Trends in Current Interfaces between Fintech, Sustainable Development and Methods: A Scientific Review

Gintare Pauliukeviciene; Jelena Stankeviciene

doi:10.34021/ve.2024.07.03(3)

Authors

Gintare Pauliukeviciene Vilnius Gediminas Technical University, Vilnius, Lithuania https://orcid.org/0000-0002-7900-6821
Jelena Stankeviciene Vilnius University, Vilnius, Lithuania https://orcid.org/0000-0002-5600-5842

DOI:

https://doi.org/10.34021/ve.2024.07.03(3)

Keywords:

FinTech, sustainable development, method, interface

Abstract

This study aims to conduct a scientific review of the interfaces among fintech, sustainable development, and methods. It will also evaluate the trends of this interface in recent years to discover the most suitable methods for further research on the sustainable development of the fintech industry. A descriptive and evaluative analysis of the recent scientific literature in the Scopus and Web of Science (WoS) databases is carried out for this purpose via the keywords "FinTech," "Sustainable development," and "Method." The results of the scientific review indicate several main findings: (1) the first traces of the selected keywords interface began to appear in 2017-2018, which gained momentum in 2019-2021, and a growth spurt is visible in 2021-2024; (2) the top 20 countries with the most articles for the selected keywords interface in Scopus and WoS cover 5 continents out of 7, which demonstrates the relevance of the selected keywords interface in today's context on a global scale; (2) Asian countries are the most interested in research on the interface of selected keywords with China at the forefront; (3) EU countries are currently not very interested in research on the interface of selected keywords; (4) Ukraine pays special attention to the research of selected keywords, as it is second only to China in terms of productivity, and second only to the UK in scientific journals; and (5) an evaluative analysis of Scopus data has shown that the method of moments quantile regression (MMQR) is the most suitable for research on the interface between fintech and sustainable development. The results of this study refine the most appropriate methods for studying the sustainable development of the fintech industry, which, to date, has not been refined and clearly named. The results of the study can be used by parties interested in this topic as a guideline or basis for further research.

Downloads

Download data is not yet available.

References

Alhanatleh, H., Khaddam, A., Abudabaseh, F., Alghizzawi, M., & Alzghoul, A. (2024). Enhancing the public value of mobile fintech services. Investment Management and Financial Innovations, 21(1), 417-430. https://doi.org/10.21511/imfi.21(1).2024.32.

Taneja, S., Siraj, A., Ali, L., Kumar, A., Luthra, S., & Zhu, Y. (2023). Is fintech implementation a strategic step for sustainability in today's changing landscape? An empirical investigation. IEEE Transactions on Engineering Management, 71, 7553-7565. https://doi.org/10.1109/TEM.2023.3262742.

Hidayat-ur-Rehman, I., & Hossain, M. N. (2024). The impacts of Fintech adoption, green finance and competitiveness on banks’ sustainable performance: Digital transformation as moderator. Asia-Pacific Journal of Business Administration (ahead-of-print). https://doi.org/10.1108/APJBA-10-2023-0497.

Aldaarmi, A. A. (2024). Fintech Service Quality of Saudi Banks: Digital Transformation and Awareness in Satisfaction, Re-Use Intentions, and the Sustainable Performance of Firms. Sustainability, 16(6), Article 2261. https://doi.org/10.3390/su16062261.

Chen, Y. (2024). Cleaning Russian oil industry for energy resource exploration and industrial transformation towards zero carbon green recovery: Role of inclusive digital finance. Resources Policy, 88, Article 104436. https://doi.org/10.1016/j.resourpol.2023.104436.

Puschmann, T., & Khmarskyi, V. (2024). Green fintech: Developing a research agenda. Corporate Social Responsibility and Environmental Management, 31(4), 2823-2837. https://doi.org/10.1002/csr.2675.

Shi, C., & Lu, J. (2024). Unlocking Economic Resilience: A New Methodological Approach and Empirical Examination under Digital Transformation. Land, 13(5), Article 621. https://doi.org/10.3390/land13050621.

Serdarušić, H., Pancić, M., & Zavišić, Ž. (2024). Green finance and Fintech adoption services among Croatian online users: how digital transformation and digital awareness increase banking sustainability. Economies, 12(3), Article 54. https://doi.org/10.3390/economies12030054.

Zarifis, A. (2024). Leadership in Fintech Builds Trust and Reduces Vulnerability More When Combined with Leadership in Sustainability. Sustainability, 16(13), Article 5757. https://doi.org/10.3390/su16135757.

Maksymova, I., Kurilyak, V., Mietule, I., Arbidane, I., & Kurilyak, M. (2024). Digitally driven model of a climateneutral economy in terms of global financial capacity. Financial & Credit Activity: Problems of Theory & Practice, 3(56), 334–349. https://doi.org/10.55643/fcaptp.3.56.2024.4399.

Demir, A., Pesqué-Cela, V., Altunbas, Y., & Murinde, V. (2022). Fintech, financial inclusion and income inequality: a quantile regression approach. The European Journal of Finance, 28(1), 86-107. https://doi.org/10.1080/1351847X.2020.1772335.

Nugraha, D. P., Setiawan, B., Nathan, R. J., & Fekete-Farkas, M. (2022). FinTech adoption drivers for innovation for SMEs in Indonesia. Journal of Open Innovation: Technology, Market, and Complexity, 8(4), Article 208. https://doi.org/10.3390/joitmc8040208.

Koomson, I., Martey, E., & Etwire, P. M. (2023). Mobile money and entrepreneurship in East Africa: The mediating roles of digital savings and access to digital credit. Information Technology & People, 36(3), 996-1019. https://doi.org/10.1108/ITP-11-2021-0906.

Pandey, A., Kiran, R., & Sharma, R. K. (2022). Investigating the impact of financial inclusion drivers, financial literacy and financial initiatives in fostering sustainable growth in North India. Sustainability, 14(17), Article 11061. https://doi.org/10.3390/su141711061.

Danladi, S., Prasad, M. S. V., Modibbo, U. M., Ahmadi, S. A., & Ghasemi, P. (2023). Attaining sustainable development goals through financial inclusion: exploring collaborative approaches to Fintech adoption in developing economies. Sustainability, 15(17), Article 13039. https://doi.org/10.3390/su151713039.

Mhlanga, D. (2022). The role of financial inclusion and FinTech in addressing climate-related challenges in the industry 4.0: Lessons for sustainable development goals. Frontiers in Climate, 4, Article 949178. https://doi.org/10.3389/fclim.2022.949178.

Rizwan, A., & Mustafa, F. (2022). Fintech attaining sustainable development: an investor perspective of crowdfunding platforms in a developing country. Sustainability, 14(12), Article 7114. https://doi.org/10.3390/su14127114.

UN Capital Development Fund. (2022). Financial inclusion and the SDGs. https://www.uncdf.org/financial-inclusion-and-the-sdgs.

Tay, L. Y., Tai, H. T., & Tan, G. S. (2022). Digital financial inclusion: A gateway to sustainable development. Heliyon, 8(6), Article e09766. https://doi.org/10.1016/j.heliyon.2022.e09766.

Purvis, B., Mao, Y., & Robinson, D. (2019). Three pillars of sustainability: in search of conceptual origins. Sustainability science, 14, 681-695. https://doi.org/10.1007/s11625-018-0627-5.

SDG Resource Centre. (2024). Economic Aspect. https://sdgresources.relx.com/economic-aspect.

Wang, J., Zhao, C., Huang, L., Yang, S., & Wang, M. (2022). Uncovering research trends and opportunities on FinTech: A scientometric analysis. Electronic Commerce Research, 1-25. https://doi.org/10.1007/s10660-022-09554-8.

Tsouli, D. (2022). Financial Inclusion, Poverty, and Income Inequality: Evidence from European Countries, Ekonomika, 101(1), 37–61. https://doi.org/10.15388/Ekon.2022.101.1.3.

Raval, A., & Desai, R. (2023). Reviews and directions of FinTech research: bibliometric–content analysis approach. Journal of Financial Services Marketing, 1-20. https://doi.org/10.1057/s41264-023-00262-4.

Tuyon, J., Onyia, O. P., Ahmi, A., & Huang, C. H. (2023). Sustainable financial services: reflection and future perspectives. Journal of Financial Services Marketing, 28(4), 664-690. https://doi.org/10.1057/s41264-022-00187-4.

Streimikiene, D., Mikalauskiene, A., & Burbaite, G. (2023). The role of sustainable finance in achieving sustainable development goals. Economics and Sociology, 16(1), 271-298. https://doi.org/10.14254/2071-789X.2023/16-1/17.

Afjal, M. (2023). Bridging the financial divide: a bibliometric analysis on the role of digital financial services within FinTech in enhancing financial inclusion and economic development. Humanities and Social Sciences Communications, 10(1), 1-27. https://doi.org/10.1057/s41599-023-02086-y.

Ellili, N. O. D. (2023). Is there any association between FinTech and sustainability? Evidence from bibliometric review and content analysis. Journal of Financial Services Marketing, 28(4), 748-762. https://doi.org/10.1057/s41264-022-00200-w.

Botoc, F. C., Khaled, M. D., Milos, L. R., & Bilti, R. S. (2023). The role of big data in the FinTech industry: a bibliometric analysis. Transformations in Business & Economics, 22(3A(60A)), 853-868.

Page, M. J., McKenzie, J. E., Bossuyt, P. M., Boutron, I., Hoffmann, T. C., Mulrow, C. D., ... & Moher, D. (2021). The PRISMA 2020 statement: an updated guideline for reporting systematic reviews. BMJ, 372, Article n71. https://doi.org/10.1136/bmj.n71.

Van Eck, N. J., & Waltman, L. (2012). VOSviewer manual. Manual for VOSviewer version, 1(0). https://www.vosviewer.com/documentation/Manual_VOSviewer_1.5.2.pdf.

Chinoda, T., & Mingiri Kapingura, F. (2024). Fintech-based financial inclusion and banks' risk-taking: the role of regulation in Sub-Saharan Africa. Journal of Economic and Administrative Sciences. https://doi.org/10.1108/JEAS-11-2023-0304.

Kishor, K., Bansal, S. K., & Kumar, R. (2024). The Role of Fintech in Promoting Financial Inclusion to Achieve Sustainable Development: An Integrated Bibliometric Analysis and Systematic Literature Review. Journal of the Knowledge Economy, 1-29. https://doi.org/10.1007/s13132-024-02168-5.

Iftikhar, H., Ullah, A., & Pinglu, C. (2024). From regional integrated development toward sustainable future: evaluating the Belt and Road Initiative’s spillover impact between tourism, Fintech and inclusive green growth. Clean Technologies and Environmental Policy, 1-28. https://doi.org/10.1007/s10098-024-02890-3.

Pata, U. K., Si Mohammed, K., Nassani, A. A., & Ghosh, S. (2024). Discovering the sustainable development role of fintech credit and the pilot low carbon project on greenwashing in China. Environment, Development and Sustainability, 1-20. https://doi.org/10.1007/s10668-024-04919-5.

Thanh Ha, L. (2024). Gauging the dynamic interlinkage level between Fintech and the global blue economy performance. Journal of Economic Studies. https://doi.org/10.1108/JES-10-2023-0613.

Ersin, Ö. Ö., & Bildirici, M. E. (2024). Are cleaner energy and financial technologies needed? Contagion and causality evidence between global fintech markets, energy consumption, and environmental pollution. Clean Technologies and Environmental Policy, 1-15. https://doi.org/10.1007/s10098-024-02845-8.

Rahman, M. S., Moral, I. H., Kaium, M. A., Sarker, G. A., Zahan, I., Hossain, G. M. S., & Khan, M. A. M. (2024). FinTech in sustainable banking: An integrated systematic literature review and future research agenda with a TCCM framework. Green Finance, 6(1), 92-116. https://doi.org/10.3934/GF.2024005.

Ayub, M., Khan, K., Khan, M., & Ismail, M. (2024). Waqf for accelerating socioeconomic development: a proposed model with focus on Pakistan. Qualitative Research in Financial Markets. https://doi.org/10.1108/QRFM-07-2023-0161.

Li, Y., Liu, C. Y. N., Lao, U., & Dang, J. (2024). Navigating the path to environmental sustainability: Exploring the role of fintech, natural resources and green energy in Belt and Road countries. Resources Policy, 88, Article 104485. https://doi.org/10.1016/j.resourpol.2023.104485.

Wang, S., Li, J., & Zhao, E. (2024). Exploring the role of financial technologies and digital trade in shaping trade-adjusted resource consumption in E7 countries. Resources Policy, 88, Article 104495. https://doi.org/10.1016/j.resourpol.2023.104495.

Zeng, L., Wong, W. K., Fu, H., Mahmoud, H. A., Cong, P. T., Thuy, D. T. T., & Bach, P. X. (2024). FinTech and sustainable financing for low carbon energy transitions: A biodiversity and natural resource perspective in BRICS economies. Resources Policy, 88, Article 104486. https://doi.org/10.1016/j.resourpol.2023.104486.

Feng, S., Li, J., Nawi, H. M., Alhamdi, F. M., & Shamansurova, Z. (2024). Assessing the nexus between fintech, natural resources, government effectiveness, and environmental pollution in China: A QARDL study. Resources Policy, 88, Article 104433. https://doi.org/10.1016/j.resourpol.2023.104433.

Murshed, M. (2024). The role of Fintech financing in correcting ecological problems caused by mineral resources: testing the novel ecological deficit hypothesis. Resources Policy, 88, Article 104439. https://doi.org/10.1016/j.resourpol.2023.104439.

Jin, G., & Huang, Z. (2024). Resource curse or resource boon? Appraising the mediating role of fin-tech in realising natural resources-green growth nexus in MENA region. Resources Policy, 89, Article 104590. https://doi.org/10.1016/j.resourpol.2023.104590.

Han, Z., & Heng, Y. (2024). Do fintech and trade diversification discard the natural resource dependency in MENA countries? Resources Policy, 89, Article 104496. https://doi.org/10.1016/j.resourpol.2023.104496.

Lv, Z., Chen, L., Ali, S. A., Muda, I., Alromaihi, A., & Boltayev, J. Y. (2024). Financial technologies, green technologies and natural resource nexus with sustainable development goals: Evidence from resource abundant economies using MMQR estimation. Resources Policy, 89, Article 104649. https://doi.org/10.1016/j.resourpol.2024.104649.

Xia, A., & Liu, Q. (2024). Modelling the asymmetric impact of fintech, natural resources, and environmental regulations on ecological footprint in G7 countries. Resources Policy, 89, Article 104552. https://doi.org/10.1016/j.resourpol.2023.104552.

Yaqoob, T., & Maqsood, A. (2024). The potency of time series outliers in volatile models: An empirical analysis of fintech, and mineral resources. Resources Policy, 89, Article 104666. https://doi.org/10.1016/j.resourpol.2024.104666.

Jian, P., & Zhengjie, S. (2024). Navigating the green future: Unravelling the role of fintech, decentralisation, natural resources, and monetary policy uncertainty in China. Resources Policy, 89, Article 104573. https://doi.org/10.1016/j.resourpol.2023.104573.

Zhang, Y., & Cui, X. (2024). Fintech, business regulations, and urbanisation: Shaping the landscape of natural resource rent in G10 countries. Resources Policy, 89, Article 104551. https://doi.org/10.1016/j.resourpol.2023.104551.

Sachs, J. D., Lafortune, G., Fuller, G., & Drumm, E. (2023). Sustainable development report 2023: implementing the SDG stimulus. https://doi.org/10.25546/102924.

Folke, C., Biggs, R., Norström, A. V., Reyers, B., & Rockström, J. (2016). Social-ecological resilience and biosphere-based sustainability science. Ecology and Society, 21(3), Article 41. http://dx.doi.org/10.5751/ES-08748-210341.

Schoenmaker, D., & Schramade, W. (2018). Principles of sustainable finance. Oxford University Press.

VOSviewer (Version 1.6.20). (n.d.). https://www.vosviewer.com.

Lisha, L., Mousa, S., Arnone, G., Muda, I., Huerta-Soto, R., & Shiming, Z. (2023). Natural resources, green innovation, fintech, and sustainability: A fresh insight from BRICS. Resources Policy, 80, Article 103119. https://doi.org/10.1016/j.resourpol.2022.103119.

Zhang, Y. (2023). Impact of green finance and environmental protection on green economic recovery in South Asian economies: mediating role of FinTech. Economic Change and Restructuring, 56(3), 2069-2086. https://doi.org/10.1007/s10644-023-09500-0.

Chen, X., & Liu, Z. (2024). Fintech and sustainable resources management: Role of trade openness and globalisation in BRICS countries. Resources Policy, 90, Article 104700. https://doi.org/10.1016/j.resourpol.2024.104700.

Lin, H. H., Hsu, C. C., Wu, P. H., Shen, C. C., & Chen, G. H. (2024). Demystifying the interconnections among natural resources, fintech, green technologies, and sustainable environment in E-7 nations. Resources Policy, 90, Article 104698. https://doi.org/10.1016/j.resourpol.2024.104698.

Ren, Y. (2024). Unlocking the green potential through Fintech-natural resources, and economic development in resource-rich countries-An MMQR study. Resources Policy, 90, Article 104694. https://doi.org/10.1016/j.resourpol.2024.104694.

Kong, X., & Xu, T. How Fintech Affects Total Factor Energy Efficiency? – Evidence from Chinese Cities. Frontiers in Energy Research, 11, 1296820. https://doi.org/10.3389/fenrg.2023.1296820.

Taghizadeh-Hesary, F., Dong, K., Zhao, C., & Phoumin, H. (2023). Can financial and economic means accelerate renewable energy growth in the climate change era? The case of China. Economic Analysis and Policy, 78, 730-743. https://doi.org/10.1016/j.eap.2023.04.013.

Ullah, A., Ullah, S., Pinglu, C., & Khan, S. (2023). Impact of FinTech, governance and environmental taxes on energy transition: Pre-post COVID-19 analysis of Belt and Road initiative countries. Resources Policy, 85, Article 103734. https://doi.org/10.1016/j.resourpol.2023.103734.

Kashif, M., Pinglu, C., Ullah, S., & Zaman, M. (2023). Evaluating the influence of financial technology (FinTech) on sustainable finance: a comprehensive global analysis. Financial Markets and Portfolio Management, 38, 123–155. https://doi.org/10.1007/s11408-023-00439-w.

Machado, J. A., & Silva, J. S. (2019). Quantiles via moments. Journal of Econometrics, 213(1), 145-173. https://doi.org/10.1016/j.jeconom.2019.04.009.