ORIGINAL RESEARCH article
Front. Appl. Math. Stat.
Sec. Mathematical Finance
FinTech, Financial Inclusion, and Green Growth in ASEAN-5 Countries: Evidence from Multidimensional Panel Analysis Methods
Provisionally accepted
- 1Istanbul Aydın University, Istanbul, Türkiye
- 2Istanbul Beykent Universitesi, Istanbul, Türkiye
- 3Inonu Universitesi, Malatya, Türkiye
- 4Giresun Universitesi, Giresun, Türkiye
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This study aims to examine the effects of FinTech development and financial inclusion on green growth in ASEAN-5 countries (Indonesia, Malaysia, the Philippines, Singapore, and Thailand) over the period 1995–2023. Using PMG, Panel FMOLS, and Panel DOLS estimators alongside wavelet coherence analysis, we investigate both the individual and interaction-based impacts of FinTech and financial inclusion. PARDL-PMG, Panel DOLS and Panel FMOLS results indicate that FinTech development and financial inclusion each exert a significant positive effect on green growth. At the same time, their interaction term highlights the complementary benefits of an inclusive digital financial ecosystem. Dumitrescu–Hurlin causality tests confirm a bidirectional relationship between green growth and the FinTech–inclusion interaction, as well as a unidirectional causality running from FinTech to green growth. Wavelet coherence analyses reveal particularly strong time–frequency co-movement patterns in Singapore, Indonesia, and the Philippines. Overall, the results suggest that digital financial ecosystems can support green growth, provided that targeted policies address structural asymmetries. This study fills a gap in the literature as the first comprehensive analysis of the long-run, time–frequency effects of the FinTech–financial inclusion interaction in the ASEAN-5 region. Given the contribution of digital financial systems to green growth, it is essential that policymakers develop inclusive, coherent, and structurally sensitive digital finance policies in order to fully realize this potential. These findings imply that policymakers should design inclusive digital-finance frameworks that balance innovation with sustainability.
Keywords: FinTech, Financial inclusion, Green growth, ASEAN-5, Panel data analysis, wavelet coherence analysis
Received: 05 Aug 2025; Accepted: 24 Nov 2025.
Copyright: © 2025 DEMIRKALE, DURAN, HAN and Şeyranlioğlu. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
* Correspondence: OZGE DEMIRKALE
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