Issue page

DOI: 10.47026/2499-9636-2021-3-52-58

Sokolova G.N.

Fintech Tools in the Foreign Economic Activity of the EAEU Countries

Keywords: digitalization, Fintech, foreign economic activity, integration, e-commerce, financial market

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.

References

  1. Belozerov S. Fintekh kak faktor transformatsii global’nykh finansovykh rynkov [Fintech as a factor of transformation of global financial markets]. Forsait, 2020, no 2, pp. 23–35. DOI: 10.17323/2500-2597.2020.2.23.35.
  2. Blokhina T.K. Savenkova E.V., Basov Ya.I. Potentsial razvitiya edinogo finansovogo rynka Evraziiskogo ekonomicheskogo soyuza [The development potential of the single financial market of the Eurasian Economic Union]. Vestnik Evraziiskoi nauki, 2018, no 4. Available at: https://esj.today/PDF/28ECVN418.pdf.
  3. Golikova A.S. Rynok fintekha stran-chlenov EAES (na primere Belarusi, Kazakhstana i Rossii) [The fintech market of the EAEU member states (on the example of Belarus, Kazakhstan and Russia)]. In: Bankovskaya sistema: ustoichivost’ i perspektivy razvitiya: sb. nauch. st. XI Mezhdunar. nauch.-prakt. konf. po voprosam bankovskoi ekonomiki [Proc. of 11th Si. Conf. «Banking system: stability and development prospects»]. Pinsk, Polessk State University Publ., 2020, pp. 12–15.
  4. Gontar’ L.O. Smart-podkhody v tsifro-finansovoi ekosisteme: fintekh v usloviyakh primeneniya tsifrovykh platform i umnogo kontrolya [Smart approaches in the digital-financial ecosystem: fintech in the conditions of using digital platforms and smart control]. E-Management, 2021, no. 2, pp. 44–50. DOI: 10.26425/2658-3445-2021-4-2-44-50.
  5. Ladykova T.I., Sokolova G.N. Osnovnye teoreticheskie voprosy ispol’zovaniya KPI v protsessakh indikativnogo planirovaniya [The main theoretical issues of the use of KPI in the processes of indicative planning]. Nauchnoe obozrenie. Ekonomicheskie nauki, 2019, no. 4, pp. 10–17.
  6. Mazitova E.T. Finansovye tekhnologii i ikh rol’ v stabilizatsii ekonomiki [Financial technologies and their role in the stabilization of the economy]. Nauchnyi zhurnal NIU ITMO. Ser. Ekonomika i ekologicheskii menedzhment, 2020, no. 1, pp. 55–68. DOI: 10.17586/2310-1172-2020-13-1-55-68.
  7. Morozova N.V., Bondarenko N. V., Vasil’eva I.A. Strategicheskie prioritety sotsial’nogo razvitiya territorii [Strategic priorities of social development of territories]. Innovatsionnoe razvitie ekonomiki, 2020, no. 6(60), pp. 113–120.
  8. Morozova N.V., Vasil’eva I.A., Evseev A.S. Proizvodstvennyi i kadrovyi aspekty tsifrovizatsii promyshlennosti Privolzhskogo federal’nogo okruga [Production and personnel aspects of digitalization of industry in the Volga Federal District]. Oeconomia et Jus, 2021, no. 2, pp. 1–6. DOI 10.47026/2499-9636-2021-2-1-6.
  9. Myasnikovich M. Missiya EAES-2025: regional’nyi tsentr ekonomicheskogo razvitiya i opora Bol’shoi Evrazii [The mission of the EAEU-2025: the regional center for economic development and the support of Greater Eurasia]. Nauka i innovatsii, 2021, no. 1(215), pp. 4–11. DOI: 10.29235/1818-9857-2021-1-4-11.
  10. Plotnikova V.P. Instrumenty prodvizheniya fintekh-kompanii na razvivayushchikhsya rynkakh [Tools for promoting fintech companies in emerging markets]. In: MNSK-2020. Menedzhment: materialy 58-i Mezhdunar. nauch. stud. konf. [Proc. of 58th Sci. Stud. Conf. «MNSK-2020. Management»]. Novosibirsk, Novosibirsk State University Publ., 2020, pp. 90–91.
  11. Putanova O. A. O vliyanii industrii finansovykh tekhnologii na razvitie finansovogo rynka Rossii i dostizhenie TsUR [On the impact of the financial technology industry on the development of the Russian financial market and the achievement of the SDGs]. In: Global’naya nestabil’nost’ i tsifrovye tekhnologii: realii XXI veka: sb. materialov mezhvuz. nauch.-prakt. konf. [Proc. of Interuniversity Sci. and Pract. Conf. «Global instability and digital technologies: realities of the XXI century»]. Mosсow, RUDN Publ., 2020, pp. 167–171.
  12. Sokolova G.N., Markov A.V. Faktornyi analiz razvitiya regionov i vyyavlenie korrelyatsionnoi vzaimosvyazi [Factor analysis of regional development and identification of the correlation relationship]. Nauchnoe obozrenie, 2017, no. 21, pp. 121–124.
  13. Tishchenko A.V. Fintekh – startapy kak instrument razvitiya finansovoi gramotnosti v Rossii [Fintech startups as a tool for the development of financial literacy in Russia]. In: Finansovoe prosveshchenie: sb. Materialov [Financial education: A collection of materials]. Moscow, 2020, pp. 56–62.
  14. Turzhanskii G.A. Fintekh i ego vliyanie na mirovoi finansovyi rynok [Fintech and its impact on the global financial market]. Ekonomika i upravlenie: problemy, resheniya, 2020, no. 1, pp. 96–108.
  15. Umarov Kh.S. Rol’ fintekh-startapov v sovremennom obshchestve [The role of fintech startups in modern society]. Finansy i kredit, 2021, no. 8(812), pp. 1911–1930. DOI: 10.24891/fc.27.8.1911.

About authors

Sokolova Galina N.
Candidate of Economic Sciences, Associate Professor, Department of State and Municipal Administration and Regional Economy, Chuvash State University, Russia, Cheboksary (galina1980@list.ru; ORCID: https://orcid.org/0000-0002-0908-2538)

Article link

Sokolova G.N. Fintech Tools in the Foreign Economic Activity of the EAEU Countries [Electronic resource] // Oeconomia et Jus. – 2021. – №3. P. 52-58. – URL: http://oecomia-et-jus.ru/en/single/2021/3/7/. DOI: 10.47026/2499-9636-2021-3-52-58.