With the world motivated to assist the Ukrainian people, industries are mobilizing themselves to help those that need it the most. And the fintech industry is no different. As Ukraine’s banking sector faces cyberattacks from Russia and with there being much uncertainty within Ukraine’s financial sector in general, crypto infrastructure is given Ukrainian citizens an invaluable avenue to access and use funds as well as to protect their savings from inflation and unstable exchange rates. Moreover, many fintechs are also working to assist refugees by enabling the free movement of funds and waiving all onboarding and transaction fees for anyone with a Ukrainian ID.
At the same time, more can be done. In particular, large financial institutions need to join forces with fintechs by aligning their technologies and enhancing their connectivity to collaborate instead of to compete. In this way, the advantages of fintechs (especially their flexibility and agility) can be leveraged to better support the larger financial sector in delivering long-term, sustainable solutions to a citizenry facing war and (eventually) a large-scale rebuilding effort.