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 of assistance:
1. Digital financial services:
- assistance in the area of SupTech / RegTech: strategy development and its implementation
- further development of the SupTech concept and roadmap and validation of the Supervision Platform project product concept
- development of the RegTech concept and roadmap
- updating the Ukrainian Payment Space National Payment System, including tokenization
- faster payment system (FPS): support for the implementation of fast payment (FP) in Ukraine, development of additional FP services and modules (QR code generation service, unique account identifier service, etc.), and further updating of innovative technologies in global FP
- support from the World Bank’s laboratory in the preparation and implementation of the e-Hryvnia pilot project, and analysis of its results. Analysis of technology platform options for this pilot project
- regulatory reform of the digitalization of payments and other financial services for their widespread use
- implementation of the components of virtual assets regulation.
Products implemented for the NBU, and key events:
- Implementation of the Integrated Supervision Platform (SupTech) area:
- a series of seminars on the implementation of SupTech was held, with the expert assistance of the ECB and the central banks of Moldova and England (2019-2022)
- expert advice on the preparation of a concept/White Paper on SupTech/RegTech (2020-2021) was obtained
- the concept/White Paper was written. Since September 2021, the approach to the implementation of SupTech/RegTech has been revised, with its division into two separate areas
- a Roadmap for the Implementation of Supervisory Solutions for SupTech (2023) was developed
- advice was provided on preparing the terms of reference for the development of the Integrated Supervision Platform for Financial Institutions for a tender to procure services for the development of the platform, and on the subsequent procurement tender for the implementation of an integrated solution for automating the processes of prudential supervision of financial institutions.
- “Faster payment system (FPS)” area:
- faster payments (FPs):
- a draft FРS concept was created.
- Other issues:
- expert advice was provided by the World Bank on assessing compliance with the SEPA accession criteria
- assistance was provided in the development of the Law of Ukraine On Payment Services No. 1591 dated 30 June 2021, the Instruction on the Procedure for Opening and Closing Accounts for Users by Providers of Payment Services for Account Maintenance, approved by Resolution of the Board of the National Bank of Ukraine No. 162 dated 29 July 2022; Resolution of the Board of the National Bank of Ukraine No. 158 dated 26 July 2022 On the Introduction of a User’s Payment Account Number and Electronic Wallet in Ukraine
- assistance was provided to improve the oversight of payment systems, and updates were made to the Methodology for Comprehensive Assessment of Systemically Important Payment Systems, approved by Resolution of the Board of the National Bank of Ukraine No. 635 dated 24 September 2015 (as amended);
- expert advice was provided on the modernization of the NBU’s BankID System regarding the development of digital signature forms;
- assistance in the implementation of the ISO 20022 standard was provided
- advice was provided on identifying mechanisms for managing, minimizing, and eliminating the effects of general commercial risk on the central bank’s payment system.
2. Central bank digital currencies:
- research on central bank digital currencies (CBDCs) in the world is ongoing, including defining aspects of CBDC policy and the development of the electronic hryvnia
- the technological study is ongoing, business requirements have been formed, the terms of reference are being reviewed, and options for implementing the NBU’s digital money (technology platform) are being selected
- support from the World Bank laboratory in the preparation and implementation of the e-Hryvnia pilot project and analysis of its results
analysis of technology platform options for the pilot project;
Products implemented for the National Bank of Ukraine and key events:
- assistance was received in implementing the e-Hryvnia pilot project
- an expert meeting was held to discuss the provision of a technology platform/technology for the pilot project, an overall assessment of the pilot project results and joint conclusions
- expert advice was provided on identifying mechanisms for managing, minimizing, and eliminating the effects of general commercial risk on the central bank’s payment system.