СУЧАСНИЙ СТАН ФІНТЕХ-РИНКУ В УКРАЇНІ

Abstract

The article analyzes the concept of financial technology as a driving force of innovation in the financial sector. It places the main emphasis on the fintech market as ecosystem that unites all participants of the financial market one hand, and a complex system that combines new technologies sectors, financial services, startups and related infrastructure on the other hand. We considered several main reasons which restrain Ukrainian fintech market development namely: imperfect state regulation of financial technologies, unfavorable investment climate in the country, insufficient and uneven development of the necessary infrastructure, quality and cost of Internet and mobile services, low level of patent activity, almost complete absence of breakthrough IT technologies, including in the field of FinTech. The article also highlights several factors which contributed to the development of fintech technologies in Ukraine and the emergence of new entities competing with commercial banks performing functions related to payments and money transfers on the financial market. The development of financial technologies in Ukraine is particularly noticeable in the last five years thanks to a number of following factors: the global economic crisis and its consequences, growth of global digitalization processes, active spread of the Internet, development of competition in financial markets, trend for innovation in this field, increasing requirements for ease of use products, quality and speed of obtaining information, successes of technological companies in other sectors of the economy. An analysis of fintech companies of Ukraine in areas of their activity shown that 23% of them had been created in 2020–2021 and belong to the Technology and Infrastructure industry. On of main reasons of such rapid grows was COVID-19 pandemic and quarantine restrictions, which in turn forced businesses to move to online and created a demand for products and services providing possibilities to carry out business in the digital field.