NBU said that there is a market for credit unions

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NBU publishes a white paper on regulation of non-banking services

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How will the market be regulated for credit unions. Photo: ukraine.web2ua.com

The National Bank of Ukraine said what awaits the market for credit unions and how their regulation will change. This was known from a publication on the official website of the NBU.

In particular, the National Bank will comprehensively monitor the activities of credit unions, apply a risk-based approach to licensing, regulation and supervision and will be guided by the principles of proportionality of requirements for the level of risk of the union, with potential risks. An approach to understanding, early detection of problems and timely response, timely response. Professional judgment and legal certainty.

Photo: bank.gov.ua

Parallel expansion of opportunities for better market regulation and participants will provide deeper penetration of credit unions in the financial market, providing a more efficient, capitalized and stress-resistant market where consumers’ rights to financial services are reliably protected, White Paper The press service of regulatory reports in the context of “the future of credit market regulation. Unions. “

It is noted that the future of regulation outlined in the White Paper will help create conditions for the development of the credit union market and increase its competitiveness, increasing levels of reliability, transparency and solvency.

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It was previously reported that the ID system would become publicly available to blockchain-based credit union members. The CULEDger Credit Union Consortium will make the MLPass digital identity service commercially available.

Memberpass (formerly called MyCUID) is a blockchain-based digital account based on Know Your Customer (KYC), controlled by the participants themselves. During the pilot launch, credit unions used the system in their call centers for high-risk transactions. Participants verified their identities using voice, fingerprints or facial recognition on their smartphones.

Read: Growth of online loans: why Ukrainians borrow billions of dollars


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