Digital Transformations in the Financial Sector

Digital technologies are making financial services more accessible to various user groups. This includes not only companies but also investors who were previously unable to participate in traditional financial markets due to high entry barriers. Digital platforms can significantly reduce transaction processing costs by automating processes, reducing the role of intermediaries, and increasing transaction transparency. The paper notes that financial technologies in Russia have undergone several stages of development, and the implementation of fintech projects requires a specific set of systemic conditions. The factors determining the success of a new digital form of Russian currency, which combines elements of blockchain, an electronic payment system, and state financial policy, are examined. The advantages and challenges of using digital financial assets are outlined. A description of Russia’s independent payment ecosystem, “Volna”, is provided, taking into account integration with retail outlets and expanded partnerships with banks. The use of digital technologies in the financial sector ensures accessibility, transparency, and cost reduction in transactions.