<p>The digital economy provides more opportunities for expanding and improving the financial market system. However, most studies focus on the micro-level effects at the household level. This paper empirically examines the promotion effect of the digital economy on financial development using data from 2000 to 2021 from 170 countries worldwide. It analyzes the heterogeneity, transmission mechanisms, and specific aspects of financial development. The results indicate that developing the digital economy can improve the domestic financial level in multiple aspects, such as depth, efficiency, and access to financial institutions and markets, and, to some extent, suppress the financial development of neighboring countries. Among them, the employment structure exhibits a U-shaped mediating effect on finance, and the impact of the digital economy on both finance and employment structure exhibits income and spatial heterogeneity. Policymakers should formulate strategies for developing the digital economy based on their situation while providing appropriate guidance on the country’s industrial structure to upgrade the employment structure.</p>