BUSINESS

Fintech can boost the economy, study shows

TAGS: Technology, Economy, Business

The development of financial technology (fintech) enterprises in Greece could deliver a significant boost to the country’s economy, according to a study by professors Giorgos Doukidis of the Athens University of Economics and Business and Panagiotis Kourouthanasis of the Ionian University.

According to a Bank of Greece report this month, the country already has an active fintech sector – which includes companies that provide financial services through sophisticated digital technologies – including nine licensed payment companies (Access Payment Services, Argo Exchange, Everypay, Intelli Express, KMT, NBL Money Transfer, Smart Pay Services, Paylink and International Express Remittance) and two electronic money companies (Viva and Tora Wallet)

The study argues that if the value of transactions through fintech approaches the European average, it will add 0.6 percent to Greece’s gross domestic product, while if the country evolves into a regional center of fintech innovation in Southeast Europe, its contribution to Greek GDP could reach up to 1.8 percent.

The activity of foreign fintech enterprises in Greece could contribute toward attracting foreign investment ranging from 0.1 to 0.5 percent of GDP.

Online