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\u00a0From May 7\u201311, 2025, the Second International Financial Forum, \u201cModern Finance: Global Challenges and National Security,\u201d was held. It was organized by the non-governmental organization \u201cUkrainian-American Association of Higher Education Professionals\u201d and the S.I. Yuriy Department of Finance at the Western Ukrainian National University, in collaboration with the State National University \u201cAcademy of Financial Management\u201d of the Ministry of Finance of Ukraine and the Ukrainian-American Association of Higher Education Professionals. The gathering brought together researchers, educators, industry professionals, and international partners to exchange experiences and views on current issues and prospects for the development of the financial sector.<\/p>\n
Forum participants took part in the discussion platform \u201cThe Realities of Fintech and the E-Hryvnia Paradigm,\u201d which was moderated by the speaker\u2014Doctor of Economics, Professor, Deputy Chairman of the Supervisory Board of PJSC \u201cNPC \u201cUkrenergo,\u201d Anatoliy Huley, and the vice-speaker\u2014Serhiy Lekar, Doctor of Law, Professor, and Professor in the Department of Tax Administration at the State Tax University.<\/p>\n
In his presentation titled \u201cTrends in Fintech Development in Ukraine,\u201d Oleksiy Kalivoshko, Ph.D. in Economics, Associate Professor, and Chief Research Fellow in the Department of Financial, Credit, and Tax Policy at the National Scientific Center \u201cInstitute of Agrarian Economics,\u201d National Academy of Agrarian Sciences of Ukraine, drew the forum participants\u2019 attention to the factors influencing the development of fintech. Oleksiy Kalivoshko noted: \u201cThe negative factors hindering the development of fintech in Ukraine include: a full-scale war on Ukrainian territory; stagnation and an unstable national economy; expectations of negative trends in the development of the financial market; the absence of a long-term state monetary policy, as well as an opaque and manipulative exchange rate policy; the impoverishment of the population, the forced relocation of part of it, both within and outside Ukraine, and the growth of financial and social inequality.\u201d<\/p>\n
Tetyana Nechyporenko, Ph.D. in Economics (Vinnytsia Technical Vocational College), introduced forum participants to the topic \u201cDigital Payment Systems in Ukraine\u2019s Financial Sector: A Catalyst for Development and a Tool for Transformation.\u201d Tetyana Dmytrivna noted: \u201cDigital payment systems are undergoing dynamic development, driving growth in cashless transactions, technological innovation, enhanced security, and compliance with international standards. At the same time, the key determinants are consumer demand for speed, convenience, and security in payments; progress in the fintech industry; government support; and integration with global trends in the digital economy.\u201d<\/p>\n
Yaroslav Tchaikovsky, Ph.D. in Economics and Associate Professor at the Western Ukrainian National University, presented a report on trends and challenges in fintech development in the banking, insurance, and securities markets: \u201cThe growing demand for digital infrastructure solutions in the financial sector is one of the main drivers of fintech development. Despite challenging market conditions, there are approximately 260 fintech companies operating in the market. The market value of the fintech sector stands at $1.2 billion. At the same time, the technology infrastructure segment continues to show the highest growth: in 2024, its share among companies reached 36%, which is 12% higher than the previous year. This confirms the demand for IT solutions for financial institutions, especially in the context of digital technologies.\u201d<\/p>\n
A timely presentation was given by Serhiy Lekar, Ph.D. in Economics, Professor, and Professor in the Department of Tax Administration at the State Tax University, on the topic: \u201cSelected Aspects of Tax Administration in the Introduction of Electronic Money.\u201d The Vice Speaker noted: \u201cDespite certain challenges in tax administration associated with the introduction of electronic money, the government\u2019s actions in this area should be aimed at creating favorable conditions for its development. This is due to the rapid development of new technologies and the fact that this sector is a potential source of tax revenue for the budget. Given the specific nature of electronic money, when developing a mechanism for taxing entities in this sector in Ukraine, it is necessary to take into account basic international provisions regarding the taxation and administration of e-commerce and, based on them, amend the Tax Code of Ukraine. This will help avoid conflicts between the national tax system and the tax systems of EU countries and will contribute to an increase in the volume of transactions in this sector.\u201d<\/p>\n
The discussion platform \u201cThe Realities of Fintech and the E-Hryvnia Paradigm\u201d concluded with an in-depth presentation by Andriy Krysovaty, Ph.D. in Economics, professor, President of the Ukrainian-American Association of Higher Education Professionals, Chair of the Academic Council and Head of the S. I. Yuriy Department of Finance at the Western Ukrainian National University, Andriy Krysovaty, on the topic: \u201cInstitutional Changes in the Public Finance Paradigm Amid Uncertainties.\u201d<\/p>\n
Professor Andriy Kryssovaty emphasized: \u201cThe global context of uncertainty: war, security issues, international political turbulence, the challenges faced by small countries, budget deficits, and financial market instability are creating new challenges for national economic policy. Key issues include attracting international investment, fostering entrepreneurship, digitizing financial processes, and creating conditions for economic growth. In this context, fintech could become an important tool for transforming the financial system, opening up new opportunities for automation, combating corruption, and effectively managing public finances. Consequently, the modern parameters of a new global coordinate system for the financial space have been identified, reflecting contemporary ideas about energy, consciousness, and the transformation of reality.\u201d<\/p>\n
The third day of the forum began with a discussion panel titled \u201cPublic Finance Management: Global Challenges Under Martial Law,\u201d moderated by the speaker\u2014Doctor of Economics, Professor, Tetyana Yefimenko, President of the State National University \u201cAcademy of Financial Management,\u201d and co-moderator Leonid Dolinsky, Ph.D. in Economics and professor in the Department of Finance at the National University of Kyiv-Mohyla Academy.<\/p>\n
Tetyana Ivanivna Yefimenko, speaking about the turbulence in the national fiscal space amid the new economic reality, noted: \u201cIn Ukraine, despite martial law and global, regional, and national turbulence, successful reforms of the public finance system\u2014including its fiscal component\u2014are continuing, taking into account international obligations and the roadmap for EU accession. One of the key vectors of strategic transformation is strengthening financial stability and building buffer capacity to withstand potential negative scenarios of future major shocks. In this regard, the priorities for strengthening fiscal resilience and ensuring the country\u2019s long-term economic growth are: countering financial and economic destabilization, overcoming the uncertainty of budget forecasts and preventing an increase in borrowing costs, stabilizing public debt, medium-term budget planning, and monitoring fiscal risks.\u201d<\/p>\n
Equally important was the presentation by Leonid Dolinsky, Ph.D. in Economics and professor in the Department of Finance at the National University of Kyiv-Mohyla Academy, on the role of government debt securities in Ukraine\u2019s public finance management system. In his presentation, he outlined the characteristics of Ukraine\u2019s state budget financing: \u201cThe sources of financing for the state budget in 2024 were war bonds, bilateral loans, and grants. At the same time, since the start of the full-scale war, there have been periods when war bonds remained the most important source of funding for Ukraine\u2019s state budget. War bonds are available to all enterprises, business representatives, private individuals, and investors. The funds raised through these bonds and allocated to Ukraine\u2019s state budget are used to ensure the uninterrupted financing of the state\u2019s financial needs\u2014both social and defense-related\u2014under martial law. OVDPs can be used as collateral for refinancing with the NBU, have a zero risk weight in the calculation of capital adequacy ratios, and are considered risk-free assets, as they are issued by the state.\u201d<\/p>\n
K.Olga Bilyavska, Ph.D. in Economics and Vice Rector for Scientific and Pedagogical Work (Financial and Economic Issues) at Taras Shevchenko National University of Kyiv, introduced participants to the topic \u201cPublic Participation in the Formation and Implementation of Budget Policy.\u201d Olga Borysivna noted: \u201cThe main factors determining the specific mechanism of public participation in budget policy are: the transparency of budget policy and the budget process; the level of institutionalization of budget policy and the budget process; the extent of public influence on management decision-making; and the inclusiveness of budget policy, which is reflected in the involvement of all segments of the population at various stages of the budget process.\u201d<\/p>\n
A report on the socioeconomic realities of taxation during wartime and postwar reconstruction was presented by Volodymyr Valigura, Ph.D. in Economics and Associate Professor at the Western Ukrainian National University: \u201cThe socio-economic realities of taxation during wartime in Ukraine include a decline in GDP, high unemployment, the destruction of business capacity and infrastructure, the shadow economy, inflation, rising social expenditures, and dependence on foreign loans and grants. At the same time, the challenges of taxation in the context of post-war recovery include the need to broaden the tax base, rising social expenditures, institutional weakness, imbalances among levels of government in tax collection, a high debt burden, and the need to harmonize the tax system.\u201d<\/p>\n
Galina Voznyak, Ph.D. in Economics, Professor, and Leading Research Fellow at the M.I. Dolishnyi Institute of Regional Studies of the National Academy of Sciences of Ukraine\u201d Galina Voznyak presented a report to the participants on the topic: \u201cFinancial Policy for Local Economic Development in Ukraine: A Contemporary Vision and Implementation Tools.\u201d Professor Galina Voznyak noted: \u201cRussia\u2019s war against Ukraine has exacerbated economic and financial instability, intensified problems in the system of state and local finances, and triggered negative changes and restrictions on opportunities for economic growth and community development. Consequently, an adaptive financial policy can stabilize the economic situation in communities, improve resource mobilization and investment opportunities for communities, and contribute to the implementation of the European course.\u201d<\/p>\n
In her presentation titled \u201cStages of Measures to Ensure the Accuracy of Customs Valuation in Support of Ukraine\u2019s National Security and Defense,\u201d Olena Zaporozhets, Ph.D. in Economics and Associate Professor at Odessa National Economic University, focused the participants\u2019 attention on methods for determining customs value based on the contract price (contract) for imported goods. The speaker also highlighted the risks associated with changes in the logistics routes used to import goods into Ukraine\u2019s customs territory.<\/p>\n
Vladislav Grabovyi\u2014Ph.D. in Economics, Vadym Hetman Kyiv National Economic University\u2014concluded the discussion forum with his presentation titled \u201cReforming the System of State Financial Control over Public Finances in Ukraine.\u201d Vladyslav Volodymyrovych noted: \u201cUkraine lacks a comprehensive system of state financial control as a set of control, analytical, and expert activities carried out by external and internal state financial control bodies overseeing public finances. The consequences of the inconsistencies in the public finance control system include the shadow economy, the misuse and inefficient use of public finances, and unstable sources of public revenue. In this context, it is advisable to draft a bill on the public finance control system.\u201d<\/p>\n
The participants continued their discussion during the next panel, \u201cGlobal Turbulence and National Economic Security,\u201d featuring as a speaker Yaroslav Zhalilo, Ph.D. in Economics, Senior Research Fellow, and Deputy Director \u2013 Head of the Center for Economic and Social Research at the National Institute for Strategic Studies, Yaroslav Zhalilo; the co-speaker was Yanina Belinska, Ph.D. in Economics and Professor in the Department of Economic Policy, Marketing, and Business Analytics at the State Tax University. Yaroslav Anatoliyovych focused the audience\u2019s attention on the topic \u201cSources and Drivers of Global Turbulence and Ways to Ensure Economic Security.\u201d He highlighted the risks of globalization to national economic security, the obstacles to the spread of reshoring, and the need for innovative financial instruments. A presentation on the financial dimensions of economic security in the context of global turbulence was delivered by Yanina Belinska, Ph.D. in Economics and Professor in the Department of Economic Policy, Marketing, and Business Analytics at the State Tax University: \u201cThe risks of financial globalization include financial digitalization, geopolitical risks, central counterparties, the fragmentation of financial systems, and poor-quality data. Its opportunities include access to global financial flows and a foundation for post-war recovery. At the same time, the key risks include loss of control, vulnerability to crises, cyber threats, financial colonization, monopolization, social inequality, political pressure, and climate threats. In this context, national financial stability policies are crucial amid global turbulence.\u201d<\/p>\n
A comprehensive collective study on the security dimensions of the socioeconomic development and resilience of EU countries was presented by Olga Zakharova, Ph.D. in Economics and Associate Professor at the Vasyl Stefanyk Precarpathian National University. The speaker outlined the key areas for strengthening European economic security, the tools for ensuring and protecting it against risks, as well as internal imbalances and threats.<\/p>\n
In her presentation titled \u201cThe Economic Viability of Cryptocurrency Mining in Today\u2019s Volatile Environment: The Impact of Illegal Mining Activities on Microeconomics and Potential Tightening of Regulatory Oversight,\u201d Tetyana Dmytrenko, Ph.D. in Economics and Head of the Department of International Finance and Financial Security at the Division of Global Economy and International Finance of the Dnipro National University \u201cAcademy of Financial Management,\u201d and Valeriya Volkova, a graduate student at the Dnipro National University \u201cAcademy of Financial Management,\u201d Valeriya Volkova, drew the forum participants\u2019 attention to the factors affecting the profitability of cryptocurrency mining and regulatory gaps in cryptocurrency mining activities. Valeria Volkova noted: \u201cCryptocurrency mining conducted under inefficient or non-transparent conditions may indicate risks of tax evasion, electricity theft, money laundering, or even the financing of terrorism.\u201d<\/p>\n
The forum participants\u2019 fruitful discussions helped identify new, progressive ideas and pinpoint current trends and global challenges in finance, as well as facilitate the exchange of experiences and best practices to promote Ukraine\u2019s progress and economic growth.<\/p>\n
Each participant in the Second International Financial Forum, \u201cModern Finance: Global Challenges and National Security,\u201d received a certificate.<\/p>\n
Let\u2019s work together to promote the development of the financial system and strengthen Ukraine\u2019s economy!<\/p>\n
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