The assessment of the fintech industry development competitiveness in Hong Kong and Russia

Authors

V. V. Zabolotskaya
Kuban State University, Russian Federation
D. K. Kostenko
Kuban State University, Russian Federation

DOI

https://doi.org/10.31429/2224042X_2024_73_54

Abstract

The authors propose a methodological approach to assessing the competitiveness of the fintech industry using international ratings and quantitative indicators of the development of financial technologies and information and communication technologies (ICT). The article analyzes the level of competitiveness of fintech development in Hong Kong and Russia from 2018 to 2023, which made it possible to identify the factors of Russia’s lagging behind and propose recommendations for adapting the experience of the Hong Kong model of fintech services development in Russian practice.

Keywords

alternative energy, renewable energy sources, installed capacity utilization factor, wholesale electricity market, retail electricity market, marginal efficiency indicator of a renewable energy facility, localization level

Authors Info

V. V. Zabolotskaya

Candidate of Economic Sciences (Ph. D.), Associate Professor, Department of World Economy and Management at Kuban State University

D. K. Kostenko

Student of the Department of World Economics and Management at Kuban State University

References

  1. Венгеренко Н. Система быстрых платежей для бизнеса: как работает и как подключить к сайту. URL: https://workspace.ru/blog/sistema-bystrykh-platezhey-dlya-biznesa/.
  2. Дорошенко И.А. Развитие финтех-индустрии в Российской Федерации в условиях международных санкций // Финансовые рынки и банки. 2023. № 8. С. 35—41.
  3. Ештокин С.В. Оценка конкурентоспособности банка в цифровой экономике: количественный и качественный подходы // Beneficium. 2021. № 1 (38). С. 16—27.
  4. Ильина Т.Г., Ван Икэ. Сравнительный анализ финтех-рынков (FinTech) в России и Китае // Вестник Томского государственного университета. Сер. Экономика. 2023. № 63. С. 221—233.
  5. Как финтех может экономить до 30 % выручки на налогах. URL: https://old.sk.ru/news/b/press/archive/2020/03/25/kak-finteh-mozhet-ekonomit-do-30_2500_-vyruchki-na-nalogah.aspx.
  6. Российский сектор ИКТ: ключевые показатели 2022 года: квартальный дайджест на основе официальной статистической информации. М.: НИУ ВШЭ, 2023.
  7. Структура валовой добавленной стоимости по отраслям экономики. URL: https://view.officeapps.live.com/op/view.aspx?src=https%3A%2F%2Frosstat.gov.ru%2Fstorage%2Fmediabank%2FVDS_god_OKVED2_S_2011.xlsx&wdOrigin=BROWSELINK.
  8. Федотова М.А., Демьянова Е.А. Совершенствование методов стоимостной оценки финтех компаний // Имущественные отношения в РФ. 2018. № 4 (199). С. 22—32.
  9. Численность населения Российской Федерации по полу и возрасту на 1 января 2022 года // Статистический бюллетень. М.: Росстат, 2022.
  10. Allen F.A., Gu X., Jagtiani J. Survey of Fintech Research and Policy Discussion // Working Papers. 20—21. Revised. Federal Reserve Bank of Philadelphia. Consumer Finance Institute. February 2021.
  11. Barroso M., Laborda J. Digital transformation and the emergence of the Fintech sector: Systematic literature review // Digital Business. 2022. Vol. 2. Iss. 2. 100028. URL: https://doi.org/10.1016/j.digbus.2022.100028.
  12. Digital 2023: Hong Kong. 09.02.2023. Data Reportal. URL: https://datareportal.com/reports/digital-2023-hong-kong.
  13. Digital 2023: The Russian Federation. 13.02.2023. Data Reportal. URL: https://datareportal.com/reports/digital-2023-russian-federation.
  14. You Enoch, Chan Bobo. Hong Kong’s cheques are heading for the dust heap of history even if branches remain in the age of virtual banks // South China Morning Post. 17.07.2021. URL: https://www.scmp.com/business/banking-finance/article/3137555/hong-kongs-cheques-are-heading-dust-heap-history-even-if?campaign=3137555&module=perpetual_scroll_0&pgtype=article.
  15. Fact sheet: Hong Kong fintech landscape. Fintech HK. 22.01.2024. URL: https://www.hong-kong-fintech.hk/media/3mhj2s1k/hk-fintech-fact-sheet_en_20240122.pdf.
  16. Financial Technology (FinTech) as a Financial Development Factor in the EU Countries / O. Lavrinenko [et al.] // Economies. 2023. Vol. 11. № 2. Iss. 45. P. 1—20.
  17. Global FinTech Adoption Index 2019. URL: https://assets.ey.com/content/dam/ey-sites/ey-com/en_gl/topics/banking-and-capital-markets/ey-global-fintech-adoption-index.pdf.
  18. Hong Kong IT Manpower. Office of The Government Chief Information Officer. URL: https://www.ogcio.gov.hk/en/our_work/business/industry_support/ict_manpower/student_it_corner/career_corner/hk_it_manpower/.
  19. Hong Kong Smart City Blueprint 2.0. URL: https://www.smartcity.gov.hk/modules/custom/custom_global_js_css/assets/files/HKSmartCityBlueprint(ENG)v2.pdf.
  20. Invest HK. Innovation and Technology. URL: https://innotech.investhk.gov.hk/en/overview/talent/.
  21. Ivankina M. Полный список необанков. Monito. 30.05.2023. URL: https://www.monito.com/ru/neobanki.
  22. Li Z., Chen B., Lu S. The impact of information and communication technology on financial inclusion — based on a global perspective // AIMS Mathematics. 2022. Vol. 7. № 12. P. 20930—20961.
  23. List of virtual banks. 31.11.2024. URL: https://view.officeapps.live.com/op/view.aspx?src=https%3A%2F%2Fwww.hkma.gov.hk%2Fmedia%2Feng%2Fdoc%2Fkey-functions%2Fbanking-stability%2Fbanking-policy-and-supervision%2Flist_of_virtual_banks.xls&wdOrigin=BROWSELINK.
  24. Ma C.K. Collaborative governance for knowledge-based innovation: the case of Hong Kong: Dr. Thesis of Doctor of Public Administration. Hong Kong SAR, Pokfulam: University of Hong Kong, 2022.
  25. Median Country Speeds December 2023. Speedtest Global Index. URL: https://www.speedtest.net/global-index.
  26. Monis E., Pai R. Neo Banks: A Paradigm Shift in Banking // International Journal of Case Studies in Business, IT, and Education. 2023. Vol. 7 (2). P. 318—332. URL: https://doi.org/10.5281/zenodo.8011125.
  27. Morris H., Wardle M., Mainelli M. The Global Financial Centres Index 2020. URL: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3701489.
  28. Mukherjee P. Hong Kong residents spend most time online globally: NordVPN survey // Yahoo Finance. 22.11.2022. URL: https://finance.yahoo.com/news/hong-kong-residents-spend-most-095044099.html.
  29. Ookla. The Speedtest Global Index Shows These Countries Sped Forward for Internet Experience in 2022. URL: https://www.ookla.com/articles/global-index-internet-speed-growth-2022.
  30. QS World University Rankings by Subject 2023: Engineering & Technology. URL: https://www.qschina.cn/en/university-rankings/university-subject-rankings/2023/engineering-technology.
  31. The Global Financial Centres Index 2021—2023. URL: https://www.longfinance.net/programmes/financial-centre-futures/global-financial-centres-index/gfci-publications/.
  32. The Global Fintech Index 2020—2021. URL: https://en.ac-mos.ru/ratings/findexable-the-global-fintech-index/.
  33. Wang Y., Xiuping S., Zhang Q. Can fintech improve the efficiency of commercial banks? — An analysis based on big data // Research in International Business and Finance. 2021. Vol. 55. P. 127—132.
  34. World Digital Competitiveness Ranking. IMD. 2023. URL: https://www.imd.org/centers/wcc/world-competitiveness-center/rankings/world-digital-competitiveness-ranking.
  35. Zhou Jianxin, Liu Yifan. HK FinTech Week makes city’s competitiveness different // China Daily. 02.11.2023. URL: https://www.chinadailyhk.com/article/359408.

Article Sidebar

PDF (Russian) JATS XML

Article Details

Issue

2024 · No. 1 (73)

Section

Global Economy

Publication History

Published 2024-03-20

How to Cite

[1]
Zabolotskaya V.V., Kostenko D.K. The assessment of the fintech industry development competitiveness in Hong Kong and Russia // Economics: Theory and Practice. 2024. No 1 (73). С. 54–64. DOI: 10.31429/2224042X_2024_73_54

License

Copyright (c) 2025 V. V. Zabolotskaya, D. K. Kostenko

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.