Alla Ivashchenko

The main aim of the given research is to develop an appropriate approach for creation of information FinTech platform with the EU standards compliance mainly for SMEs in order to support innovativeness of SMEs, improve their access to finance and simplify different financial processes. The authors defined the main features of FinTech platforms underlining types of FinTech, its participants and the most influential factors. The main trends of FinTech platforms development in the EU countries, such as the level of investment, impact of EU FinTech platforms on the global scale, features of investments into B2B FinTech, were determined. It was considered that in Ukraine, some positive changes in legislation were adopted, but the challenges like lack of finance, slow adoption of innovations in the financial market, not sufficient clarity of legislation remain among the main constraints for further development of FinTech platforms in Ukraine. The conducted analysis on the level of FinTech types performance by Ukrainian platforms showed only the great share of digital payments and money transfers, while other modern innovative FinTech instruments should not be underestimated for proper FinTech application in Ukraine. For this purpose, the authors have developed the Information Platform on Support for SMEs’ Innovations that consolidates interests of both SMEs and scientists. To determine both the SMEs’ opinion about the necessity of a particular Internet platform for them and the types of services that could be provided by the sme-sci.com platform, the authors conducted a survey in which 374 medium-sized and 380 small businesses took part. The results of the survey that are presented in the article confirm the necessity of the Information Platform on Support for SMEs’ Innovations and demand for it from the SMEs. Finally, the result of the research proves that such a unique informational platform as sme-sci. com that will serve as an interactive field for exchanging ideas and information of both representatives of scientific and business world is of great importance.

The focus of the research is to develop recommendations of smart specialization (SS) for Ukrainian policymakers using European approaches. The authors revealed that the main SS projects are presented in such sectors as agri-food, industrial modernization and energy. More than 12 EU countries were the plot for conducted analysis of SS, as a result of which the level of activity of each country was determined. The creation of consortiums, including SMEs, associations, universities and other participants, disclosed the successful way of SS realization. The structure of SME’s innovative potential in Ukraine was identified underlining their main characteristic features like types of innovations and innovative activity, differentiation according to enterprise size, their regional distribution. The authors explored lack of innovations on regional and national level and significant territorial disparities, which could be eliminated through policy implementation of regional SS. The existing legislative norms for possibility of SS implementation in Ukraine were analyzed due to correspondence with the EU ones. The analysis provides the opportunity to consider them only as general framework documents without any action plans and sectoral prioritization at all. The weak points of these law documents are emphasized. As a result of research, the authors developed recommendations presented by direct action plan for Ukrainian policymakers, which include such activities as underlining key priorities (especially ICT applicability in every SS project) and their correspondence with the EU ones; eliminating regional imbalances by focusing on innovation development and reorientation of some regions according to SS priorities; respecting regional existing capacities; providing organizational mechanism for cooperation of stakeholders and financial mechanism for SS support through the EU structural funds.

Over the past three decades, the relative bank loan demand has changed due to the arising small and medium-sized enterprises (SMEs). Therefore, banks in their operations face the problem of processing an ever-increasing number of loan applications.
The aim of this paper is to develop an auxiliary approach to assessing the prior creditworthiness of long-term SME projects with nonstandard cash flows.
This study reveals how the principles of value-based management can be incorporated into the process of borrower’s creditworthiness assessment to improve the process of screening loan applications. For this, the internal rate of return was used as a criterion for loan granting decision at the initial stage of loan underwriting.
An algorithm for the preliminary evaluation of loan applications is proposed and is based on the principle of maximizing the shareholder value of banks. This algorithm helps to define the credit terms taking into consideration the distribution of positive cash flows throughout the project’s expected economic life, calculate the possible real effective interest rate concerning the borrower’s nonstandard cash flow schedule, make a rough analysis on the economic efficiency of lending and state the necessary criterion to initiate the procedure of loan underwriting for the projects with nonstandard cash flow schedules.
The proposed estimation algorithm stemming from the IRR-approach for the cash flow analysis can also be initially used by a borrower as a tool for credit solvency self-testing via screening of periods with corresponding cash flows that can be used for loan servicing.

Regional development is related to the effective management of disruptive industries on the local level. In the European Union, the innovation regional development policy is based on a smart specialization strategy, which neighboring countries try to apply as well. In their regional strategies, they notice the goals which are designed within the Joint Research Center methodology. It allows revealing the most efficient industries in the region, leading to a new level of regional competence on the global level. The study aims to identify smart specialization priorities based on JRC methodology in certain Ukrainian regions and assess its applicability in emerging markets (Ukrainian case) and develop the set of recommendations considering the specificity of the national economy.
The methodology is based on the static and dynamic analysis of economic (the indicators of the growth of average salaries and the number of employees indicators are calculated) and innovation (the indicators of productive, process, organizational, and marketing innovations are analyzed) potential of the region, which is examined in the article. It is revealed that the JRC methodology in identifying the smart specialization priorities has limited application in Ukraine. The restrictions related to the lack of data on innovations and other economic indicators. The analysis of certain regions shows what industries should be recommended as the priorities of smart specialization. However, discussions of the calculated results with the key stakeholders have differences which are not acceptable in the regional innovation policy development. As a result, the experts’ opinions are recommended to consider the priorities of different regions in Ukraine and other developing countries, which are on the path of smart specialization during stakeholders’ communication sessions.

The russian war in Ukraine replaced not only millions of people but also businesses in the safer regions of Ukraine. The study aims to identify regional stakeholders’ emergency responses in reaction to the russian war in Ukraine associated with business relocations and their impact on the host region. Employing qualitative research methods, including focus group discussions and in-depth semi-structured interviews with 25 informants (representatives of departments of economic development of regional authorities and administrators of regional development agencies), the study was conducted between March and May 2023. The findings reveal a diverse range of relocation strategies, with a significant inclination toward safer western and central regions of Ukraine, which accounted for more than 70% of displaced businesses. The notable share of relocated companies are wholesale and retail trade companies and the processing industry companies – 40% and 32%, respectively. It is assumed that not capital-intensive companies were relocated first. The support from regional stakeholders played a crucial role in mitigating business challenges related to relocation (communication difficulties, market loss, supply chain disruptions, and employee relocation issues, providing comprehensive assistance, and facilitating integration into the new socio-economic environment). The study acknowledges potential biases in responses and emphasizes the importance of correctly interpreting results. The study results are helpful for policy-making regarding regional development and the post-war rebuilding of Ukraine.

Acknowledgment
The study was conducted within the framework of the State Budget of the Kyiv National Economic University named after Vadym Hetman on the topic “Displaced business in revitalization of regional ecosystems in Ukraine” (state registration number 0123U100357).

Wars not only disrupt economic stability but also displace numerous enterprises, altering the socioeconomic landscape of affected regions. This study aims to analyze the case of relocated businesses in Ukraine, particularly their needs and adaptation in the host regions. An expert survey method was applied for 58 relocated micro-, small, and medium enterprises. The survey and review of secondary sources allowed distinguishing that security is the main driver of relocation (65% of respondents). Although for more than half of the respondents, relocation led to an increase in business activity in the host region, their ability to cover their own needs at the expense of their own funds fell, which led to the demand for external sources of financing. The biggest challenges are the cultural and doing business differences, loss of suppliers, and energy costs. In addition to financing, the TOP-3 needs include access to new markets (60%), the need for new equipment (57%), and special local permits (47%). Host regional authorities, as well as foreign donors, played a crucial role in adaptation to their region. In turn, businesses also note their contribution to the development of the host regions through tax contributions and providing jobs for the population and higher-quality products. Businesses demonstrate their openness to cooperation with foreign donors more than with local sponsors. These results are helpful for policymaking regarding regional development and the post-war rebuilding of Ukraine.