Bezpieczny Bank nr 4 (77) 2019, s. 50-62

Mateusz Folwarski
ORCID: 0000-0001-6109-9110
University Economics in Cracow

Challenges of central banks as regulators to the development of the FinTech sector


Companies from the innovative technologies sector implement their solutions on the financial market. Their dynamic development is, amongst other things, caused both a loss of trust in traditional financial market entities and a change in consumer preferences related to the increasing use of financial services through electronic banking, specifically mobile banking. These trends, as well as legal regulations (e.g. the PSD2 Directive), and also the possibility of obtaining banking licenses by FinTech, have led to revolutionary changes on the financial markets. This is why there is a great challenge for central banks in the regulation and constant monitoring of entities from the FinTech sector that provide financial services. In connection with these changes, a survey was conducted among central banks asking them for opinions on the FinTech sector. As part of the research, numerous opinions were obtained which according to central banks indicate, among others, on:
• the positive impact of the FinTech sector on the banking market
• the need for cooperation between the banks and the FinTech sector, rather than establish competition
• the specific analysis of cybernetic risk as a threat due to the growing scale of FinTech’s operations

Key words: central bank, FinTech sector

JEL: E58, G21


Alt R., Beck R., Smits M.T., FinTech and the transformation of the financial industry, Electronic Markets, August 2018, Volume 28, Issue 3
Basel Committee on Banking Supervision, Implications of fintech developments and bank supervisors, Sound Practices, Basel Committee on Banking Supervision, 2018
Competition issues in the Area of Financial Technology (FinTech), Policy Department for Economic, Scientific and Quality of Life Policies, European Parliament, July 2018
de Haan J., Oosterloo S., Schoenmaker D,, Financial markets and institutions, a European perspective, Cambridge: Cambridge University Press, 2015
Delaware in the FinTech future, June 2019
Dorfleitner, Hornuf L., Schmitt M., Weber M., FinTech in Germany, Springer International Publishing, 2017
EBA, Report on the impact of FinTech on payment institutions’ and e-money institutions’ business models, July 2019
Frost J., Gambacorta L., Huang Y., Song Shin H., Zbinden P., BigTech and the changing structure of financial intermediation, BIS Working Paper, no 779, 2019
FSB, Financial Stability Implications from FinTech, June 2017
European Parliament, Competition issues in the Area of Financial Technology (FinTech), July 2018
Harasim J., Mitręga – Niestrój K., FinTech – dylematy definicyjne i determinanty rozwoju, [w:] Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, nr 531, Wrocław, 2018
Institute of International Finance, RegTech: Exploring Solutions for Regulatory Challenge, October 2015,
Laven, Bruggink D., How FinTech is transforming the way money moves around the world: An interview with, Journal of Payments Strategy & Systems, 2016
Nicoletti B., The Future Of Fintech: Integrating Finance And Technology In Financial Services, Nicoletti, Bernardo, n.p.: Cham Springer, HoWeR, EBSCOhost, 2017
Paracampo M.T., FinTech between regulatory uncertainty and market fragmentation. What are the prospects for the technological single market of financial services? Studia prawno – ekonomiczne, T.CX, 2019
Skan J., Dickerson J., Masood S,, The future of fintech and banking: Digitally disrupted or reimagined? rept. Accenture, 2015,
Stiglitz J.E., Lessons from the Global Financial Crisis of 2018
Szpringer W., Fintech i blockchain – kierunki rozwoju gospodarki cyfrowej, Studia BAS, nr 1(57), Warszawa, 2019
Szpringer W., Nowe technologie, a sektor finansowy. FinTech jako szansa i zagrożenie, Wydawnictwo Poltext, Warszawa 2017
Tapscott D., Tapscott A., Rewolucja, Wydawnictwo PWN, Warszawa 2019
The Economist, The FinTech revolution: A wave of startups is changing finance– —for the better, 2015, 415(8937)
The FinTech revolution: A wave of startups is changing finance —for the better, The Economist 2015, 415 (8937)

Pełny tekst artykułu w pdf: