Experience of the global fintech market: opportunities and threats for Ukraine

Abstract

Introduction. In recent years, FinTechs have gained significant popularity in the world, as they open new opportunities for consumers to obtain remote access to a number of services in various fields. That is why it is relevant to determine the ways of development of the domestic innovative financial market, ways of establishing a strategic partnership of its stakeholders with key participants of the financial sector. Purpose. The purpose of the article is to study the foreign experience of using FinTech; identifying the advantages and disadvantages of using FinTech; study of the dynamics of the main parameters that characterize the development of FinTech; study of the prerequisites for the transformation of the domestic market in the conditions of the development of the digital economy. Method (methodology). The theoretical and methodological basis for the research was modern concepts, as well as the scientific achievements of domestic and foreign scientists in the field of innovations and the development of innovative digital technologies. The study of the essence of scientific categories, the analysis of statistical and analytical data was carried out using the methods of scientific abstraction, terminological and comparative analysis and synthesis; system-functional and functional-structural methods were used to study the relationships between economic parameters. Results. The article examines the interpretation of the definition "digitalization", summarizes the advantages and disadvantages of digitalization from the point of view of business entities, and identifies categories of digital products. The evaluation of the state of the modern global FinTech market deserves attention, in particular the determination of the dynamics of income of the Top-10 FinTech companies, the dynamics of the distribution of income of the TOP-10 FinTech companies by country of origin, the dynamics of the share of income of the TOP-10 FinTech companies in the total income of the FinTech industry , the dynamics of the distribution of FinTech investments by world region and the dynamics of the number of FinTech deals by world region over the past 5 years. The study of the dynamics of the TOP-10 values of DESI (Digital Economy and Society Index) across the EU member states made it possible to determine progress/regression in their digital development, identify obstacles to the development of FinTech on the European market, and formulate recommendations for their elimination. The conducted research provided us with information for forming conclusions regarding the prospects for the expansion of the FinTech ecosystem in Ukraine, as a potential innovation hub of Europe.