Open AccessDIGITALIZATION PARADIGM OF UKRAINIAN FINANCIAL MARKET
Author(s) -
Obidjon Hafizovich Khamidov,
Абдухакім Маманазаров,
Irina Maksymova,
Kateryna Slyusarenko,
Volodymyr Kulishov
Publication year - 2021
Publication title -
journal of european economy
Language(s) - English
Resource type - Journals
eISSN - 2519-4089
pISSN - 2519-4070
DOI - 10.35774/jee2021.04.648
Subject(s) - ukrainian , business , financial services , financial market , financial instrument , population , asset (computer security) , fintech , finance , philosophy , linguistics , demography , computer security , sociology , computer science
The article examines the key concepts and theories of modern digitalization paradigm of global financial market, its equilibrium, conditions of financial centres, e-commerce, and FinTech companies. It identifies positive and negative aspects of financial market digitalization and its transformation in global digitalization. Effective principles for the digitalization of Ukraine’s economy are explored. The key ways of financial market digitalization are outlined. The article presents a framework of indicators for the digitalization of the financial market in Ukraine. Quantitative analysis is applied to the indicators grouped by type: general indicators of online financial activity of the population; indicators of online and offline accumulation of funds; indicators of credit activity. In addition, some ways to digitalize Ukrainian market are outlined and hierarchical model of FinTech sectors in Ukraine is proposed. This allows us to identify the most promising areas for the future development of financial technologies in such areas as cash flow services, innovations and new standards of technological services, and application development. It is substantiated that in addition to the commonly used payment tools, the most promising areas in Ukraine are the development of IT solutions, financial asset analytics, marketplaces and neo-banking.