State Policy of Consumer Protection in the Digital Financial Services Market in Ukraine

Authors

DOI:

https://doi.org/10.18778/2391-6478.S.2021.05

Keywords:

financial consumer protection, digital financial services and products, public policy for consumer protection of digital financial services

Abstract

The rapid development of digital financial technologies in Ukraine leads to the emergence of new risks and to significant consumers’ losses in the financial market. The aim of the study is to develop strategic directions of state policy of consumer protection in the digital financial services market considering the best world practices and features of the financial system of Ukraine.

System scientific analysis was used to study the possibilities of implementing international quality standards for digital financial services in Ukrainian legislation. The method of statistical analysis of data was used to form the imperial basis of the study.

Based on the global experience and taking into account the peculiarities of Ukrainian fintech market the state policy should consist of three strategic directions: 1) create a system of legal regulation of the mechanism of protection of consumers’ rights of digital financial services; 2) introducing a risk-oriented approach to regulating the digital financial services delivery process to consumers; 3) strengthening of digital financial literacy and public awareness. Such state policy will form a reliable system of consumer protection in the digital services market in Ukraine.

Downloads

Download data is not yet available.

References

Catalogue of fintech companies in Ukraine in 2019, https://map.fintechua.org [access 15.03.2020].
Google Scholar

Comprehensive Program for Development of the Financial Sector of Ukraine until 2020, https://zakon.rada.gov.ua/laws/show/v0391500-15 [access 15.03.2020].
Google Scholar

Financial literacy, financial inclusion and financial well-being in Ukraine. Research results. USAID Financial Sector Transformation Project June 2019, http://www.fst-ua.info/wp-content/uploads/2019/06/Financial-Literacy-Survey-Report_June2019_ua.pdf?fbclid=IwAR2AlpnG%20Nn8big9d0_v6YEhNBwL [access 15.03.2020].
Google Scholar

Fintech and consumer protection: A Snapshot, https://www.nclc.org/images/pdf/cons-protection/rpt-fintech-and-consumer-protection-a-snapshot-march2019.pdf [access 17.02.2020].
Google Scholar

Fintech in Ukraine: Trends, Market Overview and Catalogue, https://www.slideshare.net/UNITCity/fintech-in-ukraine-2018-ukrainian-language [access 15.03.2020].
Google Scholar

FinTech, RegTech and SupTech: What They Mean for Financial Supervision / Toronto Leadership Centre, https://res.torontocentre.org/guidedocs/FinTech%20RegTech%20%20and%20SupTech%20-%20What%20They%20Mean%20for%20Financial%20Supervision.pdf [access 15.03.2020].
Google Scholar

Fintech. Guide, 2018, https://aequo.ua/publication/Insights/infographic_report_fintech_guide_2018/ [access 10.02.2020].
Google Scholar

G20/OECD, 2011, Task Force on Financial Consumer Protection, https://www.oecd.org/daf/fin/financial-education/g20-oecd-task-force-financial-consumer-protection.htm [access 15.03.2020].
Google Scholar

G20/OECD, 2016, High-Level Principles for Digital Financial Inclusion, http://www.oecd.org/g20/G20-OECD-Policy-Guidance-Financial-Consumer-Protection-Approaches-digital-age.pdf [access 10.03.2020].
Google Scholar

G20/OECD, 2018, INFE Policy Guidance Digitalisation and Financial Literacy, https://www.oecd.org/g20/G20-OECD-Policy-Guidance-Financial-Consumer-Protection-Approaches-digital-age.pdf [access 15.03.2020].
Google Scholar

IT Ukraine from A to Z // IT Ukraine report/ Ukraine Digital News:, http://www.uadn.net/files/ua_hightech.pdf [access 5.02.2020].
Google Scholar

OECD, 2018, G20/OECD Policy Guidance on Financial Consumer Protection Approaches in the Digital Age, https://www.oecd.org/daf/fin/financial-education/G20-OECD-Policy-Guidance-Financial-Consumer-Protection-Digital-Age-2018.pdf [access 15.03.2020].
Google Scholar

OECD/INFE, 2012, High-level Principles on National Strategies for Financial Education, https://www.oecd.org/daf/fin/financial-education/OECD-INFE-Principles-National-Strategies-Financial-Education.pdf [access 15.03.2020].
Google Scholar

Private financial technologies as a tool for sustainable business development in Russia and Kazakhstan. Trends in the market of financial technologies, Deloitte Research Center in the CIS, 2018, https://www2.deloitte.com/content/dam/Deloitte/ru/Documents/research-center/Chastnye-finansovye-tekhnologii-kak-instrument-ustojchivogo-razvitiya-biznesa-Rossii-Kazahstane.pdf [access 1.02.2020].
Google Scholar

Strategy of development of the financial sector of Ukraine until 2025, https://bank.gov.ua/admin_uploads/article/Strategy_FS_2025.pdf [access 10.02.2020].
Google Scholar

Ukrainian Institute of the Future „Ukraine-2030E – a country with advanced digital economy” https://strategy.uifuture.org/kraina-z-rozvinutoyu-cifrovoyu-ekonomikoyu.html#6-2-3 [access 2.02.2020].
Google Scholar

Downloads

Published

2021-09-03

How to Cite

Lobozynska, S., Skomorovych, I., & Vladychyn, U. (2021). State Policy of Consumer Protection in the Digital Financial Services Market in Ukraine. Journal of Finance and Financial Law, 89–100. https://doi.org/10.18778/2391-6478.S.2021.05

Issue

Section

Article