Does digital banking adoption mediate the link between public-sector digital maturity and banking stability? Evidence from post-socialist transition economies, with a focus on Ukraine, Armenia, and Kazakhstan

The global adoption of Central Bank Digital Currencies (CBDCs) represents a pivotal shift in monetary systems, driven by technological advancements and economic imperatives. While a small number of official digital currencies are in circulation, many nations are launching pilot programs to address financial inclusion challenges and enhance economic resilience. This study aims to identify the determinants of digital currency adoption across 116 countries, using logistic regression to analyze the effects of economic, technological, institutional, and financial factors.
The results show that higher GDP levels significantly increase the likelihood of active CBDC adoption by 332.1 percent and pilot adoption by 212.6 percent, reflecting the role of economic development. Greater internet usage improves the odds of active adoption by 12.7 percent and pilot adoption by 13.4 percent, while financial inclusion indicators, such as account ownership, increase the likelihood of adoption by 59 percent for active initiatives and 141 percent for pilot projects. Monetary freedom positively influences active adoption by 31.1 percent, and higher interest rates increase the odds by 20.8 percent. Conversely, business freedom negatively affects active adoption by 27.5 percent and pilot adoption by 29.1 percent, suggesting that countries with strong private-sector digital payment solutions may rely less on CBDCs.
These findings represent the transformative potential of digital currencies to improve financial inclusion and economic participation. Policymakers should prioritize investments in digital infrastructure and financial inclusion initiatives to facilitate the integration of digital currencies into national economies and empower underserved populations globally.

The integration of digital financial technology has revolutionized the global financial system, driving financial inclusion as an important pillar of sustainable economic development. This study examines the multidimensional effects of Digital Financial Technology and Financial Inclusion on Economic Development in middle- and high-income countries. The study employs various indicators of financial inclusion and technology, namely access to the internet, Automated Teller Machines (ATMs), bank branches, and the number of depositors examined using panel regression analysis covering 20 middle-income countries and 22 high-income countries from 2010 to 2021.
The regression analysis results show that ATMs, internet access, bank branches, and the number of depositors all have a positive correlation with the Index of Human Development, which was used to measure economic development. This supports the idea that wider use of technology and increased financial inclusion can lead to higher levels of human development. Conversely, the study highlights a negative correlation between inflation rates (as a control variable) and Human Development Index (HDI) emphasizing the significance of maintaining price stability for sustained economic progress.
The study concludes that digital financial technology and financial inclusion positively impact the economic development of countries and the disparity between middle- and high-income countries. So, the middle-income countries should prioritize the development of financial technology and policies to promote financial inclusion.

Acknowledgment
The Deanship of Scientific Research and Graduate Studies at Philadelphia University and Middle East University support this paper.

Consumer well-being reflects subjective physical, emotional, and psychological satisfaction derived from services. This study investigates how the Technology Acceptance Model (TAM), trust, and intention to use fintech services influence consumer well-being in urban Indonesia, with financial behavior as a moderating variable. The research surveyed 390 active fintech users in the Jabodetabek metropolitan area in Indonesia, which includes Jakarta, Bogor, Depok Tangerang, and Bekasi selected due to their high engagement with digital financial services, with the survey being conducted over a three-month period from May to July 2024. The findings reveal that TAM and trust significantly influence consumers’ intention to use fintech services, which mediates their impact on consumer well-being. Notably, intention to use has the strongest direct effect on well-being (path coefficient = 0.548, p < 0.001). However, financial behavior does not significantly moderate the relationship between intention to use and well-being (p = 0.441). These results highlight the pivotal role of trust and ease of access in enhancing consumer satisfaction. From a practical perspective, the findings suggest that fintech providers and policymakers should focus on financial literacy to mitigate risks associated with unregulated fintech use. This study extends theoretical insights into the intersection of technology acceptance and consumer behavior, emphasizing the importance of user-centered approaches. Future research should explore these dynamics in rural contexts to compare community-specific impacts.

Acknowledgment
This research was funded by Directorate of Research, Technology and Community Service (DRTPM) of the Indonesian Ministry of Education and Culture in 2024 with the National Competitive Basic Research Grant scheme with contract number; 0667/E5/AL.04/2024.