THE ROLE OF FINTECH IN PROMOTING SUSTAINABILITY:A STRUCTURED LITERATURE REVIEW OF ENVIRONMENTAL AND SOCIAL IMPACT APPLICATIONS

Abstract

This paper provides of a systematic literature review based on the contribution of Fintech to environmental and social sustainability with a special concern on its contribution to the Sustainable Development Goals (SDGs). Fine technology, such as blockchain, artificial intelligence (AI), big data, and mobile payment, provides solutions to the complex environmental and social situations facing the world currently, with the capability of leading sustainable ways of doing business in different sectors. The review looks at how Fintech is enabling green finance, investor impact, financial access, and climate risk management supporting SDGs including SDG 13 (Climate Action), SDG 12 (Responsible Consumption), and SDG 10 (Reduced Inequalities). The development of Fintech in green financing which is a green bond and green crowdfunding democratize access to green investment opportunities, and AI and big data enhance risk analysis and resource exploitation in the context of climate. In addition, thanks to the introduction of Fintech, financial inclusion improved tremendously, and underserved populations can gain access to the most basic financial services and enter the global economy. Moreover, with all the potential of Fintech available, multiple obstacles should overcome to enjoy the advantages of the mentioned form of innovation in terms of sustainability. This paper is concluded with a list of the future research and policy change recommendations that would help address these barriers and further take advantage of Fintech in delivering the SDGs and a more sustainable and inclusive world.