FinTech tools, regulations and limitations in achieving sustainable development goals

Abstract

The world we live in is crying out for change. Every day we become more aware that planet B does not exist and that major changes are necessary in order to guarantee a brighter upcoming future for not only ourselves but also for future generations. The United Nations Agenda 2030 for the Promotion of Sustainable Development represents a plan which does not offer a solution for every global problem, but it is a good guide to a brighter future for both people and the planet. The Agenda, which endorses the establishment of the Sustainable Development Goals, was approved and recommended by the United Nations on September 25th, 2015, by the 193 United Nations Members’ states. The Sustainable Development Goals, widely known as SDGs, are 17 Sustainable development objectives that are small components of an action plan with 169 related initiatives that must be accomplished in the social, environmental, institutional, and economic domains by 2030. In addition to other tools, The Sustainable Development Goals can be substantially aided by FinTech. The term "financial technology" (also known as FinTech) refers to revolutionary technology. This technology strives to improve and streamline the provision of financial services. The main research methodology relies on literature review and qualitative analysis of available agendas, regulation etc. It is based on an examination of relevant regulations and recently released academic publications on the FinTech and the SDGs. This thesis gives a brief review of the relationship between FinTech tools and SDGs. This thesis provides an insight into FinTech industry and tools as well as their impact on achieving SDGs. Among that FinTech regulations and limitations have been presented within this thesis. It has been concluded that FinTech has enormous potential for accelerating the SDGs' development. FinTech can advance financial inclusion, sustainable finance, and sustainable investment while harnessing innovations in technology and financial services to help accomplish the SDGs. Governments, legislators, financial institutions, and tech firms must work together to establish a supportive climate that takes advantage of the revolutionary potential of FinTech while assuring that it is used responsibly. Main concern related to FinTech is cybersecurity. FinTech represents a modern technology that has the capability to significantly contribute to sustainable development. By doing this it has a capacity to foster a more inclusive, more equitable society. The thesis will produce valuable insights on how FinTech may help advance particular SDGs, such as eradicating poverty, promoting gender equality, tackling climate change, or increasing access to high-quality education. These observations can help us comprehend the procedures, effects, and difficulties involved in integrating FinTech and SDGs more thoroughly. Policymakers, financial institutions, and other stakeholders may use these insights as benchmarks to help them develop and carry out effective and longlasting FinTech actions.