Ukrainian companies of the financial and technological sector assess the required amount of investment for the implementation of their development potential at $40-75 million, according to the study of the USAID-funded Financial Sector Transformation (FST).
Team Lead Digital Finance of the project Rostyslav Diuk presented the results of the study in Kyiv on Thursday.
According to him, the further potential of the sector, in particular, is seen in the development of cashless payments, recently supported by the Cabinet of Ministers, the innovation of new products, as well as expanding the population’s access to financial services.
“Ukraine has a unique parameter – 52 percent of the population is outside the banking system and, unfortunately, does not have full access to financial services. This is a matter that needs to be settled, and we are sure that financial technology is what will open this access,” he said.
According to Diuk, the development of appropriate infrastructure in Ukraine will be as a driver, including increasing access of the population to the Internet, further relaxing of currency regulation and improvement of legal regulation, as well as high qualification of specialists in Ukraine.
According to the study, currently 45 percent of financial companies use their own capital without attracting external investment for financing operations. The rest either attracted external financing or are in search for investors.
In addition, the study reported that currently 31.6 percent of financial technological companies provide payment and transfer services, 19.3 percent provide technology and infrastructure and 14 percent are involved in lending.
Among the less developed areas are marketplace (intermediation between providers of services and consumers, 7 percent of companies), insurtech, digital and neobanks, financial management, as well as mobile wallets (5.3 percent each), blockchain (3.4 percent), cryptocurrency and regulatory technologies – 1.75 percent each.
