The Role of Financial Innovations in Sustainable Development

Agnieszka Majewska and Sebastian Majewski

A chapter in Green Wealth: Navigating towards a Sustainable Future, 2025, vol. 117, pp 181-194 from Emerald Group Publishing Limited

Abstract: Purpose:Fintech, as part of technological innovation, has evolved from a small industry trend to the main force transforming the financial environment over the past 10 years. In the beginning, it was associated with small start-ups and garage companies focused on bringing new original products and services to the market to improve people’s lives. The definition of financial innovation is not as simple as it might seem because it aims at changes in the whole financial sector. Therefore, it includes online and mobile banking, digital payments, cryptocurrency and blockchain, insurtech, neobanks, wealthtech, and artificial intelligence. The aim of this article is to present the role of financial innovation in the processes of change in the global economy for sustainable development. Methodology:To underline the importance of ongoing changes, trends in fintech subsectors are described using statistical tools. The statistical analysis will be carried out both for time series and for geographical areas, showing the regions with the strongest and weakest positions in the implementation of fintech. Implications:The classification of financial technologies, with their complicated linkages and relations with other industries, will be a background of the research. In addition, an attempt will be made to diagnose the future of technological processes in the financial sector, with potential consequences for the sustainable development of countries.

Keywords: Financial innovations; sustainable development; technology; cryptocurrency; blockchain; Q55; Q01 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eme:csefzz:s1569-375920250000117009

DOI: 10.1108/S1569-375920250000117009

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