National Bank of Ukraine updating financial sector development strategy

The National Bank of Ukraine is updating its development strategy for the financial sector, taking into account the COVID-19 pandemic. Specifically, they plan to:

  • Consider the possibility of transferring the functions of the Social Insurance Fund to insurers as a way to improve service quality
  • Increase efforts to boost cybersecurity, especially in regard to implementing international cybersecurity standards in the financial sector
  • Strengthen the digital literacy of the population
  • Improve the access of the population to broadband internet
  • Further develop the openness of state registries through the development of open APIs

The National Bank of Ukraine hopes that these, in addition to other measures previously listed in its development strategy will help bring the Ukrainian financial services market as close as possible to that of the European Union (EU).