A Study on Sustainable Economic Development in Fintech with Special Reference to Selected Districts of Tamil Nadu

Abstract

In most of the companies, the financial technology has now become a necessary driver of the infrastructure. The solutions are incorporated and involves the Fintech that become a disruptive instrument for facilitating sustainable growth in different places. The paper tries to examines the prospects of fintech solutions in enhancing sustainable economic growth in Cities of Tamil Nadu namely Trichy and Coimbatore. This area has a strong industrial foundation with the rapid expansion of digital landscape that offers some special opportunities to fintech based programs. With the incorporation of digital financial services that including with mobile banking, digital payments along with blockchain technology. Fintech can be used to become an agent of transitional impact in inclusive growth and serving the local needs of the socioeconomic issues and problems in the study area. The study also looks and analyses about the fintech performance that can enhance the access to the financial services to the lower income groups such as small businesses, women entrepreneurs and rural residents. The Financial accessibility would empower these groups with the result of them being able to attain the economic stability and would contribute more to the local economy. The local industries such as textiles can be supported with the adoption of fintech solution to be more transparent with the supply chain and optimize its efficiency in transactions. The paper will also emphasize that the fintech can be used to facilitate environmental sustainability. Digital channels are lowering the amount of paper used with the minimum required physical infrastructure. This enables the green financing process Esier TO invest in the renewable energy projects and green practices. The study strongly suggests the strategic framework to maximize the benefit of the fintech to sustainable development by suggesting the policy initiatives, partnerships, and community involvement to design an inclusive, resilient and sustainable digital economy.