INSTITUTIONAL PROVISION/SUPPORT FOR FINTECH DEVELOPMENT AND THE ROLE OF DIGITAL PLATFORMS IN BANK FINANCIAL INTERMEDIATION FOR SMES
Abstract
The financial system of Ukraine is experiencing a deep digital transformation that redefines the traditional model of banking intermediation. Digitalisation, supported by FinTech solutions, Open Banking, big data and Artificial Intelligence, strengthens the transparency of financial flows and expands SMEs’ access to financial resources. The implementation of the Law of Ukraine “On Payment Services” by the end of 2025, which establishes the legal basis for Open Banking and aligns Ukrainian regulation with PSD2 standards, requires enhanced institutional coordination among the NBU, the Ministry of Digital Transformation, the Ministry of Economy, the State Tax Service and the UAFIC. Despite the rapid development of digital technologies, the academic discourse still lacks a comprehensive understanding of the relationship between institutional alignment, FinTech ecosystem growth and changes in banking models, particularly regarding SME liquidity and financial inclusion. The purpose of the article is to justify the importance of institutional support and digital platforms in forming a modern model of banking intermediation aimed at strengthening SMEs’ liquidity, solvency and financial inclusion in a digital economy. The study examines the institutional foundations of FinTech development in the context of Open Banking, evaluates the role of regulatory sandboxes and the Law “On Payment Services” in stimulating innovation, and analyses how digital platforms enhance the efficiency of financial intermediation. The research results show that digitalisation is a key driver of banking efficiency in Ukraine. The interaction of state institutions—NBU (regulation and sandboxes), Ministry of Digital Transformation (Open Banking), Ministry of Economy (SME development), State Tax Service (digitalisation of reporting) and UAFIC (support for FinTech)—forms a favourable environment for innovations and integration into the European financial space. Digital banking platforms such as Monobank, PrivatBank, Revolut and N26 demonstrate the practical potential of FinTech, offering fast onboarding, personalised services, AI-driven automation and reduced transaction costs. Their technological maturity and customer-centric design significantly improve SMEs’ access to financial services and strengthen the overall resilience of the financial system.
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