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Purva Khera, Ms. Sumiko Ogawa, Ms. Ratna Sahay, and Mahima Vasishth
While digital financial services have made access to finance easier, faster, and less costly, helping to broaden digital financial inclusion, its impact on gender gaps varies across countries. Moreover, women leaders in the fintech industry, although growing, remain scarce. This paper explores the interaction between ‘women’ and ‘fintech’ by examining: (i) the role of women leaders on firm-level performance in the fintech industry; and (ii) the determinants of gender gaps in the usage of digital services to better understand the cross-country differences. Results indicate that greater gender diversity in the executive board is associated with better performance of fintech firms.With regard to determinants of the gender gaps in the usage of digital financial services, we find that higher financial and digital literacy of women is associated with lower gender gaps in digital financial inclusion, and that socio-cultural factors also play a key role.
Suchanan Tambunlertchai, Kotaro Ishi, Mr. Takuji Komatsuzaki, Mr. Ippei Shibata, and Jasmin Sin

interest margins) suggest that fintech is likely to foster more competition in financial services. The observed increase in banks’ IT investment as well as direct investment in fintech startups in recent years also appear to confirm that banks see fintech firms as a potential threat and the use of fintech as a way to maintain market relevance going forward. Such investments by banks could enhance competition between the incumbents and the newcomers, as well as competition among the incumbents, compelling all players to vie for market share by offering new products