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Financial Technology (Fintech) and Sustainable Financing, 3rd Edition
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Financial Technology (Fintech) and Sustainable Financing, 3rd Edition

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Financial Technology and Innovation".

Deadline for manuscript submissions: 31 July 2025 | Viewed by 31379

Special Issue Editor

Dr. Sisira Colombage

E-Mail Website
Guest Editor
Discipline–Accounting & Finance, Economics and Law, Federation University, Berwick, VIC 3806, Australia
Interests: green infrastructure; finance
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

The recent advancement of blockchain technology and digital innovations has become a driving force for the transformation and development of the global financial system. In a relatively short period, the emergence of a new generation of financial technology (Fintech) has greatly impacted financial markets, investments and asset management, while changing traditional practices and the future of finance. The use of financial technology has especially been pivotal during the current COVID-19 pandemic in unlocking new sources of financing, as well as developing a platform for business organizations to interact with stakeholders and other businesses.

This Special Issue invites researchers to present their creative thoughts and outstanding works on blockchain technology, digital currencies, cryptocurrency markets, innovative investment portfolios and sustainability-driven financing. The Special Issue will mainly focus on theoretical analyses and empirical explorations of the synergy between finance and technology. Topics of interest include, but are not limited to:

  • The use of artificial intelligence in robo-advising and the development of stock trading apps;
  • The impact of Fintech on the finance profession;
  • Cryptocurrency as an alternative investment;
  • Digital payment systems and buy now, pay later services;
  • Crowdfunding platforms;
  • Peer-to-peer lending;
  • Digital banking and the future of banking systems;
  • Mobile payment technology;
  • The use of blockchain technology in building financial market infrastructure;
  • Green finance and sustainable development;
  • Green banking and products;
  • Green investing.

Dr. Sisira Colombage
Guest Editor

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. Journal of Risk and Financial Management is an international peer-reviewed open access monthly 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 1400 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

  • blockchain
  • cryptocurrencies
  • digital payment
  • investment management
  • fintech research
  • crowdfunding
  • regtech
  • insurtech
  • virtual banking
  • bnpl systems
  • cryptomarket
  • financial stability
  • sustainable funds
  • green bonds
  • impact investing
  • green banking

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Further information on MDPI's Special Issue policies can be found here.

Published Papers (9 papers)

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Research

23 pages, 651 KiB  
Article
Drivers and Barriers of Mobile Payment Adoption Among MSMEs: Insights from Indonesia
by Aloysius Bagas Pradipta Irianto and Pisit Chanvarasuth
J. Risk Financial Manag. 2025, 18(5), 251; https://doi.org/10.3390/jrfm18050251 - 6 May 2025
Viewed by 394
Abstract
Mobile payment systems have rapidly expanded globally, especially in developing countries like Thailand, Malaysia, and Indonesia. Technological advances, public acceptance, and increased adoption during the COVID-19 pandemic drive this growth. Mobile payments involve key stakeholders: technology providers, end-users, government regulators, and merchants, each [...] Read more.
Mobile payment systems have rapidly expanded globally, especially in developing countries like Thailand, Malaysia, and Indonesia. Technological advances, public acceptance, and increased adoption during the COVID-19 pandemic drive this growth. Mobile payments involve key stakeholders: technology providers, end-users, government regulators, and merchants, each contributing to the adoption ecosystem. Users prefer mobile payments for their speed and convenience over traditional cash transactions. This study explores the driver and barrier factors influencing mobile payment QR adoption among merchants, particularly from the MSME perspective, using existing frameworks based on previous research adapted to MSME conditions. Conducted in Indonesia with 418 MSME business respondents, this study employs a quantitative, cross-sectional methodology with a 95% confidence level and an SEM analysis. The findings reveal that perceived ease of use does not significantly impact perceived experience, while perceived usefulness does. Perceived risk, convenience, experience, and word-of-mouth learning statistically significantly influence merchants’ intention to use mobile payments. However, customer engagement, cost, trust, and complexity appear less influential. Overall, this research advances understanding of the key factors affecting merchants’ adoption of mobile payment and provides insights relevant to MSME economic growth. Full article
(This article belongs to the Special Issue Financial Technology (Fintech) and Sustainable Financing, 3rd Edition)
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21 pages, 747 KiB  
Article
Exploring Antecedents of Rural Users’ Continuance of Use Intention Toward Mobile Financial Services in Bangladesh: Deployment of Expectation Confirmation Model
by Md. Benzeer Rizvee, Md. Nur Alam Siddik and Sajal Kabiraj
J. Risk Financial Manag. 2025, 18(5), 236; https://doi.org/10.3390/jrfm18050236 - 27 Apr 2025
Viewed by 1233
Abstract
Numerous studies have focused on the phases of technology adoption or acceptance, while little consideration has been given to rural users’ intentions to continue using the technology. Emphasizing this reality, the study has investigated the antecedents that exert ascendancy on rural communities’ inclination [...] Read more.
Numerous studies have focused on the phases of technology adoption or acceptance, while little consideration has been given to rural users’ intentions to continue using the technology. Emphasizing this reality, the study has investigated the antecedents that exert ascendancy on rural communities’ inclination to continue using mobile financial services. This paper conceived the theoretical model based on the expectation confirmation model. Participants in this study were 400 Bangladeshi rural users who were continuously using mobile financial services. For the sake of data analysis, utilizing a structural equation modeling approach, R version 4.4.1 software was deployed. The robust findings show that users’ satisfaction with mobile financial services was significantly influenced by perceived value, perceived risk, perceived cost, government support, and perceived trust. Furthermore, satisfaction demonstrated a substantial and positive influence on the continuance of use intention. Theoretically, the study expands on ECM by adapting the concept to the technological and socioeconomic realities of rural Bangladeshi users, developing digital financial inclusion by investigating the crucial antecedents of satisfaction toward continuance of use intention through evaluation. Practically, service providers may yield strategies to increase the users’ satisfaction, which will escalate continuous use intention. Full article
(This article belongs to the Special Issue Financial Technology (Fintech) and Sustainable Financing, 3rd Edition)
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21 pages, 1145 KiB  
Article
The Role of Project Description in the Success of Sustainable Crowdfunding Projects
by Li-Yun Yin, Fleur C. Khalil, Lionel J. Khalil and Jeanne A. Kaspard
J. Risk Financial Manag. 2025, 18(4), 200; https://doi.org/10.3390/jrfm18040200 - 7 Apr 2025
Viewed by 453
Abstract
Crowdfunding nowadays has become a significant source of financing for all those entrepreneurs who require funds to start their operations, specifically for social ventures. Furthermore, determining what factors decide whether a project will successfully raise funds is a very relevant question. Past literature [...] Read more.
Crowdfunding nowadays has become a significant source of financing for all those entrepreneurs who require funds to start their operations, specifically for social ventures. Furthermore, determining what factors decide whether a project will successfully raise funds is a very relevant question. Past literature has examined various factors that influence fundraising success. Of these factors, information efficiency is the determinant of successful fundraising due to precise project descriptions and effective message delivery. Despite this fact, few studies have investigated how such project descriptions affect the success of crowdfunding campaigns, specifically sustainable projects. The present study tries to fill this gap by examining the relation between the length and readability of the crowdfunding project descriptions and the success rate for sustainable projects in a reward-based model. For the analysis, data were obtained from Kickstarter, the largest crowdfunding platform in the world, with a sample of 12,613 projects, employing a multiple logistic regression model. The results show that the word count and readability of the project descriptions are positively related to crowdfunding success. Furthermore, the analysis shows that using more words related to SDG keywords results in positive fundraising. Such insights reflect that good project descriptions are important for crowdfunding success and, on the theoretical level, provide practical value for project owners. Full article
(This article belongs to the Special Issue Financial Technology (Fintech) and Sustainable Financing, 3rd Edition)
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28 pages, 3508 KiB  
Article
Exploring the Asymmetric Multifractal Dynamics of DeFi Markets
by Soufiane Benbachir, Karim Amzile and Mohamed Beraich
J. Risk Financial Manag. 2025, 18(3), 122; https://doi.org/10.3390/jrfm18030122 - 26 Feb 2025
Viewed by 515
Abstract
The rapid growth of decentralized finance (DeFi) has revolutionized the global financial landscape, providing decentralized alternatives to traditional financial services. This study investigates the asymmetric multifractal behavior of nine DeFi markets—AAVE, Pancake Swap (CAKE), Compound (COMP), Curve Finance (CRV), Maker DAO (MKR), Synthetix [...] Read more.
The rapid growth of decentralized finance (DeFi) has revolutionized the global financial landscape, providing decentralized alternatives to traditional financial services. This study investigates the asymmetric multifractal behavior of nine DeFi markets—AAVE, Pancake Swap (CAKE), Compound (COMP), Curve Finance (CRV), Maker DAO (MKR), Synthetix (SNX), Sushi Swap (SUSHI), UniSwap (UNis), and Yearn Finance (YFI)—using Asymmetrical Multifractal Detrended Fluctuation Analysis (A-MFDA). The use of generalized Hurst exponents, Rényi exponents, and singularity spectrum functions revealed that DeFi markets exhibit multifractal behaviors. The analysis uncovered clear differences between uptrend and downtrend fluctuation functions, highlighting asymmetric multifractal behavior. The asymmetry intensity was analyzed through excess differences in uptrend and downtrend generalized Hurst exponents. AAVE, COMP, SNX, UNis, SUSHI, and MKR exhibit negative asymmetry, with stronger correlations during negative trends. CAKE shifts from positive to negative asymmetry, showing sensitivity to both trends. CRV is more volatile in negative trends, while YFI consistently displays positive asymmetry across market fluctuations. The results also reveal that long-term correlations and heavy-tailed distributions contribute to the multifractality of DeFi assets. This study highlights the need for dynamic risk management in DeFi markets, urging investors to adopt adaptive strategies for volatile assets and prepare for sudden price fluctuations to safeguard investments. Full article
(This article belongs to the Special Issue Financial Technology (Fintech) and Sustainable Financing, 3rd Edition)
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21 pages, 3180 KiB  
Article
Trends in the Literature About the Adoption of Digital Banking in Emerging Economies: A Bibliometric Analysis
by Julio César Acosta-Prado, Joan Sebastián Rojas Rincón, Andrés Mauricio Mejía Martínez and Andrés Ricardo Riveros Tarazona
J. Risk Financial Manag. 2024, 17(12), 545; https://doi.org/10.3390/jrfm17120545 - 29 Nov 2024
Cited by 1 | Viewed by 4542
Abstract
This study examines the trends in the literature about adopting digital banking in emerging economies. It is based on the concepts of digital transformation and technological adoption, which significantly impact the development of the banking industry. A quantitative approach was used through a [...] Read more.
This study examines the trends in the literature about adopting digital banking in emerging economies. It is based on the concepts of digital transformation and technological adoption, which significantly impact the development of the banking industry. A quantitative approach was used through a bibliometric analysis using data from Scopus to achieve the objective. The search equation allowed 118 publications to be extracted and analyzed. The results show that digital banking in emerging countries is a growing field of research that has driven the introduction of new information technologies. The perceived usefulness of digital banking is a key factor in promoting its adoption in the market. Attributes such as security and trust were identified as affecting the level of user satisfaction. Most studies are based on technological adoption, where perceived risk, usefulness, and ease of use are key to understanding the intention to use these technologies. Some countries’ concerns about financial inclusion, cyber security, and trust in financial technology are evident. While digital banking has the potential to increase the coverage of financial services, there are concerns about cybersecurity risks and user data protection. Full article
(This article belongs to the Special Issue Financial Technology (Fintech) and Sustainable Financing, 3rd Edition)
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18 pages, 783 KiB  
Article
Determinants of Digital Payment Adoption Among Generation Z: An Empirical Study
by Anas Ali Al-Qudah, Manaf Al-Okaily, Fadi Shehab Shiyyab, Alaa A. D. Taha, Dmaithan A. Almajali, Ra’ed Masa’deh and Lina H. Warrad
J. Risk Financial Manag. 2024, 17(11), 521; https://doi.org/10.3390/jrfm17110521 - 19 Nov 2024
Cited by 3 | Viewed by 11734
Abstract
The main goal of the current paper is to investigate the factors that influence Millennials’ adoption of digital payments among Generation Z by analyzing the potential effects of perceived convenience, perceived cost, perceived security, perceived convenience, innovativeness, and social influence on the adoption [...] Read more.
The main goal of the current paper is to investigate the factors that influence Millennials’ adoption of digital payments among Generation Z by analyzing the potential effects of perceived convenience, perceived cost, perceived security, perceived convenience, innovativeness, and social influence on the adoption of digital payments. A total of 258 individuals in Malaysia were asked to complete a questionnaire to gather statistics. To assess the research model and test the hypotheses, structural equation modeling with partial least squares (SEM-PLS) was utilized. Smart PLS path analysis results revealed that perceived convenience, perceived security, perceived cost social influence, and innovativeness were positively significant determinants of digital payment adoption. This study offers fresh theoretical perspectives for identifying potential adoption barriers that need to be addressed. Concerns about privacy and security, a lack of information or comprehension, and aversion to change are all prevalent challenges among Millennials. Recognizing these limitations allows service providers to incorporate measures such as better security features, educational campaigns, and user-friendly interfaces to alleviate these concerns and boost adoption. Full article
(This article belongs to the Special Issue Financial Technology (Fintech) and Sustainable Financing, 3rd Edition)
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26 pages, 2075 KiB  
Article
Estimation of Optimal Hedge Ratio: A Wild Bootstrap Approach
by Phong Minh Nguyen, Darren Henry, Jae H. Kim and Sisira Colombage
J. Risk Financial Manag. 2024, 17(7), 310; https://doi.org/10.3390/jrfm17070310 - 20 Jul 2024
Viewed by 3495
Abstract
This paper proposes a new approach to estimating the minimum variance hedge ratio (MVHR) based on the wild bootstrap and evaluates the approach using a spectrum of conservative to aggressive alternative hedging strategies associated with the percentiles of the MVHR’s bootstrap distribution. This [...] Read more.
This paper proposes a new approach to estimating the minimum variance hedge ratio (MVHR) based on the wild bootstrap and evaluates the approach using a spectrum of conservative to aggressive alternative hedging strategies associated with the percentiles of the MVHR’s bootstrap distribution. This approach is suggested to be more informative and effective relative to the conventional method of hedging solely based on a single-point estimate. Furthermore, the percentile-based MVHRs are robust to influential outliers, non-normality, and unknown forms of heteroskedasticity. The bootstrap percentile-based hedging strategies’ effectiveness is compared with those from the naïve method and the asymmetric DCC-GARCH model for a range of financial assets and commodities. The bootstrap percentile-based hedging technique is identified to outperform its alternatives in terms of hedging effectiveness, downside risk, and return variability, suggesting its superiority to other methods in both the literature and in practice. Full article
(This article belongs to the Special Issue Financial Technology (Fintech) and Sustainable Financing, 3rd Edition)
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44 pages, 636 KiB  
Article
Adaptive Conformal Inference for Computing Market Risk Measures: An Analysis with Four Thousand Crypto-Assets
by Dean Fantazzini
J. Risk Financial Manag. 2024, 17(6), 248; https://doi.org/10.3390/jrfm17060248 - 13 Jun 2024
Viewed by 6015
Abstract
This paper investigates the estimation of the value at risk (VaR) across various probability levels for the log-returns of a comprehensive dataset comprising four thousand crypto-assets. Employing four recently introduced adaptive conformal inference (ACI) algorithms, we aim to provide robust uncertainty estimates crucial [...] Read more.
This paper investigates the estimation of the value at risk (VaR) across various probability levels for the log-returns of a comprehensive dataset comprising four thousand crypto-assets. Employing four recently introduced adaptive conformal inference (ACI) algorithms, we aim to provide robust uncertainty estimates crucial for effective risk management in financial markets. We contrast the performance of these ACI algorithms with that of traditional benchmark models, including GARCH models and daily range models. Despite the substantial volatility observed in the majority of crypto-assets, our findings indicate that ACI algorithms exhibit notable efficacy. In contrast, daily range models, and to a lesser extent, GARCH models, encounter challenges related to numerical convergence issues and structural breaks. Among the ACI algorithms, Fully Adaptive Conformal Inference (FACI) and Scale-Free Online Gradient Descent (SF-OGD) stand out for their ability to provide precise VaR estimates across all quantiles examined. Conversely, Aggregated Adaptive Conformal Inference (AgACI) and Strongly Adaptive Online Conformal Prediction (SAOCP) demonstrate proficiency in estimating VaR for extreme quantiles but tend to be overly conservative for higher probability levels. These conclusions withstand robustness checks encompassing the market capitalization of crypto-assets, time-series size, and different forecasting methods for asset log-returns. This study underscores the promise of ACI algorithms in enhancing risk assessment practices in the context of volatile and dynamic crypto-asset markets. Full article
(This article belongs to the Special Issue Financial Technology (Fintech) and Sustainable Financing, 3rd Edition)
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23 pages, 1158 KiB  
Article
DAO Dynamics: Treasury and Market Cap Interaction
by Ioannis Karakostas and Konstantinos Pantelidis
J. Risk Financial Manag. 2024, 17(5), 179; https://doi.org/10.3390/jrfm17050179 - 25 Apr 2024
Viewed by 1800
Abstract
This study examines the dynamics between treasury and market capitalization in two Decentralized Autonomous Organization (DAO) projects: OlympusDAO and KlimaDAO. This research examines the relationship between market capitalization and treasuries in these projects using vector autoregression (VAR), Granger causality, and Vector Error Correction [...] Read more.
This study examines the dynamics between treasury and market capitalization in two Decentralized Autonomous Organization (DAO) projects: OlympusDAO and KlimaDAO. This research examines the relationship between market capitalization and treasuries in these projects using vector autoregression (VAR), Granger causality, and Vector Error Correction models (VECM), incorporating an exogenous variable to account for the comovement of decentralized finance assets. Additionally, a Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model is employed to assess the impact of carbon offset tokens on KlimaDAO’s market capitalization returns’ conditional variance. The findings suggest a connection between market capitalization and treasuries in the analyzed projects, underscoring the importance of the treasury and carbon offset tokens in impacting a DAO’s market capitalization and variance. Additionally, the results suggest significant implications for predictive modeling, highlighting the distinct behaviors observed in OlympusDAO and KlimaDAO. Investors and policymakers can leverage these results to refine investment strategies and adjust treasury allocation strategies to align with market trends. Furthermore, this study addresses the importance of responsible investing, advocating for including sustainable investment assets alongside a foundational framework for informed investment decisions and future studies in the field, offering novel insights into decentralized finance dynamics and tokenized assets’ role within the crypto-asset ecosystem. Full article
(This article belongs to the Special Issue Financial Technology (Fintech) and Sustainable Financing, 3rd Edition)
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