The Technological Innovations of Fintech Companies to Ensure the Stability of the Financial System in Pandemic Times

Abstract

The COVID-2019 pandemic has negatively affected all aspects of the socio-economic development of countries. Both Latvia and Ukraine were not spared from these trends. An important issue for the development of countries at the current stage, especially for Ukraine in the conditions of war, is the development of new technologies that give the possibility to manage the accounts online. The main research purpose is to explore the ability of FinTech companies to provide financial stability during a pandemic. This investigation becomes essential in the view of the other global challenges, such as war. Examination of technological innovation of FinTech development in the paper is carried out in the following logical sequence: studying the development of technological innovations of FinTech companies in Latvia and Ukraine; identifying the positive experience of Lithuania and Estonia in the development of the FinTech sector for Latvia and Ukraine; analyzing the capabilities of FinTech and EcoTech companies. Methodological tools of the research methods were literature analysis (a review of research in FinTech companies) and taxonomic methods used to determine the development and ability of FinTech to ensure financial stability. The research covers 1986-2020. The research object is the FinTech Index and Index of Economic Freedom of Ukraine and Latvia, Estonia, and Lithuania because Ukraine and Latvia lag behind Estonia and Lithuania in terms of their Global FinTech index and, in perspective, could use their positive experience of FinTech development. For this reason, the authors proposed tightening countries` positions according to the criteria of the legislative base, government intervention in the economy, the efficiency of regulation, and openness of the economy. The directions of the development of technological innovation of EcoTech were proposed. The research empirically confirms and theoretically proves the development of FinTech and EcoTech's innovative conception and tools. The research results and recommendations could be useful for transnational corporations to develop the FinTech system.

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