FinTech Innovation in the Western Balkans: Policy and Regulatory Implications and Potential Interventions

Odorović, Ana; McKain, Grigory; Garvey, Kieran; Schizas, Emmanuel; Zhang, Bryan Zheng; Rowan, Philip; Ziegler, Tania

doi:10.2139/ssrn.3619214

Cited by 12 publications

(7 citation statements)

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“…Just after the GFC, the Bulgarian FINTECH sector was studied, among others in the region, by a limited number of researchers in the scope of FINTECH venture capital (Cumming and Schwienbacher 2018), cash payments for utility bills, remittances as a percentage of GDP (World Bank Group 2020), FINTECH adoption driven by COVID-19 based on mobile app download data from the AppTweak platform (Fu and Mishra 2020), clustering analysis of e-commerce enterprises (Zoroja et al 2020), FINTECH innovation in the Western Balkans (Odorović et al 2020), Bulgarian financial technology market size estimation (Deloitte 2016), alternative and FINTECH payment solutions for airlines (Romānova et al 2019), FINTECH for sustainable development (Michael 2020), pro-communist countries' challenges for digital innovations (Kerényi 2018), and in a study on competition issues in the area of financial technology (conducted by European Parliament in 2018). Unfortunately, no extensive research on the topic has been done in Bulgaria, if not in Europe, particularly of individual FINTECH usage before and after the immediate COVID-19 crisis.…”

Section: Literature Reviewmentioning

confidence: 99%

Financial Transactions Using FINTECH during the Covid-19 Crisis in Bulgaria

Vasenska

Dimitrov

Koyundzhiyska-Davidkova

et al. 2021

Risks

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In the context of current crises following COVID-19 and growing global economic uncertainties, the issues regarding financial transactions with FINTECH are increasingly apparent. Consequently, in our opinion, the utilization of FINTECH financial transactions leads to а risk-reduction approach when in contact with other people. Moreover, financial transactions with FINTECH can save up customers’ pecuniary funds. Therefore, during crises, FINTECH applications can be perceived as more competitive than the traditional banking system. All the above have provoked us to conduct research related to the utilization of financial transactions with FINTECH before and after the COVID-19 crisis outbreak. The aim of the article is to present a survey analysis of FINTECH utilization of individual customers before and after the crisis in Bulgaria. The methodology includes a questionnaire survey of 242 individual respondents. For the data processing, we implemented statistical measures and quantitative methods, including two-sample paired t-tests, Levene’s test, and ANOVAs performed through the computer language Python in a web-based interactive computing environment for creating documents, Jupyter Notebook. The findings bring out the main issues related to the implementation of financial transactions with FINTECH under the conditions of the crisis. The findings include the identification of problems related to FINTECH transactions during the COVID-19 crisis in Bulgaria.

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Section: Literature Reviewmentioning

confidence: 99%

Financial Transactions Using FINTECH during the Covid-19 Crisis in Bulgaria

Vasenska

Dimitrov

Koyundzhiyska-Davidkova

et al. 2021

Risks

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“…This is primarily due to the banking industry's dominant position in Europe's economy, which discourages the high-risk investments required for the FinTech sector. Furthermore, the diversity of regulatory frameworks between European countries, as well as some countries' predilection for cash payment, has a detrimental impact on the expansion of FinTech in Europe [33][34][35].…”

Section: Fintech In Europe and Greecementioning

confidence: 99%

“…Greece, by following the example of European banking systems, has started to adapt a model based on FinTech technologies and services in the banking sector [32,37,38]. In the case of Balkan countries, there is evidence that the infiltration of some FinTech activities will remain low in the medium term, although there are opportunities to better serve this market in the savings sector through online services [33]. A systematic literature review of Panos and Wilson [34] indicates that in Europe FinTech is rapidly transforming the financial services industry, sparking debates on its potential effects on personal financial planning, well-being, and societal welfare.…”

Section: Fintech In Europe and Greecementioning

confidence: 99%

FinTech Services Adoption in Greece: The Roles of Trust, Government Support, and Technology Acceptance Factors

Balaskas,

Koutroumani,

Komis

et al. 2024

FinTech

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Financial technology or FinTech is a term that has arisen in recent years; it refers to innovative technologies designed to enhance and automate the provision and utilization of financial services. Its solutions aim to simplify conventional financial procedures, boost automation, lower expenses, and deliver personalized and user-friendly experiences for both businesses and consumers. But this question remains: what drives users to adopt such services and how are they perceived by the general public? In our study, a quantitative non-experimental correlational methodology in the form of an online survey was utilized to study the Greek citizens’ behavioral intentions regarding the utilization of FinTech services. Based on the answers of 348 respondents, structural equation modeling was performed to evaluate the theoretical model, which included technology acceptance factors. Unlike conventional models that primarily relate user acceptance to adoption, our research goes beyond these models by expanding on the TAM model via an exploration of the role of trust and the influence of government support on user trust and perceived effort and an examination of how these, in turn, impact the FinTech services adoption. In our context, government support refers to the regulatory frameworks, policies, and endorsements provided by governmental bodies. The results indicated that all the aspects of this study related to trust and user acceptance (effort expectancy and performance expectancy) revealed a significant and positive relationship with FinTech services adoption and can be predictive factors of citizens’ future intentions to use FinTech services. This study also verified that trust in FinTech services mediates the relationship between government support and FinTech services adoption. We place emphasis on the intricate yet complex decision-making process in technology adoption, particularly in the field of FinTech, by exploring the intertwined relationships of trust, government support, and technology acceptance factors; the findings offer valuable insights for policymakers and industry practitioners.

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“…By soliciting input from residents, cities can gain valuable insights into community preferences, priorities, and concerns related to environmental sustainability. For example, residents can report environmental hazards, such as pollution or waste accumulation, through mobile apps, enabling prompt action by municipal authorities to address these issues and improve environmental quality (Cai, Marrone & Linnenluecke, 2022, Leong, Sung & Teissier, 2021, Odorović, et. al., 2020.…”

Section: Enhancing Citizen Engagement and Participationmentioning

confidence: 99%

Sustainable Smart Cities: The Role of Fintech in Promoting Environmental Sustainability

Chinonye Esther Ugochukwu,

Onyeka Chrisanctus Ofodile,

Chinwe Chinazo Okoye

et al. 2024

Eng. sci. technol. j.

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Sustainable smart cities are at the forefront of urban development, striving to balance economic prosperity with environmental sustainability. This Review delves into the critical role played by Financial Technology (Fintech) in advancing environmental sustainability within smart city initiatives. Fintech innovations are instrumental in optimizing resource management, enhancing citizen engagement, and fostering collaborative governance models, thereby contributing to the overarching goal of creating sustainable urban ecosystems. Through a historical perspective, this Review traces the evolution of sustainable smart cities, highlighting the transformative impact of technological advancements and the integration of Fintech solutions. From early urban planning concepts to the emergence of smart technologies in the 21st century, the evolution of sustainable smart cities underscores the importance of leveraging innovation to address urban challenges. The rise of Fintech has further accelerated this evolution, offering innovative financial services tailored to support green finance, renewable energy investment, and sustainable infrastructure development. Fintech platforms enable efficient allocation of resources, facilitate transparent and secure transactions, and empower citizens to participate in sustainable initiatives. By integrating Fintech solutions into urban development strategies, cities can unlock new opportunities for environmental sustainability while fostering economic growth and social equity. Looking ahead, the integration of sustainable smart cities and Fintech holds immense potential to address pressing environmental challenges such as climate change, pollution, and resource depletion. As cities continue to embrace digital transformation and adopt data-driven approaches, the role of Fintech in promoting environmental sustainability will become increasingly crucial. By leveraging historical insights and embracing emerging technologies, cities can chart a path towards a more resilient, inclusive, and environmentally sustainable future. This Review underscores the importance of collaboration among stakeholders, including governments, businesses, academia, and civil society, to drive collective action and accelerate the transition towards sustainable smart cities. Keywords: Sustainable, Smart Cities, Fintech, Promoting, Environmental.

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FinTech Innovation in the Western Balkans: Policy and Regulatory Implications and Potential Interventions

Cited by 12 publications

References 0 publications

Financial Transactions Using FINTECH during the Covid-19 Crisis in Bulgaria

Financial Transactions Using FINTECH during the Covid-19 Crisis in Bulgaria

FinTech Services Adoption in Greece: The Roles of Trust, Government Support, and Technology Acceptance Factors

Sustainable Smart Cities: The Role of Fintech in Promoting Environmental Sustainability

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