Driving Green Growth through Fintech Innovation: Examining the Moderating Role of Cryptocurrency Integration among NGOs in Malaysia

Abdeldayem, M., & Aldulaimi, S. (2021). Entrepreneurial finance and crowdfunding in the middle east. International Journal of Organizational Analysis, 31(4), 927-944. https://doi.org/10.1108/IJOA-03-2021-2684
Abramova, A., Popelo, O., Fedyshyn, M., Popova , L., Shchur , R., & Marych , M. (2024). Digital green finance architecture in the context of green deal implementation: Modern fintech tools and solutions under the sustainable development concept. Journal of Lifestyle and SDGs Review, 4(2), e02166. https://doi.org/10.47172/2965-730X.SDGsReview.v4.n02.pe02166
Ahmad, F., Boumaiza, A., Sanfilippo, A., & Al?Fagih, L. (2025). A detailed comprehensive role of digital technologies in green finance initiative for net?zero energy transition. Advanced Energy and Sustainability Research, 6(10). https://doi.org/10.1002/aesr.202500066
Alston, E., Murtazashvili, I., & Weiss, M. B. H. (2024). Introduction to the special issue: Blockchains and public administration. Chinese Public Administration Review, 15(1), 3–10. https://doi.org/10.1177/15396754241228530
Anwar, H., Waheed, R., & Aziz, G. (2024). Importance of FinTech and green finance to achieve the carbon neutrality targets: a study of Australian perspective. Environmental Research Communications, 6(11), 115007. https://doi.org/10.1088/2515-7620/ad853d
Ashta, A. (2023). How can fintech companies get involved in the environment? Sustainability, 15(13), 10675. https://doi.org/10.3390/su151310675
Asongu, S., Pondie?Messie, T., & Bitoto, F. E. (2025). What role can alternative finance play in Africa’s sustainable development trajectories? Business Strategy & Development, 8(3). https://doi.org/10.1002/bsd2.70217
Bayram, O., Talay, I., & Feridun, M. (2022). Can fintech promote sustainable finance? Policy lessons from the case of Turkey. Sustainability, 14(19), 12414. https://doi.org/10.3390/su141912414
Bondarenko, O., Tetiana, U., Zoreslava, L., Kateryna, H., Olena, N., & Oksana, S. (2022). Crowdfunding development in the social media marketing system. WSEAS Transactions on Business and Economics 19(2022), 1678-1688. https://doi.org/10.37394/23207.2022.19.152
Boutbhirt, N., & Adaskou, M. (2023). Financial innovation of small and medium enterprises in Morocco in the area of energy optimization: State of the art. E3s Web of Conferences, 412, 01084. https://doi.org/10.1051/e3sconf/202341201084
Brandolt, L. M. D. (2023). The use of blockchain to foment the financing of sustainable projects in civil construction. Grupo de Pesquisa Virtuhab, 356–371. https://doi.org/10.29183/2596-237x.ensus2023.v11.n3.p356-371
Campbell?Verduyn, M. (2023). Conjuring a cooler world? Imaginaries of improvement in blockchain climate finance experiments. Environment and Planning C Politics and Space, 42(5), 782–799. https://doi.org/10.1177/23996544231162858
Chalmeta, R., Cabezas?Hernando, D., & Silva, J. dos S. (2025). Framework for crowdfunding sustainable development goals projects using blockchain. Sustainable Development, 33(2), 2740–2758. https://doi.org/10.1002/sd.3260
Chen, W. D., & Murtazashvili, I. (2024). Is cryptoaltruism transforming the nonprofit sector? Lessons from the Ukrainian nonprofits during the Russia-Ukraine war. Chinese Public Administration Review, 15(1), 36–46. https://doi.org/10.1177/15396754231222575
Chen, Y., & Volz, U. (2021). Scaling up sustainable investment through blockchain?based project bonds. Development Policy Review, 40(3). https://doi.org/10.1111/dpr.12582
Chin, M.-Y., Ong, S.-L., Ooi, D. B. Y., & Puah, C. (2022). The impact of green finance on environmental degradation in BRI region. Environment Development and Sustainability, 26(1), 303–318. https://doi.org/10.1007/s10668-022-02709-5
DePietro, R., Wiarda, E., & Fleischer, M. (1990). The context for change: Organization, technology and environment. In L. G. Tornatzky & M. Fleischer (Eds.), The processes of technological innovation. Lexington Books. 151–175.
Devi, M. N., Bhargavi, G., Pragna, G., Sai, G. V., & Gauthami, A. (2025). Secure and transparent crowdfunding systems: Blockchain’s role in optimizing fund utilization. International Journal Of Scientific Research In Engineering And Management, 9(3), 1–9. https://doi.org/10.55041/ijsrem42845
Djekonbe, D., Brezeanu, P., Gherghina,?., & Djourabi, M. (2026). Exploring the effects of green finance on inclusive growth: Empirical evidence from African countries. Journal of International Development 38(3), 553–569. https://doi.org/10.1002/jid.70069.
Dong, G., Xie, P., Zhang, Y., & Liao, C. (2024). Impact of green finance on carbon emission efficiency and spatial spillover effects: A case study of Guangzhou, China. Sustainability, 16(23), 10309. https://doi.org/10.3390/su162310309
Erdo?an, S., Ahmed, M. Y., & Sarkodie, S. A. (2022). Analyzing asymmetric effects of cryptocurrency demand on environmental sustainability. Environmental Science and Pollution Research, 29(21), 31723–31733. https://doi.org/10.1007/s11356-021-17998-y
Ezeudu, O. B., & Bristow, D. (2024). Financing methods for solid waste management: A review of typology, classifications, and circular economy implications. Sustainable Development, 33(2), 3062–3085. https://doi.org/10.1002/sd.3256
Gallersdörfer, U., Klaaßen, L., & Stoll, C. (2020). Energy consumption of cryptocurrencies beyond bitcoin. Joule, 4(9), 1843–1846. https://doi.org/10.1016/j.joule.2020.07.013
Gupta, V., Garg, N., Seth, S., Rastogi, N., Rawat, S. S., & Kumar, R. (2023). Crowdfunding using Blockchain Technology: A review. Global Journal of Innovation and Emerging Technology, 1(2), 8–14. https://doi.org/10.58260/j.iet.2202.0107
Han, J., & Gao, H. (2024). Green finance, social inclusion, and sustainable economic growth in OECD member countries. Humanities and Social Sciences Communications, 11(1). https://doi.org/10.1057/s41599-024-02662-w
Horn, C. (2023). Brazil’s Amazon Fund: A “Green Fix” between offset pressures and deforestation crisis. Antipode, 55(6), 1686–1710. https://doi.org/10.1111/anti.12932
Hu, C., & Wang, Y. (2023). Assessing regional economic growth through green financial policy: Insights from PSM-DID model on 107 cities of China. Heliyon, 9(9), e19568. https://doi.org/10.1016/j.heliyon.2023.e19568
Jones, B. A., Goodkind, A. L., & Berrens, R. P. (2022). Economic estimation of bitcoin mining’s climate damages demonstrates closer resemblance to digital crude than digital gold. Scientific Reports, 12(1), 14512. https://doi.org/10.1038/s41598-022-18686-8
Juškait?, L., & Tamoši?nien?, R. (2024). Cryptocurrencies investing trends in the context of Environmental, Social and Governance. IOP Conference Series Earth and Environmental Science, 1429(1), 12005. https://doi.org/10.1088/1755-1315/1429/1/012005
Karata?, E., & Özgür, Ö. (2026). Blockchain in sustainable finance: Evidence from cryptocurrency, green bonds, and clean energy. Istanbul Gelisim University Journal of Social Sciences, 12(3), 889–904. https://doi.org/10.17336/igusbd.1719352
Khoma, N. (2023). Crowdfunding and fundraising in the peacebuilding system: Ukraine’s case. Lithuanian Annual Strategic Review, 20(1), 53-75. https://doi:10.47459/lasr.2023.20.3
Kubo, T., Veríssimo, D., Uryu, S., Mieno, T., & MacMillan, D. C. (2021). What determines the success and failure of environmental crowdfunding? Ambio, 50(9), 1659–1669. https://doi.org/10.1007/s13280-021-01522-0
Kwong, R., Kwok, M. L. J., & Wong, H. (2023). Green fintech innovation as a future research direction: A bibliometric analysis on green finance and fintech. Sustainability, 15(20), 14683. https://doi.org/10.3390/su152014683
Laeni, N., Brink, M. van den, Busscher, T., Ovink, H., & Arts, J. (2020). Building local institutional capacities for urban flood adaptation: Lessons from the water as leverage program in Semarang, Indonesia. Sustainability, 12(23), 10104. https://doi.org/10.3390/su122310104
Li, T., Lau, W. T., & Yahya, M. H. D. H. (2025). Blockchain applications in green finance for transparency and accountability in sustainable investments. Sustainability, 17(6), 2520. https://doi.org/10.3390/su17062520
Liu, H., Yao, P., & Latif, S. (2021). Impact of green financing, fintech, and financial inclusion on energy efficiency. Environmental Science and Pollution Research, 29(13), 18955–18966. https://doi.org/10.1007/s11356-021-16949-x
Liu, X., Fatema, N., Rahman, M., & Rahman, Md. M. (2024). Does green financing moderate the effect of trade openness on carbon emissions in emerging countries? Sage Open, 14(3). https://doi.org/10.1177/21582440241285179
Michael, B., Koroleska, N., TAI, A. C., & Wong, D. W. H. (2022). A critical look at using financial technology policy to promote the sustainable development goals. Sustainable Development, 30(6), 1911–1920. https://doi.org/10.1002/sd.2358
Mi?kiewicz, R., Matan, K., & Karnowski, J. (2022). The role of crypto trading in the economy, renewable energy consumption and ecological degradation. Energies, 15(10), 3805. https://doi.org/10.3390/en15103805
Mohsin, M., Naseem, S., Rehman, M. Z. ur, Baig, S. A., & Salamat, S. (2020). The crypto?trade volume, GDP, energy use, and environmental degradation sustainability: An analysis of the top 20 crypto?trader countries. International Journal of Finance & Economics, 28(1), 651–667. https://doi.org/10.1002/ijfe.2442
Mora, H., Mendoza-Tello, J. C., Varela-Guzmán, E., & Szyma?ski, J. (2021). Blockchain technologies to address smart city and society challenges. Computers in Human Behavior, 122, 106854. https://doi.org/10.1016/j.chb.2021.106854
Mukherjee, A., Griffiths, P., Sinha, P., & Deol, S. (2024). Finance for sustainability: A systematic review on crowdfunding for renewable energy projects. Review of Financial Economics, 42(4), 467–490. https://doi.org/10.1002/rfe.1211
Mustafa, F., Mordi, C., & Elamer, A. A. (2024). Green gold or carbon beast? Assessing the environmental implications of cryptocurrency trading on clean water management and carbon emission SDGs. Brunel University Research Archive (BURA) (Brunel University London), 367, 122059. https://doi.org/10.1016/j.jenvman.2024.122059
Nikhate, N., Raut, N., Sayankar, P., Sonwane, R., & Pawar, R. (2023). Securefund crowdfunding using blockchain. International Journal for Research in Applied Science and Engineering Technology, 11(3), 2019–2022. https://doi.org/10.22214/ijraset.2023.49870
Nix, P. E., Goldstein, A., & Oppenheimer, M. (2025). Quasi?governmental organization under pressure: The connecticut green bank’s response to a budget shock. Environmental Policy and Governance, 35(4), 647–661. https://doi.org/10.1002/eet.2161
Novak, M. (2023). Crypto altruism: Applying blockchain to charitable and humanitarian activities. Chinese Public Administration Review, 15(1), 11–23. https://doi.org/10.1177/15396754231175173
Oanh, T. T. K., Bui, T. D., & Dao, L. K. O. (2024). The impact of green finance on green growth: The role of green energy and green production. Heliyon, 10(16), e36639. https://doi.org/10.1016/j.heliyon.2024.e36639
Organisation for Economic Co-operation and Development [OECD]. (2019). Towards green growth in emerging market economies: Evidence from environmental performance reviews. OECD Green Growth Papers No. 2019-01. OECD Publishing. https://doi.org/10.1787/d5e5b5d7-en
Paw?owska, M., Staniszewska, A., & Grzelak, M. (2022). Impact of FinTech on Sustainable Development. Financial Sciences, 27(2), 49–66. https://doi.org/10.15611/fins.2022.2.05
Puteri, Mursyidatul, N., & Paramasivam, G. (2024). Relationship of fintech innovation with green growth sustainability moderated by blockchain smart contracts among small and medium sized enterprise in Selangor, Malaysia. International Journal of Economics and Business Administration, XII(3) 51–81. https://doi.org/10.35808/ijeba/853
Rãdulescu, M., Mohammed, K. S., Nassani, A. A., & Dascalu, N. (2025). Evaluating the environmental effects of bitcoin mining on energy and water use in the context of energy transition. Scientific Reports, 15(1), 8230. https://doi.org/10.1038/s41598-025-92314-z
Ramakrishnan, S., Joghee, S., Kabiraj, S., & Bishnoi, M. M. (2022). Fintech innovations in the financial service industry. Journal of Risk and Financial Management, 15(7), 287. https://doi.org/10.3390/jrfm15070287
Rangone, A., & Busolli, L. (2021). Managing charity 4.0 with blockchain: A case study at the time of Covid-19. International Review on Public and Nonprofit Marketing, 18(4), 491–521. https://doi.org/10.1007/s12208-021-00281-8
Sarkodie, S. A., Amani, M. A., Ahmed, M. Y., & Owusu, P. A. (2023). Assessment of bitcoin carbon footprint. Sustainable Horizons, 7, 100060. https://doi.org/10.1016/j.horiz.2023.100060
Shi, X., Xiao, H., Liu, W., Lackner, K. S., Buterin, V., & Stocker, T. F. (2023). Confronting the carbon-footprint challenge of blockchain. Environmental Science & Technology, 57(3), 1403–1410. https://doi.org/10.1021/acs.est.2c05165
Shin, E.-J., Kang, H.-G., & Bae, K. (2020). A study on the sustainable development of NPOs with blockchain technology. Sustainability, 12(15), 6158. https://doi.org/10.3390/su12156158
Škiljan, A., & Mehmedovi?, H. (2025). Kriptovalute kao alat u tradicionalnim finansijama za zelenu tranziciju i održivi razvoj / cryptocurrencies as a tool in traditional finance for green transition and sustainable development. Zbornik Radova, 14(1), 198–205. https://doi.org/10.58952/zr20251401198
Sutha, R. T., Alsalami, V., Sruthi, Z., Desai, P. M., & Egambergan, K. (2025). Innovative blockchain-integrated crowdfunding solution for sustainable business startups. 2025 International Conference on Metaverse and Current Trends in Computing (ICMCTC), 1–4. https://doi.org/10.1109/ICMCTC62214.2025.11196570
Svidro?ová, M. M., Kaš?áková, A., & Muthová, N. J. (2024). Charitable versus commercial crowdfunding: Which is more successful on Startlab? Journal of Philanthropy and Marketing, 29(2). https://doi.org/10.1002/nvsm.1848
Tamasiga, P., Onyeaka, H., & Ouassou, E. houssin. (2022). Unlocking the green economy in African countries: An integrated framework of fintech as an enabler of the transition to sustainability. Energies, 15(22), 8658. https://doi.org/10.3390/en15228658
Teichmann, F., Boticiu, S., & Sergi, B. S. (2023). Compliance Concerns in Sustainable Finance: An Analysis Of Peer-To-Peer (P2P) Lending platforms and sustainability. Journal of Financial Crime, 31(4), 993–1001. https://doi.org/10.1108/jfc-11-2022-0281
Tornatzky, L. G., Fleischer, M., & Chakrabarti, A. K. (1990). The processes of technological innovation. Lexington Books.
Torres, B., Serrasqueiro, Z., & Oliveira, M. (2024). Crowdfunding versus traditional banking: Alternative or complementary systems for financing projects in Portugal? International Journal of Financial Studies, 12(2), 33. https://doi.org/10.3390/ijfs12020033
Trotter, L., Harding, M., Shaw, P., Davies, N., Elsden, C., Speed, C., Vines, J., Abadi, A., & Hallwright, J. (2020). Smart donations: Event-driven conditional donations using smart contracts on the blockchain. OzCHI '20: Proceedings of the 32nd Australian Conference on Human-Computer Interaction. 546 – 557. https://doi.org/10.1145/3441000.3441014
Udeh, E. O., Amajuoyi, P., Adeusi, K. B., & Scott, A. O. (2024). The role of blockchain technology in enhancing transparency and trust in green finance markets. Finance & Accounting Research Journal, 6(6), 825–850. https://doi.org/10.51594/farj.v6i6.1181
Vergara, C. C., & Agudo, L. F. (2021). Fintech and sustainability: Do they affect each other? Sustainability, 13(13), 7012. https://doi.org/10.3390/su13137012
Vysochan, O., & ??????, ?. (2020). Accounting and analytical support of fundraising operations in organizations of non-profit sector of the economy. Economics Entrepreneurship Management, 7(2), 91–101. https://doi.org/10.23939/eem2020.02.091
Wan, Y.Y., Sheng, N., Wei, X.Y., Tan, M., & Ling, J. (2023). Effect of green finance reform and innovation pilot zone on improving environmental pollution: An empirical evidence from Chinese cities. Environmental Science and Pollution Research 30(29), 75058–75077. https://doi.org/10.1007/s11356-023-27657-z
Wang, B., & Wang, C. (2023). Green finance and technological innovation in heavily polluting enterprises: Evidence from China. International Journal of Environmental Research and Public Health, 20(4), 3333. https://doi.org/10.3390/ijerph20043333
Wu, B., Ding, Y., & Xie, B. (2024). FinTech and inclusive green growth: A causal inference based on double machine learning. Sustainability, 16(22), 9989. https://doi.org/10.3390/su16229989
Yang, J., Liu, L., & Yin, C. (2019). A non-liner decision model for green crowdfunding project success: Evidence from China. International Journal of Environmental Research and Public Health, 16(2), 187. https://doi.org/10.3390/ijerph16020187
Yoshino, N., Schloesser, T., & Taghizadeh–Hesary, F. (2020). Social funding of green financing: An application of distributed ledger technologies. International Journal of Finance & Economics, 26(4), 6060–6073. https://doi.org/10.1002/ijfe.2108
Zeng, S., Fu, Q., Haleem, F., Shen, Y., & Zhang, J. (2023). Carbon-reduction, green finance, and high-quality economic development: A case of China. Sustainability, 15(18), 13999. https://doi.org/10.3390/su151813999

Kanapathipillai, K., Sadasivam, S. P., Madasamy, S. K., & Rajamanikam, S. R. (2026). Driving Green Growth through Fintech Innovation: Examining the Moderating Role of Cryptocurrency Integration among NGOs in Malaysia. International Journal of Academic Research in Business and Social Sciences, 16(10), 1034–1054.

Copyright: © 2026 The Author(s)
Published by HRMARS (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode