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Unveiling financial inclusion dynamics: Fintech's resonance in Association of Southeast Asian Nations (ASEAN)

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  • Dao Ha
  • Mai Nguyen
  • Kim Nguyen
  • Ahmet Şensoy

Abstract

This article examines the determinants of financial inclusion in the Association of Southeast Asian Nations (ASEANs), with a particular focus on the role of financial technology (fintech). We constructed an extensive and up‐to‐date Global Financial Inclusion database (2011, 2014, 2017, and 2021) to generate 26,185 observations for seven ASEAN countries over a decade, and conducted a separate case study for Singapore, the region's most financially developed member. The results reveal that financial inclusion and financial technology have experienced robust growth in ASEAN but to varying degrees amongst the member countries. Fintech has a significant impact on financial inclusion over the specified period. The relationship between age and financial inclusion follows an inverted U‐shaped pattern, with the turning point occurring between the ages of 29 and 45. Surprisingly, gender does not appear to be a determining factor. These results align with the aspirations of ASEAN policymakers to promote financial inclusion in line with the sustainable development goals.

Suggested Citation

  • Dao Ha & Mai Nguyen & Kim Nguyen & Ahmet Şensoy, 2025. "Unveiling financial inclusion dynamics: Fintech's resonance in Association of Southeast Asian Nations (ASEAN)," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(2), pages 1348-1371, April.
    • Handle: RePEc:wly:ijfiec:v:30:y:2025:i:2:p:1348-1371
    DOI: 10.1002/ijfe.2963
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    2. Trotta, Annarita & Gallucci, Carmen & Rania, Francesco & Strano, Eugenia & Tipaldi, Riccardo, 2026. "The “black box” of digital finance: An umbrella review of the challenges and drawbacks in advancing financial inclusion," Research in International Business and Finance, Elsevier, vol. 81(C).

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