Of TechFins, Digital Financial Platforms, BigTechs, and FinTech 4.0

The paper aims to determine the role of digital platforms in the organization of the financial market on the basis of a critical analysis of existing regulatory legal acts, scientific papers and practices on the said market. To achieve the stated goal, the following tasks were set: to determine the content of such concepts as «digital platform» and «digital financial platform»; to identify the types of digital platforms; to classify digital financial platforms; to identify the impact of the introduction of digital platforms in the activities of financial organizations on public relations emerging in the financial market.It is established that the digital platform can be viewed from various points of view: as an information system, a digital environment, a combination of digital tools and services, a hosting service provider, a set of rules according to which participants interact.It is noted that digitalization in general and the introduction of digital platforms in particular lead to changes in the structure of the financial market, business models of financial organizations, the order of interaction between financial service providers and their customers, the behavior of consumers of financial services, as well as to a number of other fundamental shifts affecting the financial market.In the course of the study, digital financial platforms and financial platforms in the proper sense of the word are differentiated (the functioning of which is regulated by the norms of Federal Law № 211‑FZ dated 20.07.2020 «On Financial transactions using a financial platform»).The classification of digital financial platforms is carried out on various grounds: depending on the type of services provided with their help (basic digital financial platforms, infrastructure digital financial platforms, service (optional) digital financial platforms), by the nature of the financial services provided (independent digital financial platforms, intermediary digital financial platforms, mixed), by functional purpose as part of the activities of the financial market regulator (RegTech and SupTech platforms).

Purpose- The present study aims to offer practical perspectives concerning how banks can increase their image, grow their market share and boost their profitiability by focusing on the social dimension of sustainability. The present paper also (i) elaborates on how different financial institutions create social value by serving the needs of underprivileged groups via digital financial platforms through recent practices in the world banking industry, and (ii) seeks to offer some insights for the industry as well as scholars, who are intrigued by social aspects of sustainability. Methodology- The present study lemploys both academic and gray literature, which particularly include recent social sustainability practices in the banking industry. Findings- Sustainability comprises of economic, environmental, and social dimensions. Digital Financial Inclusion (DFI) is one of the sub-dimensions of social aspect of sustainability. DFI came to the fore in 2010 with the “G20 Principles for Innovative Financial Inclusion” and it seeks to enable access to digital financial services for people and enterprises, particularly for underrepresented or “unbanked”. Research has shown that while around 1.2bn adults opened bank accounts for the first time over the past decade, 1.7bn remain outside the formal banking sector worldwide. In today’s sustainability-oriented post-growth era, DFI seeks to ensure local empowerment, diversity, equality, as well as inclusiveness, such as inclusion of senior citizens, women with low socio-economic status, refugees, and disabled people by providing them micro-entrepreneurial tools, such as micro-investment and micro-credit opportunities. Today, the banking industry aims to serve the needs of the so-called market segments considering the social aspects of sustainability. Digital financial platforms also require the collaboration between financial and non-financial institutions, such as educational and training institutions that aim to reskill and retrain the above-mentioned underprivileged groups as well as the unbanked. Conclusion- Research has demonstrated that increasing financial inclusion contributes to socioeconomic development, stronger economic growth, better life quality, and higher living standards. Thus, post-growth via digital financial platforms may be substantial in tackling poverty, hunger eradication, unemployment, exclusion and inequalities that have been addressed under Sustainable Development Goals (SDGs) of the United Nations (UN). More importantly, banks that focus on digital financial inclusion may increase their image, grow their market shares, and boost their profitability. Keywords: Sustainability marketing, digital platforms, sustainable growth, sustainable growth strategies, digital financial inclusion JEL Codes: G21, G23, Q01

Financial inclusion is one of the key targets of realizing equitable economic growth, and millions of people in the world still do not have access to the formal bank system. FinTech has begun to provide radical solutions to fill this divide because it is rapidly emerging. In this paper, the author examines the role of digital platforms including mobile banking apps, digital wallets and peer-to-peer lending systems in redefining access to financial services to the unbanked and underbanked groups. The analysis of the literature and case examples in the developing economies helps to identify the contribution of FinTech in reducing the cost of transactions, increasing transparency, and supporting micro-savings and micro-credit programs. Social and technological issues that affect the adoption are also investigated such as smartphone penetration, digital literacy, and regulatory frameworks. The results show that FinTech solutions have a tremendous impact on enhancing financial inclusion, especially women, rural communities, and other small-scale entrepreneurs, resulting in poverty alleviation and economic stability. Nevertheless, issues like data privacy, cybersecurity, and skewed digital infrastructure are still a thorn in the flesh that prevents inclusive growth. It is concluded in the paper that sustainable FinTech inclusion is a balanced ecosystem between technology providers, policymakers, and financial institutions to make it affordable, trustful, and protect consumers. Finally, the study emphasizes that digital financial platforms are not only the technological innovation but are the tools of social empowerment and the development inclusion in the digital economy.

While most studies on digital financial inclusion highlight its positive aspects, we focus on the surveillance phenomenon by investigating the role played by microcredit agents who operate digital financial platforms. We combine the concepts of surveillance capitalism and platform capitalism within the digital financial inclusion process and propose a surveilled inclusion model that considers the role of human agents interacting with clients to expand the network effects and control of the digital platform in a dialectic interplay. We combine an instrumental/in-depth case study and critical hermeneutics as methodological strategies to produce results that help to uncover the hidden agenda of social fintech organizations that use digital platforms to provide microcredit. In addition, we expand Zuboff’s concept of surveillance capitalism by including the role of microcredit agents who reinforce the imprisonment of clients in endless cycles of payment and credit renewal.

A digital transformation strategy enables companies to build competitive advantages by improving interaction with their consumers and suppliers, and entering new markets. However, the creation of own trading platform by regional companies is not always economically effective. In this regard, it is important to establish digital platforms at the regional level with support from the region, in which several companies would participate. Such platforms will be able to compete more successfully not only with corporate platforms of large companies, but also with such platforms as Amazon and AliExpress. The strategic initiative for the development of regional digital platforms is primarily aimed at innovative companies, which promote their products to end users (BtC). However, regional platforms can serve different markets and different industries, including promotion of industrial products (BtB) produced in the regional industrial clusters of Kuzbass, as well as in other areas, for example, for monitoring indicators of environment pollution. The article discusses in detail the regional investment and financial platform, which is could be developed on the basis of the Kuzbass Investment Portal. Another promising digital platform is a digital system that allows to coordinate strategies at various levels – from federal, regional and industry, to local and private companies. A serious challenge in implementing strategic initiatives to establish regional platforms is the growing competition from foreign platforms. The author proposes to reduce the risks by introducing target restrictions on the operations of foreign platforms, as well as introducing a balanced level of data provision by platform participants.

Introduction. The digital transformation of the financial sector is one of the key elements of economic development and the reduction of social inequality in the modern world. This issue is particularly relevant for Ukraine, which faces the dual challenge of overcoming the consequences of military aggression and accelerating integration into the European digital space. Hence, financial inequality remains an acute problem for Ukrainian society. At the same time, the development of digital technologies creates unprecedented opportunities for expanding access to financial services and reducing their cost. Objective. A comprehensive analysis of the potential of digital financial platforms to reduce financial inequality in Ukraine, identifying key barriers to their effective implementation, and developing strategic recommendations for leveraging digital financial inclusion opportunities in the context of post-war recovery. Method (Methodology). The study employs a set of scientific methods, including statistical analysis of financial inclusion and digitalization indicators in Ukraine for 2019-2023; comparative analysis of the experience of EU countries and other post-socialist economies; expert surveys of financial market participants in Ukraine; scenario modelling of the development of digital financial ecosystems. The information base of the study includes data from the National Bank of Ukraine, the State Statistics Service of Ukraine, the World Bank, the International Monetary Fund, as well as analytical reports from leading consulting companies and industry associations. Results. The current state and potential of digital financial platforms as a tool for overcoming financial inequality in Ukraine have been investigated. The main indicators of financial inclusion, accessibility of financial services, penetration level of digital platforms, and their impact on various population groups have been analysed. Based on statistical data and international experience, strategic scenarios for the development of digital financial ecosystems in Ukraine have been developed, taking into account the consequences of martial law and the specifics of the national economy. A set of measures has been proposed to enhance the effectiveness of digital financial platforms for reducing financial inequality and stimulating inclusive economic growth.

Digital financial platforms have become an integral part of consumers' lives–resulting in the datafication of everyday life and potential for uniquely impacting financial well‐being. Extending previous transformative consumer research, we suggest financial well‐being must center the ways digital financial platforms and their resulting data are increasingly enmeshed with financial decision making and consumption. Drawing on a theoretical lens of platformization, we propose the Platformed Money Ecosystem, which accounts for increased embeddedness of digital financial platforms within consumers' lives and the subtlety of how everyday life is transformed into data: producing data at the micro‐level, monetizing data at the meso‐level, and regulating data at the macro‐level. In conceptualizing the Platformed Money Ecosystem, we identify three data‐informed considerations for scholars and policymakers to reimagine financial well‐being: protecting consumer data, limiting data biases, and supporting data literacy.

Digital financial platforms are important for the development of the platform economy and are a significant source of innovation for the further development of China’s financial system. At present, in terms of both market scale and technology, China’s digital finance development is leading internationally. The positive impact of China’s digital financial platforms on the real economy is evidenced by the number of innovative developments they have enabled. Nonetheless, because digital financial platforms have both technological and financial attributes, they pose potential risks and represent a challenge to regulation. For this reason, a regulatory framework adapted to the development of digital financial platforms and the digital financial industry needs to be established; one that adheres to the principles of financial support for the real economy and guides the direction of innovative digital financial platforms.

The study is devoted to the formation of entrepreneurial competence of future economists in the conditions of a university startup ecosystem. The relevance of the study is due to the need to train economists capable of entrepreneurial activity, independent business management and strategic decision-making in a competitive environment. The purpose of the study is to determine the pedagogical principles of the formation of entrepreneurial competence of future economists in the conditions of a university startup ecosystem. The definition of the concepts of “personal entrepreneurial competence” is formulated, taking into account the specifics of its formation in the conditions of a university startup ecosystem, as well as “pedagogical principles of the formation of entrepreneurial competence of future economists in the conditions of a university startup ecosystem”. The components of the entrepreneurial competence of an economist are identified: cognitive, activity, personal, value-based. The following pedagogical principles of the formation of entrepreneurial competence of future economists in the conditions of a university startup ecosystem are determined: introduction of a startup-oriented approach in the professional training of future economists; the use of active learning methods in the process of professional training of future economists; combining fundamental theoretical training with in-depth practical training; the use of digital technologies and online platforms. It is shown that an important factor in the development of entrepreneurial competence is the creation of a university startup ecosystem, which includes business incubators, acceleration programs, startup competitions and partnerships with venture funds. The use of digital technologies and online platforms ensures the development of entrepreneurial skills through access to business simulations, strategic planning tools, CRM systems, financial platforms and specialized resources for startup management. In conclusion, it is emphasized that the formation of entrepreneurial competence is an important element of training competitive specialists who are able to adapt to a changing market environment and initiate their own business projects. The proposed educational approaches not only contribute to the development of students' professional skills, but also stimulate the creation of an innovation-oriented economy through the active introduction of a startup culture into the higher education system.

Small and medium-sized enterprises (SMEs) face increasing regulatory scrutiny, operational vulnerabilities, and financial risks as digital financial platforms become more integrated and complex. This review explores the development of unified compliance intelligence models that leverage data-driven, real-time analytics to detect and prevent regulatory breaches, fraud, and operational inconsistencies across SME financial ecosystems. It emphasizes the convergence of machine learning, natural language processing, and rule-based engines to build adaptive frameworks capable of monitoring regulatory compliance, automating reporting, and flagging high-risk transactions. The paper analyzes the architectural foundations of such models, including the use of scalable microservices, API-led integrations, and federated data architectures to ensure interoperability and auditability. Key challenges addressed include fragmented compliance taxonomies, lack of centralized rule orchestration, and the need for interpretable AI models in regulatory contexts. By synthesizing current advancements in RegTech, risk intelligence, and financial automation, this review provides a comprehensive roadmap for implementing unified compliance frameworks that can scale with the evolving needs of SMEs. It concludes with best practices and strategic recommendations for improving detection accuracy, reducing compliance costs, and ensuring continuous regulatory alignment in SME digital finance platforms.

Fintech is the application of technology in financial services, combining techniques such as hardware, software, and cloud with a financial platform like Banks, NBFCs, wealth management firms etc. The traditional banking system is going through a digital transformation with the help of these Fintech companies. These companies are acting as game changer by designing innovative digital platforms, with the common end goal of enhancing financial inclusion of SMEs. Small & Medium Enterprises (SMEs) are the engine that drives the economy and contributes to the GDP in India. These entities do not have access to easy finance due to issues like lack of collateral and credit history. Traditional financial institutions adopt a cautious process when make small-unsecured loans and moreover they prefer loans only against collateral. So there is a greater need for adequate financial support for small and medium enterprises. However, Banks are partnering with FinTech firms and are taking the entire process online to reduce the transaction cost and turnaround time. They are looking for alternative sources of data to measure the creditworthiness of SMEs. This has led to the emergence of a new sector known as alternative lending, which is essentially an online platform for lenders (retail or institutional) to lend directly to borrowers (individual or corporate). While traditional organizations evaluate balance sheets, P&L statements and other documents of the business, Fintech platforms use AI and advanced machine learning algorithms to rate the SME’s creditworthiness. Fintech platforms lay specific importance to digital data available in an ecosystem like bank transactions, cash flow, and importance is given to company ratings from credit reporting agencies. This research paper talks about how the fintech firms are contributing towards the financial inclusion of SMEs by introducing them with various financial products and a digital lending platform. It looks at the opportunities available to the Fintech sector as well as the challenges faced by them. It is a qualitative study based on an open questionnaire format. The study further looks at the specific needs of the SME sector regarding financing and how Fintech companies are bridging the gap of financing for these SMEs.

The global trends underline importance of e-commerce, development payments system as well as alternative banking services. China is considered as one the leader in digital transformation. In that regard development of Tencent in the previous decades and the strategy of the company give understanding, how new financial services evolve from traditional approach to platform model. We believe that payment systems as well as other financial platforms would play more important role, competing with traditional banking system and determining landscape of financial system in future. At the same time strategies, based on digital platform, are also actively implemented by Russian financial sector. But competition of new financial organizations with traditional banks are more difficult in our country, because some banks (including Sberbank, Tinkoff) are started building their own platforms. Platform’s strategies are usually effective in mass market, because they are based on cost efficiency model. Nevertheless, some platform could be implemented in premium sector too and in the article, we developed private banking platform strategy for a large Russian bank, which might present strong competitive advantages in the nearest future. Current epidemic enforces digitalization processes, including premium sectors.

Ecosystem and platform business models are becoming one of the dominant organizational forms changing the landscape of financial industry, the form and content of relations between actors. Variability of business models and architecture of financial ecosystems (platforms), due to organizational changes accompanying the development of fintech, determines the multiplicity of scenarios for implementing credit relations in their circuit. Part of these relationships, limited by the scale of the agro-industrial complex, is defined as the subject area of this study, and its goal is to develop algorithms and models for the implementation of credit relations, taking into account the opportunities provided by existing and promising ecosystem solutions in the financial and agricultural markets. The research methodology is based on existing cases and approaches to the regulation of financial ecosystems (platforms), as well as the author's hypothesis about the prospects of incorporating business processes (including lending) within industry value chains and e-government services into a single ecosystem solution for the agro-industrial complex, which determines the logic of the results. It has been revealed that ecosystem forms of credit relations realization are characterized by the participation in intermediation of information and financial flows of intermediaries of a special kind - financial ecosystems (platforms), with varying degrees of variability involved in the conclusion and implementation of a credit transaction. The resulting information and network effects make it possible to identify four possible ecosystem forms of implementing credit relations in the agro-industrial complex: digital platforms that implement the technological service of searching and comparing credit products; financial platforms (marketplaces) for legal entities; financial marketplaces with blockchain platforms; infrastructure industry ecosystem built on the collaboration of public and private services. The author shows evolution of the form and subject composition of credit relations for each option. The algorithm for implementing credit relations developed on the basis of the results obtained can be used in practical implementation of the idea of an infrastructural industry ecosystem that provides a proactive mode of state support for concessional lending to the agro-industrial complex.

The difficulty and cost of financing for family entrepreneurship are becoming increasingly prominent, and the issue of how to alleviate the financing constraints of family entrepreneurship has attracted widespread social attention. The financial services provided by digital inclusive finance platforms are beneficial in addressing the negative impact of financing constraints on households' entrepreneurial behaviour. They can contribute to the inclusive growth of China's economy. Thus the financial policies of digital inclusive finance platforms influence households' entrepreneurial choices. This paper constructs a dynamic game model of incomplete information between the platform and families based on the game perspective of micro subjects and explains the impact of the decision of the digital inclusive finance platform on households' choice of entrepreneurship by solving the equilibrium solution in the game tree, and explores the effects of factors such as the government subsidy system, costs and benefits, and the risk of platform loans on the decision-making behaviour of households and the platform by analysing the conditions required for the decision-making subjects to change their decisions in each sub-game. This essay explores the impact of government subsidies, costs, benefits, and the risk of lending to the platform on the decision-making behaviour of households so that the digital inclusive finance platform and families choose the "no support" and "no business" decisions. According to the dynamic game analysis, the government and the digital inclusive finance platform should increase subsidies to the platform, reduce the cost of household entrepreneurship and improve the guarantee system for household entrepreneurship; the digital inclusive finance platform should make use of digital information technology to enhance the platform construction, alleviate information asymmetry, reduce the cost of platform services, actively support household entrepreneurship and promote the increase of household entrepreneurship.

Fintech companies have disrupted the financial industry by means of the way customers are served with their financial needs with the usage of immerging technologies such as Artificial Intelligence, Robotic Process Automation, Natural Language Processing, Facial Recognition, Data Analytics etc. and the development of the supporting digital technology infrastructure by using the benefit of the enhanced digital literacy of new generation customers by providing a great deal of customer convenience by delivering easily accessible and fast service to customers. In addition to this, when more and more customers are using the digital channels, several customer insights get collected in fintech platforms that can be effectively used for cross-selling and generating customer-centric products and services. As a result of the digital disruption that happened due to this Fintech initiative and the demand of especially the new generation customers, established financial companies such as banks also followed with Fintech initiatives either with the collaboration of startup Fintech companies or by developing the Fintech initiative internally. As a result of this more and more financial channels have been opened to the public internet providing access to larger-scale customer base via online channels and in the form of open APIs. As a result of these factors digital financial platforms have become highly critical hence Fintech companies had to look at implementing reliable digital infrastructure and when financial platforms were more opened to the public internet, more and more cyber threats to the systems also increased rapidly. Therefore, it had become a high necessity for the Fintech companies and the Banks and Finance companies who provides digital solutions to build a structured Digital Technology Infrastructure considering resilience, performance and security to thrive in the highly competitive Digital Financial landscape.