Innovative Digital Technologies in Finance for Promoting Sustainable Development Goals: Baltic Economies Compared to OECD Countries

Abstract

Financial technologies support achieving sustainable development goals (SDGs)from the micro level to the entire economy. The study aims to reveal the role of innovative digital technologies in the financial sector in promoting the SDGs, paying special attention to the Baltic countries. Digital financial technologies and their application for ensuring sustainable development, focusing on the analysis of achieving sustainable development goals in the Baltic countries, thus providing the link between innovative digital technologies and promoting sustainable development goals, are under investigation. The study identifies the SDGs significantly affected by technological innovations in the financial sector: SDG 1 refers to the necessity of ending poverty; SDG 8 promotes inclusive and sustainable economic growth; SDG 9 stresses the importance of resilient infrastructure, industrialization, and innovation; and SDG 10 appeals to reduce inequality within and among countries. The countries' performance in achieving these SDGs is heterogeneous: Baltic countries need to improve the achievement of these four SDGs, lagging behind other OECD countries due to the relatively low level of digital technologies.