CONCEPTUAL FOUNDATIONS FOR THE FORMATION OF FINTECH ECOSYSTEMS

Fintech has evolved from technology-based financial products and services to more complex and multidimensional ecosystems in which different players interact with each other to shape the development of the industry. The fintech ecosystem includes five elements: financial institutions, technology companies or network data, government, consumers, and fintech startups. Fintech improve the industrial development of the market by creating an environment in which fintech companies, financial institutions and regulators can collaborate which in turn helps to improve the quality of the offered products and services, allows the exchange of knowledge and best practices. The sustainable development of the fintech industry depends on a various number of factors, the main of which is the availability of the appropriate infrastructure, the functioning of which in turn depends on the flexible system of taxation of companies, comprehensive investment support, included various sources and forms of financing, as well as the availability of an effective regulatory and legal framework for proceedings business activity. The article examines the essence of Fintech ecosystems by analyzing different approaches to defining the concept of fintech ecosystems, as well as analyzes its main attributes. The structural elements and key players of the fintech market have been identified, as well as the main stages of formation and development of sustainable and profitable fintech ecosystems have been considered, including the factors contributing to that formation and the benefits for stakeholders. Based on investigation, the attributes of choosing a partner and/or counterparty for a fintech startup have been proposed and the examples of the latter are given.