Page 31 - "Green Investments and financial technologies: opportunities and challenges for Uzbekistan" International Scientific and Practical Conference

“Yashil investitsiyalar va moliyaviy texnologiyalar: O‘zbekiston uchun imkoniyatlar va muammolar” mavzusida xalqaro
ilmiy-amaliy anjuman materiallari to‘plami (Toshkent, JIDU, 2025-yil 7-may)

penetration, and app downloads. Countries with high index scores tend to have
higher GDP growth rates and deeper financial inclusion.

• Cevik (2024) analysed panel data from 198 countries (2012–2020) and found
a strong positive relationship between FinTech development and real GDP per
capita growth, particularly in low- and middle-income economies. Digital
lending had the most significant impact.
• Philippon (2016) explored the cost-efficiency of the U.S. financial system and
noted that despite significant FinTech innovation, efficiency gains were
unevenly distributed due to regulatory complexity.

• Zingales (2015) discussed the complementary role of FinTech and traditional
finance, suggesting that optimal outcomes arise from hybrid models rather
than total disintermediation.

• Arner et al. (2020) proposed the “FinTech Evolution Triangle” model,
explaining that regulation, technology, and market demand are interdependent
factors shaping FinTech’s developmental trajectory.

While advanced economies benefit from established digital infrastructure and
venture capital networks, emerging markets face a more nuanced landscape.
According to Mahmud et al. (2023), the key adoption barriers in Bangladesh include
digital literacy, security concerns, and lack of trust in institutions. However, FinTech
still shows strong potential to drive growth by reaching financially excluded
populations. In Uzbekistan, as highlighted in the Mastercard report (2023), the
country has seen substantial progress with over 70 FinTech start-ups and 76%
smartphone penetration. Nonetheless, challenges such as regulatory fragmentation,
dominance of state-owned banks, and urban-rural digital gaps still constrain full
economic impact. The Central Bank’s partnership with global FinTech leaders,
combined with regulatory innovation, could act as a catalyst in overcoming these
limitations.

The global FinTech landscape has rapidly evolved over the last two decades,
driven by advances in mobile technology, regulatory innovations, and changing
consumer expectations. Countries that have embraced FinTech at scale are
witnessing measurable improvements in economic performance, especially in
financial inclusion, productivity, and innovation. This section explores key case
studies from leading FinTech nations, followed by a comparative table that captures
adoption and impact metrics.
China stands at the forefront of FinTech adoption, with platforms such as
Alipay and WeChat Pay facilitating over $434 trillion in digital transactions annually
as of 2023 (CTMfile, 2023)¹. These platforms are deeply embedded in everyday
economic activities—from retail to logistics—enabling frictionless digital
payments, microloans, and insurance. The Chinese government has actively

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