Abstract
The main aim of the given research is to develop an appropriate approach for creation of information FinTech platform with the EU standards compliance mainly for SMEs in order to support innovativeness of SMEs, improve their access to finance and simplify different financial processes. The authors defined the main features of FinTech platforms underlining types of FinTech, its participants and the most influential factors. The main trends of FinTech platforms development in the EU countries, such as the level of investment, impact of EU FinTech platforms on the global scale, features of investments into B2B FinTech, were determined. It was considered that in Ukraine, some positive changes in legislation were adopted, but the challenges like lack of finance, slow adoption of innovations in the financial market, not sufficient clarity of legislation remain among the main constraints for further development of FinTech platforms in Ukraine. The conducted analysis on the level of FinTech types performance by Ukrainian platforms showed only the great share of digital payments and money transfers, while other modern innovative FinTech instruments should not be underestimated for proper FinTech application in Ukraine. For this purpose, the authors have developed the Information Platform on Support for SMEs’ Innovations that consolidates interests of both SMEs and scientists. To determine both the SMEs’ opinion about the necessity of a particular Internet platform for them and the types of services that could be provided by the sme-sci.com platform, the authors conducted a survey in which 374 medium-sized and 380 small businesses took part. The results of the survey that are presented in the article confirm the necessity of the Information Platform on Support for SMEs’ Innovations and demand for it from the SMEs. Finally, the result of the research proves that such a unique informational platform as sme-sci. com that will serve as an interactive field for exchanging ideas and information of both representatives of scientific and business world is of great importance.
Highlights
FinTech as a whole drastically transformed the financial services making every aspect of them easier, more accessible and faster to perform
The main goal of the given research is to develop Within the survey, 2,140 questionnaires were sent an appropriate approach for creation of infor- from which 753 fully completed questionnaires mation FinTech platform with the EU standards were received. compliance mainly for SMEs in order to support Despite that fact that there was enough time to collect the data and the The most widespread areas for implementing incosts on research were provided by project’s bud- novation technologies in financial sector include get, there was the main limitation – Ukrainian online banking, online payment and transfer ser
The conducted analysis on trends of FinTech platforms in the EU countries defined the importance of P2P lending, balance-sheet funding, equity funding and crowdfunding for SME development, start-ups in particular, in order to facilitate their access to finance
Summary
FinTech as a whole drastically transformed the financial services making every aspect of them easier, more accessible and faster to perform. Such spheres as banking, mobile payments, money transfers and asset management might only benefit from using innovation technologies that could simplify the access to finance and digital finance system for business, SMEs in particular. In the conditions of reduction of banks’ lending capacity, high interest rates and the low likelihood to obtain credit for start-ups, it is essential for SMEs to use FinTech platforms in order to get faster and cheaper access to finance, simplify different financial processes by their digitalization and improve usage of e-money. Taking into consideration that Ukrainian SMEs face all the mentioned challenges and risks of being underfunded, it is crucial to develop FinTech platforms aimed at improving conditions for doing business
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
