Financial Technologies in Developing Economies – Summarize Written Text Practice for PTE

In recent years, financial technologies (fintech) have revolutionized developing economies, playing a crucial role in economic growth and increasing financial inclusion. Fintech innovations provide essential services to the unbanked population, reducing financial exclusion and promoting ease of access to financial instruments. In this post, we will explore the Summarize Written Text task from the Speaking & Writing section of the PTE exam through a series of practice questions related to fintech in developing economies.

Summarize Written Text Practice Question 1

Prompt

The rise of financial technologies (fintech) in developing economies is becoming a notable trend, primarily due to the advancement of mobile banking and online payment systems. Fintech companies have not only enabled access to basic banking services for previously unbanked populations but have also fostered financial literacy and increased economic opportunity. Through Fintech, users can now easily and affordably perform transactions, save money, and manage their finances. Moreover, governments in many developing economies have embraced these technological advancements, creating favorable regulatory frameworks that encourage innovation. This digital financial transformation is expected to significantly reduce poverty and bridge the economic gap between urban and rural populations.

Your task: In one sentence, summarize the main point of the text.

Sample Answers:

Band 90:
The rise of fintech in developing economies has facilitated financial inclusion and economic growth, driven by advancements in mobile banking and supported by favorable government policies.

• Content: The summary fully captures all elements from the original text (fintech, mobile banking, financial inclusion, government support, and bridging the urban-rural divide).
• Form: One sentence within the required word range (5-75 words).
• Grammar: Correct complex sentence structure with no errors.
• Vocabulary: Sophisticated use of vocabulary such as facilitated, advancements, favorable.
• Spelling: Error-free.

Band 80:
Financial technologies have helped in reducing poverty and increasing access to banking services in developing regions, thanks to mobile banking and government support.

• Content: All essential information is included but lacks minor details such as the economic gap between urban and rural populations.
• Form: Meets the structure requirements with correct word count.
• Grammar: Almost perfect grammar, though slightly simpler sentence structure.
• Vocabulary: Slightly less advanced than the 90-band response.
• Spelling: Correct.

Band 70:
Fintech is growing in developing economies, allowing people to perform basic banking and helping reduce poverty.

• Content: The core idea is captured, but it misses out on government regulations and the urban-rural gap.
• Form: Correct sentence format but at the lower end of the word limit.
• Grammar: Accurate, though more simplistic.
• Vocabulary: Using common words like “grow” instead of “facilitated.”
• Spelling: Correct.

Summarize Written Text Practice Question 2

Prompt

In many developing economies, fintech has emerged as a driving force behind economic development, especially in regions where traditional banking systems have failed to reach. With the rapid expansion of mobile technology and affordable internet access, millions of people are now connected to banking networks for the first time. Furthermore, fintech has enabled improved transparency and efficiency in financial transactions, reducing the risks associated with cash-based economies and encouraging small businesses to thrive. The impact of fintech also extends to education, as digital platforms are enhancing financial literacy and empowering underserved communities.

Your task: In one sentence, summarize the main point of the text.

Sample Answers:

Band 90:
Fintech in developing economies has expanded financial inclusion, boosted transparency in transactions, and empowered small businesses and underserved communities, driven by enhanced access to mobile technology.

Band 80:
Fintech has improved financial inclusion and transparency in developing economies by providing mobile-based banking and empowering small businesses.

Band 70:
Fintech allows better online banking, increases financial transparency in developing countries, and helps small businesses grow.

Vocabulary and Grammar Analysis

Here are 10 key vocabulary words taken from the sample texts:

1. Fintech /ˈfɪn.tɛk/: short for financial technologies; services and products that combine technology with financial offerings.
   Example: Fintech has rapidly expanded in unbanked areas.

2. Economic inclusion /ˌiː.kəˈnɒm.ɪk ɪnˈkluː.ʒən/: when more individuals and businesses have access to financial products and services.
   Example: Economic inclusion is vital for reducing poverty.

3. Empower /ɪmˈpaʊər/: to enable or allow access to opportunities and resources.
   Example: Fintech empowers underserved communities.

4. Transparency /trænsˈpær.ən.si/: the quality of being easy to understand or see through.
   Example: The use of fintech increased the transparency of financial activities.

5. Efficiency /ɪˈfɪʃ.ən.si/: achieving maximum productivity with minimum wasted effort or expense.
   Example: Fintech systems improve the efficiency of financial operations.

6. Underserved /ˌʌn.dəˈsɜːvd/: not adequately provided with resources.
   Example: Fintech is making financial services accessible to underserved populations.

7. Digital platform /ˈdɪdʒɪtəl ˈplæt.fɔːrm/: online or virtual space where financial services or transactions occur.
   Example: Digital platforms are revolutionizing the financial sector.

8. Regulatory framework /ˈreɡjʊlətəri ˈfreɪmˌwɜːrk/: a set of rules and restrictions set by governments or organizations.
   Example: Governments are establishing regulatory frameworks to foster fintech growth.

9. Mobile banking /ˌməʊ.baɪl ˈbæŋkɪŋ/: financial transactions performed directly on a mobile device.
   Example: Mobile banking drives financial inclusion in developing regions.

10. Cash-based economy /kæʃ beɪst ɪˈkɒnəmi/: an economy where transactions rely heavily on cash rather than electronic systems.
    Example: Fintech is replacing cash-based economies with more secure digital transactions.

Conclusion

Fintech’s role in developing economies is increasingly significant, reshaping how people access financial services and altering traditional views on banking. By practicing the Summarize Written Text section using topics like “Financial Technologies In Developing Economies,” PTE test-takers can not only improve their scores but also gain a deeper understanding of real-world innovations that impact billions of people worldwide.

For further exploration of related topics, check out our deep dive on Renewable energy and energy poverty and Global cooperation for climate action.

Happy practicing! Feel free to share your summaries or questions in the comments!