Strategic insights: evaluating SDG 4, SDG 8, SDG 9 and SDG 16 in driving sustainable growth in the global FinTech landscape

Abstract

Purpose To strategically evaluate the sustainable development of the FinTech industry on a global scale, which has not been done to date. This study aims to address this scientific problem and empirically analyze the contribution of the sustainable development goals (SDGs) and their indicators to the sustainable growth in the FinTech sector, whose impact is fundamentally changing the financial services sector, considering perspectives from business, academia and the public sector. The main contribution of this paper is, therefore, the identification of strategically relevant sustainability indicators and factors for defining and assessing the sustainability of the FinTech industry at the national level, and their application in further research and practice globally. Design/methodology/approach Multicriteria simple additive weighting is used in quantitative empirical research. Findings Three primary conclusions are indicated by the study’s results: the SDGs 9 “Industry, Innovation, and Infrastructure,” SDG 4 “Quality Education,” SDG 8 “Decent Work and Economic Growth” and SDG 16 “Peace, Justice, and Strong Institutions” are the most important for the sustainable growth of the FinTech industry. Unrestricted public access to FinTech and an educated working-age population are the main factors influencing the sustainable development of the FinTech industry. Northern Europe, with Finland, Germany, the Netherlands and Sweden leading the way, has the best sustainable development results related to the FinTech industry. Practical implications The results of the study are practically useful and applicable both to policymakers seeking to strategically bolster sustainable growth within the framework of the FinTech industry, and to FinTech companies conducting strategic development internationally. Originality/value The study initiates a discussion in the scientific community about what constitutes sustainable development of the global FinTech industry, which is currently not defined.