**4.3 Role of FinTech companies in CSR**

Over time, FinTech companies have been recognized as an imperative element of business operations, especially with respect to CSR activities. FinTech companies could be considered as companies designing and developing technological and digital programs to aid financial or banking operations and services help businesses immensely in regulating the financial approach. Employing a FinTech company to CSR activities can contribute greatly to any business.

First major potential examples of blockchainization in the supply chain can occur in the following areas:

**The food supply chain:** the food chain giant Walmart is a pioneer in this domain, partnering with IBM since 2016 on a blockchain-based traceability


#### **Table 9.**

*CSR concept and blockchain elaborated by authors based on [85–89].*

*Integrity of the Corporate Social Responsibility and Management of Financial Services… DOI: http://dx.doi.org/10.5772/intechopen.101057*

solution. In 2019, Wallmart plans to roll out their blockchain-backed traceability program, mandatory for all lettuce growers.


Most consumers are ready to pay a premium for sustainable and ethically made goods. According to Nielsen, 49% of shoppers will pay extra for products that have top high quality/safety standards.

**The wine sellers:** OriginTrail in partnership with TagItSmart has recently tested the IoT and blockchain combo to prevent wine fraud.


Conclusion: early pilots testing already this innovative technology, prove, blockchain and supply chain management can be a powerful combination (20% of the top 10 global grocers will adopt blockchain for food safety and traceability to ramp up their visibility into production, quality, and freshness.)

**The precious metal manufacturers:** gold and diamond industry leaders (Asahi Refining, Helzberg Diamonds, and others) with ongoing collaborations with IBM, Everledger startup:


**Logistics companies:** utilizing a pair**,** blockchain and IoT provide more insights about the transportation conditions and add additional preventive measures against counterfeiting.

Existing successes of financial services that contributed to benefits of the society in are digital payments, crowd funding, helping businesses to reduce operational costs.

**Digital Payments:** Mobile wallets and app-regulated payment disbursal portals are used for the transfer of money. The means of saving for corporate entities crucial time saving and money saving when they opt for digital methods.

**Bridging the Gap: Financing area -** FinTech companies helping countries that have a majority of the population thriving in rural and underdeveloped areas


For instance, Bangladesh has about 70% of people living in the rural areas where not even half of them own a bank account. To cover the deficiency, 'bKash', a FinTech initiative, allows such people to receive as well as send money through mobile phones.

**Crowdfunding: -** assistance to find investors for initiatives of society - FinTech's role is to equip businesses with perfect payments receivable and disbursal model. Potential investors willing to donate to a particular project, initiative can contribute their money electronically without undergoing rigorous process of making donations. A big demand at present: crowdfunding digital payments is at an all-time high.

**Lowering Operational Costs:** Traditional forms involved cumbersome paperwork and documentation in company financing are substituting by fintech solutions are using technology and software at a high speed at low ancillary costs.

1.FinTech solutions and access to finance.

2.Lending, insurance and related needs for people in underdeveloped locations

#### **4.4 Problems companies face with CSR**

Corporate Social Responsibility has become a complex phenomenon with companies developing holistic policies to address the demands of the public. As such, there come several problems related to the execution of initiatives such as disbursal and tracking of funds, cost–benefit issues, etc. [86–90].


*Integrity of the Corporate Social Responsibility and Management of Financial Services… DOI: http://dx.doi.org/10.5772/intechopen.101057*
