Financial market of Ukraine: analysis of the current state, threats, problems and prospects

• Published in: Galic'kij ekonomičnij visnik 2023, Vol.83 (4), p.78-88
• Main Authors: Tataryn, Nataliya, Polovko, Danyila
• Format: Article
• Language: English
• ISSN: 2409-8892
• DOI: 10.33108/galicianvisnyk_tntu2023.04.078

The financial market of Ukraine is undergoing significant challenges due to martial law, but these difficult conditions also encourage radical changes and innovation in the sector. One of the new development vectors is digitization, which becomes a necessary tool for conducting operations and exchange of information in war. The use of digital technologies and electronic payment systems helps to ensure the safety, convenience and efficiency of financial transactions. Increasing the availability of financial services is another important area of development in the financial market during martial law. In order to facilitate the financial situation of people who are undergoing financial difficulties, it is important to provide access to various financial services for all segments of the population. The use of virtual communication technologies can reduce geographical and physical restrictions, giving people the opportunity to receive financial services in a convenient way for them. Despite all the challenges, there are factors that contribute to the functioning of the financial market in the conditions of martial law. Understanding the problems and needs of the market allows financial institutions to adapt to new conditions and look for effective solutions. An important role is given to the adaptation of the legislation to new realities and to promote innovations in the financial sector. In order to ensure the successful functioning of the financial market in war, it is necessary to create a favorable regulatory and regulatory framework that would support the introduction of the latest technologies and innovation. In addition, the creation of partnerships between different industries, such as the financial sector, technological companies and government bodies, is an important element of the development of the financial market. Joint work and knowledge exchange allow you to create innovative solutions and put them into practice. For example, creating specialized financial companies that combine financial and technological knowledge can contribute to the rapid development and implementation of new financial products and services. In the light of martial law in Ukraine, it is important to pay attention to the creation of financial systems from cyber attacks and abuse. Cybersecurity development and the use of modern encryption and identification technologies can help prevent financial crimes and maintain confidence in the financial system. The war in Ukraine has b