The Role of FinTech Startups in Contemporary Society

Abstract

Subject. This article discusses the socio-economic role and implication of FinTech startups in modern conditions. Objectives. The article aims to identify and characterize the main areas of influence of FinTech startups on social inequality and prove the need for their support by the State in connection with the growing influence of the FinTech industry in the global financial system. Methods. For the study, I used the methods of logical and statistical analyses, aggregation by attribute, and classification. Results. The article reveals the growing influence of the FinTech industry on the global financial system, and in the context of this it proves that the current stage of development of world finance is characterized by an upsurge in investor interest in FinTech startups. Through empirical analysis, the article identifies the main categories of positive externalities of FinTech startups, and it also offers universal recommendations for State support for FinTech startups. Conclusions. Today, FinTech startups are among the most dynamically developing companies in the financial market. According to the totality of characteristics, FinTech startups can become a tool for transforming the financial system at the State level. The FinTech development is reaching a new level, namely the supranational one, which has both advantages and disadvantages.

Fintech, financial inclusion, and sustainable development in the African region

“…Our findings align with the results of Nenavath and Mishra (114), who concluding that green finance has a positive impact on economic growth through its influence on financing structures, financial efficiency, and environmental quality preservation. They also correspond with the findings of Yeyouomo et al (103), which indicated that FinTech companies contribute to reducing the gender gap in financial inclusion in Sub-Saharan African (184) claims that FinTech has a small but statistically significant positive impact on social-environmental performance in 58 countries during the period of 2013-2019. Furthermore, our results are consistent with the conclusions of Awais et al (22,116) and Haddad and Hornuf (117).…”

“…Based on the empirical findings and the outcomes of some relevant key studies [ (28,34,35,51,82,100,103,104,109,(187)(188)(189)], several policy implications have been provided that could benefit the governments, policymakers, and related stakeholders in the African region for promoting sustainable development. The details are as follows:…”

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“…Гражданский сектор Чувашской Республики представлен разнообразными по форме и видам некоммерческими организациями. По данным Минэкономразвития Чувашии (2021), на территории региона зарегистрировано 1306 некоммерческих организаций: из них общественных объединений, в том числе региональных отделений политических партий -654, религиозных организаций -331, казачьих обществ -2, иных некоммерческих организаций -319. Из общего числа выделим социально ориентированные некоммерческие организации, их 1280; из них: общественных объединений -628, религиозных организаций -331, казачьих обществ -2, иных СО НКО -319.…”