Fin-Tech Moderator Role in Attracting Foreign Direct Investments and Economic Growth
Main Article Content
Keywords
Attractiveness of FDI, GDP, Fin-Tech, economic growth
Abstract
This study examines the moderating role of financial technology (Fin-Tech) in the attractiveness of foreign direct investment (FDI) and its impact in stimulating economic growth, with a particular focus on financial inclusion. The results reveal that in developed countries, various macroeconomic, institutional and Fin-Tech-related indicators have positive and statistically significant impacts on economic growth. Additionally, the quality of regulations and political stability are crucial determinants of FDI attractiveness in these countries. In contrast, variables such as interest rates and economic growth, measured by gross domestic product (GDP), do not demonstrate a significant contribution to FDI attractiveness. Furthermore, Fin-Tech technologies, such as digital payments and peer-to-peer lending (PPL), enhance FDI attractiveness, particularly when accompanied by robust institutional regulations and political stability. However, this effect diminishes in the presence of corruption controls. In developing countries, while most macroeconomic indicators have a positive influence on economic growth, the balance of payment deficit remains an outlier. The quality of regulation and use of digital payments also play significant roles, while PPL appears to have a negative effect. Finally, FDI in developing countries is more strongly influenced by factors such as population growth and institutional quality, especially regulatory quality and political stability.
References
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Chen, C., Dollar, D., & Tang, H. (2020). Why is China investing in Africa? Evidence from the firm level. The World Bank Economic Review, 34(3), 618–636. https://doi.org/10.2139/ssrn.2805863
Cumming, D. J., Johan, S. A., & Reardon, R. S. (2023). Global Fintech Trends and Their Impact on International Business: A Review. Multinational Business Review, 2023. Available at SSRN: https://ssrn.com/abstract=4420243
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Fan, H., Wang, K., Hu, F., Zhou, J., Han, J., & Hu, Y. (2024). Does Fintech facilitate enterprise outward foreign direct investment? Evidence from China. The Journal of International Trade & Economic Development, 1–20. https://doi.org/10.1080/09638199.2024.2338395
Hausman, J. A. (1978). Specification tests in econometrics. Econometrica, 46(6), 1251–1271. https://doi.org/10.2307/1913827
He, Z., Liu, Z., Wu, H., Gu, X., Zhao, Y., & Yue, X. (2020). Research on the impact of green finance and Fintech in smart city. Complexity, 2020, 1–10. https://doi.org/10.1155/2020/6673386
Hysa, E., Imeraj, E., Feruni, N., Panait, M., & Vasile, V. (2022). COVID-19 – A black swan for foreign direct investment: Evidence from European countries. Journal of Risk and Financial Management, 15(4), 156. https://doi.org/10.3390/jrfm15040156
Imerman, M. B., & Fabozzi, F. J. (2020). Cashing in on innovation: A taxonomy of FinTech. Journal of Asset Management, 21(3), 167–177. https://doi.org/10.1057/s41260-020-00163-4
International Monetary Fund [IMF]. (2020). World Economic Outlook, April 2020: The Great Lockdown. IMF. Available at https://www.imf.org/en/publications/weo/issues/2020/04/14/weo-april-2020
Islam, M. R., Khan, M. A., Popp, J., Sroka, W., & Oláh, J. (2020). Financial development and foreign direct investment – The moderating role of quality institutions. Sustainability, 12(9), 3556. https://doi.org/10.3390/su12093556
Ju, S., Andriamahery, A., Qamruzzaman, M., & Kor, S. (2023). Effects of financial development, FDI and good governance on environmental degradation in the Arab nation: Dose technological innovation matters? Frontiers in Environmental Science, 11. https://doi.org/10.3389/fenvs.2023.1094976
Kanga, D., Oughton, C., Harris, L., & Murinde, V. (2021). The diffusion of fintech, financial inclusion and income per capita. The European Journal of Finance, 28(1), 108–136. https://doi.org/10.1080/1351847X.2021.1945646
Khan, H., & Khan, U. (2019). Institutional quality and foreign direct investment inflows: Evidence from Asian countries. Journal of Economic Studies, 46(6), 1123–1138. https://doi.org/10.1108/JES-10-2016-0215
Kshetri, N. (2021). The role of artificial intelligence in promoting financial inclusion in developing countries. Journal of Global Information Technology Management, 24(1), 1–6. https://doi.org/10.1080/1097198X.2021.1871273
Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35–46. https://doi.org/10.1016/j.bushor.2017.09.003
Liu, W.-P., & Chu, Y.-C. (2024). FinTech, economic growth, and COVID-19: International evidence. Asia Pacific Management Review, 29(3), 362–367. https://doi.org/10.1016/j.apmrv.2023.12.006
Long, A., & Ascent, D. (2020). World economic outlook. International Monetary Fund. https://www.elibrary.imf.org/
Loo, M. K. L. (2019). Enhancing financial inclusion in ASEAN: Identifying the best growth markets for fintech. Journal of Risk and Financial Management, 12(4), 181. https://doi.org/10.3390/jrfm12040181
Mashamba, T., & Gani, S. (2023). Fintech, bank funding, and economic growth in Sub-Saharan Africa. Cogent Economics & Finance, 11(1). https://doi.org/10.1080/23322039.2023.2225916
Mhlanga, D. (2024). The role of big data in financial technology toward financial inclusion. Frontiers in Big Data, 7. https://doi.org/10.3389/fdata.2024.1184444
Mitra, S., & Karathanasopoulos, A. (2020). FinTech revolution: The impact of management information systems upon relative firm value and risk. Journal of Banking and Financial Technology, 4(2), 175–187. https://doi.org/10.1007/s42786-020-00023-0
Moosa, I. A., & Merza, E. (2022). The effect of COVID-19 on foreign direct investment inflows: Stylised facts and some explanations. Future Business Journal, 8(1), 20. https://doi.org/10.1186/s43093-022-00129-5
Moral-Benito, E., Allison, P., & Williams, R. (2019). Dynamic panel data modelling using maximum likelihood: An alternative to Arellano-Bond. Applied Economics, 51(20), 2221–2232. https://doi.org/10.1080/00036846.2018.1540854
Nenavath, S., & Mishra, S. (2023). Impact of green finance and fintech on sustainable economic growth: Empirical evidence from India. Heliyon, 9(5). https://doi.org/10.1016/j.heliyon.2023.e16301
Nguedie, Y. H. N. (2018). Corruption, Investment and Economic Growth in Developing Countries: A Panel Smooth Transition Regression Approach. SocioEconomic Challenges, 2(1), 63–68. https://doi.org/10.21272/sec.2(1).63-68.2018
Nguyen, C. P. & Lee, G. S. (2021). Uncertainty, financial development, and FDI inflows: Global evidence. Economic Modelling, 99. https://doi.org/10.1016/j.econmod.2021.02.014
Rodrigues, S. B. (2013). Understanding the environments of emerging markets: The social costs of institutional voids [Farewell address]. Erasmus University Rotterdam. Available at https://repub.eur.nl/pub/40429/40429.pdf
Sharmin Rahman, S. (2024). How do Fintech and good governance influence financial sustainability: What is the role of exchange rate fluctuation? UIU Institutional Repository. https://dspace.uiu.ac.bd/handle/52243/3121
Shkurat, M. Y. (2023). Transformation of world financial architecture under the influence of financial globalization. Aktual’ni Problemy Ekonomiky, 268, 39–53. https://doi.org/10.32752/1993-6788-2023-1-268-39-53
Sirag, A., Nor, N. M., & Abdalla, S. Z. S. (2018). Institutional quality and FDI inflows in Arab economies. International Journal of Social Economics, 45(1), 142–158. https://doi.org/10.1016/j.frl.2017.10.026
Tokhtamysh, Y. (2020). Analysis of the impact of Fintech development on foreign direct investments. Journal of Economics and Business, 3(2), 45–60. https://doi.org/10.32782/2224-6282/159-5
United Nations Conference on Trade and Development. (2021). World Investment Report 2021. https://unctad.org/system/files/official-document/wir2021_en.pdf
Wang, X., & Chen, J. (2024). Has Fintech affected the credit loan scale of urban commercial banks in China? Applied Economics Letters. https://doi.org/10.1080/13504851.2024.2363993
World Bank. (2022). World Development Report 2022: Finance for an Equitable Recovery. Washington, DC: World Bank. https://doi.org/10.1596/978-1-4648-1730-4
Xu, F., Sagarra, M., & Kasperskaya, Y. (2025). The impact of Fintech on bank performance – A review. Social Science Research Network. https://dx.doi.org/10.2139/ssrn.5049466
Zhang, X., Zhao, T., Wang, L., & Dong, Z. (2022). Does Fintech benefit financial intermediation? Evidence based on provinces in China from 2013 to 2018. Journal of Asian Economics, 82. https://doi.org/10.1016/j.asieco.2022.101516
Zheng, H., & Li, X. (2022). The impact of digital financial inclusion on carbon dioxide emissions: Empirical evidence from Chinese provinces data. Energy Reports, 8, 9431–9440. https://doi.org/10.1016/j.egyr.2022.07.050
Zohar, O. (2019). Boom-bust cycles of learning, investment and disagreement. Bank of Israel Research Department. https://www.boi.org.il/media/g0ajjkfg/dp201906e.pdf
Zouaghia, Z., Kodia, Z., & Ben Said, L. (2024). A novel AutoCNN model for stock market index prediction. Journal of Telecommunications and the Digital Economy, 12(1), 612–636. https://doi.org/10.18080/jtde.v12n1.843
Abzari, M., Zarei, F., & Esfahani, S. S. (2011). Analyzing the link between financial development and foreign direct investment among D-8 group of countries. International Journal of Economics and Finance, 3(6), 148–156. https://doi.org/10.5539/ijef.v3n6p148
Adewuyi, J. A. (2024). Impact of Fintech on economic development of third world countries: A focus on Nigeria. Journal of Economics, Finance and Management Studies, 7(7), 4214–4230. https://doi.org/10.47191/jefms/v7-i7-39
Ahmed, K., & Jahanzeb, A. (2021). Sources of financial development and their impact on FDI inflow: A panel data analysis of middle-income economies. Economies, 10(8), 182. https://doi.org/10.3390/economies10080182
Ali, S., Al-Nassar, N. S., Khalid, A. A., & Salloum, C. (2024). Dynamic tail risk connectedness between artificial intelligence and fintech stocks. Annals of Operations Research. https://doi.org/10.1007/s10479-024-06349-y
Appiah-Otoo, I. (2025). Institutions and crowdfunding success in Africa. In E. D. R. S. Gonzalez, V. Kandpal, P. K. Ozili, & P. Chatterjee (Eds), Fintech for ESG and the Circular Economy, 149–171. https://doi.org/10.1002/9781394234035.ch8
Arner, D. W., Barberis, J., & Buckley, R. P. (2016). 150 years of FinTech: An evolutionary analysis. The Journal of the Securities Institute of Australia, 3, 22–29. https://search.informit.org/doi/10.3316/ielapa.419780653701585
Arner, D. W., Buckley, R. P., Zetzsche, D. A., & Veidt, R. (2020). Sustainability, FinTech and financial inclusion. European Business Organization Law Review, 21(1), 7–35. https://doi.org/10.1007/s40804-020-00183-y
Aziz, M. R. A., & Wahid, M. A. (2019, October 23). Talent and manpower competency and readiness in Fintech for Islamic banking and finance program. Paper presented at the 8th International Islamic Economic System Conference 2019 (I-iECONS 2019), Movenpick Hotel and Convention Centre KLIA Sepang, Malaysia. Available at https://www.academia.edu/download/83347621/Revisiting_the_Business_Model_Canvas_A_Cooperative_Perspective.pdf#page=577
Baltagi, B. H. (2021). Econometric analysis of panel data (6th ed.). Springer: Cham. https://doi.org/10.1007/978-3-030-53953-5
Bhattacharjee, I., Srivastava, N., Mishra, A., Adhav, S., & Singh, M. N. (2024). The rise of Fintech: Disrupting traditional financial services. Educational Administration: Theory and Practice, 30(4), 89–97. https://doi.org// 10.53555/kuey.v30i4.1408
Boratynska, K. (2019). Impact of digital transformation on value creation in Fintech services: An innovative approach. Journal of Promotion Management, 25(5), 631–639. https://doi.org/10.1080/10496491.2019.1585543
Cevik, S. (2024). Is Schumpeter right? Fintech and economic growth. Economics of Innovation and New Technology. 34(7). https://doi.org/10.1080/10438599.2024.2413478
Chemmanur, T. J., Imerman, M. B., Rajaiya, H., & Yu, Q. (2020). Recent developments in the Fintech industry. Journal of Financial Management, Markets and Institutions, 8(1). https://doi.org/10.1142/S2282717X20400022
Chen, C., Dollar, D., & Tang, H. (2020). Why is China investing in Africa? Evidence from the firm level. The World Bank Economic Review, 34(3), 618–636. https://doi.org/10.2139/ssrn.2805863
Cumming, D. J., Johan, S. A., & Reardon, R. S. (2023). Global Fintech Trends and Their Impact on International Business: A Review. Multinational Business Review, 2023. Available at SSRN: https://ssrn.com/abstract=4420243
Dunning, J. H. (2000). The eclectic paradigm as an envelope for economic and business theories of MNE activity. International Business Review, 9(2), 163–190. https://doi.org/10.1016/S0969-5931(99)00035-9
Fan, H., Wang, K., Hu, F., Zhou, J., Han, J., & Hu, Y. (2024). Does Fintech facilitate enterprise outward foreign direct investment? Evidence from China. The Journal of International Trade & Economic Development, 1–20. https://doi.org/10.1080/09638199.2024.2338395
Hausman, J. A. (1978). Specification tests in econometrics. Econometrica, 46(6), 1251–1271. https://doi.org/10.2307/1913827
He, Z., Liu, Z., Wu, H., Gu, X., Zhao, Y., & Yue, X. (2020). Research on the impact of green finance and Fintech in smart city. Complexity, 2020, 1–10. https://doi.org/10.1155/2020/6673386
Hysa, E., Imeraj, E., Feruni, N., Panait, M., & Vasile, V. (2022). COVID-19 – A black swan for foreign direct investment: Evidence from European countries. Journal of Risk and Financial Management, 15(4), 156. https://doi.org/10.3390/jrfm15040156
Imerman, M. B., & Fabozzi, F. J. (2020). Cashing in on innovation: A taxonomy of FinTech. Journal of Asset Management, 21(3), 167–177. https://doi.org/10.1057/s41260-020-00163-4
International Monetary Fund [IMF]. (2020). World Economic Outlook, April 2020: The Great Lockdown. IMF. Available at https://www.imf.org/en/publications/weo/issues/2020/04/14/weo-april-2020
Islam, M. R., Khan, M. A., Popp, J., Sroka, W., & Oláh, J. (2020). Financial development and foreign direct investment – The moderating role of quality institutions. Sustainability, 12(9), 3556. https://doi.org/10.3390/su12093556
Ju, S., Andriamahery, A., Qamruzzaman, M., & Kor, S. (2023). Effects of financial development, FDI and good governance on environmental degradation in the Arab nation: Dose technological innovation matters? Frontiers in Environmental Science, 11. https://doi.org/10.3389/fenvs.2023.1094976
Kanga, D., Oughton, C., Harris, L., & Murinde, V. (2021). The diffusion of fintech, financial inclusion and income per capita. The European Journal of Finance, 28(1), 108–136. https://doi.org/10.1080/1351847X.2021.1945646
Khan, H., & Khan, U. (2019). Institutional quality and foreign direct investment inflows: Evidence from Asian countries. Journal of Economic Studies, 46(6), 1123–1138. https://doi.org/10.1108/JES-10-2016-0215
Kshetri, N. (2021). The role of artificial intelligence in promoting financial inclusion in developing countries. Journal of Global Information Technology Management, 24(1), 1–6. https://doi.org/10.1080/1097198X.2021.1871273
Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35–46. https://doi.org/10.1016/j.bushor.2017.09.003
Liu, W.-P., & Chu, Y.-C. (2024). FinTech, economic growth, and COVID-19: International evidence. Asia Pacific Management Review, 29(3), 362–367. https://doi.org/10.1016/j.apmrv.2023.12.006
Long, A., & Ascent, D. (2020). World economic outlook. International Monetary Fund. https://www.elibrary.imf.org/
Loo, M. K. L. (2019). Enhancing financial inclusion in ASEAN: Identifying the best growth markets for fintech. Journal of Risk and Financial Management, 12(4), 181. https://doi.org/10.3390/jrfm12040181
Mashamba, T., & Gani, S. (2023). Fintech, bank funding, and economic growth in Sub-Saharan Africa. Cogent Economics & Finance, 11(1). https://doi.org/10.1080/23322039.2023.2225916
Mhlanga, D. (2024). The role of big data in financial technology toward financial inclusion. Frontiers in Big Data, 7. https://doi.org/10.3389/fdata.2024.1184444
Mitra, S., & Karathanasopoulos, A. (2020). FinTech revolution: The impact of management information systems upon relative firm value and risk. Journal of Banking and Financial Technology, 4(2), 175–187. https://doi.org/10.1007/s42786-020-00023-0
Moosa, I. A., & Merza, E. (2022). The effect of COVID-19 on foreign direct investment inflows: Stylised facts and some explanations. Future Business Journal, 8(1), 20. https://doi.org/10.1186/s43093-022-00129-5
Moral-Benito, E., Allison, P., & Williams, R. (2019). Dynamic panel data modelling using maximum likelihood: An alternative to Arellano-Bond. Applied Economics, 51(20), 2221–2232. https://doi.org/10.1080/00036846.2018.1540854
Nenavath, S., & Mishra, S. (2023). Impact of green finance and fintech on sustainable economic growth: Empirical evidence from India. Heliyon, 9(5). https://doi.org/10.1016/j.heliyon.2023.e16301
Nguedie, Y. H. N. (2018). Corruption, Investment and Economic Growth in Developing Countries: A Panel Smooth Transition Regression Approach. SocioEconomic Challenges, 2(1), 63–68. https://doi.org/10.21272/sec.2(1).63-68.2018
Nguyen, C. P. & Lee, G. S. (2021). Uncertainty, financial development, and FDI inflows: Global evidence. Economic Modelling, 99. https://doi.org/10.1016/j.econmod.2021.02.014
Rodrigues, S. B. (2013). Understanding the environments of emerging markets: The social costs of institutional voids [Farewell address]. Erasmus University Rotterdam. Available at https://repub.eur.nl/pub/40429/40429.pdf
Sharmin Rahman, S. (2024). How do Fintech and good governance influence financial sustainability: What is the role of exchange rate fluctuation? UIU Institutional Repository. https://dspace.uiu.ac.bd/handle/52243/3121
Shkurat, M. Y. (2023). Transformation of world financial architecture under the influence of financial globalization. Aktual’ni Problemy Ekonomiky, 268, 39–53. https://doi.org/10.32752/1993-6788-2023-1-268-39-53
Sirag, A., Nor, N. M., & Abdalla, S. Z. S. (2018). Institutional quality and FDI inflows in Arab economies. International Journal of Social Economics, 45(1), 142–158. https://doi.org/10.1016/j.frl.2017.10.026
Tokhtamysh, Y. (2020). Analysis of the impact of Fintech development on foreign direct investments. Journal of Economics and Business, 3(2), 45–60. https://doi.org/10.32782/2224-6282/159-5
United Nations Conference on Trade and Development. (2021). World Investment Report 2021. https://unctad.org/system/files/official-document/wir2021_en.pdf
Wang, X., & Chen, J. (2024). Has Fintech affected the credit loan scale of urban commercial banks in China? Applied Economics Letters. https://doi.org/10.1080/13504851.2024.2363993
World Bank. (2022). World Development Report 2022: Finance for an Equitable Recovery. Washington, DC: World Bank. https://doi.org/10.1596/978-1-4648-1730-4
Xu, F., Sagarra, M., & Kasperskaya, Y. (2025). The impact of Fintech on bank performance – A review. Social Science Research Network. https://dx.doi.org/10.2139/ssrn.5049466
Zhang, X., Zhao, T., Wang, L., & Dong, Z. (2022). Does Fintech benefit financial intermediation? Evidence based on provinces in China from 2013 to 2018. Journal of Asian Economics, 82. https://doi.org/10.1016/j.asieco.2022.101516
Zheng, H., & Li, X. (2022). The impact of digital financial inclusion on carbon dioxide emissions: Empirical evidence from Chinese provinces data. Energy Reports, 8, 9431–9440. https://doi.org/10.1016/j.egyr.2022.07.050
Zohar, O. (2019). Boom-bust cycles of learning, investment and disagreement. Bank of Israel Research Department. https://www.boi.org.il/media/g0ajjkfg/dp201906e.pdf
Zouaghia, Z., Kodia, Z., & Ben Said, L. (2024). A novel AutoCNN model for stock market index prediction. Journal of Telecommunications and the Digital Economy, 12(1), 612–636. https://doi.org/10.18080/jtde.v12n1.843
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2025-12-29
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Mgadmi, N., Souid, S., Moussa, W., & Rachdi, H. (2025). Fin-Tech Moderator Role in Attracting Foreign Direct Investments and Economic Growth. Journal of Telecommunications and the Digital Economy, 13(4), 1-32. https://doi.org/10.18080/jtde.v13n4.1170
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How to Cite
Mgadmi, N., Souid, S., Moussa, W., & Rachdi, H. (2025). Fin-Tech Moderator Role in Attracting Foreign Direct Investments and Economic Growth. Journal of Telecommunications and the Digital Economy, 13(4), 1-32. https://doi.org/10.18080/jtde.v13n4.1170
