As Russia’s war in Ukraine nears the 5-month mark, it’s important to take a look at what’s happening with fintech in Ukraine. From the regulator perspective, the National Bank of Ukraine (NBU) continues to implement measures aimed at supporting the country’s financial system and liberalizing its currency market while also taking measures to fight rising inflation. For their part, financial institutions continue to test and implement new innovative solutions as well as migrate their data to the cloud. They also are continuing to implement the principles of open banking.
Against this backdrop, fintechs are also active. Despite significant difficulties, they continue to do their jobs, with the understanding that they are making an investment in the future of Ukraine. Additionally, the Ukrainian Association of Fintech and Innovation Companies (UAFIC) has become the first non-European Union (EU) member state to join the European Digital Finance Association (EDFA). UAFIC, with EU support, also recently held a hackathon/coding challenge to mobilize experts, programmers and startups for the development of technological solutions that will help refugees and displaced persons as well as restore the economy of Ukraine.
While the war continues and the struggle is very real, fintechs are working hard to do their part to contribute to the end of the crisis and bring a brighter tomorrow for Ukraine.