The National Bank of Ukraine announced that it had joined the Global Financial Innovation Network (GFIN). According to the regulator’s website, this will enable the National Bank of Ukraine to increase the level of penetration of innovations into the financial sector and contribute to achieving the objectives of the FinTech Development Strategy in Ukraine until 2025.
According to the website of the National Bank of Ukraine, the GFIN membership will provide the National Bank with advantages in gaining access to the exchange of experience, information and analytical reports between regulators from around the world; in obtaining expert assistance in building a regulatory “sandbox” in accordance with the best world practices; in exploring innovative solutions for a complete understanding of probable risks, modern approaches and methodology for FinTech market regulation.
“The National Bank is actively working to create a fully-fledged FinTech ecosystem in Ukraine with innovative financial services and accessible digital services. Its creation provides for the sustainable development of innovation, increased competition in the financial market, the transition to a Cashless economy, as well as improved financial literacy of consumers and businesses,” stressed Arsen Makarchuk, Director of the Strategy and Development Department of the National Bank of Ukraine.
The primary missions of the Global Financial Innovation Network are:
– to promote collaboration and exchange of experience on innovation between financial regulators;
– to improve cooperation between regulators and businesses in the field of FinTech.
The Global Financial Innovation Network, which was launched in January 2019 as a network of financial market regulators and private companies working in the field of FinTech, already consists of more than 60 organizations. Their aim is to develop financial innovation to improve customer needs satisfaction.
The National Bank of Ukraine is now at the beginning stage of joining the international FinTech community and interacting with other regulators of this innovative market. “We look forward to further successful steps towards the effective development of FinTech through participation in the Global Financial Innovation Network. After all, this international information hub of regulators and central banks is engaged in the development of FinTech, RegTech, SupTech and other innovations that increase the security, safety and accessibility of financial services, as well as the level of communication between regulators and players in this market,” explained Volodymyr Kuchyn, Head of the Office for European Integration and International Programs of the National Bank of Ukraine.
Translated by Anna Voronina