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The rise of fintech: A cross-country perspective

Author

Listed:
  • Oskar Kowalewski

    (LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - Université de Lille - CNRS - Centre National de la Recherche Scientifique)

  • Paweł Pisany

    (Institute of Economics, Polish Academy of Sciences)

Abstract

We investigated the country determinants that encourage the establishment and activity of financial technology (fintech) companies. We found that countries witnessed more fintech start-up formation when access to bank loans was limited, indicating that fintech companies help underserved markets. In this paper, we show that countries' technological adoption is important, as technological advancements, the quality of research, and the level of university-industry collaboration are positively related to fintech development. Additionally, we confirm that fintech companies may find the quality and stringency of regulations obstacles to their development. Finally, we show that some determinants of fintech development differ between developed and developing countries.

Suggested Citation

  • Oskar Kowalewski & Paweł Pisany, 2023. "The rise of fintech: A cross-country perspective," Post-Print hal-04273830, HAL.
    • Handle: RePEc:hal:journl:hal-04273830
    DOI: 10.1016/j.technovation.2022.102642
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    References listed on IDEAS

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    Cited by:

    1. Oskar Kowalewski & Pawel Pisany & Emil Slazak, 2021. "What determines cross-country differences in fintech and bigtech credit markets?," Working Papers 2021-ACF-02, IESEG School of Management.
    2. Kowalewski, Oskar & Pisany, Paweł, 2022. "Banks' consumer lending reaction to fintech and bigtech credit emergence in the context of soft versus hard credit information processing," International Review of Financial Analysis, Elsevier, vol. 81(C).
    3. Kowalewski, Oskar & Pisany, Paweł & Ślązak, Emil, 2022. "Digitalization and data, institutional quality and culture as drivers of technology-based credit providers," Journal of Economics and Business, Elsevier, vol. 121(C).
    4. Stolbov, Mikhail & Shchepeleva, Maria, 2020. "What predicts the legal status of cryptocurrencies?," Economic Analysis and Policy, Elsevier, vol. 67(C), pages 273-291.
    5. Doina Caragea & Theodor Cojoianu & Mihai Dobri & Andreas Hoepner & Oana Peia & Davide Romelli, 2024. "Competition and Innovation in the Financial Sector: Evidence from the Rise of FinTech Start-ups," Journal of Financial Services Research, Springer;Western Finance Association, vol. 65(1), pages 103-140, February.
    6. Batiz-Lazo, Bernardo & González-Correa, Ignacio, 2021. "Start-ups, Gender Disparities, and the Fintech Revolution in Latin America," MPRA Paper 109373, University Library of Munich, Germany.
    7. Nicola Comincioli & Paolo M. Panteghini & Sergio Vergalli & Paolo Panteghini, 2024. "On the Main Determinants of Start-Up Investment in Developing Countries," CESifo Working Paper Series 11014, CESifo.

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    More about this item

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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