Prerequisites for the digital transformation of the financial market in the era of globalization
Year: 2024
Type: article
Abstract: The terms "digitalization" and "digital transformation" are clarified based on the experience of research of international financial institutions and foreign companies leading developments in the field of information technology in modern financial markets. In the context of modern globalization, new technologies such as blockchain, artificial intelligence, and cryptocurrencies are widely used to enhance the efficiency and stability of financial systems. Analyzing the digitalization of the financial market as an evolutionary stage in the development of modern society, the main stages of its formation should be taken into account. At the same time, it should be emphasized that the basis of this process is the active introduction of the achievements of the FinTech industry into financial relations. Today, a new stage in the development of the financial market is being formed with requirements for harmonizing regulation, expanding the list of potential participants and strengthening consumer protection. The digital transformation of the financial market has a significant impact on increasing the digital literacy of the population and business.
Authors: G. Kassenova, G. Supugalieva, A. Assilova
Language: English
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4407223887