PERSPECTIVES OF THE ECOSYSTEMS OF BIG TECH COMPANIES IN THE PAYMENT SPHERE IN THE FINANCIAL MARKET

Abstract

The relevance of the article is due to the solution of the problems of the expansion of the activities of bigtech companies in the field of payments, which are currently taking place in the financial market of Ukraine. It can be considered that the concept of "ecosystem" is broader compared to a digital platform. An ecosystem can include several digital platforms, but it can also develop on the basis of one platform. At the same time, it is currently quite difficult to imagine the existence of an ecosystem without a digital platform, since there is currently no alternative technical and organizational basis for the interconnection of services within the ecosystem and seamless switching between them. At the same time, the digital platform can exist outside the boundaries of the ecosystem. The purpose of the study is to determine promising areas of interaction between ecosystems and credit institutions in the payment sphere. In the course of the study, current approaches to defining ecosystems and digital platforms were analyzed and their interpretation was proposed. The main advantages associated with the participation of ecosystems in financial and payment intermediation have been identified. The models of providing financial and payment services by ecosystems are considered and the normative principles of regulating their activities in foreign countries are defined. It was concluded that the ecosystem is a new institutional unit that has advantages compared to traditional financial institutions: the presence of a global client base, the possibility of quick implementation of network effects, and the absence of excessive regulatory burden. The objective criteria that make it possible to attribute a company to the ecosystem are: general and specific criteria that take into account the peculiarities of doing business, the level of development of the financial market, information technologies, etc. Regulating the activities of ecosystems of big-tech companies allows to minimize basic, global and country risks due to the improvement of financial regulation and antimonopoly legislation, development of uniform standards and requirements for cross-border activities of ecosystems of big-tech companies. The main scenarios of the interaction of traditional financial institutions and ecosystems on the domestic financial market are: preservation of the dominance of traditional financial institutions; cooperation between banks and ecosystems; competition between banks and ecosystems; transition to a scenario of dominance of the ecosystem financial market.