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The FinTech Ecosystem in the Czech Republic

image of The FinTech Ecosystem in the Czech Republic

This report describes the structure of the FinTech sector in the Czech Republic and the associated regulatory and supervisory frameworks. It analyses the enabling conditions for FinTech innovation as well as potential hurdles. The findings are based on responses from Czech FinTechs to an OECD survey which assessed market innovations, opportunities and obstacles, the access to and use of data, and the potential benefits of establishing a regulatory sandbox.

English

Foreword

FinTech innovation has the potential to drive productivity gains, enhance economic growth, encourage innovation that spurs job creation and improves the quality and diversity of financial services. It can promote financial inclusion for the underserved or underbanked parts of the population, such as SMEs without collateral or prior credit history, or citizens in remote areas of the country. Data is at the core of FinTech financial applications. The provision of many such services is enabled by financial innovations where data usage is a cornerstone. Fostering FinTech innovation can strengthen competition in the market, while at the same time allowing the penetration of international markets.

English

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