{"id":21501,"date":"2026-04-04T10:52:23","date_gmt":"2026-04-04T07:52:23","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=21501"},"modified":"2026-04-04T10:52:58","modified_gmt":"2026-04-04T07:52:58","slug":"the-impact-of-fintech-technologies","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/the-impact-of-fintech-technologies\/","title":{"rendered":"Bodnar O., Slobodian T., Rahulina A. The Impact of Fintech Technologies on the Development of Stock Exchange Activities in Ukraine and the World"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n
JEL Classification:<\/strong> \u00a0<\/i><\/b>G10, G14, O33.<\/span><\/i><\/td>\nDOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V55(2026)-05<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][vc_column_text]Bodnar Olena, <\/b>PhD (Economics), Associate Professor of the Department of Finance, Banking and Insurance, Mykolayiv National Agrarian University, Mykolayiv, Ukraine<\/span><\/p>\n

ORCID:<\/strong> 0000-0002-0152-4290<\/span><\/a>
\ne-mail: <\/strong>bodnaroa@mnau.edu.ua<\/span><\/a><\/p>\n

Slobodian Tetiana, <\/b>higher education student, Accounting and Finance Faculty, Mykolaiv National Agrarian University, Mykolaiv, Ukraine<\/span><\/p>\n

ORCID:<\/strong> 0009-0008-6413-8734<\/span><\/a>
\ne-mail: <\/strong>tanyaslobodian1051@gmail.com<\/span><\/a><\/p>\n

Rahulina Anastasia, <\/b>higher education student, Accounting and Finance Faculty, Mykolaiv National Agrarian University, Mykolaiv, Ukraine<\/span><\/p>\n

ORCID:<\/strong> 0009-0001-8328-8614<\/span><\/a>
\ne-mail: <\/strong>nastya.ragulina.2004@gmail.com<\/span><\/a><\/p>\n

 <\/p>\n

The Impact of Fintech Technologies on the Development of Stock Exchange Activities in Ukraine and the World<\/b><\/p>\n

Abstract. Introduction<\/i><\/b>.\u00a0<\/span><\/i>The study examines the impact of fintech technologies on the transformation of stock exchange activities in Ukraine and worldwide amid the global digitalisation of financial markets. The analysis focuses on the growing role of technological innovations in reshaping market infrastructure and regulatory frameworks.<\/span><\/i><\/p>\n

Purpose<\/i><\/b>. The purpose of the research is to determine how fintech solutions \u2013 including blockchain, distributed ledger technologies, asset tokenisation, algorithmic and high-frequency trading, artificial intelligence, and RegTech\/SupTech instruments \u2013 redefine trading, clearing, settlement processes, and investor participation. The study aims to identify global trends, country-specific challenges, and opportunities for Ukraine\u2019s capital market modernisation.<\/span><\/i><\/p>\n

Results<\/i><\/b>. The research establishes that fintech technologies significantly increase the efficiency of exchange operations by accelerating transaction processing, enhancing transparency, and reducing operational and transactional costs. International practices demonstrate consistent progress in integrating DLT-based solutions into clearing and settlement mechanisms, while tokenisation pilots provide evidence of improved market liquidity and faster execution cycles. At the same time, the study reveals that the rapid adoption of fintech innovations generates new risks: legal uncertainty regarding digital assets, incompatibility of legacy infrastructures with innovative platforms, cybersecurity threats, operational vulnerabilities within automated systems, and heightened susceptibility to market manipulation under algorithmic trading. For Ukraine, the findings highlight the need for infrastructure modernisation, regulatory harmonisation, development of custodial services, and strengthening of the fintech ecosystem to ensure broader investor accessibility and integration into global markets.<\/span><\/i><\/p>\n

Conclusions<\/i><\/b>. The study concludes that fintech technologies serve as a fundamental driver of the transformation of modern capital markets but require a balanced combination of innovation, regulatory adaptation, and risk management. The effective incorporation of fintech tools into stock exchange activities is crucial for building a resilient, transparent, and competitive financial infrastructure in Ukraine and for deepening its integration into the international financial space.<\/span><\/i><\/p>\n

Keywords<\/b>: fintech; stock exchange activities; tokenisation; blockchain; digital securities; financial infrastructure.<\/span><\/i><\/p>\n

References<\/b>:<\/strong><\/p>\n

    \n
  1. National Bank of Ukraine. (n.d.). Development of fintech in Ukraine. https:\/\/bank.gov.ua\/ua\/about\/develop-strategy\/fintech2025<\/span><\/li>\n
  2. National Bank of Ukraine. (2021). Fintech development strategy in Ukraine until 2025: Implementation report for 2021. https:\/\/bank.gov.ua\/admin_uploads\/article\/Strategy_fintech2025_zvit_2021.pdf<\/span><\/li>\n
  3. Hulei, A., Kotukh, Y., & Riabokin, M. (2024). RWA tokenization as an innovative mechanism for attracting investments and increasing local budget revenues. Economy and Society, (64). https:\/\/doi.org\/10.32782\/2524-0072\/2024-64-22<\/span><\/li>\n
  4. Chunytska, I., & Bohrinovtseva, L. (2023). The impact of digital technologies on the development of the financial market of Ukraine. Economy and Society, (49). https:\/\/doi.org\/10.32782\/2524-0072\/2023-49-60<\/span><\/li>\n
  5. Liakhova, O., Yurkevich, O., & Korets, K. (2023). Fintech market in Ukraine: Current conditions. Black Sea Economic Studies, (79). https:\/\/doi.org\/10.32782\/bses.79-28<\/span><\/li>\n
  6. World Economic Forum. (2025). Asset tokenization in financial markets: The next generation of value exchange. https:\/\/reports.weforum.org\/docs\/WEF_Asset_Tokenization_in_Financial_Markets_2025.pdf<\/span><\/li>\n
  7. Deutsche Bank Research. (n.d.). Asset tokenization 101: Everything you should know in 10 slides. https:\/\/www.dbresearch.com\/PROD\/RI-PROD\/PDFVIEWER.calias?pdfViewerPdfUrl=PROD0000000000610273<\/span><\/li>\n
  8. Howcroft, E. (2025). Global securities watchdog says \u201ctokenization\u201d creates new risks. Reuters. https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/global-securities-watchdog-says-tokenization-creates-new-risks-2025-11-11\/<\/span><\/li>\n
  9. Howcroft, E. (2025). Stock exchanges urge regulators to crack down on \u201ctokenised stocks\u201d. Reuters. https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/stock-exchanges-urge-regulators-crack-down-tokenised-stocks-2025-08-25\/<\/span><\/li>\n
  10. Mbarek, M., & Msolli, B. (2025). Tokens and cryptocurrencies: Evidence from asymmetric frequency connectedness approach. Research in International Business and Finance, 77, 102884. https:\/\/doi.org\/10.1016\/j.ribaf.2025.102884<\/span><\/li>\n
  11. Bank for International Settlements. (2024). Tokenisation in the context of money and other assets: Concepts and implications for central banks. https:\/\/www.bis.org\/cpmi\/publ\/d225.pdf<\/span><\/li>\n
  12. Finextra Research. (n.d.). IOSCO highlights risks of tokenisation. https:\/\/www.finextra.com\/newsarticle\/46898\/iosco-highlights-risks-of-tokenisation<\/span><\/li>\n
  13. Ogbuonyalu, U. O., et al. (2024). Assessing artificial intelligence-driven algorithmic trading implications on market liquidity risk and financial systemic vulnerabilities. International Journal of Scientific Research and Modern Technology, 18\u201321. https:\/\/doi.org\/10.38124\/ijsrmt.v3i4.433<\/span><\/li>\n
  14. ASIFMA. (n.d.). The impact of distributed ledger technology in capital markets. https:\/\/www.asifma.org\/wp-content\/uploads\/2025\/09\/full-report-dlt-report-final3.pdf<\/span><\/li>\n
  15. International Capital Market Association. (n.d.). Tracker of new fintech applications in bond markets. https:\/\/www.icmagroup.org\/fintech-and-digitalisation\/fintech-resources\/tracker-of-new-fintech-applications-in-bond-markets\/<\/span><\/li>\n
  16. Sio, T. (n.d.). Regulatory roundup: A look back on the 2024 regulatory landscape and the lessons we\u2019ve learned. Nasdaq. https:\/\/www.nasdaq.com\/articles\/fintech\/a-look-back-on-the-2024-regulatory-landscape-and-the-lessons-weve-learned<\/span><\/li>\n
  17. National Bank of Ukraine. (n.d.). NBU launches regulatory sandbox to test innovative products. https:\/\/bank.gov.ua\/en\/news\/all\/natsionalniy-bank-zapuskaye-regulyatornu-platformu-dlya-testuvannya-innovatsiynih-produktiv<\/span><\/li>\n
  18. Ukrainian Association of Fintech and Innovation Companies. (2023). Ukrainian fintech catalog 2023. https:\/\/fintechua.org\/en\/fintech-catalog-2023<\/span><\/li>\n
  19. Ministry of Finance of Ukraine. (2025). Strategy of Ukrainian financial sector development until 2025. https:\/\/mof.gov.ua\/storage\/files\/Strategy_FS_2025_eng.pdf<\/span><\/li>\n
  20. KPMG. (2024). Pulse of fintech H2 2023: Global analysis of fintech funding. https:\/\/assets.kpmg.com\/content\/dam\/kpmg\/xx\/pdf\/2024\/02\/pulse-of-fintech-h2-2023.pdf<\/span><\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received: 1<\/strong>0\u00a0February 2026<\/span><\/p>\n

    \"bodnar.pdf\"<\/div>
    bodnar.pdf<\/div><\/div>
    <\/div>
    <\/div>
    Size: <\/span>1,35<\/span><\/div>
    Download Now!<\/a><\/span>4<\/span> Downloads<\/span><\/span><\/div><\/div>
    <\/div>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n\n
    \n

    How to quote this article?<\/p>\n<\/td>\n<\/tr>\n

    Bodnar O., Slobodian T., Rahulina A. (2025). The Impact of Fintech Technologies on the Development of Stock Exchange Activities in Ukraine and the World. Modern Economics, 55(2026), 37-42. DOI: https:\/\/doi.org\/10.31521\/modecon.V55(2026)-05.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=”.vc_custom_1657628632157{margin-top: 10px !important;}”]<< \u041f\u043e\u0432\u0435\u0440\u043d\u0443\u0442\u0438\u0441\u044f \u0434\u043e \u0437\u043c\u0456\u0441\u0442\u0443<\/a>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"

    [vc_row][vc_column][vc_column_text] JEL Classification: \u00a0G10, G14, O33. DOI: https:\/\/doi.org\/10.31521\/modecon.V55(2026)-05 [\/vc_column_text][vc_column_text]Bodnar Olena, PhD (Economics), Associate Professor of the Department of Finance, Banking and Insurance, Mykolayiv National Agrarian University, Mykolayiv, Ukraine ORCID: 0000-0002-0152-4290 e-mail: bodnaroa@mnau.edu.ua Slobodian Tetiana, higher education student, Accounting and Finance Faculty, Mykolaiv National Agrarian University, Mykolaiv, Ukraine ORCID: 0009-0008-6413-8734 e-mail: tanyaslobodian1051@gmail.com Rahulina Anastasia, higher education
    Read more<\/a><\/p>\n","protected":false},"author":10,"featured_media":13475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[250,67],"tags":[249],"class_list":["post-21501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-55-2026","category-articles","tag-55-2026"],"_links":{"self":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/21501","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/comments?post=21501"}],"version-history":[{"count":3,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/21501\/revisions"}],"predecessor-version":[{"id":21634,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/21501\/revisions\/21634"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media\/13475"}],"wp:attachment":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media?parent=21501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/categories?post=21501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/tags?post=21501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}