TechBriefly
  • Tech
  • Business
  • Crypto
  • Science
  • Geek
  • How to
  • About
    • About TechBriefly
    • Terms and Conditions
    • Privacy Policy
    • Contact Us
    • Languages
      • 中文 (Chinese)
      • Dansk
      • Deutsch
      • Español
      • English
      • Français
      • Nederlands
      • Italiano
      • 日本语 (Japanese)
      • 한국인 (Korean)
      • Norsk
      • Polski
      • Português
      • Pусский (Russian)
      • Suomalainen
      • Svenska
  • FAQ
    • Articles
No Result
View All Result
 Hot Topics:
  • Funny notes on Instagram
  • What is Snapchat planets order?
  • Best free AI art generators
  • Instagram Notes ideas
  • Elon Musk & Twitter
TechBriefly
No Result
View All Result
Home Business Fintech

4 reasons why Ukraine fintech industry keeps growing

Here, we'll go over why Ukraine fintech industry keeps growing despite the war.

by Önder Erdine
9 August 2022
in Fintech, Business
Reading Time: 3 mins read
Even though the war between Ukraine and Russia has been going on for months, the Ukraine fintech industry keeps growing, and here is why.
Share on FacebookShare on Twitter

Contents

  • 1 4 reasons why Ukraine fintech industry keeps growing
    • 1.1 The Ukrainian market is valuable
    • 1.2 The Ukrainian IT sector keeps growing
    • 1.3 Global firms are supporting Ukraine
    • 1.4 The Ukrainian economy is backed by many startups
    • 1.5 Despite the setbacks, fintech is growing

Even though the war between Ukraine and Russia has been going on for months, the Ukraine fintech industry keeps growing, and here is why.

4 reasons why Ukraine fintech industry keeps growing

Particularly in the finance industry, Ukrainians have frequently created market-leading businesses and solutions that have a beneficial social impact. The Ukrainian fintech sector is attempting to improve the country’s infrastructure and regulations despite the war’s obstacles so that it can draw reputable businesses and institutional investors from various backgrounds.

Even though the war between Ukraine and Russia has been going on for months, the Ukraine fintech industry keeps growing, and here is why.
4 reasons why Ukraine fintech industry keeps growing

The Ukrainian market is valuable

Many investors undoubtedly believe that the nation’s IT sector is currently a risky investment. However, things continue to run as usual for local fintech companies. They have demonstrated their toughness even in hostile environments, and it’s astonishing that 90% of Ukrainian IT businesses are still hiring.

Volodymyr Zelenskyy, the president of Ukraine, signed a measure in March establishing the nation’s cryptocurrency regulatory framework. Although the measure forbids the use of digital assets as a method of payment, it aims to establish the right framework for a robust cryptocurrency market. Exchanges for cryptocurrencies can now apply for a license to operate legally in the nation. Crypto enterprises will be able to create accounts with banks and choose from a variety of licenses based on what they do.

Even though the war between Ukraine and Russia has been going on for months, the Ukraine fintech industry keeps growing, and here is why.
4 reasons why Ukraine fintech industry keeps growing

The Ukrainian IT sector keeps growing

Nearly half of Ukraine’s total export services volume came from the IT sector, which saw export revenue of $3.2 billion in the first five months of 2022, a 27 percent increase over the same time in 2021. One of the key objectives of the Ukrainian government is to double the GDP contribution of the IT industry from its present 4% to 10% by 2024. The government’s support and the industry’s robust development together provide a clear message that the IT sector is ready for investment.

Global firms are supporting Ukraine

Another reason why the Ukraine fintech industry keeps growing is the fact that global firms are in support of the county. The Ukrainian Ministry of Digital Transformation unveiled Digital4Freedom earlier this month, a global effort that serves as the main conduit for charitable contributions from the tech industry to Ukraine. As a component of the global UNITED24 initiative, Digital4Freedom enables people all around the world to donate money toward the recovery of the nation’s economy. The program consists of nine initiatives that were submitted to 40 businesses, the vast majority of which have committed to assist with funding or technological solutions.

Even though the war between Ukraine and Russia has been going on for months, the Ukraine fintech industry keeps growing, and here is why.
4 reasons why Ukraine fintech industry keeps growing

For instance, Amazon is apparently aiming to develop solutions for implementing artificial intelligence in courts and will reportedly spend over $100 million on cloud hosting services for Ukrainian state records. The cryptocurrency exchange Binance will formally join with Ukraine’s Ministry of Digital Transformation to provide educational programs in the domains of finance, IT, and web 3.

Recently, Meta established a $1.5 million aid initiative for the rehabilitation of the Ukrainian economy with the cooperation of the Ministry of Digital Transformation, assisting small- and medium-sized firms with a specialized training facility.

The Ukrainian economy is backed by many startups

Businesses in Ukraine anticipate a decline in the output of goods and services as a result of the conflict. Additionally, firm leaders forecast inflation and a depreciation of the hryvnia during the course of the upcoming year. Tech entrepreneurs in Ukraine are putting all of their efforts into growing the sector. They are positioned to serve as the cornerstones of a new generation of technology firms that will significantly boost the economy.

Even though the war between Ukraine and Russia has been going on for months, the Ukraine fintech industry keeps growing, and here is why.
4 reasons why Ukraine fintech industry keeps growing

Despite the setbacks, fintech is growing

The Law of Ukraine on Payment Services (LPS), which this year was introduced by Ukrainian MPs, will improve the regulatory environment for the fintech industry, including for payment services. Additionally, the European Digital Finance Association welcomed the first non-EU member, the Ukrainian Association of Fintech and Innovation Companies (UAFIC) (EDFA). Both companies are working together to improve Ukraine’s fintech environment.

We think that the tenacity of Ukraine in the face of Russian aggression and the enormous expansion of the fintech industry despite the crisis have demonstrated why investors shouldn’t be hesitant to participate in the rapidly expanding sector. The industry is still growing in spite of the challenging circumstances in the nation.

We hope that you enjoyed this article on 4 reasons why Ukraine fintech industry keeps growing. If you did, we are sure that you will also enjoy reading our other articles, such as Zelenskyy legalizes cryptocurrency in Ukraine, or China signals willingness to support Russia in Ukraine.

Tags: featuredUkraineUkraine Russia war

Related Posts

Zoom layoffs 2023: More than 1,300 employees affected

Zoom layoffs to affect more than 1,300 employees in 2023

Batterygate lawsuit dismissed in South Korea, despite US victory

Batterygate lawsuit dismissed in South Korea, despite US victory

With the current layoffs and a lawsuit plaguing them, YouTube and Google ad revenue took a plunge. Google reported advertising revenues of US$59.04 billion,...

YouTube and Google ad revenue drops $2.2 billion

Tim Cook revealed during the Apple earnings call that the tech giant will not be laying off employees, despite the lackluster sales of the newest iPhone and...

Tim Cook reveals during Apple earnings call that there will be no layoffs

POPULAR

How to become a BeyHive member
How to

How to become a BeyHive member?

How to do a 360 spin in Fifa 23
How to

How to do a 360 spin: FIFA 23 guide

What is Snapchat planets order?
How to

What is Snapchat planets order?

ChatGPT is at capacity right now: Too many requests in 1 hour try again later (Fixed)
How to

Too many requests in 1 hour try again later (Fixed): ChatGPT is at capacity right now

In this article, we are going to be covering how much is 1 million diamonds on TikTok, and answer some of the most frequently asked questions about the subject.
How to

How much is 1 million diamonds on TikTok?

Hogwarts Legacy patronus list (2023)
How to

Hogwarts Legacy patronus list (2023)

Beyonce World Tour 2023
Geek

Beyonce World Tour 2023: Ticket prices, dates, and more

Answering the most common questions about the Instagram collab feature
How to

Answering the most common questions about the Instagram collab feature

Division 2 crashing: How to fix it (2023)?
How to

How to fix Division 2 if it keeps crashing in 2023?

Snapchat Games disappeared: How to fix it?
How to

Snapchat Games disappeared: How to fix it?

RSS Digital Report

  • What are permissioned blockchains?
  • Consortium blockchains: Complete guide
  • ROI on SEO: Calculation, tips and tricks
  • What is a marketing tech stack: Explained
  • Blockchain in cyber security: How is it used?
  • AMP pages for SEO: Explanation, tips and tricks
  • How to find a freelance SEO job?
  • What are copyright marketing materials?
  • What is Blockchain for business: Everything you need to know
  • How to become a certified blockchain expert?

RSS Latest from LeaderGamer

  • General and basic needs in the earthquake zone
  • CIMER Earthquake Emergency heading
  • Judas release date range info provided
  • Texas also requested a ban for TikTok
  • Hogwarts Legacy announces Twitch drops
  • Horizon becomes Call of the Mountain Gold
  • Xenia Xbox 360 emulator ported for Xbox Series X|S
  • Take-Two may be planning layoffs
  • Hogwarts Legacy Sorting Hat guide
  • Disney Dreamlight Valley Update 3 coming soon
TechBriefly

© 2021 TechBriefly is a Linkmedya brand.

  • Tech
  • Business
  • Science
  • Geek
  • How to
  • About
  • Privacy
  • Terms
  • Contact
  • LeaderGamer
  • FAQ

Follow Us

No Result
View All Result
  • Tech
  • Business
  • Crypto
  • Science
  • Geek
  • How to
  • About
    • About TechBriefly
    • Terms and Conditions
    • Privacy Policy
    • Contact Us
    • Languages
      • 中文 (Chinese)
      • Dansk
      • Deutsch
      • Español
      • English
      • Français
      • Nederlands
      • Italiano
      • 日本语 (Japanese)
      • 한국인 (Korean)
      • Norsk
      • Polski
      • Português
      • Pусский (Russian)
      • Suomalainen
      • Svenska
  • FAQ
    • Articles