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FinTech in the System of Transformations of the Global Financial Sphere

Journal: Management of the economy: theory and practice (Vol.12, No. 12)

Publication Date:

Authors : ;

Page : 261-273

Keywords : financial system; financial services market; financial sector; development trends; development features; financial risks; business model; digital technologies; information systems; FinTech; transformation; globalization;

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The global financial sector is undergoing irreversible changes due to the signif-icant impact of digital technologies, including FinTech. In this regard, the current con-ditions of the financial services market of Ukraine require the search for non-traditional forms of innovative development and the need to implement information systems and digital technologies. This is in line with the provisions of the Association Agreement between Ukraine and the EU, the Comprehensive Program for the Development of the Financial Sector of Ukraine until 2020, the Strategy for the Development of the Financial Sector and Fintech in Ukraine until 2025. The article analyses and summarizes various scientific approaches to the defini-tion of FinTech. Features and tendencies of FinTech development in different countries of the world are investigated. It is revealed that at present in the financial sector there is a partial displacement of traditional intermediaries by new participants, automated processes and information networks. Increasing competition requires traditional financial institutions to apply new digital technologies, improve financial products, change busi-ness models and reduce operating costs. It is established that FinTech is able to solve the current problems of the financial services market. As a result, the current regulatory framework for regulating the development of the financial services market should be changed to prevent uncontrolled situations in the financial system due to the increasing impact of financial and operational risks.

Last modified: 2021-09-15 21:02:57