Financial technologies in Ukraine: the way to innovation and sustainability

Обушний, Сергій Миколайович and Арабаджи, Кирило Вадимович and Костікова, Катерина Олександрівна (2023) Financial technologies in Ukraine: the way to innovation and sustainability European scientific journal of Economic and Financial innovation, 11 (1). pp. 59-72. ISSN 2617-8648

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This article analyses the current state of the fintech market in Ukraine, with a focus on the challenges facing the government during the financial crisis and the rapid adoption of financial technologies. Financial technologies (hereinafter referred to as fintech) are bringing fundamental changes to the financial sector, but they also come with significant risks. The article conducts a SWOT analysis of the domestic fintech market, identifies its strengths and weaknesses, opportunities and threats, and identifies key risks affecting the security of the financial sector.The article analyses a set of factors that led to the rapid development of fintech, including sources of financing for fintech companies in Ukraine, the distribution of fintech companies by areas of activity and markets in which they operate. In addition, the main reasons that limit the development of fintech in Ukraine are analysed.The results of the study show that the introduction of fintech in Ukraine is of great interest and has great potential for the development of the financial sector. Among the strengths of the domestic fintech market are the availability of qualified personnel, growing investment potential, and support from the government and regulators. However, there are also weaknesses, including low public awareness of financial technologies, lack of clear regulation, and high cybersecurity risks.The article considers opportunities for the development of fintech in Ukraine, in particular in the areas of payment systems, lending, investment, and insurance. The potential ofUkrainian fintech is to facilitate access to financial services, reduce costs and increase the efficiency of operations. However, there are threats, such as insufficient regulatory support, an unstable legal framework, and competition from other countries.The conclusion of this article emphasises the importance of addressing fintech-related risks in the financial sector to ensure the safe development of this industry. Effective regulatory policy, raising the level of education among the population, implementing cybersecurity and cooperation between government agencies, businesses and fintech companies are identified as key factors necessary to ensure the security of the financial sector.

Item Type: Article
Uncontrolled Keywords: financial technologies; financial risks; cyber risks; fintech market; fintech companies
Subjects: Статті у журналах > Фахові (входять до переліку фахових, затверджений МОН)
Статті у журналах > Наукові (входять до інших наукометричних баз, крім перерахованих, мають ISSN, DOI, індекс цитування)
Divisions: Факультет економіки та управління > Кафедра фінансів
Depositing User: Сергій Миколайович Обушний
Date Deposited: 05 Jun 2023 14:39
Last Modified: 05 Jun 2023 14:39

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