Open Banking in Slovakia

What is the current status of Open Banking in Slovakia?

The Slovak Fintech Association, Mastercard and Vacuumlabs were behind the first FinTech Hub within the Central and Eastern Europe (CEE) region. The Hub acts as a springboard for start-up founders to access the networks, regulatory guidelines and tech support they need to see their idea blossom into a fully-fledged company. 

As Mastercard CEO for Slovakia and the Czech Republic, Michal Čarný mentioned in a recent interview

We are happy to contribute to the development of these goals. We will support those interested not only with the expertise of the Mastercard team but also with our technologies so that we can speed up the entire process. I’m talking not only about technologies from the traditional card world but also outside it, such as open banking, peer-to-peer payments, solutions using big data or artificial intelligence, user-friendly ways of authentication, tools for better security and more.” 

Interesting stats about OB potential in Slovakia

What will the future of Open Banking look like in Slovakia?

Slovakia is well ahead of its European counterparts in adopting Open Banking. The country is creating the necessary infrastructure and framework the technology needs to evolve. It won’t be long before OB is the norm and not a trend.