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INNOVATIVE PARAMETERS OF MARKET FINANCIAL TECHNOLOGIES

Journal: International scientific journal "Internauka." Series: "Economic Sciences" (Vol.1, No. 29)

Publication Date:

Authors : ;

Page : 41-47

Keywords : technological innovations; FinTech deals; startups; ecosystem of entrepreneurs FinTech accelerators; incubators; FinTech mega-rounds;

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Abstract

The article identifies that the important features of technological innovation (genesis, development and distribution of new commodities, services and technical and organizational processes) are their uncertainty about the achieved technical and economic success, taking into account the risks, unpredictability and forecasting the cost of innovation. The dynamics of financing annual global FinTech deals, the global number of FinTech mega-rounds for the period 2014–2018 are presented. The types of relationships between finance and innovation are presented, with the emphasis that radical innovation is focused on high technology. Highlights of FinTech's activities and measures to support FinTech startups to drive FinTech innovation β€” support, use of FinTech solutions to create business opportunities for FinTech companies; building confidence in new technologies; adopting a favorable fiscal policy; improving digital communication; supporting the growth of digital financial services in both the telecommunications and financial sectors. Increasing financial affordability through digital services such as mobile money has been shown to open up new business opportunities for FinTech firms and investors, and as an opportunity for clients to transfer money between different suppliers, reducing costs and increasing the target market for FinTech companies, allowing them to reach more customers through unified integration. It has been shown that in order to create an environment that truly enables FinTech innovations, public sector stakeholders must strive to understand business barriers and consider the entire stimulus package from FinTech firms and investors. Creating an ecosystem where FinTech can thrive requires a holistic and multidimensional approach. Market-based financial technologies have been shown to shape different areas, accelerate production, improve quality of life, making many aspects of it more effective.

Last modified: 2021-03-18 19:47:56