| Abstract [eng] |
Financial technologies have a significant impact on the transformation and modernization of the international financial system as well as political and economic relations among states. China is considered as one of the leading countries in FinTech. In recent years, China is focusing to form a new international FinTech regime. The research problem of this master’s thesis is formed according to Chinese FinTech’s growing popularity, which attracts international actors’ interests in China’s innovations. Thus gaining greater influence, China is arguably seeking to shape international FinTech standards, which are gradually being adopted by more and more countries. This situation allows to analyze China’s participation in the creation of a global FinTech regime. China’s actions have raised doubts about the declining role of the U.S. FinTech. This has caused a debate about China’s ability to increase its influence not only in FinTech, but also to take over control of the relevant part of the international financial system from the U.S. The object of this master’s thesis is China’s FinTech international regime development tools, features, and changes in power within the global financial system. The main aim and corresponding question of this master’s thesis is to explore how China’s financial technologies, spread internationally, form an international FinTech regime? To achieve the main goal of this master’s thesis the following objectives were raised: 1. to present the theory of regimes through the prism of neoliberalism and to define the research methodology; 2. to review the concept of financial technologies; 3. to examine China’s financial technology diffusion, which is creating an international FinTech regime; 4. to review China’s potential to transform the global financial regime through the spread of FinTech and to take over control of the relevant part of the financial system from the U.S. The main hypothesis of this master’s thesis is the following: through international FinTech initiatives, a common regulatory framework, the spread of FinTech products, China is trying to form an international FinTech regime, in which it seeks to integrate the desired principles, interests and regulatory model. This master’s thesis also contains two side hypotheses: 1) China is already an international FinTech hegemon; 2) the international FinTech regime being developed by China, regardless of the state’s political system, is at least for now corresponding with the principles of the liberal regime. The study revealed that China is indeed trying to create a global FinTech regime through international initiatives, the creation of a common regulatory framework, the opening of its market, and the implementation of a common regime ideology. Nevertheless, the main hypothesis of the study was only partially confirmed. Western countries are expressing distrust of relevant Chinese international initiatives and FinTech products. China’s global FinTech regulatory framework is not dominant. The study revealed that China is not currently an international hegemon of FinTech. This was due to the active expansion of the U.S. FinTech in 2020 and China’s FinTech deceleration. Therefore, the first side hypothesis was not confirmed. The rejection of this hypothesis suggests that China has not yet been taking over control of a relevant part of the international financial regime from the U.S. The study revealed that the second hypothesis was only partially confirmed. On the one hand, China’s initiatives strongly promote international cooperation and financial inclusion. On the other hand, the Chinese government’s regulations in FinTech do not match with the principles of fair competition, open market, transparency. Further research could examine developing international China’s and U.S. FinTech initiatives, their collision in other spheres of new technologies. Future studies also could analyze emerging new FinTech markets, particularly those of Africa. |
