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Fintech and Financial Inclusion in Southeast Asia and India

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  • Peter J. Morgan

Abstract

Financial inclusion, that is, access of excluded households and small firms to financial products and services, is seen as a way to promote more inclusive growth by providing the previously unbanked with access to means for savings, investment, consumption smoothing, and insurance. Financial technology (Fintech), that is, using software, applications, and digital platforms to deliver financial services to consumers and businesses through digital devices such as smartphones, has become recognized as a promising tool to promote financial inclusion. The present paper investigates the developments of financial inclusion and Fintech in the Association of Southeast Asian Nations (ASEAN) member countries and India to identify the ways that Fintech is contributing and can potentially contribute to increased financial inclusion. It also examines potential risks arising from use of Fintech, highlights differences in the strategies and implementation of financial inclusion and Fintech between India and ASEAN, and draws lessons and policy recommendations from these findings.

Suggested Citation

  • Peter J. Morgan, 2022. "Fintech and Financial Inclusion in Southeast Asia and India," Asian Economic Policy Review, Japan Center for Economic Research, vol. 17(2), pages 183-208, July.
    • Handle: RePEc:bla:asiapr:v:17:y:2022:i:2:p:183-208
    DOI: 10.1111/aepr.12379
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    References listed on IDEAS

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    3. Ms. Ratna Sahay & Mr. Ulric Eriksson von Allmen & Ms. Amina Lahreche & Purva Khera & Ms. Sumiko Ogawa & Majid Bazarbash & Ms. Kimberly Beaton, 2020. "The Promise of Fintech: Financial Inclusion in the Post COVID-19 Era," IMF Departmental Papers / Policy Papers 2020/009, International Monetary Fund.
    4. Shigehiro Shinozaki, 2014. "Capital Market Financing for SMEs: A Growing Need in Emerging Asia," Working Papers on Regional Economic Integration 121, Asian Development Bank.
    5. Sayuri Shirai, 2019. "Money and Central Bank Digital Currency," ADBI Working Papers 922, Asian Development Bank Institute.
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