Digitalization remains a challenge for traditional banks and few of them are able to achieve success that translates into financial profits. Meanwhile, an entire class of digitally-native entities has entered the market.

The activity of the financial technology companies has become a permanent feature of the global financial system, and an average of 64 per cent of consumers have used their services this year.

The banking sector is facing another revolution — the competition of global corporations, such as Facebook, Google, Amazon, Apple, and Alibaba. Their strength will force banks to restructure, but it may also push some of them out of business.

The number of newly formed companies is growing at a slower rate and they have to compete with the banks, which are gradually catching up in terms of technological advancement.

The International Monetary Fund (IMF) and the World Bank (WB) have published an agenda devoted to the fintechs, and call for the extensive cooperation between the regulators.

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Fintech companies have made considerable progress in promoting financial inclusion through new business models and products. Incomplete or inadequate access to financial services is a problem faced by a large part of the population around the world.

Although Sberbank denied information that it plans to acquire a controlling stake in Yandex, Russian tech giant lost more than 20 per cent of capitalization on this news.

Lithuania plans to take a leading role in enhancing cooperation between China and Central and Southeast Europe (CSE) in the fintech sector.

Russia’s largest financial institution, the state-owned Sberbank continues to increase its profits by a rapid pace despite the numerous obstacles many Russian banks have been facing.