BJCR British Journal of Contemporary Research BJCR 2979-8582 Bexford Publishing Ltd https://bexfordpublishing.co.uk BEX_JUL_26_163 10.67693/BJCR-ZFZWG8GD Original Research Article Transforming Digital Finance into Sustainable Growth: The Mediating Role of R&D Investment in FinTech-Enabled MSMEs in Emerging Economies Afroja Akter Akhi afrojaakterakhi60@gmail.com

Siddheswari College, Affiliated with National University, Bangladesh

 Anushka Binte Ahasan anushkaahasan@gmail.com

ORCID: 0009-0004-3699-2408 | Bijoy Smarani University College affiliated with National University, Bangladesh

 Md. Rakib Hasan rakib.hasan01470@gmail.com

ORCID: 0009-0008-3549-4123 | Jagannath University, Bangladesh

 Sumaiya Akter Prema premasumaiya22@gmail.com

ORCID: 0009-0006-8324-6234 | Central women's college affiliated with National University, Bangladesh

 Tasnuva Rubbiat tasnuva.own@gmail.com

ORCID: 0009-0006-2968-1630 | BANGLADESH INSTITUTE OF BANK MANAGEMENT (BIBM) affiliated with University of Dhaka, Bangladesh

 Niloy Chowdhury chyniloy86@gmail.com

ORCID: 0009-0006-8709-6106 | Premier University,Chittagong

 10 08 2026 1 3 Received: 23 07 2026 Accepted: 27 07 2026 Copyright (c) 2026 Afroja Akter Akhi 2026 This work is licensed under a Creative Commons Attribution 4.0 International License.

Micro, small, and medium-sized enterprises (MSMEs) in emerging economies face persistent challenges in accessing finance, developing innovation capabilities, and achieving sustainable growth. Although FinTech adoption has expanded financial accessibility, limited evidence explains how digital financial resources translate into innovation-driven sustainability. This study addresses this gap by examining the mediating role of R&D investment in the relationship between FinTech adoption and sustainable MSME growth in Bangladesh. Using survey data from 312 MSMEs and regression-based mediation analysis, the findings reveal that FinTech adoption significantly enhances R&D investment and sustainable growth, with R&D investment acting as a key mechanism. The study contributes a novel integrated framework linking digital finance, innovation capability, and sustainability, offering implications for policymakers and MSME stakeholders. Keywords: FinTech Adoption; R&D Investment; MSME Sustainability; Digital Innovation Capability