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UK-Ukraine FinTech Summit to Help Develop Innovations in Financial Market

UK-Ukraine FinTech Summit to Help Develop Innovations in Financial Market

On 15 July 2021, the first UK-Ukraine FinTech Summit was held in London, bringing together representatives of financial institutions and the FinTech community.

The event was meant to draw attention to revolutionary technologies that will ensure new business opportunities in both countries participating in the summit.

NBU Governor Kyrylo Shevchenko and his deputy Oleksii Shaban, Mykhailo Fedorov, Vice Prime Minister of Ukraine - Minister of Digital Transformation of Ukraine, and Baroness Catherine Meyer, UK Prime Minister’s Trade Envoy to Ukraine, joined the forum together with the representatives of banks, financial institutions, and FinTech companies of both countries.

“FinTech development in Ukraine is one of the key priorities for the NBU. Therefore, this summit is a very important event for us, as it is particularly aimed at supporting FinTech companies and creative business ideas that will help develop innovations in the financial sector,”  Kyrylo Shevchenko said in his greeting to the summit participants.

Kyrylo Shevchenko explained that within the framework of FinTech development, the NBU sets as its key goals:

  • transitioning most market players towards open banking standards and instruments of remote identification and verification
  • launching a regulatory sandbox to be used for testing about 16-20 innovative products per year
  • balanced development of all FinTech areas
  • spread of innovative technologies in supervisory and regulatory processes
  • improving digital and financial literacy of the public, as well as training of professionals on the financial market.

The launch of the regulatory sandbox, the introduction of open banking, and openness to the latest technologies prove that we are ready to join the Fintech community. The FinTech community should know that the Ukrainian financial regulator is on their side,” emphasized Kyrylo Shevchenko.

For your information, in late June, the Ukrainian Parliament adopted a new Law of Ukraine On Payment Services. The law implements EU directives (PSD2, in particular) and lays the groundwork for introduction of open banking.  In Ukraine, this will create the environment for further development of innovative payment products and services. New participants will be able to enter the financial market, contributing to an increase in healthy competition.

“Adoption of the new law on payment services and introduction of the open banking standards stipulated by said law will set the main trends that will have a positive impact on the FinTech industry in Ukraine in the nearest future. This will foster the financial inclusion due to the emerging of new services that will be able to satisfy the need in modern easy-to-use services,” said Oleksii Shaban, NBU Deputy Governor, during the panel discussion at the summit.

He also added that the pandemic had a significant impact on consumer habits in Ukrainian financial services, directing them towards cashless and contactless payments.  This also has a positive impact on further FinTech development as well as development of e-commerce and innovative decisions in the payment market and insurance market.  

Довідково

UK-Ukraine FinTech Summit was jointly organized by the Embassy of Ukraine to the United Kingdom of Great Britain and Northern Ireland and Sigma Software Group with the support from the Ministry of Foreign Affairs of Ukraine. Other organizers include TheCityUK and the London Stock Exchange. This UK-Ukraine FinTech Summit is part of FinTech Week in London.

Development of innovations in the financial sector is among the twelve strategic initiatives included in the NBU’s Strategy 2025.

Additionally, creating in Ukraine a full-fledged FinTech ecosystem that will offer innovative financial solutions and accessible digital services is included in the Fintech Development Strategy in Ukraine until 2025.

 

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