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Fintech, Digital Finance, and Socio-Cultural Factors
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Fintech, Digital Finance, and Socio-Cultural Factors

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 2026 | Viewed by 20934

Special Issue Editors

Dr. Mandella Osei-Assibey Bonsu

E-Mail Website
Guest Editor
Liverpool Business School, Liverpool John Moores University, Liverpool L3 5UG, UK
Interests: fintech; big data analytics; artificial intelligence; digital & financial innovation; sustainability; ESG and banking
Dr. Yongsheng Guo

E-Mail Website
Guest Editor
International Business School, Teesside University, Middlesbrough TS1 3AG, UK
Interests: fintech; ESG; cross-cultural studies; sustainable finance; financial innovation
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Fintech and digital finance are revolutionizing financial services through innovations such as mobile payments, robo-advisors, and digital currencies, but socio-cultural factors shape their adoption and risk profiles. This Special Issue invites research on risk management in fintech ecosystems, including cybersecurity risks, regulatory challenges, and systemic stability in digital finance. We seek papers exploring how socio-cultural factors encompassing societal values, cultural norms, and behavioral influences drive or hinder fintech adoption, shape consumer trust in digital platforms, or influence regulatory frameworks. Contributions may include studies on the impact of fintech on financial inclusion, the role of cultural attitudes in digital payment systems, or cross-country analyses of fintech market penetration. We also welcome research on emerging risks, such as data privacy concerns or algorithmic biases in digital lending. This Special Issue aims to bridge academia and industry, offering insights into managing risks and leveraging socio-cultural dynamics to advance fintech innovation on a global scale.

Dr. Mandella Osei-Assibey Bonsu
Dr. Yongsheng Guo
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 250 words) can be sent to the Editorial Office for assessment.

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 1600 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

  • fintech
  • digital finance
  • socio-cultural factors
  • financial inclusion
  • risk management
  • regulatory frameworks
  • cultural norms
  • digital currencies
  • financial innovation
  • societal values

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Published Papers (5 papers)

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Research

19 pages, 578 KB  
Article
Integrating ESG and Behavioural Factors in Marketplace Lending: A Structural Equation Modeling Analysis of Borrower Repayment Decisions
by Jewel Kumar Roy
J. Risk Financial Manag. 2026, 19(5), 300; https://doi.org/10.3390/jrfm19050300 - 22 Apr 2026
Viewed by 390
Abstract
This study investigates the determinants of borrower repayment intentions in Marketplace Lending (MPL) platforms, focusing on the interplay between behavioural factors and Environmental, Social, and Governance (ESG) awareness in the Hungarian context. A Partial Least Squares Structural Equation Modelling (PLS-SEM) approach was employed [...] Read more.
This study investigates the determinants of borrower repayment intentions in Marketplace Lending (MPL) platforms, focusing on the interplay between behavioural factors and Environmental, Social, and Governance (ESG) awareness in the Hungarian context. A Partial Least Squares Structural Equation Modelling (PLS-SEM) approach was employed to analyze survey responses from 477 participants familiar with MPL platforms. The study integrates constructs from behavioural finance (Perceived Usefulness, Perceived Ease of Borrowing, Theory of Planned Behaviour) and ESG-related factors (Socially Responsible Investment Theory, Reciprocity Theory) to assess their influence on repayment intentions. Perceived Usefulness (PU) emerged as the strongest predictor of Repayment Intention (RI) (β = 0.554, p < 0.001), highlighting the importance of platform functionality. Socially Responsible Investment Theory (SRIT) also had a significant positive impact (β = 0.194, p < 0.01), suggesting that ethical lending practices enhance borrower accountability through reciprocity mechanisms. Conversely, Continuance Intention to Borrow (CIB) and Credit Risk Theory (CRT) showed no significant effects. This study contributes to the literature by bridging behavioural finance, credit risk theory, and ESG principles in FinTech lending, offering a novel framework for sustainable lending practices. Full article
(This article belongs to the Special Issue Fintech, Digital Finance, and Socio-Cultural Factors)
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24 pages, 725 KB  
Article
Strategic Risks and Financial Digitalization: Analyzing the Challenges and Opportunities for Fintech Firms and Neobanks
by Camila Betancourt, Viviana Aranda, Camilo García and Eduart Villanueva
J. Risk Financial Manag. 2026, 19(1), 66; https://doi.org/10.3390/jrfm19010066 - 14 Jan 2026
Viewed by 5018
Abstract
This research aims to analyze strategic risks from financial digitalization, highlighting the disruptive role of Fintech firms and Neobanks, the associated challenges and opportunities, and how traditional banks can adapt to remain competitive and stable in a rapidly evolving financial ecosystem. A qualitative [...] Read more.
This research aims to analyze strategic risks from financial digitalization, highlighting the disruptive role of Fintech firms and Neobanks, the associated challenges and opportunities, and how traditional banks can adapt to remain competitive and stable in a rapidly evolving financial ecosystem. A qualitative methodology was employed, involving semi-structured interviews with 10 executives and risk management experts from the financial sector. The study employed a concurrence analysis to identify semantic relationships among categories. The unit of analysis was the paragraph, and concurrence was computed based on the frequency with which two categories appeared within the same segment. Key findings indicate that the most significant risks are linked to technological competition, regulatory shifts, cybersecurity, and consumer trust. Conversely, notable opportunities exist in technological modernization, enhanced regulatory compliance, collaboration with digital players, and the development of user-centric products and services. This study introduces the concept of a cultural gap in strategic adaptation, distinct from resistance to change, by emphasizing misalignment between organizational culture and the pace of digital transformation. This gap poses a strategic risk by delaying execution, increasing exposure to regulatory and technological risks, and reducing competitiveness. Full article
(This article belongs to the Special Issue Fintech, Digital Finance, and Socio-Cultural Factors)
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27 pages, 1293 KB  
Article
Socio-Cultural and Behavioral Determinants of FinTech Adoption and Credit Access Among Ecuadorian SMEs
by Reyner Pérez-Campdesuñer, Alexander Sánchez-Rodríguez, Rodobaldo Martínez-Vivar, Roberto Xavier Manciati-Alarcón, Margarita De Miguel-Guzmán and Gelmar García-Vidal
J. Risk Financial Manag. 2026, 19(1), 64; https://doi.org/10.3390/jrfm19010064 - 14 Jan 2026
Cited by 1 | Viewed by 986
Abstract
This study analyzes the socio-cultural and behavioral determinants of FinTech adoption and access to credit among Ecuadorian SMEs. A probabilistic sample of 600 firms, operating in the services, commerce, information and communication technologies (ICT), and industry sectors, was surveyed to ensure representation of [...] Read more.
This study analyzes the socio-cultural and behavioral determinants of FinTech adoption and access to credit among Ecuadorian SMEs. A probabilistic sample of 600 firms, operating in the services, commerce, information and communication technologies (ICT), and industry sectors, was surveyed to ensure representation of the country’s productive structure. The model integrates financial literacy, institutional trust, and perceived accessibility as key independent variables, with FinTech adoption as a digital behavioral factor and access to credit and credit conditions as the primary dependent outcomes. Using Partial Least Squares Structural Equation Modeling (PLS-SEM), complemented by multi-group invariance tests and cluster analysis, the study evaluates seven hypotheses linking cognitive, perceptual, and digital mechanisms to financing behavior and firm performance. Results show that financial literacy and institutional trust significantly improve access to formal credit, with perceived accessibility acting as a partial mediator. FinTech adoption enhances credit conditions but remains limited among micro and small firms. Based on these findings, the study recommends strengthening financial education programs, simplifying credit procedures to reduce perceived barriers, and developing trust-building regulatory frameworks for digital finance. The results highlight the importance of socio-cultural and behavioral factors in shaping SME financing decisions and contribute to the understanding of financial inclusion dynamics in emerging economies. Full article
(This article belongs to the Special Issue Fintech, Digital Finance, and Socio-Cultural Factors)
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25 pages, 780 KB  
Article
Policy Framework to Improve MSME Competitiveness and Financial Performance with Indonesia’s Asta Cita Vision Goals
by Lenny Leorina Evinita, Jaqueline Elisabeth Margaretha Tangkau, Pricilia Joice Pesak and Suham Cahyono
J. Risk Financial Manag. 2025, 18(12), 692; https://doi.org/10.3390/jrfm18120692 - 4 Dec 2025
Cited by 3 | Viewed by 2943
Abstract
Micro, small, and medium enterprises (MSMEs) are recognized as the cornerstone of Indonesia’s economy, especially in the agriculture, fisheries, and tourism sectors. Given Asta Cita’s ambitious vision for the country, which emphasizes inclusive and sustainable development, MSMEs are under increasing pressure to improve [...] Read more.
Micro, small, and medium enterprises (MSMEs) are recognized as the cornerstone of Indonesia’s economy, especially in the agriculture, fisheries, and tourism sectors. Given Asta Cita’s ambitious vision for the country, which emphasizes inclusive and sustainable development, MSMEs are under increasing pressure to improve their competitiveness and financial performance. This research aims to develop and empirically evaluate a comprehensive policy framework that identifies digitalization, sustainable development, and innovation as the primary catalysts for MSME progress, with government support as a mediating variable, grounded in dynamic capabilities and institutional theories. A quantitative methodology was used to collect primary data from 435 MSME respondents in North Sulawesi, which was then analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings show that digitalization, sustainable practices, and innovation have a substantial, positive impact on the financial performance of MSMEs. However, government support cannot mediate the influence of digitalization, sustainable development, and innovation on improving economic performance. This shows that internal organizational competencies are more important than external interventions in achieving financial success. The results of this study underscore the need for MSMEs to prioritize technology integration, incorporate sustainability into their business frameworks, and continue innovating to maintain resilience and competitiveness. Full article
(This article belongs to the Special Issue Fintech, Digital Finance, and Socio-Cultural Factors)
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23 pages, 996 KB  
Article
Cryptocurrencies and Central Bank Digital Currencies in Global Perspective
by Yongsheng Guo, Ezaddin Yousef and Mirza Muhammad Naseer
J. Risk Financial Manag. 2025, 18(11), 644; https://doi.org/10.3390/jrfm18110644 - 17 Nov 2025
Viewed by 10790
Abstract
This study investigates the relationship between cryptocurrency adoption rates (CARs) and the development of central bank digital currencies (CBDCs) using a global panel of 109 countries from 2020 to 2024. The analysis employs pooled OLS, fixed effects, ordered logistic regression and GMM models [...] Read more.
This study investigates the relationship between cryptocurrency adoption rates (CARs) and the development of central bank digital currencies (CBDCs) using a global panel of 109 countries from 2020 to 2024. The analysis employs pooled OLS, fixed effects, ordered logistic regression and GMM models with robust controls for macroeconomic indicators, institutional quality, and technological readiness. CBDC status is measured as an ordinal variable representing five development stages, while CAR is derived from the Chainalysis Crypto Adoption Index. The empirical results show that higher CAR significantly increases the probability of a country progressing to more advanced CBDC stages. Margins analysis further indicates that increases in CAR substantially reduce the likelihood of remaining in early CBDC phases and raise the probability of reaching the pilot or launched stages. Heterogeneity analysis reveals that this relationship is strongest in low- and middle-income economies and in countries with low levels of financial inclusion, where cryptocurrencies present greater competition to traditional financial systems. The study contributes new large-sample evidence to the debate on digital currencies and provides policy-relevant insights: central banks in financially constrained economies appear to adopt CBDCs as developmental tools to enhance financial access and preserve monetary sovereignty in the face of growing cryptocurrency adoption. Full article
(This article belongs to the Special Issue Fintech, Digital Finance, and Socio-Cultural Factors)
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