The integration of the Ukrainian and European payment markets continues despite the war in Ukraine. Recently, this opinion was expressed by the Chairman of the Supervisory Board of IBOX BANK Alona Shevtsova during a Public Talk with Andrius Bičeika at the UAFIN.TECH: Rebuilding the Future conference. Andrius Bičeika holds the position of Deputy CEO and the board member of Revolut Bank.
According to the Chairman of the Supervisory Board of IBOX BANK, the entire process is greatly facilitated by the Law of Ukraine “On Payment Services.” The most important task of the mentioned law is to support the process of the integration of the Ukrainian and European payment markets.
“It will help modernize the market and introduce innovations by bringing Ukrainian legislation closer to EU standards. This means that the basic requirements for the work of companies providing payment services have changed. Currently, all market participants have received expanded opportunities and conditions required for healthy competition. Ukrainians will be able to receive payment services not only from traditional banks, but also from financial organizations, as well as logistics companies, and mobile operators. In addition, while having their own networks, mobile operators across the country can become competitors of modern banks. The introduction of an open API that should start working next year can become a real revolution,” Alona Shevtsova says.
According to her, to introduce this law, the National Bank has revised and updated several regulatory legal acts. This law also contributes to the development of Open Banking in Ukraine.
“In fact, the introduction of Open Banking means more convenient and faster services for average users. For example, as a fintech company, we combine our technologies with bank data and create technological services to meet the needs of our customers. It turns out to be a win-win situation because banks are able to store the funds of the customers, while fintech companies provide technological solutions, and customers can quickly and conveniently perform financial transactions.
Another important aspect is the fact that companies planning to provide payment services will already undergo a new verification process. This will significantly deepen the integration of economic institutions, which is very important in the context of the future inclusion of Ukraine in the EU. In addition, the adoption of this law has really expanded the spectrum of products, which will be offered by companies providing payment services in the nearest future. I think, even in the conditions of the war, we will move along the cashless vector, and increase the number of non-cash payments,” the Chairman of the Supervisory Board of IBOX BANK says.
Alona Shevtsova is confident that the Ukrainian payment market follows the very same trends as the rest of the world, i.e., digitalization, contactless payments, biometric protection systems, and digital currencies. New achievements in the world of technology will shape trends for digital banking as well.
At the end of November, the National Bank of Ukraine presented its concept of e-hryvnia, which includes all modern features: Fast and secure cross-border payments, the development of the virtual asset market, and programmable money.