Transforming Finance- Exploring the Global Influence of Fintech and Its Role in the Western Balkans

Orkida Ilollari – Mediterranean University of Albania, Economic Sciences Faculty, Blv. Gjergj Fishta, No 52, Postal code:1023 Tirana, Albania

Ines Kociaj – Mediterranean University of Albania, Economic Sciences Faculty, Blv. Gjergj Fishta, No 52, Postal code:1023 Tirana, Albania

Abstract: This paper explores the profound influence of Financial Technology (Fintech) on the financial sector’s evolution amidst rapid technological and economic shifts. Fintech merges finance with cutting-edge technology, driving the sector’s rapid growth by transforming financial services with innovations like blockchain, AI, and big data analytics. These advancements not only improve operational efficiency, security, and service accessibility but also democratize access to financial services, fostering economic empowerment. Yet, this progress brings challenges, including security vulnerabilities and regulatory complexities. The study particularly examines Fintech’s role in promoting economic growth and inclusion in the Western Balkans. This avocation for robust regulatory frameworks, digital infrastructure development and financial education to maximize Fintech’s benefits. In conclusion, it emphasizes the need for enhanced security measures, regulatory flexibility and a commitment to a more inclusive financial ecosystem. Meanwhile stressing the balance between leveraging technological progress and mitigating associated risks for sustainable financial sector development.

10th International Scientific Conference ERAZ 2024 – Conference Proceedings: KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT,  hybrid – online, virtually and in person, Lisbon, Portugal, June 6, 2024

ERAZ Conference Proceedings published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia

ERAZ conference partners: Faculty of Logistics, University of Maribor, Maribor (Slovenia); University of National and World Economy – UNWE, Sofia (Bulgaria); Center for Political Research and Documentation (KEPET), Research Laboratory of the Department of Political Science of University of Crete (Greece); Institute of Public Finance – Zagreb (Croatia); Faculty of Tourism and Hospitality Ohrid, University of St. Kliment Ohridski from Bitola (North Macedonia)

ERAZ Conference 2024 Conference Proceedings: ISBN 978-86-80194-86-8, ISSN 2683-5568,

DOI: https://doi.org/10.31410/ERAZ.2024

Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/) which permits non-commercial use, reproduction and distribution of the work without further permission. 

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