Abstract
Implementation of SDGs is the unified goal of 193 UN Member States. FinTech plays a crucial role in achieving it. Therefore, the development of FinTech must be facilitated through proper policy-making and public finance, creating beneficial PEST conditions. However, the interaction of the FinTech PEST environment and achievement of SDGs is a topic that has not yet been addressed. The purpose of this study is to assess the link between these two indicators using statistical methods, indicate SDGs having the strongest link to FinTech PEST environment, and explain the interface to facilitate its useful application within government and financial regulations, as well as administration of the state and municipal financial entities. The results show that the economic and investment potential of Northern Europe is caused by the most favorable PEST environment for FinTech sector development, and demonstrate the existence of a statistical link between FinTech PEST environment and SDG4, SDG8, SDG9, SDG16. There is a clear trend – the more favorable the FinTech PEST environment, the better the achievement of SDGs, the better results of Sustainable Finance indicators, and the higher the Sustainable Finance typology assigned to the country. These results suggest that the goals, targets, and indicators of SDG4, SDG8, SDG9, and SDG16 contribute to the formation of a favorable environment and are conductive to the sustainable development of the FinTech industry in a country. Therefore, sustainability in the development of FinTech industry and finance, and the achievement of SDGs, is a circular process of three interacting factors.
Highlights
There is a clear trend – the more favorable the FinTech PEST environment, the better the achievement of Sustainable Development Goals (SDGs), the better results of Sustainable Finance indicators, and the higher the Sustainable Finance typology assigned to the country
These results suggest that the goals, targets, and indicators of SDG4, SDG8, SDG9, and SDG16 contribute to the formation of a favorable environment and are conductive to the sustainable development of the FinTech industry in a country
The findings of the correlation analysis between the overall FinTech PEST environment and SDGs confirmed a statistical link between FinTech PEST environment and SDG4, SDG8, SDG9, and SDG16, where the correlation coefficient was greater than 0.5 for all three (Pearson, Spearman, Kendall) correlation measurement methods
Summary
In 2015, 193 members of the UN have united the forces and adopted a common 15-year strategy and 17 goals, named the Sustainable Development Goals (SDGs), towards the objective of worldwide sustainable development. Ways and means of achieving these goals are sought. The aim is currently to promote the development of sustainability-oriented FinTech worldwide. This requires appropriate external conditions at the country level, such as favorable and appropriate government and financial regulations, as well as administration of the state and municipal financial entities. It is crucial to assess the FinTech political, economic, social, and technological (PEST) environment nationwide as well as to assess the links between FinTech PEST environment and the SDGs. there are no studies on the relationship between the FinTech PEST environment and the achievement of SDGs
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