FinTech and Commercial Banking Development in Belarus

Abstract

Financial technology or FinTech companies are relatively new players in the market. The ideas of alternative options to banks were widely discussed since October 2008 when Satoshi Nakamoto published a paper “Bitcoin: A Peer-to-Peer Electronic Cash System.” Since this topic is not yet thoroughly studied and investigated, it especially appeals to the author to elaborate on that topic and follow the evolution and development of FinTech as well as its influence over banks. Without no doubt there will be brought up probable limitations and challenges that could decelerate the advancement of fresh alternative to traditional banking. The development of technology in the financial sector has led to the formation of a new financial and technological ecosystem. Revolutionary innovations in the field of financial services arise in the interaction of both organizations among themselves and organizations with customers. In the interaction between organizations, new companies appear that develop and offer technologies in the field of payment services at a lower price and on more favorable terms, unlike financial organizations.

Citation

Karachun, I., Korotkevich, A. and Marushka, D. (2019), "FinTech and Commercial Banking Development in Belarus", Sergi, B.S. (Ed.) Modeling Economic Growth in Contemporary Belarus (Entrepreneurship and Global Economic Growth), Emerald Publishing Limited, Leeds, pp. 25-40. https://doi.org/10.1108/978-1-83867-695-720191003