Sustainable digital finance and Finance 5.0: a systematic review and research agenda

Abstract

Purpose This review systematically examines the convergence of Sustainable Digital Finance and Finance 5.0, highlighting their role in advancing financial sustainability, inclusion, and technological innovation. Finance 5.0 represents a transition from profit-driven finance to a human-centric, ethical, and sustainability-aligned financial ecosystem, where Artificial Intelligence (AI), blockchain, Decentralized Finance (DeFi), quantum computing, and RegTech enhance transparency, Environmental, Social, and Governance (ESG) compliance, and financial accessibility. Design/methodology/approach A Systematic Literature Review (SLR) was conducted using the ADO-TCM framework, which organizes research findings into antecedents, decisions, outcomes, theories, contexts, and methodologies. A structured search strategy was conducted across peer-reviewed literature using Scopus and Web of Science databases (2015–2025). Findings The findings indicate the role of Finance 5.0 in advancing sustainable financial ecosystems through AI-driven ESG analytics, blockchain-powered impact investing, and Digital currency-enabled financial inclusion. However, regulatory fragmentation, ethical AI concerns, and financial accessibility disparities remain significant challenges. The findings emphasize the need for standardized ESG metrics, ethical AI governance, and scalable financial policies to bridge sustainability gaps. Additionally, emerging technologies such as quantum computing, DeFi-driven climate finance, and AI ethics in financial decision-making require further exploration to enhance transparency, efficiency, and sustainability in digital financial ecosystems. Originality/value This review presents a novel framework for technological enablers of Sustainable Digital Finance, integrating Finance 5.0 with emerging technologies using the ADO-TCM framework. It addresses gaps in quantum computing, ethical AI, and DeFi-driven climate finance, offering insights for policymakers, financial institutions, and academia in fostering resilient and sustainability-driven financial ecosystems.