Digital economy and its impact on the development of the financial market of Ukraine

Antonyuk Alena
Postgraduate Student, Odessa National Economic University, E-mail:Alena.antonyuk1978@gmail.com

Cite this article:

Antonyuk A., (2019) Digital economy and its impact on the development of the financial market of Ukraine. Ed.: М.D. Baldzhy (ed.-in-ch.) and others [Systema pensiinoho zabezpechennia Ukrainy ta yevrointehratsiini protsesy; za red.: М. D. Baldzhy (gol. red.)], Scientific Bulletin of the Odessa National Economic University (ISSN 2313-4569), Odessa National Economics University, Odessa, No. 2(265), pp. 13–29.

Abstract

The article considers the scientific and methodological approaches to determining the essence of the digital economy outlines and describes five dimensions of digital entrepreneurship. The author of the article substantiates that the digital economy is an innovative dynamic economy based on the active introduction of innovations and information and communication technologies in all types of economic activities and social life spheres, which allows increasing the efficiency and competitiveness of individual companies, the economy and the standard of living of the population. The digital economy is the foundation of the Fourth Industrial Revolution and the Third Wave of Globalization. The influence of the digital economy on the domestic financial market through FinTech development proved. Two models of financial market development does analyzed. It does concluded that FinTech-industry bridges the boundaries between traditionally banking and non-banking services. Any financial institution will be at risk if faced with a large number of external innovations that outweigh its internal capabilities. It is proved that FinTech companies create, on the one hand, additional threats to credit institutions regarding their competitiveness in the financial services market and, on the other hand, the possibility of establishing partnerships between these structures and lending institutions. The map of FinTech ecosystem in Ukraine analyzed. It does substantiated that the digital economy is an effective basis for the development of the system of public administration, economy, business, social sphere and society as a whole. It does established that in order to create a positive effect of the digital economy on the development of the financial market it is expedient to create a unified approach to regulation by credit institutions, including FinTech-companies, which, by their functional nature, are associated with the accumulation and redistribution of financial resources that are formed in the state economy. To do this, it is necessary to strengthen the functions and tasks of implementing the strategy of macroprudential regulation and supervision, as well as resolving the institutional nature of the system.

Keywords

digital economy, FinTech, credit institutions, financial market, FinTech ecosystem, digital entrepreneurship.

JEL classification: C 100; E 440; DOI: 10.32680/2409-9260-2019-2-265-13-29

UD classification: 330:004:[336.714]

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