Financial Technology, Digital Transformation and Higher Education Outcomes: Evidence from Saudi Arabia in Comparative Perspective (2019–2023)

Abstract

Using comparative data for Saudi Arabia, Singapore, Australia, the United Kingdom, and the United States over 2019–2023, this study examines conditional associations between Financial Technology (FinTech), digital infrastructure, and higher-education outcomes. The empirical unit is the country-year, yielding 25 observations (5 countries × 5 years). The empirical strategy combines descriptive cross-national benchmarking with parsimonious two-way fixed-effects panel models. The baseline models use the FinTech Penetration Index (FPI) internet penetration, Gross Domestic Product GDP per capita, and public education spending, with country and year fixed effects. The estimates show mixed conditional associations across enrollment, graduation, and administrative cost per student and are interpreted cautiously because only five countries are observed. Financial inclusion is treated as a theoretical mechanism that is not directly measured in the present panel. The study therefore provides a transparent comparative Financial Educational Technology (FinEdTech) framework while emphasizing the limits of inference from a small national panel.