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Fintech development in Ukraine

In July 2020, the NBU approved the Fintech Development Strategy in Ukraine until 2025 (Fintech Strategy), which is a step-by-step plan for creating in Ukraine a full-fledged fintech ecosystem that will offer innovative financial solutions and accessible digital services. 

The Fintech Strategy drew from the key areas set forth in the Strategy for Ukrainian Financial Sector Development until 2025. 

In particular, this document structured and detailed development trends and directions of financial innovations. 

The key effective components of the Fintech Strategy were as follows: 

  • developing and introducing the concept of a comprehensive regulatory sandbox for quick testing of innovative projects 
  • improving financial awareness and inclusion of the public and business 
  • launching an academic base focusing on open banking. 

The implementation of the Strategy was also related to implementing the NBU’s digital projects. In particular, this covers implementing remote identification and verification and PSD2, enabling fast payments between accounts in SEP in the 24/7 mode, reinforcing the regulatory perimeter in the area of cybersecurity, and all other innovative projects of the central bank. 

The report on the implementation of the Fintech Strategy for 2021 is available by going to the link. 

The Strategy was terminated due to the adoption of the new Strategy of Ukrainian Financial Sector Development in 2023, as Fintech development goals and actions were analyzed and taken into account when drawing up the Strategy.