Harnessing FinTech for Sustainable Finance in Developing Countries: An Integrated SWOT–Multi-Level Perspective Analysis of Mongolia

Author:

Yang John1ORCID,Jung Sang-Uk1ORCID

Affiliation:

1. Business School, Hankuk University of Foreign Studies, Seoul 02450, Republic of Korea

Abstract

This research paper investigates the potential of FinTech solutions in promoting sustainable finance in Mongolia, an emerging market economy with a burgeoning FinTech landscape. This study explores how Mongolia leverages FinTech innovations to advance sustainable development goals. Utilizing secondary data sourced from Mongolian government agencies, global financial organizations, academic institutions, market research firms, and industry associations, we conducted an integrated SWOT-MLP analysis of Mongolia’s FinTech industry, which includes the FinTech business models, ecosystem, regulatory frameworks, traditional financial institutions, and stakeholders. This study presents a comprehensive analysis of the opportunities and challenges facing Mongolia in integrating FinTech into its sustainable finance agenda, and SWOT-based strategies.

Funder

Hankuk University of Foreign Studies

Publisher

MDPI AG

Reference85 articles.

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2. State House of Mongolia (2020). Vision-2050 Long-Term Development Policy of Mongolia, Ministry of Economy and Development.

3. (2024, April 05). Global Innovation Index: Mongolia. Available online: https://www.wipo.int/edocs/pubdocs/en/wipo_pub_2000_2022/mn.pdf.

4. Asian Development Bank (2024, April 05). Mongolia: E-Government and Digital Transformation. Available online: https://www.adb.org/projects/55211-001/main.

5. Beinke, J.H., Nguyen, D., and Teuteberg, F. (2018, January 13–16). Towards a business model taxonomy of startups in the finance sector using blockchain. Proceedings of the 2018 International Conference on Information Systems, San Francisco, CA, USA.

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