Assessing the Role of FinTech Companies in Advancing Sustainable Development Goals (SDGs) in India: A Comprehensive Evaluation

Abstract This study evaluates the role of FinTech companies in advancing Sustainable Development Goals (SDGs) in India, focusing on digital financial innovations and their socio-economic and environmental impacts. FinTech adoption in India has surged, with digital payment penetration increasing from 20% in FY17 to 60% in FY24, contributing to enhanced financial inclusion, credit accessibility, and sustainable investments. Despite these advancements, challenges such as digital illiteracy, regulatory ambiguity, and uneven financial access persist. This research aims to examine the collective impact of FinTech solutions on SDGs, including their effects on financial inclusion, green investments, employment generation, and environmental sustainability. The study employs a quantitative approach using multiple regression analysis, chi-square tests, and confirmatory factor analysis (CFA). The research is grounded in theoretical frameworks such as Diffusion of Innovation, Financial Inclusion, Sustainability, Institutional, and Stakeholder Theories. Data is sourced from RBI, NPCI, and global financial institutions spanning FY17–FY24. Findings reveal that FinTech innovations significantly improve financial inclusion and green financing while reducing poverty and carbon emissions. Future research should focus on longitudinal studies to further explore regulatory impacts and technological advancements, ensuring a resilient, inclusive, and sustainable financial ecosystem in India.