KEY DETERMINANTS OF THE UKRAINIAN FINANCIAL ECOSYSTEM TRANSFORMATION IN THE CONTEXT OF MODERN CHALLENGES

The transformation of Ukraine’s financial ecosystem has become a defining process in the country’s adaptation to the turbulent geopolitical, economic, and technological environment of recent years. The study aims to identify the key determinants of the financial ecosystem transformation in Ukraine under the combined influence of wartime risks, regulatory reforms, and global digitalization trends. A mixed methodological approach was applied, integrating: (1) bibliometric mapping of global research using the Scopus database and VOSviewer software; (2) comparative analysis of financial ecosystems across countries; and (3) empirical assessment of Ukraine’s financial sector dynamics based on official statistics from the National Bank of Ukraine, the World Bank, etc. The results indicate that the transformation of Ukraine’s financial ecosystem is driven by multidimensional determinants operating at technological, institutional, regulatory, and behavioural levels. Digitalization has significantly expanded access to financial services and enhanced resilience during wartime, while institutional and regulatory reforms, particularly those aligned with EU standards on ESG and digitalization, have strengthened transparency, governance, and investor confidence. Ukraine’s financial ecosystem remains bank-dominated, yet non-bank financial institutions are gaining a growing strategic role, especially in consumer lending and SME finance. At the same time, behavioural determinants such as financial literacy and public trust can either reinforce or constrain transformational processes. The study concludes that the transformation of Ukraine’s financial ecosystem is not a situational response to shocks but a policy-driven, digitally oriented, and institutionally anchored process unfolding within the broader trajectory of post-war recovery and European integration. The findings contribute to the academic understanding of financial ecosystem transformation in conflict-affected economies and provide an evidence-based summary of its key determinants aimed at ensuring long-term financial stability.