The continuous process of qualitative structural changes taking place in the financial system as a result of digital modernization has led to a significant reassessment of economic values based on the principles of innovative technologies. This had a significant impact on the range of financial products and services provided by traditional market participants, and also contributed to the emergence of new types of businesses, namely fintech companies. Under these conditions, the importance of researching the development of technological changes in the financial system, in particular, assessing the development of financial technology in modern foreign and Russian practice, is emphasized. The purpose of the study is to analyze the state of the fintech industry in the global context, as well as identify the peculiarities of the development of financial technology in the Russian Federation. The presented scientific research is based on such methods and techniques as statistical analysis, synthesis, analogy, comparison, structural approach, etc. The information base is the research materials and reviews of the Bank of Russia, statistical materials published in economic literature, periodicals. The authors considered the features of the development of modern financial technology, the degree of its influence on the functioning of the domestic financial system. An assessment of the fintech industry market in the period 2015-2019 was carried out, and the most promising segments were identified as part of the further development of Fintech in Russia.