Trends in Developing Financial Innovations in the Course of the Economic Development in Russia

Tolendi Ashimbayev*, Sarkyt Tashenova, Yevgeniy Sadvakassov and Alma Karshalova
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Tolendi Ashimbayev*: ADAM University / Bishkek Academy Financial and Economics, 720010, Kyrgyz Republic, Bishkek city, bul. Young Guard
Sarkyt Tashenova: Central Asian University, 050090, Kazakhstan, Almaty, Zhandosov Street, 60
Yevgeniy Sadvakassov: Kainar Academy, 050013, Kazakhstan, Almaty, Satpaev str. 7A
Alma Karshalova: S Narxoz University, 050035, Kazakhstan, Almaty, Zhandossov ave. 55

The Journal of Social Sciences Research, 2018, 44-51 Special Issue: 3

Abstract: This article is devoted to studying trends in developing financial innovations in the Russian Federation, which represent implementation and promotion of the financial system with improved financial products, services and new processes to create a new financial structure, which ultimately accelerates the sustainable economic growth. The results obtained during this study show that four most promising segments can be identified in the long-term run, which should be taken into consideration while planning the development of financial innovations: payments and remittances, alternative financing, insurance and capital management. In Russia, the development of the above segments will depend on the creation and effective functioning of its financial technological (FinTech) ecosystem. This may be achieved by developing technologies and increasing demand for new services and innovative financial products through a set of measures aimed at providing capital to financial innovation companies, as well as improving the regulatory environment and developing human intellectual capital. This study has identified key initiatives that should be implemented to support the development of financial innovations and FinTech segments in Russia.

Keywords: Financial innovations; FinTech ecosystem; Financial products and services; Innovative banking technologies; Economic development. (search for similar items in EconPapers)
Date: 2018
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