CURRENT TRENDS OF THE FINANCIAL TECHNOLOGIES MARKET FORMATION IN UKRAINE

The article examines the current state of the domestic market of financial technologies and identifies the main trends and prospects for its development. The essence of the concept of fintech, as well as the role of financial technologies in the further development of the financial sphere are considered. The factors of development of financial technologies in Ukraine are determined: stable coverage by mobile communication and the Internet, proper legal regulation, access to capital and investments, human resources. It was found that the fintech business in Ukraine is developing rapidly, increasing its volume due to the growing number of new fintech companies and the emergence of various fintech startups. As of the beginning of 2020, there were more than 100 fintech companies operating in Ukraine. 63% of fintech companies were financed at their own expense, and the same number passed the break-even point. At the same time, 14% of companies have a staff of more than 75 people. 43% of Ukrainian fintech companies conquer the international market. And of those who work exclusively in Ukraine, 73% are later going to start working abroad. The growth trend of the fintech sector remains unchanged. At the same time, the development of financial technologies in Ukraine is accompanied by a number of problems, the main of which are: over-regulation of the financial sector; legal and regulatory restrictions in the field of financial innovation; the slowness of the traditional banking sector; lack of capital to implement innovations; small and medium-sized businesses are closed to fintech initiatives; insufficient financial literacy of the population. It was revealed that the fintech direction in Ukraine has a significant potential for the introduction of financial services in new areas of activity and among various segments of the population. The main trends in the financial technology market are: alternative types of payments, marketplaces, new business models, artificial intelligence, digital identification and biometric data, open APIs.