




































AGORA International Journal of Economical Sciences, http://univagora.ro/jour/index.php/aijes 

ISSN 2067-3310, E-ISSN 2067-7669 

Vol. 19, No. 1 (2025), pp. 283-292 

 

283 

 

TECHNOLOGICAL FINANCE (FINTECH) AND ITS PERFORMANCE 

IN ALBANIA 

 

F. PJETRI, L. BODURI, R. DIBRA, I. CUKAJ 

 

Fabian Pjetri¹, Leonard Boduri², Rezart Dibra³, Ilirjan Cukaj⁴ 

¹ Metropolitan University of Tirana, Albania. Email: fpjetri@umt.edu.al 

https://orcid.org/0009-0003-7518-1491 

² European University of Tirana, Albania. Email: leonardboduri@gmail.com. 

³ Tirana Business University College TBU, Albania. Email: rezart.dibra@tbu.edu.al.  

⁴ University Luarasi, Albania. Email: ilirjancukaj@luarasi.univ.edu.al.  

 

Abstract: The main purpose of this paper presented by the authors has to do with the 

realization of an analysis on the progress and level of use of Financial Technology (FinTech) 

with a focus on the banking sector in the state of Albania. The notion of FinTech is a dedicated 

term for financial technology in the digital age. The diversity of this technological solution 

brings with it the promise of faster, cheaper, safer and more transparent financial transactions 

via the internet. In the paper carried out by the authors, primary data obtained from the 

completion of more than 500 questionnaires by individuals located in Tirana, Elbasan and 

Durres districts were used. Also, in this paper, other secondary data were used, which were 

provided by the base data of the Central Bank of the Albanian State, from the base data of the 

World Bank and the International Monetary Fund. This This paper describes the implications 

of policies regarding the promotion of relevant institutional policies regarding the increase in 

the level of use of Technological Finance in the state of Albania. The continued application of 

innovative technologies in finance and especially in the Fintech sector is very important, this 

will serve as a tool to increase the level of financial economic development in Albania (Toska, 

2021). The findings underscore the potential for FinTech to foster financial inclusion and 

economic growth in Albania, provided that regulatory frameworks and digital infrastructures 

are strengthened. The paper presented by the authors also discusses financial policy 

implications and recommends some important measures that should be considered by the 

Albanian government and the Central Bank of Albania. By further stimulating the adoption 

and development of technological Finance in Albania, and by implementing international 

protocols regarding cyber security. 

Keywords: Financial Technology (FinTech), Digital Payment, Financial Banking 

System, Fintech and Banking. 

 

1. INTRODUCTION 

The notion of FinTech is the combination of the words finance and technology. In 

various papers presented by international authors, the term BancTec is often used as a synonym 

for FinTech (Zavolokina, 2016). This term is essentially used to describe the application of 

new technologies that serve to improve and automate all processes related to various financial 

services. FinTech is increasing its scale of expansion in the international economy and in the 

near future it is thought that it will rival the banking system, as the products offered by FinTech 

are rapidly replacing the services offered by the Banking System and beyond with innovative 

products and services (Puschmann, 2017). The combination of continuous innovation with 

mailto:fpjetri@umt.edu.al
https://orcid.org/0009-0003-7518-1491
mailto:leonardboduri@gmail.com
mailto:rezart.dibra@tbu.edu.al
mailto:ilirjancukaj@luarasi.univ.edu.al


TECHNOLOGICAL FINANCE (FINTECH) AND ITS PERFORMANCE IN ALBANIA 

 

284 

 

digital technology of this spectrum, enabled the creation and development of several FinTech 

models that are applied in businesses (Giglio, 2021). As part of these innovations, we have a 

continuous increase in the convergence of the two industries, Finance and Information 

Technology. In the context of the implementation of financial technologies in various subjects, 

it is observed that the cost of transactions is decreasing, the efficiency and pace of conducting 

transactions has also increased. Technological Finance also includes innovations in the field of 

financial education, in the field of investments, the banking sector and cryptocurrencies 

(Gomber, 2018). 

 

2. LITERATURE REVIEW 

The emergence of FinTech has helped businesses reduce costs and increase profitability 

resulting in attracting investors and media (Haddad, 2019). These investors are not only 

interested because of the profitability, but also because it is beneficial for society. To further 

elaborate, FinTech has provided alternative opportunities for underserved societies where 

people, for example, do not have bank accounts. For example, people who don't get loans from 

traditional banks for home loans turn to shadow banks and FinTech shadow banks, which tend 

to give them loans without any calculation and bank account requirements. However, on the 

other hand, these loans are characterized by higher interest rates, which in turn attracts a certain 

segment of investors (Buchak, 2018). The reason for this is that FinTech makes it easy and 

low-cost to do charity work, regardless of their income level. This emerging and innovative 

industry has also attracted media attention due to innovative and appealing solutions to the 

general public. FinTech uses big data analytics to better understand consumer behaviors, needs 

and demands to find the best possible solutions, which was once done by big data companies 

and cloud technology companies (Lee, 2018). Increasingly, Financial Technology is becoming 

commonplace not only for consumers but also for the general public (Haddad, 2019). 

Innovation has its own issues such as stability, sustainability (Leong, 2017) and the safety. 

Technological finance should be an essential part of the overall policy solution to help identify 

and address the challenges in increasing finance (Loukoianova, 2024). Innovations in the 

industry, in which Technological Finances are a part, are making it possible to increase the 

degree and quality of cooperation between Fintech companies and Financial Institutions, 

especially in the banking spectrum. Also, these innovations are improving the quality of the 

realization of the whole of the transactions that develop between financial institutions and their 

customers (Arner, 2020). Experience gained during the period of COVID-19 highlighted the 

importance of promoting digital spectrum services, especially for individuals and various 

economic entities. The financial sector of the economy, which includes the FinTech sector, has 

been growing steadily, especially over the last years. During this period, it has been observed 

that universal banks are losing a comparative advantage that has come from more immediate 

access to information from entities seeking credit to expand their activity (Stulz, 2019). Fiscal 

policies that are applied in different countries should have a focus, more substantial 

investments, especially in the digital spectrum. However, innovation has the potential for 

consumer and reputational well-being of regulators, supervisors and the financial services 

industry (Anagnostopoulos, 2018).  

 



Fabian PJETRI, Leonard BODURI, Rezart DIBRA, Ilirjan CUKAJ 

 

285 

 

3. METHODOLOGY 

The paper presented by the authors is mainly based on primary data of both the 

qualitative and quantitative spectrum. Also in this paper, secondary data provided by 

institutions at the national and international level have been used. The research model applied 

by the authors is based and structured around a questionnaire that aims and aims to assess the 

possibility of the growth of Technological Finance in the state of Albania. Looking at and 

studying this approach both from the point of view of consumer demand for FinTech products 

and from the point of view of supply.  Data collection process by the authors. The totality of 

primary data collected through this questionnaire is presented as follows. The questionnaires 

were distributed both physically and electronically using the Microsoft Forms software 

program. The authors considered a total of 574 valid questionnaires to be part of this study. 

Out of the total of 425 questionnaires that were distributed in Hard Copy format, only 260 

questionnaires were fully completed and were considered valid. Meanwhile, 314 

questionnaires were completed by the interviewees electronically using the Microsoft Forms 

program. The entire process of distributing, completing and collecting all the questionnaires 

was spread over a period of eight months. More specifically, the filling process started in June 

2024 until January 2025. All the individuals who took part in this survey are people who live 

in the district of Tirana, in the district of Elbasai and in the district of Durrës. About 88% of 

the people who participated in this sampling are individuals who work in private economic 

entities, self-employed or students. While only 68 people or in other words 12% of the total 

sampling are individuals who are employed in public institutions. Sampling Technique. In this 

paper, a purposeful non-probability sampling technique was used, in relation to the persons 

who were selected and who have knowledge of banking services or FinTech products. The 

selection aimed to capture a broad demographic range to provide comprehensive insights into 

consumer behavior and preferences.  Questionnaire Structure. The survey instrument used by 

the authors in this paper is divided into four main sections: 

 Socio-economic profile of respondents. 

 Information and usage patterns related to traditional retail banking products. 

 Interaction with and use of innovative banking products, including FinTech solutions. 

 Customer behavior and purchase patterns related to banking services. 

The first part of the questionnaire was adapted with questions regarding the socio-

economic profile of the respondents. The second section of this questionnaire, the information 

and use of retail banking products by the interviewees of this survey is included. The third 

section of this questionnaire includes information and the use of innovative banking products. 

The fourth section of this questionnaire includes the behavior and purchases of the bank's 

customers. The answers obtained from the data processing of the questionnaire were processed 

by the authors using the Microsoft Excel computer software. From the total of 574 completed 

questionnaires, looking at the gender perspective, it turns out that 330 of the respondents are 

women, or to say it differently, 57.49% of the total are women. While 244 questionnaires were 

completed by men, or in other words, 42.51% of the total number of respondents are male. The 

process of processing and analyzing the data of the respondents. All the data used in this paper 

was processed and analyzed by the authors using the Microsoft Excel software program. From 

the point of view of gender distribution, the summarized results show that 330 people surveyed 



TECHNOLOGICAL FINANCE (FINTECH) AND ITS PERFORMANCE IN ALBANIA 

 

286 

 

or otherwise 57.49 were female. While the other 244 people are male or otherwise the latter 

constituted 42.51 of all respondents. Also, in this paper, other secondary data were used, which 

were provided by the base data of the Central Bank of the Albanian State (BankofAlbania, 

2025), from the base data of the World Bank (WorldBank, 2025), from the base data of  Statista 

and the International Monetary Fund (IMF, 2025).  Ethical aspect of the paper. All the 

individuals who participated in this survey, have completed the questionnaire with their full 

will and without being influenced, also all persons were informed about the purpose of this 

paper. Confidentiality was maintained during the entire process of collection, processing and 

analysis of the data collected by the authors. 

 

4. RESULTS 

4.1 FinTech users in USA and Europe. 

Especially during the last decade, the financial sector in which Technological Finance 

is a part has experienced a significant growth in different countries such as,  the United States 

of America (USA), various countries that are part of the European Union (EU) and the Republic 

of Canada. The industry in which Technological Finance is part of during the year 2024 has 

managed to generate a value that is in the limit of 226.76 billion dollars. Based on projections 

calculated by different researchers, it is claimed that Technological Finance will reach the value 

of 917.17 billion dollars by the end of 2032, growing by a value of 16.8%. (Marketdataforecast, 

2024). Based on data published by Statista, it is said that, The number of economic entities of 

the fintech spectrum in the European continent reached 9200 units during the year 2024 

(StatistaResearchDepartment, 2025). At the same time, it is noted that fintech users are 

increasingly adapting to this technological innovation, especially the sector related to digital 

payments, where the European user base of this applied technology is expected to reach the 

expected level of 368 million users by the end of this year. Based on the data obtained from 

Statista in February 2025, it turns out that: The United Kingdom is the country with the highest 

number of Fin Tech companies operating in Europe. In the UK, it turns out that they extend 

their activity with a total of 3,300 companies in the financial technology spectrum. The country 

with the second highest number of companies that are part of the Fin Tech sector is Germany. 

While the French state is in third place with a number of 522 economic entities that are part of 

FinTech. In fourth place is the state of Switzerland in which 497 Fin Tech companies operate. 

While in the state of Spain, 463 companies in the financial technology spectrum operate during 

the month of February 2025 (Statista, 2025). 

4.2 FinTech in Albania. 

A new law on Payment Services has entered into force in Albania. The law is based on 

the Second European Payments Directive (PSD 2). This law, applied in the European Union 

countries, brought fundamental changes, especially in the payment markets, where Open 

Banking is at the core of the PSD 2 Directive.  PSD 2 directive is that of open banking. The 

importance of this law is not yet very tangible, mainly due to the lack of a developed sector of 

financial institutions. In terms of online bill payments, online purchases and account access via 

e-banking, Albania ranks last in the region. In the study conducted and published during 2020, 

which was carried out by the World Bank in collaboration with the University of Cambridge, 

it is shown that only 28.8% of the total Albanians have made transactions using bank cards in 



Fabian PJETRI, Leonard BODURI, Rezart DIBRA, Ilirjan CUKAJ 

 

287 

 

the time interval of one year. For other countries, this indicator starts from around 39% for 

Kosovo, up to over 66% for Serbia. In the Eurozone, an average of 92.5% of households have 

used digital payments at least once in the last 12 months before the survey. The published study 

shows that, 7.7% of all Albanians have used bank cards to make various payments. In other 

countries of the Balkans, such as in the state of Kosovo, it turns out that for this period of time 

16.5% of the population used bank cards to make various payments, while this indicator in 

Serbia is at the level of 39.4%. The above data shows why Albania remains a difficult terrain 

for Fintech businesses; but on the other hand, they also testify to great potential for the growth 

of the business of payments and financial services in the field of technology. Based on data 

from the Bank of Albania, it results that the number of transactions through remote banking 

channels, through internet banking or mobile banking, for 2020 has increased by a value of 

14% compared to 2019. The growth in the FinTech market is influenced by several factors 

summarized below. Firstly, we can say that the increasing adoption of latest generation 

smartphones and the internet has made digital solutions more accessible to consumers, leading 

to an increase in demand for fintech services. Secondly, we can say that the COVID-19 

pandemic has accelerated and increased the level of digital payments and investments, as 

consumers have had to adapt to remote transactions. Thirdly, we can say that regulatory 

changes have enabled fintech companies to compete with traditional financial institutions on a 

more level playing field. Fourth, advances in technology, particularly in the field of Artificial 

Intelligence Software and the evolution of blockchain-based systems, have opened up new 

options for innovation in the field of FinTech. The Financial Market in which FinTech is 

applied has a tendency to continue to grow at a rapid pace, fueled by continuous technological 

advances, changing consumer behavior and support for clearer laws and regulations. It is also 

worth noting that the digital payment system on the part of consumers is growing more and 

more, as the latter are increasingly preferring SMAT devices as a means of payment. Digital 

investment platforms are also expected to grow in popularity as more individuals look to 

manage their finances online. After processing the data of the questionnaires by the authors 

through the computer program Microsoft Excel, the summarized findings and their 

interpretation are presented below. 

 

Figure1. Total number of people surveyed by age group. 

 
Source: Data processed by the authors with Microsoft Excel Program (March 2025). 

 

252

140

67
85

30

18-30 31-40 41-50 51-60 >60

Total number of people surveyed by age group.



TECHNOLOGICAL FINANCE (FINTECH) AND ITS PERFORMANCE IN ALBANIA 

 

288 

 

From the total of 574 individuals who participated in this survey, it resulted that: 252 

individuals who completed the questionnaires belong to the age group between 18 and 30 years 

old, or in other words 44.7% of the respondents. It is noted that 140 individuals who completed 

the questionnaires belong to the age group between 31 and 40 years old, or in other words 

24.3% of the respondents. It is noted that 67 people who completed the questionnaires belong 

to the age group between 41 and 50 years old, or in other words 11.67% of the respondents. It 

is noted that 85 people who completed the questionnaires belong to the age group between 51 

and 60 years old, or in other words 10.1% of the respondents are part of this interval. And 

finally, 30 people who participated in the survey belong to the age group over 60, or in other 

words 5.2% of the total. 

 

Figure 2. Use of financial services by the interviewed persons. 

 
Source: Data processed by the authors with Microsoft Excel Program (March 2025). 

 

In the above graph it is observed that: 213 individuals who are part of the age group 18 

to 30 years old have a bank account. 189 individuals of this age group own a debit card and 

130 of them own a credit card. In the above graph it is observed that: 134 individuals of the 

age group 31 to 40 years old have a bank account. 124 individuals of this age group own a debit 

card and 95 of them own a credit card. In the above graph it is observed that: 50 individuals of 

the age group 41 to 50 years old have a bank account. 48 individuals of this age group own a 

debit card and 41 of them own a credit card. In the above graph it is observed that: 43 

individuals who are part of the age group 51 to 60 years old have a bank account. 35 people of 

this age group own a debit card and 35 of them own a credit card. In the above graph it is 

observed that: 17 people of the age group over 60 years old have a bank account. 17 individuals 

of this age group own a debit card and 2 of them own a credit card. 

 

Figure 3. Financial product ownership by education. 

 
Source: Data processed by the authors with Microsoft Excel Program (March 2025). 

213

134 50 43 17

189
124 48 43 17130 95 41 35 2

18-30 31-40 41-50 51-60 >60

Use of financial services by the interviewed persons.

Account/Deposit Debit Card Credit Card

41 233 183

457

38 215 168

421

28 155 120 303

HIGH SCHOOL BACHELOR'S DEGREE MASTER'S DEGREE NUMBER OF RESPONSES

Financial product ownership by education.

Account/Deposit  Debit Card  Credit Card



Fabian PJETRI, Leonard BODURI, Rezart DIBRA, Ilirjan CUKAJ 

 

289 

 

Based on the data processed by the questionnaires, we find that: Most of the 

interviewees who have a bank account or deposit number are people with a Bachelor's degree, 

specifically we find that there are 233 individuals. While 183 individuals are persons with a 

Master's degree and only 41 persons from all the respondents who have a bank account or 

deposit have a high school diploma. Based on the graph above, we can say that the higher the 

level of education, the higher the claim of respondents to have a bank account or deposit, on 

the contrary, such a percentage is low among respondents with a high school diploma. 

 

Figure 4. Satisfaction with Mobile Banking and Payments. 

 
Source: Data processed by the authors with Microsoft Excel Program (March 2025). 

 

Based on the answers received from 362 people regarding the level of dissatisfaction 

they have from using Mobile Bank during the last 12 months, it turns out that 152 people are 

very satisfied, 100 people are somewhat satisfied, 89 people are indifferent about this question, 

13 people are somewhat dissatisfied and 8 people are very dissatisfied with this service.Based 

on the answers received from 340 respondents, the latter claim that they have made a payment 

transaction via mobile phone during 12 months, it turns out that 126 people are very satisfied, 

99 people are somewhat satisfied, 90 people are indifferent about this question, 24 people are 

somewhat dissatisfied and 1 person is very dissatisfied with this service. 

Figure 5. Online shopping behavior. 

 
Source: Data processed by the authors with Microsoft Excel Program (March 2025). 

152 100 89 13 8

362

126 99 90 24 1

340

VERY 
SATISFACTORY

SOMEWHAT 
SATISFACTORY

INDIFFERENT SOMEWHAT 
UNSATISFACTORY

VERY 
UNSATISFACTORY

TOTAL

Satisfaction with Mobile Banking and Payments.

Mobile banking              Mobile payments

46.50%
32.30% 34.60%

82%

53.50%
67.70% 65.40%

18%

HAVE WE USED A 

SMARTPHONE TO SHOP 

ONLINE?

BEFORE MAKING A 

PURCHASE, YOU 

CAREFULLY CHECK THE 

PRICES ONLINE.

BEFORE MAKING A 

PURCHASE, YOU CHECK 

THE PREVIOUS 

COMMENTS OF 

INDIVIDUALS ONLINE.

HAVE YOU EVER USED 

A QR BARCODE 

SCANNING 

APPLICATION ON YOUR 

PHONE.

Online shopping behavior.

Yes No



TECHNOLOGICAL FINANCE (FINTECH) AND ITS PERFORMANCE IN ALBANIA 

 

290 

 

 

The use of mobile phones to make online purchases is claimed by about 53.5% of the 

survey respondents. On the contrary, about 46.5% claim that they do not use online shopping. 

About 67.7% of respondents claim that they do online price comparisons when making large 

purchases, and about 65.4% of them look at online customer reviews. Despite being relatively 

new to Albania, around 18% of respondents claim to have used the QR barcode scanning 

application to compare prices to find the best deal. 

 

Figure 6. The influence of promotions on the behavior of buyers. 

 
Source: Data processed by the authors with Microsoft Excel Program (March 2025). 

 

The increased use of the Internet and mobile phones has opened up new opportunities 

for retailers to advertise and reach potential customers at a limited cost. About 30.2% of 

respondents claim to have signed up to receive coupons or special offers via e-mail from retail 

stores in the past 12 months. About 31.6% of them claim to have made a purchase because of 

these coupons or special offers. Additionally, about 40% of respondents signed up to receive 

coupons or offers from the website, and about 23.8% of them took advantage of these 

promotions. 

 

5. DISCUSSIONS 

The market in which technological finance is a part, during these years, is expected to 

continue growing at an accelerated rate, influenced by continuous technological developments, 

consumer behavior and regulatory support (Statista, 2025). The platforms in which digital 

investments are made are expanding during these years, with individuals and investors who are 

looking for potential options to make investments at low costs. The growth of digital assets 

such as cryptocurrencies and NFTs has also created new opportunities for investors and traders. 

Advances in technology, such as AI and blockchain, have opened up new opportunities for 

fintech innovation, driving further growth in the market. Digital investment platforms are also 

expected to grow in popularity as more individuals seek to manage their finances online 

(Statista, 2024).  

69.80% 68.40%
60%

76.20%

30.20% 31.60%
40%

23.80%

YOU HAVE REGISTERED 

TO RECEIVE COUPONS 

OR OFFERS BY EMAIL 

FROM STORES IN THE 

LAST 12 MONTHS.

YOU HAVE MADE 

PURCHASES AS A 

RESULT OF RECEIVING 

COUPONS OR SPECIAL 

OFFERS.

YOU ARE REGISTERED 

TO RECEIVE COUPONS 

OR OFFERS FROM 

VARIOUS WEB PAGES.

YOU HAVE PREVIOUSLY 

USED A COUPON FROM 

AN INTERNET SITE.

The influence of promotions on the behavior of buyers.

Yes No



Fabian PJETRI, Leonard BODURI, Rezart DIBRA, Ilirjan CUKAJ 

 

291 

 

The growth of digital assets and neobanking has a tendency to continue. In general, we 

can say that the market in which Fintech is part, has a tendency to grow, influenced by 

technological developments. In Albania, there is a need for a more complete regulation in 

relation to legal acts and the implementation of fintech, especially in the payments sector.  

In Albania, there is a need for a more complete regulation regarding legal acts and the 

implementation and support of fintech especially in the payments sector. This development 

would contribute to reducing the informal economy and opening up new opportunities, 

especially for the economic subjects of the innovative spectrum. Market participants can 

dedicate resources to improve financial education and financial inclusion and actively 

participate in ongoing engagements driven by national financial education policies.  

More investment is needed in consumer protection, information and transparency on 

the conditions involved in financial products and services. The information must be processed 

and delivered in such a way that it is easily understood by the general public.  

The Banking System in Albania, which comprises about 90% of the total Financial 

System of our country, should play a bigger and more important role, especially in diversifying 

their portfolio by increasing investments, especially in the capital markets and more widely. 

The Bank of Albania in cooperation with the Albanian State and the Financial 

Supervisory Authority should have a higher level of focus, especially on the diversification of 

financial instruments present in the financial and capital markets. These interventions can 

attract a variety of potential investors at the international and national level who, through their 

investments, will affect the growth and expansion of the market. A similar situation is also 

presented in the work carried out by Natia Surmanidze regarding the state of Georgia 

(Surmanidze, 2023). 

All economic entities involved in or interested in the market in Albania should focus 

particularly on comprehensive initiatives related to financial education. In the current reality 

of our country, the main FinTech products are mainly offered by the banking sector. Greater 

investments are needed in protecting consumer privacy, increasing the level of transparency 

for the public regarding the financial products offered. 

In conclusion, we can say that the Industry in which Financial Technology (Fintech) is 

part, has a great potential for sustainable growth both at the international level and at the 

national level. Albania as a country of the Western Balkans that is trying to join the European 

Union should establish and implement a supportive regulatory framework based on the best 

international practices in this field. 

 

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