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Fintech platforms in SME’s financing

EU experience and ways of their application in Ukraine

FinTech as a whole drastically transformed the financial services making every aspect of them easier, more accessible and faster to perform. Such spheres as banking, mobile payments, money transfers and asset management might only benefit from using innovation technologies that could simplify the access to finance and digital finance system for business, SMEs in particular. But some factors depending on legislation system in different countries, the level of Internet penetration, ICT infrastructure, especially in rural areas, can become simultaneously as merits, as well as drawbacks, due to the level of their availability and development.

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Our previous research was related to information and communication platform as a complex approach for solving information asymmetry problems, where we convinced that such types of platforms play an important role in solving informational asymmetry problems. A great deal of other research into FinTech platforms has focused on its regulation. For instance, Arner, Barberis, Buckley (2015) analyzed the FinTech platform development and found out that its history goes back more than 150 years. It should be admitted that this is the deepest analysis on FinTech platforms performance and, in their opinion, it can be divided into three periods.

The current period has started after 2008 and it runs on till present. The authors of this paper tend to consider FinTech as a union of financial industries and IT technologies because of innovations movement. Whereas, financial regulators are afraid of risks, which they can take about FinTech platforms development. However, the scientists are convinced that it is not the time of launching the FinTech regulation.

Later, the team of the mentioned authors Arner, Barberis, Buckley (2016) described the reasons of 4regulatory reconceptualization in financial markets. Changing approaches to bank lending has caused regulative problems. Their RegTech concept is directed towards the facilitation of financial regulation. They are sure that using their concept will allow to save up expenditure related with regulation. The peculiarity of offered concept is laying not only in digitalization manual processes, but also in reducing risks caused by enabling realtime operations.