💥Ukraine🇺🇦: National Bank pledges to simplify authorization procedure for non-bank institutions to operate as payment companies

💥Ukraine🇺🇦: National Bank pledges to simplify authorization procedure for non-bank institutions to operate as payment companies

The key element is a standard separating financial licenses from payment licenses.

▶️Separate licenses will be required for money transfer services (with or without account opening), acquiring services, and foreign exchange operations.

▶️Importantly, the process can be completed without suspending payment service operations.

▶️Main purpose: enhance regulatory oversight and prevent the aggressor state’s influence on Ukraine’s financial market. This will include mandatory checks of executives, chief accountants, key personnel, and owners to ensure they meet business reputation requirements set in the “Regulation on authorization of financial service providers”.

▶️Additional note: in February, 17 non-bank financial institutions were removed from the official registers.

▶️The National Bank is accepting comments and proposals on the “Draft” until August 14, 2025, using the prescribed format.

#news #EasternEurope #geopolitics

🏦Payouter.com — a trusted payment partner for the CIS and 🇮🇳India: Intent, UPI P2C conversion rate of 54% for FTD