CURRENT TRENDS IN THE DEVELOPMENT OF THE FINTECH MARKET IN THE CONTEXT OF THE TRANSFORMATION OF THE GLOBAL BUSINESS LANDSCAPE

Authors

  • Oleh Lutsyshyn PhD in economics, assoc. prof., associate professor at the department of interdisciplinary education, National University of Kyiv-Mohyla Academy
  • Nataliya Kravchuk dr.sc.(econ.), assoc. prof., associate professor at the department of interdisciplinary education, National University of Kyiv-Mohyla Academy

Keywords:

financial technologies, fintech industry, global business landscape, global development trends, FinTech, CBDC, DeFi, BNPL, SuperApps, globalization, digitalization of the financial sector, regulatory challenges, cybersecurity.

Abstract

Lutsyshyn O.O., Kravchuk N.Ya. CURRENT TRENDS IN THE DEVELOPMENT OF THE FINTECH MARKET IN THE CONTEXT OF THE TRANSFORMATION OF THE GLOBAL BUSINESS LANDSCAPE

Purpose. The aim of the article is to explore modern trends in the development of the fintech industry in the context of the transformation of the global business landscape and to identify key challenges and opportunities for the further advancement of financial technologies.

Methodology of research. General scientific and specialized methods were used in the process of the study, namely: a systematic approach to analyse the interconnections between financial technologies and the transformation of the global business landscape; comparative analysis methods to assess fintech development trends in different countries; economic and statistical methods to study the dynamics of the financial technology market; and forecasting methods to determine the prospects for the development of the financial sector in the era of digitalization and globalization.

Findings. Theoretical foundations have been examined, and key trends in the development of financial technologies in the context of the transformation of the global business landscape have been systematized. The impact of central bank digital currencies (CBDC), decentralized finance (DeFi), SuperApps, and the "Buy Now, Pay Later" (BNPL) model on the structure of the financial market has been analysed. The main regulatory challenges, cybersecurity threats and the specifics of adapting financial institutions' business models to rapid technological changes have been identified.

Originality. The substantiation of the interrelationship between globalization, the digitalization of the financial sector, and the evolution of financial technologies has been further developed, taking into account the challenges of cybersecurity, regulatory compliance, and business model adaptation. Particular attention has been paid to the integration of fintech solutions into the international economic system and their potential impact on traditional banking institutions.

Practical value. The conclusions and recommendations derived from the study can be used by financial institutions, fintech companies, and regulatory bodies to develop strategies for adapting to emerging technological changes, improving regulatory policies, and enhancing the resilience of the financial system in the context of global digital transformation.

Key words: financial technologies, fintech industry, global business landscape, global development trends, FinTech, CBDC, DeFi, BNPL, SuperApps, globalization, digitalization of the financial sector, regulatory challenges, cybersecurity.

References

Brear, David M. (2020), The TECH in FinTech, Engati Engage, available at: https://engati.medium.com/the-tech-in-fintech-david-m-brear-engati-engage-a5e22aed8df4 (access date November 02, 2024).

Fintechinsider (2023), “Fintech trends in Ukraine and the world: what will influence the industry in 2024”, available at: https://fintechinsider.com.ua/finteh-trendy-v-ukrayini-ta-sviti-shho-vplyvatyme-na-industriyu-u-2024-roczi/ (access date November 02, 2024)

ThriveDX (2022), “Alarming Cybersecurity Facts and Statistics”, available at: https://thrivedx.com/resources/article/cyber-security-facts-statistics (access date November 02, 2024).

Neseniuk, Anastasiia (2023), “The potential for trillions of dollars. McKinsey has released a major study on the future economy of artificial intelligence. Forbes recounts the most important things”, available at: https://forbes.ua/innovations/potentsial-na-trilyoni-dolariv-mckinsey-vipustila-68-storinok-doslidzhennya-pro-maybutnyu-ekonomiku-shtuchnogo-intelektu-forbes-perekazue-naygolovnishe-14062023-14199 (access date: November 02, 2024).

Grand View Research (2022), Generative AI In Fintech Market Size, Share & Trends Analysis Report By Component (Service, Software), By Deployment (On-premises, Cloud), By Application, By End-use, By Region, And Segment Forecasts, 2023-2030, available at: https://www.grandviewresearch.com/industry-analysis/generative-ai-fintech-market-report (access date November 02, 2024).

PwC (2024), 2025 AI Business Predictions, available at: https://www.pwc.com/us/en/tech-effect/ai-analytics/ai-predictions.html (access date November 02, 2024).

“Gartner presents 10 technology trends for 2024”, available at: https://www.imena.ua/blog/gartner-presented-10-trends-in-the-field-of-technology-in-2024/ (access date November 02, 2024).

The EU Artificial Intelligence Act, available at: https://artificialintelligenceact.eu/ (access date November 02, 2024).

Juniper Research (2023), Open Banking Payments Transactions to Surpass $330 Billion Globally by 2027, available at: https://www.juniperresearch.com/press/open-banking-payments-transactions-to-surpass-330/ (access date November 02, 2024).

Messari (2024), Assets DeFi, available at: https://messari.io/assets/defi (access date November 02, 2024).

Buy Now Pay Later Market Size, Share, Competitive Landscape and Trend Analysis Report, by Channel, Application and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030. Allied Market Research, available at: https://www.alliedmarketresearch.com/buy-now-pay-later-market-A12528 (access date November 02, 2024).

Harvard Business Review (2024), Research: How «Buy Now, Pay Later» Is Changing Consumer Spending by Dionysius Ang and Stijn Maesen, 2024, available at: https://hbr.org/2024/11/research-how-buy-now-pay-later-is-changing-consumer-spending (access date November 30, 2024).

Bank for International Settlements (2024), Central bank digital currencies: legal and system design considerations, available at: https://www.bis.org/publ/othp88.htm (access date November 02, 2024).

Juniper Research (2024), Global CBDCs & Stablecoins Market: 2024-2031, available at: https://www.juniperresearch.com/research/fintech-payments/emerging-payments/cbdcs-stablecoins-research-report/ (access date November 02, 2024).

The National bank of Ukraine (2024), “The National Bank of Ukraine is also working on launching an e-hryvnia”, available at: https://bank.gov.ua/ua/payments/e-hryvnia#:~:text=Довідково.,в% 20Україні%20цифрової%20форми%20гривні (access date November 02, 2024).

Downloads

Published

2025-03-13

Issue

No. 4 (2024): INNOVATIVE ECONOMY

Section

International economic relations

License

Open-access articles (open-access journals)

Authors whose articles are published in open-access retain all rights to the content of the articles.

Open access articles are committed to be published under Creative Commons Attribution (CC BY) 4.0. This license allows others to distribute, edit, correct and build upon your work, even commercially, as long as they indicate your authorship. Detailed information at Creative Commons site: https://creativecommons.org/licenses/by/4.0/

Permissions for open-access journals

If the article is published in open-access under CC BY 4.0 or CC BY-NC 4.0 (which was possible till the 15th of December, 2018) licenses, users may reproduce it in accordance with their terms.

Additionally, if the article had been published under CC BY-NC 4.0 (this license authorizes others to download your works and share them with others as long as they indicate your authorship, but they can’t use them commercially in any case.), the use for the following commercial purposes requires permission:

– reproduction of content in a work or product intended for sale;

– reproduction in presentations, brochures or other marketing materials used for commercial purposes;

– distribution of the content to promote or market a person, product, course, service or organization;

– text and data mining for the purpose of creating a saleable product or product which benefits from promotional or advertising revenue;

– use of the content by a commercial entity or individual for the purposes of remuneration, directly or indirectly through sale, licensing, promotion or advertising;

– linking to the content (in an email, webpage, portable electronic device or otherwise) for the specific purpose of marketing or advertising a person, product, course, service or organization for commercial benefit.

For further details and permission requests, please contact.

How to Cite

“CURRENT TRENDS IN THE DEVELOPMENT OF THE FINTECH MARKET IN THE CONTEXT OF THE TRANSFORMATION OF THE GLOBAL BUSINESS LANDSCAPE”. INNOVATIVE ECONOMY, no. 4, Mar. 2025, pp. 33-42, https://inneco.org/index.php/innecoen/article/view/1385.