Fintech in Europe and Central Asia : Maximizing Benefits and Managing Risks

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...

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Main Authors: Berg, Gunhild, Guadamillas, Mario, Natarajan, Harish, Sarkar, Arpita
Format: Working Paper
Language:English
Published: World Bank, Washington, DC 2020
Subjects:
FINANCIAL TECHNOLOGY
FINTECH
REMITTANCES
ACCESS TO FINANCE
MICROENTERPRISES
SMALL AND MEDIUM-SIZED ENTERPRISES
MSME FINANCE
REGULATION
PUBLIC POLICY
RISKS
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
id okr-10986-33591
recordtype oai_dc
spelling okr-10986-335912021-05-25T09:35:34Z Fintech in Europe and Central Asia : Maximizing Benefits and Managing Risks Berg, Gunhild Guadamillas, Mario Natarajan, Harish Sarkar, Arpita FINANCIAL TECHNOLOGY FINTECH REMITTANCES ACCESS TO FINANCE MICROENTERPRISES SMALL AND MEDIUM-SIZED ENTERPRISES MSME FINANCE REGULATION PUBLIC POLICY 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-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. 2020-04-14T20:14:38Z 2020-04-14T20:14:38Z 2020-02 Working Paper http://documents.worldbank.org/curated/en/640021585934004225/Fintech-in-Europe-and-Central-Asia-Maximizing-Benefits-and-Managing-Risks http://hdl.handle.net/10986/33591 English Fintech Note,no. 4; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Working Paper Europe and Central Asia Central Asia Eastern Europe Europe and Central Asia
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic FINANCIAL TECHNOLOGY
FINTECH
REMITTANCES
ACCESS TO FINANCE
MICROENTERPRISES
SMALL AND MEDIUM-SIZED ENTERPRISES
MSME FINANCE
REGULATION
PUBLIC POLICY
RISKS
spellingShingle FINANCIAL TECHNOLOGY
FINTECH
REMITTANCES
ACCESS TO FINANCE
MICROENTERPRISES
SMALL AND MEDIUM-SIZED ENTERPRISES
MSME FINANCE
REGULATION
PUBLIC POLICY
RISKS
Berg, Gunhild
Guadamillas, Mario
Natarajan, Harish
Sarkar, Arpita
Fintech in Europe and Central Asia : Maximizing Benefits and Managing Risks
geographic_facet Europe and Central Asia
Central Asia
Eastern Europe
Europe and Central Asia
relation Fintech Note,no. 4;
description 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.
format Working Paper
author Berg, Gunhild
Guadamillas, Mario
Natarajan, Harish
Sarkar, Arpita
author_facet Berg, Gunhild
Guadamillas, Mario
Natarajan, Harish
Sarkar, Arpita
author_sort Berg, Gunhild
title Fintech in Europe and Central Asia : Maximizing Benefits and Managing Risks
title_short Fintech in Europe and Central Asia : Maximizing Benefits and Managing Risks
title_full Fintech in Europe and Central Asia : Maximizing Benefits and Managing Risks
title_fullStr Fintech in Europe and Central Asia : Maximizing Benefits and Managing Risks
title_full_unstemmed Fintech in Europe and Central Asia : Maximizing Benefits and Managing Risks
title_sort fintech in europe and central asia : maximizing benefits and managing risks
publisher World Bank, Washington, DC
publishDate 2020
url http://documents.worldbank.org/curated/en/640021585934004225/Fintech-in-Europe-and-Central-Asia-Maximizing-Benefits-and-Managing-Risks
http://hdl.handle.net/10986/33591
_version_ 1764479095291248640

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