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ИД «Финансы и кредит»






Finance and Credit

Ecosystem within ecosystem: The development of financial technologies in Russia

Vol. 27, Iss. 5, MAY 2021

Received: 11 March 2021

Received in revised form: 25 March 2021

Accepted: 8 April 2021

Available online: 28 May 2021

Subject Heading: Financial system

JEL Classification: G21, G23

Pages: 1116–1131


Ekaterina V. KOROLEVA Peter the Great St. Petersburg Polytechnic University (SPbPU), Saint Petersburg, Russian Federation


Lyubov' A. SOLGAN Peter the Great St. Petersburg Polytechnic University (SPbPU), Saint Petersburg, Russian Federation

ORCID id: not available

Subject. As ICT spread across the financial sector, new market actors came, reshaping the market conditions. Seeing new actors come to the market, consumers changed their attitude to financial services. The competition intensifies among actors of the financial sector.
Objectives. We carry out the analysis of FinTech ecosystem in Russia.
Methods. We performed the case study and interviewed some representatives of the financial sector. The findings were analyzed and sorted via NVivo.
Results. We set up a FinTech ecosystem model for Russia, pointed out its main actors and their roles. The article spotlights key strengths and weaknesses of the existing FinTech ecosystem in Russia and determined its main development trajectories. Russia’s financial sector tends to demonstrate structural disparities, such as a considerable power of the State and banks. The FinTech ecosystem does display this tendency. The Russian banks strive to create their own ecosystems, which could operate rather autonomously. The Russian FinTech companies face two alternative, i.e. becoming a part of the banking ecosystem or evolving on their own, resorting to innovation centers, accelerators, investors and technological providers. The FinTech ecosystem may further thrive if there are forward-looking laws and new market actors, such FinTechs and banking ecosystems, enjoy the effective law enforcement practice. There should also be alternative methods of finance of FinTechs, educational programs for FitTech founders to acquire missing administrative skills.
Conclusions and Relevance. The findings can be used by market actors of the FitTech ecosystem in Russia when setting their own strategies and market positioning.

Keywords: financial technology, ecosystem, FinTechs, banks


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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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June 2022