Fintech development in the European Union: establishing supportive factors

Abstract

The author of the presented article aims at discovering main supporting factors, essential for developing fintech in the context of social, economic and technological progress; to develop and suggest methodology necessary to assess the process of the development according to the processes of internationalisation. The theoretical and systematic analysis of related concepts dedicated for the fintech development is analysed here. Theoretical assumption to use financial freedom index for the measurement of country’s readiness for fintech development in the context of the European Union is discussed and examined here, too. The author’s suggestion to investigate the processes of fintech development on industrial, business, national and international levels is raised. As a result, the author determines main factors supporting the fintech development on every level of the process. Empirical verification of the suggestion, based on cluster analysis, correlation analysis and dispersion calculations, justifies the application of the methodology in an example of the EU countries.