Purpose: Create conditions to expand the digital financial services market or financial technology ecosystem (hereinafter referred to as “FinTech”) in Ukraine. Support reforms necessary to form a favorable regulatory environment for digital financial services or FinTech in Ukraine and their implementation. Establish conditions for sectoral public-private dialogue in the field of DFS/Fintech. Promote a common understanding of DFS goals and market expectations among stakeholders from Ukraine’s government and private sector.
Products implemented for the NBU, and key events:
Open Banking (OB) pillar:
- An expert was engaged to provide advice on OB-pillar specifications.
- Advisory support was provided on supervisory approaches to OB.
- Consultation was held within the OB pillar about the types of balances for account package integration cases in OB.
Agency Banking pillar:
- Questionnaires for agents were drafted and agreed upon.
- A survey of supervised institutions was conducted.
Regulatory Sandbox pillar:
- Regulatory Sandbox as a Tool for Implementing Innovation webinars were held for the Association of Ukrainian Banks.
Financial Inclusion pillar:
- Comments and suggestions were received on the Financial Inclusion Operator Concept.
- Jointly with IFC, a questionnaire was drawn up on the development and expansion of agency channels (agency banking) to promote financial inclusion in the financial sector. The survey is to be conducted among financial sector participants.
- Support in signing an agreement with DIGITAL ACCESSIBILITY LAB LLC was received as part of the project Modernization of the NBU’s Website to Align It with Inclusivity Standards.
Implementation of EU Laws pillar:
- Expert explanations were provided regarding the calculation of regulatory capital requirements for payment service providers in accordance with Article 9 of PSD2, the EU Payment Services Directive 2015/2366.
Supply Chain Finance (SCF) pillar:
- Webinars were held on SCF products.