ORIEKHOV M. Global digitalization of the financial system

The dissertation is devoted to the study of the theoretical foundations of the world financial system transformation under the influence of global digitalization and the development of scientific and practical recommendations for generating positive effects of digital finance to solve problems of inclusive development in different countries. The paper further develops the systematization of determinants of competitive mechanisms transformations in the global financial market under the influence of digitalization, which includes: growing role of new non-banking competitors in the retail banking sector (FinTech and BigTech companies), which significantly changes its configuration in terms of payment solutions and consulting in capital markets, as well as consumer expectations; integration of banking institutions and FinTech companies, which increases competition in the banking markets in the short term, expands access to information about customer preferences and requests, increases the competitiveness of service providers and products by expanding customer focus, while also increasing the risks of digital gaps among consumers of banking services.