Digital Transformation in Green Finance: A Systematic Review of Business Informatics Frameworks for Green Bond Monitoring in the Circular Economy

The rapid growth of the green bond market has intensified the need for transparent and reliable monitoring systems, particularly in circular-economy environments characterized by complex, multi-stakeholder, and dynamic interactions. However, existing monitoring approaches still rely heavily on static, issuer-driven disclosures, which sustain information asymmetry and increase the risk of greenwashing. This study systematically reviews the role of digital technologies in enhancing green bond monitoring within circular economy systems. A systematic literature review (SLR) was conducted using the Scopus database, covering publications from 2022 to 2026 and yielding 56 eligible studies. A bibliometric analysis using VOSviewer identified major research trends, thematic clusters, and collaboration patterns within the field. The findings reveal four dominant technological pillars—blockchain, artificial intelligence (AI), Internet of Things (IoT), and digital twin—that support data verification, automated analytics, real-time environmental monitoring, and system-wide integration. Although these technologies show significant potential, the literature remains fragmented and lacks comprehensive monitoring architectures that integrate technological, governance, and regulatory dimensions. This study contributes to the literature by synthesizing these technologies through a business informatics perspective and highlighting digital twin architectures as a promising foundation for integrated green bond monitoring. The findings provide practical insights for regulators, issuers, and investors seeking interoperable, transparent, and trustworthy monitoring ecosystems that strengthen accountability and credibility in sustainable finance.