Аннотация
The article aims to form the notion of the specific workings of companies developing financial technologies as well as threats and opportunities created as a result of their emergence on the financial market. The article is time-relevant because economic theory today has a need to understand whether there are methods to adapt the traditional banking industry to conditions of digitalization in finance. It also offers answers to important questions and challenges for modern society that came into being under cutting-edge financial innovations, to minimize social costs and maximize the benefits for society. The practical significance of the article’s outcomes is determined by the newly uncovered data of the phenomenon of competition on the financial services market where the banking monopoly may be replaced by the monopoly of fintechs. The author comes to conclusions that contain some recommendations for bodies conducting financial control which allow to formulate strategic ways of regulating the functioning of the fintechs caused by growing national security concerns of using financial technologies, cybersecurity and integrity of transactions in times of total digitalization.