth. Pooled ordinary least squares (OLS), fixed effects models, random effects models, and moderation analysis are econometric approaches used to analyses relationships. the findings, which will direct policymakers, financial institutions, and development agencies in their implementation of fintech innovation and financial sector reform.
Keywords: Financial Technology (Fintech), Sustainable Development, Financial Development,
This study investigates financial growth in Asian countries as a moderating variable in the relationship between financial technology (fintech) and sustainable development. Digital financial services such as mobile banking, digital payments, and online lending are increasingly widespread and have the potential to support the achievement of the United Nations’ Sustainable Development Goals (SDGs). This growing relevance has encouraged extensive research in this area. The stability of the financial system is crucial for Fintech's capacity to provide access and foster growth. This will be achieved by using secondary panel data gathered from diverse sources, including the World Bank, the United Nations Development Program, and the State Bank of Pakistan, throughout the period of 2010–2023. A variety of indicators are used to monitor Sustainable Development, including economic advancement, gender parity, access to energy and potable water, and poverty alleviation. Digital payment and technology utilization serve as proxies for the degree of Fintech adoption, while credit to the private sector and money supply act as indicators of financial growth. Pooled ordinary least squares (OLS), fixed effects models, random effects models, and moderation analysis are econometric approaches used to analyses relationships. the findings, which will direct policymakers, financial institutions, and development agencies in their implementation of fintech innovation and financial sector reform.
Keywords: Financial Technology (Fintech), Sustainable Development, Financial Development,
