This literature review study investigates the digital transformation of the financial ecosystem in Serbia and Ukraine in the context of their integration pathway to the European Union. The methods employed in the research include literature analysis, systematic synthesis, thematic analysis, and a comparative case study approach. The study begins within a comprehensive theoretical analysis of the financial ecosystem and its components. Then there is an analysis of the digital transformation occurring in Ukraine’s financial ecosystem, while concurrently discussing and analysing the digital transformation of Serbia’s financial ecosystem. The analysis is followed by the comparative approach to shared opportunities and common challenges encountered by both countries in their digital transformation journey, showing the complexities of European integration for developing countries, and highlighting the long-term sustainable role of digitalising financial ecosystems. The study aims to pinpoint specific strategies, successes and obstacles encountered during this transformative process, offering insights into policy development and future integration efforts.