FINTECH COMPANIES IN THE INSUTIONALIZATION PROCESSES OF GLOBAL FINANCIAL MARKET
Abstract
The article analyzes the place and role of fintech companies in the processes of institutionalization of the modern global financial market. The analysis of the views of scientists regarding the classification of financial market participants by various characteristics was carried out. The subject structure of the global financial market and its transformation under the influence of the development of information, network and digital technologies are studied. The key processes taking place in the financial market under the power of its technology, informatization and networking have been identified. The reasons for the transformation of the activities of modern financial institutions are determined, in particular, the factors of their universalization, when clients are offered a wide range of financial services and operations, are highlighted. It was emphasized that in the future, the tendency towards the manifestation of the concept of a “financial supermarket” would intensify, and the development of financial technologies (in particular, the functioning of fintech companies) will contribute to such phenomena in the medium term. The essence of the institutionalization process in the global financial market is identified, including the impact of institutionalization on its tectonics. Approaches formed in modern science regarding the essence of the concept of “fintech company” and their features as participants in the global financial market are studied. The author's approach to the concept of a “fintech company” is justified, and the characteristic features of such financial market participants are determined. The reasons for the emergence of fintech companies in the context of the manifestation of institutionalization processes and the consequences of their functioning for the global financial market are determined. The place of fintech companies in the taxonomy of the financial market at the global level and their influence on the activities of other participants is revealed. The role of state regulatory policy is justified from the point of view of the emergence and spread of both fintech companies and financial technologies in the country.
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