How Can FinTech Impact Russia’s Development?

Abstract

There has been a financial revolution lead by technology firms over the past decade. Many large established technology giants, from Google, Apple to Amazon in the US are entering the financial service industry. Smaller start-ups, in particular, robotic advisors, a.k.a. robo-advisors have been taking market shares from traditional asset management firms. In China, firms like Tencent and Alibaba have created a whole new field of online finance. The center of our study is a critical examination of the essential components of the financial innovation over the past 10 years. Mobile banking was the beginning, followed by trading, investment, and insurance business. Artificial intelligence and machine learning are included for discussion in this chapter. Our goal is to develop a thorough understanding of the art and science of financial innovation, from both bottom-up market indicators and a top-down holistic view. Then, we apply to the situation in Russia. We want to demonstrate that the technological changes are likely to have a significant impact on Russia’s sustainable finance and banking development.

Citation

Chen, K. and Sergi, B.S. (2018), "How Can FinTech Impact Russia’s Development?", Sergi, B.S. (Ed.) Exploring the Future of Russia’s Economy and Markets, Emerald Publishing Limited, Leeds, pp. 1-11. https://doi.org/10.1108/978-1-78769-397-520181001