New opportunities and challenges for the financial sector regulatory system as a result of the world fintech market development

Introduction. The appearance of new companies and business models on the FinTech market has a significant impact on the structure of the country's financial sector, especially in the long term, and leads to new challenges for the current regulatory system. Aims. To study and systematize the potential opportunities and challenges for the financial sector regulation system as a result of the FinTech global market development. Methods. The study methodology is based on the analysis of the current stage of FinTech market development using a technology maturity cycle model, statistical and situational analysis methods. Results. A number of potential opportunities for the financial sector regulation system have been identified that result from the FinTech global market development, namely the expanding public access to financial services, improving quality of banking services, increasing level of transparency and security of banking processes, etc. Three main areas have been identified as challenges for the regulatory system: intensifying competition and partnership of FinTech companies with traditional financial organizations, BigTech companies entering the finance markets new services and the formation of a new risk structure in the financial sector. Conclusions. It is concluded that at present there is a potential for increasing systemic risks in the event of widespread distribution of FinTech services in the long term, which requires studying the regulation of the FinTech market and monitoring key development areas.