Call for paper: How Fintech is Transforming Accounting, Auditing, and Finance: Exploring its Economic, Social, and Environmental Impact

How Fintech is Transforming Accounting, Auditing, and Finance: Exploring its Economic, Social, and Environmental Impact

Fintech and AI drive innovation and disruption across various industries. They reshape accounting, auditing, and finance. These technologies play a transformative role by introducing new methods and frameworks for managing financial data and processes. For instance, blockchain technology has revolutionized asset ownership recording and transfer using smart contracts (Liu et al. 2023; Bellucci et al. 2022; Chang et al. 2020; Casino et al. 2019). This innovation enables the tokenization of assets, allowing for fractional ownership that can be created, recorded, and transferred using blockchain applications (Banerjee et al. 2024). Fintech applications create new assets (i.e., digital assets) such as cryptocurrencies and ownership tokens, which require a special accounting recognition and measurement method.

Fintech revolutionizes traditional funding mechanisms in finance by introducing innovative ways such as Peer-to-Peer (P2P), crowdfunding, and Initial Coin Offering (ICO). Both borrowers and lenders are directly connected without relying on traditional financial institutions. Moreover, ICOs leverage blockchain to raise capital for ventures through the issuance of digital tokens. Besides. Fintech applications make international payments easier, instantly, and without financial intermediaries. The fintech innovations play a significant role in improving Financial Inclusion (Kishor et al. 2024), where financial services have become affordable and accessible to unbanked populations.

However, the adoption of new technologies and Fintech solutions brings environmental concerns that need to be addressed (Hasan et al. 2024). For instance, blockchain technology, particularly cryptocurrency mining, is known for its significant energy consumption. Similarly, data Centres consume massive amounts of energy, leading to large carbon emissions. Consequently, giant tech companies such as Microsoft have begun investing in nuclear power to provide cleaner and more sustainable energy for their data centres.

It will also examine the role of FinTech in promoting sustainable investment, green finance, and ESG reporting, thereby supporting SDGs 8 (Decent Work and Economic Growth), 9 (Industry, Innovation and Infrastructure), and 13 (Climate Action). Furthermore, by investigating how technologies such as blockchain and big data enhance accountability, transparency, and fraud detection, the issue will contribute to SDG 16 (Peace, Justice, and Strong Institutions), particularly in combating corruption and money laundering.

List of Topic Areas

The transformative impact of Fintech on accounting, auditing, and finance practices.
The potential of FinTech to reshape business models and create new revenue streams.
FinTech and accounting: implications for accountability, risk assessment and reporting, ESG measurement, and audit quality.
FinTech and finance: advances in financial inclusion, cybersecurity, green finance, and sustainable investment.
The integration of FinTech into accounting and finance education, including curriculum development and pedagogical innovation.
Economic, social, and environmental implications of FinTech: effects on firm performance and value, social equity, poverty reduction, and carbon emissions.
FinTech and financial crime: its role in detecting and preventing corruption, money laundering, and fraud.
Challenges related to the energy consumption of FinTech technologies, including blockchain and data centres.

Guest Editors

Awad Ibrahim, Senior Lecturer in Accounting, School of Accounting, Economics and Finance. Portsmouth University, Awad.ibrahim@port.ac.uk

Joe Cox, Professor of Fintech and Digital Economy, School of Accounting, Economics and Finance, Portsmouth University, Joe.Cox@port.ac.uk

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