Fintech platforms in SME’s financing: EU experience and ways of their application in Ukraine

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The main aim of the given research is to develop an appropriate approach for creation of information FinTech platform with the EU standards compliance mainly for SMEs in order to support innovativeness of SMEs, improve their access to finance and simplify different financial processes. The authors defined the main features of FinTech platforms underlining types of FinTech, its participants and the most influential factors. The main trends of FinTech platforms development in the EU countries, such as the level of investment, impact of EU FinTech platforms on the global scale, features of investments into B2B FinTech, were determined. It was considered that in Ukraine, some positive changes in legislation were adopted, but the challenges like lack of finance, slow adoption of innovations in the financial market, not sufficient clarity of legislation remain among the main constraints for further development of FinTech platforms in Ukraine. The conducted analysis on the level of FinTech types performance by Ukrainian platforms showed only the great share of digital payments and money transfers, while other modern innovative FinTech instruments should not be underestimated for proper FinTech application in Ukraine. For this purpose, the authors have developed the Information Platform on Support for SMEs’ Innovations that consolidates interests of both SMEs and scientists. To determine both the SMEs’ opinion about the necessity of a particular Internet platform for them and the types of services that could be provided by the sme-sci.com platform, the authors conducted a survey in which 374 medium-sized and 380 small businesses took part. The results of the survey that are presented in the article confirm the necessity of the Information Platform on Support for SMEs’ Innovations and demand for it from the SMEs. Finally, the result of the research proves that such a unique informational platform as sme-sci. com that will serve as an interactive field for exchanging ideas and information of both representatives of scientific and business world is of great importance.

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    • Figure 1. Theoretical approaches to Fintech platform basics
    • Figure 2. Investments in European FinTech sector, bln. USD
    • Figure 3. The place of FinTech platforms in the EU countries on the global scale in 2016, %
    • Figure 4. Global funding invested in FinTech platforms in 2016, %
    • Figure 5. Investment into B2B FinTech in the EU countries, mln. USD
    • Figure 6. FinTech categories performed by Ukrainian companies
    • Figure 7. Structural indicators of respondents’ answers on questions that determine the role of Internet platforms in their business performance
    • Figure 8. The respondents’ answers to questions that determine the importance of information presented by the Internet platforms (multiple choice)
    • Figure 9. The respondents’ answers on question that determine the possibility to find external support with the help of the Internet platforms (number of SMEs who answered)
    • Figure 10. The structure of the respondents’ answers to questions that determine the business’s need to collaborate with scientists
    • Table 1. Types of crowdfunding platforms for SMEs