DEVELOPMENT OF THE FINANCIAL SERVICES MARKET IN UKRAINE: INFRASTRUCTURE SUPPORT UNDER THE CHALLENGES OF ECONOMIC INTELLECTUALIZATION

Abstract

Introduction. The development of Ukraine’s financial services market under digital transformations is accompanied by changes in the institutional structure of the financial environment and by the growing role of technological solutions in financial service delivery. The integration of fintech into financial relations increases requirements for infrastructure support, including ICT components, payment services, digital platforms, identification mechanisms and cybersecurity. In this paper, the infrastructure of the financial services market is considered as a set of actors and technological elements that ensure digital financial interactions. Therefore, there is a need to clarify the role of fintech within this infrastructure and to provide empirical evidence of digitalization trends using relevant indicators.

Purpose. The purpose of the study is to substantiate fintech as a component of infrastructure support of Ukraine’s financial services market in the context of economic intellectualization and to interpret digitalization trends based on statistical and analytical indicators.

Materials and methods. The study materials include: 1) academic publications on the nature of the financial services market, fintech, and economic intellectualization; 2) strategic documents on digital development and financial sector reforms; 3) official statistics of the State Statistics Service of Ukraine on e-commerce indicators; 4) sectoral analytical sources on the dynamics of Ukraine’s fintech ecosystem. The following methods were used: theoretical generalization and systematization; institutional and infrastructure analysis; elements of statistical analysis; and logical synthesis of results.

Results. The paper substantiates an approach that treats fintech as an integrated element of the financial services market infrastructure, influencing service delivery architecture, data processing and digital financial operations. The infrastructure support is defined as a combination of actors, institutions and technological components (ICT, digital platforms, payment services, identification and cybersecurity mechanisms) enabling digital financial interactions. Based on the analysis of e-commerce indicators and fintech company dynamics, the study identifies the strengthening of digital channels in economic activity and the institutional expansion of the fintech segment, which is consistent with economic intellectualization and financial infrastructure modernization processes.

Prospects. Further research should focus on expanding quantitative indicators for assessing infrastructure support of the financial services market (in particular, payment infrastructure and digital identification parameters) and analysing the impact of regulatory initiatives and strategic priorities of digital development on the transformation of Ukraine’s financial environment.