Economic and legal approaches to the humanization of FinTech in the economy of artificial intelligence through the integration of blockchain into ESG Finance

Abstract

The purpose of the article is to study the current experience and prospects of the humanization of FinTech in the economy of artificial intelligence. The research methodology is based on the use of the method of structural equation modeling (SEM). The study analyzes statistics for 2021–2022 (annual indicators). The sample included 118 countries. As a result, the modern international experience of FinTech humanization in the economy of artificial intelligence has been studied and the causal relationships of FinTech humanization in the economy of artificial intelligence through the integration of blockchain into ESG finance have been identified. The article proposes an economic and legal approach to the humanization of FinTech in the economy of artificial intelligence by integrating blockchain into ESG finance to ascertain the economic and political implications. The article contributes to the literature by clarifying the scientific provisions of the concept of the humanization of the economy. The theoretical significance of the obtained results is that the developed model (SEM) and the detailed regression equations have formed a comprehensive understanding of the patterns of humanization of FinTech. The resulting econometric model can be used to predict prospects for the development of blockchain-based ESG finance, as well as high-precision planning of state economic policy. The practical significance of the authors’ conclusions and recommendations is that they have formed a clear idea of modern barriers (“market failures” and “institutional traps”) and prospects (improvement of the institutional environment through the application of an economic and legal approach) to the humanization of FinTech in the economy of artificial intelligence through the integration of blockchain into ESG finance.

Artificial intelligence algorithms and cloud computing technologies in blockchain-based fintech management

“…AI-driven data-sharing process streamlining, machine learning algorithms, and 3D and virtual reality data visualisation tools (Arora et al, 2023;Chaklader et al, 2023;Guang-Wen & Siddik, 2023) assist hyper-personalised digital financial and banking services, digital asset purchases, and NFT trading (Alaassar et al, 2023;Cheng, 2023;Sharma et al, 2023a) in blockchain-based data marketplaces and across 3D extended reality and immersive environments (Bhutto et al, 2023;Mikhaylov et al, 2023;Rafiuddin et al, 2023), building meaningful connections and a competitive advantage (Chen & Guo, 2023;Ha, 2023;Kazachenok et al, 2023). Metaverse fintech handles virtual asset-based interest payments, investments and speculations, mortgages and leases, transactions, and rentals by use of 5G, 3D, blockchain, Web3, and virtual reality technologies (Dong & Yu, 2023;Mirza et al, 2023;Zhang et al, 2023), articulating immersive, accessible, engaging, interactive, convenient, and personalized banking services and experiences (Abakah et al, 2023;Mahmud et al, 2023).…”

“…Fintech innovations can bring about green economic growth by reducing environmental damage, carbon emissions, and unsustainable economic activity (Awais et al, 2023;Ha, 2023), while optimizing blockchain-based renewable energy trading, clean financial operations and services, and organisational performance outcomes. Causal relationships of investment decision-making process organization, management, and automation (Kazachenok et al, 2023) articulate fintech corporate management, sustainable development, and social responsibility through blockchain technologies.…”

AI and business management: Tracking future research agenda through bibliometric network analysis

“…Apart from the traditional usage in the technology domain, AI also has implications in research and policy formulation [ 18 ], marketing [ 19 ], and customer engagement [ 20 ], tourism industry [ 21 ], supply chain management [ 22 ] and overall organisational development [ 23 ]. For the fintech industry, AI is pivotal in facilitating technology, such as blockchain, cryptocurrency, etc., into the traditional economic and legal environment [ 24 ].…”

Inteligencia Artificial y Marketing 5.0 como ventaja competitiva en la industria farmacéutica ecuatoriana.

“…En la actualidad, las grandes cantidades de información generadas por la interacción del ser humano en entornos virtuales hacen indispensable el uso de la IA para absorber, sintetizar, analizar, interpretar y facilitar la toma de decisiones de forma estratégica y tecnificada (Guliyev, 2023). La tecnología es eficiente para establecer combinaciones, permutaciones y cálculos que aporten al aprendizaje continuo y estratégico del ser humano (Kazachenok et al, 2023).…”