The event "All-Ukrainian FinTech Call-2018: the path to financial inclusiveness" in Kiev

USAID, the National Bank of Ukraine, and the Independent Association of Banks of Ukraine Challenge FinTech Industry to Develop Technology for Benefit of Ukrainian Users of Financial Services

Kyiv, Ukraine (March 1, 2018) – The USAID Financial Sector Transformation Project, the National Bank of Ukraine (NBU) and the Independent Association of Banks of Ukraine (NABU) announced a UAH 1.5 million FinTech Challenge to support financial inclusion in Ukraine. As Ukraine’s financial sector transitions to a digital future, it is imperative that Ukraine’s citizens become more financially literate, better protected from fraud and abuse, and more comfortable with digital products.

The Challenge is for developers and financial technology (FinTech) providers to develop, demonstrate, test and deploy digital solutions to problems of financial inclusion. Awards will be given out in three categories:
Challenge #1 - Financial Literacy: Tools to Equip Ukrainians with Practical Knowledge. The idea is to build a program that provides financial information in an informative and timely way so that Ukrainians can learn and seek financial advice on the go.

Challenge #2 – Solving Problems: A Platform for Handling Consumer Complaints. The goal is to create a digital application to report customer complaints to banks and financial companies, to monitor complaint handling, and to make regulators aware of problem areas.

Challenge #3 – Open Financial Inclusion Category. This challenge will focus on applications that support broader financial inclusion objectives, including financial services comparison tools, ratings, payments, lending to small businesses, and savings.

“USAID supports financial inclusion, meaning that citizens have access to useful and affordable financial services. We see the need in Ukraine to increase financial education and to transform the financial culture. To do this, we need new non-traditional technologies and teaching methodologies that the FinTech community can provide,” emphasized Farhad Ghaussy, Director of the Office of Economic Growth, USAID/Ukraine.

NBU Deputy Governor Roman Borysenko stated, “Increase of financial awareness and inclusion are important drivers of the financial sector sustainability. The NBU considers that digitalization of financial services at all levels is an efficient way to raise financial inclusion in Ukraine, which is the NBU’s strategic goal for the next two years. We urge the world class Ukrainian IT and FinTech experts to develop digital solutions that will help improve financial literacy and consumer protection, and move Ukraine toward a cashless economy.”

Roman Shpek, Chairman of Board of NABU, noted that the banking industry is moving to adopt new technologies to improve customer satisfaction, and said, “We are delighted to coordinate banking industry participation in this first-ever competition. Banks are perfectly aware of today’s challenges, encourage competition, and are ready for change. A huge share of their investments is directed specifically in IT, therefore when banks formed their strategies for this year they defined IT as the highest priority.”

Proposals will be accepted until April 5, 2018. Panels of judges will determine the awardees, based upon proposals submitted and the presentations of the solutions by finalists. “Pitch” sessions for Finalists are tentatively scheduled for April 26, 2018, followed by an awards ceremony on April 27, 2018.