Improvement of financial market development mechanisms in the conditions of financial technology development of virtualization and digitalization

Abstract

Methods. The theoretical and methodological basis of the study was the scientific works and research of domestic and foreign economists, statistical materials on the level of penetration and development of digital technologies in the financial sector, financial indicators of subjects and objects of the financial market. Results. The article examines the essence of financial market development mechanisms, principles of digitalization of the financial market, determines the prerequisites for the emergence of the latest financial digital technologies for the purpose of virtualization and digitalization of financial flow management. The key financial technologies, main financial products and services using Fintech, which affect the development and functioning of the financial market, are presented. The latest financial technologies and tools in the context of the digital economy are actively reshaping the financial market, displacing traditional players and traditional business models. The introduction and implementation of modern financial solutions makes it possible to change the mechanisms of functioning and development of the financial industry. As a result, financial technology and the market is gradually turning into an independent and intensively operating sector. Novelty. The scientific novelty consists in the definition of practical levers aimed at the development and virtualization of instruments and mechanisms of the financial market in the conditions of a modern digital society. Practical value. The practical value lies in the fact that, based on the study of the financial market of Ukraine, the main mechanisms in which the latest financial technologies are used and the main prerequisites for their development in the context of digitalization of financial flow management tools on the market were determined. The results of the conducted research can be used by modern researchers and practitioners in the process of development and modernization of levers for raising the level of the financial market of Ukraine.