Insights into fintech development and tendencies

 This study examines directions and tendencies of financial technology in all countries. The purpose of the research is to identify and characterize financial technologies, to show the features of their development in modern conditions and revise the foreign experience of regtech, insurtech and blockchain in practical use. Financial future is forming nowadays based not only on facial recognition and blockchain, but also takes into account facial recognition as well as cloud hosting and artificial intelligence. The global financial crisis of 2008 was a turning point that separated the previous phases of the development of financial technologies (Fintech) and regulatory technologies (RegTech) from the current paradigm.Today Fintech has reached onrush condition in its extensive use, characterized by a vigorous startups’ uptick and rapid appearance of the new members of financial  markets like e–commerce and IT firms that have split the market of financial services. Absolutely new period proposes a conceptual solution to financial problem for regulators and emphasizes the importance of Regtech development along with Fintech propagation. Specifically, regulators should create rather safe new regulatory authority that strengthens market confidence and innovation. It also should be fueled by regulatory sandboxes regular usage. The rapid development of such financial technology as blockchain has the potential to transform the financial market during the pandemic period. Currently, e–wallet payment method is widely used in many countries, which gradually replaced cash as a payment method. Fintech companies today only serve e–wallets. Thus, the use of blockchain is forcing  financial regulators to revise existing rules and assess their relevance on a global scale. The paper provides novel insights into development processes  of these complex phenomena. 

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