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NEW FINANCIAL TECHNOLOGIES CHANGE OUR WORLD

https://doi.org/10.26794/2587-5671-2017-21-2-6-11

Abstract

The article describes the main trends in the development of new financial technologies (Fintech), identifies the reasons for their active penetration into the financial services sector , industry and governmental organizations . It provides a detailed analysis of various forecasts for the global development of Fintech , including attracting investment . The main Fintech components have been considered in this research: blockchain, cryptocurrency , digital money, neobanks and cyber security. The analysis of the world practice of Fintech regulation and standardization has been carried out. Special attention has been given to the issues related to the position of the Bank of Russia on new digital services; the importance of the blockchain technology in government and economy has been emphasised. The article reveals a new approach to the concept of “money” and describes a new level of financial technologies using virtual banks . The paper mentions relevant issues of cyber security development for the national payment system. The constraints faced by the development of financial technologies both globally and in Russia have been revealed. The authors show possible ways to overcome such constraints by means of training new financial and information technology specialists by leading universities. The objective of this research is to discover reasons for the rapid Fintech development under modern conditions: the area of its application ; the main problems and limitations arising from the actual use of new financial technologies in the Russian Federation. The article proves that the development of Fintech will require a fundamental change in the competencies of specialists in the field of finance, banks and business.

About the Authors

V. V. Maslennikov
Financial University
Russian Federation


M. A. Fedotova
Financial University
Russian Federation


A. N. Sorokin
financial expert
Russian Federation


References

1. PwC report “Blurred lines: How FinTech is shaping Financial Services”, 2016.

2. Новости финансового сектора: ЦБ: открыт прием заявок для финтех / News of the financial sector: Bank: nominations now open for FINTECH. Available at: http://arb.ru/b2b/news/tsb_otkryt_priem_zayavok_dlya_fintekh_startapov_iz_rossii_i_stran_sng_10084794/.

3. KPMG report 2016. Available at: https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2017/02/pulse-of-fintech-q4-2016.pdf.

4. Sberbank-CIB, Andrew Keeley, 2016. Available at: http://research.sberbank-cib.com.

5. URL: http://ria.ru/economy20170316/1489365737.htm/.

6. Блокчейн в сельском хозяйстве: руководство для фермеров / Blocking in Agriculture: A Guide for Farmers [Электронный ресурс]. URL: http://www.pvsm.ru/finansy/249403.

7. Свон М. Блокчейн. Схема новой экономики. М.: Олимп-бизнес, 2017 / Svon M. BlokchejnThe scheme of the new economy. Moscow, Olimp-Biznes, 2017 (in Russian).

8. URL: https://ria.ru/economy/20170316/1490214529.html.

9. URL: http://tass.ru/ekonomika4178054.

10. В ЦБ РФ создан Департамент финансовых технологий / The CBR established the Department of financial technologies. Available at: https://bits.media/news/v-tsb-rf-sozdan-departament-finansovykh-tekhnologiy/.

11. В России создали Ассоциацию развития финтеха / In Russia established the Association of development Finance. Available at: http://www.vestifinance.ru/articles/79484.

12. URL: http://lifesreda.com/publications/money-of-the-future-1h-2016/. авторитетное мнение


Review

For citations:


Maslennikov V.V., Fedotova M.A., Sorokin A.N. NEW FINANCIAL TECHNOLOGIES CHANGE OUR WORLD. Finance: Theory and Practice. 2017;21(2):6-11. (In Russ.) https://doi.org/10.26794/2587-5671-2017-21-2-6-11

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ISSN 2587-5671 (Print)
ISSN 2587-7089 (Online)