Assessment of the financial technologies influence on county’s competitiveness

Abstract

While the FinTech sector is expanding rapidly and making up a larger share of the whole finance sector, and Lithuania taking measures in order to attract more FinTech companies, the need to determine the dependency between FinTech and a country’s competitiveness arises. The purpose of this article is to evaluate FinTech influence on a country’s competitiveness. Theoretical part of the article defined FinTech and competitiveness as terms. FinTech ecosystem and classification of firms were also analysed. Six macroeconomical indicators that could possibly influence a country’s competitiveness were distinguished. Furthermore using the correlation-regression analysis method, FinTech influence on the six macroeconomical indicators, that are expressed quantitatively and define a country’s competitiveness, was determined. According to the results of the research, FinTech influences four of the six selected macroeconomical indicators, these indicators are – GDP, average annual wage, unemploymentand exports.