Regulatory barriers for fintech companies in Central and Eastern Europe
Fintech is the delivery of financial products and services to consumers using a combination of innovation and technology. Fintech offers new solutions that have the potential to replace traditional banking operations. The paper presents, as the first contribution of its kind, a summary of the legisl...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Alexandru Ioan Cuza University of Iasi
2022-12-01
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| Series: | Eastern Journal of European Studies |
| Subjects: | |
| Online Access: | https://ejes.uaic.ro/articles/EJES2022_1302_SHA.pdf |
| _version_ | 1797942715639398400 |
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| author | Albulena SHALA Rezarta PERRI |
| author_facet | Albulena SHALA Rezarta PERRI |
| author_sort | Albulena SHALA |
| collection | DOAJ |
| description | Fintech is the delivery of financial products and services to consumers using a combination of innovation and technology. Fintech offers new solutions that have the potential to replace traditional banking operations. The paper presents, as the first contribution of its kind, a summary of the legislation and innovation facilitators provided by Central and Eastern European (CEE) countries for fintech companies. The purpose of this paper is to identify the barriers and challenges created for fintech companies by the current legislation. Another goal is to see how the regulatory environment adapts to the challenges presented by these technology-based companies operating in the financial and banking sectors. Using a comparative analysis, the most progressive countries regarding the preparation of legislation and the facilities that they create for fintech companies are Estonia, Lithuania, and the Republic of Slovakia. The least developed countries in terms of legislation and facilities for fintech companies are Albania, Bosnia and Herzegovina, Kosovo, and Serbia. Regulators in some Central and Eastern European countries have created Regulatory Sandboxes and Innovation Offices, but fintech companies face many challenges, such as a lack of regulations, the prohibition of fintech companies' activities, and the existence of two different regulators. |
| first_indexed | 2024-04-10T20:11:55Z |
| format | Article |
| id | doaj.art-068957dd60ad4c779a190a19676bd70a |
| institution | Directory Open Access Journal |
| issn | 2068-651X 2068-6633 |
| language | English |
| last_indexed | 2024-04-10T20:11:55Z |
| publishDate | 2022-12-01 |
| publisher | Alexandru Ioan Cuza University of Iasi |
| record_format | Article |
| series | Eastern Journal of European Studies |
| spelling | doaj.art-068957dd60ad4c779a190a19676bd70a2023-01-26T09:19:29ZengAlexandru Ioan Cuza University of IasiEastern Journal of European Studies2068-651X2068-66332022-12-0113229231610.47743/ejes-2022-0214Regulatory barriers for fintech companies in Central and Eastern EuropeAlbulena SHALA0https://orcid.org/0000-0002-8403-4536Rezarta PERRI 1https://orcid.org/0000-0002-2126-2339University of Prishtina “Hasan Prishtina”, Prishtina, The Republic of KosovaUniversity of Tirana, Tirana, The Republic of AlbaniaFintech is the delivery of financial products and services to consumers using a combination of innovation and technology. Fintech offers new solutions that have the potential to replace traditional banking operations. The paper presents, as the first contribution of its kind, a summary of the legislation and innovation facilitators provided by Central and Eastern European (CEE) countries for fintech companies. The purpose of this paper is to identify the barriers and challenges created for fintech companies by the current legislation. Another goal is to see how the regulatory environment adapts to the challenges presented by these technology-based companies operating in the financial and banking sectors. Using a comparative analysis, the most progressive countries regarding the preparation of legislation and the facilities that they create for fintech companies are Estonia, Lithuania, and the Republic of Slovakia. The least developed countries in terms of legislation and facilities for fintech companies are Albania, Bosnia and Herzegovina, Kosovo, and Serbia. Regulators in some Central and Eastern European countries have created Regulatory Sandboxes and Innovation Offices, but fintech companies face many challenges, such as a lack of regulations, the prohibition of fintech companies' activities, and the existence of two different regulators.https://ejes.uaic.ro/articles/EJES2022_1302_SHA.pdfcentral and eastern europefintech companiesbusiness lawregulatory innovationsfinancial institutionsbigtech |
| spellingShingle | Albulena SHALA Rezarta PERRI Regulatory barriers for fintech companies in Central and Eastern Europe Eastern Journal of European Studies central and eastern europe fintech companies business law regulatory innovations financial institutions bigtech |
| title | Regulatory barriers for fintech companies in Central and Eastern Europe |
| title_full | Regulatory barriers for fintech companies in Central and Eastern Europe |
| title_fullStr | Regulatory barriers for fintech companies in Central and Eastern Europe |
| title_full_unstemmed | Regulatory barriers for fintech companies in Central and Eastern Europe |
| title_short | Regulatory barriers for fintech companies in Central and Eastern Europe |
| title_sort | regulatory barriers for fintech companies in central and eastern europe |
| topic | central and eastern europe fintech companies business law regulatory innovations financial institutions bigtech |
| url | https://ejes.uaic.ro/articles/EJES2022_1302_SHA.pdf |
| work_keys_str_mv | AT albulenashala regulatorybarriersforfintechcompaniesincentralandeasterneurope AT rezartaperri regulatorybarriersforfintechcompaniesincentralandeasterneurope |