Lyubov' A. SOLGANPeter the Great St. Petersburg Polytechnic University (SPbPU), Saint Petersburg, Russian Federation solgan.la@edu.spbstu.ru ORCID id: not available
Subject. As ICT spread across the financial sector, new market actors came, reshaping the market conditions. Seeing new actors come to the market, consumers changed their attitude to financial services. The competition intensifies among actors of the financial sector. Objectives. We carry out the analysis of FinTech ecosystem in Russia. Methods. We performed the case study and interviewed some representatives of the financial sector. The findings were analyzed and sorted via NVivo. Results. We set up a FinTech ecosystem model for Russia, pointed out its main actors and their roles. The article spotlights key strengths and weaknesses of the existing FinTech ecosystem in Russia and determined its main development trajectories. Russia’s financial sector tends to demonstrate structural disparities, such as a considerable power of the State and banks. The FinTech ecosystem does display this tendency. The Russian banks strive to create their own ecosystems, which could operate rather autonomously. The Russian FinTech companies face two alternative, i.e. becoming a part of the banking ecosystem or evolving on their own, resorting to innovation centers, accelerators, investors and technological providers. The FinTech ecosystem may further thrive if there are forward-looking laws and new market actors, such FinTechs and banking ecosystems, enjoy the effective law enforcement practice. There should also be alternative methods of finance of FinTechs, educational programs for FitTech founders to acquire missing administrative skills. Conclusions and Relevance. The findings can be used by market actors of the FitTech ecosystem in Russia when setting their own strategies and market positioning.
Isaeva E.A., Kairbekov A.A. [Directions of banking business development in the context of digital transformations]. Innovatsionnoe razvitie ekonomiki = Innovative Development of Economy, 2020, no. 4-5, pp. 25–33. (In Russ.)
Stam E. Entrepreneurial Ecosystems and Regional Policy: A Sympathetic Critique. European Planning Studies, 2015, vol. 23, iss. 9, pp. 1759–1769. URL: Link
Cukier D., Kon F. A Maturity Model for Software Startup Ecosystems. Journal of Innovation and Entrepreneurship, 2018, vol. 7, iss. 1, pp. 1–32. URL: Link
Lee I., Shin Y.J. FinTech: Ecosystem, Business Models, Investment Decisions, and Challenges. Business Horizons, 2018, vol. 61, iss. 1, pp. 35–46. URL: Link
Castro P., Rodrigues J.P., Teixeira J.G. Understanding FinTech Ecosystem Evolution Through Service Innovation and Socio-technical System Perspective. International Conference on Exploring Services Science. Springer International Publishing, 2020, pp. 187–201.
Mittal V. EY FinTech Ecosystem Playbook. Ernst & Young, 2019, 56 p.
Gomber P., Kauffman R.J., Parker C., Weber B.W. On the FinTech Revolution: Interpreting the Forces of Innovation, Disruption, and Transformation in Financial Services. Journal of Management Information Systems, 2018, vol. 35, iss. 1, pp. 220–265. URL: Link
Nicoletti B. Future of FinTech. Palgrave Macmillan, UK, 2017, 343 p.
Ankenbrand Т., Dietrich A., Bieri D. IFZ FinTech Study 2018: An Overview of Swiss FinTech. Institute of Financial Services Zug IFZ, 2018, 143 p.
Pertseva S.Yu. [FinTech: Mechanism of function]. Innovatsii v menedzhmente = Innovation in Management, 2017, no. 2, pp. 50–53. (In Russ.)
Zhdanova O.A. [FinTech accelerators as the institutions of FinTech ecosystem]. Obshchestvo: Politika, ekonomika, pravo = Society: Politics, Economics, Law, 2018, no. 4, pp. 34–36. URL: Link
