The Impact of Fintech on Economic Growth: Evidence from Panels of Turkic and Southeast Asian Countries

Abstract

From the beginning of the 21. century, the whole world has witnessed huge changes because of technological improvements and revolutionary inventions. It can be inferred that technological developments affect mankind in terms of many aspects like cultural, psychological, social etc. and these impacts reflect on our lives much more immediately than in past times. One of these impacts can be observed in economic and financial platforms. Financial technology has recently attracted great interest. The cause of this situation may be said to be Fintech becoming a global phenomenon. Therefore, many researchers have tended to investigate the impact of technological improvements on economic growth. This study attempts to evaluate the impact of financial technological improvements on economic growth between 2000 and 2020 for Turkic and selected Asian countries. In obtaining results, panel data analysis has been used. The results indicate that internet usage rates and fixed broadband subscriptions have positive impacts on economic growth. However, mobile cellular subscriptions do not have any impact on economic growth. According to the findings, information-communication technologies and other macroeconomic factors positively affect economic growth.

Keywords

• Turkic countries and selected Asian countries
• Panel data analysis
• Fintech
• Economic growth
• Communication technologies

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