О влиянии финансовых технологий на развитие финансового рынка
Филиппов Д.И.1
1 Российский экономический университет им. Г.В. Плеханова
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Статья в журнале
Российское предпринимательство *
Том 19, Номер 5 (Май 2018)
* Этот журнал не выпускается в Первом экономическом издательстве
Аннотация:
В статье приведены ключевые финансовые технологии, основные финансовые продукты и услуги с использованием Финтех, оказывающие влияние на развитие и функционирование финансового рынка. Статья иллюстрирует эволюцию Финтех через три основные эпохи, кульминацией которых является сегодняшний Финтех 3.0, характеризующийся новой конкуренцией, в результате которого должны быть тщательно рассматриваться как возможности, так и риски.
Ключевые слова: цифровая экономика, регулирование, цифровые технологии, Финансовые технологии, цифровая трансформация, цифровизация
JEL-классификация: O31, G20, F23, O32, F30
Источники:
Hochstein Mar Fintech (the Word, That Is) Evolves. American Banker. [Электронный ресурс]. URL: http://www.americanbanker.com/bankthink/fintech-the-word-that-is-evolves-1077098-1.html.
Basel Committee on Banking Supervision, «Principles for effective risk data aggregation and risk reporting». Bis.org. [Электронный ресурс]. URL: http://www.bis.org/publ/bcbs239.pdf.
Douglas W. Arner & Janos Barberis Barberis, Regulating FinTech Innovation: A Balancing Act. Asian Institute of International Financial Law. [Электронный ресурс]. URL: http://www.law.hku.hk/aiifl/regulating-fintech-innovation-a-balancing-act-1-april-1230-130-pm.
Chan Ray Asian regulators seek fintech balance. Finance Asia. [Электронный ресурс]. URL: http://www.financeasia.com/News/401588,asian-regulators-seek-fintech-balance.aspx.
Gareth Lodge, Hua Zhang, Jacob Jegher Spending in Banking: A Global Perspective, Celent. Celent.com. [Электронный ресурс]. URL: http://www.celent.com/reports/it-spending-banking-global-perspective-2.
Wang Chloe Financial technology booms as digital wave hits banks, insurance firms. Channel News Asia. [Электронный ресурс]. URL: http://www.channelnewsasia.com/news/business/singapore/financial-technology/1875644.html.
Schueffel Patrick, Taming the Beast: A Scientific Definition of Fintech, Journal of Innovation Management, 017
Банк России. Основные направления развития финансовых технологий на период 2018–2020 гг
SWIFT history. Swift. [Электронный ресурс]. URL: https://www.swift.com/about-us/history.
Visa continues to form FinTech partnerships: Visa hunts Australian and New Zealand fintech start-ups with launch of contest. Aus. [Электронный ресурс]. URL: https://australianfintech.com.au/visa-hunts-australian-and-newzealand-fintech-start-ups-with-launch-of-contest.
Empowering FinTech Innovation. Nasdaq. [Электронный ресурс]. URL: http://business.nasdaq.com/campaigns/fintech.
Kolkman Laurens Bank-less future: how FinTech Start-ups might take over the Financial System. Kpmg. [Электронный ресурс]. URL: https://home.kpmg.com/nl/en/home/social/2016/03/bank-less-future-how-fintech-start-upsmight-take-over-the-financial-system.html.
Myers Chris FinTech’s Third Wave Is Coming, And It Will Change Everything. Forbes. [Электронный ресурс]. URL: https://www.forbes.com/sites/chrismyers/2016/10/03/fintechs-third-wave-is-coming-and-it-will-changeeverything/#7903f61c6026.
Wigglesworth Robin The Bloomberg terminal: clunky, costly, addictive, ubiquitous. The Financial Times. [Электронный ресурс]. URL: https://www.ft.com/content/5d6c2d9c-1f61-11e5-ab0f-6bb9974f25d0.
Chesher Michael, Kaura Rukesh and Linton Peter, Electronic Business & Commerce, Springer, 2013
Barnes Samantha Peer-to-Peer Lending – Disruption for the Banking Sector?. International Banker. [Электронный ресурс]. URL: https://internationalbanker.com/banking/peer-peer-lending-disruption-banking-sector.
Ruiz Jorge, Citi’s Story of Innovation in Susanne Chishti and Janos Barberis, The FINTECH Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries, John Wiley & Sons, 2016
Böhme Rainer, Christin Nicolas, Edelman Benjamin and Moore Tyler Bitcoin: Economics, Technology, and Governance. Cnbc. [Электронный ресурс]. URL: http://www.cnbc.com/2014/11/13/forget-currency-bitcoin-tech-could-disrupt-massively.html.
Eyers James Bitcoin could disrupt banks warns Westpac boss. Sydney Morning Herald. [Электронный ресурс]. URL: http://www.smh.com.au/business/banking-and-finance/bitcoin-could-disrupt-banks-warnswestpac-boss-20150908-gjhjnk.html.
Sriharsha Reddy and Krishna Gopalaraman, Peer to Peer Lending, Default Prediction-Evidence from Lending Club. Journal of Internet Banking and Commerce, 2016
21. Jeremy Quittner Dwolla to Offer Banks Analysis on Mobile Use // American Banker. – 2011. – № 176(76).
Fidor Bank, Acquired by France’s BPCE Groupe. Let’s Talk Payments. [Электронный ресурс]. URL: https://letstalkpayments.com/fidor-bank-acquired-by-frances-bpce-groupe.
Ian Pollari and Jan Reinmueller Building effective fintech partnerships the digital future for banks. Kpmg. [Электронный ресурс]. URL: https://home.kpmg.com/au/en/home/insights/2017/02/effective-fintechpartnerships-enable-banks-succeed-digital-innovation-trail-fs.html.
Marika Vilen The Fintech startups partnership model. Thomson Reuters. [Электронный ресурс]. URL: https://blogs.thomsonreuters.com/answerson/fintech-startups-partnership-model.
Is 2017 The Year Bank-Fintech Partnerships Hit Product/Market Fit?. Forbes. [Электронный ресурс]. URL: https://www.forbes.com/sites/forbesfinancecouncil/2017/02/13/is-2017-the-year-bankfintech-partnerships-hit-productmarket-fit/#28ef623b3c6e.
Nathaniel Popper, Fintech’ Start-Up Boom Said to Threaten Bank Job. New York Times. [Электронный ресурс]. URL: https://www.nytimes.com/2016/03/31/business/dealbook/fintech-start-up-boom-said-to-threaten-bankjobs.html?_r=0.
Emma Dunkley Fintech start-ups put banks under pressure. Financial Times. [Электронный ресурс]. URL: https://www.ft.com/content/ce8fa350-737f-11e6-bf48-b372cdb1043a.
Clara Guibourg McKinsey warns banks that fintech startups and alternative finance pose threat to traditional banking’s profits. City A.M. [Электронный ресурс]. URL: http://www.cityam.com/225503/mckinsey-warns-banksfintech-startups-and-alternative-finance-pose-threat-traditional.
Barbirolli G., The Dynamics of Technology: a Methodological framework for Techno-economic analyses 58, 1997
Hills Jill, The Struggle for Control of Global communication: The ormative Century 35, 2002
Lerner Thomas, Mobile Payment 3, 2013
Volcker Paul The only thing useful banks have invented in 20 years in the ATM. New York Post. [Электронный ресурс]. URL: http://nypost.com/2009/12/13/the-only-thing-useful-banks-have-invented-in-20-years-is-the-atm.
Lodge Gareth, Zhang Hua & Jegher Jacob IT Spending in Banking: A Global Perspective. Celent. [Электронный ресурс]. URL: http://www.celent.com/reports/it-spending-banking-global-perspective-2.
Elliott Holley Digitalisation will double bank IT spending in next four years. Banking Technology. [Электронный ресурс]. URL: http://www.bankingtech.com/374051/digitalisation-will-double-bank-it-spending-says-gartner.
Douglas W. Arner, Janos Barberis Regulating FinTech Innovation: A Balancing Act, Asian Institute of International Financial Law. Law.hku.hk. [Электронный ресурс]. URL: http://www.law.hku.hk/aiifl/regulating-fintech-innovation-a-balancing-act-1-april-1230-130-pm..
Sumit Agarwal et al., Predatory lending and the subprime crisis, 113 J. Fin. Econ., 2014
John Kell U.S. recovers all jobs lost in financial crisis. Fortune. [Электронный ресурс]. URL: http://fortune.com/2014/06/06/us-jobs-may.
Mark Esposito, Terence Tse The lost generation: what is true about the myth…. London School of Economics And Political Science. [Электронный ресурс]. URL: http://blogs.lse.ac.uk/eurocrisispress/2014/04/07/the-lost-generation-what-is-true-about-the-myth.
Ferrari Roberto The end of Universal bank model?. The Fintech book. [Электронный ресурс]. URL: https://medium.com/the-fintech-book/the-end-of-universal-bank-model-a52964b21d48.
Janos Nathan Barberis, The 2007 Metldown: A Legal Phenomenon, (60) 2012
Ross P. Buckley Reconceptualizing Global Financial Regulation. Oxford J. Legal Studies. [Электронный ресурс]. URL: http://ojls.oxfordjournals.org/content/early/2015/09/10/ojls.gqv023.abstract.
Jump Start Our Business Startups Act, H.R. 3606, 112th Cong., 2012
Oscar Williams-Grut The 24 fintech ‘unicorns’ worth over $1 billion ranked by value. Business Insider Australia. [Электронный ресурс]. URL: http://uk.businessinsider.com/the-25-fintech-unicorns-ranked-by-value-2015-7?utm_content=buffer05d0a&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer.
Hern Alex Hacker fakes German minister’s fingerprints using photos of her hands. The Guardian. [Электронный ресурс]. URL: http://www.theguardian.com/technology/2014/dec/30/hacker-fakes-german-ministers-fingerprints-using-photos-of-her-hands.
David Alexander 6 million fingerprints stolen in U.S. personnel data hack: government. Reuters.com. [Электронный ресурс]. URL: http://www.reuters.com/article/2015/09/23/us-usa-cybersecurity-fingerprints-idUSKCN0RN1V820150923.
Bill Powell Alibaba: The $200 Billion ‘Open Sesame’. News Week. [Электронный ресурс]. URL: http://www.newsweek.com/2014/09/19/alibaba-200-billion-open-sesame-268937.html.
Regulating FinTech Innovation: A Balancing Act. Asian Institute of International Financial Law. [Электронный ресурс]. URL: http://www.law.hku.hk/aiifl/regulating-fintech-innovation-a-balancing-act-1-april-1230-130-pm.
The advantages and disadvantages of each method are well covered in Chris Brummer & Daniel Gorfine, FinTech: Building a 21st-Century Regulator’s Toolkit. Milkeninstitute. [Электронный ресурс]. URL: http://assets1c.milkeninstitute.org/assets/Publication/Viewpoint/PDF/3.14-FinTech-Reg-Toolkit-NEW.pdf.
Project Innovate: Call for input. Financial conduct authority. [Электронный ресурс]. URL: https://www.fca.org.uk/static/documents/feedback-statements/fs-14-2.pdf.
See Julia Groves, Crowdfunding – Regulations are now the Biggest Barrier to Entry. UK Crowdfunding. [Электронный ресурс]. URL: http://www.ukcfa.org.uk/crowdfunding-regulations-are-now-the-biggest-barrier-to-entry/news.
Tim O’Reilly, Open Data and Algorithmic Regulation, in Beyond Transparency: Open Data and The Future of Civic Innovation, Brett Goldstein & Lauren Dyson eds., 2013
In China, over 1250 platforms have been flagged “at risk” by the local credit rating agency Dagong. See Judy Chen & Jun Luo, Internet Loan Alarms Dagong With 1,250 Red Flags. Bloomberg. [Электронный ресурс]. URL: http://www.bloomberg.com/news/articles/2015-03-12/internet-loan-alarms-dagong-with-1-250-red-flags-china-credits.
Wang Shenlu, Liu Ran & Yang Lu P2P Lenders Heading into Dangerous Waters. English.CAIXIN. [Электронный ресурс]. URL: http://english.caixin.com/2014-04-18/100667283.html.
Michael Corkery Pitfalls for the Unwary Borrower Out on the Frontier of Banking. The New York Times. [Электронный ресурс]. URL: http://www.nytimes.com/2015/09/14/business/dealbook/pitfalls-for-the-unwary-borrower-out-on-the-frontiers-of-banking.html?r=0.
55. Филиппов Д.И. Распространение инноваций на финансовом рынке: теоретический аспект // Вестник Российского экономического университета им. Г.В. Плеханова. – 2017. – № 4(94). – С. 74-86.
Basel Committee on Banking Supervision, «Principles for effective risk data aggregation and risk reporting». Bis.org. [Электронный ресурс]. URL: http://www.bis.org/publ/bcbs239.pdf.
Douglas W. Arner & Janos Barberis Barberis, Regulating FinTech Innovation: A Balancing Act. Asian Institute of International Financial Law. [Электронный ресурс]. URL: http://www.law.hku.hk/aiifl/regulating-fintech-innovation-a-balancing-act-1-april-1230-130-pm.
Chan Ray Asian regulators seek fintech balance. Finance Asia. [Электронный ресурс]. URL: http://www.financeasia.com/News/401588,asian-regulators-seek-fintech-balance.aspx.
Gareth Lodge, Hua Zhang, Jacob Jegher Spending in Banking: A Global Perspective, Celent. Celent.com. [Электронный ресурс]. URL: http://www.celent.com/reports/it-spending-banking-global-perspective-2.
Wang Chloe Financial technology booms as digital wave hits banks, insurance firms. Channel News Asia. [Электронный ресурс]. URL: http://www.channelnewsasia.com/news/business/singapore/financial-technology/1875644.html.
Schueffel Patrick, Taming the Beast: A Scientific Definition of Fintech, Journal of Innovation Management, 017
Банк России. Основные направления развития финансовых технологий на период 2018–2020 гг
SWIFT history. Swift. [Электронный ресурс]. URL: https://www.swift.com/about-us/history.
Visa continues to form FinTech partnerships: Visa hunts Australian and New Zealand fintech start-ups with launch of contest. Aus. [Электронный ресурс]. URL: https://australianfintech.com.au/visa-hunts-australian-and-newzealand-fintech-start-ups-with-launch-of-contest.
Empowering FinTech Innovation. Nasdaq. [Электронный ресурс]. URL: http://business.nasdaq.com/campaigns/fintech.
Kolkman Laurens Bank-less future: how FinTech Start-ups might take over the Financial System. Kpmg. [Электронный ресурс]. URL: https://home.kpmg.com/nl/en/home/social/2016/03/bank-less-future-how-fintech-start-upsmight-take-over-the-financial-system.html.
Myers Chris FinTech’s Third Wave Is Coming, And It Will Change Everything. Forbes. [Электронный ресурс]. URL: https://www.forbes.com/sites/chrismyers/2016/10/03/fintechs-third-wave-is-coming-and-it-will-changeeverything/#7903f61c6026.
Wigglesworth Robin The Bloomberg terminal: clunky, costly, addictive, ubiquitous. The Financial Times. [Электронный ресурс]. URL: https://www.ft.com/content/5d6c2d9c-1f61-11e5-ab0f-6bb9974f25d0.
Chesher Michael, Kaura Rukesh and Linton Peter, Electronic Business & Commerce, Springer, 2013
Barnes Samantha Peer-to-Peer Lending – Disruption for the Banking Sector?. International Banker. [Электронный ресурс]. URL: https://internationalbanker.com/banking/peer-peer-lending-disruption-banking-sector.
Ruiz Jorge, Citi’s Story of Innovation in Susanne Chishti and Janos Barberis, The FINTECH Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries, John Wiley & Sons, 2016
Böhme Rainer, Christin Nicolas, Edelman Benjamin and Moore Tyler Bitcoin: Economics, Technology, and Governance. Cnbc. [Электронный ресурс]. URL: http://www.cnbc.com/2014/11/13/forget-currency-bitcoin-tech-could-disrupt-massively.html.
Eyers James Bitcoin could disrupt banks warns Westpac boss. Sydney Morning Herald. [Электронный ресурс]. URL: http://www.smh.com.au/business/banking-and-finance/bitcoin-could-disrupt-banks-warnswestpac-boss-20150908-gjhjnk.html.
Sriharsha Reddy and Krishna Gopalaraman, Peer to Peer Lending, Default Prediction-Evidence from Lending Club. Journal of Internet Banking and Commerce, 2016
21. Jeremy Quittner Dwolla to Offer Banks Analysis on Mobile Use // American Banker. – 2011. – № 176(76).
Fidor Bank, Acquired by France’s BPCE Groupe. Let’s Talk Payments. [Электронный ресурс]. URL: https://letstalkpayments.com/fidor-bank-acquired-by-frances-bpce-groupe.
Ian Pollari and Jan Reinmueller Building effective fintech partnerships the digital future for banks. Kpmg. [Электронный ресурс]. URL: https://home.kpmg.com/au/en/home/insights/2017/02/effective-fintechpartnerships-enable-banks-succeed-digital-innovation-trail-fs.html.
Marika Vilen The Fintech startups partnership model. Thomson Reuters. [Электронный ресурс]. URL: https://blogs.thomsonreuters.com/answerson/fintech-startups-partnership-model.
Is 2017 The Year Bank-Fintech Partnerships Hit Product/Market Fit?. Forbes. [Электронный ресурс]. URL: https://www.forbes.com/sites/forbesfinancecouncil/2017/02/13/is-2017-the-year-bankfintech-partnerships-hit-productmarket-fit/#28ef623b3c6e.
Nathaniel Popper, Fintech’ Start-Up Boom Said to Threaten Bank Job. New York Times. [Электронный ресурс]. URL: https://www.nytimes.com/2016/03/31/business/dealbook/fintech-start-up-boom-said-to-threaten-bankjobs.html?_r=0.
Emma Dunkley Fintech start-ups put banks under pressure. Financial Times. [Электронный ресурс]. URL: https://www.ft.com/content/ce8fa350-737f-11e6-bf48-b372cdb1043a.
Clara Guibourg McKinsey warns banks that fintech startups and alternative finance pose threat to traditional banking’s profits. City A.M. [Электронный ресурс]. URL: http://www.cityam.com/225503/mckinsey-warns-banksfintech-startups-and-alternative-finance-pose-threat-traditional.
Barbirolli G., The Dynamics of Technology: a Methodological framework for Techno-economic analyses 58, 1997
Hills Jill, The Struggle for Control of Global communication: The ormative Century 35, 2002
Lerner Thomas, Mobile Payment 3, 2013
Volcker Paul The only thing useful banks have invented in 20 years in the ATM. New York Post. [Электронный ресурс]. URL: http://nypost.com/2009/12/13/the-only-thing-useful-banks-have-invented-in-20-years-is-the-atm.
Lodge Gareth, Zhang Hua & Jegher Jacob IT Spending in Banking: A Global Perspective. Celent. [Электронный ресурс]. URL: http://www.celent.com/reports/it-spending-banking-global-perspective-2.
Elliott Holley Digitalisation will double bank IT spending in next four years. Banking Technology. [Электронный ресурс]. URL: http://www.bankingtech.com/374051/digitalisation-will-double-bank-it-spending-says-gartner.
Douglas W. Arner, Janos Barberis Regulating FinTech Innovation: A Balancing Act, Asian Institute of International Financial Law. Law.hku.hk. [Электронный ресурс]. URL: http://www.law.hku.hk/aiifl/regulating-fintech-innovation-a-balancing-act-1-april-1230-130-pm..
Sumit Agarwal et al., Predatory lending and the subprime crisis, 113 J. Fin. Econ., 2014
John Kell U.S. recovers all jobs lost in financial crisis. Fortune. [Электронный ресурс]. URL: http://fortune.com/2014/06/06/us-jobs-may.
Mark Esposito, Terence Tse The lost generation: what is true about the myth…. London School of Economics And Political Science. [Электронный ресурс]. URL: http://blogs.lse.ac.uk/eurocrisispress/2014/04/07/the-lost-generation-what-is-true-about-the-myth.
Ferrari Roberto The end of Universal bank model?. The Fintech book. [Электронный ресурс]. URL: https://medium.com/the-fintech-book/the-end-of-universal-bank-model-a52964b21d48.
Janos Nathan Barberis, The 2007 Metldown: A Legal Phenomenon, (60) 2012
Ross P. Buckley Reconceptualizing Global Financial Regulation. Oxford J. Legal Studies. [Электронный ресурс]. URL: http://ojls.oxfordjournals.org/content/early/2015/09/10/ojls.gqv023.abstract.
Jump Start Our Business Startups Act, H.R. 3606, 112th Cong., 2012
Oscar Williams-Grut The 24 fintech ‘unicorns’ worth over $1 billion ranked by value. Business Insider Australia. [Электронный ресурс]. URL: http://uk.businessinsider.com/the-25-fintech-unicorns-ranked-by-value-2015-7?utm_content=buffer05d0a&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer.
Hern Alex Hacker fakes German minister’s fingerprints using photos of her hands. The Guardian. [Электронный ресурс]. URL: http://www.theguardian.com/technology/2014/dec/30/hacker-fakes-german-ministers-fingerprints-using-photos-of-her-hands.
David Alexander 6 million fingerprints stolen in U.S. personnel data hack: government. Reuters.com. [Электронный ресурс]. URL: http://www.reuters.com/article/2015/09/23/us-usa-cybersecurity-fingerprints-idUSKCN0RN1V820150923.
Bill Powell Alibaba: The $200 Billion ‘Open Sesame’. News Week. [Электронный ресурс]. URL: http://www.newsweek.com/2014/09/19/alibaba-200-billion-open-sesame-268937.html.
Regulating FinTech Innovation: A Balancing Act. Asian Institute of International Financial Law. [Электронный ресурс]. URL: http://www.law.hku.hk/aiifl/regulating-fintech-innovation-a-balancing-act-1-april-1230-130-pm.
The advantages and disadvantages of each method are well covered in Chris Brummer & Daniel Gorfine, FinTech: Building a 21st-Century Regulator’s Toolkit. Milkeninstitute. [Электронный ресурс]. URL: http://assets1c.milkeninstitute.org/assets/Publication/Viewpoint/PDF/3.14-FinTech-Reg-Toolkit-NEW.pdf.
Project Innovate: Call for input. Financial conduct authority. [Электронный ресурс]. URL: https://www.fca.org.uk/static/documents/feedback-statements/fs-14-2.pdf.
See Julia Groves, Crowdfunding – Regulations are now the Biggest Barrier to Entry. UK Crowdfunding. [Электронный ресурс]. URL: http://www.ukcfa.org.uk/crowdfunding-regulations-are-now-the-biggest-barrier-to-entry/news.
Tim O’Reilly, Open Data and Algorithmic Regulation, in Beyond Transparency: Open Data and The Future of Civic Innovation, Brett Goldstein & Lauren Dyson eds., 2013
In China, over 1250 platforms have been flagged “at risk” by the local credit rating agency Dagong. See Judy Chen & Jun Luo, Internet Loan Alarms Dagong With 1,250 Red Flags. Bloomberg. [Электронный ресурс]. URL: http://www.bloomberg.com/news/articles/2015-03-12/internet-loan-alarms-dagong-with-1-250-red-flags-china-credits.
Wang Shenlu, Liu Ran & Yang Lu P2P Lenders Heading into Dangerous Waters. English.CAIXIN. [Электронный ресурс]. URL: http://english.caixin.com/2014-04-18/100667283.html.
Michael Corkery Pitfalls for the Unwary Borrower Out on the Frontier of Banking. The New York Times. [Электронный ресурс]. URL: http://www.nytimes.com/2015/09/14/business/dealbook/pitfalls-for-the-unwary-borrower-out-on-the-frontiers-of-banking.html?r=0.
55. Филиппов Д.И. Распространение инноваций на финансовом рынке: теоретический аспект // Вестник Российского экономического университета им. Г.В. Плеханова. – 2017. – № 4(94). – С. 74-86.
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About influence of financial technologies on the financial market development
Filippov D.I.Journal paper
Russian Journal of Entrepreneurship *
Volume 19, Number 5 (May 2018)
* Этот журнал не выпускается в Первом экономическом издательстве
Abstract:
The article presents the key financial technologies, main financial products and services with the use of FinTech, which have an impact of the financial market development and functioning. The article illustrates the evolution of Fintech through three major eras, culminating in today's FinTech 3.0, characterized by a new competition, which should carefully consider opportunities and risks.
Keywords: digital economy, regulation, digital technologies, digital transformation, digitalization, Financial technologies
JEL-classification: O31, G20, F23, O32, F30