GLOBAL TRENDS IN THE DEVELOPMENT OF ALTERNATIVE FINANCING AMIDST THE TRANSFORMATION OF UKRAINE’S FINANCIAL MARKET

This article examines the nature and characteristics of alternative financing as a component of the modern financial system. It considers key approaches to the interpretation of alternative financial instruments, identifies their place within the structure of the financial market, and outlines their role in ensuring access to financial resources for economic entities. Current trends in the development of alternative financing are analysed, in particular the growing role of online platforms, the emergence of new models of financial intermediation, and the strengthening of direct interaction between investors and borrowers. It has been established that alternative financial instruments reduce transaction costs, simplify procedures for raising funds and enhance financial inclusion. The need to adapt international experience to the conditions in Ukraine has been substantiated, taking into account institutional constraints, the level of infrastructure development and the specific nature of small and medium-sized enterprises.

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