The Influence of Fintech on the Economic Growth of Some Developing Countries
- Autores:
-
Risky, Muhammad
Hidayat, Ariodillah
Liliana, Liliana
Gustriani, Gustriani
Shodrokova, Xenaneira
- Tipo de recurso:
- Article of journal
- Fecha de publicación:
- 2025
- Institución:
- Universidad Pedagógica y Tecnológica de Colombia
- Repositorio:
- RiUPTC: Repositorio Institucional UPTC
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.uptc.edu.co:001/18693
- Acceso en línea:
- https://doi.org/10.19053/uptc.01203053.v44.n80.2025.18342
- Palabra clave:
- Fintech Payment
Fintech Lending
Economic Growth
Developing Countries
Panel Data
pagos fintech
préstamos fintech
crecimiento económico
países en desarrollo
datos panel
- Rights
- openAccess
- License
- Ariodillah Hidayat, M.Rizky, Liliana, Gustriani, Xenaneira Shodrokova - 2025
| id |
REPOUPTC2_6bf7bfc8ba38a96cb519dec555b79c3a |
|---|---|
| oai_identifier_str |
oai:repositorio.uptc.edu.co:001/18693 |
| network_acronym_str |
REPOUPTC2 |
| network_name_str |
RiUPTC: Repositorio Institucional UPTC |
| repository_id_str |
|
| dc.title.es-ES.fl_str_mv |
The Influence of Fintech on the Economic Growth of Some Developing Countries |
| title |
The Influence of Fintech on the Economic Growth of Some Developing Countries |
| spellingShingle |
The Influence of Fintech on the Economic Growth of Some Developing Countries Fintech Payment Fintech Lending Economic Growth Developing Countries Panel Data pagos fintech préstamos fintech crecimiento económico países en desarrollo datos panel |
| title_short |
The Influence of Fintech on the Economic Growth of Some Developing Countries |
| title_full |
The Influence of Fintech on the Economic Growth of Some Developing Countries |
| title_fullStr |
The Influence of Fintech on the Economic Growth of Some Developing Countries |
| title_full_unstemmed |
The Influence of Fintech on the Economic Growth of Some Developing Countries |
| title_sort |
The Influence of Fintech on the Economic Growth of Some Developing Countries |
| dc.creator.fl_str_mv |
Risky, Muhammad Hidayat, Ariodillah Liliana, Liliana Gustriani, Gustriani Shodrokova, Xenaneira |
| dc.contributor.author.none.fl_str_mv |
Risky, Muhammad Hidayat, Ariodillah Liliana, Liliana Gustriani, Gustriani Shodrokova, Xenaneira |
| dc.subject.none.fl_str_mv |
Fintech Payment Fintech Lending Economic Growth Developing Countries Panel Data pagos fintech préstamos fintech crecimiento económico países en desarrollo datos panel |
| topic |
Fintech Payment Fintech Lending Economic Growth Developing Countries Panel Data pagos fintech préstamos fintech crecimiento económico países en desarrollo datos panel |
| publishDate |
2025 |
| dc.date.accessioned.none.fl_str_mv |
2025-07-31 00:00:00 |
| dc.date.available.none.fl_str_mv |
2025-07-31 00:00:00 |
| dc.date.issued.none.fl_str_mv |
2025-07-31 |
| dc.type.spa.fl_str_mv |
Artículo de revista |
| dc.type.coar.fl_str_mv |
http://purl.org/coar/resource_type/c_2df8fbb1 |
| dc.type.coar.eng.fl_str_mv |
http://purl.org/coar/resource_type/c_6501 |
| dc.type.driver.eng.fl_str_mv |
info:eu-repo/semantics/article |
| dc.type.local.eng.fl_str_mv |
Journal article |
| dc.type.version.eng.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
| dc.type.content.eng.fl_str_mv |
Text |
| dc.type.coarversion.eng.fl_str_mv |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
| format |
http://purl.org/coar/resource_type/c_6501 |
| status_str |
publishedVersion |
| dc.identifier.issn.none.fl_str_mv |
0120-3053 |
| dc.identifier.doi.none.fl_str_mv |
10.19053/uptc.01203053.v44.n80.2025.18342 |
| dc.identifier.eissn.none.fl_str_mv |
2256-5779 |
| dc.identifier.url.none.fl_str_mv |
https://doi.org/10.19053/uptc.01203053.v44.n80.2025.18342 |
| identifier_str_mv |
0120-3053 10.19053/uptc.01203053.v44.n80.2025.18342 2256-5779 |
| url |
https://doi.org/10.19053/uptc.01203053.v44.n80.2025.18342 |
| dc.language.iso.eng.fl_str_mv |
eng |
| language |
eng |
| dc.relation.references.eng.fl_str_mv |
Agarwal, S., & Zhang, J. (2020). Fintech, Lending and Payment Innovation: A Review. Asia-Pacific Journal of Financial Studies, 49(3), 353-367. https://doi.org/10.1111/ajfs.12294 Anichebe, U. (2019). How Regulations Can Define the Future of Fintech in Nigeria. SSRN Electronic Journal, 1-12. https://ssrn.com/abstract=3354278 Anisa, N. (2021). Fintech Peer to Peer Lending as Approach to Encourage Economic Inclusion for Rural Communities in Indonesia. SSRN Electronic Journal, 1-19. https://doi.org/10.2139/ssrn.3846900 Aris, M., Hidayat, A., Liliana, & Shodrokova, X. (2025). Relationship of banking industry financial performance in ASEAN - 6 countries : A panel data evidence. Journal of Economics and Management, 47, 333-354. https://doi.org/10.22367/jem.2025.47.13 Baltgailis, J., Simakhova, A., & Buka, S. (2023). Digital Currencies and Fintech Innovation Technologies for Economic. Marketing and Management of innovations, 14(3), 202-214. https://doi.org/10.21272/mmi.2023.3-18 Baporikar, N. (2021). Fintech Challenges and Outlook in India. Innovative Strategies for Implementing FinTech in Banking, 8. https://doi.org/10.4018/978-1-7998-3257-7.ch008 Barro, R. J. (1996). Determinants of Economic Growth (Working paper no. 5698). National Bureau of Economic Research. https://www.nber.org/system/files/working_papers/w5698/w5698.pdf Batunanggar, S. (2019). Fintech Development and Regulatory Frameworks in Indonesia. (Working paper no. 1014). ADBI. https://www.adb.org/publications/fintech-development-regulatory-frameworks-indonesia Beaunoyer, E., Dup, S., & Guitton, M. J. (2020). COVID-19 and Digital Inequalities: Reciprocal Impacts and Mitigation Strategies. Computers in Human Behavior, 111(106424). https://doi.org/10.1016/j.chb.2020.106424 Braido, G., Klein, A., & Papaleo, G. (2021). Facilitators and Barriers Faced by Mobile Payment Fintechs in the Brazilian Context. Brazilian Business Review, 18(1), 22-44. https://doi.org/10.15728/BBR.2021.18.1.2 Bu, Y., Yu, X., & Li, H. (2023). The Nonlinear Impact of Fintech on The Real Economic Growth: Evidence From China. Economics of Innovation and New Technology, 32(8). https://doi.org/10.1080/10438599.2022.2095512 Butar, M. D. B., Wijaya, S. M., Suciani, L. P. E., Cahyadi, J., Phelps, A. C., Sumarlie, D., Antariksa, D., & Mulyawan, B. (2022). The Impact of The Pandemic on the Development of the Fintech Industry in Indonesia. In Proceedings of the 3rd Tarumanagara International Conference on the Applications of Social Sciences and Humanities, TICASH 202, pp. 1917-1920. Springer Natur. https://doi.org/10.2991/assehr.k.220404.313 Carlaw, K. I., & Lipsey, R. G. (2003). Productivity, Technology and Economic Growth: What is The Relationship? Journal of Economic Surveys, 17(3), 457-495. https://doi.org/10.1111/1467-6419.00201 Chen, D., Kavuri, A. S., & Milne, A. (2020). The Future of Peer-to-Peer Lending in China. SSRN. https://doi.org/10.2139/ssrn.3524395 Chugh, B. (2019). Financial Regulation of Consumer-Facing Fintech in India: Status Quo and Emerging Concerns (SRRN Paper). https://doi.org/10.2139/ssrn.3520473 Claessens, S., Frost, J., Turner, G., & Zhu, F. (2018). Fintech Credit Markets around the World: Size, Drivers and Policy Issues. BIS Quarterly Review, 1. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3288096 Collischon, M., & Eberl, A. (2020). Let’s Talk about Fixed Effects: Let’s Talk about All the Good Things and the Bad Things. Kölner Zeitschrift Für Soziologie und Sozialpsychologie, 72(2), 289-299. https://doi.org/10.1007/s11577-020-00699-8 Cornelli, G., Davidson, V., Frost, J., Gambacorta, L., & Oishi, K. (2019). Sme Finance In Asia: Recent Innovations in Fintech Credit, Trade Finance, and Beyond (Working Paper Series No. 1027). ADBI. Damilola, O., Deborah, I., Oyedele, O., & Kehinde, A.-A. (2020). Global Pandemic and Business Performance. International Journal of Research in Business and Social Science, 9(6), 1-11. https://doi.org/10.20525/ijrbs.v9i6.906 Dang, T. T., & Vu, H. Q. (2020). Fintech in Microfinance: A New Direction for Microfinance Institutions in Vietnam. Journal of Business Economics and Environmental Studies, 10(3), 13-22. ht t ps://doi.org /10.13106/jbees.2020.vol10.no3.13 Danladi, S., Prasad, M. S. V., Modibbo, U. M., Ahmadi, S. A., & Ghasemi,P. (2023). Attaining Sustainable Development Goals through Financial Inclusion: Exploring Collaborative Approaches to Fintech Adoption in Developing Economies. Sustainability (Switzerland), 15(17), 1-14. https://doi.org/10.3390/su151713039 Das, S. R. (2019). The Future of Fintech. Financial Management AssociationInternational, 48, 981-1007. https://doi.org/10.1111/fima.12297 De Roure, C., Pelizzon, L., & Tasca, P. (2016). How Does P2P Lending Fit into the Consumer Credit Market? (Discussion Paper no. 30). Bundesbank. https://doi.org/10.2139/ssrn.2848043 DeYoung, R., & Jang, K. Y. (2016). Do Banks Actively Manage Their Liquidity? Journal of Banking and Finance, 66, 143-161. https://doi.org/10.1016/j.jbankfin.2015.11.013 Emara, N., & Zhang, Y. (2021). The Non-Linear Impact of Digitization on Remittances Inflow: Evidence from the BRICS. Telecommunications Policy, 45(4), 102112. https://doi.org/10.1016/j.telpol.2021.102112 Ernst, & Young. (2019). Global Fintech Adoption Index 2019. Ernst & Young. Erumban, A. A., & Das, D. K. (2016). Information and Communication Technology and Economic Growth in India. Telecommunications Policy, 40(5), 412-431. https://doi.org/10.1016/j.telpol.2015.08.006 Findexable. (2021). Global Fintech Rankings Report Bridging The Gap 2021. In Global Fintech Rankings Report. https://findexable.com/wp-content/uploads/2021/06/Global-Fintech-Rankings-2021-v1-23-June-21.pdf Fu, J., & Mishra, M. (2022). Fintech in The Time of Covid-19 : Technological Adoption During Crises. Journal of Financial Intermediation, 50, 100945. https://doi.org/10.1016/j.jfi.2021.100945 Fulquet, G., & Pelfini, A. (2015). Brazil as a New International Cooperation Actor in Sub-Saharan Africa: Biofuels at the Crossroads between Sustainable Development and Natural Resource Exploitation. Energy Research and Social Science, 5, 120-129. https://doi.org/10.1016/j.erss.2014.12.018 Gomber, P., Koch, J. A., & Siering, M. (2017). D igital Finance a nd FinTech: Current Research and Future Research Directions. Journal of Business Economics, 87(5), 537-580. https://doi.org/10.1007/s11573-017-0852-x Guzikova, L. A., Lo, T. H. Van, & Nguyen, T. K. C. (2020). Sustainable Economic Growth in Vietnam: Challenges and Opportunities of the Coronavirus Pandemic. In ACM International Conference Proceeding Series. https://doi.org/10.1145/3444465.3444519 Haddad, C., & Hornuf, L. (2019). The Emergence of The Global Fintech Market: Economic and Technological Determinants. Small Business Economics, 53(1), 81-105. https://doi.org/10.1007/s11187-018-9991-x Hidayat, A., Harunnurrasyid, Putra, A., Zunaidah, Ermadiani, Tjandrakirana, R., Yulianita, A., Atiyatna, D. P., & Shodrokova, X. (2025). Financial Institution Index, Banking Stability, and Human Development Index Nexus in Emerging Market Countries. Economic Studies (Ikonomicheski Izsledvania), 34(3), 22-45. https://econ-studies.iki.bas.bg/articles/0AA2NGHxFF8k5dTLqjYU Hidayat, A., & Shodrokova, X. (2025). The Effect of the Human Development Index on Banking Stability in ASEAN. Asia-Pacific Social Science Review, 25(1), 61-76. https://doi.org/10.59588/2350-8329.1558 Huang, R. H. (2018). Online P2P Lending and Regulatory Responses in China: Opportunities and Challenges. European Business Organization Law Review, 19(1), 63-92. https://doi.org/10.1007/s40804-018-0100-z Ilinitchi, C. P. (2020). Fintech Revolution in Transition Countries. Remittances and Mobile Money. Transition Studies Review, 27(1), 103-122. https://doi.org/10.14665/1614-4007-26-007 Iman, N. (2018). Is Mobile Payment Still Relevant in The Fintech Era? Electronic Commerce Research and Applications, 30, 72-82. https://doi.org/10.1016/j.elerap.2018.05.009 Jahan, S., De, J., Jamaludin, F., Sodsriwiboon, P., & Sullivan, C. (2019). The Financial Inclusion Landscape in The Asia-Pacific Region. Working Papers (Vol. 19, Issue 79). IMF. https://doi.org/10.5089/9781498305440.001 Jakhiya, M., Mittal Bishnoi, M., & Purohit, H. (2020). Emergence and Growth of mobile Money in Modern India: A Study on the Effect of Mobile Money. In 2020 Advances in Science and Engineering Technology International Conferences, ASET 2020, pp. 110. https://doi.org/10.1109/ASET48392.2020.9118375 Kanga, D., Oughton, C., Harris, L., & Murinde, V. (2022). The Diffusion of Fintech, Financial Inclusion and Income Per Capita. European Journal of Finance, 28(1), 108-136. https://doi.org/10.1080/1351847X.2021.1945646 Khan, S. (2020). BRICS Opportunities and Challenges Ahead. Revista Română de Studii Eurasiatice, 16(1-2), 263-278. https://doi.org/10.1300/J123v53n01_15 KPMG. (2022). Pulse of Fintech H2’ 21. KPMG in Singapore. Larios-Hernández, G. J. (2017). Blockchain Entrepreneurship Opportunity in The Practices of The Unbanked. Business Horizons, 60(6), 865-74. https://doi.org/10.1016/j.bushor.2017.07.012 Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, Business Models, Investment Decisions, and Challenges. Business Horizons, 61(1), 35-46. https://doi.org/10.1016/j.bushor.2017.09.003 Leong, K. (2018). Fintech (Financial Technology): What is It and How to Use Technologies to Create Business Value in Fintech Way? International Journal of Innovation, Management and Technology, 9(2), 74-78. https://doi.org/10.18178/ijimt.2018.9.2.791 Li, L. (2018). China’s Manufacturing Locus in 2025: With a Comparison of “Made-in-China 2025” and “Industry 4.0.” Technological Forecasting and Social Change, 135, 66-74. https://doi.org/10.1016/j.techfore.2017.05.028 Llanto, G., & Rosellon, M. (2017). What Determines Financial Inclusion in the Philippines? Evidence from a National Baseline Survey. Econstor. https://www.econstor.eu/handle/10419/210998 Loukil, Y. B. R. S., & Kammoun, S. (2020). Economic African Development in The Context of Fintech. In Vasaki Ponnusamy et al., (Eds.), Employing Recent Technologies for Improved Digital Governance (pp. 273-289). IGI Global Scientific Publishing. https://doi.org/10.4018/978-1-7998-1851-9.ch014 Malady, L., & Buckley, R. P. (2014). Building Consumer Demand for Digital Financial Services The New Regulatory Frontier. SSRN. https://doi.org/10.2139/ssrn.2478482 Morgan, P. J., & Huang, B. (2021). Fintech in ASEAN+ 3 and Implications for Financial Inclusion and Financial Stability. In Redefining Strategic Routes to Financial Resilience in ASEAN+3 (pp. 160—226). Semantic. https://aric.adb.org/pubs/resilientASEAN3/Redefining-Strategic-Routes-to-Financial-Resilience-in-ASEAN+3.pdf Muganyi, T., Yan, L., Yin, Y., Sun, H., Gong, X., & Taghizadeh-Hesary, F. (2022). Fintech, Regtech, and Financial Development: Evidence From China. Financial Innovation, 8(1). https://doi.org/10.1186/s40854-021-00313-6 Nathan, R. J., Setiawan, B., & Quynh, M. N. (2022). Fintech and Financial Health in Vietnam during the COVID-19 Pandemic: In-Depth Descriptive Analysis. Journal of Risk and Financial Management, 15(3). https://doi.org/10.3390/jrfm15030125 Ojo, O. V., & Nwaokike, U. (2018). Disruptive Technology and the Fintech Industry in Nigeria: Imperatives for Legal and Policy Responses. Gravitas Review of Business and Property Law, 9(3), 1-19. https://doi.org/10.2139/ssrn.3306164 Parvez, M. A., Katha, E. H., Shaeba, M. K., & Hossain, M. S. (2023). Fintech and Inclusive Growth: Evidence from 25 Asian Developing Countries (Working Paper no. 1385). ADBI. https://doi.org/10.56506/QMHR3332 Puschmann, T. (2017). Fintech. Business and Information Systems Engineering, 59(1), 69-76. https://doi.org/10.1007/s12599-017-0464-6 Quang, D. P., Huu, T. K., & Manh, H. P. (2022). Fintech Development and Cooperation Strategies of Vietnamese Commercial Banks. International Journal of Advanced Engineering and Management Research, 7(1), 53-65. https://doi.org/10.51505/ijaemr.2022.7104 Quimba, A. F. M., Anthony, B. A. M., & Carlos, C. J. T. (2021). Analysis of The Fintech Landscape in the Philippines (Discussion Paper Series, no. 2021-29). PIDS. Romer, P. (1997). The Origins of Endogenous Growth. Journal of Economic Perspectiv, 8(1), 3-22. https://doi.org/10.4324/9780203443965.ch26 Rooj, D., & Sengupta, R. (2020). A Multivariate Bayesian Vector Autoregression Analysis of Digital Payment Systems and Economic Growth in India. In Macroeconomic Stabilization in The Digital Age (Vol. 108). Asian Development Bank. Sachdev, N., Singh, K. N., & Khurd, S. (2021). Fintech Environment and Funding Activity in India. Vidyabharati International Interdisciplinary Research Journal, 13(1), 11-20. https://www.viirj.org/vol13issue1/3.pdf Safitri, T. A. (2020). The Development of Fintech in Indonesia. Advances in Social Science, Education and Humanities Research, 436, 666-670. https://doi.org/10.2991/assehr.k.200529.139 Samuel, U. E., Prince, A. I., Ndubuaku, V., Udoh, B. E., & Okoh, J. I. (2023). Effect of Fintech on Cash Holding: Quarterly Evidence from Nigeria. Economics and Finance Letters, 10(2), 172-183. https://doi.org/10.18488/29.v10i2.3407 Sanga, B., & Aziakpono, M. (2023). Fintech and SME financing: A Systematic Literature Review and Bibliometric Analysis. Digital Business, 3(2), 1-26. https://doi.org/10.1016/j.digbus.2023.100067 Sarkar, A. (2016). Crowd Funding in India: Issues & Challenges. SRRN. https://doi.org/10.2139/ssrn.2739008 Schueffel, P. (2016). Taming The Beast: A Scientif ic Def inition of Fintech. Journal of Innovation Management, 4(4), 32-54. https://doi.org/10.24840/2183-0606_004.004_0004 Schumpeter, J. A. (1934). The Theory of Economic Development. Harvard University Press. Schumpeter, J. A., & Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. Journal of the American Statistical Association, 31(196), 791. https://doi.org/10.2307/2278703 Shim, Y., & Shin, D. H. (2016). Analyzing China’s Fintech Industry from The Perspective of Actor-Network Theory. Telecommunications Policy, 40(2-3), 168-181. https://doi.org/10.1016/j.telpol.2015.11.005 Smeets, K., & Zeisberger, S. (2020). How FinTech Can Help Latin America to Deal with Economic Challenges and the COVID-19 Crisis. SSRN Electronic Journal, 1-27. https://doi.org/10.2139/ssrn.3673240 Song, N., & Appiah-Otoo, I. (2022). The Impact of Fintech on Economic Growth: Evidence from China. Economics of Innovation and New Technology, 14(10), 621. https://doi.org/10.3390/su14106211 Swedberg, R. (2013). Joseph A. Schumpeter: His Life and Work. Wiley. Tam, L. T., & Hanh, L. N. (2018). Fintech for Promoting Financial Inclusion in Vietnam: Fact Findings and Policy Implications. Business & Social Sciences Journal, 3(1), 12-20. https://doi.org/10.10520/EJC-105861a0dd Thakor, A. V. (2020). Fintech and Banking: What Do We Know? Journal of Financial Intermediation, 41, 100833. https://doi.org/10.1016/j.jfi.2019.100833 Todaro, M. (2000). Pembangunan Ekonomi Di dunia Ketiga. Erlangga. Vasenska, I., Dimitrov, P., Koyundzhiyska-Davidkova, B., Krastev, V., Durana, P., & Poulaki, I. (2021). Financial Transactions Using Fintech During The Covid-19 Crisis in Bulgaria. Risks, 9(3), 1-28. https://doi.org/10.3390/risks9030048 Wonglimpiyarat, J. (2017). FinTech Crowdfunding of Thailand 4.0 Policy. The Journal of Private Equity, 21(1), 55-64. https://doi.org/10.2307/26408067 Wonglimpiyarat, J. (2018). Challenges and Dynamics of FinTech Crowd Funding: An Innovation System Approach. Journal of High Technology Management Research, 29(1), 98-108. https://doi.org/10.1016/j.hitech.2018.04.009 Xiang, D., Zhang, Y., & Worthington, A. C. (2021). Determinants of The Use of Fintech Finance Among Chinese Small and Medium-Sized Enterprises. IEEE Transactions on Engineering Management, 68(6), 1590-1604. https://doi.org/10.1109/TEM.2020.2989136. Yang, T., & Zhang, X. (2022). FinTech Adoption and Financial Inclusion: Evidence from Household Consumption in China. Journal of Banking & Finance, 145, 106668. https://doi.org/10.1016/j.jbankfin.2022.106668 Zhou, W., Arner, D. W., & Buckley, R. P. (2018). Regulating FinTech in China: From Permissive to Balanced. In Handbook of Blockchain, Digital Finance, and Inclusion (1st ed., Vol. 2). Elsevier. https://doi.org/10.1016/B978-0-12-812282-2.00003-6 |
| dc.relation.citationendpage.none.fl_str_mv |
71 |
| dc.relation.citationissue.eng.fl_str_mv |
80 |
| dc.relation.citationstartpage.none.fl_str_mv |
43 |
| dc.relation.citationvolume.eng.fl_str_mv |
44 |
| dc.relation.ispartofjournal.eng.fl_str_mv |
Apuntes del Cenes |
| dc.relation.bitstream.none.fl_str_mv |
https://revistas.uptc.edu.co/index.php/cenes/article/download/18342/16161 https://revistas.uptc.edu.co/index.php/cenes/article/download/18342/16856 https://revistas.uptc.edu.co/index.php/cenes/article/download/18342/16855 |
| dc.rights.eng.fl_str_mv |
Ariodillah Hidayat, M.Rizky, Liliana, Gustriani, Xenaneira Shodrokova - 2025 |
| dc.rights.uri.eng.fl_str_mv |
http://creativecommons.org/licenses/by-nc-sa/4.0 |
| dc.rights.accessrights.eng.fl_str_mv |
info:eu-repo/semantics/openAccess |
| dc.rights.coar.eng.fl_str_mv |
http://purl.org/coar/access_right/c_abf2 |
| rights_invalid_str_mv |
Ariodillah Hidayat, M.Rizky, Liliana, Gustriani, Xenaneira Shodrokova - 2025 http://creativecommons.org/licenses/by-nc-sa/4.0 http://purl.org/coar/access_right/c_abf2 |
| eu_rights_str_mv |
openAccess |
| dc.format.mimetype.eng.fl_str_mv |
application/pdf text/html text/xml |
| dc.publisher.eng.fl_str_mv |
Universidad Pedagógica y Tecnológica de Colombia |
| dc.source.eng.fl_str_mv |
https://revistas.uptc.edu.co/index.php/cenes/article/view/18342 |
| institution |
Universidad Pedagógica y Tecnológica de Colombia |
| bitstream.url.fl_str_mv |
https://repositorio.uptc.edu.co/bitstreams/d0faec73-7916-413f-9b22-a00a003f14f7/download |
| bitstream.checksum.fl_str_mv |
2a3410784f6f804125ba0f46a5c1cec2 |
| bitstream.checksumAlgorithm.fl_str_mv |
MD5 |
| repository.name.fl_str_mv |
Repositorio Institucional UPTC |
| repository.mail.fl_str_mv |
bdigital@metabiblioteca.com |
| _version_ |
1881673874089705472 |
| spelling |
Risky, MuhammadHidayat, AriodillahLiliana, LilianaGustriani, GustrianiShodrokova, Xenaneira2025-07-31 00:00:002025-07-31 00:00:002025-07-310120-305310.19053/uptc.01203053.v44.n80.2025.183422256-5779https://doi.org/10.19053/uptc.01203053.v44.n80.2025.18342application/pdftext/htmltext/xmlengUniversidad Pedagógica y Tecnológica de ColombiaAriodillah Hidayat, M.Rizky, Liliana, Gustriani, Xenaneira Shodrokova - 2025http://creativecommons.org/licenses/by-nc-sa/4.0info:eu-repo/semantics/openAccessThis work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.http://purl.org/coar/access_right/c_abf2https://revistas.uptc.edu.co/index.php/cenes/article/view/18342Fintech PaymentFintech LendingEconomic GrowthDeveloping CountriesPanel Datapagos fintechpréstamos fintechcrecimiento económicopaíses en desarrollodatos panelThe Influence of Fintech on the Economic Growth of Some Developing CountriesArtículo de revistahttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1info:eu-repo/semantics/articleJournal articleinfo:eu-repo/semantics/publishedVersionTexthttp://purl.org/coar/version/c_970fb48d4fbd8a85Agarwal, S., & Zhang, J. (2020). Fintech, Lending and Payment Innovation: A Review. Asia-Pacific Journal of Financial Studies, 49(3), 353-367. https://doi.org/10.1111/ajfs.12294Anichebe, U. (2019). How Regulations Can Define the Future of Fintech in Nigeria. SSRN Electronic Journal, 1-12. https://ssrn.com/abstract=3354278Anisa, N. (2021). Fintech Peer to Peer Lending as Approach to Encourage Economic Inclusion for Rural Communities in Indonesia. SSRN Electronic Journal, 1-19. https://doi.org/10.2139/ssrn.3846900Aris, M., Hidayat, A., Liliana, & Shodrokova, X. (2025). Relationship of banking industry financial performance in ASEAN - 6 countries : A panel data evidence. Journal of Economics and Management, 47, 333-354. https://doi.org/10.22367/jem.2025.47.13Baltgailis, J., Simakhova, A., & Buka, S. (2023). Digital Currencies and Fintech Innovation Technologies for Economic. Marketing and Management of innovations, 14(3), 202-214. https://doi.org/10.21272/mmi.2023.3-18Baporikar, N. (2021). Fintech Challenges and Outlook in India. Innovative Strategies for Implementing FinTech in Banking, 8. https://doi.org/10.4018/978-1-7998-3257-7.ch008Barro, R. J. (1996). Determinants of Economic Growth (Working paper no. 5698). National Bureau of Economic Research. https://www.nber.org/system/files/working_papers/w5698/w5698.pdfBatunanggar, S. (2019). Fintech Development and Regulatory Frameworks in Indonesia. (Working paper no. 1014). ADBI. https://www.adb.org/publications/fintech-development-regulatory-frameworks-indonesiaBeaunoyer, E., Dup, S., & Guitton, M. J. (2020). COVID-19 and Digital Inequalities: Reciprocal Impacts and Mitigation Strategies. Computers in Human Behavior, 111(106424). https://doi.org/10.1016/j.chb.2020.106424Braido, G., Klein, A., & Papaleo, G. (2021). Facilitators and Barriers Faced by Mobile Payment Fintechs in the Brazilian Context. Brazilian Business Review, 18(1), 22-44. https://doi.org/10.15728/BBR.2021.18.1.2Bu, Y., Yu, X., & Li, H. (2023). The Nonlinear Impact of Fintech on The Real Economic Growth: Evidence From China. Economics of Innovation and New Technology, 32(8). https://doi.org/10.1080/10438599.2022.2095512Butar, M. D. B., Wijaya, S. M., Suciani, L. P. E., Cahyadi, J., Phelps, A. C., Sumarlie, D., Antariksa, D., & Mulyawan, B. (2022). The Impact of The Pandemic on the Development of the Fintech Industry in Indonesia. In Proceedings of the 3rd Tarumanagara International Conference on the Applications of Social Sciences and Humanities, TICASH 202, pp. 1917-1920. Springer Natur. https://doi.org/10.2991/assehr.k.220404.313Carlaw, K. I., & Lipsey, R. G. (2003). Productivity, Technology and Economic Growth: What is The Relationship? Journal of Economic Surveys, 17(3), 457-495. https://doi.org/10.1111/1467-6419.00201Chen, D., Kavuri, A. S., & Milne, A. (2020). The Future of Peer-to-Peer Lending in China. SSRN. https://doi.org/10.2139/ssrn.3524395Chugh, B. (2019). Financial Regulation of Consumer-Facing Fintech in India: Status Quo and Emerging Concerns (SRRN Paper). https://doi.org/10.2139/ssrn.3520473Claessens, S., Frost, J., Turner, G., & Zhu, F. (2018). Fintech Credit Markets around the World: Size, Drivers and Policy Issues. BIS Quarterly Review, 1. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3288096Collischon, M., & Eberl, A. (2020). Let’s Talk about Fixed Effects: Let’s Talk about All the Good Things and the Bad Things. Kölner Zeitschrift Für Soziologie und Sozialpsychologie, 72(2), 289-299. https://doi.org/10.1007/s11577-020-00699-8Cornelli, G., Davidson, V., Frost, J., Gambacorta, L., & Oishi, K. (2019). Sme Finance In Asia: Recent Innovations in Fintech Credit, Trade Finance, and Beyond (Working Paper Series No. 1027). ADBI.Damilola, O., Deborah, I., Oyedele, O., & Kehinde, A.-A. (2020). Global Pandemic and Business Performance. International Journal of Research in Business and Social Science, 9(6), 1-11. https://doi.org/10.20525/ijrbs.v9i6.906Dang, T. T., & Vu, H. Q. (2020). Fintech in Microfinance: A New Direction for Microfinance Institutions in Vietnam. Journal of Business Economics and Environmental Studies, 10(3), 13-22. ht t ps://doi.org /10.13106/jbees.2020.vol10.no3.13Danladi, S., Prasad, M. S. V., Modibbo, U. M., Ahmadi, S. A., & Ghasemi,P. (2023). Attaining Sustainable Development Goals through Financial Inclusion: Exploring Collaborative Approaches to Fintech Adoption in Developing Economies. Sustainability (Switzerland), 15(17), 1-14. https://doi.org/10.3390/su151713039Das, S. R. (2019). The Future of Fintech. Financial Management AssociationInternational, 48, 981-1007. https://doi.org/10.1111/fima.12297De Roure, C., Pelizzon, L., & Tasca, P. (2016). How Does P2P Lending Fit into the Consumer Credit Market? (Discussion Paper no. 30). Bundesbank. https://doi.org/10.2139/ssrn.2848043DeYoung, R., & Jang, K. Y. (2016). Do Banks Actively Manage Their Liquidity? Journal of Banking and Finance, 66, 143-161. https://doi.org/10.1016/j.jbankfin.2015.11.013Emara, N., & Zhang, Y. (2021). The Non-Linear Impact of Digitization on Remittances Inflow: Evidence from the BRICS. Telecommunications Policy, 45(4), 102112. https://doi.org/10.1016/j.telpol.2021.102112Ernst, & Young. (2019). Global Fintech Adoption Index 2019. Ernst & Young.Erumban, A. A., & Das, D. K. (2016). Information and Communication Technology and Economic Growth in India. Telecommunications Policy, 40(5), 412-431. https://doi.org/10.1016/j.telpol.2015.08.006Findexable. (2021). Global Fintech Rankings Report Bridging The Gap 2021. In Global Fintech Rankings Report. https://findexable.com/wp-content/uploads/2021/06/Global-Fintech-Rankings-2021-v1-23-June-21.pdfFu, J., & Mishra, M. (2022). Fintech in The Time of Covid-19 : Technological Adoption During Crises. Journal of Financial Intermediation, 50, 100945. https://doi.org/10.1016/j.jfi.2021.100945Fulquet, G., & Pelfini, A. (2015). Brazil as a New International Cooperation Actor in Sub-Saharan Africa: Biofuels at the Crossroads between Sustainable Development and Natural Resource Exploitation. Energy Research and Social Science, 5, 120-129. https://doi.org/10.1016/j.erss.2014.12.018Gomber, P., Koch, J. A., & Siering, M. (2017). D igital Finance a nd FinTech: Current Research and Future Research Directions. Journal of Business Economics, 87(5), 537-580. https://doi.org/10.1007/s11573-017-0852-xGuzikova, L. A., Lo, T. H. Van, & Nguyen, T. K. C. (2020). Sustainable Economic Growth in Vietnam: Challenges and Opportunities of the Coronavirus Pandemic. In ACM International Conference Proceeding Series. https://doi.org/10.1145/3444465.3444519Haddad, C., & Hornuf, L. (2019). The Emergence of The Global Fintech Market: Economic and Technological Determinants. Small Business Economics, 53(1), 81-105. https://doi.org/10.1007/s11187-018-9991-xHidayat, A., Harunnurrasyid, Putra, A., Zunaidah, Ermadiani, Tjandrakirana, R., Yulianita, A., Atiyatna, D. P., & Shodrokova, X. (2025). Financial Institution Index, Banking Stability, and Human Development Index Nexus in Emerging Market Countries. Economic Studies (Ikonomicheski Izsledvania), 34(3), 22-45. https://econ-studies.iki.bas.bg/articles/0AA2NGHxFF8k5dTLqjYUHidayat, A., & Shodrokova, X. (2025). The Effect of the Human Development Index on Banking Stability in ASEAN. Asia-Pacific Social Science Review, 25(1), 61-76. https://doi.org/10.59588/2350-8329.1558Huang, R. H. (2018). Online P2P Lending and Regulatory Responses in China: Opportunities and Challenges. European Business Organization Law Review, 19(1), 63-92. https://doi.org/10.1007/s40804-018-0100-zIlinitchi, C. P. (2020). Fintech Revolution in Transition Countries. Remittances and Mobile Money. Transition Studies Review, 27(1), 103-122. https://doi.org/10.14665/1614-4007-26-007Iman, N. (2018). Is Mobile Payment Still Relevant in The Fintech Era? Electronic Commerce Research and Applications, 30, 72-82. https://doi.org/10.1016/j.elerap.2018.05.009Jahan, S., De, J., Jamaludin, F., Sodsriwiboon, P., & Sullivan, C. (2019). The Financial Inclusion Landscape in The Asia-Pacific Region. Working Papers (Vol. 19, Issue 79). IMF. https://doi.org/10.5089/9781498305440.001Jakhiya, M., Mittal Bishnoi, M., & Purohit, H. (2020). Emergence and Growth of mobile Money in Modern India: A Study on the Effect of Mobile Money. In 2020 Advances in Science and Engineering Technology International Conferences, ASET 2020, pp. 110. https://doi.org/10.1109/ASET48392.2020.9118375Kanga, D., Oughton, C., Harris, L., & Murinde, V. (2022). The Diffusion of Fintech, Financial Inclusion and Income Per Capita. European Journal of Finance, 28(1), 108-136. https://doi.org/10.1080/1351847X.2021.1945646Khan, S. (2020). BRICS Opportunities and Challenges Ahead. Revista Română de Studii Eurasiatice, 16(1-2), 263-278. https://doi.org/10.1300/J123v53n01_15KPMG. (2022). Pulse of Fintech H2’ 21. KPMG in Singapore.Larios-Hernández, G. J. (2017). Blockchain Entrepreneurship Opportunity in The Practices of The Unbanked. Business Horizons, 60(6), 865-74. https://doi.org/10.1016/j.bushor.2017.07.012Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, Business Models, Investment Decisions, and Challenges. Business Horizons, 61(1), 35-46. https://doi.org/10.1016/j.bushor.2017.09.003Leong, K. (2018). Fintech (Financial Technology): What is It and How to Use Technologies to Create Business Value in Fintech Way? International Journal of Innovation, Management and Technology, 9(2), 74-78. https://doi.org/10.18178/ijimt.2018.9.2.791Li, L. (2018). China’s Manufacturing Locus in 2025: With a Comparison of “Made-in-China 2025” and “Industry 4.0.” Technological Forecasting and Social Change, 135, 66-74. https://doi.org/10.1016/j.techfore.2017.05.028Llanto, G., & Rosellon, M. (2017). What Determines Financial Inclusion in the Philippines? Evidence from a National Baseline Survey. Econstor. https://www.econstor.eu/handle/10419/210998Loukil, Y. B. R. S., & Kammoun, S. (2020). Economic African Development in The Context of Fintech. In Vasaki Ponnusamy et al., (Eds.), Employing Recent Technologies for Improved Digital Governance (pp. 273-289). IGI Global Scientific Publishing. https://doi.org/10.4018/978-1-7998-1851-9.ch014Malady, L., & Buckley, R. P. (2014). Building Consumer Demand for Digital Financial Services The New Regulatory Frontier. SSRN. https://doi.org/10.2139/ssrn.2478482Morgan, P. J., & Huang, B. (2021). Fintech in ASEAN+ 3 and Implications for Financial Inclusion and Financial Stability. In Redefining Strategic Routes to Financial Resilience in ASEAN+3 (pp. 160—226). Semantic. https://aric.adb.org/pubs/resilientASEAN3/Redefining-Strategic-Routes-to-Financial-Resilience-in-ASEAN+3.pdfMuganyi, T., Yan, L., Yin, Y., Sun, H., Gong, X., & Taghizadeh-Hesary, F. (2022). Fintech, Regtech, and Financial Development: Evidence From China. Financial Innovation, 8(1). https://doi.org/10.1186/s40854-021-00313-6Nathan, R. J., Setiawan, B., & Quynh, M. N. (2022). Fintech and Financial Health in Vietnam during the COVID-19 Pandemic: In-Depth Descriptive Analysis. Journal of Risk and Financial Management, 15(3). https://doi.org/10.3390/jrfm15030125Ojo, O. V., & Nwaokike, U. (2018). Disruptive Technology and the Fintech Industry in Nigeria: Imperatives for Legal and Policy Responses. Gravitas Review of Business and Property Law, 9(3), 1-19. https://doi.org/10.2139/ssrn.3306164Parvez, M. A., Katha, E. H., Shaeba, M. K., & Hossain, M. S. (2023). Fintech and Inclusive Growth: Evidence from 25 Asian Developing Countries (Working Paper no. 1385). ADBI. https://doi.org/10.56506/QMHR3332Puschmann, T. (2017). Fintech. Business and Information Systems Engineering, 59(1), 69-76. https://doi.org/10.1007/s12599-017-0464-6Quang, D. P., Huu, T. K., & Manh, H. P. (2022). Fintech Development and Cooperation Strategies of Vietnamese Commercial Banks. International Journal of Advanced Engineering and Management Research, 7(1), 53-65. https://doi.org/10.51505/ijaemr.2022.7104Quimba, A. F. M., Anthony, B. A. M., & Carlos, C. J. T. (2021). Analysis of The Fintech Landscape in the Philippines (Discussion Paper Series, no. 2021-29). PIDS.Romer, P. (1997). The Origins of Endogenous Growth. Journal of Economic Perspectiv, 8(1), 3-22. https://doi.org/10.4324/9780203443965.ch26Rooj, D., & Sengupta, R. (2020). A Multivariate Bayesian Vector Autoregression Analysis of Digital Payment Systems and Economic Growth in India. In Macroeconomic Stabilization in The Digital Age (Vol. 108). Asian Development Bank.Sachdev, N., Singh, K. N., & Khurd, S. (2021). Fintech Environment and Funding Activity in India. Vidyabharati International Interdisciplinary Research Journal, 13(1), 11-20. https://www.viirj.org/vol13issue1/3.pdfSafitri, T. A. (2020). The Development of Fintech in Indonesia. Advances in Social Science, Education and Humanities Research, 436, 666-670. https://doi.org/10.2991/assehr.k.200529.139Samuel, U. E., Prince, A. I., Ndubuaku, V., Udoh, B. E., & Okoh, J. I. (2023). Effect of Fintech on Cash Holding: Quarterly Evidence from Nigeria. Economics and Finance Letters, 10(2), 172-183. https://doi.org/10.18488/29.v10i2.3407Sanga, B., & Aziakpono, M. (2023). Fintech and SME financing: A Systematic Literature Review and Bibliometric Analysis. Digital Business, 3(2), 1-26. https://doi.org/10.1016/j.digbus.2023.100067Sarkar, A. (2016). Crowd Funding in India: Issues & Challenges. SRRN. https://doi.org/10.2139/ssrn.2739008Schueffel, P. (2016). Taming The Beast: A Scientif ic Def inition of Fintech. Journal of Innovation Management, 4(4), 32-54. https://doi.org/10.24840/2183-0606_004.004_0004Schumpeter, J. A. (1934). The Theory of Economic Development. Harvard University Press.Schumpeter, J. A., & Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. Journal of the American Statistical Association, 31(196), 791. https://doi.org/10.2307/2278703Shim, Y., & Shin, D. H. (2016). Analyzing China’s Fintech Industry from The Perspective of Actor-Network Theory. Telecommunications Policy, 40(2-3), 168-181. https://doi.org/10.1016/j.telpol.2015.11.005Smeets, K., & Zeisberger, S. (2020). How FinTech Can Help Latin America to Deal with Economic Challenges and the COVID-19 Crisis. SSRN Electronic Journal, 1-27. https://doi.org/10.2139/ssrn.3673240Song, N., & Appiah-Otoo, I. (2022). The Impact of Fintech on Economic Growth: Evidence from China. Economics of Innovation and New Technology, 14(10), 621. https://doi.org/10.3390/su14106211Swedberg, R. (2013). Joseph A. Schumpeter: His Life and Work. Wiley.Tam, L. T., & Hanh, L. N. (2018). Fintech for Promoting Financial Inclusion in Vietnam: Fact Findings and Policy Implications. Business & Social Sciences Journal, 3(1), 12-20. https://doi.org/10.10520/EJC-105861a0ddThakor, A. V. (2020). Fintech and Banking: What Do We Know? Journal of Financial Intermediation, 41, 100833. https://doi.org/10.1016/j.jfi.2019.100833Todaro, M. (2000). Pembangunan Ekonomi Di dunia Ketiga. Erlangga.Vasenska, I., Dimitrov, P., Koyundzhiyska-Davidkova, B., Krastev, V., Durana, P., & Poulaki, I. (2021). Financial Transactions Using Fintech During The Covid-19 Crisis in Bulgaria. Risks, 9(3), 1-28. https://doi.org/10.3390/risks9030048Wonglimpiyarat, J. (2017). FinTech Crowdfunding of Thailand 4.0 Policy. The Journal of Private Equity, 21(1), 55-64. https://doi.org/10.2307/26408067Wonglimpiyarat, J. (2018). Challenges and Dynamics of FinTech Crowd Funding: An Innovation System Approach. Journal of High Technology Management Research, 29(1), 98-108. https://doi.org/10.1016/j.hitech.2018.04.009Xiang, D., Zhang, Y., & Worthington, A. C. (2021). Determinants of The Use of Fintech Finance Among Chinese Small and Medium-Sized Enterprises. IEEE Transactions on Engineering Management, 68(6), 1590-1604. https://doi.org/10.1109/TEM.2020.2989136.Yang, T., & Zhang, X. (2022). FinTech Adoption and Financial Inclusion: Evidence from Household Consumption in China. Journal of Banking & Finance, 145, 106668. https://doi.org/10.1016/j.jbankfin.2022.106668Zhou, W., Arner, D. W., & Buckley, R. P. (2018). Regulating FinTech in China: From Permissive to Balanced. In Handbook of Blockchain, Digital Finance, and Inclusion (1st ed., Vol. 2). Elsevier. https://doi.org/10.1016/B978-0-12-812282-2.00003-671804344Apuntes del Ceneshttps://revistas.uptc.edu.co/index.php/cenes/article/download/18342/16161https://revistas.uptc.edu.co/index.php/cenes/article/download/18342/16856https://revistas.uptc.edu.co/index.php/cenes/article/download/18342/16855PublicationOREORE.xmltext/xml2765https://repositorio.uptc.edu.co/bitstreams/d0faec73-7916-413f-9b22-a00a003f14f7/download2a3410784f6f804125ba0f46a5c1cec2MD51falseAnonymousREAD001/18693oai:repositorio.uptc.edu.co:001/186932026-10-30 06:51:40.492http://creativecommons.org/licenses/by-nc-sa/4.0metadata.onlyhttps://repositorio.uptc.edu.coRepositorio Institucional UPTCbdigital@metabiblioteca.com |
