The rapid development of financial technology, or Fintech, has changed the delivery modes of financial services and ensured greater access to finance for the underserved and unserved. In this context, financial inclusion is a transformative agenda in bridging the gap between income disparities through accessible and affordable financial solutions. This chapter develops the critical juncture of digital competence with Fintech by providing analysis to how contactless payment technology, digital identification technology, and distributed ledger technology promotes greater public service. Discourses on new products, innovation, and services involving finance and financial services inclusion together with an overview on key skills and competencies from public officials that go through the effective implementation process using these technologies are put to discussion. It creates actionable knowledge about integrating Fintech into public service frameworks toward an inclusive vision of how everyone will benefit from finance in the future.
Ni Gusti Ayu Pitria, Winola Wijayanti, Grace T. Pontoh, Aini Indrijawati
This research aims to conduct a comparative study between the peer-to-peer lending system and the traditional loan model. The method used is a systematic literature review study of 61 relevant scientific papers published between 2015 and 2024. The parameters analyzed include the provision of access to finance, transaction costs, the speed of the lending process, as well as the level of transparency and consumer protection. The results show that the peer-to-peer lending system has advantages in terms of providing easier and faster access to financing for individuals and small businesses because it uses a simple and uncomplicated digitization process. This model is also able to reduce transaction costs and speed up the process through the application of blockchain technology that streamlines the flow of transactions. The study also found that blockchain technology supporting peer-to-peer lending plays an important role in increasing the transparency of transactions through decentralized digital records that cannot be manipulated. However, the challenges of immature financial regulations and rapidly evolving cybersecurity risks still need to be addressed to support the wider adoption of peer-to-peer lending as a new alternative in the financial services industry. Therefore, further research is needed to find solutions to these barriers so that peer-to-peer lending can be optimally utilized as an inclusive future financial solution.
This article presents a comprehensive investigation of tokenized Sukuk (Islamic bonds), demonstrating that blockchain technology and smart contracts have significantly positively impacted Islamic finance. Our findings discuss smart securities globally, key Sharia-related jurisprudential matters, international cases of blockchain-based or smart Sukuk implementations, examining how each case addresses critical issues in conventional Islamic financing and interview analysis. Background: Exploration of the current role of blockchain implementation in Islamic finance. Objectives: The primary objective of this article is to examine how the use of smart contracts, particularly smart Sukuk, has enhanced Islamic finance. Methods/Approach: This article employs a descriptive analytical method to discuss how smart contracts improve Islamic finance through the issuance of smart Sukuk. We utilized secondary data collected from existing literature on the evolving field of smart Sukuk, including scientific papers, professional reports, and company websites. Additionally, we conducted interviews with the CEOs of two firms, Blossom Finance and Finterra, which have integrated smart contracts into Islamic finance. Eventually qualitative analysis techniques employed by using Atlas.ti software and generate a word cloud to provide a concise overview of interviewees’ primary concerns and interests. Results: Our results are presented in four sections. First, we provide an overview of the implementation of smart securities worldwide. Next, we discuss key jurisprudential matters regarding the introduction of blockchain and smart contracts in Islamic fintech. Besides, we offer a comprehensive review of cases where blockchain and smart Sukuk have been implemented in Islamic finance, highlighting the problems addressed and the enhancements made in each case. Finally, we analyze the visual representation derived from interviews with ATLAS.ti software in the form of a word cloud. Conclusions: This article investigates how international, real-world, and innovative examples of blockchain and smart contract implementations have improved and enhanced Islamic financing processes. Overall, the advantages of using blockchain and smart Sukuk in these examples include streamlining Islamic financing processes, facilitating social financing, reducing poverty, enhancing Sukuk issuance by the banking sector, and enabling pre-purchasing and easier trading of Sukuk in secondary markets. These promising examples illustrate the significant potential of this innovative approach, which can benefit researchers and practitioners in Islamic finance. Ultimately the interviews highlighted the critical role of blockchain reinforcing the findings from the case studies.
This paper provides a brief overview of the ongoing financial revolution, which extends beyond the emergence of cryptocurrencies as a digital medium of exchange. At its core, this revolution is driven by a paradigm shift rooted in the technological advancements of blockchain and the foundational principles of Islamic economics. Together, these elements offer a transformative framework that challenges traditional financial systems, emphasizing transparency, equity, and decentralized governance. The paper highlights the implications of this shift and its potential to reshape the global economic landscape.
The rapid development of fintech over the past decade has dramatically changed global financial markets and profoundly influenced investor behavior. This paper examines the impact of fintech innovation, particularly robo-advisors, blockchain technology, and social trading platforms, on investor behavior through the lens of behavioral finance. By reviewing the existing literature, this paper explores how these techniques affect decision-making processes, market efficiency, and investor biases such as overconfidence, loss aversion, and herding behavior. The study found that through algorithms and automated investment management, robo-advisors can mitigate certain behavioral biases, but can also introduce new challenges, such as over-dependence. The inherently volatile and decentralized nature of blockchain technology and cryptocurrencies magnifies speculation and introduces new biases. Social trading platforms, while democratizing access to financial markets, have exacerbated herding behavior and short-term speculation. The study identifies gaps in current research, including the need for long-term impact studies and ethical considerations, and suggests directions for future research, such as exploring new behavioral biases and improving regulatory frameworks. Overall, fintech innovation offers great potential for improving market efficiency and financial inclusion, but it also presents new challenges that require ongoing investigation and adaptation strategies.
The rapid evolution of financial technology (FinTech) has significantly transformed the structure and function of financial intermediation, reshaping how financial services are delivered, accessed, and regulated. This systematic review examines the FinTech revolution and its implications for the future of financial intermediation by synthesizing findings from recent scholarly literature, industry reports, and policy analyses. The study explores key dimensions of FinTech innovation, including digital lending platforms, peer-to-peer (P2P) lending, blockchain-based financial services, robo-advisory systems, mobile payments, and decentralized finance (DeFi). Findings indicate that FinTech has enhanced efficiency, reduced transaction costs, improved financial inclusion, and increased competition within the financial sector by disintermediating traditional financial institutions in several service areas. However, the review also identifies persistent challenges, including regulatory uncertainty, cybersecurity risks, data privacy concerns, and systemic vulnerabilities associated with digital financial ecosystems. The analysis further highlights a gradual shift from traditional bank-centered intermediation toward hybrid financial ecosystems characterized by collaboration between banks, FinTech firms, and BigTech companies. The study concludes that while FinTech is redefining the role of financial intermediaries, it is unlikely to eliminate them entirely; rather, it is driving their transformation into more technology-enabled, platform-based entities. The review contributes to ongoing debates on financial innovation by providing an integrated understanding of emerging trends and their implications for policy, regulation, and financial stability.
U Parthiban, Vandhana Devi Pannerselvam, Ashok Murugesan, Kumar Ramasamy
Women still face persistent financial inclusion, employment verification, and wage transparency issues to their economic empowerment.Conventional hiring and financial systems impose disproportionate limitations on women to access credit and fair wages.ShePowerChain is a blockchain platform that aims to address these problems with decentralized finance, smart contracts, and verifiable credentials.ShePowerChain's secure, transparent, and automated transactions not only streamline processes but, depending on modeled scenarios, help reduce wage payment delays by 25% and increase women-led microloan access by 40%.By enabling secure, transparent, and automated transactions, ShePowerChain disintermediates, enhances job verification, and enforces wage fairness.The platform uses zero-knowledge proofs for privacy, multi-factor authentication for security, and Layer 2 scaling solutions for efficiency.While the results were from simulations and comparisons, they were not due to full real world usage.Comparative studies point to its potential to improve financial access, close wage gaps, and establish trust in hiring processes.The design also considers a serious ethical risk of excluding women who have low digital literacy, suggesting digital skills training, and adaptive strategies for community.Despite obstacles related to regulatory implications, and lack of digital literacy, blockchain provides an opportunity to facilitate and scale sustainable solutions to gender inclusive economic empowerment.
This study employs bibliometric alchemy to explore the knowledge networks in the space of digital finance research between 2013 and 2025. It begins with 15,776 articles and finally through the process of bibliometric alchemy a dataset of 8,838 articles is analyzed. The study critically identifies the key influencing factors, existing gaps, opportunities, and future trends in digital finance research. It identifies the four key major research areas (digital currencies, digital inclusive finance, fintech, and blockchain technology) among the diversified nature of digital finance research. The analysis reveals distinct thematic and geographical patterns: scholars in developed economies concentrate on crowdfunding, cryptocurrencies, and blockchain, while those in developing economies particularly China emphasize financial inclusion. In addition to it the present study highlights the institutional, market, and infrastructural determinants shaping divergent innovation pathways. Lastly, the present study identifies the following grey areas for future studies namely societal impact of financial inclusion, economic implications of the rise in Fintech’s, and economic valuations of Non-Fungible Tokens.
The financial market has gone into paradigm shift from strict, highly regulated centralized system to open, easily accessible and permission less infrastructure for the last decades. These are powered by blockchain technologies. Decentralize Exchange is the primary source for this transformation which enables the direct person to person trading without intermediaries. DEXs also facilitates innovative entrepreneurial models in the Web3 which is an internet-built block chain technology where information is stored across multiple computers rather than central servers that create peer to peer communication without intermediaries. It also helps in the DeFi ecosystem, which is an emerging financial system using blockchain and crypto currencies to enable direct transactions without intermediaries. DEXs offer wide opportunities for SMEs, Startups, and marginalized communities in India. Despite its potential financial inclusion, sustainable growth and capital democratization still remain challenges in adoption of technology due to regulatory ambiguity, socio cultural barriers and complexity of technology. This paper examines the potential of Decentralized Exchange in fostering inclusive digital entrepreneurship in India. This study also analyzes the Tamil Nadu readiness in adopting blockchain technology. It develops a conceptual framework of linking DEX adoption, sustainability, and socio-economic outcomes. The study includes the theories like the Technology Acceptance Model (TAM), Institutional Theory (IT), and Diffusion of innovation (DOF) and proposes testable hypothesis and proposition to guide empirical research and policy formulation.
This study conducts a comprehensive bibliometric analysis of Decentralized Finance (DeFi) research, focusing on adoption, digital transformation, and sustainability within urban contexts. Utilizing a dataset of 284 publications from 2016 to 2025 compiled from the Scopus database, the analysis employs advanced bibliometric techniques and network visualization tools to reveal collaborative patterns, thematic clusters, and research evolution. Results demonstrate significant scholarly emphasis on technological innovation and adoption factors shaping DeFi’s integration into urban financial ecosystems, alongside an increasing focus on sustainability. A regression-based Bibliometric Influence Score (BIS) adjusts for publication age and journal prestige, indicating that leading publications consistently exceed expected citation influence. Additionally, a conceptual framework is proposed linking digital financial literacy and sustainability outcomes, moderated by urban contextual factors. The findings underscore the importance of enhancing digital capabilities and mitigating systemic barriers to facilitate sustainable DeFi adoption in rapidly urbanizing regions, providing valuable insights for academia, policymakers, and practitioners engaged in fostering inclusive and resilient digital finance ecosystems.
Decentralizirane financije (DeFi) predstavljaju inovativan oblik financijskog sustava koji se temelji na blockchain tehnologiji i pametnim ugovorima, nudeći transparentnost, globalnu dostupnost i uklanjanje posrednika. Unatoč brojnim prednostima poput nižih troškova, bržih transakcija i potencijala za veću financijsku uključenost, DeFi još uvijek izaziva različite percepcije i razine prihvaćanja među korisnicima. Provedeno istraživanje s 101 ispitanikom ukazuje da su korisnici relativno dobro upoznati s pojmom kriptovaluta, ali nedovoljno prepoznaju kriptovalute kao sastavni dio DeFi ekosustava. Financijska pismenost u kontekstu DeFi-ja pokazuje se niskom, što se odražava na nerazumijevanje njegovih ključnih funkcija i usluga. Većina ispitanika DeFi povezuje s nesigurnošću, izražavajući bojazan od hakerskih napada, krađe osobnih podataka i nedostatka regulatornog okvira. Tradicionalni financijski sustavi i dalje uživaju višu razinu povjerenja. Regulacija se percipira kao dvosjekli mač, jer ispitanici smatraju da bi regulacija mogla povećati sigurnost i povjerenje u DeFi, dok s druge strane strahuju da bi ona mogla narušiti slobodu, fleksibilnost i inovativnost ovih sustava. Posebno je izražena skepsa prema sposobnosti zakonodavstva da uopće razumije složenost DeFi-ja. Demografski podaci pokazuju da mladi ispitanici (18-25 godina), osobito oni s višim stupnjem obrazovanja, pokazuju najveću spremnost za prihvaćanje i korištenje DeFi sustava. Međutim, opća učestalost korištenja DeFi platformi je vrlo niska, a većina ispitanika ili ih nikada ne koristi ili ne planira koristiti u budućnosti. Edukacija se prepoznaje kao ključan čimbenik popularizacije DeFi-ja, iako je interes za osobnu edukaciju ograničen. U pogledu budućnosti, rezultati istraživanja ukazuju na određeni optimizam: ispitanici vjeruju da bi DeFi mogao postati važan dio financijskog sustava, posebno uz podršku novih tehnologija poput umjetne inteligencije i kroz razvoj formalnih obrazovnih programa. Zaključno, iako DeFi još nije značajno zaživio u široj javnosti, njegovi potencijali ostaju veliki, a njegovo daljnje širenje ovisit će o razini financijske edukacije i uspostavljanju jasnog regulatornog okvira.
The significance of the efforts by local governments in achieving Sustainable Development Goals (SDGs) is paramount. However, local governments in India face several obstacles in achieving the SDGs, bottlenecks in the free flow of funds being one of them. The 73rd and 74th Constitutional Amendments, which constitutionalized rural and urban local governments in 1993, also mandated the periodic constitution of the State Finance Commission (SFC) as a constitutional body in India. The design of the SFCs aimed to replicate the Union Finance Commission (UFC) at the provincial level, promoting democratic decentralization from states to local bodies. These amendments introduced Articles 243I and 243Y, which mandated periodic institutions of SFCs to supervise the transfer of funds to local governments. By now, all states should have progressed to their seventh-generation SFCs. Several challenges, such as delay in the constitution of SFCs, non-synchronization of SFCs with UFC period, and delay in the submission of reports, have impeded the functioning of the SFCs as well as the UFCs. The 15th UFC has recommended using the SFC reports as a precondition for releasing grants to local bodies after March 2024. Even though the 16th UFC has already been constituted, only nine states have managed to submit the report of their 6th SFCs. Against this backdrop, this paper delves into the institution of SFCs in India, exploring their significance, analyzing the challenges they face, and proposing potential solutions.
This paper investigates the evolving landscape of decentralized finance (DeFi) by examining its foundational concepts, research trends, and ecosystem. A bibliometric analysis was conducted to identify thematic clusters and track the evolution of DeFi research. Additionally, a thematic review was performed to analyze the roles and interactions of key participants within the DeFi ecosystem, focusing on its opportunities and inherent risks. The bibliometric analysis identified a progression in research priorities, transitioning from an initial focus on technological innovation to addressing sustainability, environmental impacts, and regulatory challenges. Key thematic clusters include decentralization, smart contracts, tokenization, and sustainability concerns. The analysis of participants highlighted the roles of developers, liquidity providers, auditors, and regulators while identifying critical risks such as smart contract vulnerabilities, liquidity constraints, and regulatory uncertainties. The study underlines the transformative potential of DeFi to enhance financial inclusion and transparency while emphasizing the need for robust security frameworks and regulatory oversight to ensure long-term stability. This paper comprehensively explains the DeFi ecosystem by integrating bibliometric and thematic analyses. It offers valuable insights for researchers, practitioners, and policymakers, contributing to the ongoing discourse on the sustainable development and integration of DeFi into the global financial system.
Syafiqah Ilyani Ahmad Saharudin, Norhidayah Abu Bakar
This paper presents a comparative analysis of the regulatory frameworks, product development, and market penetration of Islamic finance in Malaysia and Saudi Arabia: two leading players in the global Islamic finance industry. Malaysia adopts a dual system that combines centralized and institutional Shariah oversight, while Saudi Arabia employs a decentralized regulatory approach. In terms of product development, both countries prioritize Shariah compliance and innovation, though Malaysia offers a broader range of Islamic financial products. Market penetration is evaluated using key indicators such as Islamic banking assets, Takaful assets, and Sukuk issuance. The findings reveal that each country excels in different areas: Saudi Arabia leads in the total asset value of Islamic finance, whereas Malaysia shows a higher proportional adoption of Islamic financial products. Overall, the study provides a comprehensive understanding of the factors driving the success and distinct characteristics of Islamic finance in these two nations, offering valuable insights into their evolving financial landscapes and highlighting their respective strengths.
Ricardo Chalmeta, Daniel Cabezas‐Hernando, Jailson dos Santos Silva
Abstract Crowdfunding has proven to be a viable strategy for financing the Sustainable Development Goals (SDGs). It is a type of online financing that prevents intermediaries, such as banks, from obtaining economic support through contributions from users whose motivation may be in exchange for some type of reward and/or altruism. Blockchain and smart contracts support and improve crowdfunding platforms by removing the need for intermediate third parties, making it easier for users to verify how their payments are being used, and providing a transparent ledger for all transactions. The purpose of this paper is to contribute to the academic literature on information technologies for sustainable development by developing a bibliometric analysis to identify the top contributing and most influential authors, countries, publishers, institutions, and papers on blockchain to support SDGs achievements through crowdfunding; by developing a classification framework that organizes in research categories and subcategories the current state of art; and by identifying the main findings and a future research agenda in each research category and subcategory. To identify, select, collect, synthesize, analyze, and evaluate all research published on the field, providing a complete insight in this research area, the PRISMA methodology, content analysis and bibliometric tools are used.
This paper explores the evolving role of financial literacy in the context of cryptocurrencies, highlighting key challenges such as market volatility, security risks, and regulatory uncertainty. It also discusses the opportunities that decentralized finance (DeFi), portfolio diversification, and accessible educational resources present for improving financial literacy. The paper emphasizes the need for traditional financial education to adapt to the complexities of digital assets and decentralized systems. Recommendations include integrating cryptocurrency knowledge into curricula and promoting risk management strategies. Future research should focus on regulatory frameworks and the impact of DeFi on financial inclusion.
The concepts, governance frameworks, and contributions of Islamic finance to sustainable development are the main topics of this paper. Shariah law adherence is stressed, and concepts like profit-and-loss sharing, risk-sharing, and the ban on interest (riba) and speculative activity (gharar) are covered. The ethical and asset-backed characteristics of important products, such as Takaful (Islamic insurance) and Sukuk (Islamic bonds), are examined. The article describes how Islamic finance aligns with the Sustainable Development Goals (SDGs), highlighting how it affects social responsibility, environmental efforts, and financial inclusivity. With comparisons between centralized and decentralized alternatives in different areas, governance frameworks and obstacles in Shariah-compliant enterprises are discussed. Standardization, openness, and the function of Shariah boards are among the topics discussed. Islamic finance is promoted as a morally sound and long-lasting substitute for traditional financial systems by encouraging equality, collaboration, and social justice.
The study explores the implications of India's taxation policies on Virtual Digital Assets (VDAs), including crypto currencies and non-fungible tokens (NFTs). With the introduction of the Finance Act of 2022, which imposed a 30% tax on VDA profits and a 1% Tax Deducted at Source (TDS) on transactions, the digital asset landscape in India has undergone significant shifts. This research examines the economic and behavioural impact of these regulations on individual investors, start-ups, and the broader VDA ecosystem. The findings suggest that the flat tax rate and TDS have led to reduced market liquidity and deterred small-scale traders, highlighting challenges in compliance and record-keeping. However, these measures also formalize the VDA market, potentially attracting institutional investors by providing regulatory clarity. The study identifies gaps in the current policies and offers recommendations to balance regulation with market growth, ensuring a sustainable future for India's VDA sector.
How will Decentralized Finance transform financial services? Using New Institutional Economics and Dynamic Capabilities Theory, I analyse survey data from 109 experts using non-parametric methods. Experts span traditional finance, DeFi industry, and academia. Four insights emerge: adoption expectations rise from negligible to 43% expecting at least high adoption by 2034; experts expect convergence scenarios over disruption, with traditional finance embracing DeFi most likely; back-office transforms before customer-facing functions; strategic competencies eclipse DeFi-sector specific- and technical skills. This challenges technology-centric adoption models. DeFi represents emerging market entry requiring organizational transformation, not just technological implementation. SEC developments validate predictions. Financial institutions should prioritize developing strategic capabilities over mere technical training.
The present study discusses how adopting cryptos affects financial inclusion in developing economies. Primary constructs like financial inclusion (FI), perceived economic empowerment (PEE), trust in financial institutions (TFI), user satisfaction (US), and cryptocurrency adoption (CA) were tested through Structural Equation Modeling (SEM). The results indicated that CA significantly and positively influenced FI, US, TFI, and PEE. These relationships extend to the interaction effects: US, TFI, and PEE, all positively related to FI. This is a reflection of cryptocurrencies as an opportunity to redress most of the afflictions characteristic of traditional finance systems and to promote financial inclusion and economic empowerment in developing countries. Future research should also investigate whether digital literacy and regulatory environments support cryptocurrency access.
Purpose:The purpose of this study is to investigate the adoption of financial technology on the green growth and sustainability of SMEs.The root issue is that despite the increasing attention of fintech exposure in business markets, Malaysian businesses are hesitant to fully adopt this emerging technology.This study aims to bridge the gap between the potential of fintech innovations and their practical implementation by adopting two theoretical approaches: 1) Research-based view model for green growth 2) Extended version of the technology acceptance model for the fintech dimension.Design/Methodology/Approach: The research adopts a quantitative method using a crosssectional survey design with a five-point Likert scale questionnaire.Data was collected from 247 decision-makers representing SMEs in Selangor, Malaysia, and the sampling technique uses stratified random sampling.The data were analyzed using SPSS and Smart-PLS.Findings: Fintech factors of green financing and green investment significantly influence the green growth sustainability, while cryptocurrency is not significant towards it.Interestingly, the finding on the moderator role of blockchain smart contracts does not play a role in moderating all the fintech factors toward green growth sustainability.Practical Implication: The direct relationship of green financing and green investment is driving the future innovation toward green growth sustainability, particularly for SMEs, but cryptocurrency gives a different insight on it.On the other hand, integrating blockchain smart contracts as the moderator for the fintech dimension does not allow the businesses to move toward green sustainability.It is essential for companies to provide platforms by offering knowledge and awareness about this technology.Aside from this, the study provides empirical implications for SMEs green growth sustainability using fintech platforms.Originality value: The research findings reveal that the moderating effect of blockchain smart contracts was insignificant in driving green sustainability outcomes for SMEs.This innovation did not support green growth sustainability to enhance transparency and increase the accountability into the environmental claims.It challenges the technology-centric view