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Financial inclusion in the digital era and its impact on sustainable development across ASEAN countries through combined nonparametric methods

Year: 2025

Type: article

Abstract: This study examines the impact of Digital Financial Inclusion (DFI) on Sustainable Development (SD) in ASEAN countries from 2007 to 2022. Using Quantile-on-Quantile regression and Wavelet coherence models, the results reveal that DFI's impact on SD varies across countries, quantiles, and time periods. Expanding DFI promotes SD in most ASEAN countries (except Singapore) at high quantiles, but negatively affects Vietnam at low quantiles. Additionally, in Indonesia, Malaysia, and Thailand, SD helps expand DFI. The study also finds that ASEAN countries (excluding Singapore and Vietnam) effectively use DFI tools during financial crises. Moreover, Malaysia, the Philippines, Thailand, and Vietnam benefit from DFI in overcoming the COVID-19 pandemic. Based on these findings, tailored policy recommendations are proposed for each country.

Source: Discover Sustainability

DOI: 10.1007/s43621-025-02439-4

Authors: Huy Nguyen Quoc, Hai Nguyen Van, Dinh Le Quoc

Institution: Lac Hong University

Language: English

Topic: Economic Growth and Development

Subfield: Information Systems

Field: Computer Science

Domain: Physical Sciences

SDGs: Partnerships for the goals, Reduced inequalities, Decent work and economic growth, Industry, innovation and infrastructure

Open Access status: gold

Estimated APC paid: $1,390