Leading financial sector associations have joined forces to develop open banking in Ukraine

Kyiv, Ukraine, September 20, 2021 - The Ukrainian Association of FinTech and Innovation Companies (UAFIC), the Independent Association of Banks of Ukraine (NABU), the Association of Financial Institutions, the Insurance Business Association, the Association of Collectors of Ukraine, the All-Ukrainian Association of Credit Unions signed About interaction, cooperation and public dialogue within the working platform in the field of open banking "Ukrainian Open Banking API Hub".
Following the strategic goals of the Government of Ukraine - the principles of transparency and openness of the Ukrainian market are prerequisites for the development of the financial sector of the state. Ukraine aims to digitize the market and make it accessible to all its participants.

To support this initiative, leading financial sector associations have joined forces with UAFIC, the country's largest non-governmental organization focused on the national financial technology market and the development of the fintech ecosystem. The joint efforts of the association's experts will help to establish an effective public-private dialogue to prepare proposals for improving the legislation on open banking and payment services.

"Recently, fintech companies and banks have realized that working on the basis of OpenBanking technologies is much more profitable than competing with each other," said Rostislav Duke, Chairman of the Board of UAFIK. "The financial ecosystem is receiving new signals of openness and willingness to cooperate and partner in the market. Our work will promote greater access to information for all financial market participants. "

This cooperation will also facilitate faster implementation of legislative and regulatory reforms that can make the market more accessible and transparent for entrepreneurs. One of the initiatives is to conduct and participate in public discussions of draft regulations of mutual interest.

"Ahead - the path of development and standardization of open ARI, adaptation of internal processes, the formation of best practices," said Elena Korobkova, Executive Director of NABU. - Open banking will change the very principles of the financial market and open new opportunities for Ukrainian consumers and fintech companies. For example, five years ago, multifunctional food or food delivery services in Ukraine were almost non-existent. Today this is a normal phenomenon. After all, now you can choose everything you need from different institutions without leaving home. Convenient, saving time, and taking into account special offers - also saving money. With open banking, we will get a similar service, but in the field of financial services".

Open banking provides all market players with an up-to-date understanding and perception of the situation, such as technology startups and vendors of online financial services, access to customer financial data safely and conveniently, subject to the consent of the customer.

It is expected that this will have a positive impact on the implementation of the State Strategy for the Development of the Ukrainian Financial Sector, which, among other things, states that 80 per cent of all payment service providers will operate in Open Banking until 2025.
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