The National Bank of Ukraine has joined the Global Financial Innovation Network (GFIN). This will enable the Ukrainian central bank to increase the penetration of innovation into the financial sector and implement the FinTech Development Strategy in Ukraine until 2025.
The NBU will receive the following benefits from being a GFIN member:
- participation in the exchange of experience, information, and analytical reports between regulators of different countries
- expert assistance in creating the regulatory sandbox in line with the best global practices
- studying innovative solutions to have the full picture of the risks, up-to-date approaches, and methodology of FinTech market regulation.
“The NBU is actively working on creating in Ukraine a full-fledged FinTech ecosystem that will offer innovative financial solutions and accessible digital services. Creation of the ecosystem envisages a stable development of innovations, stronger competition on the financial market, transition to the cashless economy, and raising financial literacy of consumers and businesses,” underlined Arsen Makarchuk, Director of the Strategy and Development Department.
The primary mission of the Global Financial Innovation Network is to:
- facilitate the exchange of innovation experience between financial regulators
- improve cooperation between regulators and businesses in the area of FinTech.
Today the NBU is making its first steps towards joining the global FinTech community and interacting with other regulators of this innovative market.
“We hope that the membership in the Global Financial Innovation Network will help us continue moving towards the effective development of FinTech. This global informational hub of regulators and central banks takes care of the development of FinTech, RegTech, SupTech, and other innovations that enhance protection, security, and accessibility of financial services and improve communication between regulators and participants of this market,” explained Volodymyr Kuchyn, Head of the Office for European Integration and International Programs.
The Global Financial Innovation Network (GFIN) was officially founded in January 2019 as a union of financial market regulators and private FinTech companies.
The GFIN is a network of over 60 organizations committed to developing financial innovation in order to better meet consumers’ needs.
It seeks to provide ways for FinTech companies to interact with regulators and aims to enable scaling up innovations to the international level.