The Impact of Digital Finance and Technological Advancements on Regional Economic Development

Abstract

Digital finance uses digital technology to optimize financial resources and the advancement of technology continues to drive economic development at the regional level. Together these two factors will be an important part of supporting the continued growth of each region’s economy in a more beneficial way. Digital finance connects more efficiently between the real economy and traditional sources of funding as well as continuing the evolution of regional industries due to the advancement of technology and increasing efficiencies with all aspects of production and increasing new methods of innovating new products and services. By combining the two they will provide improved quality for economic growth in each region as well increase the number of innovations, reduce inequalities in economic development between regions and provide a framework for each region that can lead to continued support for economic development in an integrated and sustained manner. More thorough investigation into these pathways and the actual benefits are needed.