IFC and UAFIC have signed a cooperation agreement to develop digital financial services and Ukraine’s fintech ecosystem

The Agreement is being implemented as part of the Ukraine Financial Inclusion Programme (Phase II), which the IFC carries out in partnership with SECO.

The aim of the cooperation is to create favourable conditions for the development of a modern financial market, strengthen professional dialogue between the state and the private sector, promote innovation, and disseminate international experience and best practices in Ukraine.

The collaboration covers seven strategic areas:

●      Open banking and open finance – the development of open financial infrastructure and new models of interaction between market participants;
●      Cashless and instant payments – developing cashless and instant payments and the relevant infrastructure;
●      New models of digital financial services – supporting innovative products and business models in the financial sector;
●      Access to finance – developing tools and solutions that will help expand access to financial resources for businesses and individuals;
●      Digital onboarding and eKYC – developing digital identification and remote customer onboarding;
●      Cyber resilience and anti-fraud measures – strengthening the security of digital financial services and user protection;
●      Cloud technologies in financial services – promoting the secure and effective use of cloud technologies by financial institutions.

For the UAFIC, this Agreement represents an important step in the development of Ukraine’s fintech ecosystem and the deepening of international cooperation. The partnership with the IFC will strengthen expert dialogue, bring international expertise to the development of the market, and create additional opportunities for interaction between financial institutions, fintech companies, government bodies and international partners.

The cooperation also involves organising joint expert events, exchanging knowledge and international best practices, fostering professional dialogue, and developing practical recommendations for the development of digital financial services and the fintech market in Ukraine.

Developing financial infrastructure today is an investment in the recovery and competitiveness of Ukraine’s economy tomorrow. The partnership between the UAFIC and the IFC aims to shape a modern financial ecosystem that will meet the needs of citizens and businesses and contribute to the digital transformation and economic recovery of Ukraine.