Economy, finances, management: topical issues of science and practical activity

SCIENTIFIC JOURNALS OF VINNITSA NATIONAL AGRARIAN UNIVERSITY

Issue №: 6 (46)

Published: 2019.08.13

DOI: 10.37128/2411-4413-2019-6

Description:
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.

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FEATURES OF FINTECH DEVELOPMENT IN MODERN CONDITIONS

DOI: 10.37128/2411-4413-2019-6-8

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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).

Annotation

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.

Keywords: FinTech, financial technology, financial services, mobile payments, blockchain, FinTech startup, FinTech accelerator, innovation.

List of references

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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].

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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].

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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

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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].

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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].

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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].

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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].

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http://tempus.nung.edu.ua/uk/news/ [in Ukrainian].

All journal issues

About the journal

Topics of the journal:

С1 Economics and International Economic Relations (by specialization)

D1 Accounting and Taxation

D2 Finance, Banking, Insurance and Stock Market

D3 Management

D4 Public Management and Administration

D5 Marketing

D7 Trade

J3 Tourism and Recreation

Keywords: economics , international economic relations , accounting , taxation , finance , banking , insurance , stock market , management , public management and administration , marketing , trade , tourism and recreation

Key information:

ISSN (print): 2411-4413

DOI: 10.37128

All-Ukrainian scientific and production journal “Economics, finance, management: topical issues of science and practical activity” is a peer-reviewed open-access journal that publishes original research, theoretical articles and reviews on a wide range of economic and business issues. The articles, which have scientific and scientific-practical significance, highlight theoretical and methodological aspects of the development of agrarian sector of economy and related industries, the results of fundamental and applied research.

The purpose of the journal is to highlight the results of fundamental and applied research in the field of economic sciences, aimed at developing modern approaches to managing economic processes, financial support for enterprise activities and increasing the efficiency of economic systems. The publication is focused on creating a scientific environment for the exchange of research results between scientists, higher education students and practitioners in economic sphere, as well as on the dissemination of modern scientific and methodological approaches to solving current economic and management problems. The journal contributes to the development of the research in the field of enterprise economics, finance, accounting, auditing, management, marketing, entrepreneurship, trade, tourism and recreation, public management and administration, economic development and international economic relations, which meets the modern needs of the socio-economic development of the state.

The journal’s objectives are:

• publishing the results of fundamental and applied research in the fields of economics, international economic relations, finance, management, public administration, accounting, marketing, tourism and recreation, and entrepreneurship;

• promoting the development of modern methods of managing enterprises and organizations, increasing the efficiency of using financial and material resources;

• supporting the research aimed at improving the economic mechanisms of enterprise functioning, developing innovative activity, and increasing the competitiveness of economic structures;

• ensuring the scientific exchange of research results between higher education institutions, scientific institutions, and business entities;

• developing methods of economic analysis, forecasting, and modeling of socio-economic processes;

• disseminating of modern approaches to financial management, accounting, taxation, and control of economic activity;

• promoting the development of interdisciplinary research related to the economic support of the development of agrarian sector of economy and rural areas;

• integration of scientific research results into the international scientific space and increasing the level of scientific communication.

Publisher: Vinnytsia National Agrarian University

Link to the journal on the publisher’s website: ”Economics, finance, management: topical issues of science and practical activity”

Frequency of issue: 4 times a year.

Language of publication: Ukrainian, English.

Editor-in-Chief: Inna Honcharuk

State registration: Decision of the National Council of Ukraine on Television and Radio Broadcasting No. 1337 and No. 1178. Media identifier – R30-05171. Publisher registration number (EDRPOU) 00497236.

Publisher’s ROR: https://ror.org/05m3ysc06 Publisher’s DOI prefix: 10.37128 ISSN (print): 2411-4413

Publisher DOI prefix: 10.37128 ISSN (print): 2411-4413

The scientific journal is included in category "B" of the List of scientific professional publications of Ukraine, in which the results of dissertations for the degree of Doctor and Candidate of Sciences in the specialties C1 (051) - Economics, D1 (071) - Accounting and Taxation, D2 (072) – Finance, Banking, Insurance and Stock Market, D3 (073) – Management, D5 (075) – Marketing, D7 (076) – Entrepreneurship and Trade, (241) – Hotel and Restaurant Business, D4 (281) – Public Management and Administration (Order of the Ministry of Education and Science of Ukraine dated March 17, 2020 №409)

History of journal:

History of the journal:

Founded in 1997 under the name ”Bulletin of Vinnytsia State Agricultural Institute”. In 2010-2014 it was published under the name “Collection of Scientific Papers of Vinnytsia National Agrarian University”. Since 2015 “Economics, finance, management: current issues of science and practical activity” (Certificate of State Registration of Mass Media No. 21154-10954 PR dated 12/31/2014).