Fintech and entrepreneurship boosting in developing countries: A comparative study of India and Egypt

Adam, Hebatallah (2021) Fintech and entrepreneurship boosting in developing countries: A comparative study of India and Egypt. In: The big data-driven digital economy: Artificial and computational intelligence. Studies in computational intelligence . Springer Nature, Switzerland, pp. 141-156. ISBN 978-3-030-73057-4

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Financial Technology or what is so-called “FinTech” is one of the prominent sectors that have been introduced by the Fourth Industrial Revolution at the beginning of the second millennium. The FinTech sector is providing a variety of innovative digitized financial activities in the aims of improving and facilitating traditional financial services as they are often faster, cheaper, easier to access. The rise and development of FinTech sector in to-day’s world is playing a crucial role in increasing the financial inclusion levels among individuals as well as among businesses, especially the Micro, Small and Medium Enterprises (MSMEs). Higher financial exclusion has a major negative impact on poverty and income distribution in societies. About 2.5 billion people and over 200 million businesses are still excluded from the formal financial system which is restraining economic growth, job creation and employment opportunities (World Bank. 2014). Similarly, in India, the figures of unbanked population counted for 190 mil-lion adults without a bank account (DemirgucKunt A., et al., 2018). For a population size of more than 98 million people, 77 per cent of adults in Egypt are not having a formal bank account (World Bank. 2018). The main objective of this study is to understand how digitization of financial services can play a major role in increasing inclusive growth and entrepreneur-ship with a special emphasis on the Indian and Egyptian cases. This study finds that the FinTech sector is showing immense opportunities in enhancing entrepreneurship and economic growth in developing countries. The FinTech sector in Egypt is still new but rapidly expanding. In comparison with the successful Indian Experience, the digital financial ecosystem in Egypt is facing major shortfall.

Item Type: Book Section
Keywords: Fintech | Digital financial services | Entrepreneurship | MSMEs | Financial inclusion | Ecosystem | India | Egypt
Subjects: Social Sciences and humanities > Business, Management and Accounting > Management of Technology and Innovation
Social Sciences and humanities > Economics, Econometrics and Finance > Banking and Finance
Social Sciences and humanities > Social Sciences > International Relations
JGU School/Centre: Jindal School of International Affairs
Depositing User: Admin Library
Date Deposited: 16 Nov 2021 10:51
Last Modified: 08 Jan 2022 15:21
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