Fintech as Accelerating Factor of Inclusive, Sustainable Development

This article focuses on the impact of the financial sector on inclusive, sustainable development. The paper aims to study the impact of the fintech industry and financial inclusion on the development of the financial system to achieve the UN SDGs. We discussed various approaches to the content of the “fintech” and “ecosystem” terms and offered an interpretation of the term “financial inclusion”. We used comparative and system analysis methods to study the publications of many authors who found that a developed and inclusive financial system affects the reduction of poverty and inequality, welfare and employment, consumer market, economic growth, sustainable development, etc. At the same time, we showed variants of the relationship between increased access to financial services and financial stability, which can both be positive and negative. The state of the financial services market in Russia, which ranks high in various ratings in terms of financial inclusion, is described in detail. Further, we considered the barriers to the growth of financial inclusion in Russia and ways to overcome them. The practical significance of the work lies in the possibility of its use in the development of key areas of financial market development. Next, more attention needs to be paid to regulatory influences on consumer behaviour in selecting services and their providers.

1. Smirnova O., Korovkin V., Plaksenkov E. Inclusive disruption: The role of financial technologies in filling financial inclusion gaps in Russia. In: Zhuplev A., ed. Disruptive technologies for business development and strategic advantage. Hershey, PA: IGI Global; 2018:153–186. DOI: 10.4018/978–1–5225–4148–6.ch005

2. Danilov Yu.A., Pivovarov D.A. Financial aspects of the inclusive growth model of the modern economy. Moscow: RANEPA; 2019. 66 p. URL: https://repec.ranepa.ru/rnp/wpaper/031940.pdf (In Russ.).

3. Demirguc-Kunt A., Klapper L. Measuring financial inclusion: The global findex database. World Bank Policy Research Working Paper. 2012;(6025). URL: https://openknowledge.worldbank.org/bitstream/ handle/10986/6042/WPS 6025.pdf?sequence=1&isAllowed=y

4. Beck T., Demirguc-Kunt A., Peria M.S.M. Reaching out: Access to and use of banking services across countries. Journal of Financial Economics. 2007;85(1):234–266. DOI: 10.1016/j.jfineco.2006.07.002

5. Cournède B., Denk O., Hoeller P. Finance and inclusive growth. OECD Economic Policy Paper. 2015;(14). URL: https://www.oecd-ilibrary.org/docserver/5js06pbhf28s-en.pdf?expires=1644344285&id=id&accname=guest& checksum=7F35A787666AAD 0917962EF88722CA77

6. Mamonov M., Akhmetov P., Pankova V., Pestova A., Solntsev O., Deshko A. Search for the optimal depth and structure of the financial sector in terms of economic growth, macroeconomic and financial stability. Moscow: Bank of Russia; 2018. 50 p. URL: http://www.cbr.ru/content/document/file/43939/wp31.pdf (In Russ.).

7. Danilov Yu.A. The present state of global scientific debate in the field of financial development. Voprosy ekonomiki. 2019;(3):29–47. (In Russ.). DOI: 10.32609/0042–8736–2019–3–29–47

8. Gould D.M., Melecky M. Risks and returns: Managing financial trade-offs for inclusive growth in Europe and Central Asia. Washington, DC: The World Bank; 2017. 295 p. URL: https://openknowledge.worldbank.org/ bitstream/handle/10986/25494/9781464809675.pdf?sequence=7&isAllowed=y

9. Artemenko D.A., Zenchenko S.V. Digital technologies in the financial sector: Evolution and major development trends in Russia and abroad. Finansy: teoriya i praktika = Finance: Theory and Practice. 2021;25(3):90–101. DOI: 10.26794/2587–5671–2021–25–3–90–101

10. Povetkina N.A., Ledneva Yu.V. Fintech and regtech: Boundaries of legal regulation. Pravo. Zhurnal Vysshei shkoly ekonomiki = Law. Journal of the Higher School of Economics. 2018;(1):46–67. (In Russ.). DOI: 10.17323/2072–8166.2018.2.46.67