THE IMPACT OF FINANCIAL LITERACY ON THE DEVELOPMENT OF FINTECH: EMPIRICAL EVIDENCE FROM VIETNAM

Abstract

Financial technology (Fintech) has recently become prominent, leaving
considerable impacts on financial services. Along with the ubiquitousness of Fintech
services, financial literacy has been improved remarkably compared to what it was.
This paper focuses on examining the influence of financial literacy on Fintech
adoption with the use of Exploratory Factor Analysis, a survey was conducted on
486 individuals Hanoi, Vietnam to study the relationship under investigation.
Regression estimation reveals that the level of financial literacy had a significant,
positive impact on the development of Fintech services. In addition, the ease of use
had the most influence on the intention of using Fintech services. Most people have
the tandency of choosing Fintech services with basic visible interface, succinct
operation, and bringing an abundance of benefits to users.