The purpose of the project is to support comprehensive changes in Ukraine’s economy by transforming its financial sector into a well-functioning competitive market that meets EU standards and is integrated into global financial systems.
Objectives:
1) increasing the financial sector's resilience to challenges and shocks, improving market regulation and supervision of banks and nonbank financial institutions, expanding international cooperation between regulators and the government to fulfill Ukraine's international obligations and comply with EU standards, strengthening the institutional capacity, competence, and independence of financial sector regulators, expanding the use of modern payment, trade, and information systems to improve efficiency of transactions, and enhancing the integration of Ukraine's financial market with international financial markets to finance the country's recovery
2) strengthening the capacity of private financial service providers to develop, offer and disseminate new and alternative financial instruments to support business financing, expanding the use of nonbank financial services, enhancing the development of fintech and innovative technologies in cooperation with traditional financial institutions and according to consumer needs and preferences
3) raising awareness of programs and support for financial institutions and businesses from the U.S. Government and development partners, increasing awareness and understanding of financial sector issues and public policy among key stakeholders, strengthening information support for business associations, the media, and civil society to promote meaningful financial sector reforms, improving the financial literacy of citizens and businesses, strengthening independent information sources through timely and accurate financial information that is accessible and comprehensible to various stakeholders to increase market transparency and accountability
4) using co-financing grants to create new private sector jobs in the Ukrainian labor market, increase exports or sales of Ukrainian enterprises in the domestic market, and unblock access to financing for private enterprises.
The IBR Project consists of five components:
Component 1: Market Regulation and Supervision.
Component 2: Financial Infrastructure.
Component 3: Financial Intermediation and Private Sector Facilitation.
Component 4: Transparency and Communications.
Component 5: New Investments Facilitation.
As part of the IBR Project, the NBU has started implementing the following individual projects:
- preparation of a motivational and technical component for initiating the evaluation of the BankID System by an independent body for assessing compliance with EU standards, specifically for recognizing it as an electronic identification (EI) scheme with a corresponding EI tool with a substantial-to-high level of assurance.
- cooperation to implement of a Business Process Automation (BPA) System
- partnership during the #GoodByeToFraud information campaign
- holding consultations on the methodology and conducting opinion surveys on trust in the NBU
- development of the concept and design of the NBU's communications center
- expert discussion of the regulation of war and political risks in Ukraine
- a roundtable discussion with government authorities on the introduction of a political risk insurance mechanism.
Products implemented for the NBU, and key events:
- support was provided for the NBU's certification in line with the international standard ISO 37001:2016 Anti-bribery Management Systems – Requirements with Guidance for Use. The National Bank of Ukraine has obtained certification of compliance of the established anti-bribery management system with requirements of the international standard ISO 37001:2016.
- A systematic analysis of the current state of the IT function, information security, and IT architecture of the Settlement Center for Servicing Contracts in Financial Markets (the Settlement Center) was conducted. A target model was defined and a plan was developed to gradually improve the IT infrastructure of the Settlement Center as a central counterparty with the purpose of mitigating risks and potential introducing of new services.