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: email@example.com).
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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