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The relevance of the study is confirmed by the fact that it is financial relations in ecosystems that have become the subject of research that are influenced by certain rules (including state regulation) that limit the degrees of freedom of ecosystem participants and its organizers and ultimately determine the viability of the ecosystem approach, which determined the purpose of the study as establishing the potential of the financial instruments of the state in ensuring the necessary level of rationing for regulation in business ecosystems. It is shown that the distinctive feature between the corporate and ecosystem approach is the use of rationing as additional restrictions to financial decisions based on public and private sources of financial resources available in business ecosystems. Research methods, on the one hand, are based on a key methodology — the emerging ecosystem’s theory in the part where it replaces the firm’s theory, taking into account the provisions of the credit rationing theory as an application to corporate finance, on the other hand, the conceptual provisions of the theory of constraints in relation to finance are taken into account. The results of the study show that the allocation of public and private ecosystem rationing makes it possible to form the basis for strategic financial decisions. It is established that when creating an industrial business ecosystem, small and medium-sized businesses will become its main participants, which is justified by the need for external financing that the business ecosystem can provide. It is concluded that when implementing the idea of rationing, the search for the optimal strategy for participants can be simplified to considering only pair interaction (instead of optimizing the entire set of relationships). The presented paired partitions make it possible to clarify the constraints and individualize them. Comparative analysis has shown that, from the point of view of effective implementation of restrictions, the consortium with state participation has the greatest potential, and clusters have the least potential, from the point of view of capital rationing. As a result, the conclusion is made about the prospects for the development of business ecosystems with state financing (control), which would imply a purposeful solution to the tasks of the state in the modern economy.

The relevance of the research is confirmed by the fact that, with the widespread distribution of ecosystems as high-tech heirs of clusters and platforms, the issues of financing business ecosystems are rarely studied in the scientific literature and do not receive the necessary theoretical generalization. The purpose of the research is to systematize the available forms of financing in industrial business ecosystems within a united digital space. The objectives of this research are defined as clarifying the need to include financing functions in the toolkit of emerging industrial business ecosystems and revealing the possibilities of using selected financing methods. The methods of research, on the one hand, are based on the emerging theory of ecosystems, which develops both as a firm’s theory and as ecosystem management, and on the other hand, on a new concept that can be formulated as a fusion of finance, industrialization and digitalization. The results of the research show that there are several approaches to the organization of ecosystem finance. Ecosystems are reported to be equally susceptible to decentralized and centralized (traditional) financing, providing opportunities to create their own decentralized financial environment as well as collaborating with current cryptocurrency-based services. Several forms of financial organization in ecosystems have been identified: a) compensating costs by forming budgets for the creation and ongoing activities; b) attracting ecosystem participants’ own funds to various forms of lending (including on the basis of financial technologies). It is concluded that the development of financing instruments depends on three factors: 1) government policies to regulate the financial aspects of business ecosystems; 2) the efficiency of using the resources of ecosystem participants; 3) ecosystem interactions with supply chains. It is determined that a completely new theory of business ecosystem finance will be completed only after the exit from the experimental mode of financing business ecosystems.

The article is dedicated to analyzing contemporary changes in the banking business that have occurred since the forced isolation caused by the COVID-19 pandemic. The pandemic rapidly triggered the most extensive transformation in banking technology, client-bank communication, and the emergence of new opportunities driven by digital financial services. The drivers of new services (embedded finance, Buy Now Pay Later (BNPL)) are the Millennials and Generation Z. Cybersecurity risks and digital financial fraud have significantly increased. There is a need for competence growth of skills among both bank employees and clients. A fundamental question has arisen regarding the balance between the use of digital technologies and human involvement in the banking business, leading to a broad expert and academic dialogue (the Phygital challenge). The pandemic also impacted the macroeconomic situation in the global economy. The need for support for the population and small to medium-sized businesses led governments to resort to issuance. The consequences were economic imbalances and inflation growth in leading economies. However, measures to counter inflation and stabilize the economy resulted in an increase in interest rates in the U.S. and the EU, as the world's leading economies. This allows a return to traditional banking practices and a reassessment of interactions with FinTech solutions. The major changes analysis helps to identify the most significant trends influencing modern banking, thereby allowing the forecasting of the development dynamics of the situation.

The article presents author’s view on the current problems facing the banking system of the Russian Federation as part of the transition to digital banking services, especially aggravated due to the massive using of remote channels of interaction caused by the restrictions of the pandemic period. The author analyses the current problems of financial sector due to increased criminal cyber attacks and offers his recommendations to counter these crimes. There is evidence of the needs to revise the concepts and strategies of the development of banks in connection with digitalization, to improve approaches to information security. Finally, the author concluded that a key element in the process of digitalization of banking activities is information security, and the soundness of banking institutions can be ensured only by the joint efforts of the state, banks, and their customers.

Objective: to familiarize the readers with the main ideas discussed at a session of the constant seminar “Digital Finance” at the Institute of Economics of the Russian Academy of Sciences, on the topic “Prerequisites for the emergence and world experience in the introduction of digital currencies of central banks”.Methods: scientific methods (analysis, synthesis, induction, deduction), theoretical methods (abstraction, generalization, historical, systematic methods), and empirical methods (observation, description).Results: the content of the reports by D. A. Kochergin and A. Yu. Mikhailishin is presented; suggestions, comments, questions and speeches of the seminar participants are presented: Yu. M. Goland, A. K. Moiseev, K. N. Korishchenko, O. L. Kurnyavko, A. I. Yakovlev, S. A. Andryushin, and M. Yu. Golovnin, which reflect the practical and theoretical features, including legal, economic and social aspects, of the implementation of various types of central banks digital currencies (CBDC) in the context of the Russian and world experience.Scientific novelty: the issues of theory and practice are considered regarding the issuance and design of CBDCs; the possibilities are investigated of using CBDCs with the characteristics of anonymity inherent in cryptocurrencies; the reasons and conditions are reflected for the growing interest of central banks (CB) in digital currencies, as well as the impact of cryptocurrencies on CBDCs; forecasts are clarified for the implementation of CBDC projects in various countries. Practical significance: the main provisions and conclusions of the review can be used by the Central Bank in forming the CBDC concept and platform, preparing projects and strategic plans for CBDC both at the national and international levels.

Drastic changes in the financial services market under the influence of digitalization determine the relevance of research of the modern structure of this market, taking into account the emergence and development of the FinTech innovations. The increase in new investment instruments is attracting the attention of an increasing number of individual investors in the digital finance industry. Considering these tools, the preferences of individual investors require a separate study. The article is aimed at studying the financial market in digital finance and analyzing such types of investments as cryptocurrencies and crowdfunding, as well as the characterizing the online brokerage as a way to obtain investment services among individual investors. As a result of the study, the place and role of cryptocurrencies, crowdfunding and online brokerage in the investment activities of individuals is substantiated; the main mechanisms of work of these financial instruments are allocated and features of their development in Ukraine are characterized. The main disadvantages and advantages of crowdfunding and cryptocurrencies are defined and further steps are proposed regarding the prospects for their development in Ukraine. In addition, the article analyzes the current state of functioning of the online brokerage service in Ukraine and proves the relevance of the allocation of these financial instruments at the legislative level. Prospects for further research in this direction are the analysis of other digital instruments of personal investments, as well as a detailed study of the specifics of functioning of crowdfunding, cryptocurrencies and online brokerage in Ukraine. For the more efficient functioning of investment instruments in the sphere of digital finance, as well as effective use in practical activities, it becomes necessary to closer define these concepts at the legislative level and to substantiate the specifics of their work in detail.

Objective: to review a session of the “Digital Finance” permanent seminar at the Institute of Economics of the Russian Academy of Sciences which discussed the prerequisites and consequences of the issue, emission characteristics and circulation of the Central Bank digital currency; to review the discussion of a scientific report “Digital ruble (DR): arguments for and against”. Methods: based on the audio recording, an overview of the discussion at the permanent seminar “Digital Finance” was prepared. Results: the main prerequisites of the digital ruble issue were defined, analyzed through the prism of both the “digital experience” of several Central Banks (of Sweden, China, the Bahamas, the European Union and Russia) and the estimates of the rate of many countries’ transition to the Central Bank digital currency. The issues of the digital ruble issuance and circulation features were considered. The consequences of the digital ruble issuing were analyzed, which consist in changing the roles of Central Bank mandates and intermediary functions of banks, as well as in the transformation of global challenges directly related to the issuance of the Central Banks digital currency.Scientific novelty: the survey shows that the Central Bank digital currency is the third form of Central Bank money, which all the countries and their regulators need to learn to live and work with in new ways. It is stated that digital currency is not the only digital token (digital currency, or programmable code), but also an account (a current account in the form of a deposit). It is shown that the digital ruble can act as a financial asset and a financial tool, bringing a certain percentage (including negative). The components are listed that determine the future design of the digital ruble, directly related to the Central Bank technological platforms. It is explained why the digital ruble introduction would transform the existing Central Bank mandates, the activities of financial market entities, and the regulation methods of monetary authorities.Practical significance: the main provisions and conclusions of the review can be used by the Bank of Russia in designing the digital ruble, as well as the concept and platform of the Central Bank digital currency.

In the 21st century, digital finance is the leading industry in the global economy. With the development of cryptocurrencies and their possible implementation in the future world economy, it is advisable to study the issue related to the financial copywriting in digital finance, because it is financial copywriters who create and provide information to the world community. Since cryptocurrency is a kind of digital currency, we believe it is timely to research this issue, because the digital economy, first of all, is connected with search engines. Semantic technologies are the main sphere of search engines: with the help of these technologies, the necessary information can be searched. The requests sent are handled by search engines. All government as well as private financial institutions associated with cryptocurrencies have their own web page on the Internet. When web pages are indexed through search engines, it is based on keywords. These keywords are part of a semantic core that plays a significant role in content. We consider it necessary to analyze the activities of financial copywriters, as well as provide them with recommendations on creating content for search engines. This will make algorithms more effective, and search engines will be able to better index web pages. In turn, it will help copywriters to understand how to create financial content in the digital finance era. Unfortunately, this issue remains under-explored to date. In addition, the article examines modern innovative technology, which, in our opinion, can be used in the financial sphere. This will significantly improve the work of financial institutions, as well as will organize time management in many corporations.

Topic. Social banking on the banking market in the world and in Russia.Purpose. To conduct a comprehensive institutional analysis of social banking from the formative period to the present day.Methodology. Institutional analysis.Results. After the financial crisis of 2008, social banking has become a competitive banking product. There is sufficient volume of research papers on disclosure of the content of the phenomenon of “social banking”, but so far full and, at the same time, non-abstract definition was not detected. The study formulated a comprehensive definition of social banking as a form of banking based on three key principles: responsibility, transparency and sustainable development that aims not just to maximize profit but to maximize the positive social effect from services provided to the clients, where getting of public important result is the substance.Conclusions. In the course of the study, it was determined that social banking is often identified with the banking activities conducted through social networking. It is fundamentally wrong, because building relationships with clients via social media is only a small share of social banking. In addition, it was revealed that the Russian market of social banking, which is represented by the services of microcredit and microfinance with high interest rates, is completely contrary to the concept of social banking.