Fintech in Europe and Central Asia : Maximizing Benefits and Managing Risks
FinTech has tremendous potential in the Europe & Central Asia (ECA) region, given its high mobile phone and internet access levels and scope for increased use of digital payments. However, there are major regional differences between high-incom...
| Main Authors: | , , , |
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| Format: | Working Paper |
| Language: | English |
| Published: |
World Bank, Washington, DC
2020
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/640021585934004225/Fintech-in-Europe-and-Central-Asia-Maximizing-Benefits-and-Managing-Risks http://hdl.handle.net/10986/33591 |
| Summary: | FinTech has tremendous potential in the
Europe & Central Asia (ECA) region, given its high
mobile phone and internet access levels and scope for
increased use of digital payments. However, there are major
regional differences between high-income and middle-income
countries regarding access to technology, FinTech adoption,
and regulatory capacity. This paper analyzes the
opportunities and risks related to FinTech in the ECA
region, focusing on these three key financial sector
challenges: (i) high costs of international remittances,
(ii) inefficiencies in the provision of domestic payments,
and (iii) low levels of MSME's access to finance. It
also analyzes the level of FinTech development in the
region, and delves into the state of FinTech policy,
regulation and supervision in the region along with an
analysis of reform needs. Finally, this paper touches upon
the role for international public policy coordination
related to FinTech generally, with a focus on the ECA region. |
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