Despite the ongoing war against Russian invaders, Ukrainian fintech industry showcases resilience and significant growth potential. Potential which may help Ukraine become a major investment hub for international capital in the future. This opinion is held by Nykyta Izmaylov, founder of Ukrainian fintech fund N1 and neobank sportbank stakeholder.
Wartime challenges can’t hold investor Nykyta Izmaylov back. His N1 fund actively invests in fintech projects. Like mobile bank sportbank with over half a million of active customers at the moment; another asset of the fund is TRANSENIX, unique payment system that looks promising for small business owners. The said projects keep evolving under the tragic circumstances of a full-scale war, epitomizing the potential of Ukrainian fintech industry in spite of all obstacles.
Open Banking is one of the paths that fintech goes down on its way to the future. Global financial market and frontrunners of fintech move towards it. Some countries are in the lead, like the UK, while Ukraine is at the starting line for now.
What benefits does Open Banking provide to consumers?
An array of new opportunities opens up to those subscribed to the services. New, easy-to-use, helpful applications that make operations with banking and financial services easier than ever. One no longer needs to keep a bunch of apps from each bank (depending on the number of accounts), mobile/utility or other service providers in their phone. All you got to do is to choose just one app, where you can monitor all the banks, operators and other relevant services.
On top of that, new apps make the banking transactions and payments way faster. No more waiting 24 hours or more, the money is transferred in a matter of minutes or even seconds.
Also, customers will definitely appreciate the lowering tariffs, as the banks systematically reduce their rates once the new financial opportunities arise. That’s nothing but good news for the consumer. Some services become free-of-charge, while others come with pleasant bonuses.
Neobanks safety and popular services
Financial services improvements take place amidst the reinforcement of security measures. And ongoing optimization of the financial data protection instruments that Open Banking employs; field professionals have become pretty good at deterring fraudsters and hackers. At the same time, global regulators stiffen up the requirements for banking institutions. Thus making them bear the responsibility for keeping their clients’ funds and financial details secure. All in all, people have fewer reasons to fear their information is misused or their money goes missing.
Neobanking picks up momentum on a global scale. It’s riding high in Europe, especially in Britain – this country has been in the lead from the get-go. As a result, the world is familiar with British services Revolut and Monzo. As for Ukraine, Nykyta Izmaylov’s sportbank is building up with no time to waste.
Sportbank is a niche Ukrainian mobile bank, servicing around 600,000 customers. Launched in 2019, it’s one the projects in the portfolio of the fintech fund N1. Which also owns the payment system Asquad and TRANSENIX, Tap-To-Phone solution-equipped startup.
Aside from growing interest in Open Banking services and neobanks as a whole. Ukrainian fintech investors sensibly look into innovations in crypto and blockchain. “Judging by the global trends, crypto industry is not just some trendy fling, but a necessary element of the modern fintech ecosystem”, believes investor Nykyta Izmaylov. He is certain that crypto and blockchain implementation will be the key factor of success in the years to come.
What’s important is that the world sees Ukraine as a reliable partner and attractive place to invest in. “Cooperation with major international investors and funds proves they are interested in Ukrainian startups. Which it leads to future partnerships and growth of Ukrainian economy”, points out the investor.
In Nykyta Izmaylov’s opinion, once Russia is defeated, Ukraine is capable to become a large investment hub. He sures Ukraine can integrate into the global economy, where fintech industry plays a central role in attracting capital and developing new technological solutions.
