Purpose:
- supporting systemic changes in the Ukrainian economy by transforming the country’s financial sector into a well-functioning competitive market that meets EU standards and is integrated into international financial systems, namely: ensuring the resilience of the financial sector in wartime and during post-war restoration
- providing support for Ukraine’s European integration and the fulfilment of its international obligations
- building trust and transparency in the financial sector and the independence of its regulators
- increasing the supply of finance to businesses by working with a wide range of financial intermediaries, including banks, leasing companies, insurance and investment companies, and other companies that raise funds and channel them into productive investments
- providing direct financial and technical assistance to businesses that have great potential to increase domestic sales and exports, as well as create new employment opportunities for Ukrainians
- helping businesses to access a variety of financial products (loans, leasing, insurance policies) and expanding access to mixed finance on acceptable terms and conditions to support their operations
- supporting and collaborating with other U.S. government and development partners to ensure integrity and combat illicit financial flows, money laundering, and corruption
- promoting competition and the inclusion of all individuals and businesses, including those owned, operated, managed, or served by women and other traditionally excluded groups.
The IBR Project consists of five components:
component 1: market regulation, supervision
component 2: financial infrastructure
component 3: private sector intermediaries and facilitators
component 4: transparency and communications
component 5: promoting the attraction of new investments.
Products implemented for the NBU, and key events:
BankID area:
- The NBU conducted a survey of 31 banks that are subscribers of the NBU’s BankID system to investigate and assess whether they comply with all necessary procedures related to electronic identification tools and the requirements of the European Union Regulation on electronic identification and trust services for electronic transactions within the EU internal market (eIDAS), which are intended for medium-security electronic identification schemes
- a preliminary interim report on the assessment of the NBU’s BankID System’s compliance with the medium trust scheme (based on information received from the NBU) was obtained.
Factoring area:
- expert comments on the “New Factoring Regulation in Ukraine” Concept developed by the NBU were provided
- participation in the Trade Factoring Conference (Morocco, 2023) was ensured.
Military and Political Risk Insurance area:
- a roundtable discussion was held with the participation of state authorities on the implementation of a political risk insurance mechanism (April 2023), discussing developments in political risk insurance.
Implementation of the Integrated Supervision Platform (SupTech) area:
- market research was carried out and its results were analyzed: In particular, information on the cost of implementing the Integrated Supervision Platform (SupTech) was summarized, and the amount of funding required was determined
- support was provided in the preparation of the terms of reference for the development of the Integrated Supervision Platform for Financial Institutions based on the results of the market research and the data obtained on the completeness of the requirements for further tender procurement for the implementation of an integrated solution for automating the processes of prudential supervision of financial institutions.
Communications area:
- a Ukrainian national sociological survey of the level of trust in the NBU was carried out in May this year
- tenders were held and contractors were selected to provide technical equipment and create a visual image of the main message of the VIII Annual Research Conference in June 2024
- support was provided for Global Money Week 2022, 2023, and 2024 (providing branded products for educational initiatives within the Global Money Week campaign for educational institutions), and the Marathon of Good Deeds competition for Ukrainian educational institutions (2022)
- support was provided for the “Marathon of Ambassadors” initiative as part of the “ShahraiGudbay” information campaign, for events dedicated to the Hryvnia Day, Savings Day, and for the creation of an Advent calendar by the NBU’s Money Museum, and assistance was provided in providing access to services for working with a wide audience (2023)
- the concept and design of the technical equipment for the NBU’s communication center was prepared (December 2023), on the basis of which the technical specification and budget were developed
- a sociological survey on payment security was carried out (2023).
Other activity areas:
- preliminary market research on software developers for the implementation of an automated process management system (APMS) at the NBU was carried out (2023)
- support was provided for the NBU’s certification according to the international standard ISO 37001:2016 “Anti-Corruption Management Systems. Requirements and Guidelines for Implementation”. A certificate of compliance of the established anti-corruption management system with the requirements of the international standard ISO 37001:2016 was obtained.
- a systematic analysis of the current state of the IT functions, information security, and IT architecture of the Settlement Centre for Financial Market Contracts was carried out. A target model was determined, and a plan was developed for the phased improvement of the IT infrastructure of the Settlement Center for Financial Market Contracts as a central counterparty to reduce risks and potentially introduce new services
- some organizational aspects of the VIII Annual Research Conference were financed
- a generator and uninterruptible power supplies were purchased for the needs of the NBU.