Understanding the Evolution of Fintech and Sustainable Development: A Comprehensive Review

Abstract

This article examines the evolution of research at the intersection of financial technology (fintech) and sustainable development through a bibliometric and integrative review of 256 documents indexed in Scopus and Web of Science up to July 2024. The study illustrates the publication trends, influential sources, authors, countries, collaboration patterns, and thematic structures, and sheds light on the evolving knowledge base from a Dynamic Capabilities Theory perspective. The results reveal a significant increase in research starting from 2020, characterised by the emergence of key themes such as financial inclusion, green finance, natural resources, Sustainable Development Goals, and digital financial ecosystems. Thematic and co-occurrence analysis also shows that, across the sample, sustainable finance, Environmental, Social, and Governance (ESG) practices, blockchain, big-data analytics and artificial intelligence are increasingly converging with fintech. The review suggests that fintech is not just a financial technology, but a mechanism that enables organisations and financial systems to ‘feel’ opportunities and change regarding sustainability and then capture and digitise them with financial technology, as well as reconfigure financial processes, stakeholder relationships, governance and resources. The study goes beyond the descriptive development of fintech research to highlight implications for firm behaviour, stakeholder relations, governance, innovation, and strategy. It also establishes a research programme on new technologies, climate and green finance, digital inclusion, ESG, governance and organisational transformation towards sustainability.