Only 21 per cent of women use FinTech Products and services, compared to 29 per cent of men, according to new research from the Bank of International Settlements (BIS.)

Although hopes are high that new FinTech technology can enhance financial inclusion and close the gender pay gap by opening up access to financial services, evidence on adoption rates of the tech by gender has been fairly scarce.

The BIS study found that the FinTech gender gap is present in almost all of the 28 countries surveyed.

The research revealed that the gap is roughly the same size for products provided by FinTech entrants and those offered by traditional financial institutions.

“The econometric analysis reveals that country characteristics and individual-level controls explain about a third of the gap,” said the BIS. “Gender differences in the willingness to use new financial technology or fintech entrants if they offer cheaper services account for over half of the remaining difference.”

But there is also a significant gap when it comes to the number of women founding FinTech companies. Recent research has shown that globally women make up just 7 per cent of FinTech founders

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