FinTech, Green FinTech και οικονομική ανάπτυξη : εμπειρική διερεύνηση για την Ελλάδα

Γεωργουσάκη, Αργυρώ

Master Thesis

Author

Γεωργουσάκη, Αργυρώ

Date

2026-05-04

Abstract

This thesis examines the role of Financial Technology (FinTech) and Green FinTech in shaping the modern financial and economic environment. The main objective of the study is to explore how technological innovations in the financial sector influence the functioning of financial markets, the behavior of users, and economic development, both globally and within the Greek economy. The first part of the thesis presents the theoretical framework of FinTech and its historical evolution through its different stages of development. This analysis highlights the transition from traditional banking infrastructures to highly digitalized financial ecosystems, supported by technologies such as blockchain, artificial intelligence, big data analytics, and open banking. In addition, the adoption of FinTech in Greece is examined in comparison with other European countries, emphasizing the role of institutional conditions, consumer trust, and digital maturity in shaping the diffusion of financial innovations. The study further analyzes major international and Greek companies that implement FinTech technologies, as well as the ways in which traditional banking institutions integrate technological solutions into their operations. The examination of companies such as Visa, Mastercard, Stripe, PayPal, Shopify and Intuit demonstrates how digital platforms contribute to the transformation of the financial services industry by facilitating electronic payments, enhancing financial accessibility, and reducing transaction costs for both businesses and consumers. The second part of the thesis focuses on the concept of Green FinTech, which combines digital financial innovation with the principles of sustainable finance. The analysis explores the main application areas of Green FinTech, the benefits associated with the use of digital technologies in financing environmentally sustainable investments, and the challenges related to regulatory frameworks, technological readiness, and user trust. Through the examination of both international and Greek companies operating in this field, the study highlights the growing importance of technological innovation in supporting the transition toward a more sustainable financial system. In the final part of the study, an empirical analysis is conducted to examine the relationship between FinTech development and economic activity in Greece for the period 2004-2024. Using graphical representations, the study explores the evolution of key macroeconomic variables, including GDP growth, investment activity, and digital payment growth. In addition, econometric regression models are employed to investigate the statistical relationship between these variables. The findings indicate that the expansion of electronic payments and the broader adoption of digital financial services are positively associated with economic activity; however, the do not constitute a statistically strong determinant of economic growth on their own. Instead, investment activity emerges as the main and statistically significant driver of GDP growth, suggesting that FinTech primarily plays a complementary role by enhancing the efficiency and functioning of the economy. Furthermore, the comparison with other European economies confirms that the digitalization of payments represents a broader structural trend within the European financial system. Overall, the study demonstrated that FinTech and Green FinTech constitute key drivers of contemporary economic transformation. The development of digital financial services contributes to improving market efficiency, facilitating transactions, and supporting investment financing, while simultaneously creating the conditions for the expansion of sustainable forms of finance. Therefore, the further integration of digital and green financial technologies is expected to play a significant role in shaping the financial system and economic development in the years to come.

Postgraduate Studies Programme

Βιοοικονομία, Κυκλική Οικονομία και Βιώσιμη Ανάπτυξη

Department

Σχολή Οικονομικών, Επιχειρηματικών και Διεθνών Σπουδών. Τμήμα Οικονομικής Επιστήμης

Number of pages

Language

Greek

URI

https://dione.lib.unipi.gr/xmlui/handle/unipi/19271

Collections

Τμήμα Οικονομικής Επιστήμης

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Except where otherwise noted, this item's license is described as
Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα