National Bank becomes member of Global Network of Financial Innovations

The National Bank of Ukraine (NBU) says it has become a member of the Global Financial Innovation Network (GFIN), which is in line with the FinTech Development Strategy in Ukraine until 2025.

Read alsoNBU resumes stress testing of banks"We hope for further successful steps towards the effective development of FinTech via participation in the GFIN. This international information hub of regulators and central banks is engaged in the development of Finteh, RegTech, SupTech, and other innovations that increase security, safety and availability of financial services," the NBU's press service quoted Head of the Office for European Integration and International Programs Volodymyr Kuchyn as saying on February 15.

GFIN membership will provide the National Bank with the opportunity to exchange experiences, information and analytical reports between regulators worldwide, expert assistance in building a regulatory "sandbox" in keeping with best practices, and the opportunity to explore innovative solutions to fully understand potential risks, modern approaches and methodologies of FinTech market regulations.

The network's main mission is to promote cooperation and exchange of experience on innovation between financial regulators and to improve cooperation in the field of FinTech between regulators and businesses.

GFIN

The Global Financial Innovation Network (GFIN) was formally established in January 2019 as an association of financial market regulators and private companies working in the field of FinTech. The association seeks to provide opportunities for effective interaction of FinTech companies with regulators, as well as to create opportunities for scaling up innovation at the international level.