FINTECH ECOSYSTEM OF UKRAINE IN THE EUROPEAN CONTEXT
Main Article Content
Abstract
Introduction. The rapid development of financial technologies (FinTech) is transforming the financial sector through the expansion of digital payment services, open banking, artificial intelligence, and crypto-assets. While the European Union has established a comprehensive regulatory framework for digital finance, Ukraine continues to adapt its legislation to European standards. Therefore, assessing the Ukrainian FinTech ecosystem in the European context is essential for identifying regulatory gaps and substantiating directions for its integration into the European digital financial space.
Purpose. The purpose of the article is to investigate the current state of the Ukrainian FinTech ecosystem in the European context, identify the key features of its regulatory environment, and substantiate strategic directions for its harmonization with European Union standards.
Results. The current state of the Ukrainian FinTech ecosystem in the European context is assessed through a comparative analysis of its market structure, regulatory environment, and integration potential. The structural characteristics of the Ukrainian FinTech market are identified based on the distribution of companies across the main functional segments, confirming the dominance of technological infrastructure and digital payment services. The key technological trends of the ecosystem are analyzed, including the widespread use of application programming interfaces (API), artificial intelligence, cloud technologies, and chatbot solutions.
A comparative analysis of the Ukrainian FinTech ecosystem with selected European countries is conducted using indicators of the level of financial services digitalization, the number of FinTech companies, regulatory instruments, and the degree of European integration. The results demonstrate that Ukraine possesses a dynamic and diversified FinTech ecosystem with considerable innovative potential; however, its regulatory framework remains only partially aligned with the European Union acquis.
The regulatory approaches of the European Union and Ukraine are compared with regard to the implementation of MiCA, DORA, PSD2/PSD3, open banking, regulatory sandboxes, and digital supervisory technologies. Based on the identified regulatory gaps, strategic directions for harmonizing the Ukrainian FinTech ecosystem with European standards are substantiated, including legislative approximation, institutional development, enhancement of digital financial infrastructure, strengthening digital operational resilience, promotion of innovation, and deeper integration into the European digital financial market.
Conclusion. The study confirms that the Ukrainian FinTech ecosystem is undergoing active institutional and technological development, with key strengths including a diversified market structure, a high concentration of technology-oriented companies, and the rapid expansion of digital financial services. Comparative analysis shows that the main differences between Ukraine and European countries are related primarily to the regulatory environment rather than technological capacity. Although Ukraine has made significant progress in reforming financial legislation, further harmonization with the European Union acquis remains necessary, particularly in the areas of crypto-assets, digital operational resilience, open banking, and digital supervision. The proposed strategic directions for harmonization will strengthen the institutional capacity and international competitiveness of the Ukrainian FinTech ecosystem and support its integration into the European digital financial space.
Article Details
This work is licensed under a Creative Commons Attribution 4.0 International License.
The authors published in this journal agree with following conditions:
1. The authors reserve to themselves the right to the authorship of their works and transfer the right of their first publication to the journal on the terms of Creatіve Common Attrіbutіon Lіcense which allows to freely extend to other persons the published work with an obligatory reference to the authors of the original work and its first publication in this journal.
2. The authors have the right to complete independent additional agreements concerning the not exclusive distribution of their work in the form in which it was published in this journal (for example, to place the work in the electronic storehouse of an establishment or to publish as a monograph component), under the condition of the preservation of the reference to the first publication of the work in this journal.
3. The journal’s policy allows and encourage the authors to place their manuscripts into the Internet (for example, in depositories of establishments or on personal web-sites) either before submitting of the manuscript for publication or during its editorial processing as it assists the occurrence of a productive scientific discussion and positively affects the efficiency and dynamics of citing of the published work.
AGREEMENT
ABOUT TRANSMISSION OF COPYRIGHT
I, the author of the article / We, the authors of the manuscript _______________________________________________________________________
in case of its acceptance for publication, we transfer the following rights to the founders and editorial boards of the scientific publication "BULLETIN OF THE CHERKASY BOHDAN KHMELNYTSKY NATIONAL UNIVERSITY. ECONOMIC SCIENCES. SERIES "ECONOMIC SCIENCES":
1. Publication of this article in Ukrainian (English, Russian, Polish) and distribution of its printed version.
2. Dissemination of the electronic version of the article through any electronic means (placing on the official journal web site, in electronic databases, repositories, etc.).
At the same time we reserve the right without consent of the editorial board and the founders:
1. Use the materials of the article in whole or in part for educational purposes.
2. To use the materials of the article in whole or in part for writing your own theses.
3. Use article materials to prepare abstracts, conference reports, and oral presentations.
4. Post electronic copies of the article (including the final electronic version downloaded from the journal's official website) to:
a. personal web-pecypcax of all authors (web sites, web pages, blogs, etc.);
b. web-pecypcax of the institutions where the authors work (including electronic institutional repositories);
with. non-profit, open-source web-pecypcax (such as arXiv.org).
With this agreement, we also certify that the submitted manuscript meets the following criteria:
1. Does not contain calls for violence, incitement of racial or ethnic enmity, which are disturbing, threatening, shameful, libelous, cruel, indecent, vulgar, etc.
2. Does not infringe the copyrights and intellectual property rights of others or organizations; contains all the references to the cited authors and / or publications envisaged by applicable copyright law, as well as the results and facts used in the article by other authors or organizations.
3. It has not been previously published in other publishers and has not been published in other publications.
4. Does not include materials that are not subject to publication in the open press, in accordance with applicable law.
____________________ ___________________
First name, Last name, signature of the author
"___" __________ 20__
References
Pakhnenko, O., Rubanov, P., Hacar, D., Yatsenko, V., & Vida, I. (2021). Digitalization of financial services European countries: Evaluation and comparative analysis. Journal of International Studies, 14(2), 267–282. https://doi.org/10.14254/2071-8330.2021/14-2/17.
Hariaha, L. O. (2018). Rozvytok finansovoho rynku v umovakh tsyfrovizatsii ekonomiky [Development of the financial market under the conditions of economic digitalization]. Biznes Inform, 11, 388–393.
Desyatnyuk, O., & Ptashchenko, O. (2025). Digital transformation of the financial market in the context of ensuring inclusion. European Scientific Journal of Economic and Financial Innovation, 17(3), 312–319. https://doi.org/10.32750/2025-0327.
Vysiahin, O. (2025). Tsyfrova transformatsiia finansovoho rynku: formuvannia konkurentnykh perevah i upravlinnia novymy ryzykamy [Digital transformation of the financial market: formation of competitive advantages and management of new risks]. Ekonomika ta suspilstvo, 81. https://doi.org/10.32782/2524-0072/2025-81-11.
Khudolii, Yu. S., & Svystun, L. A. (2023). Transformatsiia rozdribnoho bankinhu pid vplyvom FinTech [Transformation of retail banking under the influence of FinTech]. Ekonomika i rehion, 4(91), 206–214. https://doi.org/10.26906/EiR.2023.4(91).3214.
Parashchenko, O. K., & Dosuzha, A. Ye. (2025). Pravove rehuliuvannia tsyfrovykh finansiv v YeS ta Ukraini: porivnialnyi analiz [Legal regulation of digital finance in the EU and Ukraine: comparative analysis]. Analitychno-porivnialne pravoznavstvo, 6(2), 266–272. https://doi.org/10.24144/2788-6018.2025.06.2.42.
European Parliament and the Council of the European Union. (2023). Regulation (EU) 2023/1114 of 31 May 2023 on markets in crypto-assets (MiCA). Official Journal of the European Union, L 150, 40–205. https://eur-lex.europa.eu/eli/reg/2023/1114/oj.
European Parliament and the Council of the European Union. (2022). Regulation (EU) 2022/2554 of 14 December 2022 on digital operational resilience for the financial sector (DORA). Official Journal of the European Union, L 333, 1–79. https://eur-lex.europa.eu/eli/reg/2022/2554/oj.
European Parliament and the Council of the European Union. (2015). Directive (EU) 2015/2366 of 25 November 2015 on payment services in the internal market (PSD2). Official Journal of the European Union, L 337, 35–127. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32015L2366.
Aleksandrov, O. V., & Paliy, Y. (2026). The cascade of windows 2026–2027: The digital euro, tokenised deposits and decision moments for Ukrainian public administration. Pressing Problems of Public Administration, 1(68), 166–192. https://doi.org/10.26565/1684-8489-2026-1-09.
Panait, M. C., Apostu, S. A., Gigauri, I., Confetto, M. G., & Palazzo, M. (2024). Defeating the dark sides of FinTech: A regression-based analysis of digitalization's role in fostering consumers' financial inclusion in Central and Eastern Europe. Risks, 12(11), Article 178. https://doi.org/10.3390/risks12110178.
Taranenko, A. (2025). Innovative mechanisms of state regulation of information security of financial institutions in Ukraine in the context of DORA implementation and SupTech tools development. Visegrad Journal on Human Rights, 2, 187–192. https://doi.org/10.61345/1339-7915.2025.2.26.
Ukrainian Association of FinTech and Innovation Companies. (2025). Ukrainian FinTech Catalog 2025. https://fintechua.org/fintech_catalog_2025.
Statista. (2025). Digital payments – Ukraine. Statista Market Insights. https://www.statista.com/outlook/fmo/payments/digital-payments/ukraine.
National Bank of Ukraine. (2023). Strategy of the financial sector development of Ukraine. https://bank.gov.ua/admin_uploads/article/Strategy_finsector_NBU.pdf.
National Bank of Ukraine. (2025). Regulation on Open Banking in Ukraine: Resolution of the Board of the National Bank of Ukraine No. 80 of July 25, 2025. https://zakon.rada.gov.ua/laws/show/v0080500-25.
FinTech Poland. (2025). How to Do FinTech in Poland 2025. Warsaw: FinTech Poland Foundation. https://fintechpoland.com/wp-content/uploads/2025/08/How-to-do-Fintech-in-Poland-report-2025-2.pdf.
Invest Lithuania. (2025). The FinTech Landscape in Lithuania 2024–2025. Vilnius: Invest Lithuania. https://investlithuania.com/report/fintech-report.
Copenhagen FinTech. (2025). Nordic FinTech Report 2025. Copenhagen: Copenhagen FinTech. https://www.copenhagenfintech.dk/reports/nordic-fintech-report-2025.
Verkhovna Rada of Ukraine. (2021). Law of Ukraine «On Payment Services» No. 1591-IX of June 30, 2021 (as amended). https://zakon.rada.gov.ua/laws/show/1591-20.