Formation and Development of Fintech Business in Ukraine
The article is aimed at studying the current status of the domestic fintech business, identifying the main trends and prospects for its development. It is determined that the active development of fintech business in Ukraine began after the global financial crisis of 2008-2009 and continued especial...
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| Format: | Article |
| Language: | English |
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Research Centre of Industrial Problems of Development of NAS of Ukraine
2020-02-01
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| Series: | Bìznes Inform |
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| Online Access: | https://www.business-inform.net/export_pdf/business-inform-2020-2_0-pages-384_392.pdf |
| Summary: | The article is aimed at studying the current status of the domestic fintech business, identifying the main trends and prospects for its development. It is determined that the active development of fintech business in Ukraine began after the global financial crisis of 2008-2009 and continued especially actively after the political and economic crisis of 2014-2015. The author specifies the factors that contributed to the formation and development of the domestic fintech industry, the main of which are: stable coverage of mobile communications and the Internet, favorable legislation, access to capital and investment, qualified staff. It is defined that the domestic fintech sector is now at the stage of active development, which is manifested in the increase in the number of fintech companies and the expansion of directions of their activities. One of the main obstacles to the formation of fintech business in Ukraine is the lack of access to sources of financing in the early stages of its development. It is emphasized that the fintech industry in Ukraine has significant potential for the introduction of financial services in new spheres of activity and among different segments of the population. Promising areas of fintech development in Ukraine can be artificial intelligence, big data, blockchain, as well as the use of innovative technologies in related segments: insurance (InsurTech), legal technologies (LegalTech), use of open government data (RegTech). It is substantiated that the development of fintech business in Ukraine should be carried out not in competition with commercial banks, but in the use of mutually beneficial options for cooperation. The development of new technologies and innovations in our country will be facilitated by the introduction of the remote electronic identification system BankID NBU, the implementation of the norms of the EU PsD2 Directive, the modernization of the NBU electronic payment system under the international standard ISO 20022. Further research will focus on determining the impact of financial innovation on the development of banking business, developing the directions of mutually beneficial partnership between banking and fintech business. |
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| ISSN: | 2222-4459 2311-116X |