Abstract
The article aims to show the opportunities for the formation of new FinTech startups in Poland and further development of the sector, as well as to identify the most critical threats. The study offers the descriptive and deductive analysis based on the literature review. The empirical part relies on the data from external databases as well as the dataset collected in a survey run among the FinTechs in Poland in January 2020. The paper reveals that Poland is a fast-growing FinTech market which satisfies various requirements such as the number of secure Internet servers, mobile telephone subscriptions, the available labor force, as well as growing tertiary education enrolment. The crucial obstacles to the development of the sector is the uncertainty about the availability of skilled workers in the future and the lack of proper legal regulations.
Highlights
Some argue that the Global Financial Crisis in 2008, in which many people lost their trust in traditional banking systems, became a driver of the development of this sector (Eddie 2020)
All the results show that there is a demand for clear regulations, and providing them is decisive for the future development of FinTech
We present the stage of the development of the Polish FinTech sector and identify the main opportunities and challenges to the formation of new companies
Summary
Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affiliations. This is one of the biggest economies in the Central Europe, and the Polish market is the biggest FinTech market in the Central and Eastern Europe, with an estimated value of 856 million euro (CEE Capital Market Leaders Forum 2019). Throughout the article, we try to defend the thesis that Poland has a very good initial condition to support the formation of FinTech companies, there are obstacles that may restrain the development of the sector
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