In 2020, the Financial Market Supervision in Austria (FMA) introduced its regulatory sandbox to make Austria an even more attractive location for fintechs. Businesses can test innovative models and ideas that are still under development and see whether they are viable from a regulatory standpoint.
The initiatives taken by the Austrian regulator show a willingness to boost Open Banking technology to the forefront of innovation.
If stats are anything to go by, Austria has a promising OB future laying ahead. According to the latest Digital Economy and Society Index, the country scores high in the number of internet users connecting to e-government services (81% compared to an EU average of 64%) and in open data readiness (90% compared to the EU average of 78%).