FINTECH AS AN ECONOMIC MECHANISM FOR STIMULATING SMEs IN THE FIELD OF CIRCULAR AND GREEN ECONOMY
Abstract
The article is devoted to the issues of the impact of financial technologies (fintech) on environmental and economic sustainability in the context of the implementation of the Sustainable Development Goals. It is established that small and medium-sized enterprises (SMEs) account for a significant part of industrial pollution, and limited availability of resources prevents them from achieving the expected sustainable development goals. Modern advances in financial technologies have become a transformative force for sustainable development. Therefore, the use of fintech can transform the sustainability outcomes for SMEs. Despite the growing fintech ecosystem, supported by digital payment platforms, blockchain solutions and data analysis tools, the integration of these technologies for environmental and economic sustainability remains limited. Key barriers are lack of awareness, insufficient digital literacy and inadequate infrastructure. Addressing existing gaps and promoting wider adoption is crucial to unlocking the full potential of fintech in aligning the development of SMEs with the global sustainable development goals. Therefore, scientific approaches to the relationship between fintech, sustainable development, green and circular economy, environmental and economic sustainability have been analyzed and systematized. The indirect impact of the green economy and circular economy on fintech, environmental and economic sustainability has been determined. A number of hypotheses have been formed that represent the direct and indirect impact of the selected categories. Among the hypotheses that reflect the direct impact, such as fintech has a positive impact on environmental (economic) sustainability, green (circular) economy; green and circular economy have a positive impact on environmental and economic sustainability. The indirect impacts include the hypothesis that the green (circular) economy has an indirect impact on fintech, environmental and economic sustainability. It is expected that the implementation of fintech by small and medium-sized enterprises will increase their operational efficiency, allowing them to compete effectively and remain in the market, thereby ensuring long-term sustainability. A conceptual model of the impact of fintech on the environmental and economic sustainability of small and medium-sized enterprises is proposed, focusing on the mediating role of the green and circular economy.
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