ANALYSIS OF CASES OF FOREIGN FINTECH COMPANIES AND JUSTIFICATION OF THEIR APPLICATION IN UKRAINE
DOI:
https://doi.org/10.32782/2311-844X/2023-1-16Keywords:
FinTech company, segment, factors of influence, case study, financial institutions, banksAbstract
The article defines the strategic importance of FinTech development in Ukraine based on the case studies of foreign FinTech companies. The elements of financial and credit institutions that ensure the proper conditions for the functioning of this market are studied and the distinctive features of the domestic FinTech market are identified. The definition of the essence of the concept of "FinTech" as an innovation based on the use of information technology, a radical innovation in the financial sector, the introduction of which leads to fundamental changes in financial products, technologies (processes), business models of financial intermediaries, as well as to the emergence of new market participants - FinTech companies, is clarified. The author examines the scientific foundations of banking business (including international banking); characterizes the transformation of banking business models under the influence of financial technologies. It is established that the main driving forces for the development of FinTech are the availability of mobile Internet and smartphones, a decrease in public confidence in banks and dissatisfaction with certain types of banking services. The author describes the main trends in FinTech, such as services through social networks, alternative payments, marketplaces, artificial intelligence, digital identification and biometrics, open programming interfaces, neobanks, and blockchain. The structure of the FinTech market by types of companies is presented. The types of foreign FinTech companies are analyzed. It is noted that FinTech companies are rapidly replacing banks, and their characteristics are provided. The features of the development of the US FinTech segment are highlighted. The factors influencing the development of FinTech segments are identified and their rating in some countries of the world is analyzed. The most stable FinTech segments in the world are highlighted, including money transfers, savings and investments, financial planning, insurance, and loans. The degree of implementation of FinTech in foreign countries and in Ukraine is investigated. The directions of investment in the FinTech sector are highlighted. The global and domestic trends in the development of FinTech segments are studied. At the same time, it should be noted that the success of financial stability risk management at the macro level directly depends on the speed of implementation of the latest financial technologies by national regulators.
References
Ломачинська І. А., Мумладзе А. О. Вплив технологічних змін на трансформацію фінансових систем. Право, економіка та управління: генезис, сучасний стан та перспективи розвитку : матеріали міжнародної науково-практичної конференції. Одеса : Фенікс, 2018. С. 49–54.
БЛОГ: Світова карта FinTech: США. URL: https://evris.law/uk/stattja-svitova-karta-fintech-ssha (дата звернення: 14.10.2023).
Фінтех в Україні: тенденції, огляд ринку та каталог. URL: http://data.unit.city/fintech/fgt34ko67mok/fintech_in_Ukraine_2018_ua.pdf (дата звернення: 16.10.2023).
Cosmulese C. G., Grosu V., Hlaciuc E. & Zhavoronok A. The Influences of the Digital Revolution on the Educational System of the EU Countries. Marketing and Management of Innovations. 2019. № 3. Р. 242–254.
Chernadchuk V., Sukhonos V. & Shkolnyk I. The notion and content of financial system in the context of financial law of Ukraine. Problems and Perspectives in Management. 2017. № 15(2-1). Р. 234–245.
Chmutova I., Vovk V. & Bezrodna O. Analytical tools to implement integrated bank financial management technologies. Economic Annals-XXI. 2017. № 163(1-2(1)). Р. 95–99.
Kholiavko N., Djakona A., Dubyna M., Zhavoronok A. & Lavrov R. The higher education adaptability to the digital economy. Bulletin of the National Academy of sciences of the Republic of Kazakhstan. 2020. Vol. 4. № 386. P. 294–306.
Laktionova A. & Zhytar M. (2013) Institutional flexibility of decision making as a basis for a bank’s investment strategy selection. Economic Annals-XXI. 2013. № 5-6(1). Р. 49–52.
Azarenkova G., Shkodina I., Samorodov B., Babenko M. & Onishchenko I. The influence of financial technologies on the global financial system stability. Investment Management and Financial Innovations. 2018. № 15(4). Р. 229–238.
Fernandez-Vazquez S., Rosillo R., Fuente D. & Priore P. Blockchain in FinTech: A Mapping Study. Sustainability. 2019. № 1(22). Р. 63–66.
Abramova A., Beschastnyy V., Zhavoronok A., Fedyshyn M., Lavrov R., Dluhopolskyi O. & Kozlovskyi S. Financial technologies development prospects in the countries of Eastern Europe and Ukraine. International Journal of Management (IJM). 2020. № 11(7). P. 384–398.
Shkarlet S., Dubyna M., Vovk V. & Noga M. Financial service markets of Eastern Europe: a compositional model. Economic Annals-XXI. 2019. № 176(3-4). Р. 26–37.
Fedyshyn M. F., Marich M. G. & Abramova A. S. The influence of credit factors on the development of the real economic sector in the conditions of economic. Financial and credit activity: problems of theory and practice. 2018. № 2(25). Р. 366–374.
Ivashchenko A., Britchenko I., Dyba M., Polishchuk Ye., Sybirianska Yu. & Vasylyshen Yu. Fintech platforms in SME’s financing: EU experience and ways of their application in Ukraine. Investment Management and Financial Innovations. 2018. № 15(3). Р. 83–96.
Lomachynska I. A. & Mumladze A. O. (2018) Vplyv tekhnolohichnykh zmin na transformatsiyu finansovykh system. [Influence of technological changes on the transformation of financial systems]. Pravo, ekonomika ta upravlinnya: henezys, suchasnyy stan ta perspektyvy rozvytku: materialy mizhnarodnoyi naukovo-praktychnoyi konferentsiyi. Odesa: Phoenix, pp. 49–54.
BLOH: Svitova karta FinTech: SSHA [BLOG: World map of FinTech: USA] Available at: https://evris.law/uk/stattja-svitova-karta-fintech-ssha (accessed October 14, 2023).
Fintekh v Ukrayini: tendentsiyi, ohlyad rynku ta kataloh [Fintech in Ukraine: trends, market overview and catalog] Available at: http://data.unit.city/fintech/fgt34ko67mok/fintech_in_Ukraine_2018_ua.pdf (accessed October 16, 2023).
Cosmulese C. G., Grosu V., Hlaciuc E. & Zhavoronok A. (2019) The Influences of the Digital Revolution on the Educational System of the EU Countries. Marketing and Management of Innovations, no. 3, pp. 242–254.
Chernadchuk V., Sukhonos V. & Shkolnyk I. (2017) The notion and content of financial system in the context of financial law of Ukraine. Problems and Perspectives in Management, no. 15(2-1), pp. 234-245.
Chmutova I., Vovk V. & Bezrodna O. (2017) Analytical tools to implement integrated bank financial management technologies. Economic Annals-XXI, no. 163(1-2(1)), pp. 95–99.
Kholiavko N., Djakona A., Dubyna M., Zhavoronok A. & Lavrov R. (2020) The higher education adaptability to the digital economy. Bulletin of the National Academy of sciences of the Republic of Kazakhstan, vol. 4, no. 386, pp. 294–306.
Laktionova A. & Zhytar M. (2013) Institutional flexibility of decision making as a basis for a bank’s investment strategy selection. Economic Annals-XXI, no. 5-6(1), pp. 49–52.
Azarenkova G., Shkodina I., Samorodov B., Babenko M. & Onishchenko I. (2018) The influence of financial technologies on the global financial system stability. Investment Management and Financial Innovations, no. 15(4), pp. 229–238.
Fernandez-Vazquez S., Rosillo R., Fuente D. & Priore P. (2019) Blockchain in FinTech: A Mapping Study. Sustainability, no. 1(22), pp. 63–66.
Abramova A., Beschastnyy V., Zhavoronok A., Fedyshyn M., Lavrov R., Dluhopolskyi O. & Kozlovskyi S. (2020) Financial technologies development prospects in the countries of Eastern Europe and Ukraine. International Journal of Management (IJM), no. 11(7), pp. 384-398.
Shkarlet S., Dubyna M., Vovk V. & Noga M. (2019) Financial service markets of Eastern Europe: a compositional model. Economic Annals-XXI, no. 176(3-4), pp. 26–37.
Fedyshyn M. F., Marich M. G. & Abramova A. S. (2018) The influence of credit factors on the development of the real economic sector in the conditions of economic. Financial and credit activity: problems of theory and practice, no. 2(25), pp. 366–374.
Ivashchenko A., Britchenko I., Dyba M., Polishchuk Ye., Sybirianska Yu. & Vasylyshen Yu. (2018) Fintech platforms in SME’s financing: EU experience and ways of their application in Ukraine. Investment Management and Financial Innovations, no. 15(3), pp. 83–96.
