Fintech digest: achievements of the Ukrainian fintech and tech industry in the summer of 2021
Summer is over, and we met the new season with an important event — the visit of President Zelensky to the United States. In addition to the geopolitical importance of the working trip, the President raised the topic of Ukraine’s technological development. The meeting with Tim Cook — CEO of Apple — was also attended by the Minister of Digital Transformation of Ukraine. The team presented the Ukrainian “Diya”, talked about the success of the digitalization of the country, which attracted the attention of tech leaders to Ukraine. As it seems to me, this interest is already warmed up, but we should never relax!
What this meeting will bring us remains to be seen. Well, I would like to devote today’s blog to the four most striking events in the tech- and fintech-industry of Ukraine, which happened this summer. It is these innovations that confirm that we are worthy of investment and the presence of the world’s leading companies on the Ukrainian market.
- The Law “On Payment Services” was adopted
At this point, I won’t say much. The Law “On Payment Services” is already the main event on the fintech market this summer, as we desperately needed it for a long time. The sphere received an exclusive list of payment services and the procedure for their provision, principles of functioning in the market, a general procedure for supervising the activities of payment service providers, and so on. This Law is a breath of fresh air for fintech and another reason not to relax with innovations.
2. Ukrainian Covid certificates officially recognized in the EU
Mistrust on the part of the EU towards many processes in Ukraine is clearly expressed. This is not strange considering our traditional package of problems. Therefore, I consider the official recognition of Diya Covid certificates in the EU countries an achievement. The developers managed to quickly create a solution that meets the documentary requirements of the EU, namely the EU Digital COVID Certificate of the European Commission. Isn’t this an achievement?
3. Major fintech player from Kazakhstan — Kaspi Pay — became part of the Ukrainian market
The largest fintech company in Kazakhstan is slowly making its way to the Ukrainian market. But we note interest not only from Kaspi Pay but also from other financial market players who have been keeping an eye on us for a long time. The published vacancies of Revolut, which launched transfers to Ukraine at the beginning of the summer, provoked a stormy reaction. In addition to fintech companies, Apple made a step towards the Ukrainian market — the company opened an office and will now independently import devices into the country. Perhaps this will lead to difficulties for the domestic business, but I think that new experience and knowledge will help leap for the entire industry.
4. The signing of the Basic Law on the legal regime of Diya City
I will end this list with news about the adoption of Law №1667-IX, which regulates the legal regime of the IT industry. This area is becoming an irreplaceable part of the economy of our country. So the Diya City project was created for effective, fast, and efficient communication of investors, the state, IT specialists, and other market participants. This summer we took a serious step towards creating a Ukrainian IT hub. There is a lot of discussion and criticism around the law, but it is better to wait for the first results than to condemn apriori.
In just 3 months, important changes took place in the market, for which we were preparing and are now beginning to adapt. It is important not to stand still. Such digests show that we in the tech and fintech industries are just moving forward rapidly.