Professor Xiaomeng Lu’s Paper is Accepted and Published in International Level-A Journal, Focusing on Realizing Financial Inclusion via Fintech | Academics

Release time：2025-06-30    

The paper entitled “Financial Inclusion via FinTech: From Digital Payments to Platform Investments” coauthored by Xiaomeng Lu, Associate Professor in Finance at Fudan International School of Finance and her partners Yurong Hong and Jun Pan was accepted and published in an international level-A journal Management Science, and would soon be printed.

Professor Introduction

Xiaomeng Lu

Associate Professor in Finance at FISF

Main contents of the paper:

 We study household finance in the age of FinTech, where digital payments are integrated with various financial services through all-in-one super-apps. We hypothesize that increased FinTech adoption via digital payments can lower the non-monetary costs (e.g., psychological barriers) associated with financial market participation. We find that higher FinTech adoption leads to greater participation and increased risk-taking in mutual fund investments. Using distance from Ant as an instrument for FinTech penetration, as well as the exogenous penetration of QRPay in Shenzhen, we further provide causal evidence from digital payment to risky fund investment. Moreover, the effect of FinTech is stronger among individuals who are otherwise more constrained, those with higher risk tolerance, or those living in under-banked counties.

FISF

Ever since establishment, FISF has witnessed 39 professors publishing a total of 177 papers on world-famous academic journals, among which 125 academic papers were published on international level-A journals (including A+, A and A-). The teaching team of the school has always upheld the school motto of “Unified FISF, Excellence, Responsibility, Innovation” devoting themselves wholeheartedly to the academic research work. They manage to maintain a high level of academic achievements in both quantity and quality, which fully reflects the excellent strength of the teaching team of FISF in the field of academic research. In the future, FISF will continue pursuing international cutting-edge scientific research achievements and continue to make greater contributions to the promotion of first-class financial and economic disciplines.