| Abstract [eng] |
The rise of technology has led to the growth of the FinTech field, which aims to enhance financial services through technological means. Nevertheless, developing a perspective FinTech ecosystem requires consistent engagement from different ecosystem participants. Without each participant collaboration, multidirectional communication, knowing their role and potential gains, it becomes difficult to develop a functioning FinTech ecosystem. The object of research is Lithuanian FinTech ecosystem. The aim of this paper to identify and present challenges and perspectives that are being faced, while developing a FinTech ecosystem. The article discusses the growth and development of the FinTech industry globally, with a focus on the FinTech ecosystems in Lithuania. The analysis of ecosystem development, financial ecosystem and FinTech ecosystem is being presented. Other countries’ FinTech ecosystem development is being analyzed. The study highlights the transformative impact of FinTech on the financial industry and the need for traditional financial institutions to adopt new technology to stay competitive. Later on, the analysis identifies key players in the FinTech ecosystem, including governments, financial institutions, entrepreneurs, FinTech startups, technology developers, financial customers, and traditional financing institutions. After the analysis of scientific literature, a theoretical model of FinTech ecosystem development was created, by which, further empirical research of qualitative semi-structured interview was performed. The study found that the development of the Lithuanian FinTech ecosystem, highlighting its supportive environment, good infrastructure, and friendly regulations. It identifies the need for collaboration and cooperation among ecosystem participants, regulatory support, and effective risk management policies for the ecosystem's efficient development and stability. The research underscores the need to strengthen the ecosystem's collaboration among participants, enhance regulation and supervision, increase governmental and regulatory support, provide capital support, and improve the educational system. The article also provides insights from interviews with Lithuanian FinTech ecosystem participants and presents recommendations for enhancing the ecosystem's maturity, including strengthening collaboration, improving regulation and supervision, increasing governmental and regulatory support, providing capital support, and enhancing risk management policies and educational system. |
