Fintech adoption has become increasingly popular in many developing countries due to its potential to increase financial inclusion and promote economic growth. However, fostering fintech adoption in growing economies presents challenges, opportunities, and strategies that differ from those in developed countries. This systematic literature review aims to identify the current state of fintech adoption in growing economies, including the challenges and opportunities of fintech adoption and the strategies used to foster it. A comprehensive search of electronic databases, including Scopus and Web of Science, was conducted for relevant articles published between 2018 and 2023. The screening process identified 12 articles that were critically appraised to ensure the quality of their content. The findings suggest that although fintech adoption in growing economies presents unique challenges, such as lack of infrastructure and limited digital literacy, it also provides various opportunities to increase financial inclusion, promote economic growth, and improve overall financial services. The strategies for fostering fintech adoption in growing economies include developing supportive regulatory frameworks, building digital infrastructure, and improving digital literacy through education and awareness programs. This study contributes to a better understanding of the current development of fintech adoption in growing economies, provides insights for policymakers and practitioners, and highlights the need for further research in this area.
Li, Eldon Y. and Zafar, Usama, "Fostering Fintech adoption in growing economies: Opportunities, challenges, and strategies" (2023). ICEB 2023 Proceedings (Chiayi, Taiwan). 27.