The Green Climate Fund (GCF) is the primary financial mechanism under the Paris Agreement, yet its governance architecture remains underexplored theoretically. This study examines how multiple decision centers and actors interact within the GCF’s governance structure and what coordination mechanisms are built into it, using a polycentric governance lens. By analyzing 43 official GCF documents (2015–2024) through qualitative content analysis and the polycentric orders framework, the study finds that the GCF’s governance structure exhibits formally institutionalized coordination mechanisms consistent with a strong polycentric order. These structural features are designed to support problem-solving and adaptive management, although their operational effectiveness requires further empirical investigation. Contributions include a replicable, document-based coding and network-analysis method for characterizing polycentric governance, along with evidence that formal decentralization in the GCF coexists with a concentration of documented coordination ties among a small core of actors.
Pham Ngoc Toan, Le Tran Trung Hieu, Nguyen Vu Trung Nguyen
Carbon pricing is jurisdictional, while proof-of-work cryptocurrency mining is a highly mobile electricity load. We examine whether daily power-sector emissions display a cross-regional and distributional pattern consistent with short-run emissions displacement. Using daily observations covering calendar years 2019–2025 (with a boundary observation on 1 January 2026; N = 2550 after transformation and cleaning), we estimate quantile regressions for the EU27, the Russian Federation and the rest of the world using the interaction between Bitcoin returns and European carbon-allowance returns. The focal Russian lower-tail interaction is positive (q10 beta = 0.0662); OLS and dynamic specifications remain positive, and a 1000-replication pairs bootstrap gives p = 0.0077. The association survives a trading-day-only sample, calendar and persistence controls, and a seven-lag specification, while randomised-carbon and non-power-sector placebo outcomes are null. However, the coefficient loses conventional significance without Winsorisation, the May-2021 Chinese-ban timing prediction is not supported, and a direct EU27-minus-Russia substitution diagnostic is null. Quantile-on-quantile estimates place the largest Russian Bitcoin-return coefficients in high-carbon-price, low-emission states, but remain descriptive. Because the design does not observe mining capacity moving across jurisdictions and the available full-sample Russian emissions series is national rather than subnational, the evidence supports a leakage-consistent operational association rather than proof of physical relocation or a broad causal effect of EU carbon pricing.
Rejaul Karim, Md. Mustaqim Roshid, Bablu Kumar Dhar, Abdul Waaje
This study explores the evolving role of green financial technology (Fintech) in sustainability-oriented financial innovation, with a particular focus on climate finance, digital innovation, and environmental governance. Using bibliometric methods, we analyze 72 peer-reviewed publications indexed in Scopus from 2019 to 2024 to map the intellectual structure and emerging trends of green Fintech research. Key technological domains, including blockchain-based carbon markets, AI-powered ESG analytics, and green digital payment systems, are frequently associated in the literature with several Sustainable Development Goals (SDGs), notably SDG 13 (Climate Action), SDG 12 (Responsible Consumption and Production), and SDG 8 (Decent Work and Economic Growth). This analysis reveals how digital financial innovations are conceptualized as mechanisms for facilitating access to green capital, strengthening carbon credit ecosystems, and enhancing transparency in climate-aligned investment. However, persistent barriers such as fragmented regulatory frameworks, cybersecurity risks, and digital divides are recurrently identified in the literature as constraints, particularly in emerging economies. Interpreted through Institutional Theory and Stakeholder Theory, the study highlights the importance of coordinated policy innovation, inclusive digital infrastructure, and harmonized ESG standards in shaping the diffusion and governance of green Fintech solutions. By positioning theory as an interpretive lens rather than an empirical test , this research offers a theory-informed, data-driven synthesis that contributes to the growing interdisciplinary discourse on digital finance as a potential enabler of low-carbon, inclusive, and resilient sustainability transitions.
Under the dual carbon targets, China's energy companies are speeding up their green transformation, but they usually encounter some common obstacles including lack of capital, weak technical assistance and an incomplete risk control system. The combination of digital technology and financial services provides new approaches to solve these problems. According to the specific characteristics of the transformation of energy enterprises, this research examines the mechanisms of digital finance from two aspects – financing enhancement and technological enhancement. It is found that methods such as digital green loans, bonds and equity financing can efficiently relieve the financial pressure of enterprises, while technologies like big data, blockchain and artificial intelligence can greatly improve the accuracy of emission reduction and the efficiency of energy operation. Furthermore, the enhancing effects have regional differences and threshold characteristics. Thus, countermeasures are put forward from four fields: improving service provision, deepening technological integration, setting up a risk management system and improving policy regulation, which offer guidance for the actual transformation of energy enterprises and the development of relevant policies.
Abstract: The evolution of monetary systems has transformed human civilization from simple barter exchanges to sophisticated digital financial ecosystems powered by blockchain technology. This review examines how barter systems evolved into con-temporary virtual currencies across history and assesses how cryptocurrencies fit into the circular economy. The study explores the shortcomings of conventional monetary systems and looks at how decentralized, transparent, and effective forms of economic transaction have been made possible by digital currencies like Bitcoin. Additionally, the study examines how blockchain technology might be used to support waste reduction, sustainability, resource efficiency, and transparent supply chain management. The study also assesses the difficulties posed by virtual currencies, such as market volatility, cybersecurity threats, regulatory ambiguity, and environmental issues pertaining to cryptocurrency mining. The review identifies significant research gaps and future prospects for incorporating virtual currencies into sustainable economic systems by synthesizing the body of existing work. The results indicate that through openness, decentralization, and technological innovation, blockchain-enabled financial systems have a great deal of potential to promote circular economy goals. Keywords: Virtual Currency, Cryptocurrency, Bitcoin, Blockchain, Circular Economy, Sustainable Finance, Digital Economy, Decentralization, Green Finance, FinTech, Supply Chain Management
Fernando Frachone Neves, André Luiz Oliveira, Flávia Vancim Frachone MASSA, Tainara Adriani Ribeiro de Jesus · 5 authors
A proliferação da tecnologia blockchain e da mineração de criptomoedas tem gerado interesse de especialistas em sustentabilidade, emergindo um novo campo de estudo, desenvolvendo o conceito de criptomoedas verdes e a sustentabilidade digital. Neste sentido, este estudo realizou uma análise bibliométrica com o objetivo de mapear as tendências, estruturas temáticas e avanços na literatura científica sobre sustentabilidade digital no ecossistema blockchain, com foco em criptomoedas verdes. Para isso, foram analisados 133 artigos científicos extraídos do Web of Science (WOS), utilizando-se o software RStudio. Os resultados revelaram um crescimento acelerado de publicações, com um pico em 2024, indicando um campo de pesquisa em rápida expansão. As contribuições em pesquisa demonstram uma polarização, destacando a China e a Índia como principais polos. Temas dominantes incluem "cryptocurrency", "bitcoin", "blockchain technology", "green bonds", "clean energy" e "renewable energy", enquanto o mapeamento temático identificou "energy consumption", "risk" e "green challenges adoption" como temas motores. Esta revisão bibliométrica confirma o crescente interesse em criptomoedas verdes, impulsionado pela necessidade de mitigar impactos ambientais e alinhar a inovação tecnológica aos Objetivos de Desenvolvimento Sustentável (ODS) da ONU. Conclui-se que o estudo oferece percepções importantes aos formuladores de políticas, investidores e desenvolvedores, visando promover um desenvolvimento digital mais equitativo e alinhado à sustentabilidade.
This chapter explores the transformative potential of blockchain and artificial intelligence (AI) in revolutionizing green finance. It begins by examining the role of digital transformation in driving sustainable financial practices, highlighting the integration of blockchain and AI. The chapter delves into blockchain's applications in enhancing transparency, traceability, and security within green finance, particularly through smart contracts and decentralized finance solutions. It further discusses AI's contributions to improving risk assessment, ESG evaluation, and combating greenwashing. The synergies between blockchain and AI are explored, showing how their combined use optimizes sustainability-focused investments. Additionally, the chapter addresses regulatory and ethical considerations surrounding these technologies. Finally, it discusses emerging trends and opportunities in green finance, providing insights into the future of sustainable financial systems driven by technological innovation.
Huriye Gonca Di̇ler, Münevvere YILDIZ, N. Serap VURUR, Letife Özdemir
In today's world, sustainability strategies play a critical role in the transformation of global economies and industries. Green Economic Growth (GEG), which prioritizes environmental factors, is gaining increasing importance. Financial and green innovation are identified as the main driving forces behind GEG. However, research on the effects of these factors in OECD countries remains limited, and existing findings often show inconsistencies regarding the direction and magnitude of these effects. This study aims to comprehensively examine the impact of financial and green innovation on GEG in OECD countries. Using annual data from 15 OECD countries for the period 1996–2021, panel data techniques are applied. Cointegration tests are conducted to determine the presence of long-run relationships among the variables. Subsequently, long-run coefficients are estimated using the panel quantile regression method. The robustness of the findings is tested through OLS and fixed effects models. Additionally, causality tests are employed to explore the directional relationships between the variables. The results indicate that green innovation has a positive long-run effect on GEG, whereas financial innovation exerts a negative impact. Causality tests reveal bidirectional relationships among all variables. Policy recommendations include the promotion of green bonds and sustainable finance instruments, support for green investments through regulations that take environmental risks into account, and the expansion of access to green projects via technologies such as blockchain-based carbon markets. This research provides valuable insights for policymakers in designing more effective strategies to foster sustainable economic growth.
The Financial Technology (FinTech) ecosystem has become a disruptive one which changed the face of the financial services industry with digital technology, innovative business models and new regulatory framework. The development, distribution and use of financial products and services have been revolutionized by technologies like artificial intelligence, blockchain, cloud, big data analytics, Internet of Things and open banking. This review paper aims to integrate and consolidate the available literature to gain an overview of the development of FinTech from Finance 1.0 to Finance 4.0, and their technological innovations as the backbone of the modern financial systems. It also explores some of the key FinTech business models like digital payments, digital lending, WealthTech, InsurTech and embedded finance, and the essential role of relevant government policies, digital public infrastructure and governance for responsible FinTech innovation. The paper also identifies relevant challenges in the fields of cybersecurity, data privacy, ethics in artificial intelligence, regulatory complexity and digital inclusion that remain to significantly impact the sustainable development of the FinTech ecosystem. Last but not least, new research opportunities are identified in the field of generative artificial intelligence, decentralized finance, green FinTech, and digital financial governance to be pursued by academia in the future. The multidisciplinary perspective employed in this review gives a comprehensive picture of the current developments in FinTech and can help researchers, practitioners and policymakers to understand the opportunities and risks associated with digital financial transformation.
The rapid advancement of artificial intelligence, particularly the breakthroughs in large language models and AI agents, is driving a fundamental paradigm shift in the fintech sector. This paper proposes a theoretical framework to characterize the transition of fintech from a "tool empowerment" phase, where technology serves as an efficiency-enhancing instrument within existing financial structures, to an "ecological reconstruction" phase, where AI agents, embedded finance, and decentralized technologies fundamentally reshape the organizational forms, value creation mechanisms, and competitive dynamics of the financial industry. We develop a three-dimensional analytical framework encompassing technological architecture, institutional logic, and value network to systematically examine this transformation. Through a mixed-methods approach combining comparative case studies of 12 representative financial institutions and quantitative analysis of patent data from 2015 to 2025, we find that: (1) the paradigm shift follows a non-linear S-curve trajectory, with a critical inflection point occurring around 2023-2024; (2) AI agent-driven autonomous workflows can reduce operational costs by 35-48% while improving risk assessment accuracy by 22-31%; (3) the ecological reconstruction phase exhibits distinct network effects where platform-based financial ecosystems achieve 2.3-3.7 times higher customer lifetime value compared to traditional linear models; (4) the transition presents significant regulatory challenges, particularly regarding algorithmic accountability, data sovereignty, and systemic risk aggregation in interconnected AI-financial networks. Our findings contribute to the theoretical understanding of technology-induced institutional change in financial systems and offer practical implications for financial institutions, technology firms, and policymakers navigating this transformative period.
Abstract The growth of Decentralized Finance (DeFi) and Real-World Asset (RWA)-backed stablecoins in emerging economies has raised growing concern regarding their potential impact on the systemic stability of the traditional financial system. RWA tokenization reached USD 36 billion in 2026, and its concentration in private credit and U.S. Treasury bonds configures a bidirectional risk transmission channel between the crypto ecosystem and the regulated banking system. This study aims to quantitatively analyze the systemic contagion risk between DeFi and traditional banking in the Peruvian context, and to propose a tiered regulatory framework adapted to the country's institutional particularities, integrating the supervisory role of SUNAT, the consumer protection role of INDECOPI, and the prudential supervision of the SBS. A sequential-explanatory mixed-methods design (QUAN→qual) was employed based on: systematic review of 47 studies with verified DOI (2020–2026); financial contagion network analysis through betweenness centrality metrics; a comparative risk matrix with 12 quantified dimensions; and documentary study of the current Peruvian regulatory framework. Results reveal that the DeFi + RWA ecosystem concentrates 68% of its assets in illiquid instruments, presents tail correlations of 0.73 with traditional markets during stress episodes (TerraUSD 2022, First Brands 2025), and that the DeFi + RWA contagion risk profile reaches 4.8 out of 5. In the Peruvian context, SUNAT's 30% tax rate on crypto assets generates disincentives to formalization, driving an informal market estimated at USD 450 million annually. A three-level regulatory framework is proposed: (1) 100% reserve requirement in liquid assets supervised by SBS; (2) differentiated 15% taxation for SUNAT-regulated stablecoins; and (3) INDECOPI consumer protection mechanisms within a maximum of 30 days. Gradual implementation of this architecture would reduce systemic contagion risk by 38% and increase crypto asset tax collection by 42% annually.
This study examines whether green finance promotes green development across Chinese prefecture-level cities from 2005 to 2019. We find a positive association between green finance and green development using panel regressions with city and year fixed effects. This result remains robust after accounting for potential endogeneity and implementing a series of robustness checks. Further heterogeneity analysis shows that this positive effect is stronger in regions characterized by high fiscal capacity and within the Yangtze River Economic Belt. Additionally, green finance drives regional green development by promoting green innovation. Environmental decentralization moderates the relationship, with a stronger positive effect at higher levels of decentralization. This study offers empirical evidence regarding how green finance shapes green development outcomes.
Promoting harmonious interaction between human beings and the ecological environment has become a key issue for achieving sustainable development. Given the cross-regional mobility of resources and production activities, a single region cannot merely rely on its own efforts to balance economic expansion and carbon reduction. In this context, Digital finance can play a key role in improving information connectivity, facilitating green capital allocation, and reducing transaction costs for cross-regional low-carbon collaboration. Against this background, this study introduces and quantifies regional coordinated emission reduction potential by integrating economic ties, geographical proximity, and interregional carbon emissions from a network perspective. By using the panel fixed effect model, the study explored how digital finance shapes this potential and identified the energy-related carbon consumption structure as a transmission mechanism. Findings reveal that the carbon emission spillover effect is most powerful under the combined influence of economic similarity and geographical proximity. Digital finance significantly enhances the potential for regional coordinated emission reduction, and the effect is even stronger in provinces with lower potential for coordinated emission reduction or weaker fiscal decentralization. The level of digitalization and the depth of usage have a greater influence than the breadth of coverage. In addition, the energy-related transmission channels exhibit clear heterogeneity. The coal-related emission channel provides relatively stronger evidence, whereas the gas-related channel shows a countervailing effect.
Walid Mensi, Rim El Khoury, Abdullah AlGhazali, S K Kang
Abstract The increasing integration of green cryptocurrencies into financial markets raises critical questions about their effectiveness as diversification and hedging instruments. This study examines their role relative to traditional green assets, including the S&P Green Bond Index, S&P Global Clean Energy Index, and S&P ESG Leaders Index, via quantile vector autoregression (QVAR) over the period November 2017–July 2024. The results reveal a U-shaped connectedness pattern, where spillovers between green assets intensify under extreme market conditions, diminishing their diversification benefits. Green cryptocurrencies, particularly Cardano (ADA) and Stellar (XLM), function as primary transmitters of volatility, especially during extreme market conditions. Conversely, green assets, traditionally perceived as low risk, act as net receivers of volatility, failing to provide consistent downside protection and challenging their reliability in risk mitigation. Hedging analysis demonstrates limited risk mitigation from traditional green assets, with certain cryptocurrencies, such as NANO, providing superior hedging potential. These findings have important implications for investors and policymakers. Investors should reassess their reliance on traditional green assets for risk management and consider adaptive hedging strategies incorporating green cryptocurrencies. Regulators must address systemic risks associated with the growing influence of clean cryptocurrencies by implementing volatility thresholds and transparency measures. Future research should examine the regulatory impact and the evolving role of green financial instruments in sustainable portfolio management.
Restoring forests is essential to addressing the global crisis of deforestation and biodiversity, as well as to maintaining the livelihoods of billions of forest-dependent people. Three major improvements are introduced by the suggested framework for smart forest restoration management: decentralized financial integration, community participatory governance, and the cost-effective deployment of blockchain and smart contracts for predictive and adaptive management. By coordinating ecological objectives with technological developments, these innovations seek to improve transparency, scalability, management effectiveness, and stakeholder trust in forest restoration initiatives.
Shahinaz Hanem Abdellatif, Marwan Kobtan, Mostafa Zeinelabdein, Ramina Pashaee
The study examines the role of development finance theory, stakeholders’ theory, creating shared value (CSV), and the triple bottom line (TBL) framework to advance the Sustainable Development Goals (SDGs). Most studies focus on sustainable Business Models (SBMs) from the perspective of developed countries and often overlook the interdisciplinary nature and peculiarities of emerging economies, in terms of technology opportunities, financing constraints, and governance challenges, in the Global South. This study proposes a multi-layered framework to advance economic sustainability in emerging economies by integrating blended green finance, public-private partnerships (PPP), and fintech-enabled SBMs. The multi-layered framework redefines traditional PPP as a collaborative delivery and governance mechanism involving public, private, and development multilateral organizations to implement Economic, Social, Governance (ESG), and climate-aligned infrastructure. It also reshapes the role of blended finance strategies and emphasizes the often-overlooked role of non-banking financial institutions (NBFIs); particularly leasing companies, small and microfinance institutions, alongside banks in enabling inclusive green finance, and incorporates financial technology (FinTech) innovations, including decentralized finance (DeFi), blockchain, and digital crowdfunding, to improve access to capital, and financial inclusion. Tailored to the context of MENA economies, like Egypt's Vision 2030, the framework offers policy insights and a smooth transition toward sustainable development. Keywords: Economic Sustainability, Green Finance, Blended Finance, Public-Private Partnerships (PPP), Fintech-Enabled Sustainable Business Models, Economic, Social, Governance (ESG), Egypt Vision 2030
Ahmad Ahmad, Muhammad Said, Abdillah Abdillah, Abdulloh Munir
The rapid expansion of Decentralized Finance (DeFi), powered by blockchain technology, has transformed global financial systems by offering peer-to-peer, intermediary-free services. However, its compatibility with Islamic economic law (hukum ekonomi syariah) remains uncertain due to potential violations of Sharia principles such as the prohibition of riba (usury), gharar (excessive uncertainty), and maysir (speculation). This study addresses this gap by employing a qualitative maqāṣid al-sharī‘ah-based analysis to assess the alignment of DeFi mechanisms decentralized exchanges, lending protocols, and smart contracts with Islamic ethical and legal values. Data were collected through literature review and document analysis from classical Islamic sources, fatwas, and current DeFi documentation. The findings show that while many DeFi practices contain non-compliant elements, their underlying technology particularly smart contracts and decentralized governance holds significant potential for adaptation. When structured using Sharia-compliant contracts such as murābaḥah, mushārakah, or wakālah, and guided by maqāṣid objectives like ḥifẓ al-māl (preservation of wealth) and ḥifẓ al-dīn (preservation of faith), DeFi can support financial inclusion, transparency, and justice in accordance with Islamic law. This study proposes a normative framework for building Sharia-compliant DeFi platforms, integrating technical innovations with ethical governance, thereby offering a transformative model for Islamic finance in the digital era.
Currently, climate change has become one of the most pressing issues facing the world. It affects everyone on this planet and could have serious long-term consequences for humanity if left unresolved. Carbon credit trading is one of the measures contributing to emission management. With technological development, carbon credit trading can be conducted via smart contracts. The strengths of blockchain technology, such as transparency, secure record-keeping, and decentralization, are advantages for carbon credits. However, there are still issues that need to be addressed. This article researches smart contracts as a legal tool in carbon credit trading and identifies areas for improvement.
This paper examines the growing role of blockchain and distributed ledger technology (DLT) in transforming climate finance and global carbon markets. Drawing on twenty-six peer-reviewed studies alongside current market intelligence from financial institutions, technology firms, regulatory bodies, and multilateral organizations, the research explores how blockchain infrastructure is reshaping transparency, efficiency, and trust within carbon credit ecosystems. The study presents three primary contributions. First, it synthesizes recent 2025–2026 developments in Regenerative Finance (ReFi), Web3 systems, and Layer 2 blockchain architectures influencing modern carbon market infrastructure. Second, it introduces a Blockchain Climate Finance Readiness Matrix designed to map deployment conditions to expected institutional and regional outcomes. Third, it proposes a conceptual framework for a next-generation integrated on-chain carbon ecosystem aimed at addressing structural gaps in emerging climate finance systems. Existing literature highlights significant operational benefits from blockchain adoption in carbon markets. Prior studies report improvements in market price efficiency, major reductions in monitoring and verification timelines, and substantial decreases in administrative overhead across the carbon credit lifecycle. Current industry deployments, including J.P. Morgan's Kinexys Digital Assets platform, India's blockchain-enabled Carbon Credit Trading Scheme, and emerging ReFi infrastructure initiatives, demonstrate how blockchain integration is increasingly becoming a foundational layer for next-generation climate finance ecosystems.
Environmental sustainability transitions require robust indicator-based evidence to evaluate how technological, financial, and governance factors shape progress toward carbon neutrality. However, the environmental sustainability indicators literature still offers limited evidence on how these structural drivers jointly influence a core environmental indicator within a single advanced economy context . This study examines Canada’s carbon transition by assessing the long- and short-run effects of artificial intelligence (AI) innovation, stock market capitalization, fiscal decentralization, renewable energy consumption, and economic growth on CO 2 emissions over the period 1990 to 2023. Grounded in the integrated insights of the Environmental Kuznets Curve, Ecological Modernization Theory, and the Technology-Environment Nexus, the study employs autoregressive distributed lag (ARDL) bounds testing, which is well suited to mixed orders of integration and relatively small annual time-series samples , complemented by FMOLS, DOLS, and CCR estimators. The findings show that AI innovation and financial system expansion are associated with higher emissions in the long run, whereas fiscal decentralization and renewable energy consumption contribute to emissions reduction. These results suggest that technological and financial advancement do not automatically improve environmental performance unless supported by effective governance and sustainability-oriented policy coordination. The findings offer policy-relevant insights for designing governance and monitoring frameworks that better align innovation, finance, and decentralized decision-making with long-term environmental sustainability goals.
Javier Cifuentes-Faura, Hind Alofaysan, Magdalena Radulescu, Buhari Doğan
This study employs novel decomposed connectedness and portfolio analysis to assess the dynamic spillover effects among carbon finance, artificial intelligence, green energy markets, and bitcoin. The findings indicate that the average total connectedness index is 62%, especially during extreme market conditions. The decomposition of this measure into contemporaneous and lagged connectedness reveals that 56% of the metric can be attributed to contemporaneous dynamics. The portfolio exhibits high Hedging Effectiveness, particularly in extreme market conditions, suggesting that green assets can mitigate risks during periods of financial and geopolitical turmoil. The outcome shows that investments in Bitcoin and technology-related assets often yield the highest returns from 2018 to 2023. Based on the findings, relevant investment policies have been suggested for investors and policy decision-makers.
ABSTRACT This paper explores how financial innovation and environmental sustainability intersect by analyzing spillovers between FinTech, blockchain energy use, and green finance. Using a Quantile Vector Autoregression (QVAR) framework, we examine weekly data from 2018 to 2024 across 11 digital, environmental, and macro‐financial indices. Our findings reveal a striking asymmetry: FinTech and equity markets consistently act as systemic shock transmitters, especially during crises and booms, while blockchain energy consumption behaves as a passive shock absorber. Notably, Ethereum's energy profile remains sensitive to market exuberance even after its transition to proof‐of‐stake. Connectedness weakens markedly in tranquil regimes but resurges sharply at market extremes, underscoring the fragility of digital–green linkages. These results advance the literature on climate‐FinTech integration by showing how digital finance volatility propagates to sustainability assets. We call for targeted policy interventions that align blockchain development with climate goals and promote transparency and resilience in digital financial markets.
Monetary technology (FinTech) represents the integration of era into financial services to enhance performance, accessibility, transparency, and purchaser revel in. over the last decade, FinTech has disrupted conventional banking structures, charge mechanisms, investment control, insurance, and lending practices. innovations along with blockchain, synthetic intelligence (AI), digital payments, peer-to-peer lending, and decentralized finance (DeFi) have reshaped the monetary panorama. This paper explores the evolution of FinTech, key technological improvements, economic and regulatory implications, dangers and challenges, and destiny potentialities. The study concludes that whilst FinTech fosters financial inclusion and operational efficiency, it also introduces regulatory, cybersecurity, and systemic dangers that require coordinated global governance frameworks.
Sika AGNONVI, Sèdjro Guillaume Nonkoudjè, Kpèdadon Louis Tèkpanzo, Yao Messah Kounetsron
Résumé Cette recherche analyse le rôle de la finance verte dans la promotion de l’entrepreneuriat durable au sein des petites et moyennes entreprises agricoles au Bénin. La méthodologie adoptée repose sur une approche qualitative fondée sur 46 entretiens semi-directifs réalisés auprès d’agripreneurs répartis dans cinq régions agricoles. L’analyse thématique des verbatims, conduite avec le logiciel NVivo 12, a permis de mettre en évidence une dynamique double. D’une part, la finance verte est perçue comme un levier stratégique pour accompagner la transition écologique et renforcer la résilience des exploitations face aux aléas climatiques, mais son accès reste limité par l’inadéquation des produits financiers existants, la rareté des subventions adaptées et l’absence de guichets verts décentralisés. D’autre part, l’entrepreneuriat durable se traduit par des pratiques telles que l’agriculture biologique, la conservation des sols, l’économie circulaire, la certification écologique et l’innovation verte, intégrant également des dimensions sociales comme l’implication des jeunes et des femmes. Les résultats révèlent une complémentarité forte dont l’accès à une finance verte adaptée facilite l’adoption des pratiques durables, tandis que ces dernières renforcent la crédibilité des PME agricoles auprès des institutions financières. Mots-clés : Finance verte, entrepreneuriat durable, PME agricoles, transition écologique. Abstract The objective of this research is to analyze the role of green finance in promoting sustainable entrepreneurship among small and medium-sized agricultural enterprises in Benin. The methodology adopted is based on a qualitative approach using 46 semi-structured interviews with agripreneurs in five agricultural regions. Thematic analysis of the transcripts, conducted using NVivo 12 software, revealed a dual dynamic. On the one hand, green finance is perceived as a strategic lever to support ecological transition and strengthen the resilience of farms in the face of climate hazards, but access to it remains limited by the inadequacy of existing financial products, the scarcity of appropriate subsidies, and the absence of decentralized green windows. On the other hand, sustainable entrepreneurship is reflected in practices such as organic farming, soil conservation, the circular economy, ecological certification, and green innovation, also incorporating social dimensions such as the involvement of young people and women. The results reveal a strong complementarity, with access to appropriate green finance facilitating the adoption of sustainable practices, while the latter reinforce the credibility of agricultural SMEs with financial institutions. Keywords: Green finance, sustainable entrepreneurship, agricultural SMEs, ecological transition.