Применение инноваций финансовых технологий на рынке финансовых технологий казахстана

Abstract

The banking sector in Kazakhstan is a system forming industry in the financial market of the country. The relevance of this work is due to the thesis that fintech is today the cornerstone in enhancing the competitiveness of Kazakhstan’s financial market, which is essentially important billion for the banking in-dustry in Kazakhstan. Today, banks are obliged to adopt fintech to stay competitive. The purpose of the study is to provide scientific novelty by analyzing the development of the financial technology industry and the level of application by banks in Kazakhstan of innovation in financial technology to increase the com-petitiveness of banking products. The main object of research is second-tier banks, but secondary research objects fintech ecosystem of Kazakhstan, which are defined by the fintech research methodology as compa-nies serving commercial banks, the regulator, financial market participants that offer common fintech prod-uct, organizations that represent the state's interests in the development of fintech industry and their like-minded people. The article starts with definition of fintech and fintech products. Then it continues with a re-view of the financial market and Kazakhstan’s fintech market. The paper gradually justifies the low fintech adoption index assigned by well-known business analysts like Deloitte.