Abstract
FinTech startups and services are one of the most dynamic segments of the modern economy. New financial technologies have already attracted many investors and form millions of budgets. Changing the traditional financial services concept, FinTech companies formed a new niche within the financial services market, the dynamic development of which determines the relevance of the development and implementation of an effective regulatory and oversight system.The purpose of the article is to develop an economic and mathematical model for forecasting the development of the FinTech market on the example of Ukraine. In order to study the development of the FinTech industry, a multiple regression model was presented. The model describes the dependence of the total investment value of FinTech from venture investments in financial technology, venture investments in other technologies and venture investments in online lending. Based on this model, the effect of attracting investments with new FinTech projects on the total volume of investments in the industry was clarified. According to the model, with a change in investments in FinTech by 1%, the total rate of venture investments decreases by 0.03, funds in new projects of other companies grow by 0.05, and venture investments in online lending increase by 0.89. According to the analysis of regulatory legislation in the foreign countries of the FinTech services sphere, it was found that the regulation of most of the risks associated with the development of FinTech services falls within the competence of different supervisory authorities, requiring cross-sectoral cooperation between public institutions.
Highlights
Alina Bukhtiarova, Ph.D. in Economics, Senior Instructor, Department of Finance, Banking and Insurance, Sumy State University, Ukraine.Arsen Hayriyan, Ph.D. in Economics, President of NGO “Youth Mix”, Armenia.Nikol Bort, graduate student, Sumy State University, Ukraine.Andrii Semenog, Ph.D. in Economics, Associate Professor, Department of Finance, Banking and Insurance, Sumy State University, Ukraine.The current market offer should be based on the preferences of the consumer for which the product should be adapted
The active development of FinTech companies and the growing competition with classical financial intermediaries have determined the relevance of the analysis of trends in the development of FinTech services in the financial services market
According to the analysis of regulatory leg- may include: improving the regulatory framework; islation in the foreign countries of the FinTech Periodic review and improvement of licensing proservices sphere, it was found that the regulation cesses for financial services and products; Measures of most of the risks associated with the develop- aimed at increasing competition and stimulating ment of FinTech services falls within the com- innovation in the country as a whole; regular evalpetence of different supervisory bodies, requir- uation of regulatory impact; financial and legal suping cross-sectoral cooperation between public port for FinTech accelerators and incubators
Summary
In the context of high-tech products, the analysis of the development of financial technologies is un- At the same time, a model that would allow esdertaken by reputable global companies from dif- timating the further development of the sphere ferent spheres of the market, such as Consumers of FinTech is not included in any of the publi-. Acterized by increasing competitive technology sector operators and weakening position of func- The article uses methods of economical and mathtional market positioning of banks, which will ematical modeling, namely, regression analysis maintain its market inertia of status-quo in con- had allowed to determine the dependence of the junction with traditional architecture of payment main indicators that influence the development of and ability to reduce industry risk of the entry for the FinTech market in Ukraine. Modern marketing identification of basic needs in and synthesis were used to select financial market the context of rapidly developing user experience valuation indices
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