<![CDATA[Background: The purpose of this study is to produce an in-depth critical analysis of the real contribution of PT. Pegadaian to sustainable development, identify verified successes at the micro level, critique the gaps in governance and risk management practices detected by Second-Party Opinion, and formulate targeted strategic recommendations to strengthen the accountability and long-term sustainability of PT. Pegadaian is a state-owned enterprise. Methods: This study employs a qualitative design, specifically a single-case study, with Critical Content Analysis techniques to explore in-depth the mechanisms, strategic narratives, and operational alignment behind PT. Pegadaian sustainability claims. The analysis was conducted by synthesizing secondary data from the 2024 Annual Report and Social Financing Implementation Report, validated against independent findings in the Second-Party Opinion (SPO) to assess the credibility of corporate governance and social impact. Findings: The findings of the study showed that PT. Pegadaian managed to synergize impressive financial performance reflected in Net Profit of Rp5.85 trillion and Outstanding Loan growth of 26.1%, with real social achievements through the distribution of Social Financing Targeting 2.9 million customers in the MSME and education segments. Validation through Second-Party Opinion (SPO) 2024 confirmed the company's significant contribution to SDGs targets of 1, 4, 8, and 10, where the majority of respondents reported an increase in income and the ability to resolve education costs. Conclusion: The study concludes that although PT. Pegadaian has successfully proven its real impact as an accelerator of financial inclusion through strong financial performance and the achievement of SDGs targets. Its long-term credibility in the eyes of global investors depends heavily on improved governance, particularly in fund tracking transparency and social financing accountability systems. Novelty/Originality of this article: The Novelty of this study lies in the use of the critical findings of the Second-Party Opinion (SPO) 2024 as an instrument to dissect governance gaps in the pawnshop social financing fund tracking mechanism, which provides a new perspective on the challenges of pawn institution accountability within the framework of sustainable finance in emerging markets.]]>
