FinTech index components and data sources
| Component | Proxy metric | Data source | Rationale |
|---|---|---|---|
| Mobile Banking Potential | Mobile cellular subscriptions (per 100 people) | World Bank Open Data (WDI) | Captures the foundational infrastructure required for mobile-first financial adoption |
| Digital Adoption Readiness | Individuals using the internet (% of population) | World Bank Open Data (WDI) | Serves as a proxy for the addressable market size for digital payments and remote banking channels |
| FinTech Ecosystem Vitality | Density of reported FinTech startups | Aggregated Market Reports (e.g., Tracxn, Innovate Finance) | Captures the competitive intensity and disruptive pressure exerted by non-bank entrants |
| Component | Proxy metric | Data source | Rationale |
|---|---|---|---|
| Mobile Banking Potential | Mobile cellular subscriptions (per 100 people) | World Bank Open Data (WDI) | Captures the foundational infrastructure required for mobile-first financial adoption |
| Digital Adoption Readiness | Individuals using the internet (% of population) | World Bank Open Data (WDI) | Serves as a proxy for the addressable market size for digital payments and remote banking channels |
| FinTech Ecosystem Vitality | Density of reported FinTech startups | Aggregated Market Reports (e.g., Tracxn, Innovate Finance) | Captures the competitive intensity and disruptive pressure exerted by non-bank entrants |
Note(s): The composite FinTech Index is constructed using an equal-weighting scheme of these three normalized indicators. This approach is selected to minimize subjective weighting bias given the small sample size (N = 16) and to ensure consistency across regions where standardized bank-level IT spending data is unavailable