Theory and practice of intellectual property
№ 3 / 2022
ISSN (Print) 2308-0361
ISSN (Online) 2519-2744
PDF (Ukrainian)DOI: https://doi.org/10.33731/32022.262631
Published 2022-08-09
Fintech startups in Ukraine in the context of digital economy development
Oksana Muzyka-Stefanchuk
Ukraine
https://orcid.org/0000-0001-7986-7149
Abstract
The article deals with the particular problems of today’s digital economy. Particular attention is paid to the development of Fintech startups in Ukraine. The foreign experience of creating and implementing Fintech startups is analysed. The reasons for the failure of Fintech projects in Ukraine and other countries are considered.
Features of the innovative domestic mobile banking project Monobank (since 2017), which was launched in partnership with the Fintech Band, are considered. The shortcomings of Monobank are analysed, including the following: customers who do not have smartphones cannot use the product; Monobank does not have its own terminals and ATMs to top up the card and withdraw cash. It uses iBox services and resources of other banks; not everyone can get a credit limit.
Historical examples of the creation of «virtual» banks are studied. The first one is Security First Network Bank (SFNB) appeared in the United States in 1995, and in Germany in 1996, it was called Advance Bank. The emergence of virtual banks later became a prerequisite for the creation of online banking (e-banking), which allows a person to manage their bank accounts.
It is proved that the era of electronic financial services requires the creation of conditions to prevent fraud and abuse, and to this end should increase the level of financial literacy of the population. There are prerequisites for further development of fintech in Ukraine. In this context, the USAID Financial Sector Transformation Project of the National Bank of Ukraine (NBU) and the Independent Association of Banks of Ukraine (IABU) is analysed.
The activity of innovation park in Ukraine in the field of fintech industry UNIT.City is considered. Special attention is paid to mobile applications with augmented reality. The typical problems faced by developers of fintech startups are analysed. These are, in particular, the following reasons for the loss of projects: the Ukrainian market for investment is not so big; not enough resources for successful work in this market; market regulation issues etc.
Keywords: finance, bank, virtual bank, digital economy, Fintech, startup, account, financial institution
References
Monobank — Ваша банківська картка з супер-можливостями.
https://www.universalbank.com.ua/news/monobank-vasha-bankivska-kartka-z-super-mozhlivostyami
Що таке Monobank, кому він належить і що пропонує сьогодні.
https://section.in.ua/brands/monobank/
USAID, НБУ та НАБУ оголосили виклик фінтех-сектору.
https://nabu.ua/ua/usaid-natsionalniy-bank-ukrayini-ta.html/
Ксендзик Маша, Шишацкий Евгений. Сделано в Украине. Как наши стартапы улучшают банковский сервис.
https://biz.liga.net/fintech/it/article/sdelano-v-ukraine-kak-nashi-startapy-uluchshayut-bankovskiy-servis
Паперник С. FinTech в Україні: чому потрібно розвивати ринок фінансових технологій?
http://yur-gazeta.com/publications/events/fintech-v-ukrayini-chomu-potribno-rozvivati-rinok-finansovih-tehnologiy.html
Савенко Сергій. FinTech-стартапи в Україні. Коли чекати на «зелене світло»?
https://news.finance.ua/ua/news/-/414020/fintech-startapy-v-ukrayini-koly-chekaty-zelene-svitlo
Мазаракі А., Волосович С. FinTech у суспільних трансформаціях. Вісник Київського національного торговельно-економічного університету. 2018. № 2. С. 5−18.