Financial Technology, Regulation, and Inclusion Effects on Business Outcomes in Major World Economies

After 65 years of independence, large sections of Indian population still remain unbanked. This has led generation of financial instability and lower income group who do not have access to financial products and services. However, in the recent years the government and Reserve Bank of India has been introduced the concept and idea of financial inclusion.Financial inclusion is an important method of economic development of a nation. Financial sector inclusion is very important component of inclusive growth strategy. Financial inclusion can be described as the delivery of banking and other financial services at affordable costs to the vast section of the disadvantaged and low income groups. It plays very vital role in economic progress. Financial sector inclusion helps in eliminating poverty, reducing inequality, eliminating unequal access to opportunities, reducing inequalities of choice. This study tries to understand policy initiatives by the govt for financial inclusion, reasons for financial exclusion, steps taken by the government for financial inclusion and implications of financial inclusion. This study is mainly based on secondary data and collected information from books, journals and website.

This study aims to analyze the influence of financial literacy, financial technology, and financial inclusion on the financial performance of SMEs in the service and trade sectors in Pontianak City. The background of this research lies in the importance of financial literacy and inclusion in improving business sustainability, as well as the limited utilization of financial technology among SME actors. This research employs an associative method with a quantitative approach. The population consists of all SMEs in the service and trade sectors in Pontianak City, totaling 2,218 units. A sample of 150 respondents was selected using proportionate stratified random sampling. Data were collected through questionnaires and analyzed using validity and reliability tests, classical assumption tests, multiple linear regression analysis, t-test, and F-test. The results of the F-test indicate that financial literacy, financial technology, and financial inclusion simultaneously have a significant effect on financial performance. The t-test results show that financial literacy and financial inclusion have a positive and significant partial effect on financial performance, while financial technology does not have a significant influence. The coefficient of determination (R²) is 0.071, indicating that the three independent variables explain only 7.1% of the variation in financial performance, while the remaining 92.9% is influenced by other variables not examined in this study. These findings highlight the importance of strengthening financial literacy and inclusion among SME actors to enhance their financial performance. Meanwhile, the use of financial technology still requires optimization through proper education and guidance.

The purpose of this study was to determine the impact of financial behavior, financial inclusion, and financial technology on MSME performance with financial literacy as a mediating variable. The research population included all micro, small, and medium enterprises (MSMEs) located in Ciamis Regency, and the sample was drawn using a random sampling technique. A total of 106 respondents participated; this number was determined by applying Slovin's formula. Information was collected using a questionnaire, which was then processed and analyzed using Partial Least Squares (PLS). The results show that financial behavior has a positive impact on MSME performance, financial inclusion has no significant impact on MSME performance, financial technology has no impact on MSME performance, and financial literacy has a positive impact on MSME performance, financial literacy acts as an intermediary between financial behavior and MSME performance, financial literacy mediates the relationship between financial inclusion and MSME performance, and financial literacy does not mediate the relationship between financial technology and MSME performance. Recommendations for government agencies and financial institutions include providing well-structured financial literacy programs and assisting MSMEs in implementing financial technology. This approach is intended to increase MSMEs' access to financial services as well as their capacity for sustainable growth by equipping them with the knowledge and skills to effectively utilize these resources in their day-to-day business activities.

This study aims to explore the connection between financial literacy, financial inclusion, and financial technology and financial performance. It also looks at whether financial literacy mediates the link between financial technology, financial inclusion, and financial performance, as well as if financial literacy impacts financial technology and financial inclusion. The research population consists of MSMEs in Semarang City, and 95 MSMEs in the Food and Beverage (FnB) sector in West Semarang were selected as a sample because of the researcher's proximity. A quantitative descriptive research approach was used in this investigation. The findings demonstrate that financial technology and financial inclusion have a major and positive influence on the financial performance of MSMEs in Semarang City. However, financial literacy is not much impacted by financial technology or financial inclusion. Instead, financial literacy impacts financial performance, and financial technology and financial inclusion have a positive and significant impact on financial performance through financial literacy.

Purpose: This study examines the impact of financial technology and financial inclusion on the performance of small and medium-sized enterprises (SMEs) in the creative economy sector with risk perception serving as a mediating variable.Method: Data collection was conducted through surveys and questionnaire distribution to participants. The study involved a sample of 130 SMEs operating in the creative sector on Lombok Island that utilize financial technology in their businesses. A combination of purposive and accidental sampling techniques was employed. The data were analyzed using structural equation modeling with the partial least squares (SEM-PLS) approach.Result: The findings reveal that financial technology has no significant impact on risk perception, while financial inclusion demonstrates a significant effect. Similarly, financial technology does not significantly influence SME performance, whereas financial inclusion has a substantial impact. Risk perception exhibits only a minor effect on SME performance. Furthermore, risk perception does not mediate the relationship between financial technology and SME performance, nor does it mediate the relationship between financial inclusion and SME performance.Practical Implications for Economic Growth and Development: This study highlights the importance of financial inclusion in enhancing SME performance, suggesting that greater access to financial services can drive economic growth by improving business efficiency and market competitiveness. Furthermore, it emphasizes the need for policies that foster financial inclusion to support sustainable development in the creative economy sector.

This study aims to examine the influence of demographic factors and financial technology on the financial performance of micro, small and medium enterprises (MSMEs) and the mediating role of financial inclusion. This quantitative study uses a descriptive approach. The population in this study is SMEs in Yogyakarta, Indonesia. The sample in this study is This study consisted of 108 respondents. This test was conducted using multiple linear regression analysis and path analysis. This study considers the effectiveness of the application of financial inclusion as a factor that mediates the influence of demography and financial technology on the performance of MSMEs in Yogyakarta City. The results of this study prove that demographic factors does not affect financial inclusion, financial technology has a positive effect on financial inclusion, demographic factors have a positive effect on financial performance, financial technology has no effect on financial performance, financial inclusion has a positive effect f on financial performance. Demographic factors affect financial performance through financial inclusion and financial technology affects financial performance through financial inclusion. Keywords : Demographic Factors, Financial Technology, Financial Performance, Financial Inclusion

This research aims to empirically prove the influence of financial literacy and financial technology on financial inclusion, the influence of financial literacy and financial technology on financial performance, the influence of financial inclusion on financial performance, and the influence of financial literacy and financial technology on financial performance through financial inclusion of SMEs in Sei Semayang Village, Deli Serdang Regency. The sample for this research was UKM Sei Semayang Village, Deli Serdang Regency which was selected using the purposive sampling method. Data analysis uses Structural Equation Modeling-Partial Least Square. The research results show that financial literacy and financial technology have a positive and significant effect on financial inclusion, financial literacy, and financial technology have a positive and significant effect on financial performance, financial inclusion has a positive and significant effect on financial performance, and financial inclusion mediates the effect of financial literacy and financial technology on financial performance.

Purpose This study examines the influence of remittances and financial technology on financial inclusion in Nigeria over the period 1990–2024. Methodology The study employs the Autoregressive Distributed Lag (ARDL) modelling framework to estimate short- and long-run relationships among financial inclusion, remittances, and financial technology adoption. Annual time-series data were obtained from the World Bank’s World Development Indicators (WDI) and the International Monetary Fund (IMF). Unit root tests and the ARDL bounds testing approach were applied to establish the existence of a long-run equilibrium relationship among the variables. Findings The empirical results indicate that remittances and financial technology exert a statistically significant positive effect on financial inclusion in the short run, suggesting that diaspora inflows and digital technologies act as immediate facilitators of access to financial services. However, the long-run effects of remittances and financial technology are not statistically significant, indicating that these drivers are insufficient to sustain financial inclusion without complementary institutional and infrastructural support. The findings further reveal that weak regulatory frameworks, inadequate digital infrastructure, and low levels of financial literacy constrain the long-term effectiveness of remittances and financial technology in promoting financial inclusion in Nigeria. Conclusion The results imply that improvements in financial inclusion in Nigeria are largely policy-driven and short-term rather than structural. To transform short-run gains into sustainable financial inclusion, stronger institutional frameworks, improved regulatory oversight, expanded digital infrastructure, and enhanced financial literacy are required. The study contributes to the literature by providing long- and short-run evidence on the roles of remittances and financial technology in financial inclusion in a developing economy context, highlighting the importance of institutional and infrastructural factors in sustaining inclusive financial development.

Introduction/Main Objectives This study analyzes the advancements in financial inclusion in Indonesia, focusing on the impact of financial literacy and financial technology (fintech) within government initiatives. Background Problems: Recent data from the 2019 National Survey on Financial Literacy and Inclusion by the Financial Services Authority (OJK) reveals significant progress, with financial literacy increasing to 38.03% and financial inclusion reaching 76.19%, reflecting substantial improvements since 2016. The rapid proliferation of digital financial services, fueled by an internet penetration rate of 73.7%, has made financial products more accessible to diverse populations. . Novelty: The OJK identifies fintech as a critical driver of financial inclusion, with over 150 companies operating in sectors such as Peer-to-Peer Lending and insurTech. This growth indicates a notable shift in consumer behavior towards digital solutions, essential for achieving comprehensive financial inclusion across Indonesian communities. Finding/Results: The findings highlight the potential of enhanced financial literacy and fintech to bridge gaps in access to financial services, ultimately promoting greater economic participation and well-being. Conclusion: Financial literacy (X1) has a significant impact on financial inclusion. The higher a person's understanding of financial concepts, the greater their participation in financial inclusion. Financial Technology (X2) also significantly influences financial inclusion. The increasing use of Fintech facilitates access to financial services, thereby expanding the reach of financial inclusion

Interacting in a dynamic society and the demands of a modern lifestyle demand fast movement in meeting complex financial needs. This study aims to investigate how financial inclusion and technology influence farmers’ financial attitudes and income in the Sulawesi Selatan district, Indonesia―a total of 657 participants who filled out the questionnaire and joined this study. Structural equation modelling (SEM) was used to examine the research hypotheses. This study confirms that financial inclusion has a greater effect on farmers’ financial attitude. Whereas, financial technology does not have a positive effect on farmers’ financial attitude. Furthermore, farmers’ financial attitude has a positive and significant effect on farmers’ income. Interestingly, farmers’ financial attitude partially mediates the role of financial inclusion and technology on farmers’ income. This study contributes to the understanding of the impact of financial inclusion and technology on farmers' financial attitudes and income in Sulawesi Selatan, Indonesia. It reveals that financial inclusion significantly enhances farmers' financial attitudes, while technology does not have a positive effect. Additionally, farmers' financial attitudes have a positive influence on their income and partially mediate the relationship between financial inclusion, technology, and income. These findings highlight the importance of policies that not only improve access to financial services but also promote financial literacy and positive attitudes. This research serves as a valuable reference for policymakers and educational institutions aiming to foster entrepreneurship among rural populations.

Background: Financial management in the digital era has shifted significantly due to the rapid adoption of digital financial services and technologies. Specific background: Despite increased financial inclusion in Indonesia, financial literacy remains low, leading to inconsistent financial behavior across demographic groups. Knowledge gap: Previous studies have rarely examined the comprehensive moderating role of financial technology in the relationship among financial literacy, lifestyle, financial inclusion, and financial behavior within the general public. Aims: This study aims to analyze the relationship between financial literacy, lifestyle, and financial inclusion with financial behavior, and to examine how financial technology moderates these relationships. Results: Using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) method with 96 respondents, results indicate that financial literacy, financial technology, and lifestyle significantly shape financial behavior, while financial inclusion does not. Financial technology strengthens the relationship between financial literacy and financial inclusion with financial behavior but not with lifestyle. Novelty: The study identifies the dual moderating role of financial technology in linking literacy and inclusion to responsible financial practices. Implications: These findings emphasize the need for integrated financial education and digital literacy programs to promote smarter and more sustainable financial management in the digital economy. Highlights Financial literacy and technology jointly shape responsible financial behavior Financial inclusion alone does not ensure improved financial management Financial technology strengthens the link between knowledge and financial discipline Keywords Financial Literacy, Financial Technology, Lifestyle, Financial Inclusion, Financial Behavior

The purpose of this study is to determine the relationship between financial literacy, financial technology, and financial inclusion and the business performance of SMEs in Malang Raya, Indonesia. Looking at various cases related to financial progress, all of which are turning to technology to ensure time efficiency, there is a need for further development related to research on financial technology, and financial inclusion for SMEs' business performance in Malang Raya. The analysis in this study used bibliometrics and PLS. Bibliometrics is used to find relationships that will later become new things. Before the bibliometric analysis, this research looked for references to research through Publish or Perish, so more than 200 reputable journals based on electronics were found in accordance with this study. Furthermore, filters related to the scope are more specifically related to financial technology and the inclusion of SMEs' performance. So fintech is being discovered as a novelty between financial literacy and financial inclusion. The second analysis examines the influence of financial literacy, financial technology, and, financial inclusion on the business performance of SMEs. The results of this study using PLS show that financial literacy has a positive and significant effect on the business performance of SMEs. Financial technology does not affect SMEs' business performance, and lastly, financial inclusion has a positive and significant effect on SMEs' business performance. The limitation of this study is related to the object of research that still focuses on Malang Raya.

Before and after the COVID-19 pandemic, interest in financial inclusion identified financial technology as a significant enabler of financial inclusion in emerging economies. Using the system GMM estimation technique, this study’s main objective was to empirically examine the nexus between financial technology (fintech) and financial inclusion across 30 selected Sub-Saharan African (SSA) economies between 2004 and 2021. Firstly, we used six variables to compute a financial inclusion index and four variables to compute a financial technology index using Principal Component Analysis. The system GMM dynamic panel data estimation was employed to examine the relationship between financial technology and financial inclusion. The analysis showed that financial technology is a decisive determinant factor for financial inclusion in selected SSA countries, as illustrated by the significantly positive relationships. Furthermore, we found that accessibility and usage of the three dimensions impact financial inclusion and maintain a positive relationship with financial technology. These findings imply that financial inclusion will improve as the SSA countries intensify their efforts to enhance financial technology. To promote financial inclusion, it is recommended that Sub-Saharan African countries formulate policies that support a conducive regulatory and investment environment to reduce financial technology data costs, while improving access and usage of financial services. The scholarly significance of this study is that it is one of the first papers to use the 2021 Global Findex Report, which was recently released in 2022, to empirically investigate the impact of fintech on financial inclusion in sub-Saharan African countries, applying system GMM dynamic panel data techniques.

MSMEs play a vital role in Banten Province’s economy, but often face challenges such as low financial literacy, limited access to financial services, and a digital divide. This study aims to analyze the effects of financial literacy and financial technology (FinTech) adoption on financial inclusion, as well as their positively associated with MSMEs’ financial performance and business sustainability. In addition, the study examines the mediating role of financial inclusion in these relationships. A quantitative approach using PLS-SEM was employed to analyze survey data from 62 curated MSMEs in Banten Province with five respondents per firm (N = 310). The results indicate that financial literacy and FinTech adoption significantly enhance financial inclusion. Financial literacy alone does not directly affect financial performance or business sustainability, highlighting the need for access to financial services to make knowledge effective. Financial inclusion was found to positively influence both performance and business sustainability, emphasizing its critical role. These findings suggest that policymakers and financial institutions should combine efforts to improve financial literacy with expanded access to digital financial services and design more inclusive financial products for MSMEs in Banten Province, rather than generalizing to all Indonesian MSMEs.

Micro and Small Enterprises (MSMEs) contribute a major share to the regional economy. In recent times, business competitiveness grows precariously making sustainability a problem. This study aims to provide empirical evidence about the relationship between financial technology, literacy, inclusion, and MSMEs’ sustainability in Sleman. This study uses a quantitative approach with Partial Least Square (PLS). Data were collected from questionnaires of 100 MSMEs in Sleman with a convenience sampling technique. The results reveal that financial technology and literacy impose a positive effect on financial inclusion, while financial technology and literacy exert a positive effect on MSMEs’ sustainability. In addition to that, financial inclusion is also found to have a positive effect on mediating financial technology and literacy influence on MSMEs’ sustainability. This study provides input for MSMEs management to increase the use of financial technology to support MSMEs’ sustainability and for the local government to promote financial literacy for MSMEs and enhance financial inclusion which will ultimately advance MSMEs’ sustainability.