Purpose. Strengthening Ukraine's financial sector as a driver of economic growth by implementing reforms for enhancing financial stability, promoting sustainable development of the banking sector, and diversifying the financial system.
Finance for Development Project: Continuing Remittances and Payment Program for 2015–2022.
Areas:
1. Digital financial services:
- assistance in SupTech/RegTech: drafting and implementing the strategy
- further developing the SupTech concept and roadmap, and validating the product concept of the Supervision Platform project
- developing the RegTech concept and road map
- upgrading PROSTIR NPS, including tokenization
- fast payment system (FPS): providing support when implementing fast payments (FPs) in Ukraine, developing additional FP services and modules (the service of QR code generation, the service of unique account identifiers, etc.) and further upgrading innovative technologies in global FP
- supporting provided by the WB’s laboratory in preparing and implementing the E-Hryvnia pilot project and analyzing its results analyzing options for technology platform for the pilot project
- legal and regulatory reforms on digitalization of payments and other financial services to promote their wider use
- implementing elements of virtual assets regulation.
Products implemented for the NBU, and key events:
- SupTech/RegTech:
- series of seminars were held on the implementation of SupTech/RegTech, in particular, to learn from the experience of the central banks of Moldova, England, and the European Central Bank (ECB) (2019–2022)
- expert advice was received on the preparation of the concept/White Paper on SupTech/RegTech (2020–2021)
- the concept/White Paper was drafted. As of September 2021, the approach to implement SupTech/RegTech has been revised and divided into two separate directions.
- The SupTech Roadmap has been finalized.
- PROSTIR payment system:
- assistance was provided to develop PROSTIR National Payment System, in particular, the Concept of long-term developments of PROSTIR NPS until 2025 was developed and approved
- expert assistance was provided for implementing the instant payment system using PROSTIR card payment system.
- Fast payment system (FPS):
- the draft FS concept has been developed.
- Other issues:
- continuing expert consultations with the World Bank to assess compliance with the criteria for SEPA accession
- assistance was provided for drafting Law of Ukraine On Payment Services No. 1591 dated 30 June 2021; Instructions On the Procedure for Opening and Closing Accounts for Users by Payment Service Providers for Account Maintenance approved by NBU Board Resolution No. 162 dated 29 July 2022; NBU Board Resolution No. 158 On Introduction of User Payment Account Number and Electronic Wallet in Ukraine dated 26 July 2022
- assistance was provided on improving payment system oversight; the Methodology of comprehensive assessment of systemically important payment systems approved by NBU Board Resolution No. 635 dated of 24 September 2015 (as amended) was revised
- expert advice was received on modernizing the Bank ID system and developing digital signature forms
- implementation of ISO 20022 standard was facilitated.
- consultations were provided on identifying mechanisms for managing, minimizing, and eliminating the effects of general business risk for a central bank’s payment system.
2. Central Bank Digital Currencies:
- the research of central bank digital currencies (CBDCs) in the world continues, this covers definition of certain aspects of the CBDC policy and developing the electronic hryvnia
- providing technological expertise, assistance in developing terms of reference and choosing options of implementing of the NBU’s e-money (technical platform)
- providing a technical platform/technology for the E-Hryvnia pilot project, an overall assessment of the outcomes of this pilot project, and general conclusions.
Products implemented for the NBU, and key events:
- assistance the implementation of the E-Hryvnia pilot project was provided
- an expert meeting was held on providing a technical platform/technology for the E-Hryvnia pilot project, an overall assessment of the outcomes of this pilot project, and general conclusions
- expert consultations were provided on identifying mechanisms for managing, minimizing and eliminating the effects of general business risk for a central bank’s payment system.