Özet:

The financial sector in the European Union is facing new challenges in the form of emerging of financial technology development companies known as “FinTech”, which provide alternative solutions based on digital innovations and the use of technology to sell financial products. The existence of FinTech companies on the financial market could be disruptive for the traditional business models of existing financial institutions providing financial services. Adjusting to the digitization of financial services implies structural changes in the financial sector, cooperation among market participants, financial compliance and regulatory oversight, including specific forms of financial and technological innovations. At the same time, digitalization of financial services involves risks such as the emergence of new products that may be complex, nontransparent, difficult to understand and risky to consumers, problems with pre-contractual information duties to consumers, incomplete information about risks associated with new financial products and control over their distribution, as well complex regulatory and supervisory issues related to FinTech companies. Moreover, FinTech is faced with challenges in terms of risks related to cyber security, consumer protection, and privacy. In this paper we will introduce the concept and business models of FinTech companies and the challenges and risks faced by consumers related to financial services which are based on financial and technological innovations. Moreover, we will analyze the legal aspects of FinTech companies in the Croatian legal system by observing Croatian legislation and its application on FinTech business models. In this way we will provide an answer on whether Croatian legislation is adequate and whether it can cover aspects related to companies using innovative technologies.

Anahtar Kelimeler: