UTFacultiesBMSNewsSustainable financial system with AI and blockchain

Sustainable financial system with AI and blockchain University of Twente receives 1.5 million euro for innovative MSCA PhD network in Digital Finance

The MSCA network is a major collaborative project funded by the European Commission. It aims to transform the digital finance sector through research and training. 18 partners from different countries are involved in the project, which is led by the University of Twente. The project will run from January 2024 to December 2027.

The project aims to develop new ways for digital finance by researching artificial intelligence, blockchain and sustainability. It seeks to advance technology, ethical AI applications and create a financial system that is sustainable and inclusive. “The European research and PhD training programme in Digital Finance is more than just an academic project; it is the key to a major change towards an advanced and sustainable future in finance. Our collaboration between European universities and companies shows our determination to align innovation with important economic goals," says project coordinator Joerg Osterrieder from Department of High-Tech Business and Entrepreneurship.

Adding to Joerg Osterrieder, Marcos Machado (IEBIS-UT) believes that “with the Digital Finance initiative we are not only expanding academic research; we are strategically re-shaping the future of the finance sector in Europe ”.

Digital finance
The EU wants to be at the forefront of digital innovation, especially in the financial sector. To achieve this, it is necessary to integrate advanced technologies. Furthermore, active collaboration between different fields needs to be encouraged. These developments will have a major impact on the financial sector, social development and environmental sustainability. For example, leveraging the power of Machine Learning (ML) models, our project aims to develop Green Credit Scores for Retail and Commercial Customers, particularly by integrating sustainability factors into the evaluation process. It not only encourages environmentally responsible practices but also aligns with the global push towards sustainability in economic activities. The programme aims to facilitate the integration of advanced financial technologies through a combination of research and practical applications, while also encouraging sustainable investments from both public and private parties in the digital financial sector. As Wouter van Heeswijk (IEBIS-UT) states: "In launching this industrial doctoral network project, our focus is not just on pioneering algorithmic development in finance, but also about making responsible and ethical progress engaging multiple stakeholders”. 

MSCA funding
The Marie Skłodowska-Curie Actions (MSCA) support researchers at all stages of their career and across all disciplines. Transnational, intersectoral and interdisciplinary mobility is an integral part of the programme. The programme aims to create an academic climate in Europe that is attractive to top researchers and to strengthen the EU's scientific and technological bases and the European Research Area (ERA).