Authors - Ubaydullo Vakhabovich Gafurov, Nargiza Ruzibaeva, Khujayar Musurmonovich Shennayev, Nosir Mahmudovich Mahmudov, Saodat Sadriddinova, Alisher Bakberganovich Sherov, Nilufar Karimova Abstract - The sustainable development of tourism enterprises increasingly depends on their capacity to implement innovative activities supported by efficient financial mechanisms. However, traditional financing models often fail to provide sufficient flexibility and accessibility for innovation-driven tourism firms, particularly small and medium-sized enterprises. This study proposes a digital financial ecosystem model designed to enhance the financing of innovative activities in tourism enterprises through digitalization instruments. The research integrates concepts of digital finance, FinTech platforms, data-driven credit assessment, and smart contract mechanisms into a unified systemic framework. Using a system dynamics modeling approach combined with structural analysis, the study develops a conceptual and quantitative model linking digital financial infrastructure, access to alternative funding sources, and innovation performance indicators. Empirical validation is conducted using survey data collected from tourism enterprises and analyzed through structural equation modeling. The results demonstrate that digital financial ecosystem components significantly improve funding accessibility, reduce transaction costs, and increase innovation intensity. The findings highlight the mediating role of digital maturity in strengthening the relationship between financial accessibility and innovation outcomes. The proposed model contributes to the theoretical development of digital transformation in tourism finance and offers practical implications for policymakers and enterprise managers. The study provides a scalable framework for enhancing innovation financing in digitally transforming tourism markets.
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