Abstract
<jats:p>The article presents the Rhineland (German, Japanese), Anglo-American, mixed and transitional financial systems formed in the world's leading countries, as well as their model characteristics. The cluster approach has made it possible to more clearly delineate the model boundaries of the country's financial system. The task is more complex when characterizing the financial system of Armenia, as it is not sufficiently developed to be viewed within the framework of any financial model. With a complex cluster approach, there are more grounds to characterize the model of Armenia's financial system as an emerging transitional one, with the target objective being the implementation of a mixed financing model, and in the near future, the establishment of a digital financial system.</jats:p>