Fintech, innovation ecosystems, and financial inclusion

This study explores the transformative role of financial technology (FinTech) within the broader context of innovation ecosystems and its interconnections with financial inclusion. Financial technology has grown significantly in recent years. It encompasses sectors such as digital payments, blockchain, artificial intelligence, regulatory technology and insurance technology, reshaping the operational dynamics of financial systems, improving efficiency, competition, and transparency. In turn, the rapid adoption of data-intensive technologies introduces new regulatory and ethical challenges. Following an approach based on an examination of scientific literature the study first emphasizes the need to move beyond a technology-centric view and adopt an ecosystem-oriented perspective. This view highlights the interaction between technological advances, institutional frameworks, and market structures, as well as their impact on innovation. The analysis also shows that global connections and collaborations within FinTech ecosystems favor the development and diffusion of new innovations. Furthermore, FinTech and its ecosystem promote financial inclusion by reducing barriers to entry, making access to services affordable, and tailoring solutions to diverse customer needs. This benefits disadvantaged and underbanked populations, thereby expanding economic participation and reducing inequality. Given that current literature does not explicitly highlight the interrelationship among FinTech, innovation ecosystems, and financial inclusion, this study — without pretending to be exhaustive — underscores their interconnection. It demonstrates how collaborative technological innovation can expand access to financial services, despite the challenges and problems that remain to be solved. The article concludes that financial technology should be understood as a systemic force with profound implications for economic transformation, regulatory adaptation, the democratization of access, and the reduction of inequality.