University of Oulu

Ruman, A., Arslan, A., Sahlstrom, P., & Tarba, S. (2022). “Microenterprises, Financial Innovation and Green Practices: Qualitative Case Studies from Finland” in F. Taghizadeh-Hesary & S. Hyun (Ed), Green Digital Finance and Sustainable Development Goals, pp. 187-204. Springer. Available online at

Microenterprises, financial innovation and green practices : qualitative case studies from Finland

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Author: Ruman, Asif1; Arslan, Ahmad2; Sahlström, Petri1;
Organizations: 1Department of Economics, Accounting and Finance, Oulu Business School, University of Oulu, Finland
2Department of Marketing, Management & International Business, Oulu Business School, University of Oulu, Finland
3Birmingham Business School, University of Birmingham, UK
Format: article
Version: accepted version
Access: embargoed
Persistent link:
Language: English
Published: Springer Nature, 2022
Publish Date: 2024-07-02


This chapter is one of the first academic studies to highlight the critical role of FinTech microenterprises in linking financial innovations and sustainability. Based on the qualitative assessment of three Finnish microenterprises, we show that FinTech can develop unique technology-based sustainable (green) offerings to microenterprises. These offerings provide opportunities for other firms to engage with sustainability-conscious consumers, allow consumers to invest in sustainable firms at reasonable rates of return, and remove the need for paper receipts for credit or debit card transactions. Despite the different fields of operation, the case studies show that FinTech offers a unique market opportunity for the case firms to compete with prominent financial service providers and companies in other service sectors, which was not possible earlier. We found that the innovative offerings by these microenterprises create value for a range of stakeholders, including their customers, which sometimes also includes large financial sector players.

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Series: Economics, law, and institutions in Asia Pacific
ISSN: 2199-8620
ISSN-E: 2199-8639
ISSN-L: 2199-8620
ISBN: 978-981-19-2662-4
ISBN Print: 978-981-19-2661-7
DOI: 10.1007/978-981-19-2662-4_9
Host publication: Green digital finance and sustainable development goals
Host publication editor: Taghizadeh-Hesary, Farhad
Hyun, Suk
Type of Publication: A3 Book chapter
Field of Science: 511 Economics
Copyright information: © 2022 The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. This is a post-peer-review, pre-copyedit version of an article published in Green Digital Finance and Sustainable Development Goals. The final authenticated version is available online at: