Synergistic Impacts of FinTech and Digital Twin Technologies on Transparency and Market Development in the Medicinal Plants Supply Chain

This research investigates the transformative role of financial technology (FinTech) and digital twin (DT) solutions in enhancing transparency and market development within the medicinal plants sector in Iran. The study adopts an empirical approach using a quantitative survey distributed among ۳۱۲ stakeholders, including farmers, traders, and supply chain managers in the Iranian herbal medicine industry. Structural equation modeling (PLS-SEM) was applied to test the conceptual model and the proposed hypotheses. The findings reveal that FinTech adoption significantly improves financial accessibility, reduces transaction costs, and builds trust across the supply chain. Similarly, digital twin applications provide real-time monitoring, quality control, and traceability, thereby improving transparency and operational efficiency. Moreover, the interaction effect of FinTech × DT demonstrates a strong synergy, indicating that the simultaneous adoption of these technologies maximizes market efficiency and stakeholder confidence. The study contributes to the literature by integrating FinTech and DT within a unified framework for agricultural supply chain transparency—a novel approach particularly relevant for emerging markets. Practical implications suggest that policymakers should support the digitalization of agricultural finance and promote DT platforms for medicinal plant supply chains. Limitations of the study include its reliance on self-reported survey data and the focus on a single country context. Future research is encouraged to conduct cross-country comparative studies and incorporate complementary technologies such as blockchain and artificial intelligence.

کلیدواژه ها:

FinTech ، Digital Twin ، Medicinal Plants Market ، Supply Chain Transparency ، Emerging Markets ، Iran ، Agricultural Finance