Assessment of the Conditions for the Development of the Financial Technology (FinTech) Sector in Selected Countries in 2021

The consequences of the 2007–2009 crisis, the dynamic process of digitalisation of economies, and the increased access to the Internet (especially broadband) contributed to the development of innovative technologies in the financial services sector, referred to as the financial technology (FinTech) sector. The development of the FinTech industry is not possible without active support from the state, appropriate legal regulations, innovation, and society’s readiness for new financial solutions. The aim of this article is to assess the conditions for the development of the FinTech sector in European Union countries and in major global economies. Using the taxonomic measure of economic development developed by Professor Hellwig, a ranking was constructed that shows that in 2021 the level of the analysed conditions in EU countries and in the largest global economies outside the Community was highly diverse. At the top of the ranking is the United States, which scored over eighteen times higher than the country closing the ranking (India). Poland ranked 26th (out of 34), and thus was classified as a country with conditions that are not very favourable for FinTech operation and development.