Sustainable Financial Technologies: Governance, Applications, and Implications

A special issue of Economies (ISSN 2227-7099).

Deadline for manuscript submissions: closed (5 April 2024) | Viewed by 8799

Special Issue Editors


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Guest Editor
Finance & Banking Department, Ahlia University, Manama, Bahrain
Interests: accounting; governance; fintech; intellectual capital; sustainability; big data governance; digital economy; sustainable finance

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Guest Editor
John Molson School of Business, Concordia University, Montréal, QC H3G 1M8, Canada
Interests: corporate finance; business economics; ownership structure; FinTech; entrepreneurship; EVA education

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Guest Editor
Bangor Business School, Bangor University, Hen Goleg, College Rd, Bangor LL57 2DG, UK
Interests: corporate narrative reporting; international financial reporting standards (IFRS); Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI); extensible business reporting language (XBRL); market-based accounting research; auditing; corporate governance; earnings management; corporate investment efficiency; corporate finance; Islamic accounting and finance
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Special Issue Information

Dear Colleagues,

In the modern digital economy, we have become increasingly dependent on technologies and their progress, especially since the onset of the COVID-19 pandemic. While the digital economy has witnessed the beginnings of artificial intelligence, Internet of Things (IoT) and big data, the new digital revolution accelerated by the pandemic will involve a societal approach to digitalization. This Special Issue discusses the human-centric approaches and applications of financial technologies (FinTech) which have implications for sustainability and the sustainable development goals (SDGs). In the digitalization process, sustainable technologies such as FinTech offer new approaches to understanding society and undertaking the epic mission of sustainable development. However, divides in technologies, infrastructures, and methods for evaluating several sustainable development goals (SDGs) restrict governance and effective implementation in several countries around the world. Therefore, this SI entitled ‘Sustainable Financial Technologies: Governance, Applications, and Implications’ plans to provide an overview of the latest challenges and risks of implementing FinTech, and its implications for sustainable development including governance, ethical, privacy, and social acceptance concerns. Potential topics include, but are not limited to:

  • Applications of FinTech for sustainable development goals;
  • Sustainable investments and finance;
  • Post COVID-19 perspectives of FinTech Governance of FinTech applications and infrastructure;
  • Privacy, ethical and accountability concerns;
  • Social and cultural acceptance concerns;
  • Role of sustainable FinTech in Industry 5.0 and the Metaverse;
  • Metaverse platforms and sustainability;
  • Future perspectives and emerging trends in sustainable FinTech;
  • Proposed solutions for technological inequality and divides.

Dr. Abdalmuttaleb Al-Sartawi
Dr. Wajeeh Elali
Prof. Dr. Khaled Hussainey
Guest Editors

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Keywords

  • sustainable technologies
  • FinTech
  • sustainable finance
  • digital economy
  • Industry 5.0
  • metaverse

Published Papers (3 papers)

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Research

18 pages, 1016 KiB  
Article
Green Finance and Fintech Adoption Services among Croatian Online Users: How Digital Transformation and Digital Awareness Increase Banking Sustainability
by Hrvoje Serdarušić, Mladen Pancić and Željka Zavišić
Economies 2024, 12(3), 54; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030054 - 22 Feb 2024
Viewed by 1424
Abstract
This study delves into the dynamic interplay between green finance, Fintech adoption, digital awareness, and digital transformation in the Croatian banking industry. Amidst the emerging trend of sustainable banking practices and technological advancements, this research aims to examine the influence of green finance [...] Read more.
This study delves into the dynamic interplay between green finance, Fintech adoption, digital awareness, and digital transformation in the Croatian banking industry. Amidst the emerging trend of sustainable banking practices and technological advancements, this research aims to examine the influence of green finance on Fintech adoption and banking sustainability. Employing a quantitative research design, this study gathered data through a survey questionnaire of 304 participants, comprising customers and employees of various banks in Croatia. The respondents’ insights were analyzed using IBM SPSS for the demographic analysis and SmartPLS for structural equation modeling (SEM). The results reveal a significant impact of green finance on Fintech adoption and digital awareness. Additionally, digital awareness significantly influenced Fintech adoption. However, the direct effect of digital transformation on Fintech adoption was not significant. This study also confirmed the significant influence of Fintech adoption on banking sustainability and identified the mediating role of digital awareness between green finance and Fintech adoption. This research contributes novel insights into the relationship between sustainable finance initiatives and digital banking trends. It underscores the need for increased digital awareness and the integration of green finance principles in the banking sector. These findings offer practical implications for banks in Croatia, suggesting a strategic focus on digital awareness programs, leveraging Fintech for enhanced customer experience, and fostering collaboration for a conducive Fintech environment. Full article
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16 pages, 625 KiB  
Article
Artificial Neural Network for Classifying Financial Performance in Jordanian Insurance Sector
by Rania Al Omari, Rami S. Alkhawaldeh and Jamil J. Jaber
Economies 2023, 11(4), 106; https://0-doi-org.brum.beds.ac.uk/10.3390/economies11040106 - 29 Mar 2023
Cited by 3 | Viewed by 1709
Abstract
Over the past few decades, financial performance has attracted researchers’ attention, especially in the insurance sector. Insurance is a tool for the growth and sustainability of both rising and developing economies. It promotes economic stability for people, organizations, and governments by taking on [...] Read more.
Over the past few decades, financial performance has attracted researchers’ attention, especially in the insurance sector. Insurance is a tool for the growth and sustainability of both rising and developing economies. It promotes economic stability for people, organizations, and governments by taking on risk and spreading it across the market. We intend to classify insurance companies’ financial performance in Jordan’s Amman Stock Exchange (ASE). The sample size is 15 out of 22 selected insurance firms from 2008 to 2020. We apply the Multi-Layer Perceptron (MLP) model for the detection of (high/low) total asset turnover (TAT) as output, while we select the subrogation (SB), claims paid (CP), market capitalization (MC), and total shareholders’ equity (SE) as input to the MLP model. The performance of the MLP model is evaluated using different criteria, namely the false positive rate (FP rate), false negative rate (FN rate), F-measure, precision, and accuracy (ACC). The results show that MLP is efficient and performs well in multiple criterion tests through iteration growth. Based on our knowledge, the paper assesses the financial performance of Jordanian insurance firms, which has not been investigated previously. Furthermore, this study gives valuable information to regulators and policymakers to improve asset management efficiency in the insurance sector. Full article
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20 pages, 3439 KiB  
Article
Financial Technology (FinTech) as a Financial Development Factor in the EU Countries
by Olga Lavrinenko, Edmunds Čižo, Svetlana Ignatjeva, Alina Danileviča and Krzysztof Krukowski
Economies 2023, 11(2), 45; https://0-doi-org.brum.beds.ac.uk/10.3390/economies11020045 - 01 Feb 2023
Cited by 5 | Viewed by 4680
Abstract
The aim of the research is to determine the impact of financial technology (FinTech) on financial development in EU countries. The multi-dimensional nature of the concepts described above and the low availability of data for regions smaller than countries makes it difficult to [...] Read more.
The aim of the research is to determine the impact of financial technology (FinTech) on financial development in EU countries. The multi-dimensional nature of the concepts described above and the low availability of data for regions smaller than countries makes it difficult to investigate the link between financial development and FinTech, as well as affects the values of the results due to a certain averaging of indices across countries. The study examines the Global FinTech Index and the Financial Development Index, which characterize financial development in the EU countries, as well as the sub-indices of the Financial Development Index. The article applies frequency analysis and correlation analysis methods. A positive linear relationship between the Global Fintech Index and the Financial Markets Index sub-index, as well as its components Financial Markets Depth Index and Financial Markets Efficiency Index, has been identified. There is also a positive linear relationship between the Global FinTech Index and the Financial Institutions Depth Index, while a negative linear relationship has been identified between the Global FinTech Index and the Financial Institutions Access Index. Full article
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