Fintech an Opportunity or Opportunity Missed by Developing Sides of the World: A Special Emphasize on Fintech Use and Prospects in Pakistan

Abstract

Digital financial inclusion is a need of the recent era in order to flourish the growth of economies as well as businesses and individuals. Thus, varieties of digital technologies are launched to provide ease and leverage to customers’ financial needs. Among the well-known digital technologies, Fintech emerged as a well-known and accepted form of digital technologies. However, the acceptance level is much lower, especially in developing sides of the world like Pakistan where issues related to cyber-security are the major hindrance in the way of digitization and n-tier online payments. However, with a massive youth population, Pakistan also has the opportunity to use Fintech as the major tool for economic and social development. Therefore, this chapter has been written purposely to shed light on the importance, use, and role of Fintech in the growth of developing countries like Pakistan. The purpose is to increase the knowledge of youth about financial technologies especially Fintech so they may embrace their abilities with technological innovation, especially for their financial needs. On the other side, the chapter will also address the lack of research on this emerging trend to diverge the focus of researchers and academicians towards Fintech and its uses, scope, implications, and benefits for developing countries.

Citation

Sultan, M.F., Asim, M., Khan, R.A. and Shaikh, S. (2023), "Fintech an Opportunity or Opportunity Missed by Developing Sides of the World: A Special Emphasize on Fintech Use and Prospects in Pakistan", Leong, C.-M., Ali, M., Raza, S.A., Puah, C.-H. and Eksi, I.H. (Ed.) Financial Inclusion Across Asia: Bringing Opportunities for Businesses, Emerald Publishing Limited, Leeds, pp. 109-116. https://doi.org/10.1108/978-1-83753-304-620231009