FinTech – Financial Innovation Facilitators


  • Leonardo Badea West University of Timisoara
  • Calin Mihai Rangu Danubius University
  • Mircea Constantin Scheau University of Craiova


FinTech, innovation, regulation, evolution, surveillance, business models, proportionality, sandbox, innovation hub, blockchain, artificial intelligence


This research identifies the ecosystem that facilitates technological innovations, especially in the financial field, beyond the new technologies themselves. In order to make the most of FinTech's potential, the system of institutional facilitators is analyzed, the need for the authorities to be involved in the development of innovation centers or sandbox structures. Beyond these institutional facilitators, we identify the need for a vision, a digital transformation strategy, architectures and integration components without which technological innovations are not sustainable, on the basis of which new business models are developed. The research is based on international reports and analyzes of prestigious authorities or companies, the approach starting from public studies and surveys. The conclusions prove the need for a managerial, integrated approach, starting from risks and not necessarily from technologies, identifying the need for public policies to support innovation to which one should add the effort of companies to structure integrated, agile, customer-oriented platforms, a framework oriented towards continuous change.

Author Biographies

Leonardo Badea, West University of Timisoara

Mr Leonardo Badea is the Deputy Governor of the National Bank of Romania since October 2019. From June 2017 to October 2019, Mr Badea was the President of the Financial Supervisory Authority in Romania. With experience of more than 20 years in economic higher education, Mr Leonardo Badea was vice-rector of the University of Valahia in Târgovişte and Dean of the Faculty of Economics within the same university. Mr Badea was consecutively appointed as senator and deputy in the Romanian Parliament, holding the positions of Secretary of the Committee on Budget - Finance, Banking and Capital Market in the Senate of Romania and of Chairman of the Committee on Budget - Finance in the Chamber of Deputies. Mr Leonardo Badea holds a PhD in Accounting from the Academy of Economic Studies in Bucharest and has been a PhD supervisor in Finance at the West University of Timisoara since 2017. Mr Leonardo Badea has a vast research activity as author and co-author of an important series of publications with international visibility. Mr Badea is also a member of the Editorial Council of the Theoretical and Applied Economics journal.

Calin Mihai Rangu, Danubius University

Călin is double licensed in economics and engineering, PhD in neural networks applied in financial series processing, MBA graduate in banking and finance, University Lector, MBA Lector, a scientific researcher in telecom. 

Călin is acting as Director in Romanian Financial Supervision Authority (FSA), Vice-president of EIOPA InsurTech Task Force, President of FSA Shareholder Group in Consumer Protection. He was for five years president of the Institute of Financial Studies, Board Member of EFICERT, Coordinator of Fintech HUB of FSA. He acted over 13 years as a director in the National Bank of Romania and Raiffeisen Bank and general director of the Romanian subsidiary of Raiffeisen Informatik Austria Group. He has broad experience in management, banking & financial industry, operational risks, IT & IT security, consumer experience, financial services, products, and technologies.

He published over 150 articles, and two books, being organizer or speaker in major Romanian conferences related to financial and banking sectors, consumer protection, ADR, IT, cyber-fares, operational risk management, or management and processes.

Mircea Constantin Scheau, University of Craiova

PhD in Public Order and National Security with a topic of interest for economic and security fields "Cybercrime on financial transfers", who received "Victor Slavescu Prize" awarded by Romanian Academy. Author / co-author of three volumes, more than thirty scientific articles on management, law enforcement, critical infrastructure, information technology, defense, lecturer in numerous international conferences and member, inter alia, of "Policies and strategies in the European Union's single market" research group of the European Research Institute of Babeș-Boyai University, Cluj-Napoca.


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How to Cite

Badea, L., Rangu, C. M., & Scheau, M. C. (2021). FinTech – Financial Innovation Facilitators: Array. Acta Universitatis Danubius. Œconomica, 17(3). Retrieved from



Economic Development, Technological Change, and Growth

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