ARCHIVES

1. ADB. (2022). FINANCING SMALL AND MEDIUM-SIZED ENTERPRISES IN ASIA AND THE PACIFIC - CREDIT GUARANTEE
SCHEMES. Asian Development Bank. https://www.adb.org/sites/default/files/publication/774531/financing-smes-credit-guarantee-
schemes.pdf
2. AFI. (2025). Inclusive Financial Stability: A Toolkit for Policymakers. Alliance for Financial Inclusion. https://afi-
global.org/publication/inclusive-financial-stability-a-toolkit-for-policymakers/
3. Afjal, M. (2023). Bridging the financial divide: A bibliometric analysis on the role of digital financial services within FinTech in enhancing
financial inclusion and economic development. Humanities and Social Sciences Communications, 10(645).
https://doi.org/10.1057/s41599-023-02086-y
4. Ahamed, M. M., & Mallick, S. K. (2019). Is financial inclusion good for bank stability? International evidence. Journal of Economic
Behavior & Organization, 157, 403–427. https://doi.org/10.1016/j.jebo.2017.07.027
5. Al-Majali, M., Aldalaien, B., AL-Khazaleh, S., & Al-Smadi, R. (2025). Exploring the Nexus of Fintech Development, Systematic Risk,
and Market Discipline on Financial Stability: Evidence from Jordan. ECONOMICS, 13(2), 351–365. https://doi.org/10.2478/eoik-2025-
0044
6. Anton, S., & Nucu, A. E. A. (2024). The impact of digital finance and financial inclusion on banking stability: International evidence.
Oeconomia Copernicana, 15(2), 563–593. https://doi.org/10.24136/oc.3046
7. Aramonte, S., Huang, W., & Schrimpf, A. (2021). DeFi risks and the decentralisation illusion (BIS Quarterly Review).
https://www.bis.org/publ/qtrpdf/r_qt2112b.htm
8. Arner, D. W., Buckley, R. P., Zetzsche, D. A., & Veidt, R. (2020). Sustainability, FinTech and Financial Inclusion. European Business
Organization Law Review, 21, 7–35. https://doi.org/10.1007/s40804-020-00183-y
9. Atellu, A. R., & Muriu, P. W. (2022). Does financial inclusion enhance financial stability? Evidence from a developing economy.
Transnational Corporations Review, 14(3), 297–311. https://doi.org/10.1080/19186444.2021.201955510. Balutel, D. (2020). INSTITUTIONAL QUALITY AND FINANCIAL INSTABILITY. Journal of Public Administration, Finance and
Law, (17), 154–162. https://www.ceeol.com/search/article-detail?id=941850
11. Banna, H. (2025). Digital Financial Inclusion and Bank Stability in a Dual Banking System: Does Financial Literacy Matter? Journal of
Islamic Monetary Economics and Finance, 11(1), 63–90. https://doi.org/10.21098/jimf.v11i1.2650
12. Barajas, A., Beck, T., Belhaj, M., & Naceur, S. B. (2020). Financial Inclusion: What Have We Learned So Far? What Do We Have to
Learn? IMF Working Paper, 2020(157). https://doi.org/10.5089/9781513553009.001
13. Barik, R., & Pradhan, A. K. (2021). Does financial inclusion affect financial stability: Evidence from BRICS nations? The Journal of
Developing Areas, 55(1). https://muse.jhu.edu/pub/51/article/766455
14. Beck, T., Chen, T., Lin, C., & Song, F. M. (2016a). Financial innovation: The bright and the dark sides. Journal of Banking & Finance,
72, 28–51. https://doi.org/10.1016/j.jbankfin.2016.06.012
15. Beck, T., Chen, T., Lin, C., & Song, F. M. (2016b). Financial innovation: The bright and the dark sides. Journal of Banking & Finance,
72, 28–51. https://doi.org/10.1016/j.jbankfin.2016.06.012
16. Boyd, J. H., & De Nicoló, G. (2005). The Theory of Bank Risk Taking and Competition Revisited. The Journal of Finance, 60(3), 1329–
1343. https://www.jstor.org/stable/3694928
17. Carè, R., Boitan, I. A., Stoian, A. M., & Fatima, R. (2025). Exploring the landscape of financial inclusion through the lens of financial
technologies: A review. Finance Research Letters, 72, 106500. https://doi.org/10.1016/j.frl.2024.106500
18. Chaudhry, S. M., Ahmed, R., Huynh, T. L. D., & Benjasak, C. (2022). Tail risk and systemic risk of finance and technology (FinTech)
firms. Technological Forecasting and Social Change, 174, 121191. https://doi.org/10.1016/j.techfore.2021.121191
19. Choudhary, P., & Thenmozhi, M. (2024). Fintech and financial sector: ADO analysis and future research agenda. International Review of
Financial Analysis, 93, 103201. https://doi.org/10.1016/j.irfa.2024.103201
20. Cihak, M., Demirgüç-Kunt, A., Feyen, E., & Levine, R. (2012). Benchmarking Financial Systems around the World (Policy Research
Working Paper No. 6175). World Bank. https://doi.org/10.1596/1813-9450-6175
21. Claessens, S., Coleman, N., & Donnelly, M. (2018). “Low-For-Long” interest rates and banks’ interest margins and profitability: Cross-
country evidence. Journal of Financial Intermediation, 35, 1–16. https://doi.org/10.1016/j.jfi.2017.05.004
22. Cull, R., Ehrbeck, T., & Holle, N. (2014). Financial Inclusion and Development: Recent Impact Evidence (No. 92).
https://www.cgap.org/research/publication/financial-inclusion-and-development-recent-impact-evidence
23. Damane, M., & Ho, S. Y. (2024). The Impact of financial Inclusion on financial Stability: Review of Theories and international Evidence.
Development Studies Research, 11(1), 2373459. https://doi.org/10.1080/21665095.2024.2373459
24. Foguesatto, C. R., Righi, M. B., & Müller, F. M. (2024). Is there a dark side to financial inclusion? Understanding the relationship between
financial inclusion and market risk. The North American Journal of Economics and Finance, 72, 102140.
https://doi.org/10.1016/j.najef.2024.102140
25. Fung, D. W. H., Lee, W. Y., Yeh, J. J. H., & Yuen, F. L. (2020). Friend or foe: The divergent effects of FinTech on financial stability.
Emerging Markets Review, 45, 100727. https://doi.org/10.1016/j.ememar.2020.100727
26. Ha, D., Le, P., & Nguyen, D. K. (2025). Financial inclusion and fintech: A state-of-the-art systematic literature review. Financial
Innovation, 11(69). https://doi.org/10.1186/s40854-024-00741-0
27. Hosen, M. E., Alam Siddik, M. N., & Miah, M. F. (2025). Exploring the impact of financial literacy and financial inclusion on financial
stability: An analysis using machine learning approaches. Borsa Istanbul Review, 100763. https://doi.org/10.1016/j.bir.2025.11.004
28. Hua, X., Bi, J., & Shi, H. (2023). The appropriate level of financial inclusion: The perspective of financial stability. China Economic
Quarterly International, 3(3), 167–178. https://doi.org/10.1016/j.ceqi.2023.08.001
29. IFC. (2025). MSME Banking in the Digital Era. International Finance Corporation. https://www.ifc.org/en/insights-reports/2025/msme-
banking-in-the-digital-era
30. IMF. (2022a). Global Financial Stability Report, April 2022: Shockwaves from the War in Ukraine Test the Financial System’s Resilience
(Global Financial Stability Report No. 2022/001). International Monetary Fund. https://doi.org/10.5089/9798400205293.082
31. IMF. (2022b). The Rapid Growth of Fintech. In Global Financial Stability Report, April 2022 Shockwaves from the War in Ukraine Test
the Financial System’s Resilience. International Monetary Fund. https://doi.org/10.5089/9798400205293.082 (Original work published
International Monetary Fund)
32. Jain, R., Kumar, S., Sood, K., Grima, S., & Rupeika-Apoga, R. (2023). A Systematic Literature Review of the Risk Landscape in Fintech.
Risks, 11(2). https://doi.org/10.3390/risks11020036
33. Kandasamy, K., Srinivas, S., Achuthan, K., & Rangan, V. P. (2020). IoT cyber risk: A holistic analysis of cyber risk assessment
frameworks, risk vectors, and risk ranking process. EURASIP Journal on Information Security, 2020(8). https://doi.org/10.1186/s13635-
020-00111-0
34. Kerse, M., Newbury, L. B., & Staschen, S. (2024). Financial Inclusion and Disruptive Innovation: Regulatory Implications (Working
Paper No. 203929). World Bank Group. http://documents.worldbank.org/curated/en/099082025110025249
35. Khan, A., Mubarik, M. S., & Naghavi, N. (2021). What matters for financial inclusions? Evidence from emerging economy. International
Journal of Finance & Economics, 28(1), 821–838. https://doi.org/10.1002/ijfe.2451
36. Khémiri, W., Chafai, A., Attia, E. F., Tobar, R., & Fouad, H. F. (2024). Trade-off between financial inclusion and Islamic bank stability
in five GCC countries: The moderating effect of CSR. Cogent Business & Management, 11(1).
https://doi.org/10.1080/23311975.2023.2300524
37. Koudalo, Y. M. A., & Toure, M. (2023). Does financial inclusion promote financial stability? Evidence from Africa. Cogent Economics
& Finance, 11(2), 2225327. https://doi.org/10.1080/23322039.2023.2225327
38. Lee, C.-C., Li, X., Yu, C.-H., & Zhao, J. (2021). Does fintech innovation improve bank efficiency? Evidence from China’s banking
industry. International Review of Economics & Finance, 74, 468–483. https://doi.org/10.1016/j.iref.2021.03.009
39. Liu, L., & Zhang, H. (2021). Financial literacy, self-efficacy and risky credit behavior among college students: Evidence from online
consumer credit. Journal of Behavioral and Experimental Finance, 32, 100569. https://doi.org/10.1016/j.jbef.2021.100569
40. Merton, R. C., & Thakor, R. T. (2019). Customers and investors: A framework for understanding the evolution of financial institutions.
Journal of Financial Intermediation, Post-Crisis Evolution of Banking and Financial Markets, 39, 4–18.
https://doi.org/10.1016/j.jfi.2018.06.002
41. Murinde, V., Rizopoulos, E., & Zachariadis, M. (2022). The impact of the FinTech revolution on the future of banking: Opportunities and
risks. International Review of Financial Analysis, 81, 102103. https://doi.org/10.1016/j.irfa.2022.10210342. Mutanda, B., & Nomlala, B. C. (2025). Exploring the Nexus Between Digital Financial Inclusion and Financial Stability: A Systematic
Review of the Literature. Journal of International Business, Economics and Entrepreneurship, 10(1), 92–108.
https://doi.org/10.24191/jibe.v10i1.3812
43. Najaf, K., Mostafiz, M. I., & Najaf, R. (2021). Fintech firms and banks sustainability: Why cybersecurity risk matters? International
Journal of Financial Engineering, 08(02), 2150019. https://doi.org/10.1142/S2424786321500195
44. North, D. C. (1990). Institutions, Institutional Change and Economic Performance. Cambridge University Press.
https://doi.org/10.1017/CBO9780511808678
45. Nugrohowati, R. N. I., & Shidiqie, J. S. A. (2025). Impact of financial inclusion and institutional quality on banking stability: Lessons
from the Asia region. Economic Journal of Emerging Markets, 12–29. https://doi.org/10.20885/ejem.vol17.iss1.art2
46. Ofoeda, I., Mawutor, J. K. M., & Ohenebeng, D. N. F.-H. (2023). Financial inclusion, institutional quality and bank stability: Evidence
from sub-Saharan Africa. International Economics and Economic Policy, 21, 27–64. https://doi.org/10.1007/s10368-023-00578-5
47. O’Hanlon, S., & Chishti, S. (2020). FinTech For Dummies. Wiley. https://www.wileyindia.com/fintech-for-dummies.html
48. Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340.
https://doi.org/10.1016/j.bir.2017.12.003
49. Panos, G. A., & Wilson, J. O. S. (2020). Financial literacy and responsible finance in the FinTech era: Capabilities and challenges. The
European Journal of Finance, 26(4–5), 297–301. https://doi.org/10.1080/1351847X.2020.1717569
50. Phan, D. V., & Pham, T. T. (2025a). Causal and nonlinear effects of digital financial inclusion on bank stability: Evidence from emerging
and advanced economies. Banks and Bank Systems, 20(4), 153–171. https://doi.org/10.21511/bbs.20(4).2025.13
51. Phan, D. V., & Pham, T. T. (2025b). Causal and nonlinear effects of digital financial inclusion on bank stability: Evidence from emerging
and advanced economies. Banks and Bank Systems, 20(4), 153–171. https://doi.org/10.21511/bbs.20(4).2025.13
52. RBI. (2024). REPORT ON TREND AND PROGRESS OF BANKING IN INDIA 2023-24. Reserve Bank of India.
https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/0RTP261220247FFF1F49DFC04C508F300904A90C7439.PDF
53. Safiullah, M., & Paramati, S. R. (2024). The impact of FinTech firms on bank financial stability. Electronic Commerce Research, 24,
453–475. https://doi.org/10.1007/s10660-022-09595-z
54. Sahay, R., Cihak, M., N’Diaye, P. M., Barajas, A., Mitra, S., Kyobe, A. J., & Yousefi, R. (2015). Financial Inclusion: Can it Meet Multiple
Macroeconomic Goals? https://doi.org/10.5089/9781513585154.006
55. Saheruddin, H., & Soedarmono, W. (2022). Do board size, institutional ownership and external auditors matter to market discipline in
Indonesian banking? The Quarterly Review of Economics and Finance, 86, 389–395. https://doi.org/10.1016/j.qref.2022.08.010
56. Sanga, B., & Aziakpono, M. (2023). FinTech and SMEs financing: A systematic literature review and bibliometric analysis. Digital
Business, 3(2), 100067. https://doi.org/10.1016/j.digbus.2023.100067
57. Sant’Anna, D. A. L. M., & Figueiredo, P. N. (2024). Fintech innovation: Is it beneficial or detrimental to financial inclusion and financial
stability? A systematic literature review and research directions. Emerging Markets Review, 60, 101140.
https://doi.org/10.1016/j.ememar.2024.101140
58. Sebai, M., Talbi, O., & Guerchi-Mehri, H. (2025). Optimal financial inclusion for financial stability: Empirical insight from developing
countries. Finance Research Letters, 71, 106467. https://doi.org/10.1016/j.frl.2024.106467
59. Singer, D., Demirguc-Kunt, A., Ansar, S., Klapper, L., & Hess, J. (2018). Global Findex Database 2017: Measuring Financial Inclusion
and the Fintech Revolution. World Bank. https://hdl.handle.net/10986/29510
60. Talbi, O., & Sebai, M. (2025). Exploring the relationship between financial inclusion and financial stability in BRICS countries: A panel
smooth transition regression analysis. Development and Sustainability in Economics and Finance, 6, 100042.
https://doi.org/10.1016/j.dsef.2025.100042
61. Tandilino, C., Pontoh, G. T., Darmawati, D., & Indrijawati, A. (2025). Digital Financial Inclusion as a Mediator of Digital Financial
Literacy and Government Support in MSME Performance. International Journal of Financial Studies, 13(4).
https://doi.org/10.3390/ijfs13040199
62. Vijayagopal, P., Jain, B., & Viswanathan, S. A. (2024a). Regulations and Fintech: A Comparative Study of the Developed and Developing
Countries. Journal of Risk and Financial Management, 17(8). https://doi.org/10.3390/jrfm17080324
63. Vijayagopal, P., Jain, B., & Viswanathan, S. A. (2024b). Regulations and Fintech: A Comparative Study of the Developed and Developing
Countries. Journal of Risk and Financial Management, 17(8). https://doi.org/10.3390/jrfm17080324
64. Vives, X. (2019). Digital Disruption in Banking. Annual Review of Financial Economics, 11(Volume 11, 2019), 243–272.
https://doi.org/10.1146/annurev-financial-100719-120854
65. Vuković, D. B., Hassan, M. K., Kwakye, B., Febtinugraini, A., & Shakib, M. (2024). Does fintech matter for financial inclusion and
financial stability in BRICS markets? Emerging Markets Review, 61, 101164. https://doi.org/10.1016/j.ememar.2024.101164
66. World Bank & IFC. (2022). Fintech and SME Finance: Expanding Responsible Access. World Bank. https://doi.org/10.1596/37355
67. Yang, J., Wu, Y., & Huang, B. (2023). Digital finance and financial literacy: Evidence from Chinese households. Journal of Banking &
Finance, 156, 107005. https://doi.org/10.1016/j.jbankfin.2023.107005
68. Yuan, B. (2021). Fintech and Financial Regulation in the Context of Big Data. The 2021 International Conference on Machine Learning
and Big Data Analytics for IoT Security and Privacy. SPIoT 2021. https://doi.org/10.1007/978-3-030-89508-2_114
69. Yudaruddin, R., Nugroho, B. A., Fitrian, Z., Hapsari, P., Eka Nor Santi, & Santi, E. N. (2024). Liquidity and Credit Risk in Indonesia:
The Role of FinTech Development. Sage Open, 14(2). https://doi.org/10.1177/21582440241245248
70. Yue, P., Korkmaz, A. G., Yin, Z., & Zhou, H. (2022). The rise of digital finance: Financial inclusion or debt trap? Finance Research
Letters, 47, 102604. https://doi.org/10.1016/j.frl.2021.102604
71. Zheng, Z., He, J., Yang, Y., Zhang, M., Wu, D., Bian, Y., & Cao, J. (2023). Does financial leverage volatility induce systemic financial
risk? Empirical insight based on the Chinese fintech sector. Managerial and Decision Economics, 44(2), 1142–1161. https://doi.org/10.1002/mde.3738
72. Zhukevych, S., & Rozheliuk, V. (2018). Financial stability of the enterprise in the context of sustainable development of Ukraine. World of finance, (4(57)), 75–85. https://doi.org/10.35774/sf2018.04.075