THE ESSENCE OF “FINTECH”: DEVELOPMENT OF THE CATEGORICAL APPARATUS AND ANALYSIS OF THE ROLE ON THE INTERNATIONAL FINANCIAL MARKET
Journal Title: ЕКОНОМІЧНИЙ ДИСКУРС - Year 2017, Vol 1, Issue 3
Abstract
Introduction. Fintech directly and indirectly affects the international economy as a whole and each customer individually by attracting billions of dollars investment. We witness coherent trends that determine not only emergence of new financial technology forms through the development of financial market instruments, but the formation of new innovative industries, business models and transaction forms by way of fintech intensification. The current stage of financial technologies development and accelerated pace of their integration into practical activities at the national and international levels require the unified approach to interpretation of fintech concept. The aim of this article is to develop theoretical approaches to the definition of the essence of the concept of “fintech” based on critical studying of existing multicriteria classifications and its practical features. Methods. Such general scientific and special methods are used in this research as: analysis, theoretical generalization, semantic analysis, economic and statistical method, method of structural and logical analysis. Results. The analysis and grouping of existing approaches to the interpretation of the fintech concept are carried out. In terms of its significant effect on the international financial market, the necessity of single understanding of fintech is emphasized. The research is focused on categorization as a method of facilitating the perception of the concept and determination of relations between different fintech types. The approach suggested in this article has enabled us to substantiate our own classification of fintech. The authors' definition of fintech is presented in the article as a multi-vector, unique and comprehensive form of new technologies and financial industry mutual influence that are characterized by quantitative and qualitative development of start-ups and improving service delivery efficiency. Discussion. Further research can be aimed at developing a methodology for classification of fintech as a form of interaction between international financial market actors.
Authors and Affiliations
Iryna Dyakonova, Anna Pedych
Keywords
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