Public discussion to last until June 21, 2020
The National Bank of Ukraine invites market participants, experts and industry associations to join the discussion on the roadmap for the implementation of the Fintech Development Strategy in Ukraine by 2025. Regulator reported Your place. This will be the second phase of a large-scale discussion of a step-by-step plan to create a complete fintech ecosystem in Ukraine with innovative financial services and affordable digital services.
The NBU said that together with the financial community, it continues to work on the development and approval of the fintech development strategy in Ukraine until 2025. It is based on key areas that National Bank and other financial market regulators presented earlier this year. In the first phase of work on this important document, a strategic session was already held with the participation of representatives from relevant organizations, fintech companies, traditional financial institutions, bigtech companies and technology providers. He analyzed the current state of the industry and forecasted its prospects.
Director of the Strategy and Development Department of the National Bank of Ukraine
Within the framework of the document, a list of events, actions and actors, as well as indicators of the attainment of the goals set in each of the three strategic areas, have been developed:
- Developed cashless economy;
- High level of digital and financial literacy;
- Sustainable FinTech Ecosystem.
According to the regulator, the major results of the successful implementation of the FinTech development strategy in Ukraine by 2025 are:
- Transition of most market players to open banking standards and remote identification and verification tools;
- Increase in the number of cashless payments by 85%;
- The launch of a regulatory sandbox and an increase in the number of innovative products tested, up to 16–20 per year;
- Balanced development of all Fintech niches;
- Widespread use of innovative techniques in supervisory and regulatory processes;
- “Global Sandbox” – Global Network of Financial Innovations (GFIN) to join the National Bank of Ukraine;
- Development of educational environment for training of specialists in digital finance.
Public discussion of the roadmap for the implementation of the Fintech Development Strategy in Ukraine by 2025 will be inclusive by 21 June 2020. After that, there will be a synthesis of proposals received from all state bodies and representatives of the financial sector and by 2025 the final text of the Fintech Development Strategy will be published in Ukraine.
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