Capital Markets and the Digital Economy: Convergence, Challenges, and Emerging Trends in an Era of Digital Transformation

Annotation: This article explores the deepening convergence between capital markets and the digital economy, focusing on the structural challenges and forward-looking trends accelerated by rapid digital transformation. Drawing on recent market data, it assesses how artificial intelligence, big data analytics, blockchain, and asset tokenisation are reshaping the way capital is raised, allocated, and managed, and how these forces alter investor behaviour. Special attention is given to emerging markets, including Uzbekistan, where reform-driven growth and rising retail participation illustrate the practical implications of digitalisation. The article argues that the competitiveness of traditional financial institutions will depend on their capacity to adapt while addressing the risks of cybersecurity, data protection, and regulatory compliance.