Development of Financial Technologies in the Conditions of Bifurcation of Globalization Economic Processes.

Abstract

Digitalization – reduces costs for business, expands the possibilities of remote interaction with customers, which leads to cheaper and more affordable financial products. On the other hand, digitalization poses additional risks as it creates the potential for cybercrime and fraud. The main priorities for the development of financial technologies: end-to-end digitalization of financial services, improving the availability and quality of services; development of digital platforms and mechanisms for access to data with equal access for market participants; development of competition and regulation of ecosystems. Let's highlight the principles that market participants consider important for creating conditions for the development of innovation in the financial market: prevention of non-market competition; development of risk-oriented and proportional regulation using cross-sectoral approaches; involvement of the commercial sector in the construction and development of infrastructure; creating conditions for the development of new fintech companies and technological solutions.