Title: Role of Financial Technology in Small-Scale Natural Resource

Management through Sustainable Financing in Venezuela

Authors’ affiliations
Tipon Tanchangya1
Department of Finance, University of Chittagong, Chittagong, Bangladesh
E-mail: tipon.tcg.edu@gmail.com
Ummah Tafsirun2
Department of Business Administration, Noakhali Science & Technology University,
Noakhali-3814, Bangladesh
Email: ummah.tafsirun@gmail.com
Md Shafiul Islam3
Department of Business Administration, East West University
Email: ishafiul16@gmail.com
Naimul Islam4
MSc Accounting and Finance, University of Greenwich.
Email: naimmgtdu75@gmail.com
Juni Chakma5
Department of Management, University of Chittagong, Chittagong, Bangladesh
Email: juni.ch.cu@gmail.com
Miguel Angel Esquivias6
Faculty of Economics and Business, Universitas Airlangga, Surabaya 60265, Indonesia
Email: miguel@feb.unair.ac.id

Corresponding author
Miguel Angel Esquivias6
Email: miguel@feb.unair.ac.id
Abstract: The purpose of this study is to investigate the methods by which financial
technology (FinTech) can facilitate sustainable financing for natural resource management
projects on a smaller scale in Venezuela. To conduct this research, a qualitative method is
employed, and the study uses secondary data. This article discusses an assortment of
FinTech solutions that have the potential to be applied in a natural resource management
context. This study shows that FinTech-enabled sustainable financing is a crucial instrument
that ensures sustainable natural resource preservation in Venezuela. This study highlights
policy implications, particularly for financial institutions, to broaden their customer base
and offer innovative financial products that are specifically designed to meet the needs of
small-scale sustainable initiatives.
Keywords: Financial Technology, Natural Resource Management, Sustainable
Financing, Small-Scale Project, Venezuela
1. Introduction
World economies are all grappling with the urgent and enduring challenges of significant
climate change and global warming which threaten the survival of all species on earth (Asif
et al., 2023; Asif et al., 2022a; Asif et al., 2022b; Irfan et al., 2021). Rapidly rising
greenhouse gas emissions, produced by human activities that seek high economic growth, are
the main causes of these climatic issues (Aziz et al., 2022). The rise in energy-based CO₂
emissions is mostly caused by economic activities, as they depend on fossil fuels for energy
generation (Khan et al., 2023). In developing economies, the failure to reduce the current rate
of carbon emissions may result in additional warming. Hence, contemporary researchers
emphasize the urgent need to minimize CO₂ emissions to promote a green and sustainable
environment, considering elements such as technological advancement and renewable energy
sources (Khalid & Ozdeser, 2021; Khalid & Jalil, 2019; Zheng et al., 2022). In light of this
appeal, policymakers are currently concerned with identifying policy options that will aid in
the transition to sustainable, low-carbon development.
Sustainable development and environmental protection are interdependent. This connection is
of the utmost importance in Venezuela, where the abundance of fossil fuels has caused
environmental and economic challenges (Nwani, 2021). This viewpoint underscores the
necessity of considering future generations' capacity to access natural resources and our
responsibility to them. Sustainability is, therefore, required by all communities in developed
or developing countries. Venezuela possesses abundant natural resources and is particularly
renowned for its oil reserves. Venezuela struggles to balance policies supporting economic
growth with international environmental conservation goals. This condition is closely related
to the prevalence of fossil fuels (oil, gas, and coal) in the economy (Nwani, 2021). Friedrichs
and Inderwildi, (2013) highlighted that the plentiful supply of fossil fuels leads to many
economic circumstances with serious environmental consequences. Venezuela has heavily
subsidized fossil fuels for years, which has been seen as a significant competitive advantage.
However, there have been few governmental incentives to promote a shift away from fossil
fuels towards a more diversified energy consumption pattern. In 2022, Venezuela emitted
2.86 metric tons of CO2 per capita (European Commission Joint Research Centre., 2023).
This situation requires a strategic policy choice to facilitate the achievement of sustainable
development. Past research has demonstrated that natural resource management is of the
utmost importance to take into account the effects of natural resources on the ecosystem (Hu
et al., 2022; Meng et al., 2022). Several studies (Abdulahi et al., 2019; Li et al., 2021) have
linked the resource curse and economic stagnation. The point is that natural resources have
long been considered a reliable way of producing goods. Rich natural resources increase
employment, growth, and quality of life. Natural resources impact a nation's economy and
poverty. Misallocating natural resources can cause disputes and economic instability (Tiwari,
2024). On the contrary, extracting natural resources increases energy use and environmental
damage (Hanif et al., 2022). However, a country with abundant natural resources imports less
harmful energy and consumes less impure resources, reducing carbon emissions (Sadiq et al.,
2024). Thus, natural resources provide clean, abundant, renewable energy, lessening
dependence on fossil fuels and helping battle global warming.
Technologies can help achieve environmental sustainability by uncovering problems and
taking action quickly (Tsolakis et al., 2021). Financial Technology (FinTech) is a prominent
and relevant field that automates and improves financial services, products, and processes.
Mobile apps, software, big data analytics, artificial intelligence, and blockchain technologies
are used in FinTech to alter financial services and transactions (Arfaoui & Yousaf, 2022).
Furthermore, FinTech comprises extensive financial activities, such as payment transactions,
insurance, project finance, financial advisory, regulatory compliance, peer-to-peer lending,
digital currencies, crowdfunding, big data, blockchain, and robotic advisors (Yang et al.,
2023).
Green financing emerged from the severeness of environmental and climate challenges. It can
support renewable energy initiatives that reduce carbon emissions. FinTech facilitates green
financing facilities including renewable energy loans, green bonds, and carbon trading, which
improve the environment. FinTech can help organizations and individuals reduce waste and
pollution while optimizing energy use (Chien et al., 2023). FinTech improves energy
efficiency, supporting energy transition and environmental sustainability (Das et al., 2024;
Yan et al., 2023). FinTech has great potential to improve the financial sector and natural
resource management, according to Arner et al., (2020). Through its promotion of renewable
energy and sustainable technology, the FinTech sector may indirectly help achieve
sustainability. FinTech and natural resource management links are vital yet rarely studied.
FinTech's role in sustainable natural resource management, notably in Venezuela, is scarce.
This study aims to examine how FinTech improves sustainable financing for Venezuelan
small-scale natural resource management. This study makes substantial contributions in the
areas of green financing, natural resource management, and FinTech. This is the first attempt
to link FinTech to green financing for natural resource management in Venezuela. Past Asian
empirical studies are insufficient to explain FinTech's role in natural resource management.
There has been no comprehensive study on FinTech and natural resource management in
Venezuela. To the best of the authors' knowledge, this is the first study to examine how
FinTech may support sustainable financing for natural resource management activities in
Venezuela. The findings have implications for policymakers, regulators, government,
financial firms, relevant stakeholders, and practitioners in similar nations with abundant
natural resources.

2. Overview, Definition and Importance of Sustainable Financing

2.1. What is sustainable finance?
Sustainable finance involves investments in the financial sector that consider ESG
(environmental, social, and governance) considerations. These investments tend to be more
long-term and devoted to more sustainable economic operations and projects. Concerns
include the prevention of pollution, adaptation to climate change, preservation of
biodiversity, and the circular economy. A few examples of social issues are human rights,
inequality, inclusivity, labour relations, and investments in people, skills, and communities
(Raman et al., 2023).
2.2 Examples of Sustainable Finance
Sustainable investing and financing are broad phrases covering a wide range of practices. The
following are a few instances of such:
 Sustainable Foreign Direct Investment (SFDI) — Sustainable foreign direct
investment (SFDI) refers to cross-border investments made with a long-term
objective, typically by a developed country to a developing nation.
  Impact Investing—The goals of impact investing are Financial gain and beneficial
social or environmental effects. Impact investors base their investment selections on a
company's environmental, social, and governance (ESG) performance and reputation
for corporate social responsibility.
 Socially Responsible Investing (SRI) — considers certain social or ethical factors
while making investing decisions. For SRI to work, investors should look for
businesses actively working toward social justice rather than investing in industries
that have a detrimental impact on society, such as tobacco or arms manufacturing.
 Green Finance—Green finance incorporates ESG's environmental components.
Unlike sustainability, green finance allows investors to focus on decarburization and
biodiversity loss. It includes green bonds, loans, and mutual funds. (Rahman et
al.,2024).
2.3 Why is Sustainable Finance Important?
Globally, sustainable finance is becoming a widespread practice. The acts of firms, investors,
and policymakers show this. Almost all major listed firms, even energy and mining
corporations, have CSR departments, chief sustainability officers, or CSR committees on
their boards. They publish annual sustainability reports on carbon footprints, community
engagement, employee treatment, and other stakeholder issues. (Raman et al., 2023). Many
asset managers, especially mutual and pension funds, claim to incorporate ESG into their
investment strategy. In 2020, the Global Sustainable Investment Alliance managed about
USD 35.5 trillion for sustainable and responsible investing. The UN Principles of
Responsible Investment (UN PRI) includes over 4,000 signers managing USD$120 trillion,
including BlackRock, CalPERS, Calvert, and the Norwegian Government Pension Fund
Global (Fig. 1) (UN PRI,2021).

Fig.1: Growth in support for UNPRI over time

 Source: UN PRI,2021
Policymakers aim to accomplish the 17 UN global goals announced in 2015, which also fuels
sustainable financing. To accomplish the SDGs, we need trillions of dollars to finance
projects with a financial return on investment, and sustainable finance might provide the
funds. Sustainable finance is driven by many other factors. These include major climate
conferences (Paris Agreement, COP 26) and extensive asset manager gender diversity efforts
(Black Rock, State Street, Vanguard). These events and initiatives help inform firms,
investors, and the public about sustainable finance.
2.4 Sustainable Financing Initiatives in Venezuela
In Venezuela, sustainable financing promotes green economies and sustainable development.
Corporación Andina de Fomento (CAF) invests in green energy, energy efficiency,
renewable energy solutions, sustainable transport, and climate change adaptation to mitigate
climate change and benefit the environment.

Fintech Driven Green Finance

Natural Resource Extraction

Exchange Rate
Unproductive Investment
(Dutch diseases)

Unsustainable economic growth

(Resource curse BRICS nation)
Green finance for green
Green finance for
innovation (Exchange rate
sustainable investment
channel)
(investment channel)
Resource blessed BRICS nation

Competitive non-resource
Effective resource rent utilization
industries

Sustainable economic growth

Fig. 2: FinTech Driven Green Finance

 Source: (UNDP,2022)

The UNDP also promotes inclusive economic growth, sustainable development, and social
vulnerability reduction in line with Venezuela's national development plan and the UN
Sustainable Development Cooperation Framework (Fig. 2) (UNDP,2022). These programs
emphasize incorporating sustainability concepts into financial operations to benefit
Venezuela's environment and society.

3. Financial Technology (FinTech) Landscape in Venezuela

Blockchain technology and artificial intelligence significantly impact Venezuela's FinTech
industry because of its economic difficulties. (Moises Rendon, 2018) Blockchain technology
is being utilized to legitimately empower Venezuelans, particularly in the post-crisis
reconstruction of the nation. According to Rendon (2018), This technology could improve
property rights management, humanitarian relief distribution, and corruption. The
government has implemented biometric and blockchain technologies to automate election
procedures and distribute basic goods to build a crypto-asset-based digital economy (Benitez,
2019). Venezuela is using AI technologies in several industries to address development and
administration concerns. Military, healthcare, and surgical robotics automation have all
adopted AI projects to meet social crisis needs (Benitez, 2019). Ethereum and artificial
intelligence are becoming key FinTech tools in Venezuela, addressing economic issues,
promoting openness, and enhancing society.
FinTech speeds up and secures financial transactions for Venezuelans (Gasparri, 2019).
FinTech may also help Venezuelans overcome economic sanctions that prevent them from
accessing global financial markets (Pertiwi & Purwanto, 2021In general, FinTech can
improve Venezuela's market conditions and boost economic growth by solving the country's
financial problems. In this time of rapid change, Venezuela needs sophisticated FinTech for
economic growth and stability (Daqar et al., 2020). Modernizing the financial sector,
increasing transparency, strengthening anti-corruption efforts, expanding financial inclusion,
and overcoming economic restrictions' barriers to global financial markets are potential
benefits. FinTech could revolutionize Venezuela's banking system and boost economic
growth by solving the country's financial challenges (Gasparri, 2019). FinTech can streamline
financial transactions, boost company and individual access to financial services, and lower
costs. FinTech also make financial education in Venezuela more widespread and can provide
the people with better tools to help them choosing good investments. Also, FinTech in
Venezuela could provide opportunities for innovation and entrepreneurship (Pertiwi &
Purwanto, 2021).
3.1 Global FinTech Evolution and its Relevance to Venezuela
FinTech is one of the fastest-growing sectors, and it has incredibly changed how people all
over access global financial services (Agarwal & Zhang, 2020). This has been transforming
the financial services industry and making it more convenient, efficient, as well as ubiquitous
for both businesses and consumers (Gasparri, 2019). Hence FinTech adoption is increasing
globally over the years with mostly advanced countries like the US, UK and China as flag
bearers followed by major emerging markets (Agarwal & Zhang, 2020). Developments of
this kind have also received interest in emerging economies such as Venezuela, which is
currently facing economic difficulties and exploring novel options for financial inclusion and
growth (Gasparri, 2019). Recently, Venezuela, along with many others, has been seen as a
nation that acknowledges the power of FinTech in eliminating financial inclusion and
increasing access to finance. Thus, it is crucial for Venezuela to embrace FinTech not only in
local market dynamics but also worldwide trends so as to be able to recognize relevant long-
term movements and benchmark state-of-the-art practices with the most effective applications
implemented elsewhere, making them suitable to solve needs. Venezuela can understand
efficient techniques as well as benchmarks to tweak and incorporate in its financial
ecosystem. Studying the worldwide expansion of FinTech can provide Venezuela with
valuable insights into successful strategies and best practices to enhance its financial
ecosystem. Analyzing FinTech's global development can assist Venezuela in strengthening its
financial ecosystem, promoting economic growth, financial inclusion, and financial stability
through the identification of effective strategies and optimal approaches (Agarwal & Zhang,
2020).
3.2 Fintech Mechanisms for Sustainable Financing
FinTech could revolutionize sustainable finance for social and environmentally responsible
projects. FinTech can enable sustainable projects to bypass traditional financing obstacles
through peer-to-peer lending, blockchain technology and digital payment systems. High on
the list of potential applications for sustainable financing are digital payments, peer-to-peer
lending and blockchain technology. Historically, blockchain technology is proposed as the
main collection point in enabling tracing and transparency in sustainable financing by
converging transactions to be recorded/stored/verified harshly into a distributed ledger
(Thomason et al., 2017. 2018). With blockchain, borrowers can borrow from their peers only
sustainably. From peer-to-peer lending platforms to connect borrowers with lenders for
participation in sustainable projects. FinTech can provide financing for sustainable projects,
bypassing traditional financial intermediaries. This, in turn, improves borrower and lender
reach.
It reshapes financing distribution and mobilization for sustainable purposes through FinTech
(Moro-Visconti et al., 2020). A key for nations using FinTech and blockchain technology
efficiently to unlock the potential of sustainable finance contributions to global
environmental and social objectives (Thomason et al., 2018). Although struggling with the
economy, Venezuela decided to use blockchain technology to solve problems such as
hyperinflation and a non-certain system of government.

4. Natural Resources Management

4.1. Definition and Importance
Sustainable use of vital natural resources, including land, water, air, minerals, forests,
fisheries, and livestock, is called Natural Resource Management (NRM). The ecological
services these resources provide, taken as a whole, improve human life (Muralikrishna &
Manickam, 2017). Natural resource management (NRM) is critical in this context. It calls for
systems thinking and a reasonably sound model on social, economic and environmental
factors in utilizing Natural Resources (NR). Therefore, NRM must start demanding
reasonable and appropriate management of the ecosystem to proclaim its significance.
Natural resources can shape the shift to sustainable, innovative, and efficient economic
practices. This can be achieved through natural resource-based industrialization, which
prioritizes technological intensity and value addition, and tax revenues and capital flows for
production pattern diversification. Remarkable advances in many industries depend on
natural resources. Exporting or renting natural resources enhances financial development.
Nations with abundant natural resources can advance their financial sectors. It depends on
how those nations develop their policies, as rent collection and exports will generate more
cash. Countries need to align natural resource allocation with demand. This opportunity helps
nations enhance their financial sectors. Additionally, it will have broader access to capital-
generating sectors and provide significant financial services. (Han et al., 2022).

4.2 Natural Resources Scenario in Venezuela

In 2023, Venezuela possessed the world's largest known quantity of crude oil, estimated at
around 303 billion barrels, or around 17% of the total global reserves (Fig. 3). In addition to
petroleum, the nation possesses natural gas, iron ore, gold, bauxite, diamonds, and other
minerals. Venezuela possesses substantial natural gas reserves, making up 73% of South
America's total natural gas reserves, amounting to 195 trillion cubic feet as of 2023. Around
80% of the country's natural gas contributions are related to crude oil, with most generated
natural gas being a by-product of oil production. Venezuela holds the fourth-largest coal
reserves in South America, at 806 million short tonnes in 2021. Venezuela's primary
coalfields are located in the western Zulia State, adjacent to Colombia. Coal has a minimal
impact on Venezuela's energy balance, representing only 0.2% of total energy production and
0.1% of total energy consumption, in contrast to oil and natural gas (EIA, 2024).

Fig. 3: Venezuela's crude oil and natural gas reserves from 1983 to 2023.
Source: U.S Energy Information Administration, International Energy Statistics, 2024.
Venezuela possesses 33 minerals, some of which have increased in value in the global market
because of their uses in different economic and technological fields. Key minerals include:
Coltan is a mineral made up of columbite and tantalite. Tantalum is a crucial component used
in producing capacitors in electronic equipment. The growing need for electronic devices has
elevated the significance of coltan in the global market.
Rare Earths are a set of 17 chemical elements utilized in various technical applications,
including permanent magnets, electric vehicle batteries, communication devices, and
renewable energy components. Their rising popularity is mainly attributed to the growth in
the technology sector and the shift towards clean and sustainable energy sources.
Diamonds are highly precious and renowned jewels used in jewellery and industrial settings
for their hardness and thermal conductivity. They maintain significant relevance in the global
market due to their consistent demand across multiple sectors.
Thorium is utilized in clean nuclear energy production, as well as in the medical and
industrial sectors. The hunt for alternative energy sources and the desire for sophisticated
medical technologies have heightened its significance in the global market.
Vanadium is a chemical element utilised in the manufacturing of high-strength steel and
alloys and redox flow batteries for energy storage. The need for it has increased because of
the rise of the construction and aerospace industries and the rising interest in more efficient
energy storage technologies (Daniel Valero G, 2023).
4.3 Need for Small-Scale Natural Resource Management
Managing natural resources efficiently has become arduous due to the intricacies involved.
Land, forests, and water quality, as well as their capacity to regenerate at the current rate of
exploitation, are impaired by the alarming rate of depletion and pressure on natural resources.
Destruction and extinction pose significant hazards to the sustainability of natural resources
on a global scale. A predicament exists between the conservation and utilization of these
natural resources, giving rise to the emergence of conflicts. Managing these resources in their
natural environment has become progressively more challenging due to their economic
values and the political interests invested in them (Obaisi et al., 2022). Local communities in
Venezuela frequently depend on natural resources, such as fishing, forestry, and agriculture,
to support their subsistence. Involving these communities in small-scale management
initiatives enables them to assume responsibility for their resources, promoting sustainable
practices and fortifying resistance to environmental fluctuations. Local Indigenous people
and community-based organizations can play an essential role in the implementation of
management initiatives that are effective and suitable to the area. This is due to the high
levels of deforestation and agricultural expansion resulting in land degradation and soil
erosion, as well as poor management of the available lands in Venezuela. Coordination of
management activities with such small-scale concerns helps uplift the practices of
agroforestry and organic farming along with reforestation for the issues of soil erosion, water,
and climate change mitigation (FAO, 2019). This paper also confirms that it is important to
enhance resilience to minimize the effects of climate change on the systems and the human
population (Field et al., 2014). Food production and sovereignty, organic agriculture, and
disaster readiness are the types of small-scale adaptation mechanisms that assist in improving
the resilience of the local population to climate change.
4.4 Natural Resource Management issues of Small-scale organizations in Venezuela

The issues surrounding natural resource management for Venezuelan small-scale enterprises
stem from various economic, political, and environmental variables. What at first appear to
be lucrative resources may, in fact, transform into burdens, resulting in economic challenges,
political instability, and social unrest. This, in turn, causes the creation of inconsistent natural
resource management policies and regulations. The uncertain governmental policymaking
leaves small businesses in a predicament, impeding their ability to plan and invest in
sustainable management of resources. The prevalent social inequality, economic disparities,
and systemic dissatisfaction are often identified as the root causes of populism. Venezuela
has relied on oil, minerals, and forests for its economy. Environmental degradation and
resource depletion result from this exploitation without sufficient environmental legislation or
enforcement. Larger corporations with more resources to avoid regulations and ignore
environmental issues may outperform smaller ones. The economy is simple and sensitive to
oil price volatility because it relies heavily on exports. Nationalization and large-scale
government intervention have caused financial imbalances and efficiency issues, worsening
inflation and financial distress. Social separation and political antagonism have resulted from
Chavismo, causing political instability. The event highlights the complicated natural resource
use concerns facing emergent populist states. This crisis has made it hard for small businesses
to invest in sustainable resource management or get finance (Wang, 2023).
The resource curse theory states that a nation with rich natural resources, such as minerals
and oil, may have poor economic and political consequences. Resource-rich nations often
struggle with corruption, political instability, and stagnation (Satti et al., 2014). This
contradicts the idea that rich natural resources boost the economy. Many resource-rich
nations have experienced the resource curse, supporting the theory. Nigeria has
underdevelopment, inequality, and poverty while being a major oil producer (Veltmeyer,
2013). Angola and Equatorial Guinea, oil and mineral-rich nations, also deal with corruption
and poor government (Aghalarli, Orkhan, 2022). Venezuela has multiple connected elements
affecting the domestic resource curse. Commodity price volatility is important. Venezuela's
economy was vulnerable to global crude price movements due to its heavy reliance on oil
exports (Su et al., 2020). The oil market's unpredictable swings caused economic downturns
and financial issues. Resource-rich economies need diversification help. Extra revenue from
resource extraction can limit economic growth. Venezuela's non-oil neglect shows the
resource curse. Diversification and other business development were needed as oil earnings
dominated the economy. Venezuela is vulnerable to external forces and economic volatility
due to its overreliance on a single resource, making non-resource exports uncompetitive.
Resource extraction limits sustainable growth. The government favoured extractive industries
above diversification and renewable energy, slowing progress (Kramarz & Kingsbury, 2021).
Ignoring green sectors and leaving the country susceptible to volatile global commodity
markets hindered the development of environmentally sound and resilient communities.
Venezuela's weak administration and institutions make natural resource management
difficult. Corruption, incompetence, and lack of transparency in government can impair
environmental regulation and sustainable resource management. The Venezuelan public
sector is rapidly failing due to crumbling infrastructure, rampant corruption, food shortages,
declining educational and health indicators, bureaucratic politicization, a rise in criminal
violence, and low state legitimacy. Venezuela is experiencing climate change like many
other countries, including more frequent and violent droughts, floods, and hurricanes. These
crises may affect farmers and fishermen who rely on natural resources.
4.5 Examples of small-scale projects focusing on sustainable minerals, agriculture,
fisheries, forestry, and renewable energy.
Natural resource management presents Venezuela with many obstacles, but there are also
some examples of sector-specific, smaller-scale projects and initiatives that are working
towards sustainability. Sandoval et al. (2006) argue that mining companies are beginning to
see sustainable development for what it is: a strategy to lessen the likelihood of conflicts with
local communities, an opportunity to enhance their projects, and, finally, a means to achieve
economic, environmental, and social goals through the promotion of sustainable, positive
peace. Some institutions collaborate with small-scale miners to encourage ethical mining
methods; one of these is the Alliance for Responsible Mining (ARM). Supporting miners in
regulating their activities, enhancing occupational health and safety, and lowering mining's
environmental impact are the primary goals of these projects. Orinoco Mining Arc Project, a
government-led mining project established in 2016, is working towards sustainable extraction
of mineral resources (Angosto-Ferrández, 2019).
FinTech comprises of a spectrum of technologies and developments aimed at improving and
automating financial services. (Harriss, 2016). Pant (2020) stated that the financial industry
can be transformed through these technologies, including AI, big data, and blockchain, by
increasing its efficiency and creating a more diverse and stable ecosystem.
The valuations of FinTech companies present intricate complexities, particularly owing to
their hybrid business models that require nuanced analysis of their strategies (Visconti, 2020).
From 2008 onward, FinTech saw the rise of a new era in which rapidly advancing technology
was applied at both retail and wholesale levels (Arner, 2015). This becomes critical in
regulatory frameworks as these evolving models present significant challenges for regulators
and market participants. Empirical research has affirmed the interconnected nature of
financial inclusion, financial sustainability, and FinTech, highlighting them as economic
growth and stability drivers. The significance of financial literacy, the availability of financial
services, and the technological advancements propelling sustainability and inclusion have
been underscored in the literature. Grasping these interrelations is pivotal in pursuing a
sustainable and inclusive financial system which broadly benefits the economy. Allen et al.
(2014) highlight the necessity of making financial services more accessible through mobile
banking and enhancing financial infrastructure. Additionally, Salahuddin et al. (2021)
underline the beneficial impact of financial inclusion on economic growth, monetary
stability, and poverty reduction while recognizing that gender inequality, restricted financial
access in rural areas, and mistrust of financial services are significant hindrances to achieving
effective financial inclusion (Aduda & Kalunda, 2012). Policymakers must address these
challenges to foster sustainable financial practice. Andreou and Philip (2018) also underline
the importance of promoting financial literacy among individuals to ensure that consumers
are well-informed when making decisions about their finances.

5. Role of FinTech in Sustainable Financing for Small-Scale Natural

Resource Management
5.1. FinTech and Digital payment solution:
The advent of digital payment systems has altered the world’s financial environment
significantly, thus redesigning how people conduct transactions and facilitate fund movement
on a large scale. Notably, there is considerable anticipation that the COVID-19 pandemic has
accelerated the digitalization process and initiated substantial changes in the broader financial
domain (2020). FinTech has surfaced as a mechanism that enhances operational efficiency
and user experiences for the general populace. This is possible by using easy accessible
technologies like smartphones which have gained popularity in many circles as it has been
noted (Aseng, 2020). The payment market now enjoys new innovative ways such as peer-to-
peer (P2P) applications for payments, virtual currencies and mobile wallets. Due to this
development, users are now able to transact in a manner that is convenient and practicable.
Such transactions allow FinTech interfaces to act as intermediaries in ensuring smoothness of
payments with respect to financial services access as well as its security. Biometric
authentication is a prominent approach employed to ascertain the identity of users. It
leverages distinguishable physical or behavioural attributes, including face recognition or
fingerprints (Al-Matari et al., 2022).
The significant increase in the implementation of digital payment systems in India can be
credited to many factors. The previous variables encompass technological progress,
governmental endeavours prioritizing financial inclusivity, and a change in consumer
inclinations towards secure and convenient transactions (Manickam, 2024). A research
investigation in Russia has revealed that around 70% of individuals for implementing digital
economic system methodologies. It is possible to deduce that the advancement of the digital
economy will be aided by the implementation of novel FinTech (FinTech) concepts (Ray &
Pal, 2022). From a religious standpoint, it is evident that Zakat, Infaq, and Sadaqah (ZIS)
payments are consistently executed via FinTech in the Java, Indonesia region. According to
Sari et al. (2023), establishing a robust digital ecosystem by the ZIS giving platform has
empowered a novel cohort of Indonesian Muslims to fulfill their religious responsibilities in a
practical and influential fashion. In general, implementing digital payment services facilitated
by FinTech has contributed to the advancement of financial inclusion in Indonesia. The
accessibility of financial services has been significantly transformed with the introduction of
FinTech, especially for those previously excluded from the traditional banking system. It has
been established that digital payment services enhance financial transactions' comfort,
security, and efficiency. According to Sriyono et al. (2023), the increasing customer demand
for these services is since they provide an economical substitute for traditional methods of
payment. The abundance of digital payment services is a widely recognized phenomenon that
is extensively employed by most Generation Z members, particularly those aged 12 to 27.
This observation is consistent with the predominant characteristics displayed by members of
the present generation, who exhibit an exceptionally swift adaptation to technological
progress, specifically in the domain of FinTech. Social influence has a significant impact on
Generation Z members' intentions to utilize the FinTech service at issue. In accordance with
the results, it is recommended that the FinTech payment system be implemented with
Generation Z in mind to achieve the greatest degree of adaptation (Aseng, 2020).
In Venezuela, digital payment solutions and FinTech have revolutionized the financial sector
by facilitating more expedient, secure, and convenient transactions. FinTech companies are
implementing innovative digital banking solutions that grant credit access to consumers who
are currently underserved and facilitate the management of corporate expenditures via
adaptable payment card alternatives (Enfuce, 2024). These solutions increase customer
engagement and enable FinTech companies to remain at the top of their industries (Enfuce
2024). Zenus Bank's PayFac and other payment facilitators offer integrated payment-
processing solutions that enable swift, secure, and seamless transactions (2024, Zenus Bank).
PayFac facilitates payment acceptance, optimizes operational processes, and stimulates
business expansion (Zenus Bank, 2024). Zenus Bank (2024) states that the system provides
rapid deployment, simplified enrollment, and strong security measures, such as advanced
tokenization and PCI-validated P2PE. Through its specialized FinTech teams in the Nordic
and Baltic regions, Visa facilitates the expansion of FinTech in Venezuela (VISA, 2024). The
team aids FinTech in accelerating and expanding operations by providing knowledge,
resources, and assistance (VISA, 2024). FinTech companies can expand their global presence
and develop inventive digital payment solutions through strategic alliances with Visa (2024).
In Venezuela's financial sector, FinTech and digital payment solutions have brought about an
evolutionary change by providing businesses and consumers with enhanced inclusivity,
efficiency, and security services.
5.2 Blockchain for efficient resource management:
By leveraging the decentralized and immutable ledger architecture of blockchain technology,
financial transactions are conducted in a manner that upholds the fundamental principles of
integrity, confidentiality, and dependability (Olaoye, 2024). Verification processes may be
deemed more accessible and simplified with the assistance of blockchain technology but it
can facilitate secure lending between individuals and streamline the loan application process
by eliminating the risk associated with the identities of borrowers. Both consumers and
businesses may employ blockchain-enabled platforms to initiate financing and transactions.
According to Renduchintala et al. (2022), these platforms benefit from the ledger's ability for
transparency and immutability. As a result of its capacity to enhance data traceability and
privacy, implementing blockchain technology in the FinTech sector is considered inevitable.
On the other hand, Blockchain technology increases trust levels in information sharing and
financial transactions, unlike traditional methods (Gupta & Prasad Sahu, 2023).
Blockchain technology has already been proven to make an outstanding contribution to the
sustainable financing of small-scale natural resources by providing transactional security,
efficiency and transparency. Moreover, it can aid in financing sustainable small-scale natural
resource projects in Venezuela, particularly focusing on the forest industry. Crowdfunding
for small forestry initiatives demonstrates that platforms such as GRO Forestry Smart Ledger
(FSL) use blockchain technology to connect mangrove initiatives led by local communities
from developing countries with investors, both corporate and individuals who are interested
in carbon sequestration (GROVE: Forestry Smart Ledger, 2024).
Blockchain-supported smart contracts have the potential to enhance the visibility and
effectiveness of financial transactions, thereby facilitating the monitoring of financial
contributions made to local communities in support of their conservation endeavors
(GROVE: Forestry Smart Ledger, 2024). This may facilitate greater participation in and
confidence in sustainable forestry initiatives.
To reduce monitoring costs, the integration of machine learning, remote sensing, and
blockchain technology can greatly diminish expenses associated with third-party validation
and verification while streamlining the assessment of forestry projects' effects (2024,
GROVE: Forestry Smart Ledger). Thus, the viability of small initiatives is enhanced.
The Venezuelan government has begun circulating its own cryptocurrency, Petro (Benitez,
2019), using blockchain technology. Despite its contentious legal standing, Petro exemplifies
the nation's determination to use blockchain technology to advance its economy.
Nevertheless, Venezuela must deal with formidable economic and political barriers that
impede the implementation of unique financing mechanisms. Overcoming these obstacles is
crucial to widening the use of blockchain and other technologies for sustainable natural
resource management in the country.
5.3 Peer-to-peer lending platform:
During the digital transition, Peer-to-Peer (P2P) lending has emerged as a prominent model
of FinTech. Peer-to-peer (P2P) lending, also referred to as crowdlending, is a financial
practice that involves the direct provision of loans to individuals or businesses, bypassing the
conventional intermediation of banks or other traditional financial institutions (Maulida &
Surbakti, 2024). Protecting personal data in the context of peer-to-peer (P2P) lending is of
utmost importance because these platforms collect and process sensitive information, such as
financial and credit history (Khuan, 2024). P2P lending platforms link debtors with private
lenders or investors by passing conventional banks. Loans are given to consumers, and
investors gain interest. A P2P lending network called "Lending Club" illustrates how
personal loans and loans for small businesses may be made (Rajath Karangara, 2023).
The development of peer-to-peer lending has produced traditional and Sharia-compliant
varieties. This peer-to-peer lending FinTech technology follows to the principles of Islamic
sharia to facilitate digital finance transactions. This is accomplished by intentionally averting
sharia-incompatible practices (Baihaqi, 2018). It is essential to exercise caution and diligence
prior to the implementation of this system. The strategies encompass safeguarding user data,
regulating its usage to authorised purposes exclusively, implementing secure data storage
protocols, and transparently informing users regarding data processing (Agusta et al., 2021).
It is not easy to monitor individual borrowers in peer-to-peer lending unlike banks’ strictest
supervisory and monitoring processes which are made possible by reduced administrative
costs. As a result of this fact, peer-to-peer lending has high administrative costs (de Roure et
al., 2021).
The potential of peer-to-peer lending platforms in Venezuela for enabling investments into
small-scale sustainable initiatives is huge (Purcell, 2013). The potential of Venezuela’s peer-
to-peer lending platforms for financing small sustainable projects is enormous (Purcell,
2013). With the current economic challenges and limited access to conventional funding
sources, peer-to-peer lending offers an alternative to institutional and commercial finance in
Venezuela. This method gives people a chance to invest their personal money into projects
that they believe in and which will also be beneficial to the surrounding communities.
Moreover, peer-to-peer lending platforms make financial transactions possible within a
transparent and simplified context, thereby facilitating compromise between lenders and
borrowers. Also, sustainable development can be promoted by these platforms by attracting
investments into environmentally friendly or socially responsible projects such as eco-
friendly agriculture or renewable energy initiatives. Peer-to-peer lending platforms have the
capacity to overcome geographical constraints through technology and crowd power and
facilitate access to opportunities in less developed areas of Venezuela.

6. Conclusion
This study seeks to determine how Fintech could finance more minor natural resource
management projects towards sustainable development in Venezuela. The data shows that
climate resilience, economic stability and poverty issues are aspects that Venezuela can
address by aligning its Fintech with the SDGs. Thus, blockchain technology can still be used
for citizen empowerment, property distribution, administration of humanitarian aid, and
fighting against corruption. AI technologies can be used in sectors like the military,
healthcare, and surgical robotics, among others, to automate voting processes and deliver
basic needs. From global experience of FinTech development, Venezuela can adopt lessons
on how best to improve its financial ecosystem for enhanced economic growth and increased
financial inclusivity. Such finance is particularly critical for countries like Venezuela, which
are resource-rich and moving from traditional to sustainable practices. The major Fintech
platforms, including AI, big data and blockchain, could be re-imagined to increase
productivity, leading to greater system diversity and stability.
7. Policy Implications
This study investigates the impact of FinTech on managing small-scale natural resources by
utilizing green financing to promote sustainable economic development. The aim is to
identify strategies that can smoothen the path towards development. The study has
implications for stakeholders, including environmental groups, policymakers, financial
entities, and local communities. These implications shed light on the advantages and
disadvantages of integrating FinTech in sustainability initiatives in Venezuela. Policymakers
are encouraged to facilitate the integration of FinTech into financing for managing resources
by establishing clear and supportive regulatory frameworks. Defined and encouraging
policies can promote collaboration, investments and innovation among the parties involved.
To instil trust and mitigate risks associated with FinTech solutions, regulatory frameworks
should address data privacy, cybersecurity, and concerns about financial transparency.
Financial institutions have the opportunity to extend their services and offer products tailored
to support small-scale natural resource management projects by harnessing FinTech's
potential. This includes enabling investment opportunities, credit options and insurance
coverage for initiatives focused on development. Financial institutions should actively engage
in partnerships and strategic collaborations to fully utilize FinTech's capabilities to facilitate
financing for natural resource management. Financial technology solutions can potentially
address logging, mining and deforestation issues by enhancing transparency, accountability
and traceability in natural resource management. These solutions can also support
communities, small-scale fishermen and farmers in accessing loans for agricultural practices,
responsible land use and ecosystem restoration efforts. Ultimately, this could lead to a
decrease in degradation and an improvement in resilience against climate change.
Venezuela has the power to perpetuate natural resources by using FinTech in funding
strategies the government has implemented to facilitate better management of natural
resources in the future. The technological phenomenon of distributed ledgers can be a means
 of poverty alleviation, food security promotion, and ecosystem building by enhancing
economic growth, ecological balance, and social equity. For this to happen, different sectors
of society, such as local and national governments, non-governmental organizations,
education, and businesses, should cooperate to use these technologies to benefit the people
and the animals. They need to engage the community and use easy-to-comprehend design
techniques, as user-centric design is a key to digital transformation.

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