Global financial technology coordination by international institutions and organisations

. In the context of geopolitical polarisation, the world economy is increasingly fragmented into separate economic blocs with different ideologies, technological standards and currencies, with the dominance of the dollar being supplanted by a multipolar system. In this new landscape of international relations, international institutions, as instruments of global governance whose purpose is to promote global economic integration, are trying to find new areas of interaction and coordination mechanisms, which are still uncertain . † The article is devoted to the study of coordination directions at the level of international organisations and institutions and the prospects of their development in the sphere of financial technologies. The article systematises the forms of coordination at the level of international organisations and institutions, corresponding to the stages of financial integration, including those that take into account inter-sectoral problems of financial technology (fintech) development. Taking into account the specifics of self-organisation of national models, new approaches to the coordination of the processes of modern financial technologies development at the level of international organisations are presented, providing a consistent transformation of managerial decisions on the basis of the sectoral approach to the coordinated financial and technological policy of the global level.


Introduction
The global economic order is being transformed under the influence of financial technologies, manifestation and formation of new qualitative relations based on convergence of technologies.The development of digitalisation and blockchain technology, sanctions wars, and pandemics have accelerated the development processes and global trends of fintech.The digital age is increasingly fragmenting the playing field between governance actors [1].New roles of intermediaries are emerging that shape the relationships between participants [2].The new sanctions conditions accelerate new integration opportunities, changing the spectrum of interests of participants in international relations.New digital geopolitics shifts are intensifying.The article proves that these processes are natural and are conditioned on the one hand by objective characteristics of financial technologies and their influence on international relations and on the other hand by a certain role in these processes of international institutions and organisations in the development of financial relations.
At the international level -issues of fintech and blockchain technology are regulated in a fragmented way -more than ten international organisations -five standardisation committees only at the ISO level, WTO, OECD, United Nations and its specialised agencies, FATF, Commonwealth of nations, GPFI, FinCoNet (Digital Economy Policy Committee), GFIN, FSB Word Bank, IMF, BIS, BSCBS, Eurasian economic union, Unesco [3].The analysis of the activities of international organisations in the field of fintech allows us to state that international coordination in the development of financial and intellectual technologies is actively developing after the pandemic and sanctions wars, in the absence of a declared strategic approach.International organisations, applying vertical integration, regulate and coordinate the development of financial technologies on the process-network principle and are aimed at the spread of technology.Preparations are underway for the introduction and spread of blockchain technology in all industries [4].
On the one hand, at the level of global international organisations and institutions, the coordination of fintech development has been significantly intensified across the entire spectrum of financial and intellectual technologies and is aimed at ensuring global consensus while taking into account the specifics of fintech development in different countries.On the other hand, the diversity and development of financial technologies in the processes of integration leads to spontaneity of developments, actualises the issues of interoperability, interaction and interconnection of various systems, the solution to which has not yet been found.But in these processes, if we look at them through the influence of the essential characteristics of financial technologies on international relations, as well as the specificity of national models of financial technology development, we can identify patterns not seen before ("If geopolitical tectonic plates start to diverge, we will need more bridges, not fewer bridges" Shifting Geopolitical Tectonic Plates.A more fragmented world will need the IMF more, not less.Pierre-Olivier Gourincha FINANCE & DEVELOPMENT.June 2022).The following issue arises: promising forms of coordination of fintech development at the level of international institutions.

Methods
Based on a combination of analysis of the work of international organisations and institutions, in the field of fintech, artificial intelligence, and neurotechnology, research of publicly available documents of their activities, the article describes trends in the development of international cross-sectoral mechanisms of coordination of financial and intellectual technologies development at the level of international institutions and organisations.
On the basis of the analysis of coordination forms related to networks, the sequence of decisions in the sphere of global governance, initiated participation in international projects, standards, declared main goals of cooperation in the sphere of financial technology development in the core markets and global agenda of fintech promotion, the system of assessments and ratings, using schematisation, modelling, complex and system analysis, forecasting, as well as interdisciplinary studies, the modern forms of coordination of international relations are analysed.
The directions and forms of coordination used by international institutions and organisations in the framework of ensuring global economic benefits, financial stability and integration are highlighted.On this basis, proposals are presented for promising directions for their development.

Results
International financial relations are characterised by constant changes in the patterns of interaction and relations between the participants who are involved in the decision-making processes in these relations.The development of international relations in the process of evolution has been transformed from classical approaches to the theory of international relations, based on bilateral relations between nation states, to the world political process and global governance, from the stage of globalisation to bio-algorithmic governance derived from the created conditions and based on decentralised network management.The practice of global governance is associated with the functioning of various regimes and institutions that ensure the consistency of interests of participants [5], manageability of processes, in different spheres of life of the international community.If initially management in the international arena solved mainly the problems of relations between actors and geopolitical issues, then with the strengthening of globalisation one of the main issues in global governance today is the issue of financial and economic regulation, and global financial and sanctions wars.
The existing global system of international financial relations is the result of the development of national models of financial technology development, derived from the created conditions -the development of networked management system and Blockchain technologies, specialisation of countries, its investments in fintech, the structure and volume of exports, sanctions policy.
Systematically at the global level, measures aimed at strengthening the economic integration and interdependence of countries were taken by building a supranational architecture of the financial system: the creation of the World Bank, the International Monetary Fund (IMF) and the WTO (world trade organisation) with the fixing of the rules of international trade and the settlement currency of the dollar.
These institutions were initiated by the United States and Great Britain.Dominance in this network arises not so much from organised rules but from interrelated self-reinforcing network effects.The fleshing out of interdependent relationships began to take institutional forms.The interconnectedness of relations is characterised by mutually beneficial specialisation, investment volumes in convergent industries, and export volumes of conducting and supporting infrastructure, equity structure of the main players, advocacy, training and human resources, concentration of resources of the main players (including shareholders and institutions), coordination mechanisms and activities of the main players at the global level, including at the level of international institutions, international alliances in the field of financial technology development and co-development.The USA and China, Japan and the UK are at the stage of development of programmed processes, the previous stage of development of international relations in the sphere of financial technologies at the stage of globalisation.Thus, in 2016, 1,435 transactions totalling $17.4bn were made in the global market, with $5.2bn in the US and $7.7bn in China (Global map: how different countries around the world are approaching fintech development / Habr (habr.com)).These countries are leaders in the export of equipment for conductive infrastructure, leaders in the development of the banking sector, actively participating in international projects, creating international alliances and clusters.The rest of the countries are at the stage of growth of quantitative changes, formation of new mechanisms and structures.
Expansion of the powers of international financial institutions, expansion of their participants at the expense of developing countries and non-governmental organisations were successive stages of economic integration, requiring constant interaction and coordinated regulation by interstate bodies -common economic policy, harmonisation of social legislation, coordination of credit policy.The inseparability of international politics and economics in principle and especially in the new conditions of interdependence and globalising world were devoted to the studies of the American school of neo-Keynesianism, S. Strange, R. Cohen, R. Cohen, and S. Koch.Strange, R. Cochain and J. Nye, C. Kindleberger, R. Cooper and a number of other authors [6] This is a controlled process of merging national economic systems with the potential for self-regulation and selfdevelopment, which is based on the economic interest of states and the international division of labour.In the political sphere there is a transfer of most of its functions to supranational bodies, which aggravates the issues of sovereignty of national states.
Thus, the practice of global governance ensures the ordering of international relations, their orderliness and predictability in the world financial and economic sphere through institutional means of ensuring international order, the effectiveness of which depends on specific situations.
Formal institutions play the main role in global processes at the present stage.It is within the framework of formally enshrined rules, first of all, that the interaction of participants in international relations (both states and non-state structures) takes place.
In terms of methods of maintaining international order in the financial sphere, we can distinguish the order of fear (which is enforced through various sanctions applied both by international organisations and individual, most influential actors of world politics); the order of interest (the basis of which is the interest of the parties in maintaining order, the benefit derived from stable, predictable international cooperation [5]) and the order of consent (which is conditioned by voluntary compliance by the subjects of international relations).In addition, it is not uncommon for a conflict of interest in international relations to be artificially supported by individual stakeholders (or a group of stakeholders) because their political image and/or material well-being depends on it [7].
In the international political process at the stage of globalisation and economic integration, being a form of supranational regulation, international organisations and institutions in the field of financial technology development are actually engaged in the institutionalisation of international relations: turning them into a purposeful ordered process with a certain structure of relations and hierarchy of power, discipline and rules of conduct through methodological support and coordination of redistribution processes, setting requirements and standards, unifying the international relations, unifying and coordinating the processes of redistribution of financial resources.At the same time, they coordinated and managed in a way based on self-regulation (from moderate self-regulation to nonautonomous self-governance), soft law, negotiation, compromise, competition, codes of conduct and other corporate, sectoral agreements on production and quality standards.Governance in this way changes the roles and power relations between actors involved in policy development or subject to the policy [2].Governance tasks are assigned and performed by actors depending on the role they can fulfil to achieve a goal in a particular area.Objectives and benchmarks, evaluation ratings are tools to guide the policy-making process in specific directions.
Further stages of international economic integration contributed to the formation of common markets and free trade, through new networks and processes of redistribution of resources for new technologies within the framework of the global Environmental Agenda (initially, since the mid-1950s, countries, following Great Britain, began to adopt laws on environmental protection, then the regulation moved to the plane of international organisations, up to the development of financial and sanctions instruments for "guilty" countries), and sanctions wars, contributing to the emergence of the new technologies.In the forms of coordination at that, at the level of international organisations and institutions, not only participants and directions were expanded, but also intersphere, intersectoral interaction and connection with social policy were envisaged.
The combination of participants in the processes of coordination of the development of financial technologies by international institutions varies depending on the tasks and objectives, from interstate secretariats acting on a permanent basis and functioning within the framework of decisions taken by the highest officials of national states, to supranational bodies capable of coordinating actions and monitoring developments, to international institutions making operational decisions on behalf of national states or their alliances, as well as to the speedy and effective co-ordination of the development of financial technologies.
The range of international organisations regulating the development of financial technologies has been significantly expanded to date.At the international level -the issues of fintech and blockchain technology are regulated by more than ten international institutions and organisations -five standardisation committees only at the ISO level, WTO, OECD, United Nations and its specialised agencies, FATF, Commonwealth of nations, GPFI, FinCoNet (Digital Economy Policy Committee), GFIN, FSB World Bank, IMF, BIS, BSCBS, Eurasian economic union, UNESCO [8].The issues of development of national digital currencies of central banks in the field of improving cross-border payments are considered at the level of G20.
At the same time, the system of international institutions is a tool, a form of coordination of global governance.Its formation and development occur in parallel with the development of technological infrastructure of coordination.More and more social interactions are shaped by technology.Financial infrastructures are shaped by protocols: those built on public blockchains use smart contract protocols to automate markets for crypto and digital assets, AMM protocols combine liquidity with innovative algorithms to determine prices between two or more tokenised assets.Major multinational corporations play a major role in this.Blockchain and Bitcoin technology were developed by Nakamoto [9], with a specific governance model for decentralised autonomous organisations in mind.At the same time, the technical characteristics of these technologies are design features [2].
These algorithms change the power in redistributive processes at the level of nation-states, exacerbate the spontaneity of these processes and the provision of economic and financial security.
Scientific and technological progress and technical innovations through technological innovations in coordination set the task of adapting social and financial-economic, legal management at all levels, including international, to technical achievements and technologies, in particular to blockchain, in connection with which the mechanisms, directions and forms of coordination by international organisations are changing.
A new range of emerging coordination mechanisms and financial and digital tools, the use of which will be a key factor in the development of future public policies, is being considered by the expert community at the level of international organisations (FSB Financial Stability Board, GFIN Global Financial Innovation Network, European Investment Bank, World Bank, International Monetary Fund (IMF), BCBS, OECD, etc.).The UK, USA, Germany, Japan, China, Kenya, Arab Emirates, Singapore, Hong Kong, etc. actively participate in the work of these organisations.
International organisations and institutional sphere in the sphere of fintech development act not just as bodies endowed with the ability to coordinate actions and monitor the development of events, but also make operational decisions on behalf of groups of participants as a whole, i.e., being instruments of global governance, they apply forms of power and coordination associated with networks [10] and methods of network integration management.
Thus, using control over the composition of the network and the ability to include and exclude other participants in the 1970s and 1980s, the IMF and the World Bank actively involved developing countries in the global economic integration process.A second example is the inclusion of non-governmental organisations and non-state actors to regulate environmental issues.As a result, environmental issues were translated into the development of financial and fiscal mechanisms for "guilty" countries.
The networking power arising from the standards needed to coordinate interaction within the network is actively used at the level of international institutions such as BIS, IMF, the five ISO-only standardisation committees, WTO, OECD, United Nations and its specialised agencies, FATF, Commonwealth of nations, GPFI, FinCoNet (Digital Economy Policy Committee), GFIN, FSB, etc.The networking power arising from the standards needed to coordinate interaction is used within the network.
The ability to create networks, to organise or reprogram the network in accordance with targets, certain values, the ability to connect and ensure cooperation within networks [9] is manifested at the level of international institutions in the financial sphere repeatedly.Examples are the emergence of the mechanism of global economic governance based on the meetings of finance ministers of industrialised countries "G7" and later G8 and G20.Signs of international integration in the sphere of financial technology development are confirmed by international coordination mechanisms, forms and directions of international cooperation, priorities of integration cooperation, declared interests of national models of financial technology development and their alliances at the international level, based on the use of financial and economic relations, proportions and processes of resources redistribution, use of national financial mechanisms and system taking into account the interests of financial and economic relations.
At the end of 2018, these organisations proposed the Bali Fintech Agenda, which reflects the main objectives of cooperation in the relevant markets [11]: development of competition; expansion of population coverage; development of financial markets; monitoring changes in financial systems; ensuring sustainable financial and information infrastructure to support the benefits from the use of fintech tools; ensuring international information exchange.
In August 2022, IMF in its report notes the need to build an effective system of crosssectoral coordination and regulation of crypto ecosystem development at the global level [12].And called for the FSB (Financial Stability Board) to be recognised as a coordinator of crypto ecosystem development at the global cross-sectoral level, including for setting standards to support national regulation of crypto assets.
Back in October 2020, the G20 endorsed a roadmap to improve cross-border payments to address long-standing challenges such as high costs, low speed, limited access and lack of transparency in such payments.In this roadmap, central bank digital currencies have a particular role to play [13].It is an ambitious programme to improve cross-border payments, aiming to increase their speed, reduce their cost, increase transparency and make them more inclusive.
Undoubtedly, the main players in the development of central bank digital currencies (CBDCs) will be central banks themselves, and organisations such as SWIFT, BIS, and possibly some development banks.The Bank for International Settlements (BIS) Innovation Centre and other international payment standard-setting institutions and committees are currently actively exploring the use of CSDs in cross-border payments and participating in joint international projects with national banks [13].
SWIFT has been exploring the use of CSEC since 2020 and plans to play a global infrastructure role also in the area of messaging using CSEC settlement [13].In October 2022, the SWIFT financial messaging system presented its vision for a global network of central bank digital currencies.This project included the results of an 8-month experiment using different technologies and currencies, involving the central banks of France and Germany, as well as global banks such as HSBC, Standard Chartered and UBS.The experiment was designed to explore how VCBs could be used internationally and even converted into fiat money if necessary [13].

Discussion
At different stages of functioning and development of the international system, the ratio of means and methods of maintaining order is specific.
Initially, the international institutional system includes -international organisations (participants and individuals) and international institutions (norms and regulations) [14], implies along with restrictions on the rights and freedoms of participants, the presence of a mechanism for collective decision-making [5].Such a view of international organisations coincides with the point of view existing in the legal literature [15].It represents an equilibrium that takes into account the interests of the participants a set of equilibrium strategies of the participants of interaction, formed in repetitive games.The basis of this approach was laid by E. Schotter [16].This definition of institutions covers both formal international institutions and organisations (e.g., such as the UN, EU, IMF, etc.) and informal ones (G8, APEC, etc.).
An effective, from the economic point of view, international institutional system should be recognised as a constantly evolving system of international institutions that allows to take into account in various ways the interests of participants in international relations and effectively transform these interests into collective decisions leading to the growth of common welfare.Such a system is not reduced to a single possible set of institutions.Its form depends both on the historical preconditions for the development of international relations and on current political, economic, social and other conditions.
In practice, the declared goals of international organisations to balance interests often show that they are shifting towards dominant technologies, and the countries or international structures interested in them by the processes and results of their activities, which is confirmed by procedures, assessments, and initiatives and coordination mechanisms at the level of international institutions.These are self-evolving and interconnected processes and structures for their coordination.
Despite the fact that, in general, scientific and technological progress and international economic integration have significant advantages for all participants in the process, it is necessary to take into account the specifics of fintech's influence on the processes of resource redistribution and supranational level of international institutions, which often exacerbate the issues of sovereignty and security of nation-states [5].In this regard, the prospect of coordination of financial technology development processes will require qualitatively new approaches to their forms at the global level.At the same time, they should be focused on the search for universal principles and development trends that are not interrupted at a long stage.

Conclusions
Despite the fragmentation and distribution of financial technology development issues among more than ten international institutions and organisations, the processes initiated and organised by them testify to a consistent strategy of their dissemination and scaling.
The tasks and target functions of international institutions in the field of financial technology development allow us to systematise their directions into current and prospective ones, taking into account the convergence of technologies.(Table 1).Current tasks include the tasks related to ensuring manageability and organisation in the areas of financial technology development, search for forms of interoperability between different systems and types of fintech.The prospective tasks include the search for sources of energy for technological coordination and forms of social and technological coordination in the financial sphere.In accordance with these directions, international organisations and institutions in the sphere of financial technologies and the directions of their coordination in financial markets are systematised.
The sequence, initiated processes and directions of financial technology development initiated at the level of international financial organisations and institutions show that the models of interaction in financial markets are purposefully changing, from globalisation processes, international economic integration to financial integration.At the same time, we can distinguish the following transitional stages of financial integration -from the development and consolidation of financial markets, to digitalisation of the financial sphere and testing of international projects of blockchain technologies in the financial sphere.Depending on the stages of financial integration, different forms of coordination are used: from permanent secretariats under intergovernmental governance structures and coordination of fintech distribution at the level of international institutions at the stages of consolidation of financial markets and their digitalisation, to a coordinated inter-sectoral extended system of international institutions and organisations and non-governmental organisations at the current stage of development and testing of international blockchain projects in the financial sphere.In the sphere of redistribution of world flows and their control, two processes are being coordinated in parallel by international organisations and institutions: the formation of new networks of environmental agenda and sanctions wars, which contribute to the emergence of a new structure of exports and logistics chains, i.e. new networks and balances of interests.On the other hand, there is a widespread development and implementation of blockchain technology and digitalisation of finance, actualising the search for energy resources and their sources for blockchain-based technological coordination.
In the future, further cross-sectoral integration, the merging of financial and non-financial services, artificial intelligence and neurotechnology, will require appropriate coordination mechanisms combining social coordination and technological infrastructure.And taking into account the new challenges, it will be necessary to change the structure, participants and objects of governance in the sphere of financial technologies.The effectiveness of the new system of international institutions and their technological analogues will depend on its interoperability and consideration of interest in the sphere of financial technologies at the level of local civilisations.

Table 1 .
Objectives and target functions in the field of financial technology development at the level of international organisations and institutions

The objective function is to provide global economic benefits by mobilising, consolidating and redistributing resources in the world economy Current Challenges International Institutions and Organisations for Coordination
Ensuring financial stability and integration -search for forms of interoperability of different systems and types of currencies, digital and non-digital (CBDC, crypto, fiat, etc.,) and international and inter-sectoral coordination -for smooth redistribution of resources, improvement of crossborder payments and special role of CBDC BIS and central banks, standardisation -five standardisation committees at ISO level only, WTO, OECD, United Nations and its specialised agencies, FATF, Commonwealth of nations, E3S Web of Conferences 431, 07036 (2023) ITSE-2023 https://doi.org/10.1051/e3sconf/202343107036