Advances in information and communication technology (ICT) have provided a platform for the introduction and diffusion of a range of financial technologies that have transformed the financial sector. This study analyses the diffusion of financial technology (fintech) and its interaction with financial inclusion and living standards (GDP per capita). We consider the determinants and effects of technology diffusion in financial services and identify two possible transmission mechanisms from the financial sector to GDP per capita – a fintech diffusion channel and a financial inclusion channel. We specify the interactions between these two channels and their relationship with income per capita. Our empirical analysis focuses on the diffusion of two enabling fintech innovations: ATMs and associated digital networks; and mobile phones and payments systems. The relationships between fintech diffusion, financial inclusion and GDP per capita are estimated using a panel data set for up to 137 countries over the period 1991–2015 using both cross section and panel techniques, including an error correction model that distinguishes short- and long-run effects. A key finding is that fintech diffusion and financial inclusion have long-run effects on GDP per capita over and above their short-run impact and the effects of investment in fixed and human capital.

信息和通信技术 (ICT) 的进步为引入和传播一系列改变了金融部门的金融技术提供了平台。本研究分析了金融技术（fintech）的传播及其与金融包容性和生活水平（人均 GDP）的相互作用。我们考虑了金融服务中技术扩散的决定因素和影响，并确定了从金融部门到人均 GDP 的两种可能的传导机制——金融科技扩散渠道和金融包容性渠道。我们详细说明了这两个渠道之间的相互作用以及它们与人均收入的关系。我们的实证分析侧重于两种金融科技创新的传播：ATM 和相关的数字网络；和移动电话和支付系统。金融科技扩散、金融包容性和人均 GDP 之间的关系是使用 1991-2015 年期间多达 137 个国家的面板数据集估计的，使用横截面和面板技术，包括区分短期和长期的误差校正模型运行效果。一个重要发现是，金融科技扩散和金融包容性对人均 GDP 的长期影响超过了其短期影响以及固定资本和人力资本投资的影响。