The article examines the evolution of technologies in the financial sector, including the transition from traditional banking systems to fintech, and examines in detail their impact on the architecture of financial markets. The relevance of the study is due to the radical transformation of the financial industry: from closed IT systems of large banks to a distributed ecosystem of digital finance based on open APIs, cloud services, scalable payment platforms and decentralized technologies like blockchain. The article makes a significant contribution to the development of the theory of digital finance, systematizing evolutionary and technological aspects and justifying the need to revise traditional models of financial stability analysis. This will take into account the role of innovation: application of artificial intelligence, big data, CBDC (digital currencies). as a new stage in the development of the financial services market, increasing the sector's resilience and adaptability to global challenges
fintech, digital finance, digital finance, digital transformation, open banking, API, cloud services, payment platforms, BigTech, ecosystems, open data, regulatory approaches, financial stability, digital platforms, artificial intelligence, DeFi, digital identity, tokenization
1. Digital finance in the era of digital transformation: A bibliometric and thematic analysis // Emerald Publishing. URL: https://www.emerald.com/dts/article/doi/https://doi.org/10.1108/DTS-01-2025-0018/1300732/Digital-finance-in-the-era-of-digital.
2. Digital finance and future of banks and financial services // MPRA Paper No 124267. – URL: https://mpra.ub.uni-muenchen.de/124267/1/MPRA_paper.
3. Digital transformation and the emergence of the Fintech sector Elsevier. – URL: https://www.sciencedirect.com/science/article/pii/S2666954422000084.
4. International Settlements. – URL: https://www.bis.org/publ/bppdf/bispap117.pdf
5. Open Banking in the Context of Fast Payments World Bank 2023. – URL: https://fastpayments.worldbank.org/sites/default/files/2023-09/Open%20Banking%20and%20FPS_Final_August%2028.pdf.
6. BigTech in Financial Services Regulatory Approaches and Architecture IMF Fintech Notes, 2022. – URL: https://www.imf.org/-/media/files/publications/ ftn063/2022/english/ftnea2022002.pdf.
7. Fintechs a new paradigm of growth McKinsey Company, 2023. – URL: https://www.mckinsey.com/industries/financial-services/our-insights/ fintechs-a-new-paradigm-of-growth.
8. The Evolution of Fintech From Traditional to Modern Innovations IJFMR 2025. – URL: https://www.ijfmr.com/papers/2025/4/51860.pdf.
