PROSPECTS OF DEVELOPMENT OF THE FINANCIAL MARKET OF KYRGYZSTAN IN THE CONTEXT OF DIGITALIZATION OF THE ECONOMY

The article reflects the main results of the functioning of the financial market as the main element of the market infrastructure, as well as the prospects of its development taking into account the current trends of digitalization of the economy. The purpose of the article is to analyze and identify the prospects of development of the financial market of Kyrgyzstan at the present stage of economic development. Indeed, at present, various information developments used in economic processes are becoming increasingly relevant and widespread. This is a consequence of the development of another scientific and technological revolution. In the era of the fourth industrial revolution, the IT industry plays an important role in the development of the digital economy. The demand for information technology is growing every year at an accelerated pace. At the same time, the number of applied financial innovations is increasing in the financial market, the range of applied financial services with the use of IT-technologies is growing. In this regard, the role of the financial market in the country’s economy is to mobilize capital from diverse sources and allocate it efficiently. It is in the financial market where market prices for particular financial instruments and services are formed. Therefore, the most critical issue arising here is to form a robust and efficiently functioning financial market in order to ensure adequate circulation of financial capital for further economic development of Kyrgyzstan. The article provides an analysis of the financial market of the Kyrgyz Republic, highlights the main problems of its development and justified the need for further development of the fictitious capital market with a focus on the use of various kinds of financial innovations, as it is in the financial sector is widely used practice of introduction and application of various kinds of innovations. The consequence of this argument can be considered the emergence of cryptocurrency, which is one of the main elements of the digital economy, used in economic processes on a global scale. The relevance and importance of the provisions discussed in the article is now increasing due to the strengthening of integration processes, which can dramatically affect the sectoral structure of Kyrgyzstan.

Information developments, scientific and technical revolution, financial market, innovations, capital, digital economy, economic development, investments, integration

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