The Influence of Fintech on Promoting Economic Stability Within Developing Countries

Abstract

      The current study aims to examine the ability of  financial technology (Fintech) services to ensure economic stability within developing countries. Aspects of Fintech taken into perspective included (access to financial services, efficient and transparent transactions, risk assessment and management, digital payment systems and financial education and literacy). Quantitative methodology was adopted, and a questionnaire was self-administered by (100) financial analytics within Jordanian financial institutions. SPSS was used to screen and analyze primary data. Results of the study accepted what the study hypothesized indicating that Fintech is able to enhance and support economic stability within developing countries. Among the aspects adopted from Fintech, efficient and transparent transactions were  considered  the most influential sub-variable of all, which confirmed that having a system that is efficient and able to present transparent results increases individuals’ intention to use. More Fintech users means more ability to make financial decisions in terms of online purchases and investments that helps in promoting a more stable economy within the developing countries. The study recommended that governments of developing countries must establish effective policies and procedures to protect the users and their sensitive information from cyber breaches and identity theft. Further recommendations were presented in the study.