DIGITAL FINANCIAL INSTRUMENTS AND THEIR ROLE IN THE TRANSFORMATION OF THE FINANCIAL MARKET OF UKRAINE

Анотація

The article examines the role of digital financial instruments in the process of transforming the financial market of Ukraine in the context of global digitalization of the economy. It is substantiated that the rapid development of information and communication technologies, the spread of the Internet, the growth of the level of digital literacy of the population and the activation of the activities of fintech companies lead to significant changes in the functioning of the financial system. It is determined that digital financial instruments are an important factor in the modernization of the financial market, contribute to increasing the efficiency of financial transactions, expanding access of the population and business to financial services, as well as the formation of new models of interaction between financial institutions and consumers. The paper analyzes the main trends in the development of digital financial instruments, including mobile banking, electronic payment systems, online lending, investment platforms, blockchain technologies and crypto assets. The dynamics of non-cash transactions and the structure of digital financial services used in the financial market of Ukraine are analyzed. It has been established that in recent years there has been a steady trend towards an increase in the share of non-cash payments, the active introduction of contactless payments and the spread of mobile financial applications. This indicates the gradual formation of a digital financial ecosystem and an increase in the level of financial inclusion of the population. Particular attention is paid to the analysis of the impact of fintech companies on the development of the financial market and increased competition between traditional financial institutions and new digital platforms. It has been proven that the integration of innovative financial technologies contributes to an increase in the speed of financial transactions, a decrease in transaction costs, an increase in the transparency of financial processes and an improvement in the quality of financial services. At the same time, the main risks of the development of digital financial instruments have been identified, in particular cyber threats, an insufficient level of regulatory and legal regulation of certain segments of the financial market, as well as problems with the protection of users' personal data. As a result of the study, it was established that the further development of digital financial instruments is one of the key areas of transformation of the financial market of Ukraine. The introduction of innovative financial technologies will contribute to increasing the competitiveness of the financial system, expanding opportunities for attracting investments, developing e-commerce, and integrating Ukraine into the global financial space.

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