The world keeps track of disruptive innovations, as technologies confirm their status as an indispensable part of our everyday lives. Access to financial services has taken a revolutionary step forward with the development of fintech (a portmanteau of “financial technology”). This is among the fastest growing industries in the world, offering immense value and a global scale.
The fintech sector is dramatically changing our habits and way of life with a new ecosystem of Internet-enabled services. E-banking, mobile money transfers and cryptocurrencies are probably the most widely used terms of the past few years. There are many examples of technologies in actions and their number is on the rise. For example, blockchain could have a vast impact on a vast range of industries. It is just a matter of time.
One of the core challenges in the financial space is to remain both sustainable and technologically competent. Consumer-oriented services and relevant technological solutions have become a competitive edge for banks. What’s really interesting is that the low level of regulation of the Ukrainian banking sector, certainly less than on banking in Europe, has helped to make the former quite technologically advanced.
As finance moves more and more to the digital space, the questions of geographical boundaries and appropriate regulatory response are certainly reasonable ones. We try to consider these and other vital issues in our December UJBL.