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:
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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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