Go back Print version

Financial technologies in the spotlight

19. 02. 2018

Slovakia’s finance ministry has launched an initiative designed to create and cultivate FinTechs. The ministry’s Centre for Financial Innovation (CFI) will target financial innovations and seek to identify and remove barriers associated with the creation and operation of FinTechs in Slovakia.

FinTech create opportunities, carrying a major potential to improve existing services of payment providers, banks, insurance companies, and securities brokers. In particular, they have the potential to re-design access to individual services and products while maintaining a high degree of security and protection for clients.

"We live in a dynamic world and FinTech innovations are changing the way financial services and markets operate. New technologies bring social and economic transactions closer to people, who in turn will be able to manage their finances more efficiently. " Peter Kažimír, Slovak Finance Minister said.

Financial innovations, including blockchain-based solutions, represent a major breakthrough. Their use and wider application will change the way people handle their day-to-day financial operations. Slovakia is already a pioneer in introducing and applying new technologies in real life. In this context, we see room to improve the position of Slovakia, as a country that has certainly much to offer in these regards.

FinTech carry and create opportunities . Having all your financial assets under control in few clicks will definitely make our lives easier. Certainly, maintaining a high security in identity verification and authorization, such as fingerprinting or facial scans, will be a priority “Martin Peter, Chairman of the Centre for Financial Innovation at the Ministry of Finance said.

The Centre for Financial Innovation is composed of experts of Financial Market Section at the Ministry of Finance and Permanent Representation of the Slovak Republic to the European Union in Brussels. The aim, however, is to involve stakeholders from all relevant sectors. Co-ordination of the group's activities in the European and international sphere is supported by the Vice-Chairman of the Working Group Peter Paluš, Head of the Financial Policies Unit of the Permanent Representation of the Slovak Republic to the European Union in Brussels.

Press Department
The Ministry of Finance of the Slovak Republic