Fintech relies on emerging digital technologies

such as big data

to continuously innovate financial business models and processes

and has had a significant impact on the financial system. This paper explores the inclusive effect of fintech using panel data from 283 cities in China from 2011 to 2017. The study shows that fintech significantly improves the availability

usage and affordability of financial services with inclusive effect. It is further found that the inclusive effect of fintech is stronger in regions with a higher degree of financial regulation; however

when the degree of financial regulation is too high

the inclusive effect of fintech is weakened. Heterogeneity analysis shows that regions with high levels of marketization and economic development are more conducive to the inclusive effect of fintech. The findings of this paper have certain policy implications for the regulation of fintech

which is to implement flexible regulation

prevent and control the systemic risks brought by financial innovation

form a unified and comprehensive regulatory framework

and give some room to "pilot tolerance" to encourage diversified financial industries

facilitate the integration of finance and technology

and then bring the inclusive effect of fintech into full play.