ejebsEurasian Journal of Economic and Business StudiesНазвание журнала на русском2789-82532789-8261University of International Business named after K. Sagadiyev LLP10.47703/ejebs.v1i67.258ejebs-109Research ArticleСтатьиImpact of COVID-19 on Fintech Industry of Kazakhstan: New Challengeshttps://orcid.org/0000-0002-9744-4104DuttaAmit

PhD candidate, Email: amitdutta79@yahoo.co.uk

 

amitdutta79@yahoo.co.ukhttps://orcid.org/0000-0001-7480-3568DoszhanRaigul

PhD, associate professor, Email: raiguldos2011@gmail.com

 

raiguldos2011@gmail.comhttps://orcid.org/0000-0002-7354-4506KuanovaLaura

PhD, Email: kuanova.laura@kaznu.kz

 

kuanova.laura@kaznu.kzhttps://orcid.org/0000-0003-2108-3258BeisembayevGalymzhan

PhD candidate, Email: galymzhan.beisembayev@mail.ru

 

galymzhan.beisembayev@mail.ruAl-Farabi Kazakh National University, AlmatyKazakhstanKazakh-British Technical University, AlmatyKazakhstan2023300320236717081Copyright © Dutta A., Doszhan R., Kuanova L., Beisembayev G., 20232023Dutta A., Doszhan R., Kuanova L., Beisembayev G.Dutta A., Doszhan R., Kuanova L., Beisembayev G.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://ejebs.uib.kz/jour/article/view/109

 

FintechEconomyFinanceFinancial ServicesFinancial Services Astana International Financial CentreCOVID-19ReferencesAlt, R., Beck, R., & Smits, M. T. (2018). FinTech and the transformation of the financial industry. Electronic markets, 28, 235-243. https://doi.org/10.1007/s12525-018-0310-9.Alt, R., Beck, R., & Smits, M. T. (2018). FinTech and the transformation of the financial industry. Electronic markets, 28, 235-243. https://doi.org/10.1007/s12525-018-0310-9.Diemers, D., Lamaa, A., Salamat, J., & Steffens, T. (2015). Developing a Fintech Ecosystem in the GCC. Available: http://www.strategyand.pwc.com/media/file/Developing-a-FinTech-ecosystem-inthe-GCC.pdfDiemers, D., Lamaa, A., Salamat, J., & Steffens, T. (2015). Developing a Fintech Ecosystem in the GCC. Available: http://www.strategyand.pwc.com/media/file/Developing-a-FinTech-ecosystem-inthe-GCC.pdfZhu, K., Kraemer, K. L., & Dedrick, J. (2004). Information technology payoff in e-business environments: An international perspective on value creation of e-business in the financial services industry. Journal of management information systems, 21(1), 17-54. https://doi.org/10.1080/07421222.2004Zhu, K., Kraemer, K. L., & Dedrick, J. (2004). Information technology payoff in e-business environments: An international perspective on value creation of e-business in the financial services industry. Journal of management information systems, 21(1), 17-54. https://doi.org/10.1080/07421222.2004Astana Finance Days (2020). Experts on the challenges and opportunities of the Islamic finance and fintech industry in the post-pandemic era. Official information resource of the Prime Minister of the Republic of Kazakhstan. Available: https://primeminister.kz/ru/news/reviews/astana-finance-days-eksperty-o-vyzovah-i-vozmozhnostyah-industrii-islamskih-finansov-i-finteh-v-epohu-post-pandemii-165313?ysclid=le6cuz0yvx860437939 (in Russ.)Astana Finance Days (2020). Experts on the challenges and opportunities of the Islamic finance and fintech industry in the post-pandemic era. Official information resource of the Prime Minister of the Republic of Kazakhstan. Available: https://primeminister.kz/ru/news/reviews/astana-finance-days-eksperty-o-vyzovah-i-vozmozhnostyah-industrii-islamskih-finansov-i-finteh-v-epohu-post-pandemii-165313?ysclid=le6cuz0yvx860437939 (in Russ.)Luo, S., Sun, Y., Yang, F., & Zhou, G. (2022). Does fintech innovation promote enterprise transformation? Evidence from China. Technology in Society, 68, 101821. https://doi.org/10.1016/j.techsoc.2021.101821.Luo, S., Sun, Y., Yang, F., & Zhou, G. (2022). Does fintech innovation promote enterprise transformation? Evidence from China. Technology in Society, 68, 101821. https://doi.org/10.1016/j.techsoc.2021.101821.Gomber, P., Koch, J. A., & Siering, M. (2017). Digital Finance and FinTech: current research and future research directions. Journal of Business Economics, 87, 537-580. https://doi.org/10.1007/s11573-017-0852-x.Gomber, P., Koch, J. A., & Siering, M. (2017). Digital Finance and FinTech: current research and future research directions. Journal of Business Economics, 87, 537-580. https://doi.org/10.1007/s11573-017-0852-x.Nazarov, D. M., & Maramygin, M.S. (2022). The term Fintech: definition, semantics and essence. Moscow Economic Journal, 3, 45-67. Available: https://qje.su/ekonomicheskaya-teoriya/moskovskij-ekonomicheskij-zhurnal-3-2022-12/?print=print https://doi.org/10.55186/2413046X_2022_7_3_144 (in Russ.)Nazarov, D. M., & Maramygin, M.S. (2022). The term Fintech: definition, semantics and essence. Moscow Economic Journal, 3, 45-67. Available: https://qje.su/ekonomicheskaya-teoriya/moskovskij-ekonomicheskij-zhurnal-3-2022-12/?print=print https://doi.org/10.55186/2413046X_2022_7_3_144 (in Russ.)Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35-46. https://doi.org/10.1016/j.bushor.2017.09.003.Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35-46. https://doi.org/10.1016/j.bushor.2017.09.003.Fintechweekly (2020). Fintech definition. Köln, Nordrhein Westfalen, Germany: Fintechweekly. [Cited December 4, 2022]. Available: https://www.Fintechweekly.com/Fintechdefinition#:~:text=Fintech%20Definition,way%2we%20manage%20o ur%20financesFintechweekly (2020). Fintech definition. Köln, Nordrhein Westfalen, Germany: Fintechweekly. [Cited December 4, 2022]. Available: https://www.Fintechweekly.com/Fintechdefinition#:~:text=Fintech%20Definition,way%2we%20manage%20o ur%20financesShim, Y., & Shin, D.-H. (2016). Analyzing China’s Fintech Industry from the Perspective of Actor–Network Theory. Telecommunications Policy, 40(2-3), 168–181. https://doi.org/10.1016/j.telpol.2015.11.005Shim, Y., & Shin, D.-H. (2016). Analyzing China’s Fintech Industry from the Perspective of Actor–Network Theory. Telecommunications Policy, 40(2-3), 168–181. https://doi.org/10.1016/j.telpol.2015.11.005Alt, R., & Puschmann, T. (2012). The rise of customer-oriented banking - electronic markets are paving the way for change in the financial industry. Electronic Markets, 22(4), 203-215. https://doi.org/10.1007/s12525-012-0106-2.Alt, R., & Puschmann, T. (2012). The rise of customer-oriented banking - electronic markets are paving the way for change in the financial industry. Electronic Markets, 22(4), 203-215. https://doi.org/10.1007/s12525-012-0106-2.Blake, M., Vanham, P., & Hughes, D. (2016). 5 things you need to know about Fintech. Cologny, World Economic forum. Available: https://www.weforum.org/agenda/2016/04/5-things-you-need-to-knowabout-Fintech/Blake, M., Vanham, P., & Hughes, D. (2016). 5 things you need to know about Fintech. Cologny, World Economic forum. Available: https://www.weforum.org/agenda/2016/04/5-things-you-need-to-knowabout-Fintech/Arner, D. W., Barberis, J., & Buckley, R. P. (2015). The evolution of Fintech: A new post-crisis paradigm. Regulation of Financial Institutions eJournal. 47, 1271. https://doi.org/10.2139/ssrn.2676553Arner, D. W., Barberis, J., & Buckley, R. P. (2015). The evolution of Fintech: A new post-crisis paradigm. Regulation of Financial Institutions eJournal. 47, 1271. https://doi.org/10.2139/ssrn.2676553Claessens, S., Frost, J., Turner, G., & Zhu, F. (2018). Fintech credit markets around the world: size, drivers and policy issues (September 1, 2018). BIS Quarterly Review September, Available: https://ssrn.com/abstract=3288096Claessens, S., Frost, J., Turner, G., & Zhu, F. (2018). Fintech credit markets around the world: size, drivers and policy issues (September 1, 2018). BIS Quarterly Review September, Available: https://ssrn.com/abstract=3288096Buchak, G., Matvos, G., Piskorski, T., & Seru, A. (2018). Fintech, regulatory arbitrage, and the rise of shadow banks. Journal of financial economics, 130(3), 453-483Buchak, G., Matvos, G., Piskorski, T., & Seru, A. (2018). Fintech, regulatory arbitrage, and the rise of shadow banks. Journal of financial economics, 130(3), 453-483Doszhan, R.D., Sabidullina, A.E., Nurmagambetova A.Z, & Kozhakhmetova A.K. (2022). Green financ-ing in Kazakhstan: current state and prospects. Economics: the Strategy and Practice, 17(4), 170-184, https://doi.org/10.51176/1997-9967-2022-4-170-184Doszhan, R.D., Sabidullina, A.E., Nurmagambetova A.Z, & Kozhakhmetova A.K. (2022). Green financ-ing in Kazakhstan: current state and prospects. Economics: the Strategy and Practice, 17(4), 170-184, https://doi.org/10.51176/1997-9967-2022-4-170-184KPMG (2020). Impact of COVID-19 on the key economic sectors of Kazakhstan: Opinion of market players. Available: https://assets.kpmg.com/content/dam/kpmg/kz/pdf/2020/05/Impact-of-COVID-19-on-the-key-economic-sectors-of-Kazakhstan.pdfKPMG (2020). Impact of COVID-19 on the key economic sectors of Kazakhstan: Opinion of market players. Available: https://assets.kpmg.com/content/dam/kpmg/kz/pdf/2020/05/Impact-of-COVID-19-on-the-key-economic-sectors-of-Kazakhstan.pdfAIFC (2022). Fintech Sector Overview. Russia, CIS and the Caucasus. Available: https://aifc.kz/uploads/finreport.pdf?ysclid=ldly6wnd5n936511337AIFC (2022). Fintech Sector Overview. Russia, CIS and the Caucasus. Available: https://aifc.kz/uploads/finreport.pdf?ysclid=ldly6wnd5n936511337Doszhan, R., Nurmaganbetova, A., Pukala, R., Yessenova, G., Omar, S., & Sabidullina, A. (2020). New challenges in the financial management under the influence of financial technology. In E3S Web of Conferences (Vol. 159, p. 04015). EDP Sciences. Available: https://www.e3sconferences.org/articles/e3sconf/abs/2020/19/e3sconf_btses2020_04015/e3sconf_btses2020_04015.htmlDoszhan, R., Nurmaganbetova, A., Pukala, R., Yessenova, G., Omar, S., & Sabidullina, A. (2020). New challenges in the financial management under the influence of financial technology. In E3S Web of Conferences (Vol. 159, p. 04015). EDP Sciences. Available: https://www.e3sconferences.org/articles/e3sconf/abs/2020/19/e3sconf_btses2020_04015/e3sconf_btses2020_04015.htmlTech Hub (2021). Market research of fintech startups in Kazakhstan. [Cited December 5, 2022]. Available: https://tech.aifc.kz/files/pages/2025/documents/9/aa-54-20-88_-k-0_d8-b5e_ab0-b0-2_-070eab0-0.pdf?ysclid=ldlxl0w8g2348618911. (in Russ.)Tech Hub (2021). Market research of fintech startups in Kazakhstan. [Cited December 5, 2022]. Available: https://tech.aifc.kz/files/pages/2025/documents/9/aa-54-20-88_-k-0_d8-b5e_ab0-b0-2_-070eab0-0.pdf?ysclid=ldlxl0w8g2348618911. (in Russ.)

The authors declare that there are no conflicts of interest present.