International development strategy of a fintech company: key aspects and challenges

Abstract

In the conditions of globalization of the financial services and financial systems market, an urgent issue for a fintech company is the problem of forming and implementing an international development strategy, considering the most critical aspects and challenges. Specific aspects include regulatory constraints, cross-country competition, technological innovation, adaptation to local financial systems, strengthening cyber security, and building strategic partnerships. Developing an effective action plan is a crucial factor for the successful global development of a fintech company. The article examines the main aspects of the international development strategy of fintech companies and highlights the main challenges they face. It was determined that one of the most critical aspects in this context is considering the differences in regulatory acts in different countries and their impact on the strategic planning of fintech companies. Another vital aspect is technological innovation: fintech companies must not only have technological solutions but also be ready to implement new technologies, such as artificial intelligence, blockchain, etc. All this allows you to create competitive advantages and satisfy the ever-increasing demand for fast, convenient, secure financial services. It is justified that, first, companies should study the political, economic, and socio-cultural aspects of each country in which they plan to work since the presence of different regulations and cultural features can significantly affect the strategy's success. Challenges also include the need to manage cyber security. Based on a comprehensive approach, considering the peculiarities of the global financial market, the main elements of the strategy of international development of a fintech company are proposed. The main directions of this strategy are innovative technologies, flexibility in interaction with regulators, and consideration of the peculiarities of national markets. Keywords: financial technologies, fintech companies, financial services market, digital technologies, fintech services.