Abstract
This article is devoted to studying trends in developing financial innovations in the Russian Federation, which represent implementation and promotion of the financial system with improved financial products, services and new processes to create a new financial structure, which ultimately accelerates the sustainable economic growth. The results obtained during this study show that four most promising segments can be identified in the long-term run, which should be taken into consideration while planning the development of financial innovations: payments and remittances, alternative financing, insurance and capital management. In Russia, the development of the above segments will depend on the creation and effective functioning of its financial technological (FinTech) ecosystem. This may be achieved by developing technologies and increasing demand for new services and innovative financial products through a set of measures aimed at providing capital to financial innovation companies, as well as improving the regulatory environment and developing human intellectual capital. This study has identified key initiatives that should be implemented to support the development of financial innovations and FinTech segments in Russia.
Highlights
Small business is the basement of modern economy nowadays and its growth is a major task of any economic policy
Funds of banking organizations are the main type of credit and investment resources but some problems often arise in lending to small businesses
A particular problem is the lack of trust between banks and small enterprises that is regarded as required condition for their efficient interaction
Summary
Small business is the basement of modern economy nowadays and its growth is a major task of any economic policy. Credit and investment resources are an important booster of small businesses because small firms normally lack their own funds and frequently use their personal savings. This is especially true for small industrial enterprises that have capital-intensive asset structure and low maneuverability in a changing environment. The interpretation of the term "credit" goes back to the Latin "credo" and means "believe", "trust". This is why lending is based on the principle of credibility of relations between the agents participating in this transaction and it assumes fair execution of the contract obligations by them
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
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 call
