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Review and analysis of FinTech approaches for smart agriculture in one place
Abstract
A revolution in agribusiness must happen to meet the goal of sustainable development. Many Agri Tech companies are still researching how to incorporate Financial Technology (FinTech) into their business models and how to manage the financial risks associated with the entire Agri supply chain. FinTech's wider impact on the farmer community aids in democratising the economics of agriculture. AgriTech and the agricultural industry are both growing as a result of FinTech and its integration with digital technology and digitalized agriculture. When there is a proper integration with the Internet of Things (IoT), artificial intelligence (AI), machine learning (ML), big data, and encrypted blockchain technology, fintech embraces the power of cooperation and improves transaction security. Agriculture funding development may have stagnated for a variety of reasons, but FinTech has the ability to resurrect it and advance global food security. Arguably, agriculture financing growth has stalled for many reasons, while financial technology (FinTech) has the potential to offshoot the expansion of agriculture financing so that global food security could be stimulated. Meanwhile, agriculture in different parts of the world is hindered by an ineffective, underdeveloped downstream segment and low access to financial technology. FinTech could promote agricultural sustainability. The financial sector is critical in allowing agriculture to contribute to economic growth and poverty reduction. This paper provides an integrated review and smart approaches to follow in derisking agriculture for farmers.
