Key Points
- Ukraine is known for pioneering companies that positively impact the fintech sector.
- The country offers a valuable market and fintech companies that show resilience amidst the war.
- Global tech firms and finance are ready to supplement Ukraine.
Amid the war’s onset, the Ukrainian fintech industry seems to bloom for the better. The fintech community of Ukraine currently works to implement better regulations and infrastructure within the country. Consequently, their action will attract coveted companies and investors from around the world.
Many seem to think the Ukrainian IT sector is a high-risk investment. However, fintech companies carry on their businesses as usual. Moreover, these companies are withstanding the war, and 90% of the tech startups are still looking for recruits. Just this March, President Zelensky approved a bill to enable a cryptocurrency regulatory framework within the country.
The Ukrainian IT industry shows promising growth. The IT sector generated roughly $3.2 billion from only exports between January to May of 2022. Furthermore, the increase in revenue is 27% above the income of the same period in 2021. Additionally, the Ukrainian government intends to increase the IT sector’s contribution to the GDP from the current 4% to 10% by 2024.
Ukrainian lawmakers intend to introduce the Law of Ukraine on Payment Services (LPS), creating a better regulatory platform for the fintech industry. Moreover, payment services in Ukraine will also see significant growth.
The continued growth of the fintech industry in Ukraine impresses potential investors due to its resilience. Additionally, the growth of the fintech and IT sectors will significantly boost the country’s economic stability.
Reference,
5 reasons why Ukraine’s fintech sector is growing despite war
