Development of a Financial Ecosystem to Support Small and Medium-Sized Enterprises

In the context of economic challenges caused by the COVID-19 pandemic and the ongoing war, creating an effective financial ecosystem for small and medium-sized enterprises is becoming a critically important task. The aim of the article is to examine the theoretical foundations and practical aspects of forming an ecosystem that would contribute to the sustainable development of SMEs in Ukraine. The research employs methods of theoretical generalization, analysis, synthesis, and logical generalization to substantiate the necessity of an ecosystem approach, identify components, and trends of development. The conception of a financial ecosystem is analyzed as a tool that ensures the integration of financial, technological, scientific, and governmental mechanisms to promote the sustainable development of entrepreneurship. It is proved that banks play a leading role due to significant financial resources, developed infrastructure, a wide client base, and the ability to coordinate the interaction of economic sectors. They are transforming from traditional intermediaries into digital service providers, combining the functions of aggregators and integrators, which allows them to adapt to customer needs and scale their business. The conducted analysis revealed key issues for SMEs in Ukraine: fragmentation of financial resources, insufficient development of venture financing, the digital divide between regions, and limited use of digital technologies. For instance, only 20% of Ukrainian SMEs had access to favorable financing in 2022, and 42% did not use cloud services, losing up to 20% of their profits. It is noted that ecosystems based on platform models with network effects are capable of optimizing access to resources and services such as lending, insurance, accounting, and investing. Examples of Open Banking in the United Kingdom and the «Diia» platform in Ukraine demonstrate the potential of digital solutions to enhance financial accessibility. The article emphasizes that the development of the financial ecosystem requires the integration of FinTech, blockchain, artificial intelligence, and open APIs, as well as the reduction of the digital divide and the promotion of alternative financing mechanisms. This approach will contribute to reducing barriers for SMEs, enhancing their competitiveness and integration into global markets, ensuring sustainable economic growth in Ukraine. Prospective directions for further research have been outlined, including the development of strategies to reduce the digital divide and the ecological aspects of digital transformations.