Ukraine Sees New Frontier in Fintech
Ukraine’s powerhouse IT sphere now has over 100 companies targeting the financial technology sector. It’s a sphere that’s already bringing millions of dollars into Ukraine
Banking services on your smartphone, instant payments via the Internet, and insurance services in the palm of your hand are some of the financial services being offered by Ukrainian tech companies.
These days, traditional banks monitor trends and want customers to be able to solve most of their issues online, rather than while visiting a branch office.
Ukraine’s first fully virtual bank has already grown to one and a half million users.
“The Ukrainian fintech sector was estimated to be worth $650 million. So if someone is saying that there is no fintech sector or that it is developing slowly — that is just laughable. The government is also not lagging behind. A Ukrainian startup fund that was recently founded will support startups in the fintech sector. This is a reality now and you can start preparing your proposals. Legislation that unites two regulating organs into one super-regulator was also passed. This allows for the development of financial markets,” board member of Ukrainian Fintech and Innovative Companies Association, Rostyslav Diuk said.
So far Ukraine has more than 100 fintech companies, yet they do not limit themselves to the Ukrainian market – 43 percent of the companies are also operating abroad.
During the UAFin.Tech conference new projects were presented with the aim to attract investors and potential clients.
“Our startup is a solution for offline money exchange that allows you to buy and sell cryptocurrency from and to anyone,” Stanyslav Podyachev, the founder of a startup that UATV has chosen not to name said.
“This is an insurance company in your smartphone. A full-cycle insurance company – from purchasing insurance to paying premiums. We have a huge amount of experience in insurance and we understand the problems clients face,” Andriy Tarasov, the founder of an insurance company that UATV has chosen not to name, said.
Around a thousand market players, financial and IT experts, from dozens of countries took part in the conference.