CURRENT STATE OF THE GLOBAL FINTECH INDUSTRY

Abstract

The continuous process of qualitative structural changes occurring in the financial system as a result of digital modernization led to a significant reassessment of economic values based on the principles of innovative technologies, which significantly affected the range of financial products and services provided by traditional market participants, and also contributed to the emergence of new types of business - fintech companies. The range of financial services is expanding every year, new types of services and products are constantly appearing on the market due to the introduction of innovations in the financial market. This is happening largely due to non-banking technology-oriented companies. The article examines the current state of development of the FinTech industry in the conditions of the progress of the digital economy. The general development trends of the global FinTech industry have been determined. It has been established that the increased demand for digitalization and the growing adoption of technologies have pushed traditional banks and fintechs to collaborate to jointly develop the market and improve the quality of financial services. It was emphasized that the sector of financial technologies is currently experiencing radical changes. The investment activity of fintech companies by segments and regions of the world was analyzed, and the factors affecting it were determined. Indicators of the development of the FinTech industry are given. It is determined that annually there is an increase in revenues of the fintech industry, the most intensive development is characteristic of the American region, fintech is developing at a slower pace in countries of Europe. According to the results of the conducted research, the key problems restraining the development of financial technologies were identified. The main principles that should be taken into account by interested parties for the development of the FinTech industry have been determined. With more focus on regulatory compliance expected, fintechs will need to catch up with rapidly changing financial regulations. Adapting to these changes will be critical to long-term success.