Issue №: 6 (46)
The magazine deals with the problems of the agricultural sector of the economy in the context of integration and processes of globalization. Attention is paid to the issues of development of digital economy, rural territories, technologies of enterprise management and organization of accounting, problems of legal support of economic processes, market tendencies of development of various branches of economy. Particular attention is paid to green tourism as a promising segment of the national economy.
FEATURES OF FINTECH DEVELOPMENT IN MODERN CONDITIONS
YURCHUK Natalia – Candidate of Economic Sciences, Associate Professor of Economic
Cybernetics Department, Vinnytsia National Agrarian University (21008, 3. Sonyachna str, Vinnytsia, е-mail: urnata@vsau.vin.ua).
The features of formation and development of the FinTech market in the conditions of digitalization
of the financial market are revealed in the work. It is proven that one of the trends of the global financial
services market is the active introduction of FinTech innovation.
A study of the definition of FinTech, identified four approaches to identify the essence of the concept:
institutional, sectoral, functional, operational. It is justified that FinTech envisages the interconnection of
two components - innovations based on the technologies of the traditional financial banking sector and
new business models of providing financial services.
The classification approaches to systematization of FinTech services are studied: for market support
and for industry innovations.
The principles underlying the implementation of financial technology systems are outlined.
The potential advantages and disadvantages of FinTech innovation for the economy are considered.
An analysis of the global FinTech market has been performed, showing a significant increase in global
investment in the industry over the past years. The Ukrainian FinTech market is following global trends and
showing dynamic growth. FinTech's domestic market is represented by such areas as: payments and money
transfers, mobile wallets, digital banks and neo-banks, blockchain and cryptocurrency, technologies and
infrastructure, consulting and analytical systems, personal and consumer lending, business lending, insourtech,
cyber security financial management, digital comparison tools, legal technology.
It is motivated that investment and knowledge are needed to create and develop FinTech startups.
Today, investing is one of the key problems for the development of Ukrainian FinTech companies. The
sources of financing of Ukrainian FinTech companies are analyzed and their features are described.
There is no established system support for FinTech companies in Ukraine today.
It is proved that the state support of the domestic FinTech-industry and consolidation of efforts of
all its participants in the directions defined in the work will contribute to the development of innovative-investment entrepreneurship.
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ekonomichnoho prostoru v Ukraini: mozhlyvosti ta pereshkody [Features of forming of interregional
economic space in Ukraine: possibilities and problems]. Ekonomika. Finansy. Menedzhment: aktual’ni
pytannia nauky i praktyky.Eсonomy. Finanсes – Management: actual issues of science and practical
activity, 11, 7-16 [in Ukrainian].
2. The Basel Committee on Banking Supervision, consultative document: Sound Practices:
Implications of fintech developments for banks and bank supervisors / Bank for International Settlements.
2017. Retrieved from https://www.bis.org/bcbs/publ/d415.pdf [in Switzerland].
3. Semenoh A. Yu., Kryvych Ya. M. & Tsyrulyk S. V. (2018), FinTech-posluhy: sutnist', rol' i
znachennia dlia ekonomiky krainy [Fintech services: essence, role and value for the economy of the
country]. Odesa National University herald. Seriia : Ekonomika. T. 23, Vyp. 2, 100-105 [in Ukrainian].
4. Mazaraki A. & Volosovych S. (2018), Fintech u systemi suspil'nykh transformatsij [FinTech in the systym
of social transformations]. Herald of Kyiv national university of trade and economics. 2, 5 - 18 [ in Ukrainian ].
5. Scho take Fintech ta iaki joho perspektyvy na rynku finposluh Ukrainy. Retrieved from
https://business.ua/finances/4251-shcho-take-fintech-ta-iaki-ioho-perspektyvy-na-rynku-finposluh-ukrainy. [in Ukrainian].
6. What is Fintech. Retrieved from https://www.whartonfintech.org/blog-archive/2016/2/16/what-is-fintech [in USA].
7. Finansovi tekhnolohii v sviti ta Ukraini. Retrieved from http://groshi-v-kredit.org.ua/finansovi-tehnolohiji-v-sviti-ta-ukrajini.html. [in Ukrainian].
8. Zavolokina L., Dolata M. and Schwabe G. The FinTech phenomenon: antecedents of financial innovation
perceived by the popular press. Retrieved from https://jfin- swufe.springeropen.com/track/pdf/10.1186/s40854- 016-0036- 7?site=jfin- swufe.springeropen.com [ in Switzerland] .
9. FinTech – odno iz samyh perspektivnyh napravlenij dlja startapov. Retrieved from
http://startuplife.by/fintech-startups.html [in Belarus].
10. Scho take fintekh i iak vin vplyvaie na vashe zhyttia vzhe s'ohodni? Retrieved from
https://www.epravda.com.ua/projects/fintech/2018/12/5/641431/. [in Ukrainian].
11. Fintech Trends To Watch In 2019. Retrieved from
https://www.cbinsights.com/research/report/fintech-trends-2019/. [in Ukrainian].
12. Kataloh fintekh-kompanij Ukrainy 2019. Retrieved from https://map.fintechua.org/. [in Ukrainian].
13. Bab'iachok R.I. & Kul'chyts'kyj I.I. (2018), Osnovni tendentsii rozvytku startapiv v Ukraini –
problemy, pereshkody i mozhlyvosti. [The main trends in the development of startups in Ukraine are
problems, obstacles and opportunities] HO «Ahentsiia Yevropejs'kykh Innovatsij», 28 [in Ukrainian].
14. Dub A.R. & Khlopets'ka M.-S.B. (2016), Dzherela finansuvannia startapiv ta mozhlyvosti ikh
zaluchennia v Ukraini [Sources for startups financing and opportunities for their involvment in ukraine].
Socio-economic problems of the modern period of Ukraine, 1, 87-79 [in Ukrainian].
15. Moroz P. Venchurne investuvannia: pro startapy, blokchejn proekty ta IT-sferu. Retrieved from
https://blog.liga.net/user/pmoroz/article/31422 [in Ukrainian].
16. Kirillova Je. Startap-akselerator: idti ili ne idti? Retrieved from http://rusbase.com/howto/
accelerate/ [in Russian].
17. Startap-inkubatory ta biznes-akseleratory: scho i de shukaty? Retrieved from
http://tempus.nung.edu.ua/uk/news/ [in Ukrainian].
About journal
051 Economics
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It was founded in 1997 under the name "Bulletin of the Vinnytsia State Agricultural Institute". In 2010-2014 he was published under the title “Collection of scientific works of Vinnitsa National Agrarian University”.
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According to the decision of National Council of Television and Radio Broadcasting of Ukraine from 25.04.2024 No. 1337 the scientific journal «Economy, finances, management: topical issues of science and practical activity» has the ID of the Media R30-05171.
