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

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Journal 
Volume: 02 Issue: 01 | 202
Fintech Development in the Republic of 
Alimova Dilafruz Tokhir kizi
Bakhodir ogli
Annotatsiya
: The relevance of the topic of the scientific article is due to the dualism of the role 
of fintech in ensuring the evolution of the financial market of Uzbekistan: on the one hand, 
financial technologies qualitatively change the financial market, making it more progressive and 
developed, on the other hand, fintech poses a real threat to the national security of the country 
due to the constantly increasing the need for access to personal data of citizens an
in the formation of their consumer behavior, which become an object for cyber attacks and 
hacking. Fintech is a natural step in the evolution of the financial market in the digital economy, 
however, its orderly and safe operation requires j
companies and digital infrastructure providers to find a better balance of interests between the 
desire to comply with global practices of digitalization of the economy and issues of national 
security of the financial system of Uzbekistan. The purpose of the scientific research is to study 
fintech from the perspective of possible benefits and threats to the national financial system of 
the Republic of Uzbekistan. The subject of scientific research is the developm
of fintech services and products as part of the Uzbek national financial system.
Kalit so’zlar:
fintech, financial market, digital economy, cybersecurity, banks, investments, 
financial culture, infrastructure, personal data, Big Data, r
INTRODUCTION 
The financial sector of the economy is rightfully considered one of the most susceptible to 
innovations and reforms, and the fundamental paradigms of the digital economy associated with 
encouraging innovation and manag
The desire of financial market actors to reduce transaction costs and accelerate the movement of 
financial assets is a natural motive and interest in studying new technologies and methods of 
organizing work on capital management both within the national economy and around the world. 
The digital economy, as a qualitatively new stage in the evolution of economic thinking, has 
introduced new postulates into the ideology of the financial market related 
managerial thinking and competitive strategies: today, only those who use the most advanced 
technologies and are not afraid to invest in breakthroughs can take leadership positions in the 
hierarchy of financial market participants. innovation
financial technologies (abbreviated as fintech) today does not just reshape traditional strategies 
and business models of the financial market, it changes its fundamental aspects of the structure 
and structure of participants, as well as the rules of business conduct. Given the politicized (and 
in some cases - militarized) perception of the financial market as an instrument of economic 
influence and political pressure, an objective and impartial assessment of fintech as a
institutional leader becomes paramount to ensure economic security and a barrier
environment for the realization of state economic interests in the national and international 
market space.
Journal of Advanced Research and Stability 
Volume: 02 Issue: 01 | 2022
ISSN: 2181
www.
Fintech Development in the Republic of Uzbekistan
Alimova Dilafruz Tokhir kizi, Turaeva Gulizahro Khahharovna, Eshpulatov Dostonbek 
Bakhodir ogli, Mahammadiev Turgunboy Jumaboevich
Gulistan State University, lecturer 
The relevance of the topic of the scientific article is due to the dualism of the role 
of fintech in ensuring the evolution of the financial market of Uzbekistan: on the one hand, 
qualitatively change the financial market, making it more progressive and 
developed, on the other hand, fintech poses a real threat to the national security of the country 
due to the constantly increasing the need for access to personal data of citizens an
in the formation of their consumer behavior, which become an object for cyber attacks and 
hacking. Fintech is a natural step in the evolution of the financial market in the digital economy, 
however, its orderly and safe operation requires joint efforts of the state regulator, fintech 
companies and digital infrastructure providers to find a better balance of interests between the 
desire to comply with global practices of digitalization of the economy and issues of national 
ancial system of Uzbekistan. The purpose of the scientific research is to study 
fintech from the perspective of possible benefits and threats to the national financial system of 
the Republic of Uzbekistan. The subject of scientific research is the developm
of fintech services and products as part of the Uzbek national financial system.
fintech, financial market, digital economy, cybersecurity, banks, investments, 
financial culture, infrastructure, personal data, Big Data, regulatory technologies.
The financial sector of the economy is rightfully considered one of the most susceptible to 
innovations and reforms, and the fundamental paradigms of the digital economy associated with 
encouraging innovation and management reforms harmoniously fit into its model of behavior. 
The desire of financial market actors to reduce transaction costs and accelerate the movement of 
financial assets is a natural motive and interest in studying new technologies and methods of 
zing work on capital management both within the national economy and around the world. 
The digital economy, as a qualitatively new stage in the evolution of economic thinking, has 
introduced new postulates into the ideology of the financial market related 
managerial thinking and competitive strategies: today, only those who use the most advanced 
technologies and are not afraid to invest in breakthroughs can take leadership positions in the 
hierarchy of financial market participants. innovation. The new ideology of leadership in 
financial technologies (abbreviated as fintech) today does not just reshape traditional strategies 
and business models of the financial market, it changes its fundamental aspects of the structure 
pants, as well as the rules of business conduct. Given the politicized (and 
militarized) perception of the financial market as an instrument of economic 
influence and political pressure, an objective and impartial assessment of fintech as a
institutional leader becomes paramount to ensure economic security and a barrier
environment for the realization of state economic interests in the national and international 
nd Stability
ISSN: 2181-2608 
www.sciencebox.uz/ 
71 
Uzbekistan 
Eshpulatov Dostonbek 
Mahammadiev Turgunboy Jumaboevich 
The relevance of the topic of the scientific article is due to the dualism of the role 
of fintech in ensuring the evolution of the financial market of Uzbekistan: on the one hand, 
qualitatively change the financial market, making it more progressive and 
developed, on the other hand, fintech poses a real threat to the national security of the country 
due to the constantly increasing the need for access to personal data of citizens and participation 
in the formation of their consumer behavior, which become an object for cyber attacks and 
hacking. Fintech is a natural step in the evolution of the financial market in the digital economy, 
oint efforts of the state regulator, fintech 
companies and digital infrastructure providers to find a better balance of interests between the 
desire to comply with global practices of digitalization of the economy and issues of national 
ancial system of Uzbekistan. The purpose of the scientific research is to study 
fintech from the perspective of possible benefits and threats to the national financial system of 
the Republic of Uzbekistan. The subject of scientific research is the development and functioning 
of fintech services and products as part of the Uzbek national financial system. 
fintech, financial market, digital economy, cybersecurity, banks, investments, 
egulatory technologies. 
The financial sector of the economy is rightfully considered one of the most susceptible to 
innovations and reforms, and the fundamental paradigms of the digital economy associated with 
ement reforms harmoniously fit into its model of behavior. 
The desire of financial market actors to reduce transaction costs and accelerate the movement of 
financial assets is a natural motive and interest in studying new technologies and methods of 
zing work on capital management both within the national economy and around the world. 
The digital economy, as a qualitatively new stage in the evolution of economic thinking, has 
introduced new postulates into the ideology of the financial market related to changes in 
managerial thinking and competitive strategies: today, only those who use the most advanced 
technologies and are not afraid to invest in breakthroughs can take leadership positions in the 
. The new ideology of leadership in 
financial technologies (abbreviated as fintech) today does not just reshape traditional strategies 
and business models of the financial market, it changes its fundamental aspects of the structure 
pants, as well as the rules of business conduct. Given the politicized (and 
militarized) perception of the financial market as an instrument of economic 
influence and political pressure, an objective and impartial assessment of fintech as a new 
institutional leader becomes paramount to ensure economic security and a barrier-free 
environment for the realization of state economic interests in the national and international 

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Journal 
Volume: 02 Issue: 01 | 202
MATERIALS AND METHODS
The scientific article is interdisciplinary in nature and covers both economic (digital economy, 
globalization, investments in financial technologies) and technological aspects (cyber threats and 
attacks on the financial market and its participants) of the
financial market of Uzbekistan in the digital economy. In the process of preparing the theoretical 
section of the scientific article, the author used general scientific methods (observation, 
comparison, measurement, anal
it possible to reveal the conceptual apparatus, business models and the main stages of the 
formation of fintech as an independent market actor. When conducting quantitative and 
qualitative studies of the state, structure and development of fintech as part of the national 
financial market of the Republic of Uzbekistan, specific scientific methods were used (static 
analysis, expert assessments, a graphical method), to assess future changes in th
of fintech in the digital economy, separate foresight methods were used. 
LITERATURE REVIEW AND RESEARCH
The basic principle of the structure of the market economy says that if a client has a need, and 
the acting actors are not able to sa
an independent actor in the financial market has a somewhat vague history, and the starting point 
of its formation is the subject of controversy among scientists studying economic theory. 
According to A. Lagna and M.N. Ravishankar, the history of fintech begins with the discovery of 
a new method of transmitting information 
and telegraph (18th century), which revolutionized the transmission o
implementation of management decisions in relation to financial assets: now the time for making 
decisions has decreased from several weeks (transfer of written correspondence by sea to several 
hours (minutes), which became the startin
operations in the financial market [1] 
2021), real fintech was formed already in the 21
development of the start-up movement, when small innovative businesses began to occupy free 
niches in the financial market or form alternative banking tools and services for managing 
financial assets: in his opinion, t
service Zopa was presented in the UK, which became the world's first non
lending
1
.
Based on the scientific judgments of foreign scientists studying the formation of fintech
actor in the financial market and a new independent institutional unit, we have built a 
chronological chain of formation of fintech as an independent actor in the financial market 
(Table 1).
Table 1 Chronological description of the stages of the 
№ 
Stage name
1 
1. ? - con. XVIII century 
Physical (paper) order stage
1
Fintech: a brief history of the industry (11/19/2019) [Electronic resource]. URL: 
12.11.2021, free). 
2
Source: compiled by the author based on data [3, p. 59
2018, pp. 1849–1850; Maslennikov, 2017, pp. 7
Journal of Advanced Research and Stability 
Volume: 02 Issue: 01 | 2022
ISSN: 2181
www.
MATERIALS AND METHODS 
The scientific article is interdisciplinary in nature and covers both economic (digital economy, 
globalization, investments in financial technologies) and technological aspects (cyber threats and 
attacks on the financial market and its participants) of the present and future position of the 
financial market of Uzbekistan in the digital economy. In the process of preparing the theoretical 
section of the scientific article, the author used general scientific methods (observation, 
comparison, measurement, analysis and synthesis, the method of logical reasoning), which made 
it possible to reveal the conceptual apparatus, business models and the main stages of the 
formation of fintech as an independent market actor. When conducting quantitative and 
udies of the state, structure and development of fintech as part of the national 
financial market of the Republic of Uzbekistan, specific scientific methods were used (static 
analysis, expert assessments, a graphical method), to assess future changes in th
of fintech in the digital economy, separate foresight methods were used. 
LITERATURE REVIEW AND RESEARCH 
The basic principle of the structure of the market economy says that if a client has a need, and 
the acting actors are not able to satisfy it, then a new participant should be expected. Fintech as 
an independent actor in the financial market has a somewhat vague history, and the starting point 
of its formation is the subject of controversy among scientists studying economic theory. 
rding to A. Lagna and M.N. Ravishankar, the history of fintech begins with the discovery of 
a new method of transmitting information - radio and the subsequent invention of the telephone 
and telegraph (18th century), which revolutionized the transmission o
implementation of management decisions in relation to financial assets: now the time for making 
decisions has decreased from several weeks (transfer of written correspondence by sea to several 
hours (minutes), which became the starting point for the growth of the efficiency of organizing 
operations in the financial market [1] (A.Lagna, 2021). According to D. Wojcik [2] 
, real fintech was formed already in the 21st century and is associated with the 
up movement, when small innovative businesses began to occupy free 
niches in the financial market or form alternative banking tools and services for managing 
financial assets: in his opinion, the starting point can be considered 2005, when the P2P lending 
service Zopa was presented in the UK, which became the world's first non
Based on the scientific judgments of foreign scientists studying the formation of fintech
actor in the financial market and a new independent institutional unit, we have built a 
chronological chain of formation of fintech as an independent actor in the financial market 
Chronological description of the stages of the formation of fintech as an independent 
actor in the financial market
2
Stage name 
Characteristics of the stage of formation of fintech
con. XVIII century 
Physical (paper) order stage 
The technology of implementing relations in the 
financial market: mail, personal mailings through a 
courier. Characteristics of the business model of 
Fintech: a brief history of the industry (11/19/2019) [Electronic resource]. URL: https://frankrg.com/8732
Source: compiled by the author based on data [3, p. 59-61; 4, p. 1849-1850; 5, p. 7–8] (Semeko, 2020, pp. 59
1850; Maslennikov, 2017, pp. 7–8). 
nd Stability
ISSN: 2181-2608 
www.sciencebox.uz/ 
72 
The scientific article is interdisciplinary in nature and covers both economic (digital economy, 
globalization, investments in financial technologies) and technological aspects (cyber threats and 
present and future position of the 
financial market of Uzbekistan in the digital economy. In the process of preparing the theoretical 
section of the scientific article, the author used general scientific methods (observation, 
ysis and synthesis, the method of logical reasoning), which made 
it possible to reveal the conceptual apparatus, business models and the main stages of the 
formation of fintech as an independent market actor. When conducting quantitative and 
udies of the state, structure and development of fintech as part of the national 
financial market of the Republic of Uzbekistan, specific scientific methods were used (static 
analysis, expert assessments, a graphical method), to assess future changes in the role and status 
of fintech in the digital economy, separate foresight methods were used.
The basic principle of the structure of the market economy says that if a client has a need, and 
tisfy it, then a new participant should be expected. Fintech as 
an independent actor in the financial market has a somewhat vague history, and the starting point 
of its formation is the subject of controversy among scientists studying economic theory. 
rding to A. Lagna and M.N. Ravishankar, the history of fintech begins with the discovery of 
radio and the subsequent invention of the telephone 
and telegraph (18th century), which revolutionized the transmission of information and the 
implementation of management decisions in relation to financial assets: now the time for making 
decisions has decreased from several weeks (transfer of written correspondence by sea to several 
g point for the growth of the efficiency of organizing 
. According to D. Wojcik [2] (D.Wojcik, 
st century and is associated with the 
up movement, when small innovative businesses began to occupy free 
niches in the financial market or form alternative banking tools and services for managing 
he starting point can be considered 2005, when the P2P lending 
service Zopa was presented in the UK, which became the world's first non-bank aggregator for 
Based on the scientific judgments of foreign scientists studying the formation of fintech as an 
actor in the financial market and a new independent institutional unit, we have built a 
chronological chain of formation of fintech as an independent actor in the financial market 
formation of fintech as an independent 
Characteristics of the stage of formation of fintech 
The technology of implementing relations in the 
financial market: mail, personal mailings through a 
courier. Characteristics of the business model of 
https://frankrg.com/8732 (date of access: 
8] (Semeko, 2020, pp. 59–61; Borisova, 

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Journal 
Volume: 02 Issue: 01 | 202
2 
1835-1906 
yy. 
Telegraphic 
contact stage 
3 
1906-1920 years The stage of 
phone contacts 
4 
1920-1950 years The stage of 
radio contacts 
Journal of Advanced Research and Stability 
Volume: 02 Issue: 01 | 2022
ISSN: 2181
www.
financial management: written transfer of orders of the 
owner of financial assets to the trustee. Advantag
disadvantages: the duration of the delivery of written 
items, the danger of their theft or other deliberate or 
accidental destruction, damage; rapid devaluation of 
the management value of orders due to the volatility of 
the situation in the financial market.
1906 
yy. 
Telegraphic Technology for the implementation of relations in the 
financial market: telegraph. Characteristics of the 
business model of financial management: transmission 
of management decisions to the trustee using t
telegraph. Advantages / disadvantages: comparatively 
high data transfer rate, the possibility of operational 
control over the execution of decisions; publicity of 
the telegraph access channel, low privacy of contact, 
the danger of disclosing commercial 
1920 years The stage of Technology for the implementation of relations in the 
financial market: telephone. Characteristics of the 
business model of financial management: transfer of 
management decisions to the trustee using 
telephone. Advantages / disadvantages: constant 
contact with the manager, high speed of information 
exchange, wider prevalence of access points, privacy 
of contacts.
1950 years The stage of Technology for the implementation of relations in the 
financial market: radio. Characteristics of the business 
model of financial management: transmission of 
orders and decisions via radio, which made it possible 
to scale the process of managing financial 
simultaneously manage many operations in different 
financial markets. Advantages / disadvantages: speed 
of information dissemination, access to scaling 
management decisions; immediate accessibility of 
information to a wide range of stakeholders,
security of transmission of commercially valuable 
information.
nd Stability
ISSN: 2181-2608 
www.sciencebox.uz/ 
73 
financial management: written transfer of orders of the 
owner of financial assets to the trustee. Advantages / 
disadvantages: the duration of the delivery of written 
items, the danger of their theft or other deliberate or 
accidental destruction, damage; rapid devaluation of 
the management value of orders due to the volatility of 
market. 
Technology for the implementation of relations in the 
financial market: telegraph. Characteristics of the 
business model of financial management: transmission 
of management decisions to the trustee using the 
telegraph. Advantages / disadvantages: comparatively 
high data transfer rate, the possibility of operational 
control over the execution of decisions; publicity of 
the telegraph access channel, low privacy of contact, 
the danger of disclosing commercial secrets. 
Technology for the implementation of relations in the 
financial market: telephone. Characteristics of the 
business model of financial management: transfer of 
management decisions to the trustee using the 
telephone. Advantages / disadvantages: constant 
contact with the manager, high speed of information 
exchange, wider prevalence of access points, privacy 
Technology for the implementation of relations in the 
financial market: radio. Characteristics of the business 
model of financial management: transmission of 
orders and decisions via radio, which made it possible 
to scale the process of managing financial assets and 
simultaneously manage many operations in different 
financial markets. Advantages / disadvantages: speed 
of information dissemination, access to scaling 
management decisions; immediate accessibility of 
information to a wide range of stakeholders, low 
security of transmission of commercially valuable 

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Journal 
Volume: 02 Issue: 01 | 202
5 
1950-1960 years The stage of 
television contacts
6 
1967-1980 years The stage of 
videoconferences
7 
1990's - present time. The stage 
of Internet communications
As follows from the data in the table, fintech is very closely related to the technological leaps of 
society and is a product of a new world order that was formed in the socio
scientific and technological progress moved, however, according to T. Sheng, fintech is not is an 
unambiguous product of technological progress: first, society covers the primary needs with the 
help of new technologies, and then an alte
develops [3] (Sheng, 2021)
market participants: indeed, up to the XXI century. As independent actors, the
teams or non-banking structures performing almost identical banking functions, and financial 
technologies themselves were used and developed by a narrow pool of participating banks and 
Journal of Advanced Research and Stability 
Volume: 02 Issue: 01 | 2022
ISSN: 2181
www.
1960 years The stage of Technology for the implementation of relations in the 
financial market: transmission of visual and sound 
information through television. Characteristics of the 
business model of financial management: thanks to the 
development of television, a new tool for 
implementing managerial influences in the financial 
market is being formed - content analysis of business 
news - now actors receive an
provided they have access to television news (the 
effect of information asymmetry). Advantages / 
disadvantages: speed and scalability of information, 
the ability to transfer visual data; the effect of the 
advantage is present only in the limited availability of 
technology among managers, as well as the speed of 
analyzing the news itself and making decisions before 
competitors. 
1980 years The stage of Technology for implementing relations in the financial 
market: video communication / videoconference. 
Characteristics of the business model of financial 
management: individual and group contacts of capital 
owners and financial managers through a video 
communication system both within one country and in 
the international space. Advantages / disadvantages: 
the possibility of organizing individual and collective 
contact between the owner of the capital and financial 
managers; the ability to transmit both audio and visual 
information; privacy of the communication channe
present time. The stage 
of Internet communications 
Technology of realization of relations in the financial 
market: computer network Internet. Characteristics of 
the financial management business model: the owner 
of the capital receives individual secure access to 
financial assets and is able to make any management 
decisions based on the available information. 
Advantages / disadvantages: 24/7 access to the 
financial market in real time, security of commercial 
information, the ability to mani
situation, taking into account the asymmetry of 
information. 
As follows from the data in the table, fintech is very closely related to the technological leaps of 
society and is a product of a new world order that was formed in the socio
scientific and technological progress moved, however, according to T. Sheng, fintech is not is an 
unambiguous product of technological progress: first, society covers the primary needs with the 
help of new technologies, and then an alternative arrangement of actors in the financial market 
(Sheng, 2021). This argument finds its confirmation in the analysis of financial 
market participants: indeed, up to the XXI century. As independent actors, the
banking structures performing almost identical banking functions, and financial 
technologies themselves were used and developed by a narrow pool of participating banks and 
nd Stability
ISSN: 2181-2608 
www.sciencebox.uz/ 
74 
Technology for the implementation of relations in the 
financial market: transmission of visual and sound 
n. Characteristics of the 
business model of financial management: thanks to the 
development of television, a new tool for 
implementing managerial influences in the financial 
content analysis of business 
now actors receive an additional advantage 
provided they have access to television news (the 
effect of information asymmetry). Advantages / 
disadvantages: speed and scalability of information, 
the ability to transfer visual data; the effect of the 
the limited availability of 
technology among managers, as well as the speed of 
analyzing the news itself and making decisions before 
Technology for implementing relations in the financial 
t: video communication / videoconference. 
Characteristics of the business model of financial 
management: individual and group contacts of capital 
owners and financial managers through a video 
communication system both within one country and in 
ional space. Advantages / disadvantages: 
the possibility of organizing individual and collective 
contact between the owner of the capital and financial 
managers; the ability to transmit both audio and visual 
information; privacy of the communication channel.
Technology of realization of relations in the financial 
market: computer network Internet. Characteristics of 
the financial management business model: the owner 
ividual secure access to 
financial assets and is able to make any management 
decisions based on the available information. 
Advantages / disadvantages: 24/7 access to the 
financial market in real time, security of commercial 
information, the ability to manipulate the market 
situation, taking into account the asymmetry of 
As follows from the data in the table, fintech is very closely related to the technological leaps of 
society and is a product of a new world order that was formed in the socio-economic system as 
scientific and technological progress moved, however, according to T. Sheng, fintech is not is an 
unambiguous product of technological progress: first, society covers the primary needs with the 
rnative arrangement of actors in the financial market 
. This argument finds its confirmation in the analysis of financial 
market participants: indeed, up to the XXI century. As independent actors, there were no start-up 
banking structures performing almost identical banking functions, and financial 
technologies themselves were used and developed by a narrow pool of participating banks and 

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Journal 
Volume: 02 Issue: 01 | 202
institutional investors (for example, investment fu
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 
efficiency of operations with financial assets, on the other
that unites the most technologically advanced financial businesses are direct competitors to 
traditional financial market participants.
A similar idea is expressed by T. Pushman, S. Hofmann, V. Khmarsky (Puschmann,
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 
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, 
T., 2020) pp. 16-17). 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). 
Table 2 Definition of the concept of "fintech" in foreign scientific 
Authors
1. A. Fitri [5, p. 346] (A.Fitri, 2016)
2. P. Schueffel [6, p. 39
2017) 
3. J. Wang [7] (J.Wang, 2018)
4. Belozyorov, S. [8, p. 29] 
Sokolovska O., Kim Y., 2020)
5. Barykin S. A. [9, p. 479
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 
of working with them, moreover, fintechs use traditional financial businesses, and the so
non-businesses “... more play the role of digital technology providers and services "for 
traditional actors of the financial market [10, p. 81] 
Based on the established differences in the understanding of fintech in foreign practice, let us 
3
Source: compiled by the author based on data from [8
2016; Wang, 2018; Belozyorov, Sokolovska, Kim, 2020; Barykin, 2019; Fillipov, 2018; Sitnik, 2019).
Journal of Advanced Research and Stability 
Volume: 02 Issue: 01 | 2022
ISSN: 2181
www.
institutional investors (for example, investment funds).
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 
efficiency of operations with financial assets, on the other hand, it is a newest institutional actor 
that unites the most technologically advanced financial businesses are direct competitors to 
traditional financial market participants. 
A similar idea is expressed by T. Pushman, S. Hofmann, V. Khmarsky (Puschmann,
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 
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, 
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 
Authors 
Content of the definition
(A.Fitri, 2016) 
Fintech is a set of digital technologies used in 
financial transactions to improve their 
efficiency in the market
2. P. Schueffel [6, p. 39-40] (P.Schueffel, Financial technologies is an independent actor 
in the financial market focused on introducing 
advanced digital technologies in the field of 
financial asset management.
(J.Wang, 2018) 
Fintech is the result of inter
of pure financial businesses and IT, combining 
financial non-businesses built using the best 
practices of using digital technologies.
4. Belozyorov, S. [8, p. 29] (Belozyorov S., 
Sokolovska O., Kim Y., 2020) 
Financial technologies 
technologies created on the basis of digital 
technologies to improve the efficiency and 
safety of working with financial assets
5. Barykin S. A. [9, p. 479-480] (S.A., 2019) Fintech is a new component of the financial 
market that emerged as a response to the fourth 
industrial revolution, which is a business