Fintech Tools in the Foreign Economic Activity of the Eaeu Countries

Abstract

A study of the use of Fintech tools in the field of foreign economic activity of the EAEU countries was conducted. The article highlights the role of digitalization in the development of the market of goods, services and capital in integration associations. Based on the actual data, the analysis of the situation in the sectors of the financial market of the EAEU countries was carried out and the features consisting in a high degree of differentiation of the development and dynamics of various segments of the financial market were highlighted. The analysis of Fintech tools has shown that in the field of foreign economic activity and support of foreign trade contracts concluded within the framework of the EAEU, there is no single electronic system which allows to effectively support export-import operations and promote interaction and development of corporate entities and enterprises of all forms of ownership. The analysis of existing approaches to the use of electronic systems in the field of foreign trade has shown that most of them are based on mobile operator platforms, which limits the development of digital tools. The unavailability of digital technologies or their absence in a number of EAEU countries indicates the underdevelopment of the digital culture of citizens of the EAEU countries. The article suggests ways to solve the current situation by creating a unified electronic trading system and a unified marketplace with the possibility of opening remote access to a variety of financial instruments for individuals and to attract the capital of companies; increasing the quantitative and qualitative parameters of the development of the financial center; unifying the reporting and auditing system of issuing companies, as well as ensuring the availability and transparency of innovative regulatory and control systems.