The Directions of FinTech Development in Russia: Expert Opinion of the Financial University
https://doi.org/10.26794/2220-6469-2018-12-2-6-23
Abstract
The active digitalization of the life of modern society observed over the past 20 years has led to real changes in the economy. The financial sector is at the heart of a digital transformation that has been spearheaded by FinTech, which is now shaping a new segment of modern financial markets. At the same time, the most wellknown objects of FinTech are cryptocurrency and token. Cryptocurrencies, regardless of the attitude of regulatory authorities to them, have become a virtual reality of the financial sector and are actively used to pay for goods and services. The peculiarity of cryptocurrencies is its anonymity and unaccountability of the state that defines a range of risks to society and the state. However, cryptocurrencies, along with risks, create opportunities — from the development of innovative technologies to the creation of new jobs and replenishment of the national budget. The penetration of FinTech into the financial market segments traditionally occupied by banks gave rise to a discussion about their future. However, it will probably not be the displacement of the banks but their FinTech transformation. An example of this is the payment industry, which has become one of the main consumers of the latest financial technologies and provides a wide range of opportunities for FinTech companies to develop. An important element of FinTech is RegTech (Regulatory Technology), which allows companies to bypass trade barriers and helps build a constructive dialogue with regulators. In turn, SupTech (Supervision Technology) is used for analysis and forecasting purposes. At the end of the article, based on the analysis of foreign experience, we formulated the main approaches, the implementation of which allows states to stimulate the introduction and development of new financial technologies, as well as we analysed the experience of interstate coordination of cooperation in the field of financial technologies in the EU and the EAEU countries.
About the Authors
M. A. Eskindarov
Financial University
Russian Federation
Russian Federation
Dr. Sci. (Econ.), Professor, academician of RAO, Rector,
Moscow
M. A. Abramova
Financial University
Russian Federation
Russian Federation
Dr. Sci. (Econ.), Professor, Department of Financial markets and banks,
Moscow
V. V. Maslennikov
Financial University
Russian Federation
Russian Federation
Dr. Sci. (Econ.), Professor, Vice-rector for research,
Moscow
N. A. Amosova
Financial University
Russian Federation
Russian Federation
Dr. Sci. (Econ.), Associate professor, Department of Financial markets and banks,
Moscow
A. V. Varnavskii
Financial University
Russian Federation
Russian Federation
Cand. Sci. (Econ.), Associate professor, the Department of Tax policy and customs&tariff regulation, the head of the Blockchain-laboratory of the Institute of digital economy development,
Moscow
S. E. Dubova
Financial University
Russian Federation
Russian Federation
Dr. Sci. (Econ.), Professor, Department of Financial markets and banks,
Moscow
E. A. Zvonova
Financial University
Russian Federation
Russian Federation
Dr. Sci. (Econ.), Professor, head of the Department of World economy and world finance,
Moscow
S. V. Krivoruchko
Financial University
Russian Federation
Russian Federation
Dr. Sci. (Econ.), Professor, Department of Financial markets and banks,
Moscow
V. A. Lopatin
Financial University
Russian Federation
Russian Federation
Cand. Sci. (Econ.), Associate professor, Department of Management,
Moscow
V. Ya. Pishchik
Financial University
Russian Federation
Russian Federation
Dr. Sci. (Econ.), Professor, head of the Department of World economy and world finance,
Moscow
O. S. Rudakova
Financial University
Russian Federation
Russian Federation
Dr. Sci. (Econ.), Professor, Department of financial markets and banks,
Moscow
G. F. Ruchkina
Financial University
Russian Federation
Russian Federation
Dr. Sci. (Law), Professor, head of the Department of Legal regulation of economic activity,
Moscow
B. B. Slavin
Financial University
Russian Federation
Russian Federation
Cand. Sci. (Phys.-Math.), Professor, business Informatics Department, research supervisor, Department of applied mathematics and information technologies,
Moscow
M. A. Fedotova
Financial University
Russian Federation
Russian Federation
Dr. Sci. (Econ.), Professor, head of the Department of Corporate finance and corporate governance,
Moscow
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Review
For citations:
Eskindarov M.A., Abramova M.A., Maslennikov V.V., Amosova N.A., Varnavskii A.V., Dubova S.E., Zvonova E.A., Krivoruchko S.V., Lopatin V.A., Pishchik V.Ya., Rudakova O.S., Ruchkina G.F., Slavin B.B., Fedotova M.A. The Directions of FinTech Development in Russia: Expert Opinion of the Financial University. The world of new economy. 2018;12(2):6-23. (In Russ.) https://doi.org/10.26794/2220-6469-2018-12-2-6-23
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