THE ROLE OF FINANCIAL TECHNOLOGIES IN THE FORMATION OF THE STRATEGY FOR THE DEVELOPMENT OF THE NATIONAL ECONOMY IN GLOBALIZATION
DOI:
https://doi.org/10.32689/2523-4536/70-21Keywords:
FinTech (financial technologies), globalization, national economy, innovation, regulation, strategic planning, competitiveness, cyber securityAbstract
The article examines the role of financial technologies (FinTech) in the formation of a strategy for the development of the national economy in the context of globalization. The main focus is on the impact of FinTech on the traditional financial sector, as well as the opportunities and challenges that arise in connection with the rapid development of this area. The article analyzes the benefits, such as reduced cost of financial services, increased accessibility and innovation, and also considers the potential risks, in particular in the area of regulation, data security and market stability. The research findings emphasize the importance of adaptation, education and cooperation for the effective use of FinTech opportunities in the interests of stable and dynamic development of national economies in the context of globalization. The article also emphasizes the interaction between traditional financial institutions and the latest FinTech startups, considering it as a key factor in the successful integration of innovative solutions into the financial infrastructure. In addition, environmental aspects and their impact on the financial sector are considered, as well as the opportunities that FinTech offers for the "green" transformation of the economy. In the context of global challenges such as pandemics and geopolitical crises, the article highlights the role of FinTech as a tool for adaptation and recovery of economic activity. In conclusion, the study confirms that FinTech has great potential to increase the efficiency, competitiveness and sustainability of national economies, but it also requires a responsible approach, deep analysis and strategic planning by all stakeholders. In addition, the article examines the role of the state in regulating and supporting the development of FinTech. Given the rapid changes in this area, public authorities must be ready to respond promptly, creating a favorable environment for innovation, as well as protecting the rights of consumers and the interests of the economy as a whole. The global nature of FinTech is also emphasized. This industry knows no borders, and this creates both unique opportunities for international cooperation and new challenges related to international regulation, competition and cyber security.
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