Microsoft Word 71-83 Fintech Development in the Republic of Uzbekistan

partnership between pure financial businesses 
and IT companies to reduce the co
managing financial assets.
As follows from the above review, in the foreign literature, fintech is defined mainly as a group 
of technologies used in the process of managing financial assets to increase the overall efficiency 
oreover, fintechs use traditional financial businesses, and the so
businesses “... more play the role of digital technology providers and services "for 
traditional actors of the financial market [10, p. 81] (Sulimenko O.V., Ryabova K.A., 2019)
Based on the established differences in the understanding of fintech in foreign practice, let us 
Source: compiled by the author based on data from [8–16] (Fitri, 2016; Schueffel, 2017; Demertzis, Merler, Wolff, 2018; Gelis, 
2016; Wang, 2018; Belozyorov, Sokolovska, Kim, 2020; Barykin, 2019; Fillipov, 2018; Sitnik, 2019).
nd Stability
ISSN: 2181-2608 
www.sciencebox.uz/ 
75 
Thus, an important conclusion follows from the reasoning of T. Sheng: fintech can be defined, 
on the one hand, as a set of technologies used by financial market participants to improve the 
hand, it is a newest institutional actor 
that unites the most technologically advanced financial businesses are direct competitors to 
A similar idea is expressed by T. Pushman, S. Hofmann, V. Khmarsky (Puschmann, T., 
Hoffmann, CH, Khmarsky), who emphasize that the emergence of fintech as an independent 
market actor is associated with the inability of traditional participants, primarily banks, to 
manage to implement and apply the latest technologies and follow the trends of the new time, 
namely: the digital economy and, as a result, a decrease in the efficiency of financial assets 
management with a simultaneous increase in transaction costs for transactions [4, (Puschmann 
17). A critical review of foreign and domestic scientific literature also showed 
the lack of a unified point of view in defining the content of the concept of “fintech” (Table 2). 
Definition of the concept of "fintech" in foreign scientific literature
3
Content of the definition 
Fintech is a set of digital technologies used in 
financial transactions to improve their 
efficiency in the market 
Financial technologies is an independent actor 
in the financial market focused on introducing 
advanced digital technologies in the field of 
financial asset management. 
Fintech is the result of inter-firm cooperation 
of pure financial businesses and IT, combining 
businesses built using the best 
practices of using digital technologies. 
Financial technologies - a group of 
technologies created on the basis of digital 
technologies to improve the efficiency and 
safety of working with financial assets 
Fintech is a new component of the financial 
market that emerged as a response to the fourth 
industrial revolution, which is a business