PROSPECTS FOR THE DEVELOPMENT OF FINTECH TECHNOLOGIES IN THE GLOBAL MARKET OF FINANCIAL AND INVESTMENT SERVICES
DOI:
https://doi.org/10.15330/apred.1.20.372-379Keywords:
financial technologies, digitalization, banking, financial and investment services, financial market, financial resources, investmentsAbstract
The article examines the main factors contributing to the development of financial technologies in the field of the global market. The best experience of the operation of the financial technology market was analyzed and the key trends of its development were determined, namely: a high global level of implementation of financial technologies, dynamic growth of investments in fintech, the most popular investment sectors are money transfers and payments, alternative lending, cyber security, blockchain and cryptocurrency, insurance technologies.
The purpose is the peculiarities, risks and prospects of the development of the FinTech industry, due to the global development of the digital economy in the world and in Ukraine.
To achieve the goal, it is necessary to solve the following tasks:
- consider the history of FinTech development, give concepts and classification;
- list the main areas of FinTech activity;
- analyze the state of the FinTech industry in Ukraine;
- to study the peculiarities of regulation of the FinTech industry in the global market;
- consider the prospects for the development of FinTech technologies.
The object of the study is the FinTech market in the world and in Ukraine. The subject of the research is a set of economic relations that arise in the process of functioning of the FinTech market. The main methods of financial technologies are:
- adaptation of the legislative framework for the use of the latest IT technologies;
- introducing amendments to the legislation regarding the establishment of single unified formats and a single unified form of electronic documents for the purpose of organizing electronic document flow between financial institutions;
- support for the possibility of implementation
- introduction of a mechanism to control the quality of such data;
- centralization of IT solutions, where appropriate, to improve manageability,
- data quality and cost reduction;
- ensuring control over the implementation of relevant IT security standards by participants in the financial sector.
The scientific novelty of the obtained results is an extremely important component of the financial system of the state, the coherence and success of the functioning of the global financial market depends on the efficiency of the organization and its level of development.
The practical meaning acts as a connecting link, which is designed to ensure the redistribution of financial resources and provide financial flows with a reliable movement vector. The presence of a developed and well-organized market of financial and investment services allows capital to quickly find the most profitable areas of its application..
References
Schueffel, P. “Taming the Beast: A Scientific Definition of Fintech.” Journal of Innovation Management, vol. 4, iss. 4, 2017, pp. 32–35.
Vartsaba, V., and O. Zaslavska. “FinTech industry in Ukraine: problems and prospects for the implementation of innovative solutions.” Baltic Journal of Economic Studies, 2020, vol. 6, no. 4, www.baltijapublishing.lv/index.php/issue/article/view/856/908. Accessed 26 April 2024.
Balytska, M. V., and K. S. Brovenko. “Financial technologies as a driver of the development of financial markets.” Ekonomichna nauka. Investytsii: praktyka ta dosvid, 2021, no. 9, pp. 59–65.
Bukharin, H. O. “Fintech: trends of development and regulatory policy.” Visnyk Zaporizkoho natsionalnoho universytetu. Yurydychni nauky, 2019, no. 1, pp. 15–16. DOI: https://doi.org/10.26661/2616-9444-2019-1-02
Vahner, I. M., Kundria-Vysotska, O. P, and I. I. Demko. “Analysis of trends in the development of the global FINTECH market.” Visnyk Universytetu bankivskoi spravy, 2021, no. 2 (41) , pp. 31–39.
Kalashnikova, T. V., and S. A. Samokhina.”The development of the financial technology market in Ukraine as a factor in promoting financial inclusion.” Visnyk KhNAU. Seriia : Ekonomichni nauky, 2018, no. 3, pp. 201–210.
Mazaraki, A. “Fintech in the system of social transformations.” Visnyk Kyivskoho natsionalnoho torhovelno-ekonomichnoho universytetu, 2018, no.2, pp. 5-18. Vernadsky National Library, nbuv.gov.ua/UJRN/Vknteu_2018_2_2. Accessed 26 April 2024.
“Stratehiia rozvytku fintekhu v Ukraini do 2025 roku.” NBU, bank.gov.ua/ua/about/develop-strategy/fintech2025. Accessed 26 April 2024.
Pochenchuk, H.M. “Financial technologies: development and regulation.” Ekonomika ta suspilstvo, 2017, no. 13, pp. 193–200.
Semenoh, A.Iu., and S.V. Tsyrulyk. “Trends in the development of Fintech services in the global and domestic markets of financial services.” Biznes-Inform, 2018, no. 10, pp. 327–334
Yurchuk, N.P. “Features of fintech development in modern conditions.” Ekonomika. Finansy. Menedzhment: aktualni pytannia nauky i praktyky, no. 6, 2019, pp. 72–83.
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution NonCommercial NoDerivs 4.0 Unported License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access)
