FINTECH ТА ЦИФРОВА ТРАНСФОРМАЦІЯ ПЛАТІЖНОЇ СИСТЕМИ В КОНТЕКСТІ ФІНАНСОВОЇ БЕЗПЕКИ ДЕРЖАВИ

Volodymyr Kovalenko

doi:10.32782/CMI/2026-17-19

Volodymyr Kovalenko Novovolynsk Educative and Research Institute of Economics and Management of West Ukrainian National University https://orcid.org/0009-0006-9797-0100

DOI: https://doi.org/10.32782/CMI/2026-17-19

Keywords: FinTech, digital transformation, payment system, financial security, financial technologies, neobanks, digital platforms, financial inclusion, cyber risks, state regulation, banking system, artificial intelligence in finance

Abstract

The article explores the relevance of studying transformational processes in the financial sector caused by the rapid development of FinTech technologies in the digital economy. It notes that global trends in digitalisation, increased competition and growing demand for innovative payment instruments have a significant impact on the stability and security of the state's financial system. It is determined that the key challenge of our time is the need to ensure the financial security of the state in the context of dynamic changes associated with the emergence of new players on the market - FinTech and BigTech companies. The aim of the study is to identify the features of the digital transformation of the payment system in the context of FinTech innovations and to substantiate its impact on the financial security of the state, as well as to form guidelines for improving state policy in this area. The paper analyses the transformational impact of financial technologies on the logic of financial institutions, the structure of the payment system, and the formats for providing financial services. It outlines current strategies for the digital transformation of the banking sector, in particular the development of neobanks, the integration of FinTech solutions, and the application of artificial intelligence and big data analytics. The paper explores areas of digitalisation, from electronic payments and settlements to new forms of investment, crowdfunding, P2P lending, cryptocurrencies, and other innovative solutions. The conclusions emphasise that the digital transformation of the payment system not only opens up new opportunities for expanding financial inclusion and improving the efficiency of banking services, but also creates new risks, including cyber threats, loss of control over cash flows, personal data protection issues and cross-border regulation. The need to develop a comprehensive national strategy for the digital transformation of the financial sector is emphasised, taking into account the priorities of financial security, the development of the regulatory framework, the strengthening of state regulation and institutional support for innovation.

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FINTECH AND DIGITAL TRANSFORMATION OF THE PAYMENT SYSTEM IN THE CONTEXT OF STATE FINANCIAL SECURITY

Abstract

References