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I. V., K., & Y. S., G. (2018). Impact of Financial Technologies on the Banking Sector. KnE Social Sciences, 3(2), 215-220. https://doi.org/10.18502/kss.v3i2.1545

https://doi.org/10.18502/kss.v3i2.1545

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authors

  • Kolesova I. V.

    Kolesova I. V.

    Sevastopol State University, Head of the Financial Monitoring Program, Candidate of Economic Sciences, Associate Professor, Sevastopol
  • Girzheva Y. S.

    Girzheva Y. S.

    Sevastopol State University, student of the first year of the Master's program, profile "Financial Monitoring", Sevastopol

Published Date

  • Feb 15, 2018

Impact of Financial Technologies on the Banking Sector

KnE Social Sciences / III Network AML/CFT Institute International Scientific and Research Conference "FinTech and RegTech" / Pages 215-220

Abstract

This article considers the impact of new financial technologies on the banking sector. The research is based on Russian and foreign documents together with the opinions of authoritative experts, which is used to identify the risks that financial technologies bear for banks. Financial technologies are developing at a rapid pace and market participants need to adapt to them, so identification of risks that accompany them is an urgent problem for the banking sector and the economy as a whole.


Keywords: financial technologies (finteh), risks, banking sector

References
[1] Report on the development of the Fintech branch in Russia in 2017 // ”Fintech Observatory” URL: http://fintech-ru.com/development-industry-integration–2017


[2] Fund for the development of Internet http://www.tadviser.ru/index.php initiatives URL:http://www.tadviser.ru/index.php


[3] The penetration of financial and technological services in Russia and the world // ”Ernst & Young” URL: http://www.ey.com/ru/en/newsroom/news-releases/ey- news-fintech-index-russia -rus-2017


[4] International standards on combating money laundering, financing of terrorism and financing the proliferation of weapons of mass destruction. Recommen- dations of the FATF. URL: http://www.mumcfm.ru/biblioteka/mezdunarodnye- dokumenty/fatf


[5] The Central Bank of China established the Fintech Committee // ”PaySpace” URL: https://psm7.com/news/ centralnyj-bank-kitaya-uchredil-fintech-komitet.html


[6] The Basel Committee saw in fintech the risk for banks // RosBusinessConsulting URL: http://www.rbc.ru/finances/04/09/2017/59ad67f


[7] Digitalization of the economy is a fundamental trend // Plas URL: http://www.plusworld.ru/professionals/ tsifrovizatsiya-ekonomiki-yavlyaetsya osnovopolagayushhim-trendom


[8] The Central Bank and VTB called on banks to unite in the face of the finteha // Futurebanking URL: http://futurebanking.ru/post/3335


[9] Sound Practices: Implications of fintech developments for banks and bank supervisors // ”Bank for international settlements” URL: https://www.bis.org/bcbs/publ/d415.pdf