GLOBAL TRENDS IN THE DEVELOPMENT OF FINANCIAL TECHNOLOGIES IN THE TRANSFORMATION OF THE GLOBAL FINANCIAL MARKET

Abstract

This article systematizes global trends in financial technology (FinTech) development and substantiates its transformational impact on the structure and functioning of the global financial market. Methodologically, the study applies systemic and comparative analysis, a synthesis of literature reviews, and an institutional-functional approach to interpret interactions among FinTech firms, traditional financial intermediaries, and regulators. Based on contemporary theoretical approaches, the paper refines the definition of FinTech as a key element of digital transformation within financial ecosystems where market participants’ roles are reconfigured.
The findings demonstrate that FinTech drives the «unbundling» of the universal banking model, intensifies competition from specialized startups and BigTech companies, and fosters platform-based financial ecosystems. The study generalizes regional FinTech development profiles across advanced and emerging economies, outlining heterogeneous transformation paths based on varied infrastructural conditions, business models, and regulatory regimes. Furthermore, it systematizes FinTech’s structural impact on payments, lending, asset management, insurance, market infrastructure, and the evolution of RegTech and SupTech solutions.
The results show that while FinTech expands operational efficiency, financial inclusion, and risk assessment data, it generates significant challenges for financial stability, cybersecurity, and consumer protection. The scientific novelty lies in integrating technological, institutional, and regulatory dimensions into a unified framework for analyzing FinTech as a systemic transformation factor. Practically, the findings support designing national digital transformation strategies and adapting regulatory policy.