The National Bank of Ukraine (NBU) launched a pilot project to stimulate the development of FinTech solutions in Ukraine. Based on the project, the NBU established the Expert Advisory Board on communications with innovation companies (hereinafter – the Expert Board). Implementation of the pilot project will last until the end of 2019.
The Expert Board will become a platform for communications between the NBU and innovation companies.
Innovation companies may submit their applications to the NBU (in Ukrainian or English) for their innovative products to be reviewed and discussed.
“We decided to introduce a direct dialogue between the NBU and innovation companies. Experts from different units of the NBU will be involved in reviewing the innovations. If needed, we will also invite experts from other authorities. Companies will get direct feedback on each of the submitted innovative products as well as recommendations for its legal support,” Oleksandr Yablunivskyi, Director of the Payment Systems and Innovative Development Department, said in a comment on the initiative.
According to him, this will enable the NBU to better understand the needs and areas of development of the innovative financial market, while for innovation companies it will be an opportunity to learn the specifics of the current regulation and legal framework.
Moreover, when necessary, the NBU will address the government with proposals to amend current laws of Ukraine to enable the implementation of financial products and services that are truly inovative.
“Such cooperation will be primarily aimed at progressive development of innovations and contribution to financial inclusion in Ukraine, which is one of the NBU’s seven strategic goals for the nearest future,” added Oleksandr Yablunivskyi.
Companies can submit their applications for review and discussion of their innovative products and services starting from 8 May 2019. To that end, they need to send an application to the e-mail address: email@example.com, indicating “GO FinTech” in the Subject of the message.
Innovation companies will receive feedback from the NBU within 30 business days from the date of receiving the application.
The respective requirements are stipulated by NBU Board Resolution No. 63 On Approval of the Procedure for Cooperation of the National Bank of Ukraine with Innovation Companies and Projects, dated 23 April 2019.