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FinTech Ecosystem as an Instrument of Sustainable Development Provision

Author

Listed:
  • N.G. Vovchenko
  • S.S. Galazova
  • A.A. Sopchenko
  • O.S. Dzhu

Abstract

Purpose: The article aims to determine the relationship between the FinTech ecosystem and ensuring a stable path of economic growth in the context of digitalization. The transition to digitalization of the financial sector is accompanied by a fundamentally new, qualitative transformation of socioeconomic relations in society. Design/Methodology/Approach: As part of the study, the concept of FinTech was considered both in the context of technological innovation and in the context of companies utilizing these innovations in business, as well as the systematization of business models of the FinTech industry. The classification of horizontal and vertical innovations of the financial industry is given. The authors presented the structure of the FinTech ecosystem as an instrument for ensuring sustainable. Findings: For the successful development of the FinTech ecosystem, the authors of the study presented a number of initiatives, the implementation of which will ensure the maintenance of the financial system stability, protection of consumer rights, as well as the digital innovations’ development and implementation. Practical Implications: The formation of a sustainable digital financial infrastructure tends to ensure the effective provision of services in the financial market, including for small and medium-sized companies, which will increase the availability of financial services and promote competition in the financial sector. Originality/Value: The key contribution of the study is the ecosystem approach, which allowed determining the possibilities of safe sustainable development of the financial sector.

Suggested Citation

  • N.G. Vovchenko & S.S. Galazova & A.A. Sopchenko & O.S. Dzhu, 2019. "FinTech Ecosystem as an Instrument of Sustainable Development Provision," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 2), pages 147-155.
    • Handle: RePEc:ers:ijebaa:v:vii:y:2019:i:special2:p:147-155
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    References listed on IDEAS

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    2. N.G. Vovchenko & A.V. Andreeva & A.S. Orobinskiy & Y.M. Filippov, 2017. "Competitive Advantages of Financial Transactions on the Basis of the Blockchain Technology in Digital Economy," European Research Studies Journal, European Research Studies Journal, vol. 0(3B), pages 193-212.
    3. Helmut Elsinger & Pirmin Fessler & Judith Feyrer & Konrad Richter & Maria Antoinette Silgoner & Andreas Timel, 2018. "Digitalization in financial services and household finance: fintech, financial literacy and financial stability," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 35, pages 50-58.
    4. Albekov Adam Umarovich & Vovchenko Natalia Gennadyevna & Andreeva Olga Vladimirovna & Sichev Roman Alexandrovich, 2017. "Block Chain and Financial Controlling in the System of Technological Provision of Large Corporations," European Research Studies Journal, European Research Studies Journal, vol. 0(3B), pages 3-12.
    5. Svetlana Saksonova & Irina Kuzmina-Merlino, 2017. "Fintech as Financial Innovation - The Possibilities and Problems of Implementation," European Research Studies Journal, European Research Studies Journal, vol. 0(3A), pages 961-973.
    6. Irina Japparova & Ramona Rupeika-Apoga, 2017. "Banking Business Models of the Digital Future: The Case of Latvia," European Research Studies Journal, European Research Studies Journal, vol. 0(3A), pages 846-860.
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    Cited by:

    1. Bethlendi, András & Szőcs, Árpád, 2023. "A technológiai óriásvállalatok hatása a pénzügy-technológiai ökoszisztémákra [The impact of tech giants on fintech ecosystems]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 213-232.

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    More about this item

    Keywords

    Digitalization; FinTech; horizontal and vertical innovations.;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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