The development of financial technologies and establishing a financial-technological infrastructure heighten macroeconomic risks and fragment the global currency and financial system. They underscore the need to balance global coordination with prudent decentralization and diversification of risks within the international monetary and financial framework. This presents self-organization challenges for developing countries based on financial-technological integration through alliances and supranational unions. Nations adopt various approaches to advancing financial technologies and engage in different forms of international coordination depending on their national security objectives. Global trends in the evolution of financial redistribution technologies exhibit geopolitical and geoeconomic characteristics and offer development opportunities within the BRICS+ supranational association. The transformation of financial and economic relationships, driven by financial technologies, inevitably requires appropriate forms of institutionalization and fundamentally new managerial solutions at both cross-sectoral and international levels, considering the development of technological infrastructure. This research systematizes financial-technological relations within BRICS+ according to stages of institutionalization, examines the unique aspects of this process, and presents prospective directions for institutionalization at the supranational association level, considering the technological component.

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Features of Institutionalizing the BRICS+ Financial Sector with Consideration of Technological Components

  • Viktoriya V. Razletovskaya,
  • Igor M. Stepnov

摘要

The development of financial technologies and establishing a financial-technological infrastructure heighten macroeconomic risks and fragment the global currency and financial system. They underscore the need to balance global coordination with prudent decentralization and diversification of risks within the international monetary and financial framework. This presents self-organization challenges for developing countries based on financial-technological integration through alliances and supranational unions. Nations adopt various approaches to advancing financial technologies and engage in different forms of international coordination depending on their national security objectives. Global trends in the evolution of financial redistribution technologies exhibit geopolitical and geoeconomic characteristics and offer development opportunities within the BRICS+ supranational association. The transformation of financial and economic relationships, driven by financial technologies, inevitably requires appropriate forms of institutionalization and fundamentally new managerial solutions at both cross-sectoral and international levels, considering the development of technological infrastructure. This research systematizes financial-technological relations within BRICS+ according to stages of institutionalization, examines the unique aspects of this process, and presents prospective directions for institutionalization at the supranational association level, considering the technological component.