Financial Technology and Innovation Sustainable Development

A special issue of FinTech (ISSN 2674-1032).

Deadline for manuscript submissions: 31 August 2024 | Viewed by 19970

Special Issue Editors


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Guest Editor
Center for Financial and Monetary Research “Victor Slăvescu”, and CE-MONT, Romanian Academy, 050711 Bucharest, Romania
Interests: finance; financial analysis; financial technology (FinTech), innovation sustainable development; banking; financial management EU studies; economy; sustainable development; new technology; collaborative economy and time banks; academic development; sustainable development education
Special Issues, Collections and Topics in MDPI journals

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Guest Editor
Institute of Mathematical Sciences, Faculty of Science, Universiti Malaya, Kuala Lumpur 50603, Malaysia
Interests: mathematics; electrical engineering; computer engineering; antennas and wave propagation; modern electronics; data analysis; design project; sustainable development; new technology
Special Issues, Collections and Topics in MDPI journals

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Guest Editor
Department of Economics, Epoka University, Tirana 1032, Albania
Interests: growth economics; economic theory; economic development; poverty analysis; economic analysis; economics of education; foreign direct investment; income inequality; sustainable development strategies; economic growth; regional economics; quality evaluation; higher education quality; economic policy analysis; economics analysis; applied macroeconomics; academic development; sustainable development education
Special Issues, Collections and Topics in MDPI journals

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Guest Editor
Romanian-American University, 012101 Bucharest, Romania
Interests: economic theory; economic development; economic analysis; economics of education; sustainable development strategies; regional economics; higher education quality; economic policy analysis; economics analysis; academic development; sustainable development education

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Guest Editor
Management Science Unit, Faculty of Applied Sciences, University of Sri Jayewardenepura, Nugegoda 10250, Sri Lanka
Interests: human resource management; organizational commitment; leadership; organizational behavior; organizational development; training and development; management; leadership development; strategic human resource management; personnel management; recruitment; performance management; employee retention; research methods

Special Issue Information

Dear Colleagues,

The future of finance is digital: consumers and businesses are increasingly turning to digital financial services, innovative market participants are implementing new technologies, and existing business models are changing.

The links between finance and technology have been known since the appearance of the telegraph and its use in the transmission of data and financial information (1938), which coincides with the Fintech 1.0 period. Technological developments experienced explosive dynamic growth, especially in the period from 2014 to 2016, with the development of blockchain technology. Now, we are currently in the Fintech 5.0 era, in which the main challenge is not only "sustainable technology for preserving anonymity", but is a result of the digital applications used in the financial industry both for development and for limiting the risks in the virtual space, avoiding as much as possible "bank bankruptcies virtual".

This phenomenon in the field of open digital financial technologies will most likely be marked by the robotization of services through applications developed through artificial intelligence, and which we believe will change not only financial products and services, but will certainly help reinvent and revolutionize the architecture of the financial market.

In this scenario, finance and financial technology experts are called to play an important role in creating the entrepreneurial mindset by developing and delivering programs dedicated to financial innovation at all levels in the fields of education and applicability. Entrepreneurship education in FinTech, as well as the development of entrepreneurial programs in financial technology applications, has become a key tool for improving entrepreneurial orientation in FinTech. Despite considerable interest, there are many issues to discuss and analyze in relation to the role of experts in the development of digital finance. More specifically, there are questions regarding how the university, business environment and financial institutions contribute through education and innovation; how to design and implement entrepreneurial financial education in the practice of innovative financial technologies; how to measure the impact of open finance, entrepreneurial finance and digital finance; what activities to promote; what approaches can better stimulate mindsets in finance in the current context; what differences there are between countries, etc. Accordingly, this Special Issue aims to collect contributions that provide an improved understanding of the role of open finance, entrepreneurial finance and digital finance, as well as the use of digital financial technologies in the development of an entrepreneurial mindset and how this mindset is understood, promoted and developed in the context of sustainable development at the level of the fields of activity and sustainable societal development.

Within this scope, theoretical and empirical research is welcome that is related to the themes listed below:

  • Business innovation, collaborative economy, circular economy and sustainable development;
  • European and global agreements and partnerships and their impact on sustainability;
  • The metaverse, machine learning, continuous learning and digital platforms;
  • The social and ethical implications of digitization;
  • Sustainability in global strategic economic fields with a local impact;
  • Innovative financial applications, open banking, InsurTech and FinTech;
  • Artificial intelligence and sustainable development;
  • Human resources and jobs of the future.

Authors may submit original research papers; reports of research projects, methods, reviews, hypotheses and theory briefs; and data reports.

Dr. Otilia Manta
Dr. Mohammed K. A. Kaabar
Dr. Eglantina Hysa
Dr. Ovidiu Folcuţ
Dr. Anuradha Iddagoda
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. FinTech is an international peer-reviewed open access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1000 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • digital finance
  • financial instruments
  • international agreements
  • sustainability
  • partnerships
  • prosperity
  • innovative
  • finance
  • artificial intelligence
  • societal development

Published Papers (9 papers)

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Research

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16 pages, 555 KiB  
Article
The Role of Financial Sanctions and Financial Development Factors on Central Bank Digital Currency Implementation
by Medina Ayta Mohammed, Carmen De-Pablos-Heredero and José Luis Montes Botella
FinTech 2024, 3(1), 135-150; https://doi.org/10.3390/fintech3010009 - 15 Feb 2024
Cited by 1 | Viewed by 947
Abstract
This study investigates the influence of a country’s financial access and stability and the adoption of retail central bank digital currencies (CBDCs) across 71 countries. Using an ordinal logit model, we examine how individual financial access, the ownership of credit cards, financing accessibility [...] Read more.
This study investigates the influence of a country’s financial access and stability and the adoption of retail central bank digital currencies (CBDCs) across 71 countries. Using an ordinal logit model, we examine how individual financial access, the ownership of credit cards, financing accessibility by firms, offshore loans, financial sanctions, and the ownership structure of financial institutions influence the probability of CBDC adoption in nations. These findings reveal that nations facing financial sanctions and those with substantial offshore bank loans are more inclined to adopt CBDCs. Furthermore, a significant relationship is observed in countries where many people have restricted financial access, indicating heightened interest in CBDC adoption. Interestingly, no statistically significant relationship was found between the adoption of CBDCs and the percentage of foreign-owned banks in each country. The results show that countries with low financial stability and financial access adopt CBDCs faster. This study expands our knowledge of how a nation’s financial situation influences its adoption of CBDCs. The results provide important and relevant insights into the current discussion of the direction of global finance. Full article
(This article belongs to the Special Issue Financial Technology and Innovation Sustainable Development)
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42 pages, 3413 KiB  
Article
The Study of the Relationship among GCI, GII, Disruptive Technology, and Social Innovations in MNCs: How Do We Evaluate Financial Innovations Made by Firms? A Preliminary Inquiry
by Aurel Burciu, Rozalia Kicsi, Simona Buta, Mihaela State, Iulia Burlac, Denisa Alexandra Chifan and Beatrice Ipsalat
FinTech 2023, 2(3), 572-613; https://doi.org/10.3390/fintech2030033 - 28 Aug 2023
Cited by 1 | Viewed by 1699
Abstract
This study aims to assess and identify the role of disruptive/digital technologies in financial innovation strategies as part of social innovations at both the firm and country level. The analysis proposed by the present study brings useful theoretical/pragmatic insights on the application of [...] Read more.
This study aims to assess and identify the role of disruptive/digital technologies in financial innovation strategies as part of social innovations at both the firm and country level. The analysis proposed by the present study brings useful theoretical/pragmatic insights on the application of financial technologies in the context of the “fintech” revolution, as a disruptive innovation. There are few studies of this type that “cross-examine” technical/social innovative capacity at the firm level vs. the same innovative capacity at the level of the world’s major countries. Our proposed study brings some novel elements to the literature on this topic. First, the study synthesizes the factors/variables explaining technical/social innovative capacity as ranked by the GCI (Global Competitiveness Index) and GII (Global Innovation Index) at the country level and then correlates informal/empirical variables with the factors explaining innovative capacity for the 50 companies in the BCG (Boston Consulting Group) ranking. Second, the study identifies three “driving forces” (digital technologies, managers, and the market) as the main variables determining financial innovativeness (fintech revolution) at the firm level. Third, based on the “over-cross assessment” (non- statistical) of the information/data provided by the BCG study vs. the GII and GCI studies, the study suggests some ways to delineate and quantify financial innovation as part of social innovation (e.g., it is argued that up to 80% of the social innovation achieved annually by a firm relates to the financial relationships engaged by the firm with various categories of stakeholders). Finally, the study is also important from a pragmatic point of view as it suggests/proposes a number of principles that can be considered by managers for building a KM (knowledge management) and continuous financial innovation strategy. From a theoretical perspective, the study provides a starting point for further research aimed at explaining firm-level financial innovation (fintech as a disruptor) through the massive use of disruptive technologies. Full article
(This article belongs to the Special Issue Financial Technology and Innovation Sustainable Development)
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17 pages, 2319 KiB  
Article
Quantifying the Economic and Financial Viability of NB-IoT and LoRaWAN Technologies: A Comprehensive Life Cycle Cost Analysis Using Pragmatic Computational Tools
by Bernhard Koelmel, Max Borsch, Rebecca Bulander, Lukas Waidelich, Tanja Brugger, Ansgar Kuehn, Matthias Weyer, Luc Schmerber and Michael Krutwig
FinTech 2023, 2(3), 510-526; https://doi.org/10.3390/fintech2030029 - 20 Jul 2023
Viewed by 1281
Abstract
This paper focuses on quantifying the economic and financial viability of NB-IoT and LoRaWAN technologies, two low-power wide-area network (LPWAN) technologies with unique characteristics that make them suitable for IoT applications. The purpose of this study is to propose a “pragmatic” artifact for [...] Read more.
This paper focuses on quantifying the economic and financial viability of NB-IoT and LoRaWAN technologies, two low-power wide-area network (LPWAN) technologies with unique characteristics that make them suitable for IoT applications. The purpose of this study is to propose a “pragmatic” artifact for performing life cycle cost analysis and demonstrate its application to these technologies. The methodology uses pragmatic computational tools to facilitate the analysis and considers all relevant economic and financial factors, such as operating costs, equipment costs, and revenue potential. The main finding of this study is that Narrow Band-Internet of Things (NB-IoT) and Long Range Wide Area Network (LoRaWAN) technologies have different cost structures and revenue potentials, which may affect their economic and financial viability for different IoT applications. Ultimately, the study concludes that a comprehensive life cycle cost analysis is critical to making informed decisions about technology adoption, and that the proposed methodology can be applied to other IoT technologies to gain insight into their economic and financial viability. Full article
(This article belongs to the Special Issue Financial Technology and Innovation Sustainable Development)
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9 pages, 1832 KiB  
Article
Digital Economy under Fintech Scope: Evidence from African Investment
by Sonia Kherbachi
FinTech 2023, 2(3), 475-483; https://doi.org/10.3390/fintech2030027 - 14 Jul 2023
Viewed by 960
Abstract
The digital economy has revolutionized industries worldwide, prompting companies to invest in digital technologies to enhance productivity and profitability. However, the successful implementation of these technologies hinges on employees’ perceptions and satisfaction with the digital infrastructure. This paper aims to explore the impact [...] Read more.
The digital economy has revolutionized industries worldwide, prompting companies to invest in digital technologies to enhance productivity and profitability. However, the successful implementation of these technologies hinges on employees’ perceptions and satisfaction with the digital infrastructure. This paper aims to explore the impact of digital technology satisfaction on overall job satisfaction within the fintech domain. Drawing from the User-Task-Technology fit framework, it investigates the interplay between digital technology satisfaction, job satisfaction, and work-life balance. By aligning technology with task requirements and individual user needs, organizations can foster a positive work environment and improve firm performance. The study employs Principal Component Analysis (PCA) to identify key requirements for the digital economy in a digital environment. Furthermore, it addresses two research questions related to the selection of variables representing sustainability dimensions and evaluating dependency in digital economy projects under a fintech scope. The findings highlight the importance of digital technology satisfaction in driving employee job satisfaction and overall work experience. Ultimately, this research contributes to a deeper understanding of the factors influencing the digital economy and offers insights for managers and organizations seeking to optimize their digital transformation strategies. The study concludes by exploring the digital economy in the context of healthcare services in Africa, specifically focusing on the initiatives led by the World Bank. Full article
(This article belongs to the Special Issue Financial Technology and Innovation Sustainable Development)
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16 pages, 6597 KiB  
Article
Unlocking the Potential of Blockchain Technology in the Textile and Fashion Industry
by Sunhilde Cuc
FinTech 2023, 2(2), 311-326; https://doi.org/10.3390/fintech2020018 - 24 May 2023
Viewed by 3867
Abstract
The textile and fashion industry is on the brink of a major disruption, and blockchain technology (BT) presents a promising solution that could transform the industry by facilitating supply chain transparency, traceability, and sustainability. This article explores the potential of BT in the [...] Read more.
The textile and fashion industry is on the brink of a major disruption, and blockchain technology (BT) presents a promising solution that could transform the industry by facilitating supply chain transparency, traceability, and sustainability. This article explores the potential of BT in the textile and fashion industry, with a focus on its current applications and potential impact. Using case studies and analyzing all announced blockchain projects from January 2017 to January 2023, we examine the diversity of blockchain applications across different aspects of the textile and fashion industry, including smart contracts and payment processing, supply chain tracking, sustainability applications, and customer engagement. The findings suggest an increasing number of companies are adopting BT, and that BT has the potential to revolutionize the T and F industry by creating a more transparent and efficient supply chain, reducing fraud and counterfeiting, and increasing customer confidence in products. We also identified the challenges and difficulties that may arise during the implementation of BT. This article contributes to the literature on BT in the textile and fashion industry, providing critical insights into its potential impact. Full article
(This article belongs to the Special Issue Financial Technology and Innovation Sustainable Development)
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17 pages, 2892 KiB  
Article
Impact of the COVID-19 Pandemic on Cryptocurrency Markets: A DCCA Analysis
by Dora Almeida, Andreia Dionísio, Paulo Ferreira and Isabel Vieira
FinTech 2023, 2(2), 294-310; https://doi.org/10.3390/fintech2020017 - 24 May 2023
Cited by 2 | Viewed by 1409
Abstract
Extraordinary events, regardless of their financial or non-financial nature, are a great challenge for financial stability. This study examines the impact of one such occurrence—the COVID-19 pandemic—on cryptocurrency markets. A detrended cross-correlation analysis was performed to evaluate how the links between 16 cryptocurrencies [...] Read more.
Extraordinary events, regardless of their financial or non-financial nature, are a great challenge for financial stability. This study examines the impact of one such occurrence—the COVID-19 pandemic—on cryptocurrency markets. A detrended cross-correlation analysis was performed to evaluate how the links between 16 cryptocurrencies were changed by this event. Cross-correlation coefficients that were calculated before and after the onset of the pandemic were compared, and the statistical significance of their variation was assessed. The analysis results show that the markets of the assessed cryptocurrencies became more integrated. There is also evidence to suggest that the pandemic crisis promoted contagion, mainly across short timescales (with a few exceptions of non-contagion across long timescales). We conclude that, in spite of the distinct characteristics of cryptocurrencies, those in our sample offered no protection against the financial turbulence provoked by the COVID-19 pandemic, and thus, our study provided yet another example of ‘correlations breakdown’ in times of crisis. Full article
(This article belongs to the Special Issue Financial Technology and Innovation Sustainable Development)
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Review

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16 pages, 1570 KiB  
Review
A Bibliometric Analysis of Financial Technology: Unveiling the Research Landscape
by Hiranya Dissanayake, Catalin Popescu and Anuradha Iddagoda
FinTech 2023, 2(3), 527-542; https://doi.org/10.3390/fintech2030030 - 06 Aug 2023
Cited by 1 | Viewed by 2357
Abstract
This study presents a comprehensive bibliometric analysis of research on financial technology (FinTech) as a methodology. The aim is to unveil the research landscape, trends, and influential factors within this rapidly evolving field. By examining publication records, citation patterns, and thematic maps, valuable [...] Read more.
This study presents a comprehensive bibliometric analysis of research on financial technology (FinTech) as a methodology. The aim is to unveil the research landscape, trends, and influential factors within this rapidly evolving field. By examining publication records, citation patterns, and thematic maps, valuable insights into the intellectual structure and impact of FinTech research are provided. The analysis highlights the increasing research output and global interest in FinTech, identifies key contributors and knowledge hubs driving the field, and uncovers emerging research themes such as blockchain technology, digital payments, robo-advisors, peer-to-peer lending, and regulatory frameworks. This analysis serves as a roadmap for researchers, industry professionals, and policymakers, offering guidance for navigating the vast body of FinTech research, identifying research gaps, and fostering collaborations to drive innovation in the financial industry. Overall, this bibliometric analysis contributes to a better understanding of the current state of FinTech research and provides valuable insights for future research endeavors and decision-making in the field. Full article
(This article belongs to the Special Issue Financial Technology and Innovation Sustainable Development)
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27 pages, 5760 KiB  
Review
Recent Trends in Accounting and Information System Research: A Literature Review Using Textual Analysis Tools
by Fábio Albuquerque and Paula Gomes Dos Santos
FinTech 2023, 2(2), 248-274; https://doi.org/10.3390/fintech2020015 - 12 Apr 2023
Viewed by 4432
Abstract
Accounting has been evolving to follow the latest economic, political, social, and technological developments. Therefore, there is a need for researchers to also include in their research agenda the emerging topics in the accounting area. This exploratory paper selects technological matters in accounting [...] Read more.
Accounting has been evolving to follow the latest economic, political, social, and technological developments. Therefore, there is a need for researchers to also include in their research agenda the emerging topics in the accounting area. This exploratory paper selects technological matters in accounting as its research object, proposing a literature review that uses archival research as a method and content analysis as a technique. Using different tools for the assessment of qualitative data, this content analysis provides a summary of those papers, such as their main topics, most frequent words, and cluster analysis. A top journal was used as the source of information, namely The International Journal of Accounting Information Systems, given its scope, which links accounting and technological matters. Data from 2000 to 2022 was selected to provide an evolutive analysis since the beginning of this century, with a particular focus on the latest period. The findings indicate that the recent discussions and trending topics in accounting, including matters such as international regulation, the sustainable perspective in accounting, as well as new methods, channels, and processes for improving the entities’ auditing and reporting, have increased their relevance and influence, enriching the debate and future perspectives in combination with the use of new technologies. Therefore, this seems to be a path to follow as an avenue for future research. Notwithstanding, emerging technologies as a research topic seem to be slower or less evident than their apparent development in the accounting area. The findings from this paper are limited to a single journal and, therefore, this limitation must be considered in the context of those conclusions. Notwithstanding, its proposed analysis may contribute to the profession, academia, and the scientific community overall, enabling the identification of the state of the art of literature in the technological area of accounting. Full article
(This article belongs to the Special Issue Financial Technology and Innovation Sustainable Development)
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Other

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19 pages, 274 KiB  
Essay
Enterprise Financialization and Technological Innovation: An Empirical Study Based on A-Share Listed Companies Quoted on Shanghai and Shenzhen Stock Exchange
by Tao Zhu and Xinyu Sun
FinTech 2023, 2(2), 275-293; https://doi.org/10.3390/fintech2020016 - 23 Apr 2023
Cited by 2 | Viewed by 1684
Abstract
In recent years, the growth rate of China’s real industry has slowed down while the financial industry has entered a phase of rapid development. Driven by the profit-seeking motive of capital, real enterprises tend to carry out financial investments, and the degree of [...] Read more.
In recent years, the growth rate of China’s real industry has slowed down while the financial industry has entered a phase of rapid development. Driven by the profit-seeking motive of capital, real enterprises tend to carry out financial investments, and the degree of corporate financialization has been rising. This paper selects A-share listed enterprises in Shanghai and Shenzhen from 2009 to 2020 as research samples to study the impact of corporate financialization on technological innovation and the mediating effect of financing constraints from the perspective of financial asset holding. The study found that the financialization of enterprises’ crowding out effect on technological innovation has led to the phenomenon of “turning from real to virtual”. We also found that the crowding-out effect had experienced lag. This conclusion still held when we controlled for endogeneity. The heterogeneity analysis showed that the financialization of non-state-owned enterprises had an excessive inhibitory effect on technological innovation, and the financialization of enterprises in eastern China has had a remarkable inhibitory effect on technological innovation. The influence mechanism analysis showed how financing constraints played a crucial mediating role in corporate financialization inhibiting technological innovation, and corporate financialization has inhibited technological innovation by exacerbating financing constraints. Based on this research, we propose targeted suggestions to prevent the excessive financialization of enterprises on both government and enterprise levels. Full article
(This article belongs to the Special Issue Financial Technology and Innovation Sustainable Development)
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