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{"id":13573,"date":"2020-05-20T10:00:08","date_gmt":"2020-05-20T07:00:08","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=13573"},"modified":"2020-05-20T11:32:09","modified_gmt":"2020-05-20T08:32:09","slug":"fintech-industry-development-in-the-crisis","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/fintech-industry-development-in-the-crisis\/","title":{"rendered":"Burkovskaya, A. & Khorenzhenko, V. Fintech-industry development in the crisis period"},"content":{"rendered":"

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JEL Classification<\/strong>: A10
\n<\/span><\/td>\n		DOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V20(2020)-06<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][vc_column_text]<\/p>\n

Burkovskaya\u00a0Alla<\/strong>, Ph.D. (Economics), Associate Professor of Department of Finance, Banking and Insurance, Mykolaiv National Agrarian University, Ukraine<\/p>\n

ORCID ID<\/strong>: 0000-0003-4158-1721<\/a>
\ne-mail<\/strong>: allaburkovskaya2010@gmail.com<\/a><\/p>\n

Khorenzhenko\u00a0Valeriia<\/strong>, Applicant of Higher Education, Accounting and Finance Faculty, Mykolaiv National Agrarian University, Ukraine<\/p>\n

ORCID ID<\/strong>: 0000-0002-4084-8618<\/a>
\ne-mail<\/strong>: valhorr@gmail.com<\/a><\/p>\n

<\/h2>\n

Fintech-Industry Development in the Crisis Period<\/strong><\/h2>\n

 <\/p>\n

Abstract. Introduction<\/strong>. The article deals with the current state of development of the fintech industry. It is established that the future of the fintech industry has changed dramatically. Changes in the volume of concluded fintech agreements are presented. It is revealed that as a result of the crisis, which is present in all areas of the financial services market, the volume of investments in fintech companies is decreasing. It is determined that companies should control their own cash flows, as the amount of investment may decrease due to the crisis. The factors contributing to the development of the Ukrainian fintech industry in a fragile period are presented. It has been established that, with the positive influence of political, economic, social and technological factors, fintech companies will be able to overcome the crisis and remain a full-fledged entity in the financial services market. The purpose of the article is research of the current state of the Finnish-industry in Ukraine.<\/p>\n

The purpose<\/strong> of the article is to study the current state of the fintech industry in Ukraine.<\/p>\n

Appointment. The fintech industry began to develop outside the box, but has become a trend in the information technology world. The introduction and development of financial technologies in the Ukrainian market is carried out both by the software developer and the player in the financial market, who is preparing to implement the innovative solution. Today, in times of crisis, the fintech industry is a solution that is changing traditional financial services.<\/p>\n

Results<\/strong>. The use of fintech products by customers significantly increases the interest of traditional banking institutions in the fintech industry. In times of crisis, we believe that fintech companies should be flexible and use the crisis period as a unique opportunity to develop and promote remote services.<\/p>\n

Conclusions<\/strong>. To stimulate the growth of new projects, there is still a serious way to create transparent business environments in the country: creating a regulatory environment and changing legislation, developing tax policies for innovative companies, attracting domestic and foreign investment, and facilitating start-ups.<\/p>\n

Key words<\/strong>: financial technologies; fintech-industry; fintech-startup; financial market; financial services.<\/p>\n

References:<\/strong><\/p>\n

    \n
  1. Broaddus, (1985). Financial innovation in the United States \u2013 background, current status and prospects<\/em>. USA.<\/li>\n
  2. Kinh, (2014). Bank 3.0: Pochemu sehodnia bank – eto ne to, kuda vy khodyte, a to, chto vy delaete<\/em>. SPB: Olimp-Biznes [in Russ.].<\/li>\n
  3. Merton, (1995). A Functional Perspective of Financial Intermediation<\/em>. Financial Management<\/em>. USA.<\/li>\n
  4. Miller, (1986). Financial Innovation: The Last Twenty Years and the Next. Journal of Financial and Quantitative Analysis<\/em>. USA.<\/li>\n
  5. Tufano, (1989). Financial Innovation and First Mover Advantages. Journal of Financial Economics<\/em>. 1989. USA.<\/li>\n
  6. Volosovych, V. (2016). Virtual’na valiuta: hlobalizatsijni vyklyky i perspektyvy rozvytku. Ekonomika Ukrainy<\/em>, 4, 68\u201378 [in Ukrainian].<\/li>\n
  7. Dyba, I. & Osadchyj, Ye. S. (2018). Finansovi innovatsijni instrumenty u bankivs’kij systemi. Stratehiia ekonomichnoho rozvytku Ukrainy<\/em>, 42, 99\u2013109 [in Ukrainian].<\/li>\n
  8. Zherdets’ka, V. & Horodyns’kyj, D. I. (2017). Rozvytok bankivs’kykh tekhnolohij: zahrozy ta mozhlyvosti dlia bankiv. Ekonomika i suspil’stvo<\/em>, 10. Retrieved from: http:\/\/www.economyandsociety.in.ua\/journal\/10_ukr\/101.pdf [in Ukrainian].<\/li>\n
  9. Mischenko, I. & Mischenko, S. V. (2018). Marketynh tsyfrovykh innovatsij na rynku bankivs’kykh posluh. Finansovyj prostir<\/em>, 1(29). Retrieved from: https:\/\/ofp.cibs.ubs.edu.ua\/files\/1801\/18msvrbp.pdf [in Ukrainian].<\/li>\n
  10. Tarasiuk, V. & Koschieiev, O. O. (2017). Innovatsii v hlobal’nij tsyfrovij sferi: otsinka transformatsij. Aktual’ni problemy mizhnarodnykh vidnosyn<\/em>, 131. Retrieved from: http:\/\/webcache.googleusercontent.com\/search?q=cache:P_A8LZcMcGwJ: journals.iir.kiev.ua\/index.php\/apmv\/article\/download\/3167\/2842+&cd=1&hl=ru&ct=clnk&gl=ua [in Ukrainian].<\/li>\n
  11. CB ISIGHTS (2020):<\/em> Venture Capital Funding Report Q1 2020. Retrieved from https:\/\/www.cbinsights.com\/research\/report\/.<\/li>\n
  12. Ukreximbank (2020). Official web-site.<\/em> Retrieved from https:\/\/www.eximb.com\/en\/business\/pryvatnym-klientam\/pryvatnym-klientam-online-poslugy\/mobilnyj-banking.html.<\/li>\n
  13. TorontoCentre (2020). Response to covid-19. Pandemics and Financial Stability: A Toronto Centre Webcast Series. Retrieved from https:\/\/www.torontocentre.org\/News.<\/li>\n
  14. Ernst & Young (2020). Implementation of innovations. Retrieved from https:\/\/www.ey.com\/en_en\/innovation-realized\/how-do-we-plan-for-the-now-the-next-and-what-lies-beyond.<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received:<\/strong> 01 April 2020<\/p>\n

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    Burkovskaya, A. & Khorenzhenko, V. (2020). Fintech-industry development in the crisis period. Modern Economics, 20(2020), 36-40. DOI: https:\/\/doi.org\/10.31521\/modecon.V20(2020)-06.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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    [vc_row][vc_column][vc_column_text] JEL Classification: A10 DOI: https:\/\/doi.org\/10.31521\/modecon.V20(2020)-06 [\/vc_column_text][vc_column_text] Burkovskaya\u00a0Alla, Ph.D. (Economics), Associate Professor of Department of Finance, Banking and Insurance, Mykolaiv National Agrarian University, Ukraine ORCID ID: 0000-0003-4158-1721 e-mail: allaburkovskaya2010@gmail.com Khorenzhenko\u00a0Valeriia, Applicant of Higher Education, Accounting and Finance Faculty, Mykolaiv National Agrarian University, Ukraine ORCID ID: 0000-0002-4084-8618 e-mail: valhorr@gmail.com Fintech-Industry Development in the Crisis Period  
    Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":13475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[130],"tags":[131],"class_list":["post-13573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-20-2020","tag-20-2020"],"_links":{"self":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/13573","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/comments?post=13573"}],"version-history":[{"count":0,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/13573\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media\/13475"}],"wp:attachment":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media?parent=13573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/categories?post=13573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/tags?post=13573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}