Development of innovative business companies and fintech industry in the digital economy

Abstract

The globalization of economic relations and the development of modern financial technologies require the search for new means of ensuring national interests, inthe market of financial services. In these conditions, the question arises of forming a modern innovative financial system, taking into account the peculiarities both at the level of business structures and at the level of the state. In this system, the leading place as a modern means of service market development belongs to the latest financial services and tools,the implementation of which in all spheres of business activity demonstrates the importance of the development of the fintech industry.The defining trend in the development of the world economy in the 21st century was the spread of information and communication technologies, which made it possible to talk about the formation of the so-called "digital economy" and led to the introduction of the concepts of "digitalization" or "digitalization"into scientific circulation. The most extensive application of digital technologies was reflected in the financial sector, in particular, it made significant changes in the organization of circulation and trading of financial instruments. The transition to digital technologies in various fields of activity has been significantly accelerated by the COVID-19 pandemic, which has manifested itself in the sharp growth of e-commerce, increasing the pace of implementation of telemedicine, video conferencing, distance learning and financial technologies. Modern progress in the development of mobile money, financial and technological services of Internet banking can bring significant benefits to the population with low incomes and small businesses, which determines the relevance of research on the development of innovative business companies and the fintech industry in the digital economy. The purpose of the work is to study the essence of the digital economy, financial technologies; analysis of trends in the development of innovative business companies, as well as determination of the direction of influence of FinTech innovations on the development of business structures and the national economy as a whole. The main research methods were scientific abstraction, logical generalization, comparative and statistical analyzes, structural-functional and strategic analysis for substantiation and determination of directions of development of innovative companies. As a result of research, it will be established that the current stage of the development of society is determined by the formation of a new onetype of economic system -digital economy, which is characterizedthe significant impact of information technologies on the rates of economic growth andto all spheres of the economic life of society. Traditional market participantsrespond to these changes by switching to innovative business models, which are an exampledigital and neobanks, as well as adaptation of FinTech innovations in traditional onesbanking business models by creating their own FinTech units,development of partnership with FinTech companies and cooperation with other participant’smarket.