The place and significance of the ecosystem of decentralized financial instruments in the international financial market

Today, international financial markets are becoming not only catalysts for global economic growth but also a spectrum of unpredictable challenges and opportunities. The presence of technological revolutions has always determined and influenced the development of the financial sector, determining its ability to adapt to new conditions and changes. Today, among modern innovations, technological progress plays a central role in transformational changes in international financial markets, creating opportunities for efficiency and innovative solutions. The purpose of the study is to establish the theoretical, conceptual, and practical foundations of the impact of technological innovations on the global financial system in the context of international financial market development. To achieve this goal, the study defines the essence of the concepts of “technological innovations” and “international financial market”, systemises the main types of modern technological innovations; provides a perspective overview of the evolution of technological innovations in the context of the international financial market formation, analyses the impact of modern technological innovations on the global financial system, and identifies the main trends that predict the development of technological innovations in the context of the international financial market formation in the future. For the purpose of the study, general scientific methods of cognition were used, including a critical analysis of the existing scientific literature on the topic, comparative analysis, systematisation of practical experience of introducing technological innovations, and the method of establishing cause and effect relationships. The research includes the identification of modern types of technological innovations in the international financial market (blockchain technologies, artificial intelligence of fintech platforms, electronic money and digital currencies, crowdfunding, and PR projects). The study offers its own view on the stages of development and formation of technological innovations in the international financial market, as well as an assessment of the development of modern technological innovations in the financial market, including a forecast for the future. The study presents the main trends that determine the future development of technological innovations in the global financial market. Artificial intelligence, open banking, hyper-personalised banking, blockchain, the Internet of Things, cybersecurity, immersive technologies, digital robots and bots, and quantum computing are defining a new dimension of the financial sector, opening up new opportunities for improving services and optimising processes. The adoption of these technologies will contribute to a more innovative and competitive international financial market that can better meet customer needs and ensure the stability and security of financial transactions. Future research in this area could include a deeper analysis of the impact of specific technological innovations on different segments of the international financial market and the development of adaptation strategies for financial institutions. The research could also expand its scope and explore the relationship between innovation in finance and the global economy.

Aim. The presented study aims to explore the historical evolution of financial innovations and identify the factors of innovative transformations in the international financial market.Tasks. The authors investigate major innovations in the international financial market; analyze historical factors of the market›s innovative transformation; consider the essence of the impact of the latest technological innovations on the market.Methods. This study is based on a historical analysis of the development of innovations in the international financial market and its most significant historical transformations.Results. It is found that innovative transformations are constantly taking place in the international financial market, predominantly as a result of the interaction between many factors. However, the main driver of innovation is the international financial market›s changing requirements for access to finance, which must correspond to sufficient supply in the market to cause radical transformations. Major innovative transformations witnessed by the markets are analyzed and possible scenarios for future transformations in international financial markets are developed.Conclusions. Conducting a comprehensive study of the historical development of innovations in the international financial market can be useful for achieving a deeper understanding of the market’s historical development and forecasting its future development in the context of innovations and factors influencing innovative transformations. However, these factors can also cause problems for the international financial market if it is not ready to adapt to changing conditions.

With the development of the world, the connection between the international financial market and the high-tech industry is becoming increasingly close. The innovation and development of the high-tech industry has not only promoted the adjustment and upgrading of the global economic structure, but also injected new vitality and opportunities into the international financial market. The theme of the research is to explore investing strategies of the high technology industry in the international financial market. Through the collection and analysis of relevant literature, the selection of typical cases for in-depth research, the processing and analysis of the collected data. After research, we have come to the following main results, the development trend and prospects of the high-tech industry have great development potential. Changes in the international financial market will have an important impact on investment in the high-tech industry. Investors investing in high-tech industries in the international financial market need to develop effective investment strategies and methods. This study argues that investment in the high-tech industry is of great strategic significance in the context of the international financial market. Investors should pay close attention to the development trends and prospects of the high-tech industry, as well as the changes in the international financial market, and formulate effective investment strategies and methods.

The article explores the impact of global financial crises on a new business model within the global financial system – neobanks. Neobanks are a new type of bank that entered the banking system to compete with traditional banks by offering customers a new digital experience. It is noted that digital transformation is one of the key factors determining the effectiveness of neobanks. Digital transformation has attracted significant academic attention in the fields of management, business, information systems, information technology, and marketing. The concept of neobanks emerged in the early 2010s, during a period of dramatic changes in the global financial landscape. It is argued that the global financial crisis of 2007–2008 played a crucial role in the development of neobanks, as it led to widespread distrust in traditional banking institutions. The growing popularity of the internet and the proliferation of smartphones provided the technological infrastructure necessary for the emergence of neobanks. Moreover, neobanks proved to be a "blessing" during the global COVID-19 pandemic, as fintech companies rapidly increased their market share due to not being burdened by capital expenditures. The new era of fintech development can also be viewed as a revolution against the traditional banking industry, driving players toward innovations such as neobanks and other digitalized banking solutions. The impact of COVID-19 on the growth of the neobank market between different categories of neobanks is assessed. It is asserted that for neobanks to be successful, they must be prepared to manage risks effectively, implement cybersecurity measures, comply with regulatory requirements, systematically analyze their financial operations, and engage with customers. The article concludes that the future of neobanks looks promising, with significant growth and market expansion expected in the coming years. Furthermore, neobanks have made a substantial contribution to financial inclusion, particularly in regions where traditional banking services are either inaccessible or prohibitively expensive. The rise in the number of neobanks marks a transformational shift in the global financial landscape, challenging traditional banking.

The article attempts to systematize the patterns of modern financial innovations in the form of fintech and outline their impact on transformation in the international financial market and monetary space. The authors claim about paradigm shift in global financial landscape and present conceptual evaluation of its implications for both players and regulators. The results of the study would help deepen and expand understanding of the current dynamics and development prospects of financial markets and banking sector.

With the deep integration of Internet technology and finance, digital finance has become an indispensable part of inclusive finance and an important driving force for the development of inclusive finance. How inclusive finance affects household wealth under the background of digital penetration has become a hot issue. Based on the advantages of digital finance, this paper compares the differences between traditional and digital inclusive finance, and discusses the mechanism and effect of digital inclusive finance in promoting household wealth.Based on the panel data of China Family Panel Studies（CFPS）, this paper finds that digital inclusive finance helps to increase the level of household wealth, and has greater inclusiveness and a stronger leverage effect than traditional finance. This conclusion is further confirmed by 2SLS test with “geographical distance” as the instrumental variable. Different business types of digital inclusive finance have different promotion effects. Monetary fund, electronic payment and other business types have obvious promotion effects on the overall household wealth. Insurance, credit, online investment and electronic credit also have certain positive effects on the overall wealth, but the impact is small. According to the results of heterogeneity test, the effect of digital inclusive finance on household wealth in the central and western regions is stronger than that in the eastern regions; the role of digital inclusive finance in promoting the increase of household wealth depends on the family’s education level and understanding ability, and has a stronger role in promoting the families with high education level and high understanding ability. The degree of digitalization has a significant negative impact on the overall household wealth, which may be related to the phenomenon of “digital exclusion” in digital inclusive finance. Digital exclusion may weaken the role of digital inclusive finance in promoting the growth of household wealth to a certain extent.The research shows that in order to play the positive role of digital inclusive finance in benefiting the real economy and promoting the growth of household wealth, government departments should promote the deep integration of digital finance and traditional finance, give full play to the respective advantages and characteristics of digital finance and traditional finance, and build a complementary and mutually reinforcing financial service system.This study expands the existing research in three aspects: First, based on the background of digital penetration into the financial field, it examines the mechanism and function of digital inclusive finance on household wealth. Second, it compares and tests the differences between digital inclusive finance and traditional inclusive finance in promoting household wealth. Third, it tries to use geographical distance as an instrumental variable to overcome endogeneity and carry out comprehensive heterogeneity analysis.

This article examines and analyzes the essence and specific aspects of various methods of attracting capital from the international financial market, the processes related to the organization of effective capital attraction and efficient use through the international financial market, IPO practice. In addition, various research methods were used to analyze the optimal use of cheap and long-term financial resources through the use of various methods of attracting capital through the international financial market. Also, the essence, development trends of the international financial market, main aspects of international financial assets, characteristics of IPO practice were analyzed. Scientific conclusions and suggestions on further development of Uzbekistan's participation in the international financial market and attracting and using foreign capital are given.

Mobile payment systems have emerged as transformative technologies within the global financial landscape, fundamentally altering transaction dynamics between individuals and businesses. These digital payment platforms leverage sophisticated technological infrastructures, including Near-Field Communication, QR codes, tokenization, and cloud-based payment gateways to facilitate secure, convenient, and rapid financial exchanges. Integrating advanced security measures such as biometric authentication, artificial intelligence-driven fraud detection, and hardware-based protection mechanisms has enhanced system resilience against evolving cyber threats. Adoption patterns reveal distinctive regional characteristics, with Western markets embracing contactless solutions through existing financial networks, Asian economies pioneering QR-based ecosystems, and emerging markets leveraging mobile payments to expand financial inclusion. Despite remarkable growth trajectories, several challenges impede universal adoption, including regulatory fragmentation across jurisdictions, persistent cybersecurity vulnerabilities, infrastructure limitations in developing regions, digital literacy barriers among certain demographics, and growing privacy concerns regarding data collection practices. Understanding these dynamics provides valuable insights into the continued evolution of payment technologies and their broader implications for global commerce, financial inclusion, and economic development across diverse market contexts.

Subject. The article investigates the role of cryptocurrency in the international financial market. Objectives. The aim is to analyze the place and role of cryptocurrencies in the international financial market. Methods. The study rests on logical, historical, and statistical analysis, and methods of comparison, classification, and deduction. Results. The paper defines the concept of cryptocurrency, considers the problem of including cryptocurrencies in the economic system, characterizes the cryptocurrency market at the international level, determines the place and role of cryptocurrencies in the international financial market. Conclusions. Cryptocurrency is a new phenomenon in the global economy. It plays a special role in the investment market. The introduction of cryptocurrency into everyday life is possible only after solving all technical, legal, and economic issues directly related to its circulation. The problem with legal regulation is particularly relevant, since the attitude of governments of different countries to digital assets is constantly changing. This is due to the fact that decentralized systems can be used in the shadow economy, which threatens the stability of the national economy of States. Nevertheless, the development of digital economy cannot be stopped, so it is worth adapting to the new realities of the modern world.

This study examined the impact of financial inclusion on economic growth disaggregated into traditional finance and digital finance with its sub-dimension for 29 Sub-Saharan African countries, 2012–2020. The study employed the panel feasible generalised least squares and panel system generalised method of moment procedures, and the panel vector autoregression Granger causality test. The results revealed that for the full sample; (1) Both the traditional and digital financial inclusion have positive and significant impact on economic growth, (2) The impact of the traditional financial inclusion in magnitude is more than that of the digital financial inclusion which also is replicated in the access sub-dimensions, (3) Unlike the access sub-dimensions the relative impact of the usage sub-dimension shows no large difference between the traditional and the digital finance. For the sub samples divided into low-income and middle-income countries; (4) The impact of traditional and digital financial inclusion is different across income levels. Both traditional and digital finance are positive and significant in middle income countries while only digital finance is significant in low income countries, (5) Economic growth Granger caused more of traditional finance than the traditional finance Granger caused economic growth, (6) The access sub-dimension to financial services Granger caused more of economic growth than the usage sub-dimension, (7) Digital financial inclusion is neutral in middle-income countries but not in low-income countries. The study recommends that even as digital finance is the new concept in the context of a developing economy, the traditional banking structures should not be neglected.

As cryptocurrencies gain prominence in the global financial landscape, understanding the associated security risks becomes paramount. This chapter delves into the multifaceted security challenges faced by cryptocurrency users, exchanges, and blockchain networks. Key risks such as hacking, phishing, and vulnerabilities in smart contracts are explored in detail, alongside the implications of these threats on user trust and market stability. The chapter also examines various mitigation strategies, including multi-factor authentication, cold storage solutions, and robust auditing practices. By providing a comprehensive overview of both risks and preventive measures, this chapter aims to equip readers with the knowledge necessary to navigate the complex security landscape of cryptocurrencies, fostering a safer environment for digital asset transactions.

Purpose. Studying of necessity investment potential forming for industrial enterprise’s financial development in the Tula region and international market. Tasks: - studying of investment and investment potential meaning; - researching of investment potential influence on industrial enterprise’s financial development; - main factors’ forming of industrial enterprise’s activity development in the Tula region and international financial market. Methods. Investment attractiveness’ changing of Center federal district’s regions and including Tula region studies in the article. It is paid attention for analysis of investment attractiveness’ changing in the years, also a comparison is being made investment attractiveness’ positions of different Russian Federation regions. Besides it is analyzed investment attractiveness’ financial development possibility and ability to international market for financial relationships with another enterprise. Results. It is conducted analysis investment potential’s influence on Tula region industrial enterprises’ financial development. It is identified that Tula region investment attractiveness didn’t change in 2023 year. It is mined that industrial enterprises work effectively. It is emphasized, that Tula region industrial enterprises’ investment attractiveness’ changing can depend on financial resources’ changing, which is provided this enterprise’s financial development. Also it is established Tula region industrial enterprises’ financial development’s limitations and problems in the national and international market. It is identified that investment strategy forms necessary for industrial enterprise’s quit to the international market. Conclusions. Tula region industrial enterprise’s investment potential can develop in case free financial resources. Tula region industrial enterprise can quit to new markets and international market. Industrial enterprise can realize financial development and increase competitiveness position with another enterprise in financial relationships in the international market.

Blockchain technology is being increasingly deployed to store and process transactions and information in the global financial sector. Blockchain underpins cryptocurrencies such as Bitcoin and facilitates decentralized finance (DeFi), representing a paradigm shift in the global financial landscape, offering alternative solutions to traditional banking, and fostering financial inclusion. In developing economies such as Morocco, where a significant portion of the population remains unbanked, these digital financial innovations present both opportunities and challenges. This study examines the potential role of cryptocurrencies and DeFi in enhancing financial inclusion in Morocco, where cryptocurrencies have been banned since 2017. However, the public continues to use cryptocurrencies, circumventing restrictions, and the Moroccan Central Bank is now preparing to introduce new regulations to legalize their use within the country. In this context, this article analyses the potential of cryptocurrencies to mitigate barriers such as high transaction costs, restricted access to financial services in rural areas, and limited financial literacy in the country. The study pursues a mixed-methods approach, which combines a quantitative survey with qualitative expert interviews and adapts the Unified Theory of Acceptance and Use of Technology (UTAUT) model to the Moroccan context. The findings reveal that while cryptocurrencies offer cost-efficient financial transactions and improved accessibility, their adoption may be constrained by regulatory uncertainty, security risks, and technological limitations. The novelty of the article thus lies in its focus on the key mechanisms that influence the adoption of cryptocurrencies and their potential impact in a specific national context. In so doing, the study highlights the need for a structured regulatory framework, investment in digital infrastructure, and targeted financial literacy initiatives to optimize the potential role of cryptocurrencies in progressing financial inclusion in Morocco. This underscores the need for integrated models and guidelines for policymakers, financial institutions, and technology providers to ensure the responsible introduction of cryptocurrencies in developing world environments.

Financial technology (Fintech) has emerged as a transformative force in the global financial landscape, offering innovative solutions to longstanding challenges. This study delves into the Egyptian context to assess the profound impact of fintech on financial inclusion—a crucial factor for economic development and social equity. Through empirical analysis, this research endeavors to unveil the multifaceted ways in which fintech is reshaping the financial landscape in Egypt, particularly regarding expanding access to financial services for underserved and unbanked populations. The data was collected from financial statements of banks over the period of 2018 – 2022, with keywords identified in annual reports to create dummy variables for analysis and analyzing it by STATA through logistic regression to determine whether there is a significant impact or not. The results reveal that the research supports the hypothesis that fintech has a significant effect on financial inclusion, as well as on reliability, availability, accessibility, and efficiency of electronic government services. Thus, this study contributes valuable insights for the Egyptian government to develop electronic payment systems and regulations that maximize the availability, accessibility, efficiency, and responsiveness of electronic government services, ultimately improving the lives of the nation’s residents. Keywords: Fintech, E-payment bills, Modes of payment, E-government system, Financial Inclusion

The study investigates the macro determinants of global financial inclusion using world data from 1999 to 2023 period. The data were analysed using the fully modified ordinary least squares regression estimator, the two-stage least squares regression estimator and the robust least squares regression estimator. The determinants examined are total domestic investment, macroeconomic management frameworks, international trade openness, total population size, consumer spending, and economic growth rate. The findings reveal that population size and trade openness have a positive effect on global financial inclusion through a higher financial inclusion index and commercial bank branch expansion. Total domestic investment and sound macroeconomic management have a negative effect on global financial inclusion through a decrease in the financial inclusion index and a reduction in the number of bank branches and the negative effect is more pronounced in the post-financial crisis years. However, total population size remain a positive determinant of global financial inclusion in the post-financial crisis years. Trade openness and consumer spending increase global financial inclusion during periods of economic prosperity while total domestic investment and sound macroeconomic management decrease global financial inclusion during periods of economic prosperity. In terms of forward-looking orientation, the study finds that a large population and weak macroeconomic management in the present period leads to financial inclusion gains in the future. It is recommended that policy adjustments in today’s population size and macroeconomic management frameworks can help to achieve future financial inclusion targets. The findings contribute to the financial inclusion literature by using world data to offer new insights into the factors that can accelerate global financial inclusion.